A 
157
-9.25%
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
¥4.34bn
FY2016FY2025
Net income
−¥340.8m
FY2016FY2025
Free cash flow
−¥151.2m
FY2016FY2025
Shareholders' equity
¥1.03bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.34bn | ¥3.97bn | ¥3.52bn | ¥2.28bn | ¥1.77bn | ¥2.00bn | ¥2.43bn | ¥2.87bn | ¥3.08bn | ¥2.80bn |
| Gross profit | ¥1.32bn | ¥1.23bn | ¥827.7m | ¥689.8m | ¥655.0m | ¥719.7m | ¥697.8m | ¥899.0m | ¥984.5m | ¥870.6m |
| Research and development | ¥16.3m | ¥11.1m | ¥8.5m | ¥24.1m | ¥17.7m | ¥17.3m | ¥33.5m | ¥34.1m | ¥35.6m | ¥34.8m |
| Operating income | −¥272.3m | −¥320.6m | −¥470.3m | −¥188.2m | −¥5.0m | ¥18.8m | −¥281.0m | −¥165.3m | −¥68.3m | −¥238.1m |
| Net income | −¥340.8m | −¥374.9m | −¥623.2m | −¥163.4m | −¥41.9m | ¥17.2m | −¥371.5m | −¥375.3m | −¥85.3m | −¥294.9m |
| Diluted earnings per share | -52.09 | -67.84 | -138.50 | -47.55 | -13.24 | 6.24 | -211.44 | -247.59 | -58.97 | -203.94 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.57bn | ¥2.55bn | ¥2.79bn | ¥2.07bn | ¥2.05bn | ¥1.96bn | ¥1.62bn | ¥1.95bn | ¥2.14bn | ¥2.25bn |
| Cash and short-term investments | ¥525.1m | ¥464.8m | ¥385.0m | ¥325.5m | ¥907.9m | ¥825.6m | ¥257.9m | ¥494.7m | ¥342.4m | ¥480.4m |
| Total liabilities | ¥1.53bn | ¥1.46bn | ¥1.61bn | ¥861.8m | ¥906.4m | ¥988.2m | ¥1.08bn | ¥1.22bn | ¥1.15bn | ¥1.17bn |
| Debt | ¥701.6m | ¥760.6m | ¥897.4m | ¥572.8m | ¥689.8m | ¥746.2m | ¥684.9m | ¥855.6m | ¥770.2m | ¥827.8m |
| Shareholders' equity | ¥1.03bn | ¥1.07bn | ¥1.13bn | ¥1.20bn | ¥1.15bn | ¥971.9m | ¥543.2m | ¥730.6m | ¥994.5m | ¥1.08bn |
| Shares outstanding | 7m | 6m | 4m | 3m | 3m | 3m | 2m | 2m | 1m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥100.9m | −¥165.7m | −¥104.4m | −¥501.6m | −¥35.0m | ¥103.3m | −¥221.3m | −¥56.1m | −¥23.7m | −¥235.0m |
| Capital spending | −¥50.3m | −¥24.2m | −¥18.2m | −¥15.9m | −¥3.2m | −¥9.1m | −¥22.8m | −¥4.7m | −¥52.6m | −¥69.2m |
| Free cash flow | −¥151.2m | −¥189.9m | −¥122.7m | −¥517.5m | −¥38.2m | ¥94.2m | −¥244.0m | −¥60.9m | −¥76.3m | −¥304.3m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.00bn | ¥1.03bn | ¥1.06bn | ¥1.12bn | ¥1.01bn | ¥1.14bn | ¥1.07bn | ¥1.00bn |
| Gross profit | ¥361.2m | ¥345.5m | ¥344.1m | ¥328.7m | ¥346.6m | ¥312.6m | ¥350.0m | ¥320.4m |
| Operating income | −¥11.2m | −¥27.7m | −¥51.4m | −¥94.6m | −¥48.4m | −¥88.1m | −¥41.2m | −¥101.6m |
| Net income | −¥24.0m | −¥44.7m | −¥53.6m | −¥127.0m | −¥73.6m | −¥95.7m | −¥44.5m | −¥150.8m |
| Diluted earnings per share | -2.56 | -4.78 | -5.73 | -19.41 | -11.25 | -14.63 | -6.79 | -27.29 |
| Cash from operations | — | — | — | −¥100.0m | — | — | — | — |
| Capital spending | — | — | — | −¥50.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥150.0m | — | — | — | — |
| Total assets | ¥3.02bn | ¥3.00bn | ¥2.66bn | ¥2.57bn | ¥2.60bn | ¥2.48bn | ¥2.52bn | ¥2.55bn |
| Cash and short-term investments | ¥717.7m | ¥928.7m | ¥537.1m | ¥525.1m | ¥579.6m | ¥475.4m | ¥374.9m | ¥464.8m |
| Debt | ¥166.3m | ¥733.8m | ¥131.8m | ¥691.7m | ¥102.0m | ¥717.9m | ¥108.6m | ¥129.3m |
| Shareholders' equity | ¥1.61bn | ¥1.59bn | ¥1.20bn | ¥1.03bn | ¥1.12bn | ¥1.02bn | ¥1.04bn | ¥1.07bn |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 30.4% | 30.9% | 23.5% | 30.2% | 37.1% | 35.9% |
| Operating margin | -6.3% | -8.1% | -13.4% | -8.2% | -0.3% | 0.9% |
| Net margin | -7.9% | -9.4% | -17.7% | -7.2% | -2.4% | 0.9% |
| Return on equity | -33.0% | -35.2% | -54.9% | -13.7% | -3.7% | 1.8% |
| Return on assets | -13.2% | -14.7% | -22.4% | -7.9% | -2.0% | 0.9% |
| Free cash flow yield | -4.4% | -14.5% | -10.9% | -80.3% | -5.7% | 23.1% |
| Revenue growth | 9.3% | 12.8% | 54.1% | 29.3% | -11.8% | -17.5% |
| Earnings growth | -9.1% | -39.8% | 281.3% | 289.9% | -343.1% | -104.6% |
| Current ratio | 2.39x | 2.72x | 2.75x | 3.76x | 3.99x | 2.66x |
| Debt to equity | 0.67x | 0.70x | 0.78x | 0.48x | 0.59x | 0.76x |
| Equity ratio | 40.1% | 41.8% | 40.7% | 57.7% | 55.9% | 49.6% |
| Interest coverage | -32.93x | -57.11x | -105.61x | -5.24x | -0.96x | 0.79x |
| R&D as a share of sales | 0.4% | 0.3% | 0.2% | 1.1% | 1.0% | 0.9% |
| Buybacks as a share of market value | -18.4% | -22.8% | -30.9% | -8.5% | -14.5% | -57.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 23.9% | 16.7% | 4.4% |
| Operating income | 13.1% | — | 8.9% |
| Net income | 27.8% | — | 9.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.6% | 28.8% | 30.4% | 30.9% |
| Operating margin | -7.1% | -8.9% | -6.9% | -6.6% |
| Net margin | -8.6% | -10.7% | -8.5% | -8.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.6 | -6.5 | -3.2 | -13.0 | -51.9 | 148.7 | -2.6 | -3.0 | -50.9 | -5.1 |
| Price to sales | 0.4 | 0.6 | 0.6 | 0.9 | 1.2 | 1.3 | 0.4 | 0.4 | 1.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 Nov 2005.
| FY2005 | FY2004 | FY2001 | FY1998 | |
|---|---|---|---|---|
| Paid in the year | 20.00 | 20.00 | 20.00 | 35.00 |
- 10-to-1 reverse split · 29 May 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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