M 
55
-8.33%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥7.80bn
FY2020FY2025
Net income
−¥337.2m
FY2020FY2025
Free cash flow
−¥274.7m
FY2020FY2025
Shareholders' equity
¥701.4m
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | ¥7.80bn | ¥10.00bn | ¥13.35bn | ¥14.27bn | ¥9.35bn | ¥7.42bn |
| Gross profit | ¥3.15bn | ¥1.43bn | ¥3.34bn | ¥4.94bn | ¥2.93bn | ¥2.15bn |
| Research and development | — | ¥36,000 | ¥88,000 | ¥396,000 | ¥1.8m | — |
| Operating income | ¥532.2m | −¥5.92bn | −¥2.86bn | −¥675.7m | −¥1.31bn | −¥884.3m |
| Net income | −¥337.2m | −¥9.95bn | −¥2.36bn | −¥674.8m | −¥3.05bn | −¥1.27bn |
| Diluted earnings per share | -6.09 | -253.92 | -68.63 | -20.14 | -91.14 | -19.71 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | ¥9.25bn | ¥7.59bn | ¥14.46bn | ¥12.98bn | ¥9.91bn | ¥9.67bn |
| Cash and short-term investments | ¥3.96bn | ¥1.55bn | ¥1.78bn | ¥2.72bn | ¥4.24bn | ¥4.04bn |
| Total liabilities | ¥8.60bn | ¥12.37bn | ¥10.76bn | ¥8.89bn | ¥6.60bn | ¥6.51bn |
| Debt | ¥6.17bn | ¥9.57bn | ¥7.08bn | ¥4.87bn | ¥3.62bn | ¥4.11bn |
| Shareholders' equity | ¥701.4m | −¥4.74bn | ¥3.71bn | ¥4.58bn | ¥3.75bn | ¥3.16bn |
| Shares outstanding | 55m | 39m | 34m | 34m | 34m | 65m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | −¥252.4m | −¥3.09bn | −¥3.52bn | −¥1.54bn | −¥921.6m | −¥594.0m |
| Capital spending | −¥22.4m | −¥44.2m | −¥121.1m | −¥291.2m | −¥204.1m | −¥104.7m |
| Free cash flow | −¥274.7m | −¥3.13bn | −¥3.64bn | −¥1.84bn | −¥1.13bn | −¥698.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.96bn | ¥1.95bn | ¥1.96bn | ¥2.05bn | ¥1.88bn | ¥1.90bn | ¥2.06bn | ¥2.22bn |
| Gross profit | ¥618.7m | ¥715.4m | ¥718.1m | ¥1.01bn | ¥688.2m | ¥735.6m | ¥612.1m | ¥265.6m |
| Operating income | −¥94.5m | ¥49.8m | ¥2.1m | ¥456.5m | ¥4.4m | ¥69.2m | −¥1.89bn | −¥1.04bn |
| Net income | −¥3.0m | ¥55.2m | −¥637.7m | ¥553.9m | −¥115.5m | −¥137.8m | −¥2.21bn | −¥1.84bn |
| Diluted earnings per share | -0.05 | 0.85 | -11.51 | 10.00 | -2.09 | -2.49 | -56.47 | -47.00 |
| Cash from operations | ¥62.0m | ¥139.0m | −¥95.0m | −¥7.0m | ¥165.0m | −¥315.0m | ¥104.0m | −¥647.0m |
| Capital spending | −¥40.0m | −¥38.0m | −¥16.0m | −¥4.0m | — | — | −¥17.0m | −¥2.0m |
| Free cash flow | ¥22.0m | ¥101.0m | −¥111.0m | −¥11.0m | — | — | ¥87.0m | −¥649.0m |
| Total assets | ¥8.91bn | ¥9.21bn | ¥9.25bn | ¥9.96bn | ¥9.72bn | ¥7.80bn | ¥7.59bn | ¥9.36bn |
| Cash and short-term investments | ¥3.67bn | ¥3.97bn | ¥3.96bn | ¥4.07bn | ¥4.13bn | ¥1.92bn | ¥1.55bn | ¥1.29bn |
| Debt | ¥5.82bn | ¥342.3m | ¥6.00bn | ¥131.3m | ¥5.97bn | ¥4.66bn | ¥3.49bn | ¥8.67bn |
| Shareholders' equity | ¥660.7m | ¥747.2m | ¥701.4m | ¥1.55bn | ¥1.28bn | −¥726.8m | −¥4.74bn | −¥2.98bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 40.4% | 14.2% | 25.0% | 34.6% | 31.3% | 28.9% |
| Operating margin | 6.8% | -59.2% | -21.4% | -4.7% | -14.1% | -11.9% |
| Net margin | -4.3% | -99.4% | -17.6% | -4.7% | -32.7% | -17.2% |
| Return on equity | -48.1% | 209.9% | -63.5% | -14.7% | -81.4% | -40.3% |
| Return on assets | -3.6% | -131.1% | -16.3% | -5.2% | -30.8% | -13.2% |
| Free cash flow yield | -5.1% | -95.9% | -122.2% | -46.2% | -26.4% | — |
| Revenue growth | -22.1% | -25.1% | -6.5% | 52.7% | 26.0% | — |
| Earnings growth | -96.6% | 322.3% | 249.1% | -77.9% | 139.6% | — |
| Current ratio | 2.41x | 0.48x | 0.74x | 1.41x | 1.93x | 1.99x |
| Debt to equity | 8.55x | -1.96x | 1.76x | 0.91x | 0.75x | 1.01x |
| Equity ratio | 7.6% | -62.4% | 25.7% | 35.3% | 37.9% | 32.7% |
| Interest coverage | 3.74x | -36.44x | -30.46x | -6.00x | -17.39x | -8.45x |
| R&D as a share of sales | — | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Buybacks as a share of market value | -41.4% | -14.2% | -2.4% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.3% | 1.0% | — |
| Net income | -20.6% | -23.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.7% | 28.3% | 28.8% | — |
| Operating margin | -30.3% | -19.6% | -17.9% | — |
| Net margin | -57.8% | -29.3% | -28.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -27.6 | -0.3 | -4.1 |
| Price to sales | 1.2 | 0.3 | 0.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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