C 
160
+8.84%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.14bn
FY2017FY2026
Net income
−¥3.42bn
FY2017FY2026
Free cash flow
−¥3.16bn
FY2017FY2026
Shareholders' equity
¥5.29bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.14bn | ¥2.50bn | ¥2.99bn | ¥4.06bn | ¥7.42bn | ¥12.19bn | ¥13.00bn | ¥11.55bn | ¥7.17bn | ¥3.09bn |
| Gross profit | ¥1.08bn | ¥1.27bn | ¥1.66bn | ¥2.58bn | ¥5.43bn | ¥9.71bn | ¥10.57bn | ¥9.41bn | ¥6.35bn | ¥2.46bn |
| Research and development | — | — | ¥106.0m | ¥164.0m | ¥133.0m | ¥205.0m | ¥136.0m | ¥112.0m | ¥180.0m | ¥108.0m |
| Operating income | −¥1.68bn | −¥1.83bn | −¥1.49bn | −¥1.16bn | −¥1.35bn | −¥812.1m | ¥639.2m | ¥181.4m | ¥622.7m | ¥337.7m |
| Net income | −¥3.42bn | −¥1.70bn | −¥1.46bn | −¥1.38bn | −¥2.10bn | −¥1.16bn | ¥526.8m | −¥303.7m | ¥448.9m | ¥285.0m |
| Diluted earnings per share | -41.73 | -65.88 | -75.57 | -85.41 | -140.35 | -145.49 | 66.99 | -39.40 | 65.66 | 45.65 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.99bn | ¥1.08bn | ¥2.04bn | ¥3.34bn | ¥2.83bn | ¥4.65bn | ¥6.03bn | ¥4.78bn | ¥3.48bn | ¥1.72bn |
| Cash and short-term investments | ¥3.63bn | ¥212.0m | ¥903.0m | ¥2.28bn | ¥1.67bn | ¥2.32bn | ¥2.92bn | ¥2.43bn | ¥1.44bn | ¥951.8m |
| Total liabilities | ¥694.0m | ¥530.0m | ¥891.0m | ¥1.02bn | ¥806.5m | ¥1.02bn | ¥1.12bn | ¥1.02bn | ¥947.3m | ¥435.7m |
| Debt | ¥138.0m | ¥120.0m | ¥219.0m | ¥436.0m | ¥230.0m | — | ¥13.9m | ¥36.9m | ¥72.9m | ¥48.4m |
| Shareholders' equity | ¥5.29bn | ¥546.0m | ¥1.15bn | ¥2.19bn | ¥2.03bn | ¥3.62bn | ¥4.90bn | ¥3.76bn | ¥2.53bn | ¥1.28bn |
| Shares outstanding | 82m | 26m | 19m | 16m | 15m | 8m | 8m | 8m | 7m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥3.13bn | −¥2.05bn | −¥1.44bn | −¥1.19bn | −¥1.23bn | −¥115.7m | ¥198.2m | ¥186.0m | ¥456.0m | ¥431.0m |
| Capital spending | −¥35.0m | −¥4.0m | −¥11.0m | −¥32.0m | −¥5.0m | −¥249.8m | −¥298.0m | −¥411.0m | −¥393.0m | −¥99.0m |
| Free cash flow | −¥3.16bn | −¥2.05bn | −¥1.45bn | −¥1.22bn | −¥1.24bn | −¥365.5m | −¥99.8m | −¥225.0m | ¥63.0m | ¥332.0m |
| Dividends paid | — | — | — | — | — | −¥77.7m | −¥77.0m | −¥77.0m | −¥77.0m | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥864.0m | ¥583.0m | ¥604.0m | ¥473.0m | ¥482.0m | ¥568.0m | ¥650.0m | ¥662.0m |
| Gross profit | ¥347.0m | ¥229.0m | ¥258.0m | ¥297.0m | ¥297.0m | ¥219.0m | ¥318.0m | ¥389.0m |
| Operating income | −¥587.0m | −¥411.0m | −¥463.0m | −¥460.0m | −¥346.0m | −¥331.0m | −¥353.0m | −¥571.0m |
| Net income | −¥632.0m | −¥2.23bn | −¥393.0m | −¥484.0m | −¥310.0m | −¥469.0m | −¥424.0m | −¥391.0m |
