D 
49
-2.00%
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
¥1.46bn
FY2017FY2026
Net income
−¥498.0m
FY2017FY2026
Free cash flow
−¥670.4m
FY2017FY2026
Shareholders' equity
¥1.33bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.46bn | ¥1.98bn | ¥1.71bn | ¥2.02bn | ¥1.64bn | ¥1.12bn | ¥796.7m | ¥3.80bn | ¥5.55bn | ¥4.02bn |
| Gross profit | ¥562.3m | ¥745.3m | ¥493.6m | ¥596.3m | ¥566.8m | ¥435.8m | ¥139.7m | ¥1.00bn | ¥1.30bn | ¥930.2m |
| Research and development | — | ¥1.3m | — | — | — | ¥26.2m | — | — | — | — |
| Operating income | −¥595.1m | −¥489.2m | −¥658.5m | −¥344.6m | −¥288.2m | −¥515.0m | −¥588.0m | ¥846.3m | ¥92.9m | −¥391.2m |
| Net income | −¥498.0m | −¥728.5m | −¥562.1m | −¥582.3m | −¥315.2m | −¥514.5m | −¥584.0m | ¥441.6m | −¥411.7m | −¥868.6m |
| Diluted earnings per share | -11.46 | -16.77 | -13.22 | -13.70 | -7.41 | -12.15 | -13.79 | 10.43 | -20.25 | -42.71 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.83bn | ¥2.63bn | ¥3.62bn | ¥3.18bn | ¥3.58bn | ¥3.89bn | ¥4.46bn | ¥5.30bn | ¥6.07bn | ¥5.72bn |
| Cash and short-term investments | ¥818.3m | ¥587.9m | ¥1.01bn | ¥1.42bn | ¥2.08bn | ¥2.59bn | ¥3.95bn | ¥4.51bn | ¥2.61bn | ¥2.36bn |
| Total liabilities | ¥498.6m | ¥770.2m | ¥744.9m | ¥399.0m | ¥415.4m | ¥508.9m | ¥568.1m | ¥966.2m | ¥4.72bn | ¥4.28bn |
| Debt | ¥300.0m | ¥25.0m | ¥1.0m | ¥12.7m | ¥63.0m | ¥138.3m | ¥274.4m | ¥515.9m | ¥3.04bn | ¥2.39bn |
| Shareholders' equity | ¥1.33bn | ¥1.81bn | ¥2.81bn | ¥2.67bn | ¥3.14bn | ¥3.37bn | ¥3.89bn | ¥4.34bn | ¥1.21bn | ¥1.43bn |
| Shares outstanding | 43m | 43m | 43m | 43m | 43m | 42m | 42m | 42m | 20m | 20m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥665.4m | −¥432.7m | −¥335.8m | −¥393.9m | −¥234.7m | −¥458.5m | −¥246.0m | −¥982.9m | ¥173.5m | −¥54.1m |
| Capital spending | −¥5.1m | −¥4.9m | −¥5.9m | −¥3.3m | −¥1.4m | −¥6.1m | −¥8.1m | −¥2.0m | −¥3.7m | −¥3.3m |
| Free cash flow | −¥670.4m | −¥437.6m | −¥341.7m | −¥397.2m | −¥236.1m | −¥464.6m | −¥254.1m | −¥984.9m | ¥169.8m | −¥57.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥205.9m | ¥241.6m | ¥530.0m | ¥391.2m | ¥300.4m | ¥608.0m | ¥479.9m | ¥429.2m |
| Gross profit | ¥101.3m | ¥95.3m | ¥205.0m | ¥176.5m | ¥85.4m | ¥316.8m | ¥161.4m | ¥180.2m |
| Operating income | −¥90.8m | −¥184.7m | −¥72.5m | −¥115.4m | −¥222.5m | −¥11.5m | −¥155.1m | −¥79.2m |
| Net income | −¥47.7m | −¥424.6m | −¥32.3m | −¥176.1m | ¥135.0m | −¥338.5m | −¥64.0m | −¥100.6m |
| Diluted earnings per share | -1.10 | -9.77 | -0.74 | -4.05 | 3.11 | -7.79 | -1.51 | -2.37 |
| Total assets | ¥1.79bn | ¥1.83bn | ¥2.10bn | ¥2.57bn | ¥2.30bn | ¥2.63bn | ¥2.81bn | ¥3.22bn |
| Cash and short-term investments | ¥897.6m | ¥818.3m | ¥982.9m | ¥1.29bn | ¥1.25bn | ¥587.9m | ¥720.2m | ¥825.3m |
| Debt | — | ¥300.0m | — | ¥300.0m | ¥29.0m | ¥25.0m | ¥20.0m | — |
| Shareholders' equity | ¥1.27bn | ¥1.33bn | ¥1.45bn | ¥1.46bn | ¥1.58bn | ¥1.81bn | ¥1.89bn | ¥2.37bn |
Financial ratios
Data as of 14 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 38.4% | 37.7% | 28.9% | 29.5% | 34.6% | 39.0% |
| Operating margin | -40.7% | -24.7% | -38.6% | -17.1% | -17.6% | -46.1% |
| Net margin | -34.0% | -36.8% | -33.0% | -28.8% | -19.2% | -46.0% |
| Return on equity | -37.5% | -40.3% | -20.0% | -21.8% | -10.0% | -15.3% |
| Return on assets | -27.2% | -27.7% | -15.5% | -18.3% | -8.8% | -13.2% |
| Free cash flow yield | -27.6% | -17.9% | -14.1% | -16.7% | -10.0% | -19.4% |
| Revenue growth | -26.1% | 16.0% | -15.6% | 23.2% | 46.8% | 40.2% |
| Earnings growth | -31.6% | 29.6% | -3.5% | 84.8% | -38.7% | -11.9% |
| Current ratio | 8.35x | 2.47x | 3.42x | 5.32x | 6.65x | 7.23x |
| Debt to equity | 0.23x | 0.01x | 0.00x | 0.00x | 0.02x | 0.04x |
| Equity ratio | 72.5% | 68.8% | 77.6% | 83.9% | 87.7% | 86.5% |
| Interest coverage | -46.47x | -1867.36x | -28631.17x | -3705.61x | -1264.13x | -742.06x |
| R&D as a share of sales | — | 0.1% | — | — | — | 2.3% |
| Buybacks as a share of market value | 0.0% | -2.2% | 0.0% | 0.0% | -0.4% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.2% | 5.5% | -7.2% |
| Operating income | 20.0% | 2.9% | — |
| Net income | -5.1% | -0.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 38.0% | 33.4% | 34.3% | 28.3% |
| Operating margin | -31.5% | -29.1% | -29.1% | -9.9% |
| Net margin | -35.6% | -33.1% | -32.2% | -16.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.4 | -7.6 | -9.4 | -14.4 | -36.8 | -23.5 | -22.3 | 18.8 | -6.9 | -11.4 |
| Price to sales | 1.5 | 2.8 | 3.1 | 4.1 | 7.1 | 10.8 | 16.4 | 2.2 | 0.5 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-1 split · 13 May 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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