G 
639
-0.16%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.30bn
FY2017FY2026
Net income
−¥175.0m
FY2017FY2026
Free cash flow
−¥640.0m
FY2017FY2026
Shareholders' equity
¥1.55bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.30bn | ¥3.93bn | ¥3.79bn | ¥3.76bn | ¥2.54bn | ¥2.34bn | ¥3.58bn | ¥3.71bn | ¥3.85bn | ¥3.87bn |
| Gross profit | ¥2.51bn | ¥2.56bn | ¥2.48bn | ¥2.38bn | ¥1.62bn | ¥1.51bn | ¥2.36bn | ¥2.48bn | ¥2.61bn | ¥2.61bn |
| Research and development | — | ¥13.7m | ¥49.0m | ¥44.1m | ¥41.8m | ¥43.3m | ¥64.7m | ¥51.1m | ¥71.4m | ¥62.4m |
| Operating income | −¥92.3m | ¥3.5m | ¥34.6m | ¥127.2m | ¥344.1m | −¥359.2m | −¥146.1m | −¥19.8m | −¥267.2m | −¥501.7m |
| Net income | −¥175.0m | −¥20.8m | −¥95.5m | ¥138.1m | ¥287.4m | −¥641.5m | −¥107.0m | −¥269.7m | −¥293.9m | −¥744.1m |
| Diluted earnings per share | -32.78 | -4.07 | -23.60 | 34.29 | 71.45 | -186.70 | -35.89 | -97.34 | -106.73 | -472.41 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.01bn | ¥3.34bn | ¥2.24bn | ¥2.39bn | ¥2.29bn | ¥1.52bn | ¥1.57bn | ¥1.77bn | ¥2.43bn | ¥2.32bn |
| Cash and short-term investments | ¥779.5m | ¥1.22bn | ¥855.7m | ¥1.33bn | ¥1.27bn | ¥541.1m | ¥123.6m | ¥131.6m | ¥439.8m | ¥61.0m |
| Total liabilities | ¥1.46bn | ¥1.93bn | ¥1.33bn | ¥1.37bn | ¥1.39bn | ¥1.63bn | ¥1.29bn | ¥1.45bn | ¥1.83bn | ¥2.20bn |
| Debt | ¥290.0m | ¥370.0m | ¥454.9m | ¥522.1m | ¥577.0m | ¥914.6m | ¥464.0m | ¥527.8m | ¥694.0m | ¥1.15bn |
| Shareholders' equity | ¥1.55bn | ¥1.41bn | ¥935.9m | ¥1.03bn | ¥887.8m | −¥142.6m | ¥229.4m | ¥237.2m | ¥500.0m | −¥18.5m |
| Shares outstanding | 5m | 5m | 4m | 4m | 4m | 3m | 3m | 3m | 3m | 2m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥339.8m | ¥128.6m | −¥99.6m | ¥218.8m | ¥376.2m | −¥305.5m | −¥37.9m | −¥77.8m | −¥95.9m | −¥320.1m |
| Capital spending | −¥300.3m | −¥216.3m | −¥254.7m | −¥70.5m | −¥48.6m | −¥8.2m | −¥49.7m | −¥114.9m | −¥68.3m | −¥1.13bn |
| Free cash flow | −¥640.0m | −¥87.8m | −¥354.3m | ¥148.3m | ¥327.6m | −¥313.7m | −¥87.5m | −¥192.7m | −¥164.2m | −¥1.45bn |
| Dividends paid | −¥46.5m | — | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥989.6m | ¥859.1m | ¥1.29bn | ¥1.39bn | ¥766.0m | ¥917.1m | ¥1.14bn | ¥960.2m |
| Gross profit | ¥659.0m | ¥600.4m | ¥743.1m | ¥655.4m | ¥509.9m | ¥626.2m | ¥757.2m | ¥619.4m |
| Operating income | −¥27.0m | −¥59.4m | ¥54.7m | −¥8.4m | −¥79.2m | −¥21.4m | ¥95.8m | −¥25.8m |
| Net income | −¥17.7m | −¥159.5m | ¥55.6m | −¥2,000 | −¥71.1m | −¥51.2m | ¥54.3m | ¥13.4m |
| Diluted earnings per share | -3.31 | -29.88 | 10.86 | -0.00 | -13.88 | -10.01 | 13.44 | 3.31 |
| Total assets | ¥2.97bn | ¥3.01bn | ¥3.02bn | ¥2.88bn | ¥3.21bn | ¥3.34bn | ¥3.17bn | ¥2.84bn |
| Cash and short-term investments | ¥696.4m | ¥779.5m | ¥747.7m | ¥893.7m | ¥956.8m | ¥1.22bn | ¥949.7m | ¥759.8m |
| Debt | ¥80.0m | ¥290.0m | ¥81.4m | ¥330.5m | ¥80.0m | ¥370.0m | ¥81.4m | ¥385.0m |
| Shareholders' equity | ¥1.47bn | ¥1.55bn | ¥1.58bn | ¥1.46bn | ¥1.34bn | ¥1.41bn | ¥1.11bn | ¥912.0m |
Financial ratios
Data as of 18 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 58.3% | 65.3% | 65.4% | 63.3% | 64.0% | 64.7% | — |
| Operating margin | -2.6% | -0.6% | -2.3% | 3.2% | 13.5% | -15.4% | — |
| Net margin | -4.1% | -0.5% | -2.5% | 3.7% | 11.3% | -27.4% | — |
| Return on equity | -11.3% | -1.5% | -10.2% | 13.4% | 32.4% | 449.7% | — |
| Return on assets | -5.8% | -0.6% | -4.3% | 5.8% | 12.5% | -42.3% | — |
| Free cash flow yield | -9.6% | 3.8% | -3.7% | 8.2% | 14.2% | -13.5% | — |
| Revenue growth | 9.6% | 3.6% | 0.7% | 48.2% | 8.6% | -34.7% | — |
| Earnings growth | 740.3% | -78.2% | -169.1% | -51.9% | -144.8% | 499.7% | — |
| Current ratio | 2.42x | 1.95x | 2.63x | 3.02x | 3.34x | 1.21x | — |
| Debt to equity | 0.19x | 0.26x | 0.49x | 0.51x | 0.65x | -6.41x | — |
| Equity ratio | 51.4% | 42.2% | 41.9% | 43.1% | 38.7% | -9.4% | — |
| Interest coverage | -22.97x | -4.06x | -15.84x | 25.34x | 39.06x | -24.21x | — |
| R&D as a share of sales | — | 0.3% | 1.3% | 1.2% | 1.6% | 1.8% | 1.8% |
| Buybacks as a share of market value | -4.3% | -26.6% | -0.4% | -0.1% | -17.1% | -15.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.6% | 13.0% | 1.0% |
| Operating income | — | -23.8% | -12.3% |
| Net income | — | -22.9% | -9.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 61.6% | 62.9% | 63.2% | 65.2% |
| Operating margin | -1.1% | 0.5% | 0.3% | -3.1% |
| Net margin | -2.4% | -1.0% | -2.5% | -6.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -19.8 | -210.2 | -28.7 | 53.0 | 14.8 | -5.3 | -24.7 | -11.8 | -8.9 | -2.1 |
| Price to sales | 0.8 | 1.1 | 0.7 | 1.9 | 1.7 | 1.4 | 0.7 | 0.9 | 0.7 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | |
|---|---|
| Paid in the year | 20.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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