V 
125
+1.63%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥156.5m
FY2017FY2026
Net income
−¥549.8m
FY2017FY2026
Free cash flow
−¥1.02bn
FY2017FY2026
Shareholders' equity
¥1.09bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥156.5m | ¥162.1m | ¥158.8m | ¥246.2m | ¥365.3m | ¥867.4m | ¥949.5m | ¥1.15bn | ¥1.28bn | ¥1.48bn |
| Research and development | — | — | ¥12.0m | — | — | — | — | — | — | — |
| Operating income | −¥593.1m | −¥574.0m | −¥846.3m | −¥354.3m | −¥345.9m | −¥70.4m | ¥673.7m | −¥162.3m | −¥237.5m | −¥179.3m |
| Net income | −¥549.8m | −¥779.8m | −¥895.0m | −¥435.9m | −¥345.3m | −¥59.7m | ¥39.5m | −¥207.0m | −¥229.2m | −¥171.4m |
| Diluted earnings per share | -16.46 | -31.32 | -44.93 | -22.81 | -24.88 | -4.30 | 2.84 | -14.91 | -6.86 | -5.13 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.20bn | ¥353.4m | ¥1.09bn | ¥807.2m | ¥977.0m | ¥1.36bn | ¥1.53bn | ¥1.93bn | ¥1.53bn | ¥1.77bn |
| Cash and short-term investments | ¥423.5m | ¥80.4m | ¥19.7m | ¥521.7m | ¥783.6m | ¥862.1m | ¥778.6m | ¥757.2m | ¥1.22bn | ¥1.49bn |
| Total liabilities | ¥110.6m | ¥116.2m | ¥170.7m | ¥200.5m | ¥283.1m | ¥318.6m | ¥432.8m | ¥867.4m | ¥262.2m | ¥272.7m |
| Debt | ¥2.6m | ¥3.5m | ¥4.3m | — | — | — | — | — | — | — |
| Shareholders' equity | ¥1.09bn | ¥237.2m | ¥917.1m | ¥606.7m | ¥693.9m | ¥1.04bn | ¥1.10bn | ¥1.06bn | ¥1.27bn | ¥1.50bn |
| Shares outstanding | 33m | 25m | 20m | 19m | 14m | 14m | 14m | 14m | 33m | 33m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥869.4m | −¥187.6m | −¥1.21bn | −¥428.3m | −¥173.9m | ¥91.3m | ¥159.6m | ¥46.8m | −¥152.6m | ¥74.3m |
| Capital spending | −¥154.9m | −¥1.9m | −¥54.4m | −¥52.2m | −¥4.6m | −¥7.6m | −¥8.3m | −¥415.6m | −¥133.0m | −¥58.3m |
| Free cash flow | −¥1.02bn | −¥189.5m | −¥1.27bn | −¥480.5m | −¥178.5m | ¥83.6m | ¥151.4m | −¥368.8m | −¥285.5m | ¥16.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥316.5m | ¥86.8m | ¥23.4m | ¥21.7m | ¥24.6m | ¥48.9m | ¥58.0m | ¥23.0m |
| Operating income | ¥134.2m | −¥170.5m | −¥150.0m | −¥135.7m | −¥139.0m | −¥131.0m | −¥108.7m | −¥155.0m |
| Net income | ¥134.2m | −¥100.9m | −¥147.2m | −¥135.6m | −¥166.1m | −¥343.4m | −¥105.0m | −¥148.0m |
| Diluted earnings per share | 4.02 | -3.02 | -5.91 | -5.44 | -6.67 | -13.79 | -5.27 | -7.43 |
| Total assets | ¥1.62bn | ¥1.20bn | ¥571.4m | ¥645.2m | ¥680.2m | ¥353.4m | ¥886.7m | ¥860.1m |
| Cash and short-term investments | ¥321.7m | ¥423.5m | ¥201.0m | ¥247.9m | ¥412.8m | ¥80.4m | ¥155.8m | ¥77.0m |
| Debt | ¥877,000 | ¥877,000 | ¥854,000 | ¥854,000 | ¥854,000 | ¥854,000 | ¥833,000 | ¥833,000 |
| Shareholders' equity | ¥1.53bn | ¥1.09bn | ¥465.1m | ¥553.5m | ¥588.5m | ¥237.2m | ¥580.6m | ¥685.3m |
Financial ratios
Data as of 13 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | -379.0% | -480.2% | -562.9% | -143.9% | -94.7% | -8.1% |
| Net margin | -351.3% | -481.1% | -563.6% | -177.1% | -94.5% | -6.9% |
| Return on equity | -50.6% | -328.8% | -97.6% | -71.8% | -49.8% | -5.7% |
| Return on assets | -45.9% | -220.7% | -82.3% | -54.0% | -35.3% | -4.4% |
| Free cash flow yield | -15.5% | -5.4% | -42.2% | -14.3% | -8.8% | 5.2% |
| Revenue growth | -3.5% | 2.1% | -35.5% | -32.6% | -57.9% | -8.6% |
| Earnings growth | -29.5% | -12.9% | 105.3% | 26.2% | 478.2% | -251.3% |
| Current ratio | 10.82x | 3.28x | 6.38x | 4.26x | 5.38x | 3.88x |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 90.8% | 67.1% | 84.3% | 75.2% | 71.0% | 76.5% |
| Interest coverage | -958.16x | -7557.61x | -8677.74x | — | — | — |
| R&D as a share of sales | — | — | 7.6% | — | — | — |
| Buybacks as a share of market value | -34.1% | -25.0% | -4.2% | -37.7% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.0% | -29.0% | -20.5% |
| Operating income | 18.7% | 53.2% | 21.8% |
| Net income | 8.0% | 55.9% | 19.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -366.3% | -327.3% | -142.3% | -33.2% |
| Net margin | -417.3% | -367.7% | -156.7% | -44.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.8 | -4.1 | -1.7 | -7.7 | -10.8 | -71.1 | 68.9 | -22.1 | -41.5 | -94.7 |
| Price to sales | 30.7 | 19.7 | 9.5 | 13.6 | 10.3 | 4.9 | 2.9 | 4.0 | 7.5 | 11.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Mar 2011.
| FY2012 | FY2011 | FY2007 | FY2006 | FY2005 | |
|---|---|---|---|---|---|
| Paid in the year | 5.00 | 10.00 | 5.00 | 5.00 | 5.00 |
- 100-for-1 split · 26 Sept 2012
- 2-for-1 split · 29 Mar 2010
- 3-for-1 split · 25 Dec 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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