R 
650
+13.44%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.98bn
FY2016FY2025
Net income
¥273.1m
FY2016FY2025
Free cash flow
−¥424.0m
FY2016FY2025
Shareholders' equity
¥6.90bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.98bn | ¥3.11bn | ¥1.90bn | ¥2.92bn | ¥2.78bn | ¥1.11bn | ¥1.70bn | ¥744.5m | ¥1.42bn | ¥705.2m |
| Gross profit | ¥3.27bn | ¥2.48bn | ¥1.66bn | ¥2.69bn | ¥2.46bn | ¥969.3m | ¥1.44bn | ¥655.1m | ¥1.27bn | ¥587.6m |
| Research and development | ¥1.60bn | ¥1.70bn | ¥1.37bn | ¥1.25bn | ¥1.13bn | ¥932.5m | ¥864.3m | ¥1.07bn | ¥848.5m | ¥796.2m |
| Operating income | ¥483.7m | −¥322.0m | −¥337.4m | ¥866.2m | ¥707.9m | −¥486.1m | −¥25.8m | −¥1.08bn | −¥150.4m | −¥759.9m |
| Net income | ¥273.1m | −¥495.0m | −¥323.7m | ¥723.4m | ¥755.8m | −¥607.0m | ¥5.3m | −¥1.10bn | −¥58.1m | −¥728.1m |
| Diluted earnings per share | 11.56 | -22.85 | -14.97 | 34.45 | 36.05 | -28.97 | 0.26 | -54.18 | -2.86 | -38.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥10.51bn | ¥9.66bn | ¥6.93bn | ¥6.26bn | ¥5.23bn | ¥4.25bn | ¥4.84bn | ¥4.05bn | ¥5.06bn | ¥4.02bn |
| Cash and short-term investments | ¥3.24bn | ¥3.34bn | ¥3.76bn | ¥3.93bn | ¥2.66bn | ¥2.11bn | ¥2.20bn | ¥1.84bn | ¥2.60bn | ¥1.44bn |
| Total liabilities | ¥3.62bn | ¥4.08bn | ¥809.8m | ¥760.7m | ¥446.2m | ¥240.1m | ¥215.9m | ¥195.2m | ¥176.2m | ¥231.3m |
| Debt | ¥2.90bn | ¥3.45bn | ¥432.0m | ¥222.3m | ¥39.1m | ¥45.5m | ¥2.4m | ¥3.1m | — | — |
| Shareholders' equity | ¥6.90bn | ¥5.57bn | ¥6.12bn | ¥5.50bn | ¥4.79bn | ¥4.01bn | ¥4.62bn | ¥3.86bn | ¥4.89bn | ¥3.79bn |
| Shares outstanding | 24m | 22m | 22m | 21m | 21m | 21m | 21m | 20m | 20m | 19m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥356.6m | ¥180.9m | −¥718.6m | ¥1.48bn | ¥366.0m | −¥289.2m | −¥530.8m | −¥404.0m | −¥307.4m | −¥680.9m |
| Capital spending | −¥67.4m | −¥96.7m | −¥222.2m | −¥31.9m | −¥105.4m | −¥156.3m | −¥94.4m | −¥221.1m | −¥88.4m | −¥37.2m |
| Free cash flow | −¥424.0m | ¥84.2m | −¥940.8m | ¥1.45bn | ¥260.6m | −¥445.6m | −¥625.2m | −¥625.1m | −¥395.9m | −¥718.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥653.6m | ¥802.0m | ¥1.67bn | ¥775.1m | ¥570.6m | ¥965.4m | ¥738.1m | ¥958.4m |
| Gross profit | ¥494.6m | ¥551.3m | ¥1.50bn | ¥548.5m | ¥335.3m | ¥672.6m | ¥509.2m | ¥788.5m |
| Operating income | −¥178.3m | −¥160.2m | ¥828.5m | −¥154.6m | −¥283.3m | ¥93.1m | −¥186.2m | ¥127.0m |
| Net income | −¥240.9m | −¥225.7m | ¥842.1m | −¥214.2m | −¥349.5m | −¥5.2m | −¥155.1m | −¥16.0m |
