B 
890
+7.10%
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
¥1.05bn
FY2021FY2025
Net income
−¥635.5m
FY2021FY2025
Free cash flow
−¥355.6m
FY2021FY2025
Shareholders' equity
¥205.3m
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | ¥1.05bn | ¥1.22bn | ¥1.26bn | ¥908.4m | ¥725.7m |
| Gross profit | ¥410.5m | ¥510.6m | ¥566.5m | ¥390.8m | ¥238.5m |
| Research and development | ¥150.1m | ¥147.9m | ¥241.8m | ¥185.9m | ¥211.1m |
| Operating income | −¥630.3m | −¥398.4m | −¥294.8m | −¥349.5m | −¥393.5m |
| Net income | −¥635.5m | −¥394.7m | −¥299.3m | −¥345.1m | −¥395.0m |
| Diluted earnings per share | -159.02 | -100.21 | -75.97 | -85.38 | -97.72 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | ¥1.40bn | ¥1.34bn | ¥1.79bn | ¥937.1m | ¥1.04bn |
| Cash and short-term investments | ¥988.2m | ¥668.5m | ¥1.22bn | ¥527.3m | ¥675.1m |
| Total liabilities | ¥1.20bn | ¥709.5m | ¥757.0m | ¥571.2m | ¥559.3m |
| Debt | ¥956.5m | ¥474.1m | ¥491.7m | ¥400.0m | ¥400.0m |
| Shareholders' equity | ¥205.3m | ¥633.3m | ¥1.03bn | ¥366.0m | ¥480.6m |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −¥327.7m | −¥494.2m | −¥320.2m | −¥365.2m | −¥282.4m |
| Capital spending | −¥27.9m | −¥37.5m | −¥30.7m | −¥12.6m | −¥52.1m |
| Free cash flow | −¥355.6m | −¥531.7m | −¥350.9m | −¥377.8m | −¥334.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥333.6m | ¥420.9m | ¥281.4m | ¥247.3m | ¥179.4m | ¥343.3m | ¥485.0m | ¥265.8m |
| Gross profit | ¥112.7m | ¥157.9m | ¥110.9m | ¥90.1m | ¥53.4m | ¥156.1m | ¥217.6m | ¥101.1m |
| Operating income | −¥108.2m | −¥72.2m | −¥120.4m | −¥168.2m | −¥188.9m | −¥70.6m | −¥19.9m | −¥115.9m |
| Net income | −¥107.7m | −¥68.4m | −¥208.1m | −¥169.4m | −¥189.0m | −¥68.9m | −¥22.0m | −¥110.5m |
| Diluted earnings per share | -26.66 | -16.93 | -52.09 | -42.39 | -47.31 | -17.23 | -5.60 | -28.04 |
| Cash from operations | — | — | −¥285.0m | — | −¥42.0m | — | −¥410.0m | — |
| Capital spending | — | — | −¥2.0m | — | −¥25.0m | — | −¥18.0m | — |
| Free cash flow | — | — | −¥287.0m | — | −¥67.0m | — | −¥428.0m | — |
| Total assets | ¥1.19bn | ¥1.28bn | ¥1.40bn | ¥835.0m | ¥1.01bn | ¥1.22bn | ¥1.34bn | ¥1.29bn |
| Cash and short-term investments | ¥811.0m | ¥727.0m | ¥988.2m | ¥468.4m | ¥590.7m | ¥535.8m | ¥668.5m | ¥872.6m |
| Debt | ¥942.9m | ¥25.6m | ¥956.5m | ¥17.6m | ¥464.4m | ¥17.6m | ¥17.6m | ¥17.6m |
| Shareholders' equity | ¥55.7m | ¥141.0m | ¥205.3m | ¥207.0m | ¥375.4m | ¥564.5m | ¥633.3m | ¥655.4m |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 39.0% | 41.7% | 44.8% | 43.0% | 32.9% |
| Operating margin | -52.1% | -31.8% | -23.3% | -37.5% | -54.2% |
| Net margin | -60.4% | -32.3% | -23.7% | -38.0% | -54.4% |
| Return on equity | -309.6% | -62.3% | -29.1% | -94.3% | -82.2% |
| Return on assets | -45.3% | -29.4% | -16.8% | -36.8% | -38.0% |
| Free cash flow yield | -6.0% | -9.2% | -5.9% | — | — |
| Revenue growth | -14.0% | -3.3% | 39.2% | 25.2% | — |
| Earnings growth | 61.0% | 31.9% | -13.3% | -12.6% | — |
| Current ratio | 5.25x | 4.92x | 5.96x | 4.71x | 5.80x |
| Debt to equity | 4.66x | 0.75x | 0.48x | 1.09x | 0.83x |
| Equity ratio | 14.6% | 47.2% | 57.6% | 39.1% | 46.2% |
| Interest coverage | -30.60x | -107.11x | -170.33x | -209.46x | -474.07x |
| R&D as a share of sales | 14.3% | 12.1% | 19.1% | 20.5% | 29.1% |
| Buybacks as a share of market value | -1.4% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.9% | — | — |
| Operating income | 21.7% | — | — |
| Net income | 22.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.5% | 42.2% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -7.4 | -5.5 | -20.6 |
| Price to sales | 4.5 | 1.8 | 4.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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