K 
138
+6.15%
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
¥6.86bn
FY2016FY2025
Net income
−¥4.18bn
FY2016FY2025
Free cash flow
−¥1.98bn
FY2016FY2025
Shareholders' equity
¥10.30bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.86bn | ¥8.31bn | ¥10.72bn | ¥16.88bn | ¥23.90bn | ¥33.95bn | ¥31.11bn | ¥32.67bn | ¥26.78bn | ¥19.60bn |
| Gross profit | ¥830.5m | ¥1.13bn | ¥1.75bn | ¥3.02bn | ¥2.72bn | ¥6.99bn | ¥7.03bn | ¥10.55bn | ¥9.57bn | ¥5.19bn |
| Research and development | ¥54.3m | ¥155.2m | ¥154.8m | ¥212.2m | ¥225.3m | ¥193.5m | ¥115.7m | ¥72.2m | ¥143.1m | ¥124.5m |
| Operating income | −¥1.30bn | −¥1.34bn | −¥1.22bn | −¥598.1m | −¥1.11bn | ¥2.15bn | ¥1.67bn | ¥5.00bn | ¥4.63bn | ¥1.27bn |
| Net income | −¥4.18bn | −¥2.78bn | −¥1.82bn | −¥541.9m | −¥3.47bn | ¥767.2m | ¥383.9m | ¥2.57bn | ¥3.13bn | −¥814.1m |
| Diluted earnings per share | -20.36 | -58.15 | -44.98 | -13.51 | -90.86 | 19.99 | 10.11 | 68.89 | 79.73 | -22.21 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥13.27bn | ¥16.11bn | ¥17.96bn | ¥20.97bn | ¥18.81bn | ¥23.57bn | ¥23.72bn | ¥19.25bn | ¥18.61bn | ¥12.13bn |
| Cash and short-term investments | ¥5.21bn | ¥1.61bn | ¥2.21bn | ¥6.02bn | ¥4.75bn | ¥8.62bn | ¥8.30bn | ¥4.75bn | ¥6.69bn | ¥4.66bn |
| Total liabilities | ¥2.97bn | ¥5.74bn | ¥6.25bn | ¥7.82bn | ¥6.00bn | ¥6.98bn | ¥6.52bn | ¥4.78bn | ¥6.04bn | ¥3.00bn |
| Debt | ¥332.3m | ¥2.22bn | ¥3.18bn | ¥3.51bn | ¥1.00bn | ¥1.75bn | ¥1.95bn | ¥106.3m | ¥8.6m | ¥765,000 |
| Shareholders' equity | ¥10.30bn | ¥10.37bn | ¥11.71bn | ¥13.15bn | ¥12.81bn | ¥16.58bn | ¥15.48bn | ¥14.47bn | ¥12.57bn | ¥9.13bn |
| Shares outstanding | 205m | 48m | 40m | 40m | 38m | 38m | 38m | 37m | 39m | 37m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.80bn | −¥138.2m | −¥1.53bn | −¥187.0m | −¥1.28bn | ¥4.17bn | ¥1.79bn | ¥3.80bn | ¥5.07bn | ¥1.55bn |
| Capital spending | −¥183.0m | −¥1.93bn | −¥2.82bn | −¥187.0m | −¥1.28bn | −¥944.9m | −¥2.22bn | −¥202.3m | −¥174.9m | −¥93.4m |
| Free cash flow | −¥1.98bn | −¥2.06bn | −¥4.36bn | −¥373.9m | −¥2.56bn | ¥3.23bn | −¥437.7m | ¥3.59bn | ¥4.90bn | ¥1.46bn |
| Dividends paid | — | — | — | — | −¥94.3m | — | — | −¥331.3m | −¥331.0m | −¥331.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.26bn | ¥1.71bn | ¥1.92bn | ¥1.77bn | ¥1.53bn | ¥1.64bn | ¥2.25bn | ¥2.43bn |
| Gross profit | ¥1.28bn | ¥133.7m | ¥238.2m | ¥275.8m | ¥96.0m | ¥220.5m | ¥423.0m | ¥565.3m |
| Operating income | ¥493.2m | −¥453.7m | −¥443.8m | −¥212.4m | −¥359.6m | −¥288.5m | −¥228.9m | −¥88.7m |
