T 
106
0.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.19bn
FY2020FY2026
Net income
−¥365.0m
FY2020FY2026
Free cash flow
¥47.1m
FY2020FY2026
Shareholders' equity
¥1.63bn
FY2020FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥3.19bn | ¥3.68bn | ¥3.90bn | ¥5.00bn | ¥5.39bn | ¥4.99bn | ¥3.17bn |
| Gross profit | ¥1.26bn | ¥1.33bn | ¥1.40bn | ¥1.74bn | ¥1.83bn | ¥1.77bn | ¥1.09bn |
| Operating income | −¥67.8m | −¥433.4m | −¥224.4m | ¥130.7m | ¥201.1m | ¥258.7m | −¥32.1m |
| Net income | −¥365.0m | −¥445.6m | −¥272.7m | ¥74.4m | ¥152.8m | ¥254.3m | −¥2.7m |
| Diluted earnings per share | -22.96 | -35.82 | -35.89 | 12.15 | 22.79 | 16.00 | -0.17 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥2.24bn | ¥1.47bn | ¥1.98bn | ¥2.26bn | ¥1.95bn | ¥1.52bn | ¥1.14bn |
| Cash and short-term investments | ¥660.6m | ¥634.9m | ¥606.6m | ¥1.06bn | ¥737.3m | ¥549.0m | ¥298.8m |
| Total liabilities | ¥605.0m | ¥667.5m | ¥1.08bn | ¥1.10bn | ¥875.9m | ¥833.5m | ¥704.9m |
| Debt | ¥162.7m | ¥262.7m | ¥416.1m | ¥522.6m | ¥179.7m | ¥160.9m | ¥170.0m |
| Shareholders' equity | ¥1.63bn | ¥805.9m | ¥896.2m | ¥1.16bn | ¥1.07bn | ¥689.2m | ¥434.9m |
| Shares outstanding | 16m | 12m | 8m | 6m | 7m | 16m | 16m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥49.9m | −¥140.0m | −¥187.5m | ¥14.2m | ¥24.2m | ¥288.6m | −¥59.8m |
| Capital spending | −¥2.8m | −¥2.8m | −¥65.1m | −¥19.7m | −¥46.7m | −¥26.9m | −¥7.2m |
| Free cash flow | ¥47.1m | −¥142.8m | −¥252.6m | −¥5.5m | −¥22.5m | ¥261.7m | −¥67.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥693.0m | ¥835.6m | ¥916.8m | ¥753.9m | ¥681.3m | ¥797.6m | ¥980.7m | ¥962.5m |
| Gross profit | ¥289.1m | ¥334.1m | ¥379.5m | ¥297.2m | ¥247.7m | ¥277.8m | ¥360.6m | ¥359.6m |
| Operating income | −¥25.8m | −¥3.4m | ¥13.0m | −¥9.7m | −¥67.6m | −¥77.7m | −¥52.7m | −¥48.5m |
| Net income | −¥242.0m | −¥289.7m | ¥9.3m | −¥22.7m | −¥61.9m | −¥223.0m | −¥83.2m | −¥50.9m |
| Diluted earnings per share | -15.22 | -18.23 | 0.74 | -1.82 | -4.97 | -17.92 | -10.95 | -6.70 |
| Total assets | ¥2.02bn | ¥2.24bn | ¥2.04bn | ¥1.89bn | ¥1.60bn | ¥1.47bn | ¥1.87bn | ¥1.92bn |
| Cash and short-term investments | ¥564.2m | ¥660.6m | ¥1.06bn | ¥1.15bn | ¥825.0m | ¥634.9m | ¥666.6m | ¥787.8m |
| Debt | ¥90.4m | ¥162.7m | ¥95.4m | ¥361.2m | ¥97.0m | ¥262.5m | ¥148.3m | ¥362.0m |
| Shareholders' equity | ¥1.48bn | ¥1.63bn | ¥1.33bn | ¥1.17bn | ¥744.0m | ¥805.9m | ¥994.0m | ¥1.08bn |
Financial ratios
Data as of 18 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 39.5% | 36.3% | 36.0% | 34.8% | 33.9% | 35.4% |
| Operating margin | -11.1% | -11.8% | -5.8% | 2.3% | 3.9% | 5.2% |
| Net margin | -11.5% | -12.1% | -7.0% | 1.5% | 2.8% | 5.1% |
| Return on equity | -22.3% | -55.3% | -30.4% | 6.4% | 14.3% | 36.9% |
| Return on assets | -16.3% | -30.2% | -13.8% | 3.3% | 7.8% | 16.7% |
| Free cash flow yield | 2.5% | -9.1% | -19.9% | 1.9% | 2.9% | — |
| Revenue growth | -13.3% | -5.7% | -22.1% | -7.2% | 8.0% | 57.3% |
| Earnings growth | -18.1% | 63.4% | -466.6% | -51.3% | -39.9% | -9415.3% |
| Current ratio | 2.54x | 2.81x | 2.30x | 3.12x | 2.50x | 2.08x |
| Debt to equity | 0.10x | 0.33x | 0.46x | 0.45x | 0.17x | 0.23x |
| Equity ratio | 73.0% | 54.7% | 45.4% | 51.5% | 55.0% | 45.3% |
| Interest coverage | -53.34x | -76.39x | -31.76x | 21.71x | 99.69x | 143.72x |
| Buybacks as a share of market value | -27.8% | -63.8% | -24.1% | 8.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.0% | -8.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.8% | 36.4% | 35.7% | — |
| Operating margin | -7.3% | -3.8% | -0.5% | — |
| Net margin | -11.8% | -6.4% | -2.3% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | -5.1 | -11.9 | -4.2 | 15.3 | 9.0 |
| Price to sales | 0.6 | 1.4 | 0.3 | 0.2 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 5-for-1 split · 28 Aug 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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