R 
193
+0.52%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥17.75bn
FY2017FY2026
Net income
−¥4.74bn
FY2017FY2026
Free cash flow
−¥13.43bn
FY2017FY2026
Shareholders' equity
¥23.99bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥17.75bn | ¥21.13bn | ¥20.49bn | ¥32.79bn | ¥28.75bn | ¥13.22bn | ¥11.23bn | ¥11.78bn | ¥14.37bn | ¥5.56bn |
| Gross profit | −¥2.29bn | ¥1.94bn | ¥3.22bn | ¥1.62bn | ¥13.73bn | ¥191.0m | ¥1.82bn | ¥1.30bn | ¥5.22bn | ¥926.0m |
| Operating income | −¥5.48bn | −¥1.21bn | ¥1.15bn | −¥1.85bn | ¥8.18bn | −¥2.93bn | −¥1.21bn | −¥1.79bn | ¥3.62bn | ¥32.4m |
| Net income | −¥4.74bn | −¥593.0m | ¥1.07bn | ¥3.27bn | ¥6.91bn | −¥2.97bn | −¥5.17bn | −¥1.81bn | ¥2.29bn | −¥42.1m |
| Diluted earnings per share | -32.33 | -4.04 | 8.89 | 27.39 | 58.26 | -26.55 | -60.08 | -31.04 | 40.23 | -0.75 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥27.72bn | ¥20.54bn | ¥19.71bn | ¥19.27bn | ¥72.97bn | ¥47.56bn | ¥14.26bn | ¥21.80bn | ¥18.57bn | ¥2.47bn |
| Cash and short-term investments | ¥3.13bn | ¥14.19bn | ¥13.64bn | ¥11.65bn | ¥57.50bn | ¥39.11bn | ¥10.68bn | ¥16.78bn | ¥11.63bn | ¥1.21bn |
| Total liabilities | ¥3.73bn | ¥2.63bn | ¥1.74bn | ¥2.44bn | ¥58.85bn | ¥43.23bn | ¥10.39bn | ¥13.57bn | ¥8.49bn | ¥910.8m |
| Debt | ¥500.0m | ¥319.0m | ¥615.0m | — | ¥2.03bn | ¥1.84bn | ¥569.0m | ¥54.0m | ¥222.0m | ¥239.4m |
| Shareholders' equity | ¥23.99bn | ¥17.91bn | ¥17.97bn | ¥16.83bn | ¥14.11bn | ¥4.32bn | ¥3.87bn | ¥8.22bn | ¥10.07bn | ¥1.56bn |
| Shares outstanding | 147m | 147m | 120m | 119m | 119m | 112m | 86m | 58m | 57m | 56m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥12.11bn | −¥7.97bn | ¥2.42bn | −¥9.03bn | ¥2.21bn | −¥459.0m | −¥2.31bn | −¥1.37bn | ¥215.0m | −¥217.8m |
| Capital spending | −¥1.33bn | −¥305.0m | −¥6.0m | −¥44.0m | −¥79.0m | −¥11.0m | −¥24.0m | −¥36.0m | −¥61.0m | −¥29.4m |
| Free cash flow | −¥13.43bn | −¥8.27bn | ¥2.41bn | −¥9.07bn | ¥2.13bn | −¥470.0m | −¥2.34bn | −¥1.40bn | ¥154.0m | −¥247.2m |
| Dividends paid | — | — | −¥237.0m | — | — | — | — | −¥55.0m | −¥19.0m | −¥36.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.04bn | ¥2.23bn | ¥511.0m | ¥8.52bn | ¥6.49bn | ¥4.34bn | ¥5.52bn | ¥6.96bn |
| Gross profit | −¥753.0m | −¥3.90bn | −¥4.02bn | ¥2.95bn | ¥2.68bn | −¥997.0m | ¥969.0m | ¥1.25bn |
| Operating income | −¥1.72bn | −¥4.72bn | −¥4.68bn | ¥2.19bn | ¥1.74bn | −¥1.99bn | ¥225.0m | ¥498.0m |
| Net income | −¥1.77bn | −¥4.74bn | −¥4.11bn | ¥1.83bn | ¥2.28bn | −¥1.95bn | ¥927.0m | ¥408.0m |
| Diluted earnings per share | -12.10 | -32.34 | -28.03 | 12.47 | 15.57 | -13.28 | 7.70 | 3.39 |
| Cash from operations | — | — | — | — | — | — | — | −¥124.0m |
| Capital spending | — | — | — | — | — | — | — | −¥32.0m |
| Free cash flow | — | — | — | — | — | — | — | −¥156.0m |