| Diluted earnings per share | -9.26 | -8.67 | 35.65 | -9.07 | -14.80 | -0.22 | -7.16 | -0.74 |
| Cash from operations | ¥355.0m | ¥256.0m | −¥182.0m | ¥70.0m | ¥57.0m | −¥301.0m | −¥48.0m | ¥358.0m |
| Capital spending | −¥12.0m | −¥10.0m | −¥3.0m | −¥14.0m | −¥37.0m | −¥11.0m | — | −¥63.0m |
| Free cash flow | ¥343.0m | ¥246.0m | −¥185.0m | ¥56.0m | ¥20.0m | −¥312.0m | — | ¥295.0m |
| Total assets | ¥11.01bn | ¥11.39bn | ¥10.51bn | ¥9.52bn | ¥9.94bn | ¥9.51bn | ¥9.66bn | ¥9.75bn |
| Cash and short-term investments | ¥4.70bn | ¥4.49bn | ¥3.24bn | ¥3.54bn | ¥3.62bn | ¥2.76bn | ¥3.34bn | ¥3.20bn |
| Debt | ¥2.49bn | ¥598.3m | ¥2.73bn | ¥589.1m | ¥2.98bn | ¥590.3m | ¥582.3m | ¥582.6m |
| Shareholders' equity | ¥7.83bn | ¥8.09bn | ¥6.90bn | ¥6.04bn | ¥6.29bn | ¥5.50bn | ¥5.57bn | ¥5.63bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 82.1% | 79.9% | 87.1% | 92.1% | 88.4% | 87.5% |
| Operating margin | 12.2% | -10.4% | -17.7% | 29.7% | 25.5% | -43.9% |
| Net margin | 6.9% | -15.9% | -17.0% | 24.8% | 27.2% | -54.8% |
| Return on equity | 4.0% | -8.9% | -5.3% | 13.2% | 15.8% | -15.1% |
| Return on assets | 2.6% | -5.1% | -4.7% | 11.6% | 14.4% | -14.3% |
| Free cash flow yield | -2.0% | 2.1% | -3.8% | 11.9% | 3.7% | -1.0% |
| Revenue growth | 28.1% | 63.5% | -34.8% | 5.1% | 150.7% | -35.0% |
| Earnings growth | -155.2% | 52.9% | -144.7% | -4.3% | -224.5% | -11460.4% |
| Current ratio | 4.46x | 3.82x | 12.73x | 9.77x | 10.00x | 15.18x |
| Debt to equity | 0.40x | 0.58x | 0.03x | 0.01x | 0.00x | 0.00x |
| Equity ratio | 65.6% | 57.7% | 88.3% | 87.8% | 91.5% | 94.4% |
| Interest coverage | 8.19x | -1.75x | -50.50x | 144.49x | 486.84x | -1114.86x |
| R&D as a share of sales | 40.2% | 54.8% | 72.2% | 42.8% | 40.6% | 84.2% |
| Buybacks as a share of market value | -9.0% | -0.2% | -3.0% | -0.2% | -0.1% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.9% | 29.2% | 39.2% |
| Operating income | -17.7% | — | — |
| Net income | -27.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 81.1% | 84.8% | 85.6% | 85.6% |
| Operating margin | 2.3% | 5.8% | 5.8% | -14.5% |
| Net margin | -3.1% | 1.5% | 2.1% | -16.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 87.4 | -16.8 | -46.0 | 35.8 | 32.6 | -34.5 | — | -19.9 | -822.0 | -10.4 |
| Price to sales | 6.0 | 2.7 | 7.8 | 8.9 | 8.9 | 18.9 | 16.5 | 29.5 | 33.7 | 10.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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