3 
295
-0.34%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥10.89bn
FY2017FY2026
Net income
¥4.16bn
FY2017FY2026
Free cash flow
¥368.9m
FY2017FY2026
Shareholders' equity
¥6.80bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.89bn | ¥6.93bn | ¥4.59bn | ¥2.31bn | ¥1.51bn | ¥1.02bn | ¥672.4m | ¥328.8m | ¥228.6m | ¥615.9m |
| Research and development | ¥640.2m | ¥498.2m | ¥555.6m | ¥451.5m | ¥684.5m | ¥785.4m | ¥801.5m | ¥786.1m | ¥562.3m | ¥469.5m |
| Operating income | ¥1.36bn | −¥2.39bn | −¥2.06bn | −¥3.16bn | −¥2.74bn | −¥2.65bn | −¥3.10bn | −¥2.55bn | −¥1.87bn | −¥1.49bn |
| Net income | ¥4.16bn | −¥2.50bn | −¥255.5m | −¥2.45bn | −¥1.89bn | −¥2.01bn | −¥3.10bn | −¥2.55bn | −¥1.87bn | −¥1.39bn |
| Diluted earnings per share | 31.00 | -19.85 | -2.56 | -34.62 | -31.83 | -37.01 | -84.65 | -89.28 | -77.76 | -63.86 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥9.80bn | ¥6.51bn | ¥5.89bn | ¥5.83bn | ¥5.61bn | ¥3.51bn | ¥3.12bn | ¥4.09bn | ¥3.14bn | ¥3.42bn |
| Cash and short-term investments | ¥2.83bn | ¥1.58bn | ¥1.36bn | ¥1.17bn | ¥2.85bn | ¥1.14bn | ¥1.06bn | ¥1.80bn | ¥1.16bn | ¥1.75bn |
| Total liabilities | ¥3.00bn | ¥4.30bn | ¥5.53bn | ¥5.30bn | ¥4.15bn | ¥1.85bn | ¥2.64bn | ¥2.58bn | ¥933.9m | ¥816.3m |
| Debt | ¥600.0m | ¥2.94bn | ¥4.17bn | ¥4.37bn | ¥3.67bn | ¥1.46bn | ¥1.80bn | ¥1.85bn | ¥450.0m | ¥450.0m |
| Shareholders' equity | ¥6.80bn | ¥2.22bn | ¥353.3m | ¥524.8m | ¥1.46bn | ¥1.66bn | ¥473.0m | ¥1.51bn | ¥2.20bn | ¥2.61bn |
| Shares outstanding | 134m | 126m | 100m | 71m | 60m | 54m | 37m | 29m | 24m | 22m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥396.8m | −¥1.71bn | −¥1.90bn | −¥4.59bn | −¥2.90bn | −¥3.25bn | −¥2.19bn | −¥2.30bn | −¥2.02bn | −¥1.89bn |
| Capital spending | −¥28.0m | −¥12.3m | −¥4.3m | −¥18.7m | −¥13.1m | −¥25.8m | −¥18.3m | −¥26.4m | −¥27.9m | −¥23.0m |
| Free cash flow | ¥368.9m | −¥1.73bn | −¥1.90bn | −¥4.60bn | −¥2.92bn | −¥3.28bn | −¥2.21bn | −¥2.33bn | −¥2.05bn | −¥1.91bn |
| Dividends paid | — | — | — | — | — | — | −¥12.0m | −¥1.37bn | — | — |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.23bn | ¥3.54bn | ¥2.54bn | ¥2.61bn | ¥2.19bn | ¥1.87bn | ¥1.79bn | ¥1.79bn |
| Operating income | ¥494.7m | ¥628.4m | ¥346.6m | ¥351.2m | ¥9.0m | −¥550.2m | −¥74.1m | −¥215.0m |
| Net income | ¥303.0m | ¥1.80bn | ¥652.4m | ¥936.4m | ¥765.0m | −¥1.11bn | −¥588.0m | −¥18.0m |
| Diluted earnings per share | 2.26 | 13.44 | 4.87 | 7.43 | 6.07 | -8.79 | -4.67 | -0.18 |
| Total assets | ¥9.40bn | ¥9.80bn | ¥7.57bn | ¥6.80bn | ¥6.37bn | ¥6.51bn | ¥7.04bn | ¥6.70bn |
| Cash and short-term investments | ¥1.69bn | ¥2.83bn | ¥2.10bn | ¥1.58bn | ¥1.49bn | ¥1.58bn | ¥1.98bn | ¥2.07bn |
| Debt | ¥600.0m | ¥600.0m | ¥300.0m | ¥1.40bn | ¥300.0m | ¥2.94bn | ¥300.0m | ¥300.0m |
| Shareholders' equity | ¥7.22bn | ¥6.80bn | ¥5.18bn | ¥3.95bn | ¥2.69bn | ¥2.22bn | ¥2.64bn | ¥1.81bn |
Financial ratios
Data as of 15 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 12.5% | -34.5% | -44.8% | -136.5% | -181.7% | -258.6% |
| Net margin | 38.2% | -36.1% | -5.6% | -105.7% | -125.8% | -196.5% |
| Return on equity | 61.1% | -112.9% | -72.3% | -466.1% | -130.0% | -121.3% |
| Return on assets | 42.4% | -38.4% | -4.3% | -42.0% | -33.8% | -57.4% |
| Free cash flow yield | 0.8% | -3.4% | -4.8% | -16.4% | -12.4% | -15.1% |
| Revenue growth | 57.0% | 51.1% | 98.3% | 53.6% | 47.0% | 52.3% |
| Earnings growth | -266.2% | 878.9% | -89.6% | 29.1% | -5.9% | -35.0% |
| Current ratio | 3.11x | 4.07x | 3.77x | 4.35x | 6.43x | 4.49x |
| Debt to equity | 0.09x | 1.33x | 11.81x | 8.33x | 2.51x | 0.88x |
| Equity ratio | 69.4% | 34.0% | 6.0% | 9.0% | 26.0% | 47.3% |
| Interest coverage | 75.63x | -32.16x | -24.57x | -52.15x | -572.52x | -566.19x |
| R&D as a share of sales | 5.9% | 7.2% | 12.1% | 19.5% | 45.4% | 76.7% |
| Buybacks as a share of market value | -6.4% | -26.5% | -41.0% | -18.7% | -9.5% | -48.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 67.6% | 60.4% | 54.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -5.8% | -25.3% | -42.7% | -76.8% |
| Net margin | 9.3% | -4.2% | -18.2% | -55.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.4 | -18.1 | -64.3 | -4.0 | -9.7 | -14.2 | -3.4 | -5.3 | -4.4 | -12.5 |
| Price to sales | 4.0 | 6.5 | 3.6 | 4.3 | 12.2 | 27.8 | 15.7 | 41.6 | 36.1 | 28.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 29 May 2013
- 2-for-1 split · 29 Aug 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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