A 
97
-3.96%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥885.6m
FY2017FY2026
Net income
−¥301.3m
FY2017FY2026
Free cash flow
−¥594.1m
FY2017FY2026
Shareholders' equity
¥773.2m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥885.6m | ¥606.5m | ¥259.1m | ¥1.19bn | ¥1.93bn | ¥3.31bn | ¥4.57bn | ¥4.86bn | ¥3.61bn | ¥3.73bn |
| Gross profit | ¥237.0m | ¥28.2m | −¥295.2m | ¥143.7m | ¥421.6m | ¥550.3m | ¥575.9m | ¥923.2m | ¥1.70bn | ¥1.48bn |
| Research and development | — | — | — | — | — | — | — | — | ¥6.5m | — |
| Operating income | −¥321.9m | −¥299.6m | −¥666.8m | −¥255.3m | ¥67.0m | ¥212.6m | ¥253.3m | −¥337.9m | ¥841.8m | ¥806.5m |
| Net income | −¥301.3m | −¥315.7m | −¥742.6m | −¥488.1m | −¥452.9m | ¥35.1m | ¥125.0m | ¥264.8m | ¥439.0m | ¥493.5m |
| Diluted earnings per share | -13.89 | -17.18 | -40.52 | -28.98 | -26.89 | 2.08 | 7.42 | 18.38 | 30.38 | 35.92 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.57bn | ¥1.22bn | ¥1.55bn | ¥2.14bn | ¥2.93bn | ¥3.76bn | ¥4.55bn | ¥5.94bn | ¥9.70bn | ¥7.42bn |
| Cash and short-term investments | ¥178.7m | ¥556.9m | ¥334.5m | ¥225.7m | ¥1.30bn | ¥1.65bn | ¥1.24bn | ¥714.7m | ¥668.2m | ¥971.2m |
| Total liabilities | ¥747.5m | ¥528.1m | ¥534.4m | ¥608.2m | ¥912.5m | ¥1.29bn | ¥2.10bn | ¥3.98bn | ¥7.82bn | ¥5.94bn |
| Debt | ¥35.4m | ¥408.3m | ¥466.5m | ¥505.2m | ¥653.7m | ¥1.04bn | ¥774.8m | ¥2.76bn | ¥4.67bn | ¥4.54bn |
| Shareholders' equity | ¥773.2m | ¥694.2m | ¥1.01bn | ¥1.53bn | ¥2.02bn | ¥2.47bn | ¥2.46bn | ¥1.96bn | ¥1.88bn | ¥1.48bn |
| Shares outstanding | 22m | 18m | 18m | 17m | 17m | 17m | 17m | 14m | 14m | 14m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥592.3m | ¥282.0m | −¥67.9m | −¥840.4m | ¥64.4m | ¥2.58bn | −¥275.0m | ¥503.4m | −¥106.3m | ¥53.7m |
| Capital spending | −¥1.7m | −¥5.5m | −¥420,000 | −¥138.9m | −¥814,000 | −¥632.4m | −¥66.0m | −¥1.87bn | −¥304.3m | −¥4.16bn |
| Free cash flow | −¥594.1m | ¥276.6m | −¥68.3m | −¥979.3m | ¥63.6m | ¥1.95bn | −¥341.0m | −¥1.37bn | −¥410.7m | −¥4.10bn |
| Dividends paid | — | — | — | −¥1,000 | −¥139,000 | −¥234,000 | −¥114.6m | −¥215.5m | −¥136.6m | −¥136.0m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥364.3m | ¥484.9m | ¥18.5m | ¥17.9m | ¥38.9m | ¥501.5m | ¥33.5m | ¥32.6m |
| Gross profit | ¥107.5m | ¥130.4m | −¥1.0m | ¥215,999 | ¥7.3m | ¥30.2m | −¥7.8m | −¥1.4m |
| Operating income | −¥78.7m | −¥58.0m | −¥90.6m | −¥94.7m | −¥84.4m | −¥43.9m | −¥72.4m | −¥99.0m |
| Net income | −¥57.6m | −¥49.5m | −¥96.4m | −¥97.8m | −¥89.3m | −¥52.6m | −¥75.8m | −¥98.0m |
| Diluted earnings per share | -2.66 | -2.28 | -4.44 | -5.32 | -4.86 | -2.86 | -4.12 | -5.35 |
| Cash from operations | — | — | — | — | ¥282.0m | — | — | — |
