T 
97
+3.19%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.46bn
FY2017FY2026
Net income
−¥195.1m
FY2017FY2026
Free cash flow
−¥6.1m
FY2017FY2026
Shareholders' equity
¥479.6m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.46bn | ¥2.33bn | ¥2.30bn | ¥2.35bn | ¥2.42bn | ¥2.46bn | ¥3.07bn | ¥2.91bn | ¥3.43bn | ¥4.08bn |
| Gross profit | ¥1.39bn | ¥1.32bn | ¥1.32bn | ¥1.26bn | ¥1.28bn | ¥1.15bn | ¥1.63bn | ¥1.46bn | ¥1.59bn | ¥1.80bn |
| Research and development | — | ¥8.3m | ¥6.8m | ¥10.4m | ¥14.3m | ¥13.0m | ¥14.0m | ¥11.1m | ¥15.2m | ¥36.9m |
| Operating income | −¥74.6m | −¥196.4m | −¥232.5m | −¥260.1m | −¥266.2m | −¥458.0m | −¥255.4m | −¥318.9m | −¥166.2m | −¥302.0m |
| Net income | −¥195.1m | −¥193.5m | −¥244.3m | −¥245.3m | −¥217.0m | −¥438.4m | −¥272.7m | −¥316.7m | −¥208.3m | −¥317.2m |
| Diluted earnings per share | -13.91 | -13.84 | -17.86 | -17.93 | -21.06 | -42.54 | -29.10 | -34.57 | -23.86 | -36.34 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.38bn | ¥1.56bn | ¥1.57bn | ¥1.68bn | ¥1.56bn | ¥1.64bn | ¥1.99bn | ¥2.18bn | ¥2.74bn | ¥2.89bn |
| Cash and short-term investments | ¥262.7m | ¥256.8m | ¥325.9m | ¥485.9m | ¥440.1m | ¥394.4m | ¥596.4m | ¥518.2m | ¥686.6m | ¥869.7m |
| Total liabilities | ¥900.0m | ¥957.7m | ¥771.8m | ¥770.3m | ¥753.1m | ¥785.5m | ¥680.1m | ¥801.3m | ¥1.00bn | ¥886.2m |
| Debt | ¥438.2m | ¥553.1m | ¥357.7m | ¥358.8m | ¥345.3m | ¥198.6m | ¥157.8m | ¥201.3m | ¥254.5m | ¥151.6m |
| Shareholders' equity | ¥479.6m | ¥604.5m | ¥798.2m | ¥904.1m | ¥804.9m | ¥853.4m | ¥1.29bn | ¥1.36bn | ¥1.68bn | ¥1.89bn |
| Shares outstanding | 14m | 14m | 14m | 14m | 10m | 10m | 9m | 9m | 9m | 9m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥7.9m | −¥240.0m | −¥271.3m | −¥299.2m | −¥291.5m | −¥204.8m | −¥84.5m | −¥48.2m | −¥154.1m | −¥46.2m |
| Capital spending | −¥14.0m | −¥12.7m | −¥22.6m | −¥16.9m | −¥8.4m | −¥46.7m | −¥8.8m | −¥123.0m | −¥33.2m | −¥215.5m |
| Free cash flow | −¥6.1m | −¥252.6m | −¥293.9m | −¥316.1m | −¥299.8m | −¥251.5m | −¥93.3m | −¥171.3m | −¥187.3m | −¥261.7m |
| Dividends paid | — | — | — | — | — | — | — | — | −¥56.0m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥446.0m | ¥727.2m | ¥490.0m | ¥621.2m | ¥622.3m | ¥665.9m | ¥538.2m | ¥561.8m |
| Gross profit | ¥255.4m | ¥374.6m | ¥298.7m | ¥365.6m | ¥346.1m | ¥356.1m | ¥320.6m | ¥331.9m |
| Operating income | −¥105.7m | ¥15.2m | −¥65.8m | −¥4.6m | −¥19.3m | −¥23.6m | −¥49.7m | −¥57.7m |
| Net income | −¥115.4m | ¥17.3m | −¥72.4m | −¥120.1m | −¥19.9m | −¥15.3m | −¥49.6m | −¥59.0m |
| Diluted earnings per share | -8.23 | 1.23 | -5.18 | -8.59 | -1.42 | -1.09 | -3.63 | -4.32 |
