W 
265
+4.33%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥635.7m
FY2016FY2025
Net income
−¥539.7m
FY2016FY2025
Free cash flow
−¥332.3m
FY2016FY2025
Shareholders' equity
¥272.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥635.7m | ¥528.0m | ¥575.0m | ¥1.05bn | ¥1.14bn | ¥864.6m | ¥798.5m | ¥808.0m | ¥474.8m | ¥253.5m |
| Research and development | — | — | — | — | — | — | — | — | — | ¥29.2m |
| Operating income | −¥452.8m | −¥814.8m | −¥502.8m | ¥60.9m | −¥128.3m | −¥331.7m | −¥4.5m | ¥156.1m | −¥75.5m | −¥136.2m |
| Net income | −¥539.7m | −¥804.6m | −¥505.0m | ¥33.9m | −¥130.7m | −¥353.1m | −¥11.3m | ¥176.6m | −¥77.0m | −¥136.4m |
| Diluted earnings per share | -65.21 | -97.29 | -64.47 | 4.33 | -16.68 | -45.31 | -1.52 | 22.54 | -9.05 | -16.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.05bn | ¥1.17bn | ¥1.21bn | ¥1.40bn | ¥1.39bn | ¥1.52bn | ¥1.83bn | ¥1.41bn | ¥1.23bn | ¥211.4m |
| Cash and short-term investments | ¥711.4m | ¥740.4m | ¥883.0m | ¥830.8m | ¥960.7m | ¥1.10bn | ¥1.21bn | ¥1.03bn | ¥1.09bn | ¥88.9m |
| Total liabilities | ¥747.9m | ¥328.9m | ¥88.0m | ¥121.4m | ¥134.8m | ¥162.6m | ¥160.9m | ¥163.2m | ¥160.4m | ¥79.7m |
| Debt | ¥605.7m | ¥200.0m | ¥1.2m | ¥8.3m | ¥15.5m | ¥22.6m | ¥29.8m | ¥36.9m | ¥44.0m | ¥21.8m |
| Shareholders' equity | ¥272.3m | ¥810.0m | ¥1.09bn | ¥1.27bn | ¥1.26bn | ¥1.36bn | ¥1.67bn | ¥1.24bn | ¥1.07bn | ¥131.7m |
| Shares outstanding | 8m | 8m | 8m | 8m | 8m | 8m | 7m | 8m | 9m | 9m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥329.5m | −¥603.6m | −¥174.0m | −¥114.1m | −¥95.9m | −¥111.0m | −¥168.3m | −¥1.7m | −¥23.6m | −¥138.6m |
| Capital spending | −¥2.8m | −¥172.6m | −¥3.0m | −¥32.8m | −¥19.5m | −¥44.1m | −¥65.9m | −¥3.9m | −¥9.6m | −¥3.5m |
| Free cash flow | −¥332.3m | −¥776.2m | −¥177.0m | −¥146.9m | −¥115.5m | −¥155.1m | −¥234.2m | −¥5.6m | −¥33.2m | −¥142.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥242.7m | ¥133.4m | ¥255.2m | ¥92.7m | ¥167.2m | ¥120.6m | ¥231.0m | ¥112.0m |
| Operating income | −¥98.9m | −¥157.6m | −¥31.8m | −¥171.2m | −¥88.3m | −¥161.5m | −¥118.0m | −¥229.0m |
| Net income | −¥70.5m | −¥153.4m | −¥124.0m | −¥172.0m | −¥75.9m | −¥167.7m | −¥280.0m | −¥221.0m |
| Diluted earnings per share | -8.29 | -18.04 | -14.99 | -20.78 | -9.17 | -20.27 | -33.86 | -26.72 |
| Total assets | ¥844.1m | ¥847.2m | ¥1.05bn | ¥781.3m | ¥966.3m | ¥978.4m | ¥1.17bn | ¥1.44bn |
| Cash and short-term investments | ¥435.6m | ¥516.2m | ¥711.4m | ¥448.3m | ¥567.8m | ¥666.4m | ¥740.4m | ¥1.04bn |
| Debt | ¥535.0m | ¥217.5m | ¥605.7m | ¥217.5m | ¥235.0m | ¥200.0m | ¥200.0m | ¥200.0m |
| Shareholders' equity | ¥89.0m | ¥180.9m | ¥272.3m | ¥395.7m | ¥565.3m | ¥649.8m | ¥810.0m | ¥1.08bn |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2016 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -83.3% | -154.3% | -87.5% | 3.6% | -11.3% | -38.4% | — |
| Net margin | -84.9% | -152.4% | -87.8% | 3.2% | -11.5% | -40.8% | — |
| Return on equity | -198.2% | -99.3% | -46.3% | 2.7% | -10.4% | -26.0% | — |
| Return on assets | -51.2% | -68.9% | -41.9% | 2.4% | -9.4% | -23.2% | — |
| Free cash flow yield | -14.1% | -18.6% | -7.8% | -3.7% | -3.5% | -3.1% | — |
| Revenue growth | 20.4% | -8.2% | -45.3% | -7.7% | 31.8% | 8.3% | — |
| Earnings growth | -32.9% | 59.3% | -1589.3% | -125.9% | -63.0% | 3024.2% | — |
| Current ratio | 2.44x | 2.96x | 12.92x | 11.25x | 10.44x | 9.94x | — |
| Debt to equity | 2.22x | 0.25x | 0.00x | 0.01x | 0.01x | 0.02x | — |
| Equity ratio | 25.8% | 69.4% | 90.5% | 91.3% | 90.3% | 89.3% | — |
| Interest coverage | -187.18x | -502.00x | -25141.95x | 720.91x | -1491.87x | -2859.52x | — |
| R&D as a share of sales | — | — | — | — | — | — | 11.5% |
| Buybacks as a share of market value | -0.1% | -5.6% | 0.0% | -0.0% | -0.5% | -4.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.6% | -6.0% | — |
| Operating income | — | 6.4% | — |
| Net income | — | 8.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -4.3 | -3.5 | -10.3 | 84.1 | -42.1 | -26.6 | -1451.3 |
| Price to sales | 3.6 | 5.3 | 9.1 | 2.7 | 4.8 | 10.9 | 20.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 4-for-1 split · 2 Oct 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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