| Total assets | ¥32.64bn | ¥27.72bn | ¥31.64bn | ¥35.89bn | ¥28.48bn | ¥20.54bn | ¥21.38bn | ¥21.01bn |
| Cash and short-term investments | ¥3.21bn | ¥3.13bn | ¥2.67bn | ¥29.02bn | ¥22.78bn | ¥14.19bn | ¥15.73bn | ¥12.95bn |
| Debt | ¥3.50bn | ¥500.0m | ¥200.0m | ¥200.0m | ¥200.0m | ¥319.0m | ¥5.0m | ¥456.0m |
| Shareholders' equity | ¥21.49bn | ¥23.99bn | ¥28.73bn | ¥32.29bn | ¥26.19bn | ¥17.91bn | ¥19.33bn | ¥18.40bn |
Financial ratios
Data as of 20 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | FY2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | -12.9% | 9.2% | 15.7% | 4.9% | 47.8% | 1.4% | — | — | — | — | — | — |
| Operating margin | -30.9% | -5.7% | 5.6% | -5.7% | 28.4% | -22.1% | — | — | — | — | — | — |
| Net margin | -26.7% | -2.8% | 5.2% | 10.0% | 24.0% | -22.5% | — | — | — | — | — | — |
| Return on equity | -19.8% | -3.3% | 6.0% | 19.4% | 49.0% | -68.8% | — | — | — | — | — | — |
| Return on assets | -17.1% | -2.9% | 5.4% | 17.0% | 9.5% | -6.3% | — | — | — | — | — | — |
| Free cash flow yield | -32.3% | -22.9% | 8.8% | -33.0% | 8.4% | -1.8% | — | — | — | — | — | — |
| Revenue growth | -16.0% | 3.1% | -37.5% | 14.0% | 117.5% | 17.7% | — | — | — | — | — | — |
| Earnings growth | 699.3% | -155.4% | -67.2% | -52.7% | -332.4% | -42.5% | — | — | — | — | — | — |
| Current ratio | 6.26x | 7.41x | 13.40x | 7.21x | 1.21x | 1.06x | — | — | — | — | — | — |
| Debt to equity | 0.02x | 0.02x | 0.03x | 0.00x | 0.14x | 0.43x | — | — | — | — | — | — |
| Equity ratio | 86.5% | 87.2% | 91.1% | 87.3% | 19.3% | 9.1% | — | — | — | — | — | — |
| Interest coverage | -1095.40x | -403.67x | 1146.00x | -309.00x | 2044.50x | -162.61x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 1.7% | 1.9% | 0.5% | 2.0% | 5.3% | 3.1% |
| Buybacks as a share of market value | -0.0% | -21.8% | -0.9% | -0.5% | -5.9% | -30.1% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.5% | 6.1% | 10.8% |
| Operating income | 43.5% | 13.4% | — |
| Net income | — | 9.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -0.9% | 4.9% | 13.7% | 15.6% |
| Operating margin | -17.2% | -8.0% | -1.6% | -0.6% |
| Net margin | -13.7% | -1.1% | 2.2% | -0.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.4 | -62.3 | 36.1 | 6.9 | 5.1 | -12.8 | -1.2 | -6.0 | 10.0 | -850.8 |
| Price to sales | 1.7 | 1.8 | 1.9 | 0.7 | 1.2 | 2.9 | 0.5 | 0.9 | 1.6 | 6.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2024 | FY2019 | FY2018 | FY2017 | FY2016 | FY2008 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 5.00 | 2.00 | 1.00 | 0.50 | 1.00 | 0.60 | 5.40 |
- 5-for-1 split · 29 Jul 2015
- 100-for-1 split · 26 Sept 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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