W 
88
-3.30%
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
¥3.63bn
FY2016FY2025
Net income
−¥12.46bn
FY2016FY2025
Free cash flow
−¥390.0m
FY2016FY2025
Shareholders' equity
¥40.93bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.63bn | ¥31.05bn | ¥44.35bn | ¥45.10bn | ¥29.97bn | ¥18.48bn | ¥13.17bn | ¥8.73bn | ¥9.52bn | ¥9.05bn |
| Gross profit | −¥3.40bn | ¥1.09bn | ¥5.84bn | ¥9.91bn | ¥4.70bn | −¥1.03bn | −¥1.75bn | −¥1.05bn | ¥1.60bn | ¥3.40bn |
| Research and development | ¥669.0m | ¥943.0m | ¥923.1m | ¥1.09bn | ¥561.0m | ¥547.0m | ¥2.65bn | ¥2.33bn | ¥262.0m | ¥178.2m |
| Operating income | −¥4.92bn | −¥2.96bn | ¥3.57bn | ¥7.98bn | ¥1.90bn | −¥2.84bn | −¥3.42bn | −¥3.35bn | ¥274.0m | ¥2.45bn |
| Net income | −¥12.46bn | −¥3.71bn | ¥866.8m | ¥4.41bn | −¥2.94bn | −¥11.18bn | −¥3.52bn | −¥2.86bn | −¥119.0m | ¥1.95bn |
| Diluted earnings per share | -223.44 | -67.60 | 15.56 | 77.42 | -54.90 | -245.88 | -96.70 | -91.41 | -3.81 | 62.69 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥52.00bn | ¥60.17bn | ¥171.23bn | ¥139.67bn | ¥83.51bn | ¥70.35bn | ¥70.23bn | ¥47.50bn | ¥46.67bn | ¥30.39bn |
| Cash and short-term investments | ¥271.0m | ¥262.0m | ¥12.01bn | ¥32.84bn | ¥11.48bn | ¥6.54bn | ¥12.62bn | ¥5.31bn | ¥10.53bn | ¥10.51bn |
| Total liabilities | ¥11.07bn | ¥10.50bn | ¥47.43bn | ¥26.41bn | ¥33.07bn | ¥60.41bn | ¥54.98bn | ¥29.65bn | ¥23.72bn | ¥9.72bn |
| Debt | ¥8.14bn | ¥8.31bn | ¥34.86bn | ¥17.62bn | ¥20.41bn | ¥46.79bn | ¥47.57bn | ¥27.30bn | ¥21.98bn | ¥8.05bn |
| Shareholders' equity | ¥40.93bn | ¥49.67bn | ¥53.63bn | ¥50.41bn | ¥30.61bn | ¥9.93bn | ¥15.24bn | ¥17.84bn | ¥22.95bn | ¥20.67bn |
| Shares outstanding | 56m | 55m | 56m | 57m | 54m | 45m | 36m | 31m | 31m | 31m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥745.0m | ¥4.01bn | ¥13.21bn | ¥6.60bn | ¥2.26bn | ¥85.0m | −¥2.09bn | −¥943.0m | ¥697.0m | ¥2.73bn |
| Capital spending | −¥1.14bn | −¥28.16bn | −¥46.66bn | −¥28.20bn | −¥6.67bn | −¥10.54bn | −¥16.19bn | −¥9.72bn | −¥14.28bn | −¥7.41bn |
| Free cash flow | −¥390.0m | −¥24.15bn | −¥33.45bn | −¥21.60bn | −¥4.41bn | −¥10.46bn | −¥18.28bn | −¥10.67bn | −¥13.58bn | −¥4.68bn |
| Dividends paid | — | — | −¥2.0m | — | — | — | −¥78.0m | −¥77.0m | −¥77.0m | −¥142.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Oct 2025 | Sept 2025 | Jul 2025 | Jun 2025 | Apr 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥542.0m | ¥1.39bn | ¥936.0m | ¥1.24bn | ¥1.24bn | ¥694.0m | ¥694.0m | ¥756.0m |
| Gross profit | −¥867.0m | −¥126.0m | −¥336.0m | −¥1.24bn | −¥1.24bn | −¥1.16bn | −¥1.16bn | −¥1.24bn |
