G 
184
0.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.35bn
FY2015FY2024
Net income
−¥908.0m
FY2015FY2024
Free cash flow
−¥2.01bn
FY2015FY2024
Shareholders' equity
¥968.2m
FY2015FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.35bn | ¥1.50bn | ¥3.21bn | ¥601.0m | ¥985.4m | ¥412.7m | ¥854.2m | ¥815.7m | ¥724.3m | ¥464.2m |
| Research and development | ¥17.7m | — | — | — | — | — | — | — | — | — |
| Operating income | −¥447.8m | −¥296.4m | ¥437.9m | −¥297.9m | ¥26.3m | −¥273.3m | −¥250.8m | −¥260.9m | −¥399.8m | −¥426.8m |
| Net income | −¥908.0m | −¥230.4m | ¥320.4m | −¥186.1m | −¥131.1m | −¥432.4m | −¥283.0m | −¥361.1m | −¥404.8m | −¥471.0m |
| Diluted earnings per share | -33.70 | -9.20 | 12.14 | -9.77 | -6.98 | -25.14 | -17.16 | -22.76 | -25.53 | -30.09 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.37bn | ¥3.36bn | ¥3.02bn | ¥1.05bn | ¥1.09bn | ¥719.7m | ¥765.3m | ¥773.6m | ¥961.5m | ¥1.36bn |
| Cash and short-term investments | ¥807.1m | ¥1.35bn | ¥1.84bn | ¥288.9m | ¥825.4m | ¥96.1m | ¥93.5m | ¥154.6m | ¥558.1m | ¥405.8m |
| Total liabilities | ¥3.40bn | ¥1.73bn | ¥1.18bn | ¥966.8m | ¥785.8m | ¥607.3m | ¥571.3m | ¥572.5m | ¥504.1m | ¥488.4m |
| Debt | ¥1.35bn | ¥336.8m | ¥40.8m | ¥48.0m | — | — | — | — | — | ¥137.2m |
| Shareholders' equity | ¥968.2m | ¥1.63bn | ¥1.85bn | ¥80.8m | ¥299.6m | ¥112.5m | ¥193.9m | ¥201.1m | ¥457.4m | ¥869.4m |
| Shares outstanding | 27m | 25m | 26m | 19m | 19m | 17m | 16m | 16m | 16m | 16m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥298.9m | −¥130.9m | ¥546.2m | −¥595.9m | ¥381.9m | −¥158.8m | −¥248.7m | −¥348.5m | ¥370.6m | −¥1.16bn |
| Capital spending | −¥1.71bn | −¥194.9m | −¥271.1m | −¥51.2m | −¥4.6m | −¥134.0m | −¥160.4m | −¥168.5m | −¥90.1m | −¥73.8m |
| Free cash flow | −¥2.01bn | −¥325.7m | ¥275.0m | −¥647.1m | ¥377.3m | −¥292.8m | −¥409.1m | −¥517.0m | ¥280.5m | −¥1.23bn |
Latest quarters
By quarter end
| Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥837.7m | ¥670.9m | ¥473.2m | ¥559.0m | ¥589.2m | ¥697.6m | ¥505.1m | ¥515.8m |
| Operating income | ¥57.5m | −¥116.6m | −¥130.4m | −¥242.4m | −¥103.3m | ¥28.0m | −¥130.1m | −¥185.1m |
| Net income | −¥51.9m | −¥98.6m | −¥88.1m | −¥626.0m | −¥135.4m | −¥40.2m | −¥106.3m | −¥159.4m |
| Diluted earnings per share | -1.85 | -3.52 | -3.14 | -22.33 | -4.83 | -1.52 | -4.22 | -6.37 |
| Total assets | ¥3.97bn | ¥4.30bn | ¥3.99bn | ¥4.37bn | ¥3.75bn | ¥3.97bn | ¥3.38bn | ¥3.36bn |
| Cash and short-term investments | ¥688.8m | ¥638.9m | ¥651.7m | ¥807.1m | ¥1.42bn | ¥1.60bn | ¥1.21bn | ¥1.35bn |
| Debt | ¥1.36bn | ¥1.35bn | ¥1.29bn | ¥1.33bn | ¥276.6m | ¥298.5m | ¥308.7m | ¥321.2m |
| Shareholders' equity | ¥719.0m | ¥776.4m | ¥846.4m | ¥968.2m | ¥1.59bn | ¥1.81bn | ¥1.37bn | ¥1.63bn |
Financial ratios
Data as of 13 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -8.6% | -19.0% | -19.8% | 8.1% | -49.6% | 14.9% | — |
| Net margin | -20.6% | -38.6% | -15.4% | 10.0% | -31.0% | 22.1% | — |
| Return on equity | -119.5% | -93.8% | -18.9% | 17.3% | -230.3% | 72.5% | — |
| Return on assets | -14.6% | -20.8% | -9.2% | 10.6% | -17.8% | 20.0% | — |
| Free cash flow yield | 0.0% | 25.5% | 1.0% | 16.6% | -10.2% | 10.3% | — |
| Revenue growth | 10.1% | 17.7% | -37.7% | 433.8% | -39.0% | 138.8% | — |
| Earnings growth | -41.4% | 195.5% | -195.9% | -272.1% | -185.7% | -148.7% | — |
| Current ratio | 0.62x | 0.77x | 2.16x | 7.00x | 2.52x | 2.98x | — |
| Debt to equity | 3.27x | 1.39x | 0.18x | 0.02x | 0.68x | -0.39x | — |
| Equity ratio | 12.2% | 22.2% | 48.6% | 61.1% | 7.7% | 27.6% | — |
| Interest coverage | -5.81x | -24.04x | -59.50x | 1872.91x | -2012.60x | — | -98.28x |
| R&D as a share of sales | — | 0.8% | 2.8% | — | — | — | — |
| Buybacks as a share of market value | 0.0% | -0.0% | -11.9% | 7.7% | -42.3% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 57.6% | 41.6% | 13.1% |
| Operating income | 14.6% | 10.4% | 2.5% |
| Net income | 69.6% | 16.0% | 12.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -19.3% | -7.9% | -9.4% | -20.2% |
| Net margin | -29.6% | -13.1% | -17.3% | -26.7% |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.3 | -31.1 | 42.4 | -22.6 | -30.0 | -11.7 | -14.6 | -18.3 | -12.3 | -20.5 |
| Price to sales | 2.8 | 4.8 | 4.2 | 7.0 | 4.0 | 12.2 | 4.8 | 8.1 | 6.9 | 20.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 100-for-1 split · 26 Sept 2013
- 5-for-1 split · 27 Sept 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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