A 
52
+6.12%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.13bn
FY2017FY2026
Net income
−¥7.32bn
FY2017FY2026
Free cash flow
−¥2.35bn
FY2017FY2026
Shareholders' equity
¥7.98bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.13bn | ¥1.77bn | ¥2.71bn | ¥4.22bn | ¥5.06bn | ¥5.08bn | ¥5.66bn | ¥6.26bn | ¥6.63bn | ¥6.85bn |
| Gross profit | ¥425.4m | ¥884.6m | ¥1.30bn | ¥2.24bn | ¥2.75bn | ¥2.84bn | ¥3.26bn | ¥3.72bn | ¥3.95bn | ¥3.76bn |
| Research and development | ¥128,000 | ¥8.7m | ¥4.0m | ¥6.5m | ¥9.1m | ¥19.0m | ¥5.5m | — | ¥7.0m | — |
| Operating income | −¥6.53bn | −¥1.46bn | −¥996.5m | −¥740.5m | −¥424.8m | −¥644.0m | −¥329.9m | ¥88.4m | ¥349.6m | ¥202.9m |
| Net income | −¥7.32bn | −¥2.66bn | −¥1.19bn | −¥1.16bn | −¥525.6m | −¥791.4m | −¥371.5m | ¥62.2m | ¥255.4m | ¥187.9m |
| Diluted earnings per share | -172.37 | -68.69 | -210.93 | -227.09 | -109.46 | -175.15 | -82.88 | 14.40 | 56.35 | 41.79 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥19.32bn | ¥18.32bn | ¥822.9m | ¥1.67bn | ¥2.57bn | ¥2.43bn | ¥2.74bn | ¥2.90bn | ¥2.91bn | ¥2.61bn |
| Cash and short-term investments | ¥330.1m | ¥748.0m | ¥170.8m | ¥424.8m | ¥919.7m | ¥666.6m | ¥858.7m | ¥897.6m | ¥1.37bn | ¥1.11bn |
| Total liabilities | ¥11.34bn | ¥5.68bn | ¥2.90bn | ¥2.55bn | ¥2.47bn | ¥1.86bn | ¥1.38bn | ¥1.23bn | ¥1.06bn | ¥1.14bn |
| Debt | ¥10.47bn | ¥5.00bn | ¥2.55bn | ¥1.96bn | ¥1.91bn | ¥1.08bn | ¥638.3m | ¥477.2m | ¥175.0m | ¥413.9m |
| Shareholders' equity | ¥7.98bn | ¥12.64bn | −¥2.08bn | −¥885.1m | ¥103.4m | ¥573.1m | ¥1.36bn | ¥1.67bn | ¥1.84bn | ¥1.47bn |
| Shares outstanding | 42m | 39m | 6m | 5m | 5m | 5m | 4m | 4m | 5m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥2.27bn | −¥1.95bn | −¥747.8m | −¥597.5m | −¥578.3m | −¥397.1m | −¥44.8m | −¥222.0m | ¥394.9m | ¥482.4m |
| Capital spending | −¥73.8m | −¥570.8m | −¥42.7m | −¥76.2m | −¥56.3m | −¥137.9m | −¥113.1m | −¥59.0m | −¥78.6m | −¥24.2m |
| Free cash flow | −¥2.35bn | −¥2.52bn | −¥790.6m | −¥673.7m | −¥634.7m | −¥535.0m | −¥157.9m | −¥281.0m | ¥316.3m | ¥458.2m |
| Dividends paid | — | — | — | −¥13,000 | −¥46,000 | −¥13.2m | −¥25.2m | −¥26.9m | −¥21.0m | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥425.5m | ¥616.9m | ¥555.0m | ¥531.4m | ¥756.7m | ¥435.8m | ¥262.3m | ¥319.9m |
| Gross profit | ¥132.7m | ¥213.4m | ¥27.7m | ¥51.6m | ¥273.5m | ¥270.0m | ¥171.2m | ¥169.1m |
| Operating income | ¥769.3m | ¥1.80bn | −¥623.9m | −¥592.5m | −¥619.6m | −¥302.3m | −¥240.6m | −¥294.0m |
| Net income | ¥441.9m | ¥1.59bn | −¥6.58bn | −¥2.78bn | −¥3.24bn | −¥246.0m | −¥88.3m | ¥914.0m |
| Diluted earnings per share | 10.40 | 37.42 | -154.81 | -71.73 | -83.66 | -6.35 | -2.28 | 162.34 |
| Total assets | ¥19.32bn | ¥18.32bn | ¥16.07bn | ¥18.81bn | ¥18.32bn | ¥6.65bn | ¥1.13bn | ¥820.4m |
| Cash and short-term investments | ¥330.1m | ¥428.7m | ¥669.7m | ¥1.16bn | ¥748.0m | ¥2.02bn | ¥609.5m | ¥286.6m |
| Debt | — | ¥8.47bn | ¥7.99bn | ¥7.10bn | ¥5.00bn | ¥5.59bn | — | ¥50.8m |
| Shareholders' equity | ¥7.98bn | ¥7.46bn | ¥5.53bn | ¥11.08bn | ¥12.64bn | ¥564.2m | ¥810.2m | ¥186.9m |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 49.8% | 47.8% | 53.2% | 54.4% | 55.9% | 57.6% |
| Operating margin | -141.7% | -42.8% | -27.5% | -9.9% | -14.4% | -6.4% |
| Net margin | -149.9% | -43.8% | -27.6% | -10.4% | -15.6% | -6.6% |
| Return on equity | -21.0% | 57.2% | 131.6% | -508.0% | -138.1% | -27.3% |
| Return on assets | -14.5% | -144.3% | -69.8% | -20.5% | -32.6% | -13.5% |
| Free cash flow yield | -43.4% | -152.7% | -124.0% | -132.6% | -70.0% | 18.6% |
| Revenue growth | -34.5% | -35.7% | -16.7% | -0.4% | -10.3% | -9.6% |
| Earnings growth | 124.0% | 2.0% | 121.6% | -33.6% | 113.0% | -697.2% |
| Current ratio | 3.26x | 0.18x | 0.69x | 0.96x | 1.01x | 1.94x |
| Debt to equity | 0.40x | -1.23x | -2.21x | 18.39x | 1.85x | 0.45x |
| Equity ratio | 69.0% | -252.4% | -53.0% | 4.0% | 23.6% | 49.7% |
| Interest coverage | -59.24x | -58.45x | -105.93x | -83.68x | -223.31x | -145.58x |
| R&D as a share of sales | 0.5% | 0.1% | 0.2% | 0.2% | 0.4% | 0.1% |
| Buybacks as a share of market value | -587.8% | -9.8% | -6.8% | -6.3% | -0.8% | -3.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -20.4% | -16.0% | -11.3% |
| Operating income | 106.6% | 58.9% | 59.6% |
| Net income | 84.6% | 56.1% | 80.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 33.6% | 44.8% | 49.8% | 53.9% |
| Operating margin | -204.6% | -89.8% | -51.5% | -19.7% |
| Net margin | -255.8% | -113.9% | -65.1% | -25.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.3 | -3.9 | -1.8 | -1.1 | -3.2 | -2.1 | -5.0 | 41.0 | 10.7 | 24.6 |
| Price to sales | 1.0 | 5.9 | 0.8 | 0.3 | 0.3 | 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 Aug 2020.
| FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|
| Paid in the year | 3.00 | 6.00 | 6.00 | 5.00 |
- 2-for-1 split · 29 Aug 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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