G 
603
+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
¥2.88bn
FY2020FY2026
Net income
−¥17.0m
FY2020FY2026
Free cash flow
−¥5.1m
FY2020FY2026
Shareholders' equity
¥469.9m
FY2020FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥2.88bn | ¥2.84bn | ¥2.26bn | ¥2.26bn | ¥2.05bn | ¥1.67bn | ¥831.0m |
| Gross profit | ¥773.4m | ¥764.0m | ¥605.1m | ¥517.8m | ¥654.6m | ¥509.0m | ¥193.4m |
| Research and development | ¥7.7m | — | ¥10.0m | — | — | — | — |
| Operating income | ¥38.1m | ¥18.7m | ¥16.7m | ¥14.2m | ¥211.1m | ¥128.3m | ¥4.1m |
| Net income | −¥17.0m | ¥3.8m | −¥19.2m | −¥5.7m | ¥144.7m | ¥82.4m | −¥8.0m |
| Diluted earnings per share | -6.11 | 1.37 | -7.02 | -2.09 | 56.23 | 29.67 | -2.90 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥1.32bn | ¥1.61bn | ¥1.03bn | ¥1.11bn | ¥1.05bn | ¥820.8m | ¥373.0m |
| Cash and short-term investments | ¥429.1m | ¥486.9m | ¥359.3m | ¥268.5m | ¥212.4m | ¥57.1m | ¥186.7m |
| Total liabilities | ¥819.2m | ¥1.11bn | ¥525.7m | ¥617.7m | ¥777.1m | ¥691.4m | ¥325.9m |
| Debt | ¥457.3m | ¥539.2m | ¥261.6m | ¥308.7m | ¥377.9m | ¥440.6m | ¥215.0m |
| Shareholders' equity | ¥469.9m | ¥480.9m | ¥468.9m | ¥485.7m | ¥274.1m | ¥129.4m | ¥47.1m |
| Shares outstanding | 3m | 3m | 3m | 3m | 3m | 3m | 3m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ¥15.6m | ¥125.0m | ¥142.1m | −¥65.3m | ¥234.8m | −¥9.0m | ¥32.3m |
| Capital spending | −¥20.7m | −¥84.5m | −¥13.9m | −¥15.4m | −¥22.2m | −¥33.0m | −¥2.6m |
| Free cash flow | −¥5.1m | ¥40.5m | ¥128.2m | −¥80.7m | ¥212.6m | −¥42.0m | ¥29.7m |
Latest quarters
By quarter end
| Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | Jul 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.54bn | ¥781.3m | ¥1.25bn | ¥502.0m | ¥435.5m | ¥653.1m | ¥714.9m | ¥414.8m |
| Gross profit | ¥442.8m | ¥230.3m | ¥305.6m | ¥173.0m | ¥116.3m | ¥169.0m | ¥206.9m | ¥83.9m |
| Operating income | ¥63.5m | ¥49.9m | ¥141.4m | −¥37.0m | −¥86.3m | ¥1.1m | ¥69.8m | −¥58.7m |
| Net income | ¥26.0m | ¥28.7m | ¥128.8m | −¥38.0m | −¥83.4m | −¥3.5m | ¥67.4m | −¥66.7m |
| Diluted earnings per share | 9.35 | 10.33 | 46.15 | -13.61 | -29.89 | -1.27 | 24.64 | -24.38 |
| Cash from operations | — | — | ¥125.0m | — | — | — | — | — |
| Capital spending | — | — | −¥84.0m | — | — | — | — | — |
| Free cash flow | — | — | ¥41.0m | — | — | — | — | — |
| Total assets | ¥1.44bn | ¥1.42bn | ¥1.61bn | ¥1.33bn | ¥1.12bn | ¥1.11bn | ¥1.03bn | ¥1.00bn |
| Cash and short-term investments | ¥576.4m | ¥487.1m | ¥486.9m | ¥385.2m | ¥407.9m | ¥417.4m | ¥359.3m | ¥348.9m |
| Debt | ¥495.9m | ¥276.0m | ¥539.2m | ¥281.0m | ¥434.4m | ¥143.2m | ¥147.1m | ¥147.1m |
| Shareholders' equity | ¥497.6m | ¥512.5m | ¥480.9m | ¥351.1m | ¥385.3m | ¥468.2m | ¥468.9m | ¥401.4m |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 26.9% | 26.8% | 22.9% | 31.9% | 30.5% | 23.3% |
| Operating margin | 1.1% | 0.7% | 0.1% | 11.2% | 8.0% | -1.3% |
| Net margin | 0.1% | -0.8% | -0.3% | 7.1% | 4.9% | -1.0% |
| Return on equity | 0.8% | -4.1% | -1.2% | 52.8% | 63.6% | -17.1% |
| Return on assets | 0.2% | -1.9% | -0.5% | 13.8% | 10.0% | -2.2% |
| Free cash flow yield | 11.6% | 8.8% | -2.8% | 15.5% | — | — |
| Revenue growth | 25.8% | -0.1% | 10.4% | 22.7% | 101.1% | — |
| Earnings growth | -119.9% | 237.6% | -103.9% | 75.7% | -1124.3% | — |
| Current ratio | 1.27x | 1.82x | 1.72x | 1.41x | 0.85x | 1.47x |
| Debt to equity | 1.12x | 0.56x | 0.64x | 1.38x | 3.40x | 4.57x |
| Equity ratio | 29.8% | 45.5% | 44.0% | 26.1% | 15.8% | 12.6% |
| Interest coverage | 5.73x | 7.24x | 2.13x | 85.77x | 104.31x | -17.33x |
| R&D as a share of sales | — | 0.4% | — | — | — | