M 
543
-0.37%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥846.2m
FY2020FY2026
Net income
−¥771.9m
FY2020FY2026
Free cash flow
—
FY2020FY2026
Shareholders' equity
¥293.8m
FY2020FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥846.2m | ¥1.61bn | ¥1.86bn | ¥1.22bn | ¥860.5m | ¥458.0m | ¥1.05bn |
| Research and development | — | — | ¥504.0m | ¥444.0m | ¥452.0m | ¥363.0m | ¥386.0m |
| Operating income | −¥741.9m | ¥187.4m | ¥134.4m | ¥59.8m | −¥87.5m | −¥348.4m | ¥29.0m |
| Net income | −¥771.9m | ¥161.5m | −¥944.9m | ¥75.4m | −¥110.2m | −¥1.04bn | ¥32.0m |
| Diluted earnings per share | -48.56 | 10.16 | -59.73 | 4.87 | -7.23 | -65.20 | 2.01 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥1.78bn | ¥2.12bn | ¥1.89bn | ¥3.08bn | ¥1.58bn | ¥1.70bn | ¥2.78bn |
| Cash and short-term investments | ¥607.2m | ¥507.1m | ¥529.4m | ¥1.25bn | ¥220.5m | ¥382.3m | ¥812.6m |
| Total liabilities | ¥1.48bn | ¥1.06bn | ¥1.04bn | ¥1.37bn | ¥957.0m | ¥966.0m | ¥1.01bn |
| Debt | ¥1.12bn | ¥724.4m | ¥525.4m | ¥745.3m | ¥815.2m | ¥625.2m | ¥695.1m |
| Shareholders' equity | ¥293.8m | ¥1.06bn | ¥856.3m | ¥1.71bn | ¥625.4m | ¥735.7m | ¥1.77bn |
| Shares outstanding | 16m | 16m | 16m | 15m | 15m | 16m | 16m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | — | −¥73.5m | ¥205.7m | ¥372.9m | −¥226.0m | −¥287.7m | ¥55.5m |
| Capital spending | — | −¥146.8m | −¥296.2m | −¥201.0m | −¥125.8m | −¥72.6m | −¥294.8m |
| Free cash flow | — | −¥220.3m | −¥90.4m | ¥171.9m | −¥351.9m | −¥360.3m | −¥239.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥86.6m | ¥247.4m | ¥216.1m | ¥296.1m | ¥44.1m | ¥931.1m | ¥352.0m | ¥256.0m |
| Operating income | −¥186.2m | −¥127.5m | −¥109.3m | −¥321.1m | −¥255.4m | ¥337.0m | ¥50.0m | −¥5.0m |
| Net income | −¥215.7m | −¥115.1m | −¥116.4m | −¥324.7m | −¥260.1m | ¥314.4m | ¥52.0m | −¥8.0m |
| Diluted earnings per share | -13.57 | -7.24 | -7.32 | -20.43 | -16.37 | 19.79 | 3.29 | -0.51 |
| Total assets | ¥1.40bn | ¥1.78bn | ¥1.55bn | ¥1.50bn | ¥1.76bn | ¥2.12bn | ¥1.71bn | ¥1.74bn |
| Cash and short-term investments | ¥401.2m | ¥607.2m | ¥378.2m | ¥350.8m | ¥612.5m | ¥507.1m | ¥430.1m | ¥501.4m |
| Debt | ¥153.9m | ¥138.0m | ¥35.2m | ¥367.9m | ¥30.8m | ¥459.9m | ¥8.6m | ¥206.4m |
| Shareholders' equity | ¥152.9m | ¥293.8m | ¥395.6m | ¥491.7m | ¥805.3m | ¥1.06bn | ¥746.8m | ¥685.4m |
Financial ratios
Data as of 27 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -87.7% | 11.7% | 7.2% | 4.9% | -10.2% | -76.1% | — |
| Net margin | -91.2% | 10.0% | -50.7% | 6.2% | -12.8% | -226.3% | — |
| Return on equity | -262.8% | 15.2% | -110.3% | 4.4% | -17.6% | -140.9% | — |
| Return on assets | -43.4% | 7.6% | -49.9% | 2.4% | -7.0% | -60.9% | — |
| Free cash flow yield | — | 0.6% | 3.8% | 4.5% | -0.8% | — | — |
| Revenue growth | -47.4% | -13.7% | 53.3% | 41.2% | 87.9% | -56.5% | — |
| Earnings growth | -578.0% | -117.1% | -1353.3% | -168.4% | -89.4% | -3338.7% | — |
| Current ratio | 1.91x | 2.85x | 1.84x | 2.25x | 2.44x | 1.60x | — |
| Debt to equity | 0.47x | 0.42x | 0.27x | 0.25x | 0.77x | 0.37x | — |
| Equity ratio | 16.5% | 50.1% | 45.2% | 55.4% | 39.5% | 43.2% | — |
| Interest coverage | -39.25x | 24.98x | 18.00x | 7.70x | -6.39x | -31.18x | — |
| R&D as a share of sales | — | — | 27.0% | 36.5% | 52.5% | 79.3% | 36.7% |
| Buybacks as a share of market value | -0.0% | -0.5% | -2.3% | -1.4% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.4% | 13.1% | — |
| Operating income | — | 16.3% | — |
| Net income | — | -5.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -22.6% | -6.5% | -11.6% | — |
| Net margin | -24.9% | -26.7% | -38.3% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | -12.3 | 57.9 | -10.1 | 260.1 | -241.6 |
| Price to sales | 11.2 | 5.8 | 5.1 | 16.1 | 31.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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