N 
44
0.00%
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
¥1.71bn
FY2017FY2026
Net income
−¥207.1m
FY2017FY2026
Free cash flow
−¥510.2m
FY2017FY2026
Shareholders' equity
¥2.92bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.71bn | ¥2.24bn | ¥2.85bn | ¥3.22bn | ¥2.98bn | ¥2.62bn | ¥3.17bn | ¥3.26bn | ¥3.51bn | ¥3.92bn |
| Gross profit | ¥1.09bn | ¥1.49bn | ¥1.92bn | ¥2.11bn | ¥2.04bn | ¥1.69bn | ¥2.03bn | ¥2.06bn | ¥2.26bn | ¥2.54bn |
| Operating income | −¥703.2m | −¥135.0m | ¥275.0m | ¥221.9m | ¥291.2m | ¥109.5m | ¥171.7m | ¥174.4m | ¥43.7m | ¥231.5m |
| Net income | −¥207.1m | −¥271.0m | ¥279.6m | ¥118.1m | ¥129.2m | −¥292.8m | ¥140.2m | ¥50.2m | −¥485.6m | ¥92.0m |
| Diluted earnings per share | -11.68 | -15.59 | 17.45 | 7.37 | 8.43 | -20.06 | 13.41 | 8.24 | -77.73 | 14.72 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.08bn | ¥7.48bn | ¥8.07bn | ¥8.91bn | ¥9.47bn | ¥9.74bn | ¥9.26bn | ¥9.71bn | ¥9.93bn | ¥11.57bn |
| Cash and short-term investments | ¥253.3m | ¥107.1m | ¥282.9m | ¥670.1m | ¥1.13bn | ¥1.68bn | ¥1.67bn | ¥1.74bn | ¥2.20bn | ¥2.64bn |
| Total liabilities | ¥2.16bn | ¥2.89bn | ¥3.21bn | ¥4.37bn | ¥5.15bn | ¥5.81bn | ¥6.02bn | ¥6.47bn | ¥6.72bn | ¥7.83bn |
| Debt | ¥1.45bn | ¥2.22bn | ¥2.44bn | ¥3.30bn | ¥4.07bn | ¥4.84bn | ¥4.98bn | ¥5.38bn | ¥5.55bn | ¥6.58bn |
| Shareholders' equity | ¥2.92bn | ¥4.59bn | ¥4.86bn | ¥4.54bn | ¥4.31bn | ¥3.92bn | ¥3.24bn | ¥3.24bn | ¥3.21bn | ¥3.74bn |
| Shares outstanding | 18m | 17m | 16m | 16m | 15m | 15m | 10m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥459.2m | −¥113.5m | ¥90.7m | ¥339.7m | ¥336.9m | ¥128.2m | ¥250.4m | ¥239.7m | ¥318.7m | ¥171.3m |
| Capital spending | −¥51.0m | −¥4.8m | −¥7.4m | −¥12.0m | −¥25.6m | −¥23.8m | −¥34.7m | −¥9.2m | −¥19.5m | −¥58.9m |
| Free cash flow | −¥510.2m | −¥118.4m | ¥83.3m | ¥327.7m | ¥311.2m | ¥104.4m | ¥215.7m | ¥230.5m | ¥299.2m | ¥112.5m |
| Dividends paid | — | — | — | −¥1.5m | −¥25.5m | −¥32.4m | −¥211,000 | −¥325,000 | −¥93.4m | −¥93.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥357.9m | ¥350.0m | ¥396.9m | ¥479.2m | ¥483.6m | ¥568.5m | ¥554.9m | ¥564.5m |
| Gross profit | ¥234.3m | ¥162.7m | ¥270.1m | ¥336.2m | ¥325.6m | ¥382.6m | ¥391.6m | ¥398.6m |
| Operating income | −¥235.8m | −¥207.2m | −¥129.3m | −¥95.5m | −¥99.1m | −¥26.7m | −¥12.1m | −¥29.2m |
| Net income | −¥265.7m | −¥813.6m | −¥114.2m | ¥835.1m | −¥114.4m | −¥138.5m | −¥58.4m | −¥26.5m |
| Diluted earnings per share | -14.98 | -45.88 | -6.57 | 48.04 | -6.58 | -7.96 | -3.64 | -1.66 |
| Cash from operations | — | — | — | −¥158.0m | — | — | — | — |
| Capital spending | — | — | — | −¥7.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥165.0m | — | — | — | — |
| Total assets | ¥5.54bn | ¥5.08bn | ¥7.56bn | ¥8.19bn | ¥7.52bn | ¥7.48bn | ¥7.69bn | ¥7.82bn |
| Cash and short-term investments | ¥232.1m | ¥253.3m | ¥419.2m | ¥1.20bn | ¥79.2m | ¥107.1m | ¥205.8m | ¥189.7m |
| Debt | ¥1.41bn | ¥1.45bn | ¥1.40bn | ¥1.94bn | ¥1.87bn | ¥2.22bn | ¥1.89bn | ¥2.35bn |
| Shareholders' equity | ¥2.76bn | ¥2.92bn | ¥5.34bn | ¥5.46bn | ¥4.62bn | ¥4.59bn | ¥4.72bn | ¥4.78bn |
Financial ratios
Data as of 30 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 64.0% | 66.6% | 67.4% | 65.3% | 68.4% | 64.4% |
| Operating margin | -41.1% | -4.8% | 9.6% | 6.9% | 9.8% | 4.2% |
| Net margin | -12.1% | -12.1% | 9.8% | 3.7% | 4.3% | -11.2% |
| Return on equity | -7.1% | -5.9% | 5.8% | 2.6% | 3.0% | -7.5% |
| Return on assets | -4.1% | -3.6% | 3.5% | 1.3% | 1.4% | -3.0% |
| Free cash flow yield | -43.4% | -11.8% | 11.6% | 41.4% | 44.6% | 19.7% |
| Revenue growth | -23.8% | -21.4% | -11.5% | 8.2% | 13.5% | -17.2% |
| Earnings growth | -23.6% | -196.9% | 136.8% | -8.6% | -144.1% | -308.8% |
| Current ratio | 0.31x | 0.28x | 0.34x | 0.45x | 0.71x | 1.08x |
| Debt to equity | 0.50x | 0.48x | 0.50x | 0.73x | 0.94x | 1.23x |
| Equity ratio | 57.4% | 61.3% | 60.2% | 50.9% | 45.6% | 40.3% |
| Interest coverage | -10.03x | -1.95x | 4.87x | 3.38x | 3.22x | 0.46x |
| Buybacks as a share of market value | -2.0% | -8.5% | 0.0% | -4.5% | -5.1% | -39.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -19.0% | -8.2% | -7.4% |
| Net income | — | -6.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 65.5% | 66.0% | 66.2% | 65.3% |
| Operating margin | -21.2% | -3.4% | 0.4% | 3.0% |
| Net margin | -12.1% | -0.8% | -1.6% | -1.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.7 | -7.4 | 8.1 | 54.5 | 13.4 | -6.5 | 19.6 | 22.3 | -1.9 | 30.2 |
| Price to sales | 0.5 | 0.9 | 0.8 | 2.0 | 0.6 | 0.7 | 0.9 | 0.3 | 0.3 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Mar 2021.
| FY2022 | FY2021 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 6.00 | 6.00 | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 |
- 5-for-1 split · 30 Mar 2021
- 10-to-1 reverse split · 27 Sept 2017
- 2-for-1 split · 5 Aug 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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