F 
43
+2.38%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.14bn
FY2017FY2026
Net income
¥83.1m
FY2017FY2026
Free cash flow
−¥1.24bn
FY2017FY2026
Shareholders' equity
¥7.08bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.14bn | ¥2.55bn | ¥1.14bn | ¥804.9m | ¥780.2m | ¥692.4m | ¥938.2m | ¥1.22bn | ¥1.10bn | ¥1.62bn |
| Research and development | — | ¥19.1m | ¥17.6m | ¥20.3m | ¥16.2m | ¥16.9m | ¥14.5m | ¥12.4m | ¥23.2m | ¥25.0m |
| Operating income | ¥94.5m | ¥229.6m | −¥263.1m | −¥312.0m | −¥330.8m | −¥254.2m | −¥406.0m | −¥768.5m | −¥553.4m | −¥506.8m |
| Net income | ¥83.1m | ¥271.0m | −¥306.4m | −¥308.3m | −¥322.0m | −¥287.2m | −¥440.6m | −¥795.8m | −¥586.3m | −¥591.2m |
| Diluted earnings per share | 0.75 | 3.60 | -3.66 | -8.95 | -10.52 | -11.87 | -55.75 | -408.18 | -300.72 | -373.63 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥7.70bn | ¥3.55bn | ¥1.64bn | ¥1.20bn | ¥1.51bn | ¥2.07bn | ¥1.30bn | ¥1.01bn | ¥1.93bn | ¥2.28bn |
| Cash and short-term investments | ¥4.72bn | ¥1.89bn | ¥377.7m | ¥250.0m | ¥558.1m | ¥713.6m | ¥141.1m | ¥225.5m | ¥478.9m | ¥397.4m |
| Total liabilities | ¥621.8m | ¥592.0m | ¥668.8m | ¥302.1m | ¥206.7m | ¥869.9m | ¥1.07bn | ¥1.78bn | ¥1.93bn | ¥2.17bn |
| Debt | — | — | ¥300.0m | ¥100.0m | ¥100.0m | ¥662.1m | ¥924.6m | ¥1.64bn | ¥1.74bn | ¥1.87bn |
| Shareholders' equity | ¥7.08bn | ¥2.96bn | ¥975.8m | ¥899.3m | ¥1.31bn | ¥1.20bn | ¥226.0m | −¥771.7m | ¥6.4m | ¥110.7m |
| Shares outstanding | 111m | 75m | 84m | 34m | 31m | 24m | 8m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.23bn | −¥436.6m | −¥248.8m | −¥310.8m | −¥365.5m | −¥220.6m | −¥163.0m | −¥152.7m | −¥245.9m | −¥224.9m |
| Capital spending | −¥3.9m | −¥2.0m | — | — | — | −¥5.7m | −¥5.0m | −¥11.3m | −¥18.4m | −¥1.0m |
| Free cash flow | −¥1.24bn | −¥438.6m | −¥248.8m | −¥310.8m | −¥365.5m | −¥226.3m | −¥168.0m | −¥164.0m | −¥264.3m | −¥225.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥524.1m | ¥548.2m | ¥535.8m | ¥989.6m | ¥1.07bn | ¥788.2m | ¥636.2m | ¥652.7m |
| Operating income | −¥92.7m | −¥52.7m | −¥107.6m | ¥93.1m | ¥161.6m | ¥86.8m | ¥74.9m | ¥53.4m |
| Net income | −¥75.6m | −¥33.2m | −¥88.4m | ¥71.9m | ¥132.8m | ¥152.0m | ¥64.7m | ¥51.1m |
| Diluted earnings per share | -0.68 | -0.30 | -1.18 | 0.96 | 1.77 | 2.02 | 0.77 | 0.61 |
| Total assets | ¥7.83bn | ¥7.70bn | ¥8.01bn | ¥5.46bn | ¥3.88bn | ¥3.55bn | ¥2.90bn | ¥2.45bn |
| Cash and short-term investments | ¥4.97bn | ¥4.72bn | ¥4.33bn | ¥3.14bn | ¥1.69bn | ¥1.89bn | ¥1.63bn | ¥1.40bn |
| Shareholders' equity | ¥7.37bn | ¥7.08bn | ¥6.94bn | ¥4.94bn | ¥3.09bn | ¥2.96bn | ¥2.60bn | ¥2.15bn |
Financial ratios
Data as of 1 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 3.0% | 9.0% | -23.1% | -38.8% | -42.4% | -36.7% | — | — | — |
| Net margin | 2.6% | 10.6% | -27.0% | -38.3% | -41.3% | -41.5% | — | — | — |
| Return on equity | 1.2% | 9.2% | -31.4% | -34.3% | -24.6% | -23.9% | — | — | — |
| Return on assets | 1.1% | 7.6% | -18.6% | -25.7% | -21.3% | -13.9% | — | — | — |
| Free cash flow yield | -18.2% | -9.5% | — | — | — | -14.6% | -32.8% | -119.0% | -191.3% |
| Revenue growth | 23.3% | 124.3% | 41.2% | 3.2% | 12.7% | -26.2% | — | — | — |
| Earnings growth | -69.3% | -188.4% | -0.6% | -4.3% | 12.1% | -34.8% | — | — | — |
| Current ratio | 12.26x | 5.79x | 1.53x | 2.56x | 9.49x | 1.62x | — | — | — |
| Debt to equity | — | — | 0.31x | 0.11x | 0.08x | 0.55x | 4.09x | -2.12x | — |
| Equity ratio | 91.9% | 83.3% | 59.3% | 74.9% | 86.3% | 58.0% | — | — | — |
| Interest coverage | 5.30x | 12.06x | -9.10x | -251.62x | -63.35x | -8.02x | — | — | — |
| R&D as a share of sales | — | 0.8% | 1.5% | 2.5% | 2.1% | 2.4% | 1.5% | — | — |
| Buybacks as a share of market value | -47.2% | 10.2% | -143.0% | -12.6% | -26.4% | -206.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 57.5% | 35.3% | 2.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 5.7% | -3.3% | -9.2% | -21.4% |
| Net margin | 6.2% | -3.4% | -9.6% | -24.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 58.6 | 34.4 | -31.7 | -4.0 | -7.1 | -9.1 | -3.2 | -0.7 | -1.1 | -1.8 |
| Price to sales | 1.6 | 3.7 | 8.5 | 1.5 | 2.9 | 3.8 | 1.5 | 0.4 | 0.6 | 0.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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