S 
116
+4.50%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
—
FY2017FY2026
Net income
−¥1.85bn
FY2017FY2026
Free cash flow
−¥1.62bn
FY2017FY2026
Shareholders' equity
¥5.71bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | ¥2.35bn | ¥1.40bn | ¥2.10bn | ¥100.0m | ¥200.0m | ¥300.0m |
| Gross profit | −¥38.4m | −¥49.5m | −¥44.3m | ¥2.30bn | ¥1.40bn | ¥2.10bn | ¥100.0m | ¥200.0m | ¥300.0m |
| Research and development | ¥1.50bn | ¥1.37bn | ¥1.44bn | ¥1.55bn | ¥1.51bn | ¥1.36bn | ¥639.7m | ¥452.8m | ¥348.6m |
| Operating income | −¥2.00bn | −¥1.97bn | −¥2.08bn | ¥142.4m | −¥593.7m | ¥415.7m | −¥726.9m | −¥375.1m | −¥160.8m |
| Net income | −¥1.85bn | −¥1.93bn | −¥2.02bn | ¥168.3m | −¥582.4m | ¥347.8m | −¥721.2m | −¥323.8m | −¥123.9m |
| Diluted earnings per share | -29.76 | -31.05 | -32.87 | 2.76 | -9.88 | 6.10 | -13.92 | -5.21 | -1.99 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.91bn | ¥7.52bn | ¥9.09bn | ¥10.72bn | ¥10.93bn | ¥11.29bn | ¥2.69bn | ¥1.92bn | ¥1.04bn |
| Cash and short-term investments | ¥5.38bn | ¥6.99bn | ¥8.41bn | ¥10.22bn | ¥10.17bn | ¥10.68bn | ¥2.50bn | ¥1.84bn | ¥904.3m |
| Total liabilities | ¥196.0m | ¥210.3m | ¥194.1m | ¥348.5m | ¥231.1m | ¥439.4m | ¥92.0m | ¥52.6m | ¥52.4m |
| Debt | — | — | — | ¥531,000 | ¥6.7m | ¥9.7m | ¥12.6m | — | — |
| Shareholders' equity | ¥5.71bn | ¥7.31bn | ¥8.89bn | ¥10.37bn | ¥10.70bn | ¥10.85bn | ¥2.60bn | ¥1.87bn | ¥991.2m |
| Shares outstanding | 62m | 62m | 62m | 61m | 59m | 57m | 52m | 62m | 62m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.61bn | −¥1.41bn | −¥1.88bn | ¥1.14bn | −¥519.6m | ¥575.4m | −¥777.8m | −¥261.0m | −¥285.3m |
| Capital spending | −¥7.6m | −¥43.3m | −¥2.4m | −¥350,000 | −¥89.1m | −¥153.0m | −¥4.6m | −¥5.0m | −¥5.0m |
| Free cash flow | −¥1.62bn | −¥1.46bn | −¥1.88bn | ¥1.13bn | −¥608.7m | ¥422.4m | −¥782.4m | −¥266.0m | −¥290.3m |
| Dividends paid | — | — | — | −¥3.1m | — | — | — | — | — |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | −¥6.8m | −¥7.1m | −¥11.3m | −¥13.2m | −¥13.5m | −¥13.4m | −¥11.3m | −¥11.3m |
| Operating income | −¥514.5m | −¥491.4m | −¥451.0m | −¥542.0m | −¥459.8m | −¥445.7m | −¥492.9m | −¥573.2m |
| Net income | −¥442.8m | −¥480.0m | −¥400.9m | −¥527.7m | −¥460.0m | −¥420.7m | −¥488.3m | −¥560.4m |
| Diluted earnings per share | -7.12 | -7.72 | -6.44 | -8.49 | -7.40 | -6.77 | -7.86 | -9.11 |
| Total assets | ¥5.91bn | ¥6.36bn | ¥6.81bn | ¥7.08bn | ¥7.52bn | ¥7.94bn | ¥8.37bn | ¥8.67bn |
| Cash and short-term investments | ¥5.38bn | ¥5.71bn | ¥6.20bn | ¥6.39bn | ¥6.99bn | ¥7.25bn | ¥7.66bn | ¥8.02bn |
| Shareholders' equity | ¥5.71bn | ¥6.13bn | ¥6.57bn | ¥6.82bn | ¥7.31bn | ¥7.75bn | ¥8.16bn | ¥8.40bn |
Financial ratios
Data as of 28 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | 98.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | — | — | — | 6.1% | -8620.7% | -42.4% | 19.8% | -726.9% | -187.6% |
| Net margin | — | — | — | 7.2% | -8479.7% | -41.6% | 16.6% | -721.2% | -161.9% |
| Return on equity | -32.4% | -26.4% | -22.7% | 1.6% | -20.7% | -5.4% | — | — | — |
| Return on assets | -31.3% | -25.6% | -22.2% | 1.6% | -20.3% | -5.3% | — | — | — |
| Free cash flow yield | -14.9% | -12.8% | -17.7% | 10.8% | -13.6% | -4.2% | — | — | — |
| Revenue growth | — | — | — | 10128.1% | -98.4% | -33.3% | 2000.0% | -50.0% | -33.3% |
| Earnings growth | -4.0% | -4.6% | -1301.2% | -108.6% | 234.5% | -267.5% | — | — | — |
| Current ratio | 70.97x | 83.35x | 131.47x | 47.99x | 128.96x | 119.80x | — | — | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | — |
| Equity ratio | 96.7% | 97.2% | 97.9% | 96.7% | 97.8% | 97.9% | — | — | — |
| Interest coverage | — | — | -2076083.00x | 2455.03x | -14147.77x | -2711.09x | 1404.44x | -2390.99x | — |
| R&D as a share of sales | — | — | — | 66.0% | 6114.9% | 108.1% | 64.6% | 639.7% | 226.4% |
| Buybacks as a share of market value | -0.1% | -1.0% | -0.9% | -2.4% | -1.1% | -3.4% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | — | 27.5% | — |
| Net income | — | 26.0% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.2 | -8.5 | -9.6 | 209.3 | -27.5 | -89.2 | 105.1 | -66.1 |
| Price to sales | — | — | — | 15.0 | — | 37.1 | 17.4 | 476.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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