H 
850
+2.29%
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
¥1.64bn
FY2017FY2026
Net income
−¥718.5m
FY2017FY2026
Free cash flow
−¥167.9m
FY2017FY2026
Shareholders' equity
¥2.10bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.64bn | ¥2.25bn | ¥2.31bn | ¥2.41bn | ¥2.74bn | ¥2.25bn | ¥2.32bn | ¥2.75bn | ¥2.62bn | ¥2.20bn |
| Gross profit | ¥197.6m | ¥333.9m | ¥315.9m | ¥477.9m | ¥705.1m | ¥543.9m | ¥464.0m | ¥839.5m | ¥728.9m | ¥600.7m |
| Research and development | — | ¥6.5m | ¥11.0m | ¥5.7m | ¥19.3m | ¥10.4m | ¥15.0m | — | ¥36.0m | ¥43.0m |
| Operating income | −¥266.9m | −¥173.3m | −¥158.7m | ¥8.0m | ¥229.3m | ¥88.9m | −¥376.2m | ¥178.0m | ¥225.0m | ¥145.8m |
| Net income | −¥718.5m | −¥203.5m | −¥221.8m | −¥2.5m | ¥217.7m | ¥41.9m | −¥342.0m | ¥112.0m | ¥166.4m | ¥84.2m |
| Diluted earnings per share | -115.18 | -32.62 | -35.56 | -0.40 | 34.76 | 6.80 | -55.50 | 17.74 | 27.18 | 13.35 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.14bn | ¥5.01bn | ¥5.39bn | ¥5.15bn | ¥4.90bn | ¥4.59bn | ¥4.26bn | ¥4.90bn | ¥4.94bn | ¥4.54bn |
| Cash and short-term investments | ¥402.9m | ¥559.2m | ¥884.9m | ¥864.5m | ¥973.5m | ¥953.8m | ¥819.7m | ¥951.6m | ¥1.11bn | ¥950.6m |
| Total liabilities | ¥2.04bn | ¥2.19bn | ¥2.37bn | ¥1.92bn | ¥1.66bn | ¥1.59bn | ¥1.29bn | ¥1.52bn | ¥1.68bn | ¥1.43bn |
| Debt | ¥1.58bn | ¥1.42bn | ¥1.36bn | ¥966.7m | ¥529.4m | ¥713.7m | ¥549.4m | ¥392.3m | ¥538.5m | ¥573.2m |
| Shareholders' equity | ¥2.10bn | ¥2.82bn | ¥3.02bn | ¥3.23bn | ¥3.24bn | ¥3.01bn | ¥2.96bn | ¥3.37bn | ¥3.26bn | ¥3.11bn |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥162.8m | −¥183.4m | ¥166.3m | −¥40.0m | ¥417.4m | ¥166.9m | −¥79.0m | ¥254.0m | ¥422.0m | ¥305.0m |
| Capital spending | −¥5.1m | −¥23.6m | −¥296.5m | −¥412.0m | −¥191.2m | −¥110.2m | −¥94.0m | −¥189.0m | −¥181.0m | −¥121.0m |
| Free cash flow | −¥167.9m | −¥207.0m | −¥130.2m | −¥452.0m | ¥226.2m | ¥56.7m | −¥173.0m | ¥65.0m | ¥241.0m | ¥184.0m |
| Dividends paid | −¥6.3m | −¥6.2m | −¥6.2m | −¥25.1m | −¥6.3m | −¥72,000 | −¥25.2m | −¥24.0m | −¥12.0m | −¥6.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥598.8m | ¥407.5m | ¥382.6m | ¥382.5m | ¥464.0m | ¥519.8m | ¥649.0m | ¥556.0m |
| Gross profit | ¥120.0m | ¥33.1m | ¥53.9m | ¥34.1m | ¥77.0m | ¥38.4m | ¥135.0m | ¥92.5m |
| Operating income | −¥6.0m | −¥46.0m | −¥63.3m | −¥104.1m | −¥53.5m | −¥70.8m | ¥24.0m | −¥20.2m |
| Net income | −¥6.9m | −¥426.4m | −¥72.2m | −¥174.4m | −¥45.0m | −¥154.0m | ¥9.0m | −¥20.0m |
| Diluted earnings per share | -1.10 | -68.35 | -11.58 | -27.95 | -7.21 | -24.69 | 1.44 | -3.21 |
| Total assets | ¥4.27bn | ¥4.14bn | ¥4.91bn | ¥4.80bn | ¥5.05bn | ¥5.01bn | ¥5.34bn | ¥5.07bn |
| Cash and short-term investments | ¥688.6m | ¥402.9m | ¥530.5m | ¥410.4m | ¥562.5m | ¥559.2m | ¥706.9m | ¥374.5m |
| Debt | ¥650.2m | ¥1.20bn | ¥655.6m | ¥1.18bn | ¥637.0m | ¥1.09bn | ¥442.0m | ¥1.06bn |
| Shareholders' equity | ¥2.10bn | ¥2.10bn | ¥2.52bn | ¥2.59bn | ¥2.76bn | ¥2.82bn | ¥2.96bn | ¥2.97bn |
Financial ratios
Data as of 1 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 12.1% | 14.9% | 13.7% | 19.8% | 25.7% | 24.2% | — |
| Operating margin | -16.3% | -7.7% | -6.9% | 0.3% | 8.4% | 4.0% | — |
| Net margin | -43.9% | -9.1% | -9.6% | -0.1% | 7.9% | 1.9% | — |
| Return on equity | -34.2% | -7.2% | -7.3% | -0.1% | 6.7% | 1.4% | — |
| Return on assets | -17.4% | -4.1% | -4.1% | -0.0% | 4.4% | 0.9% | — |
| Free cash flow yield | -2.0% | -2.0% | 5.7% | 4.6% | 7.5% | 3.5% | — |
| Revenue growth | -27.1% | -2.8% | -4.3% | -12.0% | 21.9% | -3.0% | — |
| Earnings growth | 253.1% | -8.3% | 8837.3% | -101.1% | 419.4% | -112.3% | — |
| Current ratio | 2.55x | 2.79x | 2.55x | 2.76x | 2.65x | 2.80x | — |
| Debt to equity | 0.57x | 0.39x | 0.37x | 0.28x | 0.15x | 0.23x | — |
| Equity ratio | 50.8% | 56.3% | 56.0% | 62.7% | 66.1% | 65.4% | — |
| Interest coverage | -12.54x | -10.25x | -16.67x | 2.06x | 52.89x | 33.10x | — |
| R&D as a share of sales | — | 0.3% | 0.5% | 0.2% | 0.7% | 0.5% | 0.6% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.4% | 0.0% | -1.6% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -12.1% | -6.2% | 0.1% |
| Net income | 561.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 13.7% | 15.4% | 18.9% | 22.6% |
| Operating margin | -11.3% | -6.9% | -2.0% | -0.1% |
| Net margin | -23.8% | -13.3% | -6.5% | -3.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.4 | -29.0 | -10.6 | -635.9 | 7.0 | 55.7 | -5.0 | 17.5 | 8.8 | 43.2 |
| Price to sales | 3.7 | 2.6 | 1.0 | 0.7 | 0.6 | 1.0 | 0.7 | 0.7 | 0.6 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 28 Mar 2025.
| FY2026 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 2.00 | 3.00 | 1.00 | 4.00 | 4.00 | 2.00 | 1.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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