| Capital spending | — | — | — | — | −¥5.0m | — | — | — |
| Free cash flow | — | — | — | — | ¥277.0m | — | — | — |
| Total assets | ¥1.57bn | ¥1.71bn | ¥1.35bn | ¥1.35bn | ¥1.22bn | ¥1.31bn | ¥1.33bn | ¥1.43bn |
| Cash and short-term investments | ¥178.7m | ¥161.6m | ¥423.0m | ¥432.0m | ¥556.9m | ¥631.5m | ¥183.0m | ¥246.0m |
| Debt | ¥13.4m | ¥13.2m | ¥20.4m | ¥10.9m | ¥68.1m | ¥18.9m | ¥42.1m | ¥22.3m |
| Shareholders' equity | ¥773.2m | ¥809.8m | ¥859.3m | ¥854.7m | ¥694.2m | ¥783.4m | ¥836.0m | ¥908.4m |
Financial ratios
Data as of 20 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2018 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 26.8% | 4.7% | -113.9% | 12.1% | 21.9% | 16.6% | — | — | — | — | — | — |
| Operating margin | -36.4% | -49.4% | -257.3% | -21.5% | 3.5% | 6.4% | — | — | — | — | — | — |
| Net margin | -34.0% | -52.1% | -286.6% | -41.1% | -23.5% | 1.1% | — | — | — | — | — | — |
| Return on equity | -39.0% | -45.5% | -73.8% | -31.9% | -22.4% | 1.4% | — | — | — | — | — | — |
| Return on assets | -19.2% | -25.8% | -47.9% | -22.8% | -15.4% | 0.9% | — | — | — | — | — | — |
| Free cash flow yield | -24.6% | 13.8% | -3.3% | -45.0% | 3.4% | 138.2% | — | — | — | — | — | — |
| Revenue growth | 46.0% | 134.1% | -78.2% | -38.4% | -41.8% | -27.6% | — | — | — | — | — | — |
| Earnings growth | -4.6% | -57.5% | 52.2% | 7.8% | -1392.1% | -72.0% | — | — | — | — | — | — |
| Current ratio | 3.32x | 6.59x | 12.87x | 15.33x | 6.02x | 8.08x | — | — | — | — | — | — |
| Debt to equity | 0.02x | 0.10x | 0.09x | 0.06x | 0.10x | 0.12x | — | — | — | — | — | — |
| Equity ratio | 49.3% | 56.7% | 64.9% | 71.6% | 68.9% | 65.7% | — | — | — | — | — | — |
| Interest coverage | -27.41x | -23.78x | -48.41x | -16.61x | 3.25x | 11.31x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.2% | 0.0% | 0.4% | 6.3% | 6.7% | 4.8% |
| Buybacks as a share of market value | -18.1% | -0.3% | -8.8% | 0.0% | 0.0% | 0.1% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.3% | -23.2% | -10.7% |
| Operating income | 8.0% | — | — |
| Net income | -14.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.8% | 3.9% | 13.3% | 24.4% |
| Operating margin | -41.7% | -52.5% | -15.5% | 2.1% |
| Net margin | -41.4% | -62.9% | -27.7% | -2.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.9 | -7.0 | -3.1 | -5.0 | -6.1 | 166.8 | 29.0 | 12.0 | 11.0 | 20.7 |
| Price to sales | 3.0 | 3.6 | 8.8 | 2.0 | 1.4 | 1.8 | 0.8 | 0.7 | 1.3 | 2.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Aug 2019.
| FY2020 | FY2019 | FY2018 | |
|---|---|---|---|
| Paid in the year | 8.00 | 15.00 | 10.00 |
- 5-to-1 reverse split · 26 Feb 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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