K 
76
+4.11%
Close of 9 Nov 2026, in JPY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.51bn
FY2017FY2026
Net income
−¥135.5m
FY2017FY2026
Free cash flow
−¥308.8m
FY2017FY2026
Shareholders' equity
¥1.56bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.51bn | ¥1.63bn | ¥1.31bn | ¥1.19bn | ¥830.5m | ¥615.4m | ¥590.0m | ¥454.2m | ¥445.8m | ¥413.2m |
| Gross profit | ¥222.1m | ¥233.0m | ¥201.6m | ¥95.5m | ¥82.8m | ¥27.7m | ¥53.5m | ¥101.2m | ¥115.1m | ¥105.4m |
| Research and development | — | ¥7.6m | ¥7.7m | ¥10.2m | ¥13.7m | ¥10.9m | ¥9.4m | ¥9.4m | ¥9.9m | ¥9.4m |
| Operating income | −¥137.4m | −¥49.0m | −¥75.1m | −¥243.1m | −¥140.4m | −¥64.1m | −¥59.8m | −¥9.3m | ¥4.8m | ¥19.2m |
| Net income | −¥135.5m | −¥55.8m | −¥115.6m | −¥271.1m | −¥128.1m | −¥61.2m | −¥49.6m | −¥7.5m | ¥40.1m | ¥5.8m |
| Diluted earnings per share | -4.30 | -1.99 | -5.44 | -13.39 | -7.47 | -3.57 | -3.35 | -0.50 | 2.69 | 0.39 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.79bn | ¥2.17bn | ¥1.86bn | ¥2.07bn | ¥2.07bn | ¥1.82bn | ¥1.33bn | ¥1.35bn | ¥1.40bn | ¥1.27bn |
| Cash and short-term investments | ¥474.9m | ¥512.9m | ¥216.1m | ¥286.6m | ¥308.6m | ¥480.2m | ¥65.5m | ¥50.4m | ¥83.9m | ¥36.6m |
| Total liabilities | ¥1.16bn | ¥979.1m | ¥958.5m | ¥1.11bn | ¥989.8m | ¥949.7m | ¥862.5m | ¥794.7m | ¥807.1m | ¥790.9m |
| Debt | ¥599.6m | ¥539.6m | ¥545.3m | ¥754.7m | ¥637.5m | ¥597.7m | ¥535.9m | ¥466.0m | ¥471.1m | ¥485.5m |
| Shareholders' equity | ¥1.56bn | ¥1.19bn | ¥899.0m | ¥959.9m | ¥1.08bn | ¥867.1m | ¥466.0m | ¥558.4m | ¥590.3m | ¥474.9m |
| Shares outstanding | 32m | 28m | 21m | 20m | 17m | 17m | 15m | 15m | 15m | 15m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥294.5m | −¥7.7m | −¥97.0m | −¥91.6m | −¥161.0m | −¥101.7m | −¥62.3m | ¥5.2m | ¥5.1m | ¥8.5m |
| Capital spending | −¥14.3m | −¥34.0m | −¥50.7m | −¥231.0m | −¥99.2m | −¥29.7m | −¥31.4m | −¥13.5m | −¥11.0m | −¥11.0m |
| Free cash flow | −¥308.8m | −¥41.7m | −¥147.7m | −¥322.6m | −¥260.2m | −¥131.4m | −¥93.7m | −¥8.3m | −¥5.9m | −¥2.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥750.8m | ¥302.5m | ¥382.3m | ¥393.3m | ¥427.9m | ¥415.0m | ¥448.0m | ¥381.0m |
| Gross profit | ¥144.2m | ¥27.6m | ¥58.0m | ¥62.3m | ¥74.2m | ¥56.0m | ¥76.0m | ¥44.0m |
| Operating income | −¥3.7m | −¥79.4m | −¥23.6m | −¥18.4m | −¥16.1m | −¥14.0m | ¥284,000 | −¥25.0m |
| Net income | −¥20.1m | −¥79.5m | −¥19.8m | −¥16.6m | −¥19.6m | −¥24.0m | ¥9.0m | −¥39.0m |
| Diluted earnings per share | -0.64 | -2.52 | -0.70 | -0.59 | -0.70 | -0.86 | 0.42 | -1.84 |
| Total assets | ¥2.72bn | ¥2.79bn | ¥2.23bn | ¥2.18bn | ¥2.22bn | ¥2.17bn | ¥1.98bn | ¥1.92bn |
| Cash and short-term investments | ¥415.6m | ¥474.9m | ¥346.9m | ¥413.7m | ¥639.9m | ¥512.9m | ¥297.4m | ¥279.6m |
| Debt | ¥358.3m | ¥555.5m | ¥345.5m | ¥491.7m | ¥350.0m | ¥535.6m | ¥352.0m | ¥539.8m |
| Shareholders' equity | ¥1.55bn | ¥1.56bn | ¥1.34bn | ¥1.29bn | ¥1.30bn | ¥1.19bn | ¥976.5m | ¥975.1m |
Financial ratios
Data as of 21 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 14.7% | 14.3% | 15.4% | 8.1% | 10.0% | 4.5% | — |
| Operating margin | -9.1% | -3.0% | -5.7% | -20.9% | -14.0% | -10.4% | — |
| Net margin | -9.0% | -3.4% | -8.8% | -22.9% | -15.4% | -9.9% | — |
| Return on equity | -8.7% | -4.7% | -12.9% | -28.2% | -11.9% | -7.1% | — |
| Return on assets | -4.9% | -2.6% | -6.2% | -13.1% | -6.2% | -3.4% | — |
| Free cash flow yield | -13.0% | -0.4% | -6.3% | -6.3% | -13.0% | -8.2% | — |
| Revenue growth | -7.7% | 24.8% | 10.2% | 42.8% | 34.9% | 4.3% | — |
| Earnings growth | 143.0% | -51.8% | -57.3% | 111.6% | 109.3% | 23.5% | — |
| Current ratio | 1.64x | 1.65x | 0.97x | 0.86x | 0.98x | 1.12x | — |
| Debt to equity | 0.36x | 0.45x | 0.60x | 0.78x | 0.59x | 0.68x | — |
| Equity ratio | 56.0% | 54.9% | 48.4% | 46.3% | 52.2% | 47.7% | — |
| Interest coverage | -11.09x | -4.37x | -6.71x | -24.36x | -10.57x | -6.00x | — |
| R&D as a share of sales | — | 0.5% | 0.6% | 0.9% | 1.6% | 1.8% | 1.6% |
| Buybacks as a share of market value | -12.5% | -32.0% | -4.9% | -18.0% | 0.0% | -15.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.3% | 19.6% | 14.1% |
| Operating income | -17.3% | 16.5% | — |
| Net income | -20.6% | 17.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.5% | 13.4% | 12.2% | 14.4% |
| Operating margin | -5.9% | -9.0% | -10.0% | -8.0% |
| Net margin | -6.1% | -10.3% | -10.8% | -8.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -18.2 | -57.3 | -20.0 | -7.9 | -11.9 | -40.6 | -67.5 | -464.6 | 21.6 | 230.0 |
| Price to sales | 1.6 | 2.0 | 1.8 | 1.8 | 1.8 | 4.0 | 5.7 | 7.6 | 1.9 | 3.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Mar 1997.
- 7-for-1 split · 4 Jun 2020
- 10-to-1 reverse split · 27 Sept 2017
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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