B 
212
-2.30%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥17.18bn
FY2021FY2026
Net income
−¥293.7m
FY2021FY2026
Free cash flow
−¥1.42bn
FY2021FY2026
Shareholders' equity
¥9.23bn
FY2021FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | ¥17.18bn | ¥17.16bn | ¥13.81bn | ¥16.38bn | ¥14.61bn | ¥8.15bn |
| Gross profit | ¥1.74bn | ¥2.25bn | ¥1.36bn | ¥3.37bn | ¥2.13bn | ¥1.54bn |
| Operating income | −¥330.9m | ¥436.3m | −¥368.0m | ¥2.17bn | ¥1.03bn | ¥777.8m |
| Net income | −¥293.7m | ¥303.5m | −¥554.5m | ¥1.47bn | ¥621.7m | ¥440.8m |
| Diluted earnings per share | -11.42 | 11.81 | -21.08 | 57.50 | 24.18 | 17.14 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total assets | ¥12.73bn | ¥13.23bn | ¥12.90bn | ¥8.59bn | ¥6.00bn | ¥4.24bn |
| Cash and short-term investments | ¥6.79bn | ¥8.90bn | ¥9.64bn | ¥5.90bn | ¥2.71bn | ¥2.44bn |
| Total liabilities | ¥3.50bn | ¥3.70bn | ¥3.67bn | ¥5.34bn | ¥4.24bn | ¥3.09bn |
| Debt | ¥1.08bn | ¥1.80bn | ¥2.52bn | ¥3.24bn | ¥2.33bn | ¥1.99bn |
| Shareholders' equity | ¥9.23bn | ¥9.53bn | ¥9.23bn | ¥3.25bn | ¥1.76bn | ¥1.16bn |
| Shares outstanding | 26m | 26m | 26m | 25m | 26m | 26m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash from operations | −¥1.40bn | ¥365.1m | −¥1.86bn | ¥2.26bn | ¥61.0m | ¥470.2m |
| Capital spending | −¥13.6m | −¥132.9m | −¥12.3m | −¥35.4m | −¥120.8m | −¥10.9m |
| Free cash flow | −¥1.42bn | ¥232.2m | −¥1.87bn | ¥2.22bn | −¥59.8m | ¥459.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.58bn | ¥3.86bn | ¥4.30bn | ¥4.43bn | ¥4.50bn | ¥4.37bn | ¥4.38bn | ¥3.91bn |
| Gross profit | ¥482.1m | ¥273.3m | ¥401.4m | ¥585.7m | ¥561.3m | ¥618.9m | ¥709.8m | ¥410.6m |
| Operating income | −¥133.5m | −¥187.1m | −¥92.3m | ¥82.0m | ¥65.4m | ¥184.3m | ¥257.5m | −¥70.9m |
| Net income | −¥144.6m | −¥165.5m | −¥59.1m | ¥75.6m | ¥51.5m | ¥131.0m | ¥181.7m | −¥60.7m |
| Diluted earnings per share | -5.62 | -6.44 | -2.30 | 2.94 | 2.01 | 5.10 | 6.91 | -2.31 |
| Total assets | ¥12.73bn | ¥12.26bn | ¥13.02bn | ¥13.05bn | ¥13.23bn | ¥13.26bn | ¥13.17bn | ¥13.30bn |
| Cash and short-term investments | ¥6.79bn | ¥7.10bn | ¥7.65bn | ¥8.39bn | ¥8.90bn | ¥9.13bn | ¥9.82bn | ¥9.43bn |
| Debt | ¥720.0m | ¥720.0m | ¥1.44bn | ¥720.0m | ¥720.0m | ¥720.0m | ¥2.16bn | ¥720.0m |
| Shareholders' equity | ¥9.23bn | ¥9.39bn | ¥9.55bn | ¥9.62bn | ¥9.53bn | ¥9.47bn | ¥9.34bn | ¥9.17bn |
Financial ratios
Data as of 9 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 10.1% | 13.1% | 9.9% | 20.6% | 14.6% | 18.9% |
| Operating margin | -1.9% | 2.7% | -2.9% | 13.2% | 6.8% | 9.3% |
| Net margin | -1.7% | 1.8% | -4.0% | 8.9% | 4.3% | 5.4% |
| Return on equity | -3.2% | 3.2% | -6.0% | 45.1% | 35.3% | 38.1% |
| Return on assets | -2.3% | 2.3% | -4.3% | 17.1% | 10.4% | 10.4% |
| Free cash flow yield | -24.4% | 6.3% | -31.5% | 39.6% | — | — |
| Revenue growth | 0.1% | 24.3% | -15.7% | 12.1% | 79.3% | — |
| Earnings growth | -196.8% | -154.7% | -137.9% | 135.6% | 41.0% | — |
| Current ratio | 3.86x | 4.79x | 6.73x | 2.93x | 2.14x | 2.35x |
| Debt to equity | 0.08x | 0.08x | 0.27x | 1.00x | 1.32x | 1.72x |
| Equity ratio | 72.5% | 72.0% | 71.6% | 37.9% | 29.3% | 27.3% |
| Interest coverage | -13.06x | 16.86x | -15.01x | 39.96x | 52.09x | 17.50x |
| Buybacks as a share of market value | -0.1% | 2.3% | -3.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.6% | 16.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 11.6% | 13.5% | 14.2% | — |
| Operating margin | 0.3% | 3.0% | 4.3% | — |
| Net margin | 0.0% | 1.4% | 2.3% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Price to earnings | -19.4 | 23.8 | -11.5 | 8.0 |
| Price to sales | 0.3 | 0.4 | 0.5 | 0.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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