Q 
1,912
-6.00%
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
¥1.37bn
FY2019FY2026
Net income
−¥357.1m
FY2019FY2026
Free cash flow
−¥1.21bn
FY2019FY2026
Shareholders' equity
¥4.90bn
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.37bn | ¥1.31bn | ¥1.25bn | ¥1.16bn | ¥1.10bn | ¥895.6m | ¥756.0m | ¥961.0m |
| Research and development | — | ¥173.8m | ¥177.0m | ¥232.0m | ¥241.0m | ¥180.0m | ¥429.0m | ¥374.6m |
| Operating income | −¥327.6m | −¥445.7m | −¥604.0m | −¥556.8m | −¥931.5m | −¥871.6m | −¥1.21bn | −¥983.0m |
| Net income | −¥357.1m | −¥445.8m | −¥642.6m | −¥550.4m | −¥881.0m | −¥879.8m | −¥1.24bn | −¥1.04bn |
| Diluted earnings per share | -8.51 | -10.67 | -15.39 | -13.21 | -24.36 | -20.96 | -29.54 | -850.79 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.57bn | ¥5.51bn | ¥6.15bn | ¥4.92bn | ¥4.02bn | ¥4.68bn | ¥2.92bn | ¥3.00bn |
| Cash and short-term investments | ¥2.74bn | ¥3.75bn | ¥4.84bn | ¥3.58bn | ¥2.82bn | ¥3.22bn | ¥1.46bn | ¥1.72bn |
| Total liabilities | ¥665.9m | ¥286.6m | ¥478.6m | ¥478.6m | ¥434.6m | ¥866.5m | ¥1.19bn | ¥868.5m |
| Debt | ¥330.0m | — | ¥8.7m | ¥16.5m | ¥111.7m | ¥373.5m | ¥651.7m | ¥318.2m |
| Shareholders' equity | ¥4.90bn | ¥5.22bn | ¥5.67bn | ¥4.44bn | ¥3.58bn | ¥3.81bn | ¥1.73bn | ¥2.13bn |
| Shares outstanding | 42m | 42m | 42m | 42m | 36m | 42m | 42m | 1m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥481.1m | −¥506.8m | −¥443.4m | −¥515.3m | −¥700.6m | −¥823.0m | −¥1.21bn | −¥1.18bn |
| Capital spending | −¥731.3m | −¥167.5m | −¥146.5m | −¥16.7m | −¥63.6m | −¥44.0m | −¥204.0m | −¥112.2m |
| Free cash flow | −¥1.21bn | −¥674.3m | −¥589.9m | −¥532.0m | −¥764.2m | −¥867.0m | −¥1.41bn | −¥1.30bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥436.6m | ¥389.0m | ¥352.2m | ¥316.1m | ¥315.5m | ¥383.3m | ¥366.2m | ¥332.7m |
| Operating income | −¥46.0m | −¥102.0m | −¥54.6m | −¥78.1m | −¥91.4m | −¥112.6m | −¥37.6m | −¥127.6m |
| Net income | −¥51.5m | −¥133.7m | −¥59.6m | −¥71.1m | −¥92.8m | −¥117.4m | −¥24.4m | −¥143.7m |
| Diluted earnings per share | -1.23 | -3.19 | -1.43 | -1.70 | -2.22 | -2.81 | -0.59 | -3.44 |
| Total assets | ¥6.01bn | ¥5.57bn | ¥5.23bn | ¥5.27bn | ¥5.38bn | ¥5.51bn | ¥5.61bn | ¥5.60bn |
| Cash and short-term investments | ¥2.69bn | ¥2.74bn | ¥3.07bn | ¥3.57bn | ¥3.65bn | ¥3.75bn | ¥4.09bn | ¥4.11bn |
| Debt | ¥55.0m | ¥330.0m | — | — | — | — | ¥2.6m | ¥4.0m |
| Shareholders' equity | ¥4.91bn | ¥4.90bn | ¥5.00bn | ¥5.06bn | ¥5.13bn | ¥5.22bn | ¥5.34bn | ¥5.36bn |
Financial ratios
Data as of 22 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -23.9% | -34.1% | -50.9% | -48.0% | -84.6% | -97.3% | — |
| Net margin | -26.0% | -34.1% | -51.5% | -47.5% | -80.0% | -98.2% | — |
| Return on equity | -7.3% | -8.5% | -11.3% | -12.4% | -24.6% | -23.1% | — |
| Return on assets | -6.4% | -8.1% | -10.5% | -11.2% | -21.9% | -18.8% | — |
| Free cash flow yield | 0.3% | -0.4% | -0.3% | -0.6% | -0.8% | — | — |
| Revenue growth | 4.9% | 4.9% | 7.6% | 5.3% | 23.0% | 18.5% | — |
| Earnings growth | -19.9% | -30.6% | 16.8% | -37.5% | 0.1% | -29.0% | — |
| Current ratio | 10.62x | 17.79x | 12.96x | 10.58x | 9.73x | 6.30x | — |
| Debt to equity | 0.07x | 0.00x | 0.00x | 0.00x | 0.03x | 0.10x | — |
| Equity ratio | 88.0% | 94.8% | 92.2% | 90.3% | 89.2% | 81.5% | — |
| Interest coverage | -340.85x | -61.12x | -192.19x | -152.62x | -170.21x | -165.89x | — |
| R&D as a share of sales | — | 13.3% | 14.2% | 20.0% | 21.9% | 20.1% | 56.7% |
| Buybacks as a share of market value | -0.5% | -0.0% | -0.2% | -15.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.8% | 8.9% | — |
| Operating income | -16.2% | -17.8% | — |
| Net income | -13.4% | -16.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -28.8% | -38.0% | -52.7% | — |
| Net margin | -29.9% | -39.2% | -53.0% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -268.4 | -29.9 | -19.9 | -41.5 | -22.2 | -35.2 |
| Price to sales | 69.8 | 10.2 | 10.2 | 19.7 | 17.8 | 34.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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