N 
56
-1.75%
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
¥3.56bn
FY2016FY2025
Net income
−¥728.1m
FY2016FY2025
Free cash flow
¥10.2m
FY2016FY2025
Shareholders' equity
¥2.92bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.56bn | ¥2.13bn | ¥866.7m | ¥2.76bn | ¥4.85bn | ¥6.56bn | ¥9.67bn | ¥11.13bn | ¥12.20bn | ¥12.23bn |
| Research and development | ¥22.8m | ¥21.8m | ¥56.5m | ¥28.1m | ¥9.6m | ¥17.4m | ¥34.0m | ¥30.0m | ¥123.0m | ¥217.3m |
| Operating income | −¥223.6m | −¥246.8m | −¥211.6m | ¥427.2m | −¥208.6m | −¥620.9m | −¥632.4m | ¥419.7m | −¥914.6m | −¥619.6m |
| Net income | −¥728.1m | −¥289.7m | −¥657.7m | ¥806.7m | ¥303.9m | −¥1.36bn | −¥1.27bn | −¥474.0m | ¥902.6m | −¥1.07bn |
| Diluted earnings per share | -20.99 | -7.63 | -24.20 | 29.68 | 10.20 | -45.68 | -42.70 | -15.90 | 30.32 | -35.92 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥134.71bn | ¥5.94bn | ¥3.08bn | ¥3.54bn | ¥4.54bn | ¥4.78bn | ¥6.69bn | ¥9.30bn | ¥11.53bn | ¥13.46bn |
| Cash and short-term investments | ¥1.47bn | ¥1.25bn | ¥587.2m | ¥562.1m | ¥769.3m | ¥1.07bn | ¥947.0m | ¥1.05bn | ¥2.53bn | ¥1.88bn |
| Total liabilities | ¥131.68bn | ¥1.61bn | ¥118.7m | ¥227.9m | ¥3.59bn | ¥3.96bn | ¥4.45bn | ¥5.35bn | ¥7.01bn | ¥9.66bn |
| Debt | ¥4.20bn | ¥326.9m | ¥11.0m | ¥78.1m | ¥1.48bn | ¥1.62bn | ¥1.66bn | ¥2.39bn | ¥3.83bn | ¥6.35bn |
| Shareholders' equity | ¥2.92bn | ¥4.33bn | ¥2.96bn | ¥3.31bn | ¥845.0m | ¥117.7m | ¥1.53bn | ¥3.25bn | ¥3.89bn | ¥3.63bn |
| Shares outstanding | 35m | 38m | 27m | 27m | 30m | 30m | 30m | 30m | 30m | 30m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥59.6m | −¥354.3m | −¥98.6m | −¥266.5m | −¥164.8m | −¥263.7m | −¥592.5m | ¥229.0m | −¥1.39bn | ¥341.6m |
| Capital spending | −¥49.4m | −¥11.4m | −¥47.7m | −¥5.7m | −¥42.0m | −¥25.4m | −¥85.7m | −¥278.2m | −¥133.7m | −¥112.9m |
| Free cash flow | ¥10.2m | −¥365.7m | −¥146.2m | −¥272.2m | −¥206.8m | −¥289.1m | −¥678.2m | −¥49.2m | −¥1.52bn | ¥228.7m |
| Dividends paid | — | — | — | — | — | — | — | — | — | −¥33,000 |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥853.3m | ¥816.8m | ¥683.5m | ¥1.16bn | ¥1.11bn | ¥651.0m | ¥645.2m | ¥1.09bn |
| Operating income | −¥214.1m | −¥223.3m | −¥347.2m | −¥125.2m | −¥33.1m | −¥38.8m | −¥26.5m | ¥17.3m |
| Net income | −¥422.2m | −¥926.5m | −¥490.7m | ¥320.1m | ¥185.9m | −¥1.21bn | −¥23.3m | −¥18.0m |
| Diluted earnings per share | -9.13 | -20.04 | -10.61 | 9.23 | 5.36 | -34.90 | -0.67 | -0.47 |
| Cash from operations | — | — | — | −¥35.23bn | — | — | — | — |
| Capital spending | — | — | — | −¥49.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥35.28bn | — | — | — | — |
| Total assets | ¥71.87bn | ¥83.54bn | ¥110.06bn | ¥134.71bn | ¥115.88bn | ¥98.55bn | ¥6.40bn | ¥5.94bn |
| Cash and short-term investments | ¥1.10bn | ¥1.13bn | ¥1.39bn | ¥1.47bn | ¥102.73bn | ¥86.52bn | ¥1.23bn | ¥1.25bn |
| Debt | ¥120.1m | ¥393.8m | ¥407.6m | ¥4.20bn | ¥496.0m | ¥3.22bn | ¥169.3m | ¥119.3m |
| Shareholders' equity | ¥2.00bn | ¥2.48bn | ¥2.33bn | ¥2.92bn | ¥3.12bn | ¥3.03bn | ¥4.42bn | ¥4.33bn |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -26.0% | -12.0% | -72.7% | 29.8% | 7.1% | -9.5% |
| Net margin | -20.4% | -13.6% | -75.9% | 29.2% | 6.3% | -20.8% |
| Return on equity | -24.9% | -6.7% | -22.2% | 24.4% | 36.0% | -1156.5% |
| Return on assets | -0.5% | -4.9% | -21.4% | 22.8% | 6.7% | -28.5% |
| Free cash flow yield | 5.0% | -14.3% | -3.0% | -15.2% | -6.5% | -12.7% |
| Revenue growth | 67.2% | 145.8% | -68.6% | -43.1% | -26.1% | -32.2% |
| Earnings growth | 151.3% | -56.0% | -181.5% | 165.4% | -122.3% | 7.0% |
| Current ratio | 1.01x | 2.09x | 12.99x | 6.35x | 1.31x | 1.27x |
| Debt to equity | 1.44x | 0.08x | 0.00x | 0.02x | 1.75x | 13.80x |
| Equity ratio | 2.2% | 72.9% | 96.1% | 93.6% | 18.6% | 2.5% |
| Interest coverage | -23.25x | -85.25x | -703.77x | 95.55x | 14.38x | -24.70x |
| R&D as a share of sales | 0.6% | 1.0% | 6.5% | 1.0% | 0.2% | 0.3% |
| Buybacks as a share of market value | 8.7% | -39.8% | 0.0% | 8.8% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.9% | -11.5% | -7.1% |
| Operating income | — | -18.5% | -8.3% |
| Net income | — | -11.8% | 32.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -8.3% | -2.7% | -5.2% | -4.6% |
| Net margin | -17.9% | -9.3% | -9.3% | -5.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.4 | -13.2 | -6.0 | 5.4 | 17.3 | -3.5 | -4.7 | -13.1 | 13.2 | -11.8 |
| Price to sales | 1.1 | 1.8 | 4.6 | 1.6 | 1.1 | 0.7 | 0.6 | 0.6 | 1.0 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Mar 2008.
| FY2008 | |
|---|---|
| Paid in the year | 10.50 |
- 100-for-1 split · 29 May 2013
- 2-for-1 split · 26 Aug 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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