E 
181
+1.69%
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
¥9.55bn
FY2019FY2026
Net income
−¥209.4m
FY2019FY2026
Free cash flow
−¥211.3m
FY2019FY2026
Shareholders' equity
¥2.07bn
FY2019FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥9.55bn | ¥10.26bn | ¥12.87bn | ¥12.83bn | ¥12.21bn | ¥10.71bn | ¥8.39bn | ¥7.45bn |
| Gross profit | ¥525.7m | ¥550.5m | ¥308.8m | ¥552.1m | ¥565.8m | ¥849.7m | ¥526.5m | ¥725.9m |
| Operating income | −¥132.7m | −¥75.0m | −¥694.8m | −¥288.1m | −¥286.8m | ¥255.1m | ¥84.9m | ¥381.3m |
| Net income | −¥209.4m | ¥123.7m | −¥1.68bn | −¥565.9m | −¥342.2m | ¥151.6m | ¥76.5m | ¥269.7m |
| Diluted earnings per share | -13.22 | 8.48 | -188.66 | -156.90 | -97.78 | 43.61 | 4.83 | 17.02 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.16bn | ¥2.84bn | ¥3.98bn | ¥5.30bn | ¥5.25bn | ¥5.02bn | ¥3.29bn | ¥3.01bn |
| Cash and short-term investments | ¥1.45bn | ¥241.2m | ¥353.0m | ¥2.10bn | ¥2.07bn | ¥2.25bn | ¥877.1m | ¥865.1m |
| Total liabilities | ¥2.09bn | ¥2.32bn | ¥4.26bn | ¥4.08bn | ¥3.48bn | ¥2.97bn | ¥2.21bn | ¥1.98bn |
| Debt | ¥366.3m | ¥658.7m | ¥976.2m | ¥1.09bn | ¥725.9m | ¥575.3m | ¥571.5m | ¥514.6m |
| Shareholders' equity | ¥2.07bn | ¥526.3m | −¥279.1m | ¥1.22bn | ¥1.77bn | ¥2.06bn | ¥1.09bn | ¥1.03bn |
| Shares outstanding | 16m | 15m | 9m | 4m | 4m | 3m | 16m | 16m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥199.3m | −¥206.4m | −¥1.24bn | ¥33.6m | −¥27.9m | ¥831.0m | ¥242.5m | ¥474.5m |
| Capital spending | −¥12.1m | −¥13.8m | −¥67.7m | −¥127.3m | −¥102.8m | −¥43.0m | −¥210.3m | −¥204.3m |
| Free cash flow | −¥211.3m | −¥220.2m | −¥1.30bn | −¥93.7m | −¥130.7m | ¥788.0m | ¥32.2m | ¥270.2m |
| Dividends paid | — | — | −¥2,000 | −¥2,000 | −¥9.0m | −¥5.4m | −¥18.2m | −¥14.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.20bn | ¥2.39bn | ¥2.62bn | ¥2.23bn | ¥2.31bn | ¥2.11bn | ¥2.44bn | ¥2.71bn |
| Gross profit | ¥91.3m | ¥133.0m | ¥214.4m | ¥70.9m | ¥119.7m | ¥74.7m | ¥132.8m | ¥224.9m |
| Operating income | −¥115.2m | −¥29.8m | ¥42.6m | −¥102.8m | −¥42.7m | −¥59.6m | −¥35.2m | ¥56.2m |
| Net income | −¥115.9m | −¥57.2m | ¥41.7m | −¥148.9m | −¥45.0m | −¥47.0m | ¥87.0m | ¥114.7m |
| Diluted earnings per share | -7.32 | -3.61 | 2.86 | -10.20 | -3.09 | -3.22 | 9.78 | 12.89 |
| Total assets | ¥3.81bn | ¥4.16bn | ¥3.99bn | ¥3.87bn | ¥3.04bn | ¥2.84bn | ¥3.09bn | ¥3.30bn |
| Cash and short-term investments | ¥1.23bn | ¥1.45bn | ¥1.10bn | ¥1.09bn | ¥326.4m | ¥241.2m | ¥245.7m | ¥218.0m |
| Debt | ¥148.0m | ¥290.8m | ¥176.1m | ¥413.8m | ¥226.3m | ¥560.1m | ¥295.8m | ¥691.9m |
| Shareholders' equity | ¥1.96bn | ¥2.07bn | ¥1.80bn | ¥1.74bn | ¥748.0m | ¥526.3m | ¥473.0m | ¥316.0m |
Financial ratios
Data as of 23 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 5.5% | 5.4% | 2.4% | 4.3% | 4.6% | 7.9% |
| Operating margin | -1.4% | -0.7% | -5.4% | -2.2% | -1.6% | 2.4% |
| Net margin | -2.2% | 1.2% | -13.0% | -4.4% | -2.8% | 1.4% |
| Return on equity | -10.1% | 23.5% | 601.4% | -46.5% | -19.4% | 7.4% |
| Return on assets | -5.0% | 4.3% | -42.2% | -10.7% | -6.5% | 3.0% |
| Free cash flow yield | -7.1% | -8.0% | -78.4% | 5.3% | -4.5% | 135.1% |
| Revenue growth | -6.9% | -20.3% | 0.3% | 5.1% | 14.0% | 27.8% |
| Earnings growth | -269.2% | -107.4% | 196.6% | 65.4% | -325.8% | 98.0% |
| Current ratio | 1.51x | 0.68x | 0.59x | 1.21x | 1.27x | 1.49x |
| Debt to equity | 0.14x | 1.06x | -4.64x | 0.89x | 0.41x | 0.28x |
| Equity ratio | 49.8% | 18.5% | -7.0% | 23.0% | 33.7% | 40.9% |
| Interest coverage | -2.47x | -18.03x | -128.46x | -64.79x | -51.20x | 73.42x |
| Buybacks as a share of market value | -8.6% | -64.0% | -146.7% | -3.1% | -0.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.4% | -2.3% | — |
| Operating income | -22.8% | — | — |
| Net income | -28.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 5.4% | 4.3% | 4.9% | — |
| Operating margin | -1.0% | -2.6% | -1.8% | — |
| Net margin | -0.4% | -5.1% | -3.7% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -13.6 | 22.9 | -1.2 | -4.0 | -6.2 | 18.6 |
| Price to sales | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Mar 2021.
| FY2022 | |
|---|---|
| Paid in the year | 3.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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