A 
19
+5.56%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.90bn
FY2016FY2025
Net income
−¥434.7m
FY2016FY2025
Free cash flow
−¥575.3m
FY2016FY2025
Shareholders' equity
¥1.01bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.90bn | ¥3.52bn | ¥4.39bn | ¥6.00bn | ¥7.29bn | ¥5.95bn | ¥4.20bn | ¥4.49bn | ¥3.30bn | ¥2.65bn |
| Gross profit | ¥174.0m | ¥214.9m | ¥373.4m | ¥228.0m | ¥487.7m | ¥523.3m | ¥58.0m | −¥195.6m | ¥402.4m | ¥455.0m |
| Operating income | −¥467.3m | −¥452.8m | −¥560.1m | −¥804.5m | −¥554.8m | −¥292.3m | −¥924.0m | −¥1.35bn | −¥415.3m | −¥591.7m |
| Net income | −¥434.7m | −¥452.3m | −¥420.6m | −¥780.4m | −¥388.8m | −¥139.2m | −¥1.08bn | −¥1.40bn | −¥605.6m | −¥1.54bn |
| Diluted earnings per share | -6.49 | -10.43 | -10.68 | -22.41 | -11.17 | -4.00 | -31.36 | -50.38 | -23.78 | -76.40 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.75bn | ¥1.54bn | ¥1.90bn | ¥1.97bn | ¥2.92bn | ¥3.06bn | ¥2.09bn | ¥3.03bn | ¥3.56bn | ¥1.87bn |
| Cash and short-term investments | ¥863.5m | ¥766.1m | ¥847.4m | ¥783.9m | ¥1.52bn | ¥1.64bn | ¥1.31bn | ¥1.17bn | ¥2.62bn | ¥741.1m |
| Total liabilities | ¥733.5m | ¥763.8m | ¥943.5m | ¥1.04bn | ¥1.22bn | ¥974.1m | ¥837.1m | ¥1.31bn | ¥1.08bn | ¥1.05bn |
| Debt | — | — | ¥991,000 | ¥116.7m | ¥171.7m | ¥45.0m | ¥400.0m | ¥638.3m | ¥685.4m | ¥810.5m |
| Shareholders' equity | ¥1.01bn | ¥774.3m | ¥950.5m | ¥928.0m | ¥1.69bn | ¥2.08bn | ¥1.25bn | ¥1.72bn | ¥2.46bn | ¥774.3m |
| Shares outstanding | 67m | 43m | 39m | 35m | 35m | 35m | 34m | 28m | 25m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥573.0m | −¥410.8m | −¥452.0m | −¥710.6m | −¥63.8m | −¥146.1m | −¥444.2m | −¥1.64bn | −¥291.7m | −¥309.1m |
| Capital spending | −¥2.3m | −¥454,000 | −¥4.1m | −¥20.7m | −¥244,000 | −¥1.0m | −¥1.5m | −¥48.0m | −¥9.6m | −¥11.9m |
| Free cash flow | −¥575.3m | −¥411.2m | −¥456.1m | −¥731.4m | −¥64.1m | −¥147.2m | −¥445.6m | −¥1.69bn | −¥301.3m | −¥320.9m |
| Dividends paid | — | — | — | — | — | −¥7.0m | — | — | — | −¥96,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥605.1m | ¥682.0m | ¥649.9m | ¥782.0m | ¥664.3m | ¥758.6m | ¥692.7m | ¥812.5m |
| Gross profit | −¥15.7m | ¥16.9m | ¥21.1m | ¥76.9m | ¥18.3m | ¥64.1m | ¥14.8m | ¥43.6m |
| Operating income | −¥169.9m | −¥152.0m | −¥135.1m | −¥110.0m | −¥122.2m | −¥83.5m | −¥151.6m | −¥99.8m |
| Net income | −¥200.1m | −¥145.5m | −¥210.4m | −¥96.0m | −¥117.3m | −¥66.2m | −¥155.2m | −¥131.7m |
| Diluted earnings per share | -2.28 | -1.65 | -3.14 | -1.43 | -1.75 | -0.99 | -3.58 | -3.04 |
| Cash from operations | — | — | — | −¥573.0m | — | — | — | — |
| Capital spending | — | — | — | −¥2.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥575.0m | — | — | — | — |
| Total assets | ¥2.03bn | ¥2.06bn | ¥1.77bn | ¥1.75bn | ¥1.47bn | ¥1.62bn | ¥1.37bn | ¥1.54bn |
| Cash and short-term investments | ¥777.9m | ¥1.06bn | ¥801.2m | ¥863.5m | ¥714.7m | ¥765.4m | ¥666.0m | ¥766.0m |
| Shareholders' equity | ¥1.31bn | ¥1.31bn | ¥1.05bn | ¥1.01bn | ¥805.6m | ¥922.9m | ¥623.0m | ¥773.0m |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 6.0% | 6.1% | 8.5% | 3.8% | 6.7% | 8.8% | — | — |
| Operating margin | -16.1% | -12.9% | -12.8% | -13.4% | -7.6% | -4.9% | — | — |
| Net margin | -15.0% | -12.9% | -9.6% | -13.0% | -5.3% | -2.3% | — | — |
| Return on equity | -43.1% | -58.4% | -44.3% | -84.1% | -22.9% | -6.7% | — | — |
| Return on assets | -24.9% | -29.3% | -22.2% | -39.6% | -13.3% | -4.5% | — | — |
| Free cash flow yield | -34.2% | -37.9% | -45.9% | -81.6% | -7.3% | -16.8% | — | — |
| Revenue growth | -17.6% | -19.9% | -26.9% | -17.7% | 22.6% | 41.7% | — | — |
| Earnings growth | -3.9% | 7.5% | -46.1% | 100.7% | 179.2% | -87.1% | — | — |
| Current ratio | 2.22x | 1.87x | 1.76x | 1.67x | 2.19x | 2.75x | — | — |
| Debt to equity | — | — | 0.00x | 0.13x | 0.10x | 0.02x | 0.32x | 0.37x |
| Equity ratio | 57.8% | 50.2% | 50.1% | 47.1% | 58.0% | 68.0% | — | — |
| Interest coverage | — | -30.71x | -524.94x | -286.50x | -605.06x | -27.90x | -35.85x | — |
| Buybacks as a share of market value | -54.5% | -10.1% | -13.1% | -0.1% | 0.0% | -1.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.6% | -13.4% | 1.3% |
| Operating income | -16.6% | 9.8% | -6.6% |
| Net income | -17.7% | 25.6% | -8.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 6.1% | 5.9% | 6.7% | 5.8% |
| Operating margin | -14.3% | -13.6% | -10.4% | -15.5% |
| Net margin | -13.8% | -12.4% | -8.7% | -17.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.3 | -6.8 | -13.7 | -9.0 | -30.5 | -97.3 | -27.3 | -6.7 | -42.1 | -11.6 |
| Price to sales | 1.3 | 0.9 | 1.3 | 1.2 | 1.6 | 2.3 | 7.0 | 2.1 | 7.7 | 6.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Sept 2013.
| FY2014 | |
|---|---|
| Paid in the year | 13.75 |
- 2-for-1 split · 11 Dec 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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