| Diluted earnings per share | -7.72 | -27.24 | -4.80 | -18.81 | -12.05 | -18.23 | -16.48 | -20.27 |
| Cash from operations | — | −¥3.13bn | — | — | — | — | — | — |
| Capital spending | — | −¥35.0m | — | — | — | — | — | — |
| Free cash flow | — | −¥3.16bn | — | — | — | — | — | — |
| Total assets | ¥6.67bn | ¥5.99bn | ¥6.51bn | ¥6.29bn | ¥1.73bn | ¥1.08bn | ¥1.75bn | ¥1.97bn |
| Cash and short-term investments | ¥2.84bn | ¥3.63bn | ¥3.49bn | ¥2.03bn | ¥1.03bn | ¥212.0m | ¥519.0m | ¥658.0m |
| Debt | ¥52.0m | ¥138.0m | — | — | ¥120.0m | ¥120.0m | ¥6.0m | ¥28.0m |
| Shareholders' equity | ¥5.88bn | ¥5.29bn | ¥5.92bn | ¥5.89bn | ¥1.29bn | ¥546.0m | ¥996.0m | ¥1.14bn |
Financial ratios
Data as of 29 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 50.5% | 50.7% | 55.6% | 63.6% | 73.3% | 79.7% | — | — |
| Operating margin | -78.4% | -86.8% | -51.3% | -32.1% | -27.6% | -6.7% | — | — |
| Net margin | -159.6% | -67.7% | -48.8% | -34.0% | -28.3% | -9.5% | — | — |
| Return on equity | -64.6% | -310.4% | -126.6% | -63.1% | -103.6% | -31.9% | — | — |
| Return on assets | -57.1% | -157.4% | -71.3% | -41.3% | -74.1% | -24.9% | — | — |
| Free cash flow yield | -31.4% | -43.6% | -40.8% | -39.4% | -45.2% | 9.3% | — | — |
| Revenue growth | -14.5% | -16.1% | -26.4% | -45.3% | -39.2% | -6.2% | — | — |
| Earnings growth | 101.7% | 16.3% | 5.7% | -34.2% | 81.4% | -319.5% | — | — |
| Current ratio | 8.02x | 1.43x | 1.82x | 3.54x | 3.30x | 3.91x | — | — |
| Debt to equity | 0.03x | 0.22x | 0.19x | 0.20x | 0.11x | 0.00x | — | — |
| Equity ratio | 88.4% | 50.7% | 56.3% | 65.5% | 71.5% | 77.9% | — | — |
| Interest coverage | -152.73x | -724.33x | -72.95x | -50.15x | -3956.26x | -7450.37x | — | — |
| R&D as a share of sales | — | — | 3.5% | 4.0% | 1.8% | 1.7% | 1.0% | 1.0% |
| Buybacks as a share of market value | -110.2% | -33.4% | -19.4% | -8.1% | -88.0% | -1.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -19.2% | -29.4% | 2.0% |
| Operating income | 13.2% | 15.6% | 9.0% |
| Net income | 35.3% | 24.2% | 15.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 50.6% | 56.4% | 69.5% | 76.4% |
| Operating margin | -75.5% | -52.7% | -26.6% | -10.7% |
| Net margin | -110.1% | -68.0% | -35.8% | -16.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.3 | -4.8 | -3.9 | -3.3 | -3.4 | -2.7 | 10.8 | -38.1 | 15.0 | 56.4 |
| Price to sales | 5.3 | 3.2 | 1.9 | 1.1 | 1.0 | 0.3 | 0.4 | 1.0 | 0.9 | 5.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 May 2020.
| FY2021 | |
|---|---|
| Paid in the year | 10.00 |
- 100-for-1 split · 27 Nov 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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