S 
832
-3.26%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥10.02bn
FY2017FY2026
Net income
¥100.6m
FY2017FY2026
Free cash flow
−¥717.7m
FY2017FY2026
Shareholders' equity
¥2.75bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.02bn | ¥5.11bn | ¥5.53bn | ¥6.31bn | ¥4.16bn | ¥2.72bn | ¥3.63bn | ¥3.81bn | ¥4.23bn | ¥5.26bn |
| Operating income | ¥199.7m | −¥297.0m | −¥103.0m | −¥256.8m | −¥183.4m | −¥191.7m | −¥74.0m | ¥20.7m | −¥256.1m | −¥397.9m |
| Net income | ¥100.6m | −¥530.7m | −¥332.8m | −¥302.4m | ¥176.3m | −¥347.3m | −¥162.8m | −¥22.0m | −¥750.3m | −¥719.1m |
| Diluted earnings per share | 11.54 | -67.70 | -80.10 | -104.90 | 61.14 | -120.46 | -56.49 | -7.63 | -260.81 | -737.58 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.39bn | ¥2.26bn | ¥1.90bn | ¥2.43bn | ¥2.05bn | ¥1.54bn | ¥1.86bn | ¥2.15bn | ¥1.46bn | ¥2.76bn |
| Cash and short-term investments | ¥1.83bn | ¥282.0m | ¥349.8m | ¥477.9m | ¥701.5m | ¥572.4m | ¥734.4m | ¥851.6m | ¥315.3m | ¥738.9m |
| Total liabilities | ¥3.57bn | ¥1.67bn | ¥1.42bn | ¥1.58bn | ¥891.2m | ¥583.3m | ¥540.9m | ¥695.4m | ¥1.09bn | ¥1.70bn |
| Debt | ¥536.6m | ¥727.0m | ¥550.9m | ¥589.1m | ¥55.6m | ¥56.3m | ¥46.9m | ¥256.5m | ¥529.7m | ¥926.3m |
| Shareholders' equity | ¥2.75bn | ¥572.6m | ¥483.7m | ¥851.4m | ¥1.15bn | ¥960.0m | ¥1.32bn | ¥1.45bn | ¥375.2m | ¥1.06bn |
| Shares outstanding | 9m | 8m | 4m | 3m | 3m | 3m | 3m | 3m | 3m | 1m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥204.6m | −¥295.9m | −¥150.0m | −¥604.0m | −¥79.5m | −¥128.1m | ¥44.9m | −¥180.8m | −¥234.6m | −¥211.4m |
| Capital spending | −¥513.2m | −¥26.9m | −¥1.0m | −¥5.0m | −¥31.6m | −¥8.3m | −¥80.8m | −¥22.0m | −¥49.2m | −¥90.0m |
| Free cash flow | −¥717.7m | −¥322.8m | −¥151.0m | −¥609.0m | −¥111.2m | −¥136.3m | −¥35.9m | −¥202.8m | −¥283.8m | −¥301.5m |
| Dividends paid | — | — | — | — | — | — | — | −¥22.4m | — | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.19bn | ¥5.35bn | ¥6.06bn | ¥1.44bn | ¥1.23bn | ¥1.28bn | ¥1.41bn | ¥1.33bn |
| Operating income | −¥21.4m | ¥54.0m | ¥456.6m | −¥39.5m | −¥194.7m | −¥22.7m | −¥155.1m | −¥27.9m |
| Net income | −¥156.1m | −¥92.4m | ¥395.5m | −¥63.3m | −¥218.2m | −¥23.3m | −¥347.7m | −¥44.8m |
| Diluted earnings per share | -17.90 | -10.60 | 45.38 | -8.07 | -27.83 | -2.98 | -44.36 | -10.79 |
| Total assets | ¥8.63bn | ¥6.81bn | ¥6.39bn | ¥5.08bn | ¥3.07bn | ¥2.44bn | ¥2.26bn | ¥2.99bn |
| Cash and short-term investments | ¥1.51bn | ¥1.08bn | ¥1.83bn | ¥926.8m | ¥234.7m | ¥530.7m | ¥282.0m | ¥503.1m |
| Debt | ¥506.0m | ¥506.0m | ¥536.6m | ¥255.1m | ¥373.4m | ¥386.2m | ¥474.1m | ¥481.1m |
| Shareholders' equity | ¥3.61bn | ¥2.71bn | ¥2.75bn | ¥2.14bn | ¥1.61bn | ¥847.2m | ¥572.6m | ¥902.1m |
Financial ratios
Data as of 14 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 2.0% | -9.1% | -5.1% | -3.8% | 4.6% | -7.1% |
| Net margin | 1.0% | -10.4% | -6.0% | -4.8% | 4.2% | -12.8% |
| Return on equity | 3.7% | -92.7% | -68.8% | -35.5% | 15.3% | -36.2% |
| Return on assets | 1.6% | -23.4% | -17.5% | -12.5% | 8.6% | -22.5% |
| Free cash flow yield | 3.3% | -3.1% | -3.3% | -19.0% | -1.5% | -3.8% |
| Revenue growth | 96.0% | -7.6% | -12.3% | 51.5% | 53.2% | -25.0% |
| Earnings growth | -119.0% | 59.5% | 10.1% | -271.6% | -150.8% | 113.3% |
| Current ratio | 1.68x | 1.46x | 1.65x | 1.66x | 2.56x | 3.18x |
| Debt to equity | 0.20x | 1.27x | 1.14x | 0.69x | 0.04x | 0.05x |
| Equity ratio | 43.0% | 25.3% | 25.5% | 35.1% | 56.4% | 62.2% |
| Interest coverage | 10.16x | -46.69x | -31.28x | -25.74x | 248.84x | -87.51x |
| Buybacks as a share of market value | -9.3% | -88.7% | -44.1% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.7% | 29.8% | 4.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -0.6% | -1.7% | -2.5% | -2.8% |
| Net margin | -2.8% | -4.0% | -3.7% | -5.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 81.5 | -11.1 | -10.1 | -6.4 | 6.1 | -9.3 | -6.0 | -62.8 | -1.7 | -0.7 |
| Price to sales | 0.8 | 1.1 | 0.6 | 0.3 | 0.3 | 1.2 | 0.3 | 0.4 | 0.3 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Feb 2026.
| FY2026 | FY2014 | FY2013 | FY2012 | FY2010 | FY2009 | |
|---|---|---|---|---|---|---|
| Paid in the year | 5.00 | 40.00 | 25.00 | 10.00 | 80.00 | 80.00 |
- 100-for-1 split · 28 Aug 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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