J 
33
+3.13%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.59bn
FY2017FY2026
Net income
−¥254.6m
FY2017FY2026
Free cash flow
−¥2.56bn
FY2017FY2026
Shareholders' equity
¥4.92bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.59bn | ¥831.6m | ¥919.7m | ¥1.39bn | ¥1.57bn | ¥2.39bn | ¥4.80bn | ¥5.28bn | ¥5.90bn | ¥6.57bn |
| Operating income | −¥59.2m | −¥523.0m | −¥573.3m | −¥634.9m | −¥786.2m | −¥788.2m | −¥266.6m | −¥156.2m | ¥44.5m | −¥79.0m |
| Net income | −¥254.6m | −¥520.0m | −¥596.3m | −¥697.7m | −¥861.7m | −¥786.5m | −¥254.4m | −¥825.3m | −¥80.5m | −¥436.1m |
| Diluted earnings per share | -3.11 | -6.64 | -36.37 | -62.19 | -93.53 | -127.93 | -78.95 | -442.93 | -43.21 | -234.07 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.63bn | ¥629.0m | ¥596.4m | ¥647.2m | ¥949.0m | ¥1.37bn | ¥2.46bn | ¥3.72bn | ¥4.63bn | ¥5.02bn |
| Cash and short-term investments | ¥1.02bn | ¥265.2m | ¥310.1m | ¥312.1m | ¥476.6m | ¥875.1m | ¥580.2m | ¥437.1m | ¥613.3m | ¥628.9m |
| Total liabilities | ¥1.71bn | ¥423.2m | ¥483.0m | ¥530.7m | ¥626.5m | ¥1.31bn | ¥2.07bn | ¥3.06bn | ¥3.12bn | ¥3.41bn |
| Debt | ¥338.6m | ¥181.8m | ¥215.6m | ¥252.5m | ¥294.9m | ¥885.3m | ¥1.47bn | ¥2.38bn | ¥2.40bn | ¥2.59bn |
| Shareholders' equity | ¥4.92bn | ¥205.8m | ¥113.5m | ¥116.5m | ¥322.4m | ¥66.1m | ¥392.5m | ¥662.2m | ¥1.51bn | ¥1.62bn |
| Shares outstanding | 82m | 78m | 16m | 11m | 9m | 6m | 3m | 2m | 2m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥2.48bn | −¥621.3m | −¥610.8m | −¥606.5m | −¥886.1m | −¥638.5m | −¥176.6m | −¥28.9m | ¥196.1m | ¥22.0m |
| Capital spending | −¥87.6m | −¥2.9m | −¥4.2m | −¥12.3m | −¥8.6m | −¥4.7m | −¥36.8m | −¥60.0m | −¥45.4m | −¥114.1m |
| Free cash flow | −¥2.56bn | −¥624.2m | −¥615.0m | −¥618.8m | −¥894.6m | −¥643.2m | −¥213.4m | −¥88.9m | ¥150.7m | −¥92.1m |
| Dividends paid | — | — | — | — | — | — | −¥1,000 | −¥172,000 | −¥29.8m | −¥29.8m |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥460.7m | ¥1.80bn | ¥2.26bn | ¥467.7m | ¥635.2m | ¥228.1m | ¥203.2m | ¥154.1m |
| Operating income | −¥674.2m | ¥46.4m | ¥65.3m | ¥44.8m | −¥57.6m | −¥111.7m | −¥173.8m | −¥148.9m |
| Net income | −¥611.9m | −¥36.5m | ¥16.4m | −¥29.4m | −¥125.3m | −¥116.3m | −¥179.1m | −¥167.4m |
| Diluted earnings per share | -7.48 | -0.45 | 0.20 | -0.38 | -1.60 | -1.48 | -2.28 | -10.21 |
| Total assets | ¥6.24bn | ¥7.34bn | ¥6.63bn | ¥5.75bn | ¥2.09bn | ¥1.32bn | ¥629.0m | ¥544.5m |
| Cash and short-term investments | ¥346.0m | ¥479.8m | ¥1.02bn | ¥1.96bn | ¥521.3m | ¥300.7m | ¥265.2m | ¥314.4m |
| Debt | ¥606.5m | ¥654.7m | ¥338.6m | ¥54.5m | ¥856.6m | ¥53.3m | ¥33.5m | ¥33.1m |
| Shareholders' equity | ¥4.63bn | ¥5.24bn | ¥4.92bn | ¥4.81bn | ¥910.1m | ¥785.7m | ¥205.8m | ¥169.3m |
Financial ratios
Data as of 9 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | -1.6% | -62.9% | -62.3% | -45.6% | -50.1% | -33.0% |
| Net margin | -7.1% | -62.5% | -64.8% | -50.1% | -54.9% | -33.0% |
| Return on equity | -5.2% | -252.7% | -525.5% | -598.6% | -267.3% | -1190.8% |
| Return on assets | -3.8% | -82.7% | -100.0% | -107.8% | -90.8% | -57.3% |
| Free cash flow yield | -72.9% | -19.7% | -92.5% | -132.4% | -238.1% | -257.7% |
| Revenue growth | 331.8% | -9.6% | -34.0% | -11.1% | -34.2% | -50.3% |
| Earnings growth | -51.0% | -12.8% | -14.5% | -19.0% | 9.6% | 209.2% |
| Current ratio | 3.12x | 2.48x | 2.23x | 2.07x | 2.61x | 1.44x |
| Debt to equity | 0.07x | 0.88x | 1.90x | 2.16x | 0.90x | 13.19x |
| Equity ratio | 74.2% | 32.7% | 19.0% | 18.0% | 34.0% | 4.8% |
| Interest coverage | -5.93x | -234.43x | -306.09x | -442.44x | -99.93x | -73.32x |
| Buybacks as a share of market value | -4.4% | -378.0% | -46.1% | -21.8% | -49.9% | -90.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 37.1% | 8.5% | -6.8% |
| Operating income | -54.7% | -40.4% | — |
| Net income | -28.5% | -20.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -13.2% | -26.6% | -31.5% | -9.0% |
| Net margin | -17.5% | -30.7% | -34.8% | -13.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -10.6 | -11.0 | -3.2 | -2.0 | -2.8 | -2.3 | -4.2 | -0.8 | -7.2 | -2.5 |
| Price to sales | 0.8 | 6.9 | 2.1 | 1.0 | 1.5 | 0.7 | 0.2 | 0.1 | 0.1 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Jan 2017.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 16.00 | 16.00 | 16.00 | 16.00 | 16.00 | 16.00 | 16.00 | 16.00 |
- 200-for-1 split · 29 Jan 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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