J 
74
-2.63%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥189.6m
FY2016FY2025
Net income
−¥256.8m
FY2016FY2025
Free cash flow
−¥529.4m
FY2016FY2025
Shareholders' equity
¥119.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥189.6m | ¥179.6m | ¥175.0m | ¥111.8m | ¥116.2m | ¥1.22bn | ¥1.50bn | ¥1.61bn | ¥3.86bn | ¥1.31bn |
| Operating income | −¥310.5m | −¥383.6m | −¥280.0m | −¥266.7m | −¥129.7m | ¥80.6m | −¥289.9m | ¥29.5m | ¥109.8m | −¥91.4m |
| Net income | −¥256.8m | −¥387.7m | −¥296.0m | −¥270.2m | −¥150.9m | ¥66.8m | −¥295.4m | ¥403,000 | ¥111.0m | ¥20.1m |
| Diluted earnings per share | -26.98 | -54.39 | -43.99 | -42.83 | -34.83 | 15.42 | -108.05 | 0.19 | 161.86 | 1.72 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥534.3m | ¥248.6m | ¥331.0m | ¥515.7m | ¥256.2m | ¥444.5m | ¥1.29bn | ¥712.8m | ¥358.2m | ¥177.7m |
| Cash and short-term investments | ¥93.2m | ¥53.0m | ¥23.0m | ¥124.7m | ¥85.7m | ¥220.8m | ¥30.8m | ¥202.8m | ¥147.0m | ¥64.9m |
| Total liabilities | ¥414.3m | ¥281.7m | ¥50.0m | ¥36.3m | ¥24.8m | ¥62.2m | ¥1.48bn | ¥151.3m | ¥113.3m | ¥112.2m |
| Debt | — | ¥70.0m | — | — | — | ¥227,000 | ¥44.2m | ¥70.1m | ¥11.4m | ¥119.2m |
| Shareholders' equity | ¥119.9m | −¥33.0m | ¥281.0m | ¥479.3m | ¥231.4m | ¥382.3m | −¥187.9m | ¥561.5m | ¥244.9m | ¥65.6m |
| Shares outstanding | 10m | 7m | 7m | 6m | 4m | 4m | 3m | 2m | 1m | 12m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥357.8m | −¥219.1m | −¥198.0m | −¥145.0m | −¥85.1m | −¥358.1m | −¥138.5m | −¥316.0m | ¥139.0m | −¥14.0m |
| Capital spending | −¥171.6m | −¥321,000 | −¥6.0m | −¥19.7m | −¥5.7m | −¥3.2m | −¥7.2m | −¥6.0m | −¥41.0m | −¥10.4m |
| Free cash flow | −¥529.4m | −¥219.5m | −¥204.0m | −¥164.7m | −¥90.9m | −¥361.3m | −¥145.8m | −¥322.0m | ¥98.0m | −¥24.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥84.4m | ¥79.0m | ¥74.1m | ¥45.3m | ¥38.4m | ¥31.8m | ¥42.0m | ¥42.0m |
| Operating income | −¥68.7m | −¥64.5m | −¥53.3m | −¥90.9m | −¥79.7m | −¥86.6m | −¥60.0m | −¥59.0m |
| Net income | −¥70.2m | −¥64.6m | −¥51.7m | −¥36.8m | −¥80.0m | −¥88.3m | −¥67.0m | −¥34.0m |
| Diluted earnings per share | -6.01 | -5.53 | -5.43 | -3.86 | -8.40 | -9.28 | -9.40 | -4.77 |
| Total assets | ¥807.9m | ¥549.9m | ¥534.3m | ¥430.8m | ¥513.3m | ¥474.1m | ¥248.0m | ¥158.0m |
| Cash and short-term investments | ¥396.3m | ¥127.2m | ¥93.2m | ¥53.2m | ¥162.9m | ¥279.0m | ¥53.0m | ¥70.0m |
| Debt | — | — | — | — | — | — | ¥70.0m | ¥70.0m |
| Shareholders' equity | ¥398.4m | ¥146.7m | ¥119.9m | ¥34.0m | ¥70.7m | ¥43.6m | −¥33.0m | ¥33.0m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -163.8% | -213.6% | -160.0% | -238.5% | -129.0% | 6.0% | — | — |
| Net margin | -135.4% | -215.9% | -169.1% | -241.6% | -129.9% | 5.5% | — | — |
| Return on equity | -214.1% | 1174.8% | -105.3% | -56.4% | -65.2% | 17.5% | — | — |
| Return on assets | -48.1% | -155.9% | -89.4% | -52.4% | -58.9% | 15.0% | — | — |
| Free cash flow yield | -24.5% | -38.4% | -35.7% | -24.8% | -22.9% | -102.4% | — | — |
| Revenue growth | 5.6% | 2.6% | 56.5% | -3.8% | -90.5% | -18.6% | — | — |
| Earnings growth | -33.8% | 31.0% | 9.5% | 79.0% | -325.9% | -122.6% | — | — |
| Current ratio | 4.35x | 1.47x | 2.00x | 5.02x | 9.07x | 6.40x | — | — |
| Debt to equity | — | -2.12x | — | 0.00x | 0.00x | 0.00x | -0.23x | 0.12x |
| Equity ratio | 22.4% | -13.3% | 84.9% | 93.0% | 90.3% | 86.0% | — | — |
| Interest coverage | -1893.52x | -963.90x | -2058.82x | -3556.23x | — | 27.64x | -17.32x | — |
| Buybacks as a share of market value | -33.5% | -5.9% | -6.7% | -45.6% | 0.0% | -58.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 19.2% | -31.1% | -17.2% |
| Operating income | 5.2% | — | — |
| Net income | -1.7% | — | 22.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -188.0% | -189.2% | -64.7% | -13.1% |
| Net margin | -174.6% | -184.6% | -64.9% | -13.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.1 | -2.9 | -5.2 | -6.5 | -5.5 | 19.3 | -3.9 | — | 5.3 | 244.0 |
| Price to sales | 9.6 | 6.2 | 8.8 | 15.8 | 7.1 | 1.1 | 0.8 | 0.6 | 0.1 | 3.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Dec 2006.
| FY2007 | FY2005 | FY2004 | FY2003 | FY2002 | |
|---|---|---|---|---|---|
| Paid in the year | 3.00 | 6.00 | 5.00 | 8.00 | 12.00 |
- 100-for-1 split · 26 Dec 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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