C 
735
+0.68%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥12.00bn
FY2017FY2026
Net income
−¥2.80bn
FY2017FY2026
Free cash flow
−¥579.6m
FY2017FY2026
Shareholders' equity
¥3.64bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥12.00bn | ¥13.97bn | ¥12.27bn | ¥6.96bn | ¥1.41bn | ¥1.70bn | ¥1.68bn | ¥1.89bn | ¥2.37bn | ¥2.82bn |
| Gross profit | ¥3.46bn | ¥5.23bn | ¥5.37bn | ¥3.44bn | ¥677.7m | ¥793.7m | ¥851.9m | ¥722.9m | ¥1.48bn | ¥1.96bn |
| Research and development | — | ¥118.7m | ¥209.8m | ¥122.9m | ¥143.3m | ¥13.4m | ¥32.0m | ¥139.7m | ¥45.9m | ¥51.3m |
| Operating income | −¥741.1m | ¥1.03bn | ¥2.02bn | ¥203.2m | −¥813.4m | −¥225.6m | −¥269.0m | −¥696.7m | −¥69.4m | −¥221.0m |
| Net income | −¥2.80bn | ¥246.5m | ¥1.48bn | ¥2.58bn | −¥937.0m | −¥245.0m | −¥316.9m | −¥1.24bn | −¥70.6m | −¥391.3m |
| Diluted earnings per share | -453.61 | 40.90 | 244.95 | 390.11 | -143.91 | -45.95 | -60.59 | -237.55 | -23.04 | -143.02 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥9.41bn | ¥13.25bn | ¥14.36bn | ¥13.49bn | ¥1.38bn | ¥1.42bn | ¥1.45bn | ¥1.48bn | ¥1.56bn | ¥1.05bn |
| Cash and short-term investments | ¥5.26bn | ¥6.20bn | ¥6.34bn | ¥6.39bn | ¥1.06bn | ¥904.4m | ¥1.10bn | ¥1.22bn | ¥602.7m | ¥368.6m |
| Total liabilities | ¥5.76bn | ¥6.98bn | ¥7.57bn | ¥8.40bn | ¥361.1m | ¥359.3m | ¥278.8m | ¥179.8m | ¥498.9m | ¥428.3m |
| Debt | ¥1.72bn | ¥1.25bn | ¥1.59bn | ¥1.10bn | ¥206.5m | ¥209.7m | ¥15.0m | ¥11.3m | ¥221.4m | ¥214.9m |
| Shareholders' equity | ¥3.64bn | ¥6.22bn | ¥6.09bn | ¥4.42bn | ¥997.6m | ¥1.03bn | ¥1.17bn | ¥1.30bn | ¥1.06bn | ¥620.1m |
| Shares outstanding | 6m | 6m | 6m | 7m | 7m | 5m | 5m | 5m | 3m | 3m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥560.5m | ¥922.5m | ¥569.1m | ¥2.54bn | −¥480.6m | −¥299.3m | ¥11.7m | −¥606.9m | ¥84.0m | −¥133.5m |
| Capital spending | −¥19.1m | −¥94.8m | −¥91.3m | −¥73.9m | −¥4.9m | −¥9.5m | −¥36.9m | −¥3.7m | −¥15.0m | −¥1.9m |
| Free cash flow | −¥579.6m | ¥827.6m | ¥477.7m | ¥2.46bn | −¥485.5m | −¥308.8m | −¥25.2m | −¥610.6m | ¥69.0m | −¥135.4m |
| Dividends paid | −¥60.3m | −¥90.4m | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.69bn | ¥3.25bn | ¥3.15bn | ¥2.98bn | ¥2.63bn | ¥3.80bn | ¥3.80bn | ¥3.39bn |
| Gross profit | ¥1.26bn | ¥1.26bn | ¥999.9m | ¥766.4m | ¥438.1m | ¥1.30bn | ¥1.53bn | ¥1.32bn |
| Operating income | ¥554.7m | ¥301.4m | −¥87.0m | −¥364.7m | −¥590.8m | ¥207.9m | ¥489.3m | ¥199.3m |
| Net income | ¥659.5m | ¥607.4m | −¥300.2m | −¥2.82bn | −¥285.0m | −¥738.6m | ¥588.8m | ¥25.7m |
