G 
24
+20.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥11.59bn
FY2017FY2026
Net income
−¥3.08bn
FY2017FY2026
Free cash flow
−¥4.07bn
FY2017FY2026
Shareholders' equity
¥1.80bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥11.59bn | ¥13.12bn | ¥15.41bn | ¥18.44bn | ¥18.16bn | ¥19.72bn | ¥25.61bn | ¥28.01bn | ¥30.85bn | ¥33.73bn |
| Gross profit | ¥4.26bn | ¥6.10bn | ¥7.27bn | ¥8.71bn | ¥8.50bn | ¥9.38bn | ¥11.75bn | ¥13.16bn | ¥15.56bn | ¥16.11bn |
| Operating income | −¥2.66bn | −¥1.21bn | −¥910.0m | −¥720.0m | −¥1.01bn | −¥1.18bn | −¥1.39bn | −¥1.24bn | ¥217.0m | ¥617.0m |
| Net income | −¥3.08bn | −¥1.47bn | −¥1.15bn | −¥1.06bn | −¥1.31bn | −¥1.76bn | −¥2.13bn | −¥2.83bn | −¥224.0m | ¥133.0m |
| Diluted earnings per share | -48.58 | -58.50 | -74.44 | -68.30 | -84.66 | -113.68 | -138.20 | -183.77 | -14.61 | 8.67 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥7.09bn | ¥7.31bn | ¥8.38bn | ¥10.76bn | ¥11.95bn | ¥13.48bn | ¥16.13bn | ¥18.95bn | ¥22.37bn | ¥23.83bn |
| Cash and short-term investments | ¥1.76bn | ¥1.96bn | ¥1.54bn | ¥2.71bn | ¥4.08bn | ¥5.04bn | ¥6.16bn | ¥6.20bn | ¥5.46bn | ¥5.73bn |
| Total liabilities | ¥5.29bn | ¥6.07bn | ¥5.66bn | ¥6.89bn | ¥7.03bn | ¥7.25bn | ¥7.99bn | ¥8.53bn | ¥8.83bn | ¥9.43bn |
| Debt | ¥913.0m | ¥928.0m | ¥19.0m | ¥31.0m | ¥42.0m | ¥78.0m | ¥138.0m | ¥202.0m | ¥277.0m | ¥8.0m |
| Shareholders' equity | ¥1.80bn | ¥1.23bn | ¥2.71bn | ¥3.86bn | ¥4.92bn | ¥6.23bn | ¥8.14bn | ¥10.41bn | ¥13.54bn | ¥14.39bn |
| Shares outstanding | 63m | 25m | 15m | 15m | 15m | 15m | 15m | 15m | 15m | 15m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥4.07bn | −¥548.0m | −¥1.21bn | −¥1.25bn | −¥750.0m | −¥703.0m | ¥374.0m | ¥1.40bn | ¥799.0m | ¥31.0m |
| Capital spending | −¥7.0m | −¥39.0m | −¥47.0m | −¥107.0m | −¥147.0m | −¥236.0m | −¥380.0m | −¥271.0m | −¥506.0m | −¥668.0m |
| Free cash flow | −¥4.07bn | −¥587.0m | −¥1.26bn | −¥1.36bn | −¥897.0m | −¥939.0m | −¥6.0m | ¥1.13bn | ¥293.0m | −¥637.0m |
| Dividends paid | — | — | — | — | — | −¥154.0m | −¥153.0m | −¥306.0m | −¥613.0m | −¥613.0m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.53bn | ¥4.02bn | ¥2.79bn | ¥2.62bn | ¥3.14bn | ¥3.04bn | ¥3.36bn | ¥3.20bn |
| Gross profit | ¥2.23bn | ¥1.91bn | ¥505.0m | ¥1.00bn | ¥1.27bn | ¥1.47bn | ¥1.43bn | ¥1.50bn |
| Operating income | −¥273.0m | −¥483.0m | −¥1.16bn | −¥608.0m | −¥437.0m | −¥181.0m | −¥408.0m | −¥300.0m |
| Net income | −¥383.0m | ¥200.0m | −¥1.84bn | −¥648.0m | −¥381.0m | −¥211.0m | −¥550.0m | −¥341.0m |
| Diluted earnings per share | -6.05 | 3.16 | -29.00 | -25.75 | -15.14 | -8.39 | -21.86 | -22.06 |
| Cash from operations | — | — | — | — | −¥801.0m | — | — | — |
| Capital spending | — | — | — | — | −¥2.0m | — | — | — |
| Free cash flow | — | — | — | — | −¥803.0m | — | — | — |
| Total assets | ¥9.68bn | ¥10.40bn | ¥7.09bn | ¥9.79bn | ¥9.62bn | ¥6.83bn | ¥7.31bn | ¥7.94bn |
| Cash and short-term investments | ¥1.36bn | ¥1.42bn | ¥1.76bn | ¥3.54bn | ¥4.07bn | ¥1.13bn | ¥1.96bn | ¥1.04bn |
| Debt | ¥900.0m | — | ¥907.0m | — | ¥900.0m | — | ¥15.0m | — |
| Shareholders' equity | ¥3.13bn | ¥3.15bn | ¥1.80bn | ¥3.63bn | ¥4.13bn | ¥1.27bn | ¥1.23bn | ¥1.78bn |
Financial ratios
Data as of 22 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 36.7% | 46.5% | 47.2% | 47.2% | 46.8% | 47.6% | — | — |
| Operating margin | -23.0% | -9.2% | -5.9% | -3.9% | -5.6% | -6.0% | — | — |
| Net margin | -26.5% | -11.2% | -7.5% | -5.7% | -7.2% | -8.9% | — | — |
| Return on equity | -171.2% | -119.3% | -42.5% | -27.4% | -26.6% | -28.2% | — | — |
| Return on assets | -43.4% | -20.1% | -13.7% | -9.8% | -11.0% | -13.0% | — | — |
| Free cash flow yield | -221.0% | -69.8% | -259.6% | -255.8% | -134.5% | -104.3% | — | — |
| Revenue growth | -11.7% | -14.9% | -16.5% | 1.6% | -7.9% | -23.0% | — | — |
| Earnings growth | 109.0% | 27.9% | 9.0% | -19.3% | -25.5% | -17.5% | — | — |
| Current ratio | 2.41x | 1.66x | 1.70x | 1.73x | 1.89x | 2.10x | — | — |
| Debt to equity | 0.50x | 0.74x | 0.00x | 0.00x | 0.00x | 0.01x | — | — |
| Equity ratio | 25.3% | 16.9% | 32.3% | 35.9% | 41.1% | 46.2% | — | — |
| Interest coverage | -190.00x | -173.29x | -910.00x | — | -1012.00x | — | -1385.00x | -1238.00x |
| Buybacks as a share of market value | -151.6% | -62.7% | 0.0% | 0.0% | -0.1% | -0.3% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -14.3% | -10.1% | -10.7% |
| Operating income | 54.6% | 17.7% | — |
| Net income | 42.8% | 11.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 41.9% | 45.0% | 45.9% | 46.7% |
| Operating margin | -15.7% | -9.4% | -8.0% | -3.5% |
| Net margin | -18.4% | -11.5% | -10.2% | -5.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.4 | -2.5 | -2.9 | -5.5 | -4.5 | -3.4 | -2.7 | -3.3 | -53.2 | 108.6 |
| Price to sales | 0.1 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.4 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Feb 2020.
| FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 10.00 | 10.00 | 0.20 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 |
- 1.2-for-1 split · 23 Feb 2007
- 1.2-for-1 split · 26 Aug 2003
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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