M 
7,835
+9.50%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥50.35bn
FY2016FY2025
Net income
¥1.59bn
FY2016FY2025
Free cash flow
¥3.32bn
FY2016FY2025
Shareholders' equity
¥43.84bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥50.35bn | ¥40.36bn | ¥30.38bn | ¥21.48bn | ¥15.63bn | ¥11.32bn | ¥7.16bn | ¥4.59bn | ¥2.90bn | ¥1.54bn |
| Gross profit | ¥34.23bn | ¥27.06bn | ¥19.08bn | ¥13.40bn | ¥10.82bn | ¥7.62bn | ¥4.32bn | ¥2.78bn | ¥1.94bn | ¥808.5m |
| Research and development | ¥228.0m | — | ¥179.0m | ¥155.3m | ¥103.0m | ¥102.0m | ¥67.0m | — | — | — |
| Operating income | −¥2.65bn | −¥4.74bn | −¥6.33bn | −¥8.47bn | −¥1.06bn | −¥2.80bn | −¥2.45bn | −¥796.0m | −¥797.0m | −¥876.5m |
| Net income | ¥1.59bn | −¥6.33bn | −¥6.32bn | −¥9.45bn | −¥1.48bn | −¥2.42bn | −¥2.57bn | −¥815.0m | −¥842.0m | −¥889.0m |
| Diluted earnings per share | 28.58 | -115.97 | -116.68 | -175.82 | -27.78 | -48.87 | -57.20 | -19.19 | -21.95 | -16.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥127.57bn | ¥106.19bn | ¥88.28bn | ¥65.99bn | ¥56.94bn | ¥21.71bn | ¥16.31bn | ¥8.66bn | ¥7.40bn | ¥3.09bn |
| Cash and short-term investments | ¥48.80bn | ¥50.46bn | ¥42.52bn | ¥28.48bn | ¥37.29bn | ¥9.14bn | ¥7.19bn | ¥4.95bn | ¥5.73bn | ¥2.68bn |
| Total liabilities | ¥71.70bn | ¥61.52bn | ¥53.62bn | ¥30.90bn | ¥14.61bn | ¥11.47bn | ¥8.28bn | ¥5.28bn | ¥3.39bn | ¥1.20bn |
| Debt | ¥33.85bn | ¥35.44bn | ¥30.37bn | ¥16.90bn | ¥8.55bn | ¥6.55bn | ¥5.43bn | ¥3.49bn | ¥2.27bn | ¥600.0m |
| Shareholders' equity | ¥43.84bn | ¥37.44bn | ¥28.33bn | ¥32.63bn | ¥40.53bn | ¥9.66bn | ¥7.93bn | ¥3.29bn | ¥4.01bn | ¥1.89bn |
| Shares outstanding | 56m | 55m | 54m | 54m | 53m | 50m | 45m | 42m | 38m | 55m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥4.10bn | −¥2.71bn | ¥3.86bn | −¥3.43bn | −¥2.33bn | −¥899.8m | −¥3.61bn | −¥795.4m | −¥498.8m | −¥717.6m |
| Capital spending | −¥779.6m | −¥164.2m | −¥632.9m | −¥333.0m | −¥2.33bn | −¥123.6m | −¥131.1m | −¥301.6m | −¥9.3m | −¥20.6m |
| Free cash flow | ¥3.32bn | −¥2.88bn | ¥3.23bn | −¥3.76bn | −¥4.66bn | −¥1.02bn | −¥3.74bn | −¥1.10bn | −¥508.1m | −¥738.2m |
| Dividends paid | −¥1.40bn | −¥713.5m | −¥41.4m | — | −¥3.18bn | — | −¥2.65bn | — | — | — |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥17.92bn | ¥14.32bn | ¥14.67bn | ¥15.04bn | ¥12.07bn | ¥11.53bn | ¥11.71bn | ¥10.69bn |
| Gross profit | ¥12.34bn | ¥9.40bn | ¥10.65bn | ¥10.30bn | ¥8.28bn | ¥7.62bn | ¥8.03bn | ¥7.13bn |
| Operating income | ¥1.90bn | −¥377.1m | ¥168.0m | −¥673.4m | −¥386.7m | −¥1.01bn | −¥580.7m | −¥1.90bn |
| Net income | −¥55.6m | −¥1.28bn | ¥1.83bn | ¥4.97bn | −¥1.19bn | −¥1.08bn | −¥1.12bn | −¥2.62bn |
| Diluted earnings per share | -1.00 | -22.99 | 32.98 | 89.55 | -21.38 | -19.41 | -20.16 | -47.96 |
| Total assets | ¥139.35bn | ¥143.63bn | ¥160.26bn | ¥127.57bn | ¥112.53bn | ¥109.14bn | ¥108.39bn | ¥106.19bn |
| Cash and short-term investments | ¥47.83bn | ¥53.92bn | ¥77.44bn | ¥48.80bn | ¥43.04bn | ¥45.33bn | ¥46.43bn | ¥50.46bn |
| Debt | ¥14.73bn | ¥44.74bn | ¥13.36bn | ¥33.85bn | ¥11.90bn | ¥33.43bn | ¥11.83bn | ¥14.55bn |
| Shareholders' equity | ¥44.87bn | ¥44.57bn | ¥44.94bn | ¥43.84bn | ¥37.98bn | ¥38.65bn | ¥39.51bn | ¥37.44bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 32.8% | 34.8% | 60.6% |
| Operating income | -32.1% | -1.1% | 9.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 67.6% | 65.8% | 66.2% | 65.6% |
| Operating margin | -8.1% | -15.6% | -15.4% | -17.2% |
| Net margin | -5.2% | -14.4% | -14.4% | -16.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 163.3 | -41.7 | -37.0 | -23.1 | -249.1 | -100.6 | -46.1 | -87.9 | -72.0 |
| Price to sales | 5.2 | 6.5 | 7.7 | 10.2 | 23.6 | 21.5 | 16.6 | 15.6 | 20.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 27 Nov 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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