| Net income | ¥383.6m | −¥509.2m | −¥202.1m | ¥774.0m | −¥4.27bn | −¥479.2m | −¥1.03bn | −¥415.5m |
| Diluted earnings per share | 4.61 | -6.12 | -0.99 | 3.77 | -20.81 | -2.34 | -21.43 | -8.68 |
| Total assets | ¥14.64bn | ¥12.89bn | ¥13.27bn | ¥10.46bn | ¥10.94bn | ¥16.13bn | ¥16.11bn | ¥17.72bn |
| Cash and short-term investments | ¥3.65bn | ¥3.83bn | ¥5.21bn | ¥2.48bn | ¥1.84bn | ¥2.20bn | ¥1.61bn | ¥2.55bn |
| Debt | — | — | ¥225.6m | ¥250.6m | ¥1.13bn | ¥1.43bn | ¥1.57bn | ¥2.07bn |
| Shareholders' equity | ¥11.71bn | ¥10.48bn | ¥10.30bn | ¥7.20bn | ¥6.86bn | ¥10.66bn | ¥10.37bn | ¥11.40bn |
Financial ratios
Data as of 23 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 12.1% | 13.6% | 16.4% | 17.9% | 11.4% | 20.6% |
| Operating margin | -19.0% | -16.2% | -11.4% | -3.5% | -4.6% | 6.3% |
| Net margin | -60.9% | -33.5% | -17.0% | -3.2% | -14.5% | 2.3% |
| Return on equity | -40.5% | -26.8% | -15.5% | -4.1% | -27.1% | 4.6% |
| Return on assets | -31.5% | -17.3% | -10.1% | -2.6% | -18.4% | 3.3% |
| Free cash flow yield | -4.3% | 20.2% | 17.2% | 0.0% | 0.0% | 72.1% |
| Revenue growth | -17.5% | -22.5% | -36.5% | -29.4% | -29.6% | 9.1% |
| Earnings growth | 50.1% | 52.9% | 235.8% | -84.4% | -552.0% | 99.9% |
| Current ratio | 2.84x | 0.94x | 1.32x | 1.72x | 1.93x | 2.33x |
| Debt to equity | 0.02x | 0.21x | 0.27x | 0.27x | 0.08x | 0.11x |
| Equity ratio | 77.6% | 64.4% | 65.2% | 62.7% | 68.1% | 70.4% |
| Interest coverage | -39.57x | -36.90x | -33.93x | -42.82x | -283.56x | 455.98x |
| R&D as a share of sales | 0.8% | 1.9% | 1.4% | 1.3% | 0.9% | 0.6% |
| Buybacks as a share of market value | -328.6% | -18.3% | -0.8% | -5.1% | 0.5% | -1.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -25.9% | -27.4% | -10.6% |
| Operating income | 29.7% | — | — |
| Net income | 97.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.9% | 15.8% | 16.4% | 24.0% |
| Operating margin | -17.5% | -10.4% | -3.4% | 4.9% |
| Net margin | -45.9% | -21.8% | -11.9% | -2.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -18.6 | -3.0 | -6.4 | -32.0 | -5.5 | 44.9 | 80.6 | 12.1 | 22.4 | -29.9 |
| Price to sales | 11.3 | 1.0 | 1.1 | 1.0 | 0.8 | 1.0 | 1.0 | 0.9 | 2.6 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Dec 2017.
| FY2018 | |
|---|---|
| Paid in the year | 9.00 |
- 5-for-1 split · 27 Jan 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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