S 
59
-13.24%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.31bn
FY2016FY2025
Net income
−¥4.78bn
FY2016FY2025
Free cash flow
−¥4.66bn
FY2016FY2025
Shareholders' equity
¥1.27bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.31bn | ¥2.45bn | ¥5.59bn | ¥10.01bn | ¥8.25bn | ¥2.99bn | ¥2.84bn | ¥3.84bn | ¥3.44bn | ¥2.37bn |
| Gross profit | ¥947.3m | ¥1.87bn | ¥4.41bn | ¥7.60bn | ¥5.80bn | ¥866.9m | ¥864.8m | ¥1.17bn | ¥1.03bn | ¥904.2m |
| Research and development | ¥3.30bn | ¥3.38bn | ¥2.64bn | ¥2.55bn | ¥1.74bn | ¥2.27bn | ¥2.44bn | ¥1.83bn | ¥3.02bn | ¥1.67bn |
| Operating income | −¥4.44bn | −¥3.88bn | −¥811.7m | ¥2.01bn | ¥1.02bn | −¥4.51bn | −¥4.36bn | −¥2.72bn | −¥3.96bn | −¥2.31bn |
| Net income | −¥4.78bn | −¥3.83bn | −¥1.96bn | ¥1.18bn | ¥2.03bn | −¥4.09bn | −¥4.38bn | −¥2.75bn | −¥3.98bn | −¥2.31bn |
| Diluted earnings per share | -95.12 | -83.63 | -48.31 | 29.85 | 50.05 | -107.12 | -158.08 | -133.49 | -278.07 | -192.39 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥3.87bn | ¥4.97bn | ¥8.17bn | ¥17.43bn | ¥15.18bn | ¥6.27bn | ¥5.27bn | ¥6.24bn | ¥4.25bn | ¥6.88bn |
| Cash and short-term investments | ¥2.88bn | ¥3.96bn | ¥6.52bn | ¥6.28bn | ¥3.86bn | ¥3.85bn | ¥3.91bn | ¥4.82bn | ¥2.96bn | ¥5.72bn |
| Total liabilities | ¥2.60bn | ¥770.8m | ¥8.14bn | ¥8.92bn | ¥8.43bn | ¥1.62bn | ¥873.8m | ¥1.34bn | ¥1.01bn | ¥1.39bn |
| Debt | ¥1.98bn | — | — | — | — | ¥192.7m | — | — | — | ¥450.0m |
| Shareholders' equity | ¥1.27bn | ¥4.20bn | ¥7.21bn | ¥8.51bn | ¥6.75bn | ¥4.66bn | ¥4.40bn | ¥4.90bn | ¥3.24bn | ¥5.48bn |
| Shares outstanding | 50m | 46m | 41m | 40m | 41m | 38m | 28m | 21m | 14m | 12m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥4.58bn | −¥3.42bn | −¥194.7m | ¥1.61bn | ¥140.0m | −¥4.12bn | −¥4.35bn | −¥2.32bn | −¥3.82bn | −¥1.96bn |
| Capital spending | −¥82.5m | −¥19.8m | −¥232.8m | −¥47.6m | −¥63.8m | −¥148.9m | −¥216.5m | −¥39.8m | −¥57.0m | −¥27.9m |
| Free cash flow | −¥4.66bn | −¥3.44bn | −¥427.5m | ¥1.57bn | ¥76.2m | −¥4.27bn | −¥4.57bn | −¥2.36bn | −¥3.87bn | −¥1.99bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥236.5m | ¥233.5m | ¥336.8m | ¥324.2m | ¥382.6m | ¥264.0m | ¥554.5m | ¥613.9m |
| Gross profit | ¥165.3m | ¥172.8m | ¥251.9m | ¥201.9m | ¥291.2m | ¥202.4m | ¥428.9m | ¥448.1m |
| Operating income | −¥1.29bn | −¥2.34bn | −¥1.10bn | −¥1.19bn | −¥984.9m | −¥1.17bn | −¥1.09bn | −¥1.07bn |
| Net income | −¥1.22bn | −¥2.40bn | −¥1.21bn | −¥1.20bn | −¥1.05bn | −¥1.32bn | −¥988.5m | −¥1.30bn |
| Diluted earnings per share | -15.96 | -31.46 | -24.11 | -23.83 | -20.87 | -26.32 | -21.56 | -28.44 |
| Total assets | ¥1.91bn | ¥2.95bn | ¥3.87bn | ¥4.58bn | ¥4.14bn | ¥4.67bn | ¥4.97bn | ¥6.07bn |
| Cash and short-term investments | ¥977.2m | ¥1.90bn | ¥2.88bn | ¥3.46bn | ¥3.05bn | ¥3.61bn | ¥3.96bn | ¥5.13bn |
| Debt | ¥832.5m | ¥927.5m | ¥1.98bn | ¥2.34bn | ¥1.30bn | ¥700.0m | — | — |
| Shareholders' equity | −¥582.8m | ¥231.7m | ¥1.27bn | ¥1.65bn | ¥2.36bn | ¥3.40bn | ¥4.20bn | ¥5.16bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 72.4% | 76.4% | 78.9% | 75.9% | 70.3% | 29.0% | — |
| Operating margin | -360.1% | -158.1% | -14.5% | 19.6% | 12.3% | -150.9% | — |
| Net margin | -365.3% | -156.3% | -35.1% | 11.8% | 24.6% | -136.9% | — |
| Return on equity | -375.5% | -91.3% | -27.2% | 13.9% | 30.1% | -87.8% | — |
| Return on assets | -123.5% | -77.2% | -24.0% | 6.8% | 13.4% | -65.2% | — |
| Free cash flow yield | -179.0% | -148.2% | 1.9% | 84.1% | 10.0% | -208.1% | — |
| Revenue growth | -46.7% | -56.1% | -44.1% | 21.3% | 176.3% | 5.3% | — |
| Earnings growth | 24.6% | 95.3% | -266.4% | -42.0% | -149.7% | -6.5% | — |
| Current ratio | 2.96x | 6.43x | 8.45x | 4.84x | 4.44x | 3.60x | — |
| Debt to equity | 1.56x | 0.00x | — | 0.00x | 0.00x | 0.04x | 0.00x |
| Equity ratio | 32.9% | 84.5% | 88.2% | 48.8% | 44.4% | 74.2% | — |
| Interest coverage | -31.51x | -194.38x | -70.57x | 42.81x | 539.85x | -167.51x | — |
| R&D as a share of sales | 252.2% | 137.8% | 47.2% | 25.5% | 21.0% | 75.9% | — |
| Buybacks as a share of market value | -9.5% | -12.8% | -2.8% | 2.7% | -6.3% | -37.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -49.3% | -15.2% | -3.8% |
| Operating income | — | -0.3% | 5.7% |
| Net income | — | 3.1% | 6.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 75.0% | 76.6% | 70.3% | 57.9% |
| Operating margin | -221.2% | -36.8% | -34.7% | -58.9% |
| Net margin | -228.9% | -48.5% | -37.4% | -61.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.9 | -2.4 | -5.1 | 21.5 | 22.9 | -3.5 | -3.8 | -5.7 | -3.1 | -5.1 |
| Price to sales | 3.5 | 3.7 | 1.8 | 2.5 | 5.6 | 4.8 | 5.9 | 4.1 | 3.6 | 5.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 4-to-1 reverse split · 26 Jun 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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