L 
119
+3.48%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.35bn
FY2019FY2026
Net income
−¥672.3m
FY2019FY2026
Free cash flow
−¥721.5m
FY2019FY2026
Shareholders' equity
¥465.5m
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.35bn | ¥1.36bn | ¥1.46bn | ¥1.61bn | ¥1.41bn | ¥1.42bn | ¥1.15bn | ¥1.15bn |
| Gross profit | ¥853.3m | ¥894.0m | ¥946.1m | ¥1.07bn | ¥929.4m | ¥1.10bn | ¥899.1m | ¥904.0m |
| Operating income | −¥667.2m | −¥458.0m | −¥223.4m | ¥85.8m | ¥65.5m | ¥246.9m | ¥236.3m | ¥236.3m |
| Net income | −¥672.3m | −¥548.2m | −¥200.7m | ¥102.2m | ¥49.0m | ¥183.3m | ¥292.0m | ¥292.0m |
| Diluted earnings per share | -48.38 | -39.73 | -14.60 | 7.47 | 3.70 | 13.19 | 21.01 | 22.06 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.29bn | ¥1.36bn | ¥1.85bn | ¥2.08bn | ¥1.77bn | ¥1.86bn | ¥1.64bn | — |
| Cash and short-term investments | ¥467.1m | ¥912.5m | ¥1.25bn | ¥1.40bn | ¥1.20bn | ¥1.41bn | ¥924.0m | — |
| Total liabilities | ¥822.6m | ¥245.9m | ¥187.8m | ¥240.1m | ¥303.0m | ¥444.1m | ¥408.5m | — |
| Debt | ¥557.7m | ¥13.3m | ¥23.3m | ¥52.1m | ¥103.5m | ¥134.4m | ¥193.9m | — |
| Shareholders' equity | ¥465.5m | ¥1.12bn | ¥1.66bn | ¥1.84bn | ¥1.47bn | ¥1.42bn | ¥1.23bn | — |
| Shares outstanding | 14m | 14m | 14m | 14m | 13m | 14m | 14m | 13m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥577.3m | −¥227.0m | ¥14.5m | ¥66.4m | −¥63.1m | ¥631.0m | ¥29.2m | — |
| Capital spending | −¥144.1m | −¥100.9m | −¥141.3m | −¥3.0m | −¥116.2m | −¥68.4m | −¥908,000 | — |
| Free cash flow | −¥721.5m | −¥327.9m | −¥126.7m | ¥63.4m | −¥179.3m | ¥562.6m | ¥28.3m | — |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥266.2m | ¥442.8m | ¥355.6m | ¥288.7m | ¥290.3m | ¥462.3m | ¥304.6m | ¥303.6m |
| Gross profit | ¥147.4m | ¥311.4m | ¥235.7m | ¥158.8m | ¥171.6m | ¥325.0m | ¥213.9m | ¥209.5m |
| Operating income | −¥202.4m | −¥69.4m | −¥178.0m | −¥217.4m | −¥178.0m | −¥414,000 | −¥130.3m | −¥149.2m |
| Net income | −¥205.6m | −¥78.5m | −¥170.9m | −¥217.2m | −¥296.0m | −¥1.2m | −¥101.1m | −¥149.9m |
| Diluted earnings per share | -14.80 | -5.65 | -12.30 | -15.74 | -21.45 | -0.09 | -7.32 | -10.91 |
| Total assets | ¥1.29bn | ¥1.51bn | ¥1.68bn | ¥1.29bn | ¥1.36bn | ¥1.60bn | ¥1.61bn | ¥1.72bn |
| Cash and short-term investments | ¥467.1m | ¥752.1m | ¥942.3m | ¥634.3m | ¥912.5m | ¥1.08bn | ¥1.03bn | ¥1.12bn |
| Debt | ¥155.3m | ¥157.8m | ¥652.2m | ¥62.0m | ¥10.0m | ¥10.0m | ¥18.3m | ¥10.0m |
| Shareholders' equity | ¥465.5m | ¥671.0m | ¥749.5m | ¥900.6m | ¥1.12bn | ¥1.41bn | ¥1.41bn | ¥1.51bn |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 63.1% | 65.7% | 64.6% | 66.5% | 65.8% | 77.2% |
| Operating margin | -49.3% | -33.7% | -15.3% | 5.3% | 4.6% | 17.4% |
| Net margin | -49.7% | -40.3% | -13.7% | 6.4% | 3.5% | 12.9% |
| Return on equity | -144.4% | -49.0% | -12.1% | 5.5% | 3.3% | 12.9% |
| Return on assets | -52.2% | -40.2% | -10.9% | 4.9% | 2.8% | 9.8% |
| Free cash flow yield | -25.1% | -7.4% | 9.1% | 4.1% | 3.2% | — |
| Revenue growth | -0.5% | -7.1% | -8.9% | 13.8% | -0.5% | 23.1% |
| Earnings growth | 22.6% | 173.1% | -296.5% | 108.5% | -73.3% | -37.2% |
| Current ratio | 1.65x | 4.53x | 8.36x | 7.88x | 7.06x | 5.22x |
| Debt to equity | 1.20x | 0.01x | 0.01x | 0.03x | 0.07x | 0.09x |
| Equity ratio | 36.1% | 82.0% | 89.8% | 88.5% | 82.9% | 76.1% |
| Interest coverage | -82.45x | -813.48x | -444.20x | 93.51x | 49.73x | 147.16x |
| Buybacks as a share of market value | -0.7% | -0.4% | -0.4% | -3.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.6% | -0.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 64.4% | 65.0% | 67.1% | — |
| Operating margin | -41.5% | -21.8% | -11.0% | — |
| Net margin | -45.0% | -22.8% | -12.6% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | -2.4 | -4.4 | -11.5 | 28.3 | 92.4 |
| Price to sales | 1.2 | 1.8 | 1.6 | 1.8 | 3.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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