B 
538
-1.10%
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
¥10.12bn
FY2018FY2025
Net income
−¥1.60bn
FY2018FY2025
Free cash flow
−¥890.0m
FY2018FY2025
Shareholders' equity
¥2.81bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.12bn | ¥12.46bn | ¥13.01bn | ¥17.59bn | ¥18.38bn | ¥12.59bn | ¥10.85bn | ¥11.19bn |
| Gross profit | ¥3.31bn | ¥3.89bn | ¥3.50bn | ¥5.47bn | ¥7.32bn | ¥5.45bn | ¥4.19bn | ¥4.24bn |
| Research and development | — | — | ¥561.0m | ¥776.0m | ¥1.11bn | ¥636.0m | ¥375.0m | — |
| Operating income | −¥866.0m | ¥108.0m | −¥1.83bn | ¥75.0m | ¥1.52bn | ¥1.32bn | ¥1.07bn | ¥1.66bn |
| Net income | −¥1.60bn | ¥67.0m | −¥2.07bn | ¥3.0m | ¥1.01bn | ¥834.0m | ¥632.0m | ¥39.9m |
| Diluted earnings per share | -187.57 | 7.88 | -245.40 | 0.36 | 119.24 | 97.98 | 74.25 | 6.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.66bn | ¥6.18bn | ¥7.80bn | ¥9.92bn | ¥10.89bn | ¥9.12bn | ¥5.08bn | ¥4.77bn |
| Cash and short-term investments | ¥673.0m | ¥1.34bn | ¥1.17bn | ¥1.25bn | ¥1.00bn | ¥4.45bn | ¥1.25bn | ¥1.18bn |
| Total liabilities | ¥1.85bn | ¥1.83bn | ¥3.54bn | ¥3.61bn | ¥4.60bn | ¥4.36bn | ¥3.35bn | ¥3.67bn |
| Debt | ¥769.0m | ¥428.0m | ¥1.44bn | ¥1.41bn | ¥1.42bn | ¥1.15bn | ¥1.28bn | ¥1.20bn |
| Shareholders' equity | ¥2.81bn | ¥4.35bn | ¥4.26bn | ¥6.31bn | ¥6.29bn | ¥4.76bn | ¥1.73bn | ¥1.10bn |
| Shares outstanding | 9m | 9m | 8m | 8m | 9m | 9m | 9m | 7m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥577.0m | ¥1.35bn | ¥246.0m | ¥840.0m | −¥3.24bn | ¥1.58bn | ¥307.4m | −¥354.9m |
| Capital spending | −¥313.0m | −¥185.0m | −¥438.0m | −¥609.0m | −¥881.0m | −¥414.0m | −¥312.3m | −¥232.1m |
| Free cash flow | −¥890.0m | ¥1.16bn | −¥192.0m | ¥231.0m | −¥4.12bn | ¥1.17bn | −¥4.9m | −¥587.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.59bn | ¥1.77bn | ¥3.35bn | ¥1.58bn | ¥3.00bn | ¥2.18bn | ¥3.76bn | ¥2.38bn |
| Gross profit | ¥901.0m | ¥625.0m | ¥1.15bn | ¥531.0m | ¥958.0m | ¥672.0m | ¥1.20bn | ¥766.0m |
| Operating income | −¥46.0m | −¥267.0m | −¥24.0m | −¥458.0m | −¥104.0m | −¥280.0m | ¥250.0m | −¥147.0m |
| Net income | −¥47.0m | −¥284.0m | −¥741.0m | −¥458.0m | −¥96.0m | −¥301.0m | ¥298.0m | −¥262.0m |
| Diluted earnings per share | -5.52 | -33.36 | -87.08 | -53.83 | -11.28 | -35.37 | 35.05 | -30.82 |
| Total assets | ¥4.00bn | ¥3.76bn | ¥4.66bn | ¥5.07bn | ¥5.54bn | ¥5.79bn | ¥6.18bn | ¥5.60bn |
| Cash and short-term investments | ¥382.0m | ¥385.0m | ¥673.0m | ¥975.0m | ¥1.30bn | ¥1.41bn | ¥1.34bn | ¥1.50bn |
| Debt | ¥593.0m | ¥199.0m | ¥769.0m | ¥291.0m | ¥449.0m | ¥358.0m | ¥403.0m | ¥462.0m |
| Shareholders' equity | ¥2.48bn | ¥2.53bn | ¥2.81bn | ¥3.55bn | ¥4.00bn | ¥4.04bn | ¥4.35bn | ¥4.04bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 32.7% | 31.2% | 26.9% | 31.1% | 39.8% | 43.3% | — |
| Operating margin | -15.6% | 0.9% | -14.1% | 0.2% | 8.0% | 10.5% | — |
| Net margin | -15.8% | 0.5% | -15.9% | 0.0% | 5.5% | 6.6% | — |
| Return on equity | -56.8% | 1.5% | -48.6% | 0.0% | 16.1% | 17.5% | — |
| Return on assets | -34.3% | 1.1% | -26.5% | 0.0% | 9.3% | 9.1% | — |
| Free cash flow yield | -5.4% | 31.6% | 14.2% | 30.3% | — | — | — |
| Revenue growth | -18.8% | -4.2% | -26.1% | -4.3% | 46.0% | 16.0% | — |
| Earnings growth | -2482.1% | -103.2% | -69133.3% | -99.7% | 21.7% | 32.0% | — |
| Current ratio | 2.33x | 3.06x | 2.15x | 2.51x | 2.12x | 2.14x | — |
| Debt to equity | 0.27x | 0.10x | 0.34x | 0.22x | 0.23x | 0.24x | — |
| Equity ratio | 60.3% | 70.3% | 54.7% | 63.6% | 57.8% | 52.2% | — |
| Interest coverage | -131.58x | 9.00x | -114.38x | 1.88x | 98.40x | 94.14x | — |
| R&D as a share of sales | — | — | 4.3% | 4.4% | 6.0% | 5.1% | 3.5% |
| Buybacks as a share of market value | -0.1% | -0.7% | -0.7% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -16.9% | -4.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 31.9% | 30.4% | 34.4% | — |
| Operating margin | -3.4% | -4.7% | 0.4% | — |
| Net margin | -6.8% | -6.8% | -2.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -3.6 | 106.2 | -5.4 | — | 35.1 | 50.0 |
| Price to sales | 0.6 | 0.6 | 0.9 | 1.2 | 1.9 | 3.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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