C 
514
+2.80%
Close of 9 Nov 2026, in JPY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in JPY, from our data supplier.
Revenue
¥231.0m
FY2020FY2025
Net income
−¥763.8m
FY2020FY2025
Free cash flow
−¥581.9m
FY2020FY2025
Shareholders' equity
¥2.76bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | ¥231.0m | ¥54.4m | ¥61.1m | ¥374.5m | ¥708.2m | ¥137.5m |
| Gross profit | ¥78.4m | ¥1.6m | −¥378,000 | ¥223.9m | ¥568.2m | ¥63.8m |
| Research and development | — | ¥469.6m | ¥375.6m | ¥303.7m | ¥266.5m | ¥242.6m |
| Operating income | −¥828.2m | −¥896.1m | −¥697.4m | −¥427.7m | ¥70.6m | −¥372.1m |
| Net income | −¥763.8m | −¥872.2m | −¥589.2m | −¥474.0m | ¥142.9m | −¥329.5m |
| Diluted earnings per share | -72.91 | -107.16 | -75.28 | -60.97 | 14.20 | -32.73 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | ¥4.27bn | ¥3.52bn | ¥4.21bn | ¥4.82bn | ¥2.65bn | ¥2.20bn |
| Cash and short-term investments | ¥3.73bn | ¥3.05bn | ¥3.87bn | ¥4.44bn | ¥2.41bn | ¥2.07bn |
| Total liabilities | ¥1.51bn | ¥975.6m | ¥1.01bn | ¥1.05bn | ¥746.1m | ¥646.8m |
| Debt | ¥1.31bn | ¥852.8m | ¥913.0m | ¥857.8m | ¥569.1m | ¥529.5m |
| Shareholders' equity | ¥2.76bn | ¥2.54bn | ¥3.20bn | ¥3.77bn | ¥1.90bn | ¥1.55bn |
| Shares outstanding | 10m | 8m | 8m | 8m | 10m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | −¥534.8m | −¥760.6m | −¥562.3m | −¥403.6m | ¥161.5m | −¥294.0m |
| Capital spending | −¥47.1m | −¥7.6m | −¥19.5m | −¥228.3m | — | −¥264,000 |
| Free cash flow | −¥581.9m | −¥768.2m | −¥581.8m | −¥631.9m | ¥161.5m | −¥294.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥75.8m | ¥28.5m | ¥169.0m | ¥32.5m | ¥5.2m | ¥24.2m | ¥28.1m | ¥8.3m |
| Gross profit | ¥44.7m | ¥20.1m | ¥79.0m | ¥1.5m | −¥8.1m | ¥13.7m | ¥1.2m | −¥10.1m |
| Operating income | −¥201.6m | −¥215.9m | −¥138.2m | −¥218.7m | −¥230.9m | −¥240.3m | −¥221.3m | −¥225.8m |
| Net income | −¥210.4m | −¥224.1m | −¥126.7m | −¥234.7m | −¥239.5m | −¥163.0m | −¥208.1m | −¥217.0m |
| Diluted earnings per share | -20.90 | -22.27 | -12.09 | -22.40 | -22.86 | -15.56 | -25.56 | -26.66 |
| Total assets | ¥3.93bn | ¥4.09bn | ¥4.27bn | ¥4.30bn | ¥3.23bn | ¥3.36bn | ¥3.52bn | ¥3.66bn |
| Cash and short-term investments | ¥3.39bn | ¥3.53bn | ¥3.73bn | ¥3.74bn | ¥2.70bn | ¥2.83bn | ¥3.05bn | ¥3.19bn |
| Debt | ¥1.23bn | ¥724.7m | ¥1.31bn | ¥474.7m | ¥766.0m | ¥498.0m | ¥525.8m | ¥468.0m |
| Shareholders' equity | ¥2.62bn | ¥2.75bn | ¥2.76bn | ¥2.86bn | ¥2.33bn | ¥2.39bn | ¥2.54bn | ¥2.73bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 33.9% | 2.9% | -0.6% | 59.8% | 80.2% | 46.4% |
| Operating margin | -358.5% | -1645.9% | -1141.2% | -113.5% | 10.0% | -270.7% |
| Net margin | -330.7% | -1602.0% | -964.1% | -126.6% | 20.2% | -239.7% |
| Return on equity | -27.7% | -34.3% | -18.4% | -12.6% | 7.5% | -21.3% |
| Return on assets | -17.9% | -24.8% | -14.0% | -9.8% | 5.4% | -15.0% |
| Free cash flow yield | -7.5% | -14.9% | -11.2% | -3.6% | — | — |
| Revenue growth | 324.3% | -10.9% | -83.7% | -47.1% | 415.1% | — |
| Earnings growth | -12.4% | 48.0% | 24.3% | -431.7% | -143.4% | — |
| Current ratio | 4.54x | 5.00x | 5.98x | 6.69x | 6.62x | 10.41x |
| Debt to equity | 0.48x | 0.34x | 0.29x | 0.23x | 0.30x | 0.34x |
| Equity ratio | 64.6% | 72.3% | 76.0% | 78.3% | 71.8% | 70.6% |
| Interest coverage | -58.00x | -94.19x | -71.36x | -57.01x | 13.48x | -62.71x |
| R&D as a share of sales | — | 862.4% | 614.6% | 81.1% | 37.6% | 176.5% |
| Buybacks as a share of market value | -28.7% | -4.0% | -0.7% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.9% | 10.9% | — |
| Operating income | 24.6% | 17.4% | — |
| Net income | 17.2% | 18.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 28.0% | 42.1% | 59.7% | — |
| Operating margin | -604.1% | -395.2% | -201.1% | — |
| Net margin | -573.2% | -374.4% | -184.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -8.1 | -4.2 | -10.1 | -21.3 |
| Price to sales | 26.8 | 67.6 | 97.6 | 27.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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