A 
59
+1.72%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥718.9m
FY2017FY2026
Net income
−¥655.1m
FY2017FY2026
Free cash flow
−¥662.6m
FY2017FY2026
Shareholders' equity
−¥223.2m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥718.9m | ¥897.5m | ¥592.9m | ¥553.9m | ¥737.2m | ¥675.2m | ¥890.2m | ¥1.25bn | ¥1.29bn | ¥1.38bn |
| Operating income | −¥542.7m | −¥96.6m | −¥216.5m | −¥349.0m | −¥260.9m | −¥260.2m | −¥445.1m | ¥34.4m | −¥97.0m | −¥70.7m |
| Net income | −¥655.1m | −¥79.9m | −¥361.4m | −¥427.8m | −¥348.7m | −¥273.0m | −¥524.3m | ¥30.1m | −¥246.2m | −¥259.7m |
| Diluted earnings per share | -5.71 | -0.71 | -4.01 | -5.82 | -4.74 | -3.71 | -10.65 | 0.62 | -5.09 | -53.60 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥411.4m | ¥2.13bn | ¥544.2m | ¥720.0m | ¥1.24bn | ¥584.4m | ¥631.7m | ¥1.21bn | ¥1.16bn | ¥1.37bn |
| Cash and short-term investments | ¥89.6m | ¥211.4m | ¥263.1m | ¥313.0m | ¥697.2m | ¥236.9m | ¥85.5m | ¥439.8m | ¥553.1m | ¥550.7m |
| Total liabilities | ¥634.6m | ¥1.90bn | ¥480.9m | ¥560.9m | ¥655.2m | ¥397.9m | ¥271.2m | ¥351.2m | ¥336.3m | ¥325.7m |
| Debt | ¥409.7m | ¥1.34bn | ¥247.6m | ¥340.3m | ¥282.8m | ¥200.0m | — | — | — | — |
| Shareholders' equity | −¥223.2m | ¥96.7m | ¥63.3m | ¥159.1m | ¥586.9m | ¥186.5m | ¥360.5m | ¥857.9m | ¥827.9m | ¥1.04bn |
| Shares outstanding | 115m | 113m | 90m | 74m | 74m | 74m | 49m | 49m | 48m | 5m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥656.2m | −¥84.2m | −¥204.2m | −¥319.2m | −¥211.1m | −¥142.3m | −¥309.6m | −¥66.8m | ¥1.9m | −¥38.5m |
| Capital spending | −¥6.4m | −¥21.2m | −¥46.4m | −¥43.8m | −¥20.9m | −¥23.5m | −¥51.7m | −¥27.3m | −¥31.5m | −¥63.0m |
| Free cash flow | −¥662.6m | −¥105.5m | −¥250.7m | −¥363.0m | −¥232.0m | −¥165.8m | −¥361.4m | −¥94.2m | −¥29.7m | −¥101.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥115.4m | ¥80.8m | ¥163.3m | ¥196.3m | ¥218.1m | ¥216.2m | ¥120.0m | ¥459.0m |
| Operating income | −¥138.7m | −¥179.5m | −¥67.5m | −¥77.4m | −¥200.4m | −¥39.6m | −¥76.0m | ¥96.0m |
| Net income | −¥144.3m | −¥179.6m | −¥272.0m | −¥121.1m | −¥130.6m | ¥25.4m | −¥99.0m | ¥77.0m |
| Diluted earnings per share | -1.26 | -1.57 | -2.41 | -1.07 | -1.16 | 0.22 | -1.10 | 0.86 |
| Total assets | ¥292.2m | ¥391.2m | ¥411.4m | ¥1.59bn | ¥1.79bn | ¥2.13bn | ¥723.4m | ¥569.4m |
| Cash and short-term investments | ¥33.1m | ¥74.8m | ¥89.6m | ¥184.3m | ¥564.7m | ¥211.4m | ¥175.2m | ¥242.6m |
| Debt | ¥437.8m | ¥387.8m | ¥262.8m | ¥936.0m | ¥89.4m | ¥1.34bn | ¥54.6m | ¥230.3m |
| Shareholders' equity | −¥547.0m | −¥402.8m | −¥223.2m | ¥125.7m | ¥253.0m | ¥96.7m | −¥37.2m | ¥57.1m |
Financial ratios
Data as of 28 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | -75.5% | -10.8% | -56.9% | -75.7% | -39.0% | -40.1% |
| Net margin | -91.1% | -8.9% | -61.0% | -77.2% | -47.3% | -40.4% |
| Return on equity | 293.5% | -82.7% | -571.3% | -268.9% | -59.4% | -146.3% |
| Return on assets | -159.2% | -3.7% | -66.4% | -59.4% | -28.1% | -46.7% |
| Free cash flow yield | -4.6% | -0.5% | -1.4% | -3.0% | -2.1% | -1.3% |
| Revenue growth | -19.9% | 51.4% | 7.0% | -24.9% | 9.2% | -24.1% |
| Earnings growth | 719.8% | -77.9% | -15.5% | 22.7% | 27.7% | -47.9% |
| Current ratio | 0.57x | 1.10x | 1.74x | 1.98x | 2.86x | 2.52x |
| Debt to equity | -1.18x | 13.84x | 3.91x | 1.72x | 0.44x | 1.07x |
| Equity ratio | -54.2% | 4.5% | 11.6% | 22.1% | 47.2% | 31.9% |
| Interest coverage | -19.15x | -18.75x | -71.99x | -92.44x | -110.41x | -760.15x |
| Buybacks as a share of market value | -1.6% | -25.4% | -22.4% | 0.0% | 0.0% | -49.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.1% | 1.3% | -5.6% |
| Operating income | 15.8% | 15.8% | 19.6% |
| Net income | 15.3% | 19.1% | 18.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -39.5% | -43.6% | -41.3% | -23.3% |
| Net margin | -45.5% | -55.2% | -51.4% | -31.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -11.4 | -39.0 | -3.6 | -3.7 | -3.7 | -5.3 | -2.4 | 42.0 | -9.5 | -0.8 |
| Price to sales | 10.4 | 3.5 | 2.2 | 2.8 | 1.8 | 2.1 | 1.4 | 1.0 | 1.8 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-1 split · 9 Apr 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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