V 
128
+2.40%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥4.58bn
FY2016FY2025
Net income
¥140.5m
FY2016FY2025
Free cash flow
¥519.9m
FY2016FY2025
Shareholders' equity
¥2.65bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.58bn | ¥4.30bn | ¥3.12bn | ¥1.16bn | ¥492.7m | ¥890.5m | ¥4.35bn | ¥3.37bn | ¥2.83bn | ¥2.31bn |
| Gross profit | ¥105.1m | −¥172.0m | −¥62.9m | −¥794.7m | −¥1.10bn | −¥1.33bn | ¥844.8m | ¥417.2m | ¥89.6m | ¥19.8m |
| Operating income | ¥105.1m | −¥409.6m | −¥67.1m | −¥794.7m | −¥1.10bn | −¥1.42bn | ¥844.8m | ¥417.2m | ¥89.6m | ¥19.8m |
| Net income | ¥140.5m | −¥407.9m | −¥57.7m | −¥794.4m | −¥1.16bn | −¥1.55bn | ¥521.5m | ¥311.2m | ¥35.0m | −¥715.0m |
| Diluted earnings per share | 3.82 | -11.15 | -1.62 | -22.37 | -34.92 | -53.47 | 17.39 | 11.07 | 0.96 | -19.53 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥9.32bn | ¥8.58bn | ¥6.47bn | ¥5.32bn | ¥2.89bn | ¥2.32bn | ¥6.42bn | ¥5.11bn | ¥3.67bn | ¥3.66bn |
| Cash and short-term investments | ¥5.69bn | ¥5.17bn | ¥3.70bn | ¥2.80bn | ¥1.20bn | ¥917.3m | ¥3.98bn | ¥3.17bn | ¥2.28bn | ¥2.32bn |
| Total liabilities | ¥6.35bn | ¥5.70bn | ¥5.11bn | ¥3.93bn | ¥1.72bn | ¥1.77bn | ¥4.30bn | ¥3.74bn | ¥3.13bn | ¥3.35bn |
| Debt | — | — | ¥500.0m | ¥500.0m | ¥25.0m | ¥760.9m | ¥347.5m | ¥545.5m | ¥743.5m | ¥916.5m |
| Shareholders' equity | ¥2.65bn | ¥2.51bn | ¥1.34bn | ¥1.37bn | ¥1.16bn | ¥552.4m | ¥2.09bn | ¥1.37bn | ¥538.4m | ¥290.6m |
| Shares outstanding | 37m | 37m | 36m | 36m | 33m | 29m | 30m | 28m | 37m | 37m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥920.2m | ¥459.6m | ¥1.19bn | ¥146.3m | −¥677.7m | −¥3.24bn | ¥1.28bn | ¥852.6m | ¥311.6m | ¥151.0m |
| Capital spending | −¥400.3m | −¥351.0m | −¥137.8m | −¥109.7m | −¥81.6m | −¥213.3m | −¥490.7m | −¥257.5m | −¥291.0m | −¥113.7m |
| Free cash flow | ¥519.9m | ¥108.6m | ¥1.06bn | ¥36.6m | −¥759.3m | −¥3.46bn | ¥791.3m | ¥595.1m | ¥20.6m | ¥37.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥947.0m | ¥1.14bn | ¥1.14bn | ¥1.34bn | ¥969.4m | ¥1.13bn | ¥1.10bn | ¥1.39bn |
| Gross profit | −¥150.7m | −¥38.4m | ¥12.7m | ¥181.5m | −¥145.2m | ¥56.2m | ¥67.1m | −¥44.8m |
| Operating income | −¥150.7m | −¥38.4m | ¥12.7m | ¥181.5m | −¥145.2m | ¥56.2m | ¥67.1m | −¥44.8m |
| Net income | −¥131.8m | −¥119.2m | ¥54.5m | ¥165.4m | −¥107.1m | ¥27.8m | −¥88.2m | −¥48.4m |
| Diluted earnings per share | -3.60 | -3.26 | 1.48 | 4.49 | -2.91 | 0.75 | -2.41 | -1.32 |
| Cash from operations | — | — | — | — | ¥357.0m | ¥357.0m | −¥118.0m | −¥118.0m |
| Capital spending | — | — | — | — | −¥91.0m | −¥91.0m | −¥67.0m | −¥67.0m |
| Free cash flow | — | — | — | — | ¥266.0m | ¥266.0m | −¥185.0m | −¥185.0m |
| Total assets | ¥9.21bn | ¥10.46bn | ¥9.32bn | ¥9.92bn | ¥8.95bn | ¥9.27bn | ¥8.58bn | ¥9.63bn |
| Cash and short-term investments | ¥4.94bn | ¥6.15bn | ¥5.69bn | ¥6.38bn | ¥5.62bn | ¥5.95bn | ¥5.17bn | ¥6.06bn |
| Debt | — | — | — | — | — | — | — | ¥500.0m |
| Shareholders' equity | ¥2.43bn | ¥2.55bn | ¥2.65bn | ¥2.55bn | ¥2.36bn | ¥2.49bn | ¥2.51bn | ¥2.53bn |
Financial ratios
Data as of 12 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 2.3% | -4.0% | -2.0% | -68.3% | -222.9% | -149.8% | — | — |
| Operating margin | 2.3% | -4.1% | -2.1% | -68.3% | -222.9% | -149.8% | — | — |
| Net margin | 3.1% | -9.5% | -1.8% | -68.3% | -234.9% | -173.7% | — | — |
| Return on equity | 5.3% | -16.2% | -4.3% | -58.1% | -99.4% | -280.1% | — | — |
| Return on assets | 1.5% | -4.8% | -0.9% | -14.9% | -40.0% | -66.7% | — | — |
| Free cash flow yield | 25.6% | 15.8% | 26.7% | 5.1% | -12.8% | -74.8% | — | — |
| Revenue growth | 6.4% | 37.8% | 168.4% | 136.2% | -44.7% | -79.5% | — | — |
| Earnings growth | -134.5% | 606.9% | -92.7% | -31.4% | -25.2% | -396.7% | — | — |
| Current ratio | 1.31x | 1.38x | 1.14x | 1.38x | 2.05x | 0.97x | — | — |
| Debt to equity | — | — | 0.37x | 0.37x | 0.02x | 1.38x | 0.17x | 0.40x |
| Equity ratio | 28.4% | 29.3% | 20.8% | 25.7% | 40.2% | 23.8% | — | — |
| Interest coverage | — | -59.97x | -26.51x | -2183.27x | -673.71x | -474.62x | 284.16x | — |
| Buybacks as a share of market value | -0.7% | -2.9% | -0.2% | -7.2% | -14.5% | 3.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 59.7% | 39.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -0.8% | -7.0% | -23.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 45.9 | -24.2 | -362.5 | -26.4 | -12.9 | -8.4 | 71.6 | 45.0 |
| Price to sales | 1.4 | 2.3 | 6.7 | 18.6 | 33.8 | 15.0 | 8.6 | 4.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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