C 
18
+5.88%
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
¥546.2m
FY2016FY2025
Net income
−¥258.6m
FY2016FY2025
Free cash flow
−¥283.6m
FY2016FY2025
Shareholders' equity
¥425.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥546.2m | ¥455.5m | ¥289.4m | ¥447.2m | ¥632.9m | ¥641.7m | ¥847.0m | ¥845.5m | ¥735.5m | ¥554.7m |
| Operating income | −¥282.2m | −¥309.0m | −¥427.4m | −¥233.0m | −¥106.2m | −¥198.3m | −¥164.2m | ¥29.9m | ¥78.9m | ¥23.4m |
| Net income | −¥258.6m | −¥337.7m | −¥491.5m | −¥231.8m | −¥740.8m | −¥345.4m | −¥193.0m | −¥64.3m | ¥71.0m | ¥11.5m |
| Diluted earnings per share | -7.91 | -12.93 | -22.12 | -25.44 | -98.92 | -46.33 | -30.82 | -10.41 | 12.06 | 0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥661.5m | ¥557.6m | ¥349.3m | ¥437.0m | ¥444.7m | ¥668.3m | ¥719.8m | ¥768.3m | ¥416.8m | ¥317.0m |
| Cash and short-term investments | ¥89.2m | ¥344.1m | ¥173.6m | ¥349.9m | ¥283.3m | ¥404.8m | ¥136.0m | ¥279.5m | ¥129.9m | ¥100.6m |
| Total liabilities | ¥234.7m | ¥214.6m | ¥237.9m | ¥364.0m | ¥813.2m | ¥499.7m | ¥192.3m | ¥66.0m | ¥70.1m | ¥34.0m |
| Debt | ¥130.7m | ¥138.3m | ¥166.2m | ¥203.2m | ¥308.7m | ¥407.2m | ¥136.2m | — | — | — |
| Shareholders' equity | ¥425.2m | ¥342.2m | ¥116.8m | ¥73.0m | −¥368.6m | ¥168.5m | ¥527.5m | ¥702.2m | ¥346.7m | ¥283.0m |
| Shares outstanding | 33m | 26m | 22m | 9m | 7m | 7m | 6m | 6m | 6m | 58m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥281.2m | −¥266.3m | −¥577.1m | −¥515.8m | −¥217.9m | −¥147.5m | −¥55.6m | ¥30.8m | ¥72.5m | ¥5.8m |
| Capital spending | −¥2.4m | −¥3.3m | −¥4.9m | −¥14.9m | −¥892,000 | −¥6.2m | −¥8.1m | −¥95.6m | −¥43.2m | −¥40.4m |
| Free cash flow | −¥283.6m | −¥269.6m | −¥582.0m | −¥530.7m | −¥218.8m | −¥153.7m | −¥63.7m | −¥64.8m | ¥29.3m | −¥34.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥181.9m | ¥170.9m | ¥222.5m | ¥121.5m | ¥85.9m | ¥116.3m | ¥120.1m | ¥176.3m |
| Operating income | −¥72.7m | −¥61.8m | −¥70.0m | −¥68.9m | −¥74.8m | −¥68.5m | −¥53.5m | −¥68.8m |
| Net income | −¥82.9m | −¥77.8m | −¥98.8m | −¥66.2m | −¥49.3m | −¥44.3m | −¥82.3m | −¥69.4m |
| Diluted earnings per share | -1.42 | -1.33 | -3.02 | -2.02 | -1.51 | -1.35 | -3.15 | -2.66 |
| Total assets | ¥685.3m | ¥858.2m | ¥661.5m | ¥715.5m | ¥771.8m | ¥640.5m | ¥557.6m | ¥285.3m |
| Cash and short-term investments | ¥190.7m | ¥400.1m | ¥89.2m | ¥192.3m | ¥368.7m | ¥455.5m | ¥344.1m | ¥41.8m |
| Debt | ¥119.9m | ¥228.1m | ¥130.7m | ¥34.9m | ¥153.4m | ¥27.4m | ¥27.9m | ¥27.9m |
| Shareholders' equity | ¥482.8m | ¥453.4m | ¥425.2m | ¥485.9m | ¥526.0m | ¥434.5m | ¥342.2m | ¥65.2m |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -51.7% | -66.3% | -147.7% | -49.9% | -16.8% | -30.9% |
| Net margin | -47.3% | -74.1% | -169.9% | -51.8% | -117.0% | -53.8% |
| Return on equity | -60.8% | -98.7% | -420.7% | -317.4% | 201.0% | -205.0% |
| Return on assets | -39.1% | -60.6% | -140.7% | -53.0% | -166.6% | -51.7% |
| Free cash flow yield | -40.6% | -48.0% | -122.6% | -261.8% | -138.0% | -90.3% |
| Revenue growth | 19.9% | 57.4% | -35.3% | -29.3% | -1.4% | -24.2% |
| Earnings growth | -23.4% | -31.3% | 112.0% | -68.7% | 114.5% | 79.0% |
| Current ratio | 2.52x | 4.65x | 3.05x | 2.06x | 0.64x | 2.37x |
| Debt to equity | 0.31x | 0.40x | 1.42x | 2.78x | -0.84x | 2.42x |
| Equity ratio | 64.3% | 61.4% | 33.4% | 16.7% | -82.9% | 25.2% |
| Interest coverage | -114.44x | -112.67x | -194.70x | -30.55x | -28.84x | -58.74x |
| Buybacks as a share of market value | -25.2% | -17.5% | -143.9% | -21.7% | -0.4% | -19.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.9% | -3.2% | 0.9% |
| Operating income | 6.6% | 7.3% | — |
| Net income | 3.7% | -5.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -59.0% | -72.0% | -51.6% | -24.0% |
| Net margin | -59.5% | -75.9% | -79.8% | -39.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.7 | -6.3 | -18.2 | -3.8 | -1.6 | -3.7 | -9.4 | -35.7 |
| Price to sales | 4.1 | 4.7 | 30.9 | 1.9 | 1.8 | 2.0 | 2.1 | 2.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-1 split · 4 Oct 2023
- 3-for-1 split · 29 Aug 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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