S 
263
-4.71%
Close of 9 Nov 2026, in JPY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in JPY, from our data supplier.
Revenue
¥497.2m
FY2020FY2026
Net income
−¥382.7m
FY2020FY2026
Free cash flow
−¥548.5m
FY2020FY2026
Shareholders' equity
¥4.07bn
FY2020FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥497.2m | ¥463.0m | ¥342.6m | ¥530.7m | ¥316.9m | ¥115.5m | ¥34.9m |
| Gross profit | ¥479.8m | ¥450.7m | ¥330.9m | ¥522.7m | ¥306.5m | ¥105.7m | ¥33.3m |
| Research and development | ¥247.5m | ¥273.6m | ¥243.4m | ¥176.3m | ¥226.4m | ¥249.1m | ¥86.4m |
| Operating income | −¥330.2m | −¥299.5m | −¥365.0m | −¥49.5m | −¥233.2m | −¥333.4m | −¥160.7m |
| Net income | −¥382.7m | −¥298.4m | −¥357.4m | −¥50.7m | −¥233.5m | −¥277.6m | −¥96.9m |
| Diluted earnings per share | -22.67 | -17.71 | -21.28 | -3.05 | -14.28 | -17.78 | -5.74 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥4.22bn | ¥4.50bn | ¥4.93bn | ¥5.10bn | ¥4.94bn | ¥1.67bn | ¥381.6m |
| Cash and short-term investments | ¥3.70bn | ¥4.40bn | ¥4.85bn | ¥5.05bn | ¥4.90bn | ¥1.63bn | ¥366.1m |
| Total liabilities | ¥147.9m | ¥132.3m | ¥327.8m | ¥230.3m | ¥93.3m | ¥97.2m | ¥26.4m |
| Debt | — | — | — | — | — | −¥87.8m | −¥18.3m |
| Shareholders' equity | ¥4.07bn | ¥4.37bn | ¥4.60bn | ¥4.87bn | ¥4.85bn | ¥1.58bn | ¥355.2m |
| Shares outstanding | 17m | 17m | 17m | 17m | 16m | 16m | 17m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −¥474.5m | −¥432.5m | −¥230.8m | ¥100.6m | −¥165.3m | −¥235.1m | −¥89.0m |
| Capital spending | −¥74.0m | −¥4.3m | −¥9.3m | −¥18.2m | −¥12.6m | −¥4.4m | −¥4.2m |
| Free cash flow | −¥548.5m | −¥436.8m | −¥240.0m | ¥82.4m | −¥177.9m | −¥239.5m | −¥93.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥266.5m | ¥139.4m | ¥45.4m | ¥45.9m | ¥44.5m | ¥344.8m | ¥41.4m | ¥32.3m |
| Gross profit | ¥261.3m | ¥136.4m | ¥39.9m | ¥42.2m | ¥41.5m | ¥340.5m | ¥37.8m | ¥30.9m |
| Operating income | ¥15.0m | −¥59.0m | −¥153.1m | −¥133.0m | −¥152.1m | ¥160.7m | −¥146.8m | −¥161.3m |
| Net income | −¥50.3m | −¥59.7m | −¥152.0m | −¥120.7m | −¥152.7m | ¥167.4m | −¥149.6m | −¥163.6m |
| Diluted earnings per share | -2.98 | -3.54 | -9.02 | -7.16 | -9.06 | 9.94 | -8.91 | -9.74 |
| Total assets | ¥4.22bn | ¥4.22bn | ¥4.27bn | ¥4.38bn | ¥4.50bn | ¥4.66bn | ¥4.68bn | ¥4.77bn |
| Cash and short-term investments | ¥3.70bn | ¥3.96bn | ¥4.01bn | ¥4.17bn | ¥4.40bn | ¥4.54bn | ¥4.56bn | ¥4.68bn |
| Shareholders' equity | ¥4.07bn | ¥4.11bn | ¥4.15bn | ¥4.26bn | ¥4.37bn | ¥4.51bn | ¥4.34bn | ¥4.45bn |
Financial ratios
Data as of 29 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 96.5% | 97.4% | 96.6% | 98.5% | 96.7% | 91.5% | — |
| Operating margin | -66.4% | -64.2% | -106.5% | -9.3% | -73.6% | -288.7% | — |
| Net margin | -77.0% | -64.5% | -104.3% | -9.6% | -73.7% | -240.3% | — |
| Return on equity | -9.4% | -6.8% | -7.8% | -1.0% | -4.8% | -17.6% | — |
| Return on assets | -9.1% | -6.6% | -7.2% | -1.0% | -4.7% | -16.6% | — |
| Free cash flow yield | -5.5% | -5.9% | -3.0% | 1.6% | -2.2% | -3.4% | — |
| Revenue growth | 7.4% | 35.1% | -35.4% | 67.5% | 174.4% | 231.0% | — |
| Earnings growth | 28.2% | -16.5% | 604.3% | -78.3% | -15.9% | 186.4% | — |
| Current ratio | 27.40x | 35.43x | 15.24x | 22.63x | 56.29x | 17.39x | — |
| Debt to equity | — | — | — | — | 0.00x | -0.06x | -0.05x |
| Equity ratio | 96.5% | 97.1% | 93.4% | 95.5% | 98.1% | 94.2% | — |
| Interest coverage | — | — | -1501.98x | -121.72x | -9.59x | — | — |
| R&D as a share of sales | 49.8% | 59.1% | 71.0% | 33.2% | 71.4% | 215.7% | — |
| Buybacks as a share of market value | -0.2% | -0.3% | -0.8% | -1.9% | -4.8% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.1% | 33.9% | — |
| Operating income | 88.2% | -0.2% | — |
| Net income | 96.1% | 6.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 96.9% | 97.3% | 96.9% | — |
| Operating margin | -65.6% | -57.0% | -71.1% | — |
| Net margin | -70.9% | -59.4% | -70.6% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -13.6 | -47.7 | -28.5 | -438.3 | -82.0 | -119.0 |
| Price to sales | 10.5 | 30.7 | 29.7 | 41.9 | 60.4 | 285.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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