O 
166
+5.73%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.89bn
FY2017FY2026
Net income
−¥461.0m
FY2017FY2026
Free cash flow
−¥587.0m
FY2017FY2026
Shareholders' equity
¥1.44bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.89bn | ¥3.41bn | ¥3.03bn | ¥3.12bn | ¥3.98bn | ¥6.79bn | ¥9.03bn | ¥9.75bn | ¥9.84bn | ¥14.00bn |
| Gross profit | ¥1.18bn | ¥1.39bn | ¥1.24bn | ¥1.21bn | ¥1.41bn | ¥1.56bn | ¥1.68bn | ¥2.00bn | ¥2.14bn | ¥4.09bn |
| Research and development | — | ¥164.0m | ¥170.0m | ¥266.0m | ¥181.0m | ¥143.0m | ¥155.0m | — | ¥111.0m | ¥156.0m |
| Operating income | −¥23.0m | ¥237.0m | −¥67.0m | −¥90.0m | ¥175.0m | −¥187.0m | −¥207.0m | ¥149.0m | ¥291.0m | ¥833.0m |
| Net income | −¥461.0m | ¥300.0m | −¥2.42bn | −¥1.11bn | −¥375.0m | ¥1.04bn | −¥2.37bn | −¥840.0m | ¥65.0m | ¥146.0m |
| Diluted earnings per share | -69.88 | 45.47 | -366.36 | -168.86 | -56.84 | 157.64 | -358.79 | -127.32 | 8.92 | 20.20 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥15.18bn | ¥15.82bn | ¥18.23bn | ¥19.72bn | ¥22.38bn | ¥23.33bn | ¥26.32bn | ¥26.34bn | ¥26.91bn | ¥27.53bn |
| Cash and short-term investments | ¥521.0m | ¥937.0m | ¥739.0m | ¥1.54bn | ¥3.10bn | ¥2.97bn | ¥846.0m | ¥1.20bn | ¥1.20bn | ¥1.90bn |
| Total liabilities | ¥13.74bn | ¥13.90bn | ¥16.61bn | ¥17.16bn | ¥18.58bn | ¥19.14bn | ¥23.52bn | ¥21.22bn | ¥20.96bn | ¥21.68bn |
| Debt | ¥7.57bn | ¥7.44bn | ¥10.10bn | ¥9.79bn | ¥10.45bn | ¥11.16bn | ¥12.08bn | ¥11.23bn | ¥10.64bn | ¥11.46bn |
| Shareholders' equity | ¥1.44bn | ¥1.92bn | ¥1.61bn | ¥2.55bn | ¥3.80bn | ¥4.19bn | ¥2.79bn | ¥5.12bn | ¥5.95bn | ¥5.85bn |
| Shares outstanding | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 7m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥298.0m | −¥517.0m | −¥1.40bn | −¥1.42bn | −¥1.24bn | −¥1.60bn | −¥308.0m | ¥105.0m | ¥156.0m | ¥2.34bn |
| Capital spending | −¥289.0m | −¥934.0m | −¥521.0m | −¥116.0m | −¥177.0m | −¥340.0m | −¥327.0m | −¥239.0m | −¥230.0m | −¥240.0m |
| Free cash flow | −¥587.0m | −¥1.45bn | −¥1.92bn | −¥1.53bn | −¥1.41bn | −¥1.94bn | −¥635.0m | −¥134.0m | −¥74.0m | ¥2.10bn |
| Dividends paid | — | — | — | — | — | — | — | −¥152.0m | −¥152.0m | −¥88.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥621.0m | ¥698.0m | ¥740.0m | ¥751.0m | ¥702.0m | ¥996.0m | ¥746.0m | ¥781.0m |
| Gross profit | ¥304.0m | ¥288.0m | ¥306.0m | ¥301.0m | ¥283.0m | ¥408.0m | ¥284.0m | ¥305.0m |
| Operating income | ¥33.0m | −¥7.0m | −¥9.0m | ¥6.0m | −¥13.0m | ¥131.0m | ¥3.0m | −¥4.0m |
| Net income | −¥47.0m | ¥11.0m | −¥142.0m | −¥229.0m | −¥101.0m | −¥129.0m | −¥31.0m | ¥577.0m |
| Diluted earnings per share | -7.12 | 1.67 | -21.52 | -34.71 | -15.31 | -19.55 | -4.70 | 87.46 |
| Total assets | ¥14.98bn | ¥15.18bn | ¥14.99bn | ¥15.16bn | ¥15.32bn | ¥15.82bn | ¥15.59bn | ¥15.69bn |
| Cash and short-term investments | ¥389.0m | ¥521.0m | ¥357.0m | ¥368.0m | ¥564.0m | ¥937.0m | ¥834.0m | ¥923.0m |
| Debt | ¥7.56bn | ¥7.57bn | ¥7.07bn | ¥7.08bn | ¥7.16bn | ¥7.33bn | ¥6.76bn | ¥7.12bn |
| Shareholders' equity | ¥1.38bn | ¥1.44bn | ¥1.46bn | ¥1.60bn | ¥1.82bn | ¥1.92bn | ¥2.05bn | ¥2.07bn |
Financial ratios
Data as of 1 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 40.7% | 40.7% | 41.0% | 38.9% | 35.5% | 23.0% | — |
| Operating margin | -0.8% | 17.8% | -112.1% | -42.3% | 4.4% | 18.4% | — |
| Net margin | -15.9% | 8.8% | -79.8% | -35.7% | -9.4% | 15.3% | — |
| Return on equity | -32.1% | 15.6% | -149.8% | -43.6% | -9.9% | 24.8% | — |
| Return on assets | -3.0% | 1.9% | -13.3% | -5.6% | -1.7% | 4.5% | — |
| Free cash flow yield | -0.8% | 36.1% | -76.4% | -112.6% | -91.8% | -109.0% | — |
| Revenue growth | -15.1% | 12.6% | -3.0% | -21.6% | -41.4% | -24.8% | — |
| Earnings growth | -253.7% | -112.4% | 117.0% | 197.1% | -136.1% | -143.9% | — |
| Current ratio | 0.17x | 0.25x | 0.41x | 0.93x | 0.44x | 1.27x | — |
| Debt to equity | 5.28x | 3.82x | 6.10x | 3.67x | 2.61x | 2.49x | — |
| Equity ratio | 9.5% | 12.1% | 8.9% | 13.0% | 17.0% | 18.0% | — |
| Interest coverage | -0.11x | 2.90x | -15.86x | -6.29x | 0.80x | 5.42x | — |
| R&D as a share of sales | — | 4.8% | 5.6% | 8.5% | 4.5% | 2.1% | 1.7% |
| Buybacks as a share of market value | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.5% | -15.7% | -14.1% |
| Operating income | -36.5% | -34.2% | — |
| Net income | -25.5% | — | 16.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.7% | 40.3% | 34.4% | 25.9% |
| Operating margin | 3.4% | 0.5% | 0.2% | 1.7% |
| Net margin | -2.6% | -29.7% | -13.0% | -7.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.3 | 5.4 | -0.8 | -1.8 | -5.2 | 1.8 | -1.1 | -4.2 | 59.2 | 61.9 |
| Price to sales | 0.4 | 0.5 | 0.6 | 0.7 | 0.5 | 0.3 | 0.3 | 0.4 | 0.4 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 Mar 2018.
| FY2019 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 20.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
- 10-to-1 reverse split · 26 Sept 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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