A 
67
+3.08%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.24bn
FY2016FY2025
Net income
−¥519.2m
FY2016FY2025
Free cash flow
−¥180.5m
FY2016FY2025
Shareholders' equity
¥918.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.24bn | ¥994.4m | ¥472.0m | ¥388.7m | ¥342.1m | ¥547.5m | ¥1.32bn | ¥1.42bn | ¥1.83bn | ¥2.33bn |
| Gross profit | ¥120.4m | ¥44.1m | ¥55.4m | ¥27.4m | ¥67.3m | ¥206.6m | ¥585.2m | ¥546.3m | ¥625.1m | ¥871.3m |
| Operating income | −¥170.6m | −¥235.1m | −¥499.3m | −¥287.9m | −¥194.6m | −¥176.1m | −¥70.4m | −¥214.0m | −¥269.0m | −¥107.1m |
| Net income | −¥519.2m | −¥239.3m | −¥421.0m | −¥288.9m | −¥186.2m | −¥177.6m | −¥70.7m | −¥250.0m | −¥459.2m | −¥80.5m |
| Diluted earnings per share | -4.57 | -17.46 | -39.05 | -34.18 | -23.73 | -22.63 | -9.00 | -37.92 | -68.27 | -3.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.23bn | ¥281.9m | ¥280.0m | ¥276.7m | ¥414.6m | ¥604.3m | ¥1.08bn | ¥1.20bn | ¥1.37bn | ¥2.20bn |
| Cash and short-term investments | ¥735.8m | ¥70.8m | ¥163.0m | ¥123.0m | ¥242.6m | ¥472.4m | ¥859.4m | ¥954.9m | ¥924.9m | ¥1.46bn |
| Total liabilities | ¥307.7m | ¥211.1m | ¥253.0m | ¥127.2m | ¥79.7m | ¥84.8m | ¥380.5m | ¥510.9m | ¥755.2m | ¥1.14bn |
| Debt | ¥80.5m | — | ¥59.0m | ¥14.8m | ¥19.6m | ¥36.1m | ¥183.4m | ¥343.4m | ¥525.8m | ¥830.9m |
| Shareholders' equity | ¥918.9m | ¥70.9m | ¥78.0m | ¥149.6m | ¥334.9m | ¥519.5m | ¥700.0m | ¥681.5m | ¥616.9m | ¥1.06bn |
| Shares outstanding | 114m | 14m | 11m | 8m | 8m | 8m | 8m | 7m | 7m | 25m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥179.4m | −¥227.5m | −¥300.0m | −¥216.4m | −¥194.4m | −¥171.9m | ¥850,000 | −¥170.0m | −¥157.0m | −¥404.0m |
| Capital spending | −¥1.1m | −¥12.2m | −¥6.1m | −¥2.1m | −¥33.8m | −¥1.4m | −¥20.6m | −¥2.0m | −¥25.0m | −¥27.1m |
| Free cash flow | −¥180.5m | −¥239.7m | −¥306.1m | −¥218.5m | −¥228.2m | −¥173.3m | −¥19.7m | −¥172.0m | −¥182.0m | −¥431.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥381.9m | ¥384.3m | ¥367.0m | ¥217.2m | ¥270.2m | ¥387.9m | ¥398.8m | ¥357.6m |
| Gross profit | ¥54.0m | ¥50.8m | ¥65.5m | ¥13.8m | ¥11.6m | ¥29.5m | ¥4.5m | ¥27.7m |
| Operating income | −¥44.8m | −¥71.8m | −¥44.6m | −¥45.0m | −¥38.5m | −¥42.6m | −¥67.8m | −¥57.3m |
| Net income | −¥152.3m | −¥74.2m | −¥66.2m | −¥370.1m | −¥40.7m | −¥42.2m | −¥68.3m | −¥58.4m |
| Diluted earnings per share | -6.05 | -2.95 | -0.58 | -3.26 | -0.36 | -0.37 | -4.98 | -4.26 |
| Total assets | ¥874.7m | ¥1.15bn | ¥1.23bn | ¥968.9m | ¥257.0m | ¥271.7m | ¥281.9m | ¥277.3m |
| Cash and short-term investments | ¥493.3m | ¥608.2m | ¥735.8m | ¥455.4m | ¥137.5m | ¥74.2m | ¥70.8m | ¥48.7m |
| Debt | ¥1.0m | ¥36.5m | ¥80.5m | ¥36.5m | — | — | — | — |
| Shareholders' equity | ¥709.2m | ¥860.4m | ¥918.9m | ¥693.9m | ¥140.0m | ¥71.2m | ¥70.9m | ¥96.6m |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2015 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 9.7% | 4.4% | 11.7% | 7.1% | 19.7% | 37.7% | — | — | — |
| Operating margin | -13.7% | -23.9% | -105.8% | -74.1% | -54.2% | -32.2% | — | — | — |
| Net margin | -41.8% | -24.1% | -89.2% | -74.3% | -54.4% | -32.4% | — | — | — |
| Return on equity | -56.5% | -337.7% | -539.9% | -193.1% | -55.6% | -34.2% | — | — | — |
| Return on assets | -42.3% | -84.9% | -150.4% | -104.4% | -44.9% | -29.4% | — | — | — |
| Free cash flow yield | -2.2% | -21.5% | -37.3% | -34.7% | -28.0% | -29.8% | — | — | — |
| Revenue growth | 24.9% | 110.7% | 21.4% | 13.6% | -37.5% | -58.6% | — | — | — |
| Earnings growth | 117.0% | -43.2% | 45.7% | 55.1% | 4.9% | 151.3% | — | — | — |
| Current ratio | 3.54x | 1.16x | 1.30x | 1.80x | 5.04x | 8.25x | — | — | — |
| Debt to equity | 0.09x | — | 0.76x | 0.10x | 0.06x | 0.07x | 0.26x | — | — |
| Equity ratio | 74.9% | 25.1% | 27.8% | 54.1% | 80.8% | 86.0% | — | — | — |
| Interest coverage | -199.75x | -751.80x | -2125.74x | -966.04x | -490.59x | -184.02x | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | 0.1% | 1.3% |
| Buybacks as a share of market value | -728.3% | -27.1% | -27.5% | -7.7% | -0.0% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 47.3% | 17.8% | -11.0% |
| Operating income | -16.0% | -0.6% | — |
| Net income | 21.6% | 23.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.4% | 8.0% | 13.1% | 34.3% |
| Operating margin | -18.1% | -38.5% | -39.2% | -9.0% |
| Net margin | -33.9% | -47.4% | -46.0% | -14.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -26.7 | -5.3 | -2.5 | -3.8 | -6.0 | -7.3 | -35.6 | -6.7 | -7.5 | -294.0 |
| Price to sales | 11.2 | 1.3 | 2.2 | 2.8 | 3.3 | 2.4 | 1.9 | 1.2 | 1.9 | 10.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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