A 
245
+1.24%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥2.37bn
FY2017FY2026
Net income
−¥470.3m
FY2017FY2026
Free cash flow
−¥75.7m
FY2017FY2026
Shareholders' equity
¥7.90bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.37bn | ¥5.80bn | ¥11.56bn | ¥4.94bn | ¥3.27bn | ¥2.68bn | ¥2.75bn | ¥3.11bn | ¥3.54bn | ¥3.12bn |
| Gross profit | ¥530.6m | ¥2.10bn | ¥4.98bn | ¥1.50bn | ¥908.6m | ¥773.8m | ¥879.0m | ¥898.6m | ¥939.7m | ¥1.01bn |
| Research and development | — | ¥129.9m | ¥105.1m | ¥95.0m | ¥106.2m | ¥106.3m | ¥78.8m | ¥101.9m | ¥42.7m | ¥9.5m |
| Operating income | −¥825.6m | ¥867.1m | ¥3.36bn | ¥535.6m | ¥74.7m | −¥86.6m | ¥55.8m | −¥62.5m | −¥60.6m | ¥36.6m |
| Net income | −¥470.3m | ¥476.4m | ¥2.33bn | ¥164.1m | −¥39.8m | −¥135.8m | −¥13.5m | −¥506.8m | −¥302.1m | ¥60.9m |
| Diluted earnings per share | -23.47 | 23.78 | 112.52 | 8.82 | -1.85 | -8.99 | -0.92 | -38.81 | -27.51 | 6.36 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥8.44bn | ¥9.69bn | ¥9.76bn | ¥5.81bn | ¥4.35bn | ¥3.48bn | ¥3.41bn | ¥3.82bn | ¥4.17bn | ¥3.82bn |
| Cash and short-term investments | ¥3.77bn | ¥4.10bn | ¥3.95bn | ¥1.46bn | ¥1.54bn | ¥1.55bn | ¥1.66bn | ¥1.26bn | ¥1.24bn | ¥1.30bn |
| Total liabilities | ¥539.6m | ¥1.48bn | ¥2.20bn | ¥2.42bn | ¥1.60bn | ¥965.5m | ¥793.5m | ¥1.61bn | ¥1.74bn | ¥1.12bn |
| Debt | ¥179.3m | ¥545.3m | ¥423.8m | ¥792.1m | ¥757.3m | ¥346.1m | ¥387.1m | ¥1.00bn | ¥1.03bn | ¥545.9m |
| Shareholders' equity | ¥7.90bn | ¥8.21bn | ¥7.55bn | ¥3.39bn | ¥2.75bn | ¥2.51bn | ¥2.62bn | ¥2.21bn | ¥2.43bn | ¥2.69bn |
| Shares outstanding | 20m | 20m | 21m | 19m | 22m | 15m | 15m | 13m | 11m | 10m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ¥469.0m | ¥866.5m | ¥2.25bn | ¥447.9m | −¥280.7m | ¥45.2m | ¥182.7m | −¥105.4m | ¥50.2m | −¥58.7m |
| Capital spending | −¥544.7m | −¥687.6m | −¥1.07bn | −¥987.4m | −¥338.7m | −¥135.8m | −¥68.4m | −¥134.6m | −¥121.3m | −¥644.1m |
| Free cash flow | −¥75.7m | ¥178.9m | ¥1.18bn | −¥539.5m | −¥619.4m | −¥90.6m | ¥114.3m | −¥240.0m | −¥71.2m | −¥702.9m |
| Dividends paid | — | — | — | — | — | — | — | — | −¥23.5m | −¥22.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥612.3m | ¥751.3m | ¥456.8m | ¥494.8m | ¥669.6m | ¥1.12bn | ¥1.39bn | ¥1.29bn |
| Gross profit | ¥155.1m | ¥166.8m | ¥67.9m | ¥133.6m | ¥162.4m | ¥420.2m | ¥310.1m | ¥494.0m |
| Operating income | −¥130.9m | −¥203.6m | −¥281.7m | −¥194.7m | −¥145.6m | ¥218.5m | ¥19.3m | ¥83.8m |
| Net income | −¥121.5m | ¥72.0m | −¥248.8m | −¥177.4m | −¥116.1m | ¥67.6m | ¥47.7m | −¥67.1m |
| Diluted earnings per share | -6.06 | 3.59 | -12.42 | -8.85 | -5.80 | 3.38 | 2.31 | -3.24 |
| Total assets | ¥8.59bn | ¥8.44bn | ¥8.23bn | ¥8.40bn | ¥8.98bn | ¥9.69bn | ¥9.82bn | ¥11.03bn |
| Cash and short-term investments | ¥3.63bn | ¥3.77bn | ¥3.88bn | ¥3.94bn | ¥4.43bn | ¥4.10bn | ¥3.99bn | ¥3.83bn |
| Debt | ¥166.0m | ¥179.3m | ¥166.0m | ¥187.3m | ¥516.0m | ¥545.3m | ¥516.0m | ¥553.3m |
| Shareholders' equity | ¥7.86bn | ¥7.90bn | ¥7.46bn | ¥7.55bn | ¥7.81bn | ¥8.21bn | ¥8.10bn | ¥8.38bn |
Financial ratios
Data as of 20 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 22.4% | 36.1% | 43.1% | 30.3% | 27.8% | 28.9% | — |
| Operating margin | -34.8% | 14.9% | 29.1% | 10.8% | 2.3% | -0.4% | — |
| Net margin | -19.8% | 8.2% | 20.1% | 3.3% | -1.2% | -5.1% | — |
| Return on equity | -5.9% | 5.8% | 30.8% | 4.8% | -1.4% | -5.4% | — |
| Return on assets | -5.6% | 4.9% | 23.9% | 2.8% | -0.9% | -3.9% | — |
| Free cash flow yield | 9.3% | 17.2% | 43.1% | 9.6% | -5.2% | 1.2% | — |
| Revenue growth | -59.1% | -49.8% | 133.9% | 51.3% | 21.8% | -2.6% | — |
| Earnings growth | -198.7% | -79.5% | 1319.3% | -512.3% | -70.7% | 907.8% | — |
| Current ratio | 13.09x | 7.41x | 4.55x | 2.06x | 3.86x | 3.64x | — |
| Debt to equity | 0.02x | 0.07x | 0.06x | 0.23x | 0.28x | 0.14x | — |
| Equity ratio | 93.6% | 84.7% | 77.4% | 58.3% | 63.3% | 72.2% | — |
| Interest coverage | -119.80x | 111.64x | 562.96x | 91.99x | 22.87x | -4.01x | — |
| R&D as a share of sales | — | 2.2% | 0.9% | 1.9% | 3.3% | 4.0% | 2.9% |
| Buybacks as a share of market value | 0.0% | 3.2% | -11.3% | 13.6% | -42.6% | -2.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.7% | -2.4% | -4.9% |
| Operating income | — | 57.0% | — |
| Net income | — | 28.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 32.1% | 36.9% | 35.2% | 33.3% |
| Operating margin | 0.5% | 16.0% | 12.8% | 8.7% |
| Net margin | 0.1% | 10.1% | 7.6% | 3.6% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -11.1 | 6.6 | 2.7 | 82.6 | -279.8 | -17.4 | -179.9 | -6.2 | -5.8 | 31.5 |
| Price to sales | 2.2 | 0.6 | 0.6 | 2.7 | 3.4 | 0.9 | 0.9 | 1.0 | 0.5 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Mar 2017.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.50 | 2.50 | 2.50 | 4.263 | 4.263 | 4.263 | 8.526 | 8.526 |
- 1.1-for-1 split · 27 Jun 2000
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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