R 
108
+1.89%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.23bn
FY2017FY2026
Net income
−¥591.7m
FY2017FY2026
Free cash flow
−¥481.7m
FY2017FY2026
Shareholders' equity
¥8.85bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.23bn | ¥2.98bn | ¥2.43bn | ¥2.95bn | ¥2.23bn | ¥1.29bn | ¥1.20bn | ¥1.09bn | ¥926.3m | ¥1.26bn |
| Gross profit | ¥1.01bn | ¥1.63bn | ¥1.10bn | ¥1.13bn | ¥785.4m | ¥456.1m | ¥433.3m | ¥461.9m | ¥146.7m | ¥342.5m |
| Research and development | ¥627.2m | ¥536.8m | ¥385.0m | ¥501.5m | ¥535.3m | ¥662.0m | ¥454.8m | ¥273.2m | ¥191.6m | ¥276.4m |
| Operating income | −¥860.1m | −¥130.4m | −¥409.3m | −¥356.2m | −¥647.1m | −¥1.05bn | −¥908.9m | −¥781.1m | −¥1.03bn | −¥944.3m |
| Net income | −¥591.7m | ¥103.2m | −¥31.4m | −¥305.3m | −¥575.1m | −¥812.6m | −¥1.02bn | −¥601.4m | −¥2.17bn | −¥911.7m |
| Diluted earnings per share | -6.18 | 1.09 | -0.33 | -3.59 | -6.77 | -10.47 | -14.23 | -8.42 | -30.56 | -14.26 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥9.65bn | ¥9.67bn | ¥9.05bn | ¥8.36bn | ¥8.10bn | ¥6.05bn | ¥6.55bn | ¥7.49bn | ¥6.60bn | ¥7.85bn |
| Cash and short-term investments | ¥6.51bn | ¥3.94bn | ¥6.57bn | ¥6.38bn | ¥4.64bn | ¥4.60bn | ¥5.19bn | ¥5.71bn | ¥5.58bn | ¥5.42bn |
| Total liabilities | ¥805.6m | ¥685.8m | ¥741.0m | ¥780.6m | ¥844.5m | ¥656.4m | ¥494.9m | ¥418.8m | ¥349.4m | ¥485.6m |
| Debt | — | — | ¥27.2m | ¥107.8m | ¥80.0m | ¥80.0m | ¥80.0m | ¥80.0m | ¥82.5m | ¥85.7m |
| Shareholders' equity | ¥8.85bn | ¥8.98bn | ¥8.31bn | ¥7.58bn | ¥7.25bn | ¥5.38bn | ¥6.05bn | ¥7.07bn | ¥6.25bn | ¥7.37bn |
| Shares outstanding | 96m | 95m | 94m | 85m | 85m | 78m | 71m | 71m | 71m | 64m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥383.5m | ¥6.3m | −¥11.5m | −¥140.5m | −¥246.2m | −¥648.9m | −¥689.8m | −¥554.8m | −¥636.7m | −¥775.0m |
| Capital spending | −¥98.2m | −¥86.7m | −¥171.4m | −¥150.4m | −¥43.4m | −¥59.9m | −¥120.1m | −¥91.9m | −¥43.4m | −¥65.5m |
| Free cash flow | −¥481.7m | −¥80.4m | −¥182.9m | −¥290.9m | −¥289.6m | −¥708.7m | −¥809.9m | −¥646.8m | −¥680.1m | −¥840.6m |
| Dividends paid | — | — | — | — | −¥80.0m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥546.7m | ¥623.7m | ¥635.7m | ¥498.2m | ¥475.8m | ¥909.8m | ¥748.4m | ¥700.6m |
| Gross profit | ¥244.4m | ¥300.9m | ¥326.1m | ¥191.8m | ¥193.8m | ¥528.9m | ¥412.2m | ¥377.9m |
| Operating income | −¥310.9m | −¥183.8m | −¥129.6m | −¥255.6m | −¥291.1m | ¥49.8m | −¥31.1m | −¥33.4m |
| Net income | −¥149.5m | −¥132.8m | ¥27.4m | −¥182.0m | −¥304.3m | ¥134.3m | ¥73.2m | −¥29.0m |
| Diluted earnings per share | -1.56 | -1.39 | 0.29 | -1.92 | -3.21 | 1.42 | 0.78 | -0.31 |
| Total assets | ¥9.80bn | ¥9.65bn | ¥10.41bn | ¥9.36bn | ¥9.25bn | ¥9.67bn | ¥11.23bn | ¥9.42bn |
| Cash and short-term investments | ¥5.62bn | ¥6.51bn | ¥6.85bn | ¥5.75bn | ¥4.72bn | ¥3.94bn | ¥4.43bn | ¥5.17bn |
| Shareholders' equity | ¥9.07bn | ¥8.85bn | ¥8.79bn | ¥8.68bn | ¥8.66bn | ¥8.98bn | ¥8.89bn | ¥8.74bn |
Financial ratios
Data as of 30 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 45.3% | 54.7% | 45.5% | 38.2% | 35.1% | 35.5% | — | — | — |
| Operating margin | -38.5% | -4.4% | -16.9% | -12.1% | -29.0% | -81.5% | — | — | — |
| Net margin | -26.5% | 3.5% | -1.3% | -10.3% | -25.7% | -63.2% | — | — | — |
| Return on equity | -6.7% | 1.1% | -0.4% | -4.0% | -7.9% | -15.1% | — | — | — |
| Return on assets | -6.1% | 1.1% | -0.3% | -3.7% | -7.1% | -13.4% | — | — | — |
| Free cash flow yield | -2.1% | 0.7% | 1.2% | 0.1% | -1.7% | -5.3% | — | — | — |
| Revenue growth | -25.0% | 22.7% | -17.8% | 32.2% | 73.7% | 7.2% | — | — | — |
| Earnings growth | -673.1% | -428.6% | -89.7% | -46.9% | -29.2% | -20.1% | — | — | — |
| Current ratio | 11.87x | 7.64x | 10.91x | 9.58x | 6.50x | 9.48x | — | — | — |
| Debt to equity | — | — | 0.00x | 0.01x | 0.01x | 0.03x | 0.01x | 0.01x | — |
| Equity ratio | 91.7% | 92.9% | 91.8% | 90.7% | 89.6% | 89.0% | — | — | — |
| Interest coverage | — | — | — | -4452.80x | -1892.18x | -3285.41x | -2705.17x | -1212.92x | -1033.01x |
| R&D as a share of sales | 28.1% | 18.0% | 15.9% | 17.0% | 24.0% | 51.5% | — | — | — |
| Buybacks as a share of market value | -1.0% | -0.5% | -10.8% | -0.2% | -9.4% | -8.7% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.9% | 11.7% | 7.7% |
| Operating income | 34.2% | -3.9% | -1.7% |
| Net income | 24.7% | -6.1% | -11.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 50.7% | 46.0% | 43.3% | 39.4% |
| Operating margin | -19.0% | -16.6% | -24.5% | -41.4% |
| Net margin | -9.4% | -7.8% | -15.7% | -45.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -18.8 | 128.4 | -311.9 | -48.8 | -44.7 | -22.6 | -28.9 | -25.1 | -6.3 | -22.3 |
| Price to sales | 5.0 | 4.5 | 4.0 | 5.0 | 11.5 | 14.2 | 24.5 | 13.8 | 14.7 | 16.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 5-for-1 split · 28 Aug 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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