K 
26
+13.04%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.15bn
FY2017FY2026
Net income
−¥5.14bn
FY2017FY2026
Free cash flow
−¥1.93bn
FY2017FY2026
Shareholders' equity
¥473.6m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.15bn | ¥2.79bn | ¥2.44bn | ¥2.09bn | ¥776.7m | ¥861.1m | ¥3.98bn | ¥4.92bn | ¥5.84bn | ¥6.34bn |
| Gross profit | ¥2.25bn | ¥1.99bn | ¥1.65bn | ¥1.38bn | ¥501.3m | ¥603.5m | ¥2.66bn | ¥3.48bn | ¥4.21bn | ¥4.51bn |
| Operating income | −¥1.44bn | −¥462.2m | −¥587.5m | −¥601.5m | −¥703.1m | −¥933.8m | −¥674.2m | −¥388.3m | −¥6.1m | ¥30.4m |
| Net income | −¥5.14bn | −¥737.8m | −¥712.6m | −¥1.14bn | −¥453.8m | −¥1.07bn | −¥695.6m | −¥510.5m | −¥137.1m | ¥10.4m |
| Diluted earnings per share | -84.76 | -12.96 | -13.65 | -23.05 | -14.48 | -70.44 | -178.87 | -142.18 | -38.26 | 2.88 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.02bn | ¥4.58bn | ¥3.62bn | ¥2.66bn | ¥2.12bn | ¥724.3m | ¥1.26bn | ¥2.15bn | ¥2.85bn | ¥3.56bn |
| Cash and short-term investments | ¥472.3m | ¥436.6m | ¥804.7m | ¥315.1m | ¥1.51bn | ¥44.8m | ¥368.2m | ¥1.01bn | ¥1.33bn | ¥1.47bn |
| Total liabilities | ¥4.52bn | ¥3.09bn | ¥2.73bn | ¥2.37bn | ¥1.67bn | ¥1.37bn | ¥1.57bn | ¥1.97bn | ¥2.14bn | ¥2.69bn |
| Debt | ¥2.78bn | ¥2.29bn | ¥1.98bn | ¥1.59bn | ¥1.18bn | ¥852.6m | ¥958.8m | ¥1.30bn | ¥1.29bn | ¥1.84bn |
| Shareholders' equity | ¥473.6m | ¥1.48bn | ¥890.7m | ¥290.7m | ¥449.8m | −¥646.5m | −¥314.8m | ¥180.8m | ¥714.9m | ¥866.1m |
| Shares outstanding | 61m | 57m | 52m | 49m | 31m | 15m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.10bn | −¥293.7m | −¥632.1m | −¥578.8m | −¥179.1m | −¥1.03bn | −¥223.8m | −¥110.0m | ¥419.0m | ¥359.0m |
| Capital spending | −¥829.2m | −¥321.3m | −¥852.5m | −¥676.0m | −¥4.0m | −¥22.7m | −¥213.8m | −¥151.0m | −¥140.0m | −¥429.0m |
| Free cash flow | −¥1.93bn | −¥615.1m | −¥1.48bn | −¥1.25bn | −¥183.2m | −¥1.06bn | −¥437.5m | −¥261.0m | ¥279.0m | −¥70.0m |
| Dividends paid | — | — | — | — | — | −¥4,000 | −¥10,000 | −¥14.0m | −¥14.0m | −¥14.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥630.3m | ¥682.5m | ¥854.5m | ¥824.2m | ¥791.7m | ¥730.7m | ¥736.0m | ¥699.0m |
| Gross profit | ¥438.1m | ¥483.5m | ¥567.7m | ¥619.0m | ¥583.0m | ¥542.7m | ¥532.0m | ¥493.0m |
| Operating income | −¥460.8m | −¥575.5m | −¥292.8m | −¥338.5m | −¥231.6m | −¥171.4m | −¥91.0m | −¥84.0m |
| Net income | −¥514.8m | −¥765.4m | −¥355.1m | −¥3.74bn | −¥278.8m | −¥338.3m | −¥153.0m | −¥102.0m |
| Diluted earnings per share | -8.50 | -12.63 | -6.24 | -65.67 | -4.90 | -5.94 | -2.93 | -1.95 |
| Total assets | ¥4.89bn | ¥5.02bn | ¥5.09bn | ¥4.84bn | ¥7.58bn | ¥4.58bn | ¥4.90bn | ¥4.74bn |
| Cash and short-term investments | ¥360.6m | ¥472.3m | ¥415.5m | ¥381.2m | ¥494.2m | ¥436.6m | ¥569.9m | ¥507.8m |
| Debt | ¥1.37bn | ¥2.76bn | ¥1.67bn | ¥2.36bn | ¥1.12bn | ¥2.21bn | ¥1.08bn | ¥2.03bn |
| Shareholders' equity | ¥923.2m | ¥473.6m | ¥711.9m | ¥946.8m | ¥4.46bn | ¥1.48bn | ¥1.80bn | ¥1.93bn |
Financial ratios
Data as of 25 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 71.5% | 71.4% | 67.4% | 66.0% | 64.5% | 70.1% |
| Operating margin | -154.6% | -19.7% | -25.1% | -28.8% | -90.5% | -108.4% |
| Net margin | -162.9% | -26.4% | -29.2% | -54.4% | -58.4% | -123.8% |
| Return on equity | -1084.4% | -49.8% | -80.0% | -390.6% | -100.9% | 165.0% |
| Return on assets | -102.4% | -16.1% | -19.7% | -42.7% | -21.4% | -147.2% |
| Free cash flow yield | -10.6% | 1.1% | 9.8% | 4.6% | -13.0% | -155.2% |
| Revenue growth | 13.0% | 14.3% | 17.0% | 168.8% | -9.8% | -78.4% |
| Earnings growth | 596.0% | 3.5% | -37.2% | 150.2% | -57.4% | 53.3% |
| Current ratio | 0.56x | 0.40x | 0.59x | 0.88x | 1.68x | 0.39x |
| Debt to equity | 5.82x | 1.49x | 2.03x | 4.40x | 2.16x | -1.32x |
| Equity ratio | 9.4% | 32.4% | 24.6% | 10.9% | 21.2% | -89.2% |
| Interest coverage | -26.03x | -10.46x | -14.77x | -20.11x | -60.70x | -36.77x |
| Buybacks as a share of market value | -6.4% | -9.0% | -6.0% | -57.2% | -107.0% | -289.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.7% | 29.6% | -6.1% |
| Operating income | 33.7% | 9.0% | — |
| Net income | 65.4% | 36.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 71.4% | 69.4% | 69.2% | 70.4% |
| Operating margin | -32.0% | -29.5% | -39.0% | -14.4% |
| Net margin | -98.8% | -73.7% | -76.3% | -26.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.3 | -18.8 | -39.6 | -18.8 | -9.4 | -1.7 | -1.1 | -2.8 | -10.0 | 131.0 |
| Price to sales | 0.5 | 5.0 | 11.6 | 10.2 | 5.5 | 2.1 | 0.2 | 0.3 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Sept 2018.
| FY2019 | FY2018 | |
|---|---|---|
| Paid in the year | 4.00 | 4.00 |
- 2-for-1 split · 24 Feb 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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