The value chain of the space industry can largely be divided into four stages: satellite manufacturing, satellite launch, satellite operation, and satellite services. The manufacturing and launch of launch vehicles/satellites belong to the “Upstream,” while satellite operation and satellite data utilization/services are categorized as the “Downstream.”
INNOSPACE operates in the upstream sector, focusing on the development of launch vehicles and providing launch services. For further details, please refer to [Business Report > II. Business Overview] disclosed on the Financial Supervisory Service’s electronic disclosure system (DART).

The Company’s Board of Directors consists of a total of five members: three internal directors including the CEO, and two outside directors. In addition, one statutory auditor has been appointed. To strengthen internal controls, the Company operates a Transparency Management Committee under the Board of Directors, chaired by an outside director. For more information, please refer to [Business Report > VI. Corporate Governance and Board of Directors] disclosed on DART.

INNOSPACE’s Articles of Incorporation were last amended at the Annual General Meeting of Shareholders on March 26, 2025. Please refer to [Business Report > I. Company Overview > 5. Articles of Incorporation] disclosed on DART or the attached Articles of Incorporation for more information.

First, we have independently developed high-performance hybrid rocket technology, which applies paraffin-based fuel and an electric pump-fed oxidizer supply system, validated through flight testing.
Second, our competitive edge lies in cost efficiency. Hybrid rockets enable a reduction of more than 30% in parts compared to liquid rockets, while ensuring superior safety due to the absence of explosion risks. This results in significant savings in safety management and infrastructure costs.

Launch vehicle technology is a strategic domain with high entry barriers, as technology transfer and corporate acquisitions are strictly restricted due to military applicability. Thus, such technologies must be independently developed domestically.
Founded in 2017, INNOSPACE has leveraged over 20 years of research by its CEO and founding members to independently develop hybrid rocket technology that is both cost-efficient and safe. This technology has been applied to the first-stage engine, the core component of commercial launch vehicles.
Furthermore, INNOSPACE has independently developed methane engines for application in the upper stages (second or third stage) of launch vehicles. Methane engines offer multiple ignition capability in space, enabling precise satellite deployment into diverse customer-desired orbits, and can be applied to future reusable launch vehicle programs.
However, stage separation and fairing separation technologies for multi-stage rockets have been applied to HANBIT vehicles through verified technology transfer from national research institutions in Korea.

Globally, representative commercial launch service providers such as SpaceX and Rocket Lab also experienced initial launch failures before achieving dominant market positions. Over half of global launch vehicle failures originate from first-stage engine issues, often caused by unverified multi-stage launches.
Although launch vehicles inherently carry risks of failure even post-commercialization, INNOSPACE has reduced this risk by successfully completing a test flight of its first-stage engine in March 2023, thereby pre-validating approximately 70% of the total technology. The remaining 30% will be verified through our first commercial launch this year, indicating that our initial risk is lower compared to competitors.
As of April 2025, SpaceX’s Falcon 9 has achieved a success rate of 99.1%, and Rocket Lab’s Electron 93.7%. INNOSPACE aims to overcome initial challenges quickly, secure launch reliability early, and accelerate market leadership.

The current launch service market is supply-driven, and service fees are received in full prior to launch. Revenue is recognized at the time of launch regardless of its outcome, and most launch service contracts do not include refund or re-launch clauses in the event of failure. Therefore, the direct financial impact of a failed launch is limited.
However, while a failed launch may temporarily affect additional service orders, successful subsequent launches are expected to accelerate contract acquisitions.

INNOSPACE has planned five commercial launches in 2025. The first commercial launch is scheduled in Brazil in July, followed by one launch each in September and November in both Brazil and Australia.

The first commercial launch is planned for July. However, the exact date and time will be finalized in consultation with the Brazilian Air Force, the operator of the launch site, by the end of June. Once confirmed, the schedule will be announced via our official channels, and the entire process—from preparations to launch—will be streamed live on YouTube.

INNOSPACE was listed on the KOSDAQ market on July 2, 2024.

As of December 31, 2024, INNOSPACE has issued a total of 9,375,694 common shares.

As of December 31, 2024, INNOSPACE’s common stockholder composition is as follows:

• Largest shareholder and related parties: 32.63%

• Domestic institutions: 30.67%

• Foreign investors: 0.82%

• Domestic individuals and others: 35.88%