A 
774
0.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥51.0m
FY2017FY2026
Net income
−¥396.9m
FY2017FY2026
Free cash flow
−¥784.8m
FY2017FY2026
Shareholders' equity
¥22.0m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥51.0m | ¥122.2m | ¥1.56bn | ¥2.14bn | ¥1.34bn | ¥1.39bn | ¥1.18bn | ¥1.92bn | ¥522.2m | ¥2.69bn |
| Research and development | ¥153.3m | ¥202.9m | ¥351.4m | ¥145.2m | ¥32.7m | — | — | — | — | — |
| Operating income | −¥906.2m | −¥806.9m | −¥772.7m | −¥794.4m | −¥462.3m | −¥731.7m | ¥376.8m | ¥330.2m | ¥138.3m | −¥398.4m |
| Net income | −¥396.9m | −¥2.14bn | ¥138.2m | −¥1.06bn | −¥77.6m | −¥831.9m | ¥319.4m | ¥592.7m | ¥449.9m | −¥464.2m |
| Diluted earnings per share | -44.46 | -239.70 | 15.47 | -118.72 | -8.69 | -93.25 | 36.87 | 88.31 | 67.03 | -69.13 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥368.1m | ¥3.54bn | ¥5.82bn | ¥14.09bn | ¥16.01bn | ¥14.92bn | ¥15.48bn | ¥7.49bn | ¥5.37bn | ¥2.84bn |
| Cash and short-term investments | ¥125.9m | ¥256.0m | ¥1.04bn | ¥1.12bn | ¥851.6m | ¥1.07bn | ¥999.5m | ¥1.53bn | ¥996.0m | ¥2.33bn |
| Total liabilities | ¥346.0m | ¥2.91bn | ¥3.02bn | ¥11.43bn | ¥12.29bn | ¥11.38bn | ¥11.65bn | ¥3.88bn | ¥2.30bn | ¥124.8m |
| Debt | — | ¥2.65bn | ¥2.47bn | ¥8.51bn | ¥9.27bn | ¥8.53bn | ¥8.77bn | ¥3.28bn | ¥2.20bn | ¥263,000 |
| Shareholders' equity | ¥22.0m | ¥630.5m | ¥2.79bn | ¥2.65bn | ¥3.71bn | ¥3.55bn | ¥3.81bn | ¥3.60bn | ¥3.08bn | ¥2.72bn |
| Shares outstanding | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 7m | 7m | 7m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥784.8m | −¥987.0m | −¥1.15bn | −¥39.5m | −¥187.8m | −¥82.9m | ¥531.6m | −¥2.75bn | ¥254.4m | ¥1.76bn |
| Capital spending | — | −¥8.1m | −¥16.3m | −¥158.5m | −¥180.0m | −¥16.0m | −¥15.0m | −¥15.0m | −¥15.0m | — |
| Free cash flow | −¥784.8m | −¥995.1m | −¥1.17bn | −¥198.0m | −¥367.8m | −¥98.9m | ¥516.6m | −¥2.77bn | ¥239.4m | ¥1.76bn |
| Dividends paid | — | — | — | — | — | −¥67.1m | −¥134.3m | −¥67.1m | −¥67.0m | −¥67.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥57.7m | ¥17.3m | ¥15.4m | ¥12.1m | ¥6.1m | ¥6.2m | ¥24.5m | ¥51.9m |
| Operating income | −¥91.8m | −¥385.1m | −¥188.5m | −¥200.6m | −¥132.0m | −¥204.2m | −¥195.4m | −¥168.0m |
| Net income | −¥93.7m | −¥79.9m | −¥185.9m | −¥200.9m | ¥69.8m | −¥1.39bn | −¥319.2m | −¥189.8m |
| Diluted earnings per share | -10.49 | -8.95 | -20.82 | -22.50 | 7.82 | -155.53 | -35.75 | -21.26 |
| Total assets | ¥363.2m | ¥368.1m | ¥727.6m | ¥603.9m | ¥735.4m | ¥3.54bn | ¥4.89bn | ¥5.15bn |
| Cash and short-term investments | ¥67.1m | ¥125.9m | ¥246.1m | ¥290.2m | ¥369.8m | ¥256.0m | ¥443.6m | ¥522.0m |
| Debt | ¥250.0m | — | ¥400.0m | ¥50.0m | — | ¥2.65bn | ¥353.9m | ¥2.37bn |
| Shareholders' equity | −¥71.7m | ¥22.0m | ¥102.0m | ¥287.9m | ¥488.8m | ¥630.5m | ¥2.02bn | ¥2.34bn |
Financial ratios
Data as of 9 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -1777.2% | -660.3% | -49.5% | -37.0% | -34.6% | -52.7% | — | — |
| Net margin | -778.4% | -1751.2% | 8.9% | -49.4% | -5.8% | -59.9% | — | — |
| Return on equity | -1802.1% | -339.4% | 5.0% | -40.0% | -2.1% | -23.5% | — | — |
| Return on assets | -107.8% | -60.5% | 2.4% | -7.5% | -0.5% | -5.6% | — | — |
| Free cash flow yield | — | -14.2% | -16.5% | 1.7% | -0.1% | -1.0% | 8.2% | — |
| Revenue growth | -58.3% | -92.2% | -27.2% | 60.6% | -3.8% | 17.6% | — | — |
| Earnings growth | -81.5% | -1649.0% | -113.0% | 1265.3% | -90.7% | -360.5% | — | — |
| Current ratio | 1.55x | 1.05x | 2.66x | 1.18x | 3.04x | 8.53x | — | — |
| Debt to equity | 0.00x | 4.20x | 0.89x | 3.21x | 2.50x | 2.41x | — | — |
| Equity ratio | 6.0% | 17.8% | 48.0% | 18.8% | 23.2% | 23.8% | — | — |
| Interest coverage | -49.03x | -9.84x | -5.02x | -6.15x | -4.96x | -8.66x | — | — |
| R&D as a share of sales | 300.6% | 166.1% | 22.5% | 6.8% | 2.4% | — | — | 0.2% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | -0.1% | -3.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -71.2% | -48.4% | -32.7% |
| Operating income | 4.5% | 4.4% | 14.0% |
| Net income | -27.9% | -13.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -989.1% | -84.6% | -67.8% | -27.4% |
| Net margin | -1464.8% | -89.2% | -66.2% | -22.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -17.8 | -3.5 | 55.9 | -9.6 | -139.6 | -13.8 | 39.7 | 15.4 | 5.0 | -7.0 |
| Price to sales | 138.2 | 61.4 | 5.0 | 4.7 | 8.1 | 8.3 | 10.7 | 4.7 | 4.3 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Mar 2020.
| FY2021 | FY2019 | |
|---|---|---|
| Paid in the year | 10.00 | 30.00 |
- 5-for-1 split · 29 Jan 2018
- 100-to-1 reverse split · 26 Sept 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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