K 
407
+0.25%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.88bn
FY2017FY2026
Net income
−¥189.2m
FY2017FY2026
Free cash flow
−¥122.6m
FY2017FY2026
Shareholders' equity
¥237.4m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.88bn | ¥1.87bn | ¥1.65bn | ¥1.34bn | ¥596.2m | ¥733.1m | ¥2.32bn | ¥3.57bn | ¥4.22bn | ¥4.91bn |
| Gross profit | ¥1.24bn | ¥1.23bn | ¥1.08bn | ¥855.9m | ¥351.8m | ¥452.1m | ¥1.57bn | ¥2.44bn | ¥2.89bn | ¥3.35bn |
| Operating income | −¥105.6m | −¥139.9m | −¥196.6m | −¥343.3m | −¥5.7m | −¥725.7m | −¥628.7m | −¥322.7m | −¥121.1m | ¥37.2m |
| Net income | −¥189.2m | −¥218.5m | −¥206.6m | −¥295.5m | −¥10.2m | −¥504.9m | −¥628.1m | −¥313.6m | −¥522.1m | −¥65.5m |
| Diluted earnings per share | -49.64 | -57.33 | -54.21 | -77.53 | -2.69 | -132.47 | -164.77 | -82.28 | -136.97 | -17.20 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.37bn | ¥1.54bn | ¥1.78bn | ¥1.68bn | ¥1.77bn | ¥1.81bn | ¥2.21bn | ¥3.03bn | ¥3.53bn | ¥3.94bn |
| Cash and short-term investments | ¥466.1m | ¥516.6m | ¥717.5m | ¥808.5m | ¥949.4m | ¥805.8m | ¥980.3m | ¥1.61bn | ¥1.64bn | ¥1.78bn |
| Total liabilities | ¥1.13bn | ¥1.11bn | ¥1.13bn | ¥826.8m | ¥601.4m | ¥629.3m | ¥504.9m | ¥662.4m | ¥804.0m | ¥629.5m |
| Debt | ¥827.9m | ¥745.2m | ¥788.0m | ¥523.8m | ¥375.6m | ¥364.7m | ¥99.9m | ¥106.0m | ¥88.6m | ¥135.2m |
| Shareholders' equity | ¥237.4m | ¥426.2m | ¥649.9m | ¥854.8m | ¥1.17bn | ¥1.18bn | ¥1.70bn | ¥2.37bn | ¥2.73bn | ¥3.31bn |
| Shares outstanding | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥77.9m | −¥53.1m | −¥88.9m | −¥223.1m | ¥116.6m | −¥450.0m | −¥542.8m | −¥35.6m | ¥19.3m | ¥175.1m |
| Capital spending | −¥44.7m | −¥114.4m | −¥269.6m | −¥69.6m | −¥88.2m | −¥23.1m | −¥82.6m | −¥58.5m | −¥70.5m | −¥80.4m |
| Free cash flow | −¥122.6m | −¥167.5m | −¥358.5m | −¥292.8m | ¥28.4m | −¥473.1m | −¥625.4m | −¥94.1m | −¥51.2m | ¥94.7m |
| Dividends paid | — | −¥216,000 | −¥37,000 | −¥22.6m | −¥102,000 | −¥18.9m | −¥37.7m | −¥37.7m | −¥60.9m | −¥60.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥457.8m | ¥458.8m | ¥491.9m | ¥473.6m | ¥466.2m | ¥456.7m | ¥480.8m | ¥467.8m |
| Gross profit | ¥317.1m | ¥315.7m | ¥340.3m | ¥327.9m | ¥323.7m | ¥314.4m | ¥331.4m | ¥326.1m |
| Operating income | −¥31.2m | −¥26.6m | −¥22.5m | −¥27.9m | −¥30.7m | −¥52.1m | −¥25.0m | −¥32.1m |
| Net income | −¥110.0m | −¥28.2m | −¥24.1m | −¥26.9m | −¥108.8m | −¥51.2m | −¥26.0m | −¥32.5m |
| Diluted earnings per share | -28.87 | -7.40 | -6.32 | -7.05 | -28.54 | -13.43 | -6.83 | -8.54 |
| Cash from operations | — | — | −¥49.0m | — | — | — | −¥52.0m | — |
| Capital spending | — | — | −¥22.0m | — | −¥84.0m | — | −¥29.0m | — |
| Free cash flow | — | — | −¥71.0m | — | — | — | −¥81.0m | — |
| Total assets | ¥1.37bn | ¥1.42bn | ¥1.49bn | ¥1.44bn | ¥1.54bn | ¥1.63bn | ¥1.69bn | ¥1.57bn |
| Cash and short-term investments | ¥466.1m | ¥420.9m | ¥466.2m | ¥421.1m | ¥516.6m | ¥559.9m | ¥617.8m | ¥510.4m |
| Debt | ¥237.4m | ¥220.5m | ¥772.8m | ¥157.0m | ¥150.3m | ¥143.4m | ¥769.8m | ¥43.4m |
| Shareholders' equity | ¥237.4m | ¥347.0m | ¥375.8m | ¥400.1m | ¥426.2m | ¥535.0m | ¥589.0m | ¥615.2m |
Financial ratios
Data as of 2 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 65.8% | 65.5% | 65.7% | 64.1% | 59.0% | 61.7% |
| Operating margin | -5.6% | -7.5% | -11.0% | -25.7% | -93.8% | -99.0% |
| Net margin | -10.1% | -11.7% | -12.5% | -22.1% | -1.7% | -68.9% |
| Return on equity | -79.7% | -51.3% | -31.8% | -34.6% | -0.9% | -42.9% |
| Return on assets | -13.8% | -14.2% | -11.6% | -17.6% | -0.6% | -27.9% |
| Free cash flow yield | -2.1% | 4.0% | 11.7% | -9.9% | 13.2% | -27.6% |
| Revenue growth | 0.6% | 13.5% | 23.5% | 124.0% | -18.7% | -68.4% |
| Earnings growth | -13.4% | 5.8% | -30.1% | 2783.3% | -98.0% | -19.6% |
| Current ratio | 1.32x | 1.53x | 2.06x | 3.67x | 6.14x | 3.97x |
| Debt to equity | 3.48x | 0.35x | 1.21x | 0.61x | 0.32x | 0.30x |
| Equity ratio | 17.3% | 27.7% | 36.5% | 50.8% | 66.1% | 65.2% |
| Interest coverage | -19.19x | -27.24x | -79.87x | -943.08x | -4140.53x | -505.69x |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.1% | 20.8% | -10.0% |
| Operating income | -32.5% | -32.0% | — |
| Net income | -13.8% | -17.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 65.7% | 65.4% | 64.6% | 67.3% |
| Operating margin | -6.5% | -11.7% | -18.8% | -8.5% |
| Net margin | -10.9% | -13.5% | -17.7% | -10.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.1 | -7.2 | -7.9 | -4.8 | -135.0 | -3.5 | -4.2 | -11.0 | -6.3 | -108.2 |
| Price to sales | 0.8 | 0.8 | 1.0 | 1.1 | 2.3 | 2.4 | 1.1 | 1.0 | 0.8 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Jun 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 6.00 | 5.00 | 10.00 | 10.00 | 16.00 | 16.00 | 16.00 | 16.00 |
- 1.3-for-1 split · 27 Jun 2000
- 1.2-for-1 split · 25 Jun 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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