K 
140
+2.19%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥6.59bn
FY2017FY2026
Net income
−¥414.0m
FY2017FY2026
Free cash flow
−¥1.11bn
FY2017FY2026
Shareholders' equity
¥1.65bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.59bn | ¥5.08bn | ¥2.43bn | ¥2.78bn | ¥1.57bn | ¥996.5m | ¥1.08bn | ¥1.02bn | ¥1.06bn | ¥1.09bn |
| Research and development | ¥1.12bn | ¥767.9m | ¥1.45bn | ¥1.22bn | ¥903.1m | ¥963.9m | ¥898.0m | ¥945.2m | ¥1.11bn | ¥1.43bn |
| Operating income | −¥358.7m | ¥115.4m | −¥1.38bn | −¥619.6m | −¥651.1m | −¥979.5m | −¥7.31bn | −¥805.2m | −¥913.5m | −¥1.23bn |
| Net income | −¥414.0m | −¥21.1m | −¥1.42bn | −¥657.4m | −¥550.9m | −¥1.00bn | −¥7.32bn | −¥856.3m | −¥904.6m | −¥1.22bn |
| Diluted earnings per share | -8.16 | -0.43 | -34.97 | -17.61 | -17.40 | -31.86 | -251.77 | -30.97 | -46.08 | -64.38 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥6.09bn | ¥7.01bn | ¥5.09bn | ¥3.89bn | ¥3.47bn | ¥3.93bn | ¥3.59bn | ¥3.15bn | ¥3.03bn | ¥3.71bn |
| Cash and short-term investments | ¥3.29bn | ¥3.00bn | ¥2.23bn | ¥1.07bn | ¥1.16bn | ¥1.46bn | ¥2.03bn | ¥2.01bn | ¥1.89bn | ¥2.38bn |
| Total liabilities | ¥4.43bn | ¥5.60bn | ¥4.25bn | ¥2.66bn | ¥1.77bn | ¥2.32bn | ¥2.10bn | ¥420.1m | ¥421.1m | ¥206.0m |
| Debt | ¥2.55bn | ¥1.84bn | ¥2.58bn | ¥1.95bn | ¥700.0m | ¥1.10bn | ¥1.23bn | — | — | — |
| Shareholders' equity | ¥1.65bn | ¥1.41bn | ¥831.5m | ¥1.23bn | ¥1.70bn | ¥1.61bn | ¥1.49bn | ¥2.73bn | ¥2.60bn | ¥3.50bn |
| Shares outstanding | 51m | 50m | 41m | 37m | 32m | 31m | 29m | 28m | 20m | 19m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.09bn | ¥936.7m | −¥453.6m | −¥1.42bn | −¥1.17bn | −¥1.27bn | −¥1.3m | −¥860.3m | −¥438.4m | −¥1.76bn |
| Capital spending | −¥17.6m | −¥6.4m | −¥453.6m | −¥1.42bn | −¥160,000 | −¥3.3m | −¥1.9m | −¥1.0m | −¥252,000 | −¥252,000 |
| Free cash flow | −¥1.11bn | ¥930.3m | −¥907.3m | −¥2.84bn | −¥1.17bn | −¥1.27bn | −¥3.3m | −¥861.3m | −¥438.6m | −¥1.76bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.27bn | ¥1.57bn | ¥1.74bn | ¥1.56bn | ¥1.72bn | ¥2.05bn | ¥1.29bn | ¥1.27bn |
| Operating income | ¥216.5m | −¥222.6m | −¥131.3m | ¥30.7m | ¥184.7m | ¥165.8m | ¥124.6m | −¥103.6m |
| Net income | ¥197.9m | −¥271.2m | −¥203.4m | −¥96.5m | ¥157.1m | ¥166.6m | ¥54.0m | −¥65.1m |
| Diluted earnings per share | 3.90 | -5.34 | -4.10 | -1.95 | 3.17 | 3.36 | 1.33 | -1.60 |
| Total assets | ¥6.13bn | ¥6.09bn | ¥6.32bn | ¥5.82bn | ¥6.58bn | ¥7.01bn | ¥4.57bn | ¥4.65bn |
| Cash and short-term investments | ¥3.23bn | ¥3.29bn | ¥3.78bn | ¥1.54bn | ¥2.84bn | ¥3.00bn | ¥1.32bn | ¥1.70bn |
| Debt | ¥425.0m | ¥2.55bn | ¥300.0m | ¥1.13bn | ¥657.0m | ¥1.84bn | ¥547.0m | ¥2.13bn |
| Shareholders' equity | ¥1.84bn | ¥1.65bn | ¥1.93bn | ¥2.19bn | ¥2.05bn | ¥1.41bn | ¥1.05bn | ¥857.2m |
Financial ratios
Data as of 2 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | -5.4% | 2.3% | -56.7% | -22.3% | -41.5% | -98.3% |
| Net margin | -6.3% | -0.4% | -58.5% | -23.7% | -35.1% | -100.5% |
| Return on equity | -25.0% | -1.5% | -171.0% | -53.3% | -32.3% | -62.2% |
| Return on assets | -6.8% | -0.3% | -28.0% | -16.9% | -15.9% | -25.5% |
| Free cash flow yield | -13.1% | 11.7% | 0.0% | 0.0% | -22.8% | -24.8% |
| Revenue growth | 29.7% | 109.0% | -12.4% | 76.9% | 57.5% | -7.5% |
| Earnings growth | 1858.3% | -98.5% | 116.3% | 19.3% | -45.0% | -86.3% |
| Current ratio | 2.72x | 1.55x | 2.07x | 3.50x | 2.97x | 3.00x |
| Debt to equity | 1.54x | 1.30x | 3.10x | 1.58x | 0.41x | 0.68x |
| Equity ratio | 27.2% | 20.1% | 16.3% | 31.7% | 49.1% | 40.9% |
| Interest coverage | -7.31x | 2.71x | -35.57x | -17.79x | -42.12x | -62.44x |
| R&D as a share of sales | 17.0% | 15.1% | 59.8% | 43.8% | 57.5% | 96.7% |
| Buybacks as a share of market value | -2.3% | -22.0% | -8.9% | -17.9% | -0.7% | -8.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 33.4% | 45.9% | 19.0% |
| Operating income | -16.7% | -18.2% | -7.9% |
| Net income | -14.3% | -16.2% | -6.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -2.1% | -13.3% | -19.9% | -60.2% |
| Net margin | -3.7% | -14.9% | -20.9% | -61.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -17.9 | -476.3 | -3.1 | -7.6 | -15.3 | -15.5 | -2.0 | -33.0 | -17.0 | -21.6 |
| Price to sales | 1.1 | 2.0 | 1.8 | 1.8 | 5.4 | 15.6 | 13.4 | 27.7 | 14.5 | 24.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 27 Jun 2018
- 2-for-1 split · 28 Sept 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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