| Diluted earnings per share | 106.87 | 98.42 | -48.65 | -468.20 | -47.30 | -122.57 | 97.71 | 4.27 |
| Cash from operations | — | −¥560.0m | — | — | — | — | — | — |
| Capital spending | — | −¥19.0m | — | — | — | — | — | — |
| Free cash flow | — | −¥579.0m | — | — | — | — | — | — |
| Total assets | ¥9.05bn | ¥9.41bn | ¥8.93bn | ¥9.50bn | ¥11.48bn | ¥13.25bn | ¥14.24bn | ¥13.94bn |
| Cash and short-term investments | ¥5.59bn | ¥5.26bn | ¥3.96bn | ¥4.48bn | ¥4.26bn | ¥6.20bn | ¥5.31bn | ¥5.36bn |
| Debt | ¥510.7m | ¥1.72bn | ¥490.0m | ¥2.03bn | ¥280.1m | ¥1.25bn | ¥204.6m | ¥1.24bn |
| Shareholders' equity | ¥4.29bn | ¥3.64bn | ¥2.91bn | ¥3.15bn | ¥5.93bn | ¥6.22bn | ¥7.05bn | ¥6.44bn |
Financial ratios
Data as of 18 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 28.9% | 37.4% | 43.8% | 49.5% | 48.1% | 46.6% | — |
| Operating margin | -6.2% | 7.3% | 16.5% | 2.9% | -57.7% | -13.2% | — |
| Net margin | -23.3% | 1.8% | 12.0% | 37.0% | -66.5% | -14.4% | — |
| Return on equity | -76.8% | 4.0% | 24.2% | 58.3% | -93.9% | -23.7% | — |
| Return on assets | -29.8% | 1.9% | 10.3% | 19.1% | -67.7% | -17.3% | — |
| Free cash flow yield | -10.1% | 17.0% | 10.5% | 42.6% | -8.2% | -6.2% | — |
| Revenue growth | -14.1% | 13.8% | 76.3% | 394.1% | -17.3% | 1.5% | — |
| Earnings growth | -1235.6% | -83.3% | -42.8% | -375.3% | 282.5% | -22.7% | — |
| Current ratio | 3.04x | 2.91x | 2.83x | 2.77x | 5.96x | 5.02x | — |
| Debt to equity | 0.47x | 0.20x | 0.26x | 0.25x | 0.20x | 0.20x | — |
| Equity ratio | 38.7% | 47.0% | 42.4% | 32.8% | 72.0% | 72.7% | — |
| Interest coverage | -13.65x | 19.09x | 36.18x | 4.87x | -321.49x | -314.18x | — |
| R&D as a share of sales | — | 0.8% | 1.7% | 1.8% | 10.2% | 0.8% | 1.9% |
| Buybacks as a share of market value | -2.4% | -0.0% | 8.9% | -1.6% | -22.1% | -1.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 19.9% | 47.8% | 17.7% |
| Operating income | — | 26.9% | — |
| Net income | — | 62.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 33.5% | 38.7% | 39.3% | 42.9% |
| Operating margin | 1.1% | 5.6% | 3.0% | 0.5% |
| Net margin | -9.8% | 3.3% | 0.7% | -2.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.7 | 17.9 | 4.3 | 3.6 | -11.7 | -17.4 | -25.4 | -5.2 | -30.6 | -15.7 |
| Price to sales | 0.4 | 0.3 | 0.5 | 1.3 | 7.8 | 2.5 | 4.8 | 3.4 | 0.9 | 2.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 29 May 2025.
| FY2025 | FY2010 | FY2009 | |
|---|---|---|---|
| Paid in the year | 20.00 | 30.00 | 25.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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