| Cash from operations | −¥58.0m | −¥54.0m | −¥69.0m | ¥18.0m | ¥114.0m | −¥105.0m | −¥17.0m | −¥100.0m |
| Capital spending | −¥2.0m | −¥5.0m | −¥1.0m | −¥6.0m | −¥1.0m | −¥2.0m | −¥3.0m | −¥5.0m |
| Free cash flow | −¥60.0m | −¥59.0m | −¥70.0m | ¥12.0m | ¥113.0m | −¥107.0m | −¥20.0m | −¥105.0m |
| Total assets | ¥1.31bn | ¥1.38bn | ¥1.42bn | ¥1.54bn | ¥1.48bn | ¥1.56bn | ¥1.39bn | ¥1.42bn |
| Cash and short-term investments | ¥302.4m | ¥262.7m | ¥258.8m | ¥334.2m | ¥303.4m | ¥256.8m | ¥187.7m | ¥216.7m |
| Debt | ¥266.2m | ¥434.5m | ¥318.8m | ¥503.9m | ¥282.9m | ¥547.8m | ¥153.0m | ¥372.6m |
| Shareholders' equity | ¥476.5m | ¥479.6m | ¥461.4m | ¥533.1m | ¥584.7m | ¥604.5m | ¥620.6m | ¥669.4m |
Financial ratios
Data as of 2 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 56.3% | 56.6% | 57.2% | 53.6% | 52.9% | 47.0% | — |
| Operating margin | -3.0% | -8.4% | -9.7% | -11.1% | -11.0% | -18.6% | — |
| Net margin | -7.9% | -8.3% | -10.6% | -10.4% | -9.0% | -17.8% | — |
| Return on equity | -40.7% | -32.0% | -30.6% | -27.1% | -27.0% | -51.4% | — |
| Return on assets | -14.1% | -12.4% | -15.6% | -14.6% | -13.9% | -26.8% | — |
| Free cash flow yield | 1.4% | -15.1% | -16.8% | -19.1% | -25.4% | -14.2% | — |
| Revenue growth | 5.6% | 1.1% | -1.8% | -3.1% | -1.4% | -20.0% | — |
| Earnings growth | 0.8% | -20.8% | -0.4% | 13.0% | -50.5% | 60.8% | — |
| Current ratio | 1.83x | 1.80x | 2.65x | 3.12x | 2.84x | 2.06x | — |
| Debt to equity | 0.91x | 0.91x | 0.45x | 0.40x | 0.43x | 0.23x | — |
| Equity ratio | 34.8% | 38.7% | 50.8% | 53.9% | 51.6% | 52.1% | — |
| Interest coverage | -6.72x | -30.32x | -59.58x | -83.86x | -117.47x | -259.32x | — |
| R&D as a share of sales | — | 0.4% | 0.3% | 0.4% | 0.6% | 0.5% | 0.5% |
| Buybacks as a share of market value | -0.3% | -2.2% | 0.0% | -32.7% | 0.0% | -10.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.6% | 0.0% | -6.4% |
| Operating income | -34.1% | -30.4% | -9.6% |
| Net income | -7.4% | -15.0% | -4.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 56.5% | 55.9% | 53.9% | 49.0% |
| Operating margin | -5.7% | -8.1% | -10.4% | -8.4% |
| Net margin | -8.1% | -9.3% | -10.7% | -9.1% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.8 | -8.3 | -7.6 | -11.4 | -7.1 | -4.1 | -5.8 | -8.9 | -10.2 | -16.0 |
| Price to sales | 0.5 | 0.7 | 0.8 | 1.2 | 0.6 | 0.7 | 0.5 | 1.0 | 0.6 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 28 Mar 2005.
| FY2005 | FY2004 | FY2003 | |
|---|---|---|---|
| Paid in the year | 50.00 | 25.00 | 25.00 |
- 10-to-1 reverse split · 26 Sept 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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