T 
1,432
+6.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.75bn
FY2021FY2026
Net income
¥5.5m
FY2021FY2026
Free cash flow
−¥110.9m
FY2021FY2026
Shareholders' equity
¥1.76bn
FY2021FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | ¥3.75bn | ¥3.36bn | ¥4.68bn | ¥5.35bn | ¥5.48bn | ¥4.35bn |
| Gross profit | ¥1.52bn | ¥130.5m | ¥1.18bn | ¥1.95bn | ¥2.21bn | ¥1.57bn |
| Research and development | — | — | ¥454.0m | ¥412.0m | ¥528.0m | ¥564.0m |
| Operating income | −¥74.9m | −¥1.44bn | −¥476.9m | ¥273.1m | ¥641.5m | ¥314.9m |
| Net income | ¥5.5m | −¥2.98bn | −¥603.6m | ¥222.3m | ¥802.8m | ¥277.3m |
| Diluted earnings per share | 0.60 | -323.80 | -65.87 | 24.30 | 87.46 | 30.21 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total assets | ¥6.87bn | ¥6.57bn | ¥9.51bn | ¥8.27bn | ¥8.14bn | ¥6.57bn |
| Cash and short-term investments | ¥2.09bn | ¥1.91bn | ¥2.18bn | ¥845.5m | ¥835.8m | ¥613.0m |
| Total liabilities | ¥5.11bn | ¥4.94bn | ¥4.82bn | ¥4.53bn | ¥4.62bn | ¥4.14bn |
| Debt | ¥4.29bn | ¥4.23bn | ¥3.97bn | ¥3.21bn | ¥2.74bn | ¥2.97bn |
| Shareholders' equity | ¥1.76bn | ¥1.62bn | ¥4.69bn | ¥3.74bn | ¥3.52bn | ¥2.43bn |
| Shares outstanding | 9m | 9m | 9m | 9m | 9m | 9m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash from operations | ¥97.5m | −¥256.8m | −¥386.6m | ¥361.1m | ¥1.04bn | ¥837.1m |
| Capital spending | −¥208.4m | −¥166.3m | −¥431.3m | −¥654.7m | −¥774.4m | −¥395.9m |
| Free cash flow | −¥110.9m | −¥423.0m | −¥817.9m | −¥293.5m | ¥268.1m | ¥441.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.04bn | ¥854.0m | ¥835.6m | ¥1.02bn | ¥865.8m | ¥821.9m | ¥803.0m | ¥871.0m |
| Gross profit | ¥587.3m | ¥290.0m | ¥371.4m | ¥269.8m | −¥233.6m | −¥5.2m | ¥196.9m | ¥172.0m |
| Operating income | ¥202.5m | −¥150.9m | −¥26.1m | −¥100.3m | −¥649.4m | −¥420.0m | −¥169.0m | −¥204.0m |
| Net income | ¥227.1m | −¥118.8m | −¥12.5m | −¥90.2m | −¥2.05bn | −¥522.0m | −¥57.0m | −¥345.0m |
| Diluted earnings per share | 24.74 | -12.94 | -1.36 | -9.81 | -223.19 | -56.78 | -6.22 | -37.65 |
| Total assets | ¥6.87bn | ¥5.74bn | ¥6.15bn | ¥6.23bn | ¥6.57bn | ¥7.22bn | ¥8.13bn | ¥8.32bn |
| Cash and short-term investments | ¥2.09bn | ¥1.38bn | ¥1.58bn | ¥1.67bn | ¥1.91bn | ¥862.6m | ¥1.42bn | ¥1.61bn |
| Debt | ¥3.07bn | ¥1.96bn | ¥3.57bn | ¥2.07bn | ¥2.58bn | ¥925.1m | ¥3.21bn | ¥1.10bn |
| Shareholders' equity | ¥1.76bn | ¥1.59bn | ¥1.68bn | ¥1.58bn | ¥1.62bn | ¥3.64bn | ¥4.24bn | ¥4.20bn |
Financial ratios
Data as of 10 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 40.5% | 3.9% | 25.1% | 36.5% | 40.3% | 36.1% |
| Operating margin | -2.0% | -88.9% | -8.5% | 5.9% | 16.6% | 7.2% |
| Net margin | 0.1% | -88.5% | -12.9% | 4.2% | 14.6% | 6.4% |
| Return on equity | 0.3% | -183.3% | -12.9% | 5.9% | 22.8% | 11.4% |
| Return on assets | 0.1% | -45.3% | -6.3% | 2.7% | 9.9% | 4.2% |
| Free cash flow yield | 1.4% | -0.4% | 0.2% | 4.6% | — | — |
| Revenue growth | 11.4% | -28.2% | -12.4% | -2.4% | 26.1% | — |
| Earnings growth | -100.2% | 393.2% | -371.5% | -72.3% | 189.5% | — |
| Current ratio | 1.17x | 1.31x | 2.61x | 1.66x | 1.07x | 0.98x |
| Debt to equity | 1.75x | 1.59x | 0.84x | 0.85x | 0.77x | 1.20x |
| Equity ratio | 25.7% | 24.7% | 49.3% | 45.2% | 43.2% | 37.0% |
| Interest coverage | -1.35x | -89.79x | -17.11x | 14.38x | 37.36x | 12.69x |
| R&D as a share of sales | — | — | 9.7% | 7.7% | 9.6% | 13.0% |
| Buybacks as a share of market value | 0.2% | -0.3% | -0.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.2% | -2.9% | — |
| Net income | -70.8% | -54.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.2% | 27.9% | 31.7% | — |
| Operating margin | -21.4% | -10.0% | -2.8% | — |
| Net margin | -41.8% | -19.6% | -8.4% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Price to earnings | — | -1.2 | -3.9 | 26.2 |
| Price to sales | 3.9 | 1.1 | 0.5 | 1.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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