A 
976
+3.83%
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
¥2.60bn
FY2016FY2025
Net income
−¥1.36bn
FY2016FY2025
Free cash flow
−¥1.25bn
FY2016FY2025
Shareholders' equity
¥1.76bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.60bn | ¥2.66bn | ¥896.4m | ¥1.64bn | ¥501.0m | ¥620.7m | ¥1.28bn | ¥807.3m | ¥370.2m | ¥156.9m |
| Gross profit | ¥501.3m | ¥150.9m | −¥235.2m | −¥124.2m | ¥513,000 | ¥68.4m | ¥808.8m | ¥403.3m | ¥177.0m | ¥66.7m |
| Research and development | — | ¥1.50bn | ¥759.3m | ¥1.17bn | ¥604.4m | ¥583.6m | ¥275.4m | ¥366.1m | ¥324.5m | ¥362.4m |
| Operating income | −¥1.84bn | −¥2.29bn | −¥2.07bn | −¥2.20bn | −¥1.19bn | −¥1.14bn | ¥15.9m | −¥330.4m | −¥542.3m | −¥533.1m |
| Net income | −¥1.36bn | −¥2.37bn | −¥2.54bn | −¥2.59bn | −¥1.23bn | −¥1.51bn | ¥239.8m | −¥183.3m | −¥460.4m | −¥488.8m |
| Diluted earnings per share | -84.71 | -159.94 | -197.05 | -209.77 | -103.94 | -139.54 | 21.06 | -19.42 | -72.02 | -88.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.67bn | ¥4.56bn | ¥5.09bn | ¥4.98bn | ¥5.72bn | ¥4.01bn | ¥5.27bn | ¥4.93bn | ¥2.35bn | ¥508.9m |
| Cash and short-term investments | ¥2.02bn | ¥1.24bn | ¥1.50bn | ¥1.36bn | ¥2.76bn | ¥1.89bn | ¥3.78bn | ¥4.47bn | ¥2.07bn | ¥298.1m |
| Total liabilities | ¥3.91bn | ¥4.37bn | ¥2.83bn | ¥2.04bn | ¥299.5m | ¥439.2m | ¥233.9m | ¥225.1m | ¥330.1m | ¥147.7m |
| Debt | ¥2.86bn | ¥3.56bn | ¥2.11bn | ¥1.00bn | — | — | — | — | ¥198.0m | — |
| Shareholders' equity | ¥1.76bn | ¥194.2m | ¥2.26bn | ¥2.94bn | ¥5.42bn | ¥3.57bn | ¥5.03bn | ¥4.70bn | ¥2.02bn | ¥361.1m |
| Shares outstanding | 16m | 15m | 13m | 12m | 12m | 11m | 11m | 9m | 6m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.25bn | −¥1.90bn | −¥2.57bn | −¥2.15bn | −¥1.35bn | −¥1.16bn | −¥408.0m | −¥176.9m | −¥517.4m | −¥487.8m |
| Capital spending | −¥6.7m | −¥82.1m | −¥94.5m | −¥210.2m | −¥42.1m | −¥127.7m | −¥51.7m | −¥39.8m | −¥31.8m | −¥37.9m |
| Free cash flow | −¥1.25bn | −¥1.98bn | −¥2.67bn | −¥2.36bn | −¥1.39bn | −¥1.29bn | −¥459.7m | −¥216.8m | −¥549.2m | −¥525.6m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.35bn | ¥270.9m | ¥275.9m | ¥700.0m | ¥527.2m | ¥78.2m | ¥1.76bn | ¥288.8m |
| Gross profit | ¥390.6m | ¥26.7m | ¥8.1m | ¥75.9m | ¥58.9m | −¥8.5m | ¥64.1m | ¥36.4m |
| Operating income | −¥490.2m | −¥596.0m | −¥514.6m | −¥239.6m | −¥770.2m | −¥496.7m | −¥431.6m | −¥594.7m |
| Net income | −¥372.1m | −¥720.1m | −¥255.0m | −¥16.8m | −¥715.0m | −¥646.0m | −¥353.4m | −¥656.9m |
| Diluted earnings per share | -20.96 | -44.80 | -16.35 | -1.12 | -47.89 | -43.28 | -23.77 | -45.06 |
| Total assets | ¥5.67bn | ¥4.65bn | ¥4.47bn | ¥5.42bn | ¥4.56bn | ¥4.93bn | ¥6.18bn | ¥6.38bn |
| Cash and short-term investments | ¥2.02bn | ¥1.69bn | ¥1.82bn | ¥2.02bn | ¥1.24bn | ¥1.16bn | ¥1.77bn | ¥2.27bn |
| Debt | ¥2.86bn | ¥2.86bn | ¥3.53bn | ¥4.37bn | ¥3.56bn | ¥3.54bn | ¥3.42bn | ¥3.54bn |
| Shareholders' equity | ¥1.76bn | ¥1.09bn | ¥545.8m | ¥601.8m | ¥194.2m | ¥891.4m | ¥1.54bn | ¥1.63bn |
Financial ratios
Data as of 25 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 19.3% | 5.4% | -27.6% | -8.2% | -0.0% | 48.7% | — |
| Operating margin | -70.8% | -88.7% | -231.1% | -134.8% | -237.3% | 11.6% | — |
| Net margin | -52.5% | -89.3% | -283.7% | -158.5% | -244.7% | 6.7% | — |
| Return on equity | -12174.7% | -191975.8% | -112.4% | -11453.6% | -3471.4% | -43.5% | — |
| Return on assets | -3773.2% | -8170.9% | -39.9% | -6755.4% | -3289.4% | 1.0% | — |
| Free cash flow yield | -744.2% | -7.9% | -12.6% | -1493.1% | -925.1% | 462.6% | — |
| Revenue growth | 15249.3% | 196.3% | -99.6% | 176.8% | -86.6% | 312.7% | — |
| Earnings growth | 8921.5% | -6.8% | -99.2% | 79.3% | -588.5% | 48.0% | — |
| Current ratio | 5.11x | 1.82x | 2.62x | 1.78x | 14.55x | 1.58x | — |
| Debt to equity | 1.63x | 1819.34x | 0.93x | 0.34x | 0.00x | 0.00x | — |
| Equity ratio | 31.0% | 4.3% | 35.5% | 59.0% | 94.8% | -2.2% | — |
| Interest coverage | -15.82x | -92.60x | -16.16x | -977.68x | — | 1297117.67x | 8.02x |
| R&D as a share of sales | 0.3% | 56.4% | 84.7% | 71.5% | 120.6% | 0.1% | — |
| Buybacks as a share of market value | -9.5% | -19.1% | -11.4% | -8.2% | -0.5% | 90.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.7% | 33.2% | — |
| Operating income | -5.8% | 10.1% | — |
| Net income | -19.3% | -2.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.4% | 3.8% | 4.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -10.6 | -5.0 | -4.6 | -8.5 | -20.2 | -23.8 | 151.5 | -149.8 |
| Price to sales | 5.6 | 4.4 | 13.0 | 13.5 | 49.4 | 58.0 | 28.4 | 34.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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