N 
72
+5.88%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥174.5m
FY2017FY2026
Net income
−¥943.9m
FY2017FY2026
Free cash flow
−¥1.63bn
FY2017FY2026
Shareholders' equity
¥3.57bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥174.5m | ¥108.5m | ¥135.5m | ¥202.2m | ¥264.0m | ¥313.3m | ¥553.0m | ¥496.7m | ¥259.1m | ¥218.7m |
| Gross profit | ¥153.3m | ¥78.2m | ¥111.0m | ¥159.6m | ¥220.9m | ¥274.9m | ¥475.0m | ¥416.8m | ¥191.1m | ¥157.0m |
| Research and development | — | ¥422.5m | ¥647.4m | ¥1.12bn | ¥1.92bn | ¥1.17bn | ¥1.15bn | ¥1.79bn | ¥4.98bn | ¥2.25bn |
| Operating income | −¥966.0m | −¥755.3m | −¥864.4m | −¥1.25bn | −¥2.06bn | −¥1.30bn | −¥1.11bn | −¥1.80bn | −¥5.35bn | −¥2.71bn |
| Net income | −¥943.9m | −¥835.4m | −¥780.0m | −¥1.31bn | −¥1.88bn | −¥2.84bn | −¥2.01bn | −¥1.81bn | −¥5.42bn | −¥2.68bn |
| Diluted earnings per share | -11.37 | -11.50 | -11.05 | -18.63 | -26.83 | -40.51 | -28.76 | -27.38 | -116.21 | -61.93 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.91bn | ¥4.00bn | ¥5.07bn | ¥5.78bn | ¥7.14bn | ¥7.82bn | ¥8.94bn | ¥8.57bn | ¥7.63bn | ¥12.94bn |
| Cash and short-term investments | ¥4.91bn | ¥3.51bn | ¥4.28bn | ¥4.44bn | ¥5.95bn | ¥6.40bn | ¥7.47bn | ¥6.57bn | ¥6.41bn | ¥11.77bn |
| Total liabilities | ¥2.34bn | ¥1.26bn | ¥1.65bn | ¥1.53bn | ¥1.57bn | ¥321.0m | ¥175.6m | ¥2.69bn | ¥2.97bn | ¥2.87bn |
| Debt | ¥1.60bn | ¥540.2m | ¥1.11bn | ¥1.11bn | ¥1.20bn | ¥1.15bn | — | ¥2.48bn | ¥2.48bn | ¥2.48bn |
| Shareholders' equity | ¥3.57bn | ¥2.74bn | ¥3.42bn | ¥4.25bn | ¥5.57bn | ¥7.50bn | ¥8.77bn | ¥5.88bn | ¥4.66bn | ¥10.07bn |
| Shares outstanding | 83m | 73m | 71m | 70m | 70m | 70m | 70m | 66m | 47m | 43m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥816.7m | −¥401.6m | −¥585.1m | −¥1.09bn | −¥1.75bn | −¥1.25bn | −¥1.14bn | −¥2.04bn | −¥4.93bn | −¥2.53bn |
| Capital spending | −¥816.7m | −¥401.6m | −¥585.1m | — | −¥6.2m | −¥6.2m | −¥219,000 | −¥5.3m | −¥60.4m | −¥176.4m |
| Free cash flow | −¥1.63bn | −¥803.2m | −¥1.17bn | −¥1.09bn | −¥1.76bn | −¥1.25bn | −¥1.14bn | −¥2.04bn | −¥4.99bn | −¥2.70bn |
| Dividends paid | — | — | — | — | −¥1.15bn | — | −¥1.4m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥35.7m | ¥43.6m | ¥89.8m | ¥33.4m | ¥7.7m | ¥25.4m | ¥75.4m | ¥7.7m |
| Gross profit | ¥32.9m | ¥36.5m | ¥85.6m | ¥24.9m | ¥6.3m | ¥23.2m | ¥48.7m | ¥6.3m |
| Operating income | −¥275.9m | −¥363.1m | −¥203.8m | −¥209.3m | −¥189.8m | −¥269.8m | −¥111.6m | −¥184.8m |
| Net income | −¥281.4m | −¥296.5m | −¥207.3m | −¥239.3m | −¥200.9m | −¥240.1m | −¥77.0m | −¥362.3m |
| Diluted earnings per share | -3.39 | -3.57 | -2.85 | -3.29 | -2.77 | -3.30 | -1.09 | -5.13 |
| Total assets | ¥5.24bn | ¥5.91bn | ¥5.95bn | ¥3.38bn | ¥3.93bn | ¥4.00bn | ¥4.18bn | ¥4.74bn |
| Cash and short-term investments | ¥4.22bn | ¥4.91bn | ¥5.27bn | ¥2.67bn | ¥3.40bn | ¥3.51bn | ¥3.52bn | ¥4.08bn |
| Debt | — | ¥1.60bn | ¥200.0m | — | ¥540.2m | ¥540.2m | ¥540.2m | ¥1.11bn |
| Shareholders' equity | ¥3.31bn | ¥3.57bn | ¥2.68bn | ¥2.63bn | ¥2.66bn | ¥2.74bn | ¥2.98bn | ¥3.06bn |
Financial ratios
Data as of 4 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 87.8% | 72.0% | 81.9% | 78.9% | 83.7% | 87.7% | — |
| Operating margin | -553.6% | -696.1% | -637.9% | -616.3% | -780.6% | -415.9% | — |
| Net margin | -540.9% | -769.8% | -575.6% | -648.4% | -712.7% | -905.2% | — |
| Return on equity | -26.5% | -30.5% | -22.8% | -30.8% | -33.8% | -37.8% | — |
| Return on assets | -16.0% | -20.9% | -15.4% | -22.7% | -26.4% | -36.3% | — |
| Free cash flow yield | 0.0% | 0.0% | 0.0% | — | -26.2% | -18.7% | -17.1% |
| Revenue growth | 60.8% | -19.9% | -33.0% | -23.4% | -15.7% | -43.3% | — |
| Earnings growth | 13.0% | 7.1% | -40.5% | -30.3% | -33.6% | 41.1% | — |
| Current ratio | 5.28x | 3.01x | 9.17x | 12.82x | 17.45x | 26.01x | — |
| Debt to equity | 0.45x | 0.20x | 0.32x | 0.26x | 0.22x | 0.00x | — |
| Equity ratio | 60.4% | 68.5% | 67.5% | 73.5% | 78.0% | 95.9% | — |
| Interest coverage | -20.07x | — | -85.39x | -219.71x | -1161.18x | -937.33x | -241.97x |
| R&D as a share of sales | — | 389.3% | 477.8% | 554.4% | 728.6% | 374.5% | 208.5% |
| Buybacks as a share of market value | -14.2% | -2.9% | -0.3% | -0.3% | -0.2% | -0.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.8% | -11.0% | -3.3% |
| Operating income | -8.1% | -5.8% | -7.4% |
| Net income | -10.4% | -19.7% | -9.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 81.8% | 80.9% | 83.3% | 82.4% |
| Operating margin | -608.2% | -617.3% | -600.6% | -682.0% |
| Net margin | -628.7% | -623.5% | -716.8% | -775.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.7 | -12.3 | -13.3 | -10.2 | -6.5 | -6.6 | -11.0 | -10.2 | -2.8 | -10.4 |
| Price to sales | 36.1 | 95.1 | 76.6 | 66.1 | 46.0 | 59.9 | 39.9 | 37.1 | 58.6 | 127.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 100-for-1 split · 27 Mar 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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