N 
265
+3.11%
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
¥6.73bn
FY2021FY2025
Net income
−¥152.5m
FY2021FY2025
Free cash flow
−¥277.9m
FY2021FY2025
Shareholders' equity
¥444.0m
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | ¥6.73bn | ¥5.47bn | ¥5.24bn | ¥4.14bn | ¥2.63bn |
| Gross profit | ¥2.45bn | ¥2.16bn | ¥2.33bn | ¥1.70bn | ¥1.25bn |
| Operating income | −¥105.7m | −¥679.1m | −¥677.2m | −¥1.34bn | −¥1.87bn |
| Net income | −¥152.5m | −¥703.3m | −¥743.2m | −¥1.36bn | −¥1.90bn |
| Diluted earnings per share | -17.87 | -82.38 | -91.46 | -158.78 | -222.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | ¥3.14bn | ¥2.91bn | ¥3.16bn | ¥2.70bn | ¥3.13bn |
| Cash and short-term investments | ¥1.23bn | ¥1.28bn | ¥2.14bn | ¥1.83bn | ¥2.30bn |
| Total liabilities | ¥2.70bn | ¥2.32bn | ¥1.87bn | ¥1.65bn | ¥1.33bn |
| Debt | ¥1.97bn | ¥1.74bn | ¥1.12bn | ¥1.09bn | ¥737.2m |
| Shareholders' equity | ¥444.0m | ¥591.0m | ¥1.29bn | ¥1.05bn | ¥1.80bn |
| Shares outstanding | 9m | 9m | 8m | 9m | 9m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −¥257.9m | −¥1.09bn | −¥668.2m | −¥1.47bn | −¥1.88bn |
| Capital spending | −¥20.0m | −¥5.4m | −¥2.1m | −¥6.9m | −¥31.2m |
| Free cash flow | −¥277.9m | −¥1.10bn | −¥670.3m | −¥1.48bn | −¥1.91bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.88bn | ¥1.86bn | ¥1.83bn | ¥1.71bn | ¥1.68bn | ¥1.51bn | ¥1.54bn | ¥1.35bn |
| Gross profit | ¥624.3m | ¥646.3m | ¥682.9m | ¥585.5m | ¥577.0m | ¥600.3m | ¥552.0m | ¥486.2m |
| Operating income | −¥57.1m | −¥30.9m | ¥59.9m | −¥69.3m | −¥74.1m | −¥22.2m | −¥86.0m | −¥239.3m |
| Net income | −¥60.6m | −¥39.0m | ¥40.1m | −¥80.6m | −¥81.4m | −¥30.6m | −¥97.0m | −¥242.4m |
| Diluted earnings per share | -7.10 | -4.57 | 4.69 | -9.44 | -9.54 | -3.58 | -11.36 | -28.39 |
| Total assets | ¥3.40bn | ¥3.00bn | ¥3.14bn | ¥3.22bn | ¥2.98bn | ¥3.20bn | ¥2.91bn | ¥3.14bn |
| Cash and short-term investments | ¥1.40bn | ¥1.05bn | ¥1.23bn | ¥1.38bn | ¥1.13bn | ¥1.35bn | ¥1.28bn | ¥1.37bn |
| Debt | ¥2.24bn | ¥755.0m | ¥1.96bn | ¥910.0m | ¥1.83bn | ¥556.8m | ¥660.0m | ¥727.5m |
| Shareholders' equity | ¥339.8m | ¥406.0m | ¥444.0m | ¥402.8m | ¥482.3m | ¥562.7m | ¥590.0m | ¥686.7m |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 36.3% | 39.5% | 44.4% | 41.1% | 47.5% |
| Operating margin | -1.6% | -12.4% | -13.8% | -32.4% | -71.1% |
| Net margin | -2.3% | -12.9% | -14.2% | -32.7% | -72.1% |
| Return on equity | -34.4% | -119.0% | -57.5% | -129.6% | -105.2% |
| Return on assets | -4.9% | -24.1% | -23.5% | -50.3% | -60.5% |
| Free cash flow yield | -9.4% | -43.1% | -27.8% | — | — |
| Revenue growth | 23.1% | 4.2% | 26.7% | 57.5% | — |
| Earnings growth | -78.3% | -5.4% | -45.2% | -28.5% | — |
| Current ratio | 1.67x | 1.90x | 2.88x | 2.90x | 3.23x |
| Debt to equity | 4.41x | 2.93x | 0.87x | 1.04x | 0.41x |
| Equity ratio | 14.1% | 20.3% | 40.9% | 38.8% | 57.5% |
| Interest coverage | -3.26x | -34.56x | -49.82x | -123.38x | -89.55x |
| Buybacks as a share of market value | -0.0% | -5.1% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.5% | — | — |
| Operating income | -57.1% | — | — |
| Net income | -51.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.8% | 40.0% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -17.6 | -3.3 | -11.3 |
| Price to sales | 0.4 | 0.4 | 1.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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