| Operating income | −¥1.02bn | −¥364.0m | −¥588.0m | −¥1.46bn | −¥1.46bn | −¥1.37bn | −¥1.37bn | −¥1.49bn |
| Net income | −¥1.07bn | −¥2.03bn | −¥3.86bn | −¥3.17bn | −¥3.17bn | −¥2.58bn | −¥2.58bn | −¥2.85bn |
| Diluted earnings per share | -17.70 | -33.60 | -69.21 | -57.81 | -56.91 | -46.99 | -46.27 | -51.85 |
| Total assets | ¥49.28bn | ¥50.02bn | ¥52.00bn | ¥53.87bn | ¥53.87bn | ¥55.58bn | ¥55.58bn | ¥55.87bn |
| Cash and short-term investments | ¥681.0m | ¥778.0m | ¥271.0m | ¥97.0m | ¥97.0m | ¥158.0m | ¥158.0m | ¥195.0m |
| Debt | ¥7.09bn | ¥5.39bn | ¥8.14bn | ¥7.92bn | ¥6.56bn | ¥8.02bn | ¥8.02bn | ¥7.89bn |
| Shareholders' equity | ¥39.32bn | ¥40.08bn | ¥40.93bn | ¥43.16bn | ¥43.16bn | ¥45.24bn | ¥45.24bn | ¥45.76bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -93.7% | 3.5% | 13.2% | 22.0% | 15.7% | -5.6% |
| Operating margin | -135.5% | -9.5% | 8.0% | 17.7% | 6.3% | -15.4% |
| Net margin | -343.4% | -12.0% | 2.0% | 9.8% | -9.8% | -60.5% |
| Return on equity | -30.5% | -7.5% | 1.6% | 8.8% | -9.6% | -112.5% |
| Return on assets | -24.0% | -6.2% | 0.5% | 3.2% | -3.5% | -15.9% |
| Free cash flow yield | 23.4% | 406.7% | 746.7% | 423.9% | 115.8% | 162.3% |
| Revenue growth | -88.3% | -30.0% | -1.7% | 50.5% | 62.2% | 40.3% |
| Earnings growth | 235.7% | -528.4% | -80.4% | -249.9% | -73.7% | 217.7% |
| Current ratio | 0.45x | 0.80x | 1.09x | 3.37x | 1.58x | 0.71x |
| Debt to equity | 0.20x | 0.17x | 0.43x | 0.35x | 0.67x | 4.71x |
| Equity ratio | 78.7% | 82.6% | 31.3% | 36.1% | 36.7% | 14.1% |
| Interest coverage | -20.67x | -8.08x | 7.78x | 22.30x | 1.29x | -1.42x |
| R&D as a share of sales | 18.4% | 3.0% | 2.1% | 2.4% | 1.9% | 3.0% |
| Buybacks as a share of market value | -1.6% | 1.4% | 2.3% | -6.3% | -17.9% | -25.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -56.8% | -27.8% | -6.9% |
| Operating income | — | 11.6% | — |
| Net income | — | 2.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -6.7% | 10.8% | 9.9% | 10.1% |
| Operating margin | -22.7% | 3.0% | 1.6% | 0.3% |
| Net margin | -46.7% | -8.8% | -14.5% | -12.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.7 | -4.1 | 57.5 | 17.1 | -14.6 | -3.8 | -10.6 | -12.8 | -613.7 | 27.9 |
| Price to sales | 2.3 | 0.5 | 1.1 | 1.7 | 1.4 | 2.3 | 2.8 | 4.2 | 7.7 | 6.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Dec 2018.
| FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|
| Paid in the year | 2.50 | 2.50 | 2.50 | 2.50 |
- 2-for-1 split · 28 Jun 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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