E 
661
+4.09%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥12.00bn
FY2020FY2026
Net income
¥1.53bn
FY2020FY2026
Free cash flow
¥1.70bn
FY2020FY2026
Shareholders' equity
¥4.64bn
FY2020FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥12.00bn | ¥9.81bn | ¥8.38bn | ¥5.59bn | ¥4.81bn | ¥2.61bn | ¥2.06bn |
| Gross profit | ¥8.00bn | ¥5.67bn | ¥4.69bn | ¥3.14bn | ¥3.05bn | ¥1.66bn | ¥1.33bn |
| Research and development | — | ¥178.0m | ¥67.0m | ¥75.0m | ¥301.0m | ¥212.0m | ¥213.8m |
| Operating income | ¥1.59bn | ¥24.0m | −¥305.0m | −¥87.0m | −¥201.0m | −¥585.3m | −¥467.8m |
| Net income | ¥1.53bn | −¥2.58bn | −¥610.0m | −¥141.0m | −¥137.0m | −¥592.7m | −¥469.6m |
| Diluted earnings per share | 15.86 | -29.74 | -7.39 | -1.73 | -1.67 | -6.13 | -5.92 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥9.44bn | ¥7.11bn | ¥10.13bn | ¥7.96bn | ¥7.89bn | ¥3.69bn | ¥2.48bn |
| Cash and short-term investments | ¥3.98bn | ¥3.01bn | ¥3.49bn | ¥5.23bn | ¥5.54bn | ¥2.34bn | ¥1.55bn |
| Total liabilities | ¥4.68bn | ¥4.57bn | ¥5.14bn | ¥1.34bn | ¥1.26bn | ¥1.30bn | ¥497.3m |
| Debt | ¥2.23bn | ¥2.55bn | ¥2.85bn | ¥310.0m | ¥345.2m | ¥815.0m | ¥15.0m |
| Shareholders' equity | ¥4.64bn | ¥2.46bn | ¥4.93bn | ¥6.54bn | ¥6.59bn | ¥2.38bn | ¥1.99bn |
| Shares outstanding | 97m | 87m | 83m | 81m | 82m | 97m | 79m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥1.73bn | ¥621.0m | −¥197.0m | ¥71.0m | ¥24.0m | −¥528.1m | −¥340.7m |
| Capital spending | −¥30.0m | −¥116.0m | −¥923.0m | −¥914.0m | −¥469.0m | −¥561.4m | −¥166.2m |
| Free cash flow | ¥1.70bn | ¥505.0m | −¥1.12bn | −¥843.0m | −¥445.0m | −¥1.09bn | −¥506.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.45bn | ¥3.64bn | ¥3.12bn | ¥2.79bn | ¥2.45bn | ¥2.67bn | ¥2.54bn | ¥2.49bn |
| Gross profit | ¥1.99bn | ¥2.34bn | ¥2.06bn | ¥1.93bn | ¥1.67bn | ¥1.71bn | ¥1.43bn | ¥1.44bn |
| Operating income | ¥201.0m | ¥563.0m | ¥481.0m | ¥402.0m | ¥145.0m | ¥262.0m | ¥7.0m | ¥44.0m |
| Net income | ¥87.0m | ¥838.0m | ¥309.0m | ¥320.0m | ¥66.0m | −¥2.07bn | −¥89.0m | −¥115.0m |
| Diluted earnings per share | 0.90 | 8.67 | 3.57 | 3.70 | 0.76 | -23.89 | -1.08 | -1.39 |
| Total assets | ¥14.34bn | ¥9.44bn | ¥8.34bn | ¥7.86bn | ¥7.46bn | ¥7.11bn | ¥9.24bn | ¥9.23bn |
| Cash and short-term investments | ¥9.19bn | ¥3.98bn | ¥3.44bn | ¥3.51bn | ¥3.85bn | ¥3.01bn | ¥3.02bn | ¥2.99bn |
| Debt | ¥360.0m | ¥2.23bn | ¥300.0m | ¥2.40bn | ¥600.0m | ¥2.55bn | ¥300.0m | ¥2.70bn |
| Shareholders' equity | ¥10.16bn | ¥4.64bn | ¥3.76bn | ¥3.39bn | ¥3.02bn | ¥2.46bn | ¥4.51bn | ¥4.57bn |
Financial ratios
Data as of 15 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 66.7% | 57.8% | 55.9% | 56.1% | 63.4% | 63.6% |
| Operating margin | 13.2% | 0.2% | -8.0% | -1.6% | -4.2% | -22.4% |
| Net margin | 12.8% | -26.2% | -7.3% | -2.5% | -2.8% | -22.7% |
| Return on equity | 33.0% | -104.6% | -12.4% | -2.2% | -2.1% | -24.9% |
| Return on assets | 16.2% | -36.2% | -6.0% | -1.8% | -1.7% | -16.1% |
| Free cash flow yield | 2.1% | 1.0% | 1.0% | 1.4% | 0.7% | — |
| Revenue growth | 22.3% | 17.0% | 50.0% | 16.2% | 84.1% | — |
| Earnings growth | -159.5% | 322.1% | 332.6% | 2.9% | -76.9% | — |
| Current ratio | 2.61x | 2.53x | 3.06x | 6.97x | 8.05x | 3.09x |
| Debt to equity | 0.48x | 1.04x | 0.58x | 0.05x | 0.05x | 0.34x |
| Equity ratio | 49.2% | 34.6% | 48.7% | 82.2% | 83.6% | 64.7% |
| Interest coverage | 63.44x | 0.86x | -33.45x | -87.00x | -36.51x | -150.39x |
| R&D as a share of sales | — | 1.8% | 0.8% | 1.3% | 6.3% | 8.1% |
| Buybacks as a share of market value | -11.7% | -4.8% | -1.5% | 0.8% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 29.0% | 35.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 62.7% | 60.1% | 60.7% | — |
| Operating margin | 7.4% | 3.4% | 1.0% | — |
| Net margin | -4.8% | -5.0% | -5.8% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | 43.8 | -21.4 | -57.4 | -222.6 | -261.5 | -164.2 |
| Price to sales | 5.6 | 5.6 | 4.2 | 5.6 | 7.5 | 37.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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