U 
463
+18.41%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.92bn
FY2017FY2026
Net income
−¥518.7m
FY2017FY2026
Free cash flow
−¥146.2m
FY2017FY2026
Shareholders' equity
¥1.91bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.92bn | ¥4.14bn | ¥3.48bn | ¥1.94bn | ¥2.06bn | ¥1.91bn | ¥2.35bn | ¥2.41bn | ¥2.35bn | ¥1.12bn |
| Gross profit | ¥1.41bn | ¥1.63bn | ¥1.37bn | ¥859.7m | ¥989.1m | ¥633.7m | ¥909.8m | ¥982.8m | ¥944.9m | ¥456.3m |
| Research and development | — | ¥54.0m | ¥38.4m | ¥37.3m | ¥47.6m | ¥47.6m | ¥32.8m | ¥43.4m | ¥43.3m | ¥94.4m |
| Operating income | −¥201.1m | ¥96.5m | ¥71.6m | −¥84.1m | ¥77.6m | −¥206.4m | ¥35.5m | ¥77.3m | ¥4.0m | −¥286.9m |
| Net income | −¥518.7m | ¥91.1m | ¥32.9m | −¥148.2m | −¥39.7m | −¥426.8m | ¥77.2m | ¥64.0m | −¥11.2m | −¥347.7m |
| Diluted earnings per share | -49.59 | 8.71 | 3.15 | -14.17 | -3.80 | -40.81 | 7.38 | 6.12 | -1.07 | -33.35 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.70bn | ¥3.45bn | ¥3.73bn | ¥2.82bn | ¥2.97bn | ¥2.84bn | ¥3.29bn | ¥3.22bn | ¥3.28bn | ¥2.90bn |
| Cash and short-term investments | ¥2.00bn | ¥1.35bn | ¥1.47bn | ¥1.51bn | ¥1.71bn | ¥1.63bn | ¥1.73bn | ¥1.56bn | ¥1.35bn | ¥2.03bn |
| Total liabilities | ¥1.79bn | ¥1.05bn | ¥1.40bn | ¥511.1m | ¥532.5m | ¥413.7m | ¥480.2m | ¥479.8m | ¥636.0m | ¥242.0m |
| Debt | ¥916.7m | ¥65.4m | ¥286.3m | −¥95.2m | −¥97.1m | — | — | — | — | — |
| Shareholders' equity | ¥1.91bn | ¥2.40bn | ¥2.33bn | ¥2.31bn | ¥2.44bn | ¥2.43bn | ¥2.81bn | ¥2.74bn | ¥2.65bn | ¥2.66bn |
| Shares outstanding | 10m | 10m | 10m | 10m | 10m | 10m | 10m | 10m | 10m | 10m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥137.8m | ¥137.9m | ¥188.2m | −¥87.3m | ¥221.5m | −¥24.9m | ¥217.7m | ¥118.3m | ¥10.4m | ¥94.2m |
| Capital spending | −¥8.3m | −¥4.6m | −¥4.4m | −¥78.9m | −¥24.2m | −¥50.6m | −¥4.5m | −¥7.1m | −¥1.3m | −¥1.8m |
| Free cash flow | −¥146.2m | ¥133.3m | ¥183.8m | −¥166.2m | ¥197.4m | −¥75.5m | ¥213.2m | ¥111.2m | ¥9.1m | ¥92.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥756.5m | ¥1.33bn | ¥806.2m | ¥925.0m | ¥859.6m | ¥1.50bn | ¥889.0m | ¥910.5m |
| Gross profit | ¥252.3m | ¥486.8m | ¥291.0m | ¥350.3m | ¥285.6m | ¥650.5m | ¥345.9m | ¥371.3m |
| Operating income | −¥145.9m | ¥87.6m | −¥133.2m | −¥41.8m | −¥113.8m | ¥227.8m | −¥33.3m | ¥16.9m |
| Net income | −¥147.7m | −¥194.6m | −¥132.9m | −¥67.7m | −¥123.5m | ¥203.9m | −¥44.7m | ¥7.4m |
| Diluted earnings per share | -14.12 | -18.60 | -12.71 | -6.47 | -11.81 | 19.49 | -4.28 | 0.71 |
| Total assets | ¥3.82bn | ¥3.70bn | ¥3.82bn | ¥3.00bn | ¥3.09bn | ¥3.45bn | ¥3.07bn | ¥3.08bn |
| Cash and short-term investments | ¥2.11bn | ¥2.00bn | ¥2.11bn | ¥1.36bn | ¥1.56bn | ¥1.35bn | ¥1.37bn | ¥1.47bn |
| Debt | ¥200.0m | ¥916.7m | ¥201.2m | ¥47.1m | ¥22.1m | ¥65.4m | ¥40.2m | ¥94.1m |
| Shareholders' equity | ¥2.06bn | ¥1.91bn | ¥2.10bn | ¥2.22bn | ¥2.26bn | ¥2.40bn | ¥2.19bn | ¥2.25bn |
Financial ratios
Data as of 20 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2008 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 36.0% | 39.3% | 39.4% | 44.4% | 48.1% | 33.3% | — | — | — |
| Operating margin | -5.1% | 2.3% | 2.1% | -4.3% | 3.8% | -10.8% | — | — | — |
| Net margin | -13.2% | 2.2% | 0.9% | -7.6% | -1.9% | -22.4% | — | — | — |
| Return on equity | -27.1% | 3.8% | 1.4% | -6.4% | -1.6% | -17.6% | — | — | — |
| Return on assets | -14.0% | 2.6% | 0.9% | -5.3% | -1.3% | -15.0% | — | — | — |
| Free cash flow yield | -3.3% | 3.3% | 4.5% | -2.1% | 5.3% | -0.6% | — | — | — |
| Revenue growth | -5.2% | 19.0% | 79.5% | -5.8% | 8.0% | -18.8% | — | — | — |
| Earnings growth | -669.5% | 176.9% | -122.2% | 273.3% | -90.7% | -652.9% | — | — | — |
| Current ratio | 4.13x | 3.44x | 2.75x | 5.87x | 5.42x | 8.09x | — | — | — |
| Debt to equity | 0.48x | 0.03x | 0.12x | -0.04x | -0.04x | 0.00x | — | — | — |
| Equity ratio | 51.7% | 69.4% | 62.5% | 81.9% | 82.1% | 85.4% | — | — | — |
| Interest coverage | -28.25x | 51.00x | 16.55x | — | — | — | — | -2840.12x | 461.00x |
| R&D as a share of sales | — | 1.3% | 1.1% | 1.9% | 2.3% | 2.5% | 1.4% | — | — |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.5% | 15.6% | 15.0% |
| Operating income | 33.7% | -0.5% | 6.3% |
| Net income | 51.8% | 4.0% | 9.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.7% | 39.1% | 39.5% | 40.4% |
| Operating margin | -1.3% | -0.9% | -1.4% | -2.0% |
| Net margin | -5.3% | -4.0% | -5.8% | -5.4% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.8 | 41.7 | 134.5 | -24.9 | -96.7 | -12.8 | 93.1 | 120.9 | -498.2 | -32.5 |
| Price to sales | 1.2 | 0.9 | 1.3 | 1.9 | 1.9 | 2.9 | 3.1 | 3.2 | 2.4 | 10.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Mar 2009.
| FY2010 | FY2009 | |
|---|---|---|
| Paid in the year | 6.30 | 15.54 |
- 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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