A 
220
-9.47%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.84bn
FY2016FY2025
Net income
−¥372.3m
FY2016FY2025
Free cash flow
−¥452.7m
FY2016FY2025
Shareholders' equity
¥907.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.84bn | ¥3.59bn | ¥4.65bn | ¥6.55bn | ¥7.51bn | ¥7.52bn | ¥3.39bn | ¥1.38bn | ¥1.17bn | ¥389.3m |
| Gross profit | ¥575.9m | ¥963.8m | ¥1.45bn | ¥2.35bn | ¥2.69bn | ¥2.79bn | ¥1.33bn | ¥514.8m | ¥377.0m | ¥123.1m |
| Operating income | −¥361.2m | −¥400.6m | ¥10.4m | ¥116.6m | ¥290.9m | ¥1.10bn | ¥416.1m | ¥78.8m | −¥27.1m | −¥19.0m |
| Net income | −¥372.3m | −¥589.4m | −¥60.9m | ¥41.2m | ¥185.3m | ¥750.3m | ¥303.0m | ¥95.0m | −¥29.3m | −¥19.7m |
| Diluted earnings per share | -56.60 | -89.62 | -9.26 | 6.27 | 27.70 | 107.96 | 43.78 | 15.09 | -4.45 | -3.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.46bn | ¥1.95bn | ¥2.58bn | ¥2.86bn | ¥3.02bn | ¥3.11bn | ¥1.61bn | ¥565.2m | ¥410.0m | ¥202.4m |
| Cash and short-term investments | ¥460.6m | ¥928.5m | ¥1.35bn | ¥1.73bn | ¥1.90bn | ¥1.69bn | ¥839.8m | ¥239.2m | ¥181.1m | ¥93.5m |
| Total liabilities | ¥554.5m | ¥670.6m | ¥698.3m | ¥822.9m | ¥970.5m | ¥1.31bn | ¥648.2m | ¥257.0m | ¥213.1m | ¥114.2m |
| Debt | — | — | — | — | — | ¥3.2m | ¥6.7m | ¥10.5m | ¥13.1m | ¥23.4m |
| Shareholders' equity | ¥907.1m | ¥1.28bn | ¥1.88bn | ¥2.04bn | ¥2.05bn | ¥1.80bn | ¥965.0m | ¥308.1m | ¥196.9m | ¥88.2m |
| Shares outstanding | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 6m | 7m | 7m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥451.5m | −¥336.4m | −¥160.1m | ¥57.3m | ¥224.1m | ¥849.9m | ¥324.9m | ¥54.0m | −¥32.1m | ¥9.5m |
| Capital spending | −¥1.1m | −¥40.1m | −¥73.0m | −¥7.9m | −¥436,000 | −¥4.7m | −¥15.5m | −¥1.3m | −¥564,000 | −¥2.0m |
| Free cash flow | −¥452.7m | −¥376.5m | −¥233.1m | ¥49.4m | ¥223.7m | ¥845.2m | ¥309.5m | ¥52.7m | −¥32.7m | ¥7.5m |
| Dividends paid | — | — | — | — | −¥136,000 | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥904.1m | ¥784.9m | ¥757.5m | ¥760.6m | ¥671.0m | ¥661.0m | ¥750.6m | ¥811.0m |
| Gross profit | ¥269.3m | ¥210.2m | ¥178.5m | ¥190.6m | ¥126.8m | ¥119.2m | ¥139.3m | ¥166.3m |
| Operating income | −¥38,000 | −¥38.0m | −¥63.0m | −¥38.1m | −¥95.7m | −¥112.5m | −¥115.0m | −¥193.0m |
| Net income | ¥23.8m | −¥28.3m | −¥61.1m | −¥45.6m | −¥97.2m | −¥113.9m | −¥115.5m | −¥384.0m |
| Diluted earnings per share | 3.61 | -4.31 | -9.29 | -6.94 | -14.78 | -17.31 | -17.57 | -58.38 |
| Cash from operations | — | — | — | −¥451.0m | — | — | — | — |
| Capital spending | — | — | — | −¥1.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥452.0m | — | — | — | — |
| Total assets | ¥1.48bn | ¥1.83bn | ¥1.38bn | ¥1.46bn | ¥1.49bn | ¥1.59bn | ¥1.78bn | ¥1.95bn |
| Cash and short-term investments | ¥307.2m | ¥531.5m | ¥395.9m | ¥460.6m | ¥549.4m | ¥724.6m | ¥797.4m | ¥928.5m |
| Debt | — | ¥350.0m | — | — | — | — | — | — |
| Shareholders' equity | ¥816.7m | ¥817.7m | ¥846.0m | ¥907.1m | ¥952.7m | ¥1.05bn | ¥1.16bn | ¥1.28bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 20.3% | 26.9% | 31.2% | 35.8% | 35.9% | 37.1% | — | — | — |
| Operating margin | -13.1% | -11.2% | 0.2% | 1.8% | 3.9% | 14.4% | — | — | — |
| Net margin | -13.1% | -16.4% | -1.3% | 0.6% | 2.5% | 10.0% | — | — | — |
| Return on equity | -41.0% | -46.1% | -3.2% | 2.0% | 9.0% | 41.7% | — | — | — |
| Return on assets | -25.5% | -30.2% | -2.4% | 1.4% | 6.1% | 24.1% | — | — | — |
| Free cash flow yield | -27.5% | -18.1% | -5.3% | 4.0% | 13.5% | 49.4% | — | — | — |
| Revenue growth | -20.7% | -22.9% | -29.0% | -12.8% | -0.2% | 122.2% | — | — | — |
| Earnings growth | -36.8% | 867.5% | -247.7% | -77.7% | -75.3% | 147.6% | — | — | — |
| Current ratio | 2.09x | 2.46x | 3.09x | 3.12x | 2.90x | 2.24x | — | — | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x | 0.01x | 0.03x | 0.07x |
| Equity ratio | 62.1% | 65.6% | 72.9% | 71.3% | 67.9% | 58.0% | — | — | — |
| Interest coverage | — | — | 346.13x | 1295.28x | 12646.43x | 14463.60x | 3147.40x | 455.94x | — |
| Buybacks as a share of market value | 0.0% | -0.0% | 0.0% | 1.7% | 3.7% | -0.4% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -24.3% | -17.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.9% | 30.3% | 33.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.2 | -3.9 | -33.0 | 88.4 | 32.2 | 20.4 | 65.9 | 47.6 |
| Price to sales | 0.7 | 0.6 | 0.4 | 0.6 | 0.8 | 2.0 | 5.9 | 3.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 30 Mar 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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