C 
270
+1.12%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.78bn
FY2018FY2026
Net income
−¥272.1m
FY2018FY2026
Free cash flow
−¥291.2m
FY2018FY2026
Shareholders' equity
¥767.5m
FY2018FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.78bn | ¥2.05bn | ¥2.21bn | ¥2.57bn | ¥3.87bn | ¥6.75bn | ¥5.61bn | ¥3.51bn | ¥2.50bn |
| Gross profit | ¥657.8m | ¥838.4m | ¥785.2m | ¥937.0m | ¥1.29bn | ¥2.25bn | ¥1.98bn | ¥1.26bn | ¥803.3m |
| Operating income | −¥271.1m | −¥281.8m | −¥371.3m | −¥116.7m | ¥135.2m | ¥934.4m | ¥862.5m | ¥458.9m | ¥241.9m |
| Net income | −¥272.1m | −¥437.8m | −¥1.28bn | −¥133.3m | ¥89.9m | ¥575.9m | ¥561.4m | ¥320.6m | ¥187.7m |
| Diluted earnings per share | -91.84 | -147.75 | -432.63 | -45.00 | 30.33 | 194.38 | 184.66 | 108.19 | 63.34 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.15bn | ¥1.27bn | ¥1.65bn | ¥3.42bn | ¥3.31bn | ¥3.43bn | ¥2.32bn | ¥1.46bn | ¥1.03bn |
| Cash and short-term investments | ¥559.1m | ¥658.7m | ¥883.3m | ¥1.65bn | ¥1.09bn | ¥1.62bn | ¥944.2m | ¥764.5m | ¥367.1m |
| Total liabilities | ¥384.5m | ¥232.7m | ¥169.2m | ¥658.4m | ¥415.0m | ¥631.1m | ¥872.8m | ¥572.6m | ¥466.2m |
| Debt | ¥192.5m | — | −¥3.5m | ¥250.0m | ¥157.5m | ¥390,000 | ¥121.3m | ¥108.1m | ¥222.7m |
| Shareholders' equity | ¥767.5m | ¥1.04bn | ¥1.48bn | ¥2.76bn | ¥2.89bn | ¥2.80bn | ¥1.45bn | ¥887.1m | ¥566.5m |
| Shares outstanding | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 3m | 3m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥290.2m | −¥209.1m | −¥398.4m | ¥536.5m | −¥672.0m | ¥48.2m | ¥202.9m | ¥481.6m | −¥85.3m |
| Capital spending | −¥990,000 | −¥18.1m | −¥4.2m | −¥3.8m | −¥2.8m | −¥5.7m | −¥22.2m | −¥8.8m | −¥991,000 |
| Free cash flow | −¥291.2m | −¥227.2m | −¥402.6m | ¥532.7m | −¥674.9m | ¥42.5m | ¥180.8m | ¥472.9m | −¥86.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Nov 2025 | Sept 2025 | Aug 2025 | Jun 2025 | May 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥650.3m | ¥402.4m | ¥297.1m | ¥346.2m | ¥346.2m | ¥749.5m | ¥749.5m | ¥386.7m |
| Gross profit | ¥244.3m | ¥176.3m | ¥58.0m | ¥154.3m | ¥154.3m | ¥298.0m | ¥298.0m | ¥147.5m |
| Operating income | ¥41.7m | −¥26.3m | −¥142.8m | −¥76.2m | −¥76.2m | ¥41.9m | ¥41.9m | −¥94.0m |
| Net income | ¥33.9m | −¥21.9m | −¥143.6m | −¥76.4m | −¥76.4m | ¥41.8m | ¥41.8m | −¥94.0m |
| Diluted earnings per share | 11.46 | -7.38 | -48.47 | -25.78 | -25.78 | 14.12 | 14.12 | -31.71 |
| Cash from operations | — | — | — | — | — | −¥230.0m | — | — |
| Capital spending | — | — | — | — | — | −¥1.0m | — | — |
| Free cash flow | — | — | — | — | — | −¥231.0m | — | — |
| Total assets | ¥1.11bn | ¥1.21bn | ¥1.15bn | ¥1.26bn | ¥1.26bn | ¥1.29bn | ¥1.29bn | ¥1.26bn |
| Cash and short-term investments | ¥462.3m | ¥485.0m | ¥559.1m | ¥711.3m | ¥711.3m | ¥527.2m | ¥527.2m | ¥467.3m |
| Debt | ¥18.1m | ¥118.1m | ¥192.5m | ¥178.9m | ¥18.1m | ¥100.0m | — | — |
| Shareholders' equity | ¥779.6m | ¥745.7m | ¥767.5m | ¥911.1m | ¥911.1m | ¥987.5m | ¥987.5m | ¥945.7m |
Financial ratios
Data as of 3 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 37.0% | 40.9% | 35.6% | 36.4% | 33.3% | 33.4% | — |
| Operating margin | -15.2% | -13.7% | -16.8% | -4.5% | 3.5% | 13.8% | — |
| Net margin | -15.3% | -21.3% | -58.1% | -5.2% | 2.3% | 8.5% | — |
| Return on equity | -35.5% | -42.1% | -86.8% | -4.8% | 3.1% | 20.6% | — |
| Return on assets | -23.6% | -34.4% | -77.8% | -3.9% | 2.7% | 16.8% | — |
| Free cash flow yield | -32.9% | -21.7% | -44.8% | 61.4% | -76.1% | 6.1% | — |
| Revenue growth | -13.3% | -6.9% | -14.3% | -33.4% | -42.7% | 20.4% | — |
| Earnings growth | -37.8% | -65.8% | 861.3% | -248.4% | -84.4% | 2.6% | — |
| Current ratio | 6.10x | 5.87x | 9.49x | 5.56x | 8.37x | 5.50x | — |
| Debt to equity | 0.25x | 0.00x | -0.00x | 0.09x | 0.05x | 0.00x | — |
| Equity ratio | 66.6% | 81.7% | 89.7% | 80.7% | 87.5% | 81.6% | — |
| Interest coverage | -161.87x | — | -528.09x | -187.87x | 488.22x | 5370.27x | 919.46x |
| Buybacks as a share of market value | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 2.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.6% | -23.4% | — |
| Operating income | 32.5% | — | — |
| Net income | 26.8% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 39.0% | 37.4% | 35.1% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -3.1 | -2.8 | -1.2 | -11.4 | 23.3 | 6.9 | 31.7 |
| Price to sales | 0.5 | 0.6 | 0.7 | 0.6 | 0.5 | 0.6 | 3.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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