S 
107
+2.88%
Close of 9 Nov 2026, in JPY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in JPY, from our data supplier.
Revenue
¥28.14bn
FY2020FY2026
Net income
−¥1.66bn
FY2020FY2026
Free cash flow
−¥1.50bn
FY2020FY2026
Shareholders' equity
¥6.97bn
FY2020FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥28.14bn | ¥26.50bn | ¥20.11bn | ¥13.24bn | ¥8.17bn | ¥5.40bn | ¥4.38bn |
| Gross profit | ¥2.76bn | ¥4.89bn | ¥5.13bn | ¥3.24bn | ¥1.60bn | ¥1.37bn | ¥1.23bn |
| Research and development | — | ¥59.0m | ¥21.0m | ¥20.2m | ¥23.1m | ¥21.0m | ¥21.0m |
| Operating income | −¥1.22bn | ¥1.11bn | ¥2.27bn | ¥953.9m | ¥245.6m | ¥322.3m | ¥263.2m |
| Net income | −¥1.66bn | −¥925.0m | ¥802.0m | ¥303.6m | ¥10.7m | ¥241.4m | ¥148.7m |
| Diluted earnings per share | -51.05 | -28.52 | 24.73 | 9.99 | 0.36 | 7.44 | 4.59 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥45.63bn | ¥39.44bn | ¥31.74bn | ¥19.30bn | ¥9.10bn | ¥4.88bn | ¥3.56bn |
| Cash and short-term investments | ¥4.09bn | ¥5.64bn | ¥3.31bn | ¥2.61bn | ¥814.8m | ¥496.4m | ¥454.0m |
| Total liabilities | ¥38.66bn | ¥30.82bn | ¥26.54bn | ¥14.69bn | ¥8.52bn | ¥4.19bn | ¥3.07bn |
| Debt | ¥29.11bn | ¥22.49bn | ¥20.11bn | ¥11.20bn | ¥6.60bn | ¥3.03bn | ¥2.08bn |
| Shareholders' equity | ¥6.97bn | ¥8.62bn | ¥5.20bn | ¥4.61bn | ¥580.8m | ¥693.5m | ¥487.6m |
| Shares outstanding | 32m | 32m | 32m | 30m | 30m | 32m | 32m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −¥332.0m | ¥1.88bn | ¥2.56bn | ¥1.14bn | ¥378.2m | ¥201.0m | ¥313.1m |
| Capital spending | −¥1.17bn | −¥4.21bn | −¥5.49bn | −¥1.88bn | −¥452.1m | −¥587.5m | −¥511.3m |
| Free cash flow | −¥1.50bn | −¥2.32bn | −¥2.93bn | −¥740.9m | −¥74.0m | −¥386.4m | −¥198.2m |
| Dividends paid | — | −¥241.0m | −¥310.0m | −¥214.3m | −¥84.4m | −¥35.6m | −¥32.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥7.30bn | ¥7.40bn | ¥7.33bn | ¥6.80bn | ¥6.61bn | ¥6.20bn | ¥7.21bn | ¥6.85bn |
| Gross profit | ¥539.0m | ¥864.0m | ¥787.0m | ¥549.0m | ¥564.0m | ¥376.0m | ¥1.51bn | ¥1.53bn |
| Operating income | −¥347.0m | −¥31.0m | −¥199.0m | −¥486.0m | −¥507.0m | −¥619.0m | ¥496.0m | ¥653.0m |
| Net income | −¥557.0m | ¥399.0m | −¥538.0m | −¥792.0m | −¥725.0m | −¥802.0m | −¥365.0m | ¥119.0m |
| Diluted earnings per share | -17.17 | 12.30 | -16.59 | -24.42 | -22.35 | -24.73 | -11.25 | 3.67 |
| Total assets | ¥45.05bn | ¥45.63bn | ¥45.69bn | ¥45.57bn | ¥42.22bn | ¥39.44bn | ¥40.45bn | ¥39.78bn |
| Cash and short-term investments | ¥3.93bn | ¥4.09bn | ¥3.42bn | ¥4.26bn | ¥3.62bn | ¥5.64bn | ¥6.59bn | ¥6.75bn |
| Debt | ¥2.35bn | ¥6.58bn | ¥2.00bn | ¥7.11bn | ¥1.99bn | ¥7.61bn | ¥1.98bn | ¥8.23bn |
| Shareholders' equity | ¥6.42bn | ¥6.97bn | ¥6.57bn | ¥7.11bn | ¥7.89bn | ¥8.62bn | ¥9.42bn | ¥9.78bn |
Financial ratios
Data as of 5 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 9.8% | 18.5% | 25.5% | 24.5% | 19.6% | 25.4% | — |
| Operating margin | -4.3% | 4.2% | 11.3% | 7.2% | 3.0% | 6.0% | — |
| Net margin | -5.9% | -3.5% | 4.0% | 2.3% | 0.1% | 4.5% | — |
| Return on equity | -23.8% | -10.7% | 15.4% | 6.6% | 1.8% | 34.8% | — |
| Return on assets | -3.6% | -2.3% | 2.5% | 1.6% | 0.1% | 4.9% | — |
| Free cash flow yield | 24.1% | 175.5% | 231.9% | 92.9% | 26.0% | — | — |
| Revenue growth | 6.2% | 31.8% | 51.9% | 61.9% | 51.3% | 23.4% | — |
| Earnings growth | 79.0% | -215.3% | 164.2% | 2749.9% | -95.6% | 62.3% | — |
| Current ratio | 1.33x | 1.78x | 0.97x | 1.67x | 0.82x | 0.96x | — |
| Debt to equity | 0.94x | 0.88x | 1.30x | 0.52x | 5.50x | 3.53x | — |
| Equity ratio | 15.3% | 21.8% | 16.4% | 23.9% | 6.4% | 14.2% | — |
| Interest coverage | -1.02x | 1.37x | 3.58x | 2.56x | 1.53x | 6.54x | — |
| R&D as a share of sales | — | 0.2% | 0.1% | 0.2% | 0.3% | 0.4% | 0.5% |
| Buybacks as a share of market value | -0.0% | 0.0% | -6.7% | -1.9% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 28.6% | 39.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.0% | 18.2% | 18.7% | — |
| Operating margin | -0.2% | 3.5% | 3.6% | — |
| Net margin | -4.7% | -1.7% | -1.2% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | -2.1 | -12.0 | 28.7 | 249.9 | — |
| Price to sales | 0.1 | 0.4 | 1.1 | 5.7 | 9.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 28 Mar 2025.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Paid in the year | 26.00 | 19.00 | 4.333 |
- 3-for-1 split · 30 Mar 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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