C 
401
+0.25%
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
¥1.82bn
FY2019FY2025
Net income
−¥152.6m
FY2019FY2025
Free cash flow
−¥142.4m
FY2019FY2025
Shareholders' equity
¥1.06bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥1.82bn | ¥1.99bn | ¥1.95bn | ¥1.81bn | ¥1.31bn | ¥934.4m | ¥764.2m |
| Gross profit | ¥1.15bn | ¥1.31bn | ¥1.36bn | ¥1.31bn | ¥912.4m | ¥631.5m | ¥527.3m |
| Research and development | ¥9.1m | ¥10.2m | ¥12.7m | ¥14.7m | ¥20.0m | ¥26.1m | ¥19.3m |
| Operating income | −¥112.7m | ¥63.0m | ¥78.8m | ¥294.5m | ¥202.4m | ¥42.2m | ¥81.7m |
| Net income | −¥152.6m | ¥51.9m | ¥5.3m | ¥201.4m | ¥129.5m | ¥11.4m | ¥74.0m |
| Diluted earnings per share | -53.29 | 15.40 | 1.51 | 56.03 | 38.93 | 3.87 | 25.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥1.39bn | ¥1.92bn | ¥1.85bn | ¥2.03bn | ¥1.89bn | ¥771.0m | ¥656.0m |
| Cash and short-term investments | ¥847.8m | ¥1.35bn | ¥1.28bn | ¥1.52bn | ¥1.60bn | ¥529.1m | ¥462.2m |
| Total liabilities | ¥334.7m | ¥407.3m | ¥365.1m | ¥527.6m | ¥595.5m | ¥535.2m | ¥431.9m |
| Debt | — | ¥16.7m | ¥71.6m | ¥151.6m | ¥244.4m | ¥358.5m | ¥253.5m |
| Shareholders' equity | ¥1.06bn | ¥1.51bn | ¥1.48bn | ¥1.50bn | ¥1.29bn | ¥235.8m | ¥224.1m |
| Shares outstanding | 3m | 3m | 3m | 4m | 3m | 3m | 3m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −¥141.2m | ¥205.4m | −¥17.0m | ¥185.5m | ¥289.8m | ¥35.0m | ¥112.2m |
| Capital spending | −¥1.2m | −¥771,000 | −¥58.9m | −¥258,000 | −¥6.1m | −¥14.0m | −¥18.8m |
| Free cash flow | −¥142.4m | ¥204.7m | −¥75.9m | ¥185.2m | ¥283.8m | ¥21.0m | ¥93.4m |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥411.3m | ¥460.2m | ¥392.7m | ¥443.8m | ¥429.4m | ¥482.5m | ¥469.2m | ¥502.2m |
| Gross profit | ¥240.1m | ¥281.9m | ¥243.8m | ¥275.1m | ¥262.9m | ¥309.8m | ¥310.3m | ¥337.9m |
| Operating income | −¥20.8m | ¥57.6m | −¥1.3m | −¥27.1m | −¥62.8m | −¥23.7m | ¥827,000 | −¥14.8m |
| Net income | −¥16.5m | ¥46.7m | −¥4.2m | −¥34.9m | −¥60.3m | −¥35.5m | −¥21.9m | −¥8.7m |
| Diluted earnings per share | -5.58 | 15.79 | -1.42 | -12.19 | -21.07 | -12.39 | -7.63 | -2.59 |
| Cash from operations | — | — | — | −¥141.0m | — | — | — | — |
| Capital spending | — | — | — | −¥1.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥142.0m | — | — | — | — |
| Total assets | ¥1.40bn | ¥1.45bn | ¥1.35bn | ¥1.39bn | ¥1.39bn | ¥1.51bn | ¥1.80bn | ¥1.92bn |
| Cash and short-term investments | ¥871.3m | ¥914.3m | ¥815.3m | ¥847.8m | ¥873.8m | ¥951.0m | ¥1.25bn | ¥1.35bn |
| Debt | — | — | — | — | — | — | ¥6.7m | ¥16.7m |
| Shareholders' equity | ¥1.09bn | ¥1.10bn | ¥1.06bn | ¥1.06bn | ¥1.09bn | ¥1.15bn | ¥1.49bn | ¥1.51bn |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 63.2% | 66.0% | 69.8% | 72.3% | 69.5% | 67.6% | — |
| Operating margin | -5.9% | 3.3% | 1.1% | 16.5% | 14.7% | 4.5% | — |
| Net margin | -8.4% | 2.6% | 0.3% | 11.2% | 9.9% | 1.2% | — |
| Return on equity | -14.5% | 3.4% | 0.4% | 13.4% | 10.0% | 4.8% | — |
| Return on assets | -11.0% | 2.7% | 0.3% | 9.9% | 6.9% | 1.5% | — |
| Free cash flow yield | -11.7% | 14.6% | 2.9% | 12.3% | 21.2% | — | — |
| Revenue growth | -8.1% | 2.1% | 7.8% | 37.4% | 40.6% | 22.3% | — |
| Earnings growth | -393.9% | 886.6% | -97.4% | 55.5% | 1033.1% | -84.6% | — |
| Current ratio | 3.69x | 4.29x | 4.79x | 3.89x | 4.06x | 2.40x | — |
| Debt to equity | — | 0.01x | 0.05x | 0.10x | 0.19x | 1.52x | 0.33x |
| Equity ratio | 75.9% | 78.8% | 80.2% | 74.0% | 68.5% | 30.6% | — |
| Interest coverage | -2466.34x | 173.53x | 22.64x | 179.15x | 75.56x | 15.01x | — |
| R&D as a share of sales | 0.5% | 0.5% | 0.7% | 0.8% | 1.5% | 2.8% | — |
| Buybacks as a share of market value | 15.1% | 3.5% | 2.8% | -8.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.4% | 14.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 64.6% | 67.8% | 68.0% | — |
| Operating margin | -1.3% | 4.3% | 5.8% | — |
| Net margin | -2.6% | 1.4% | 2.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -9.3 | 38.9 | 468.5 | 18.6 | 51.6 |
| Price to sales | 0.8 | 1.0 | 1.3 | 2.1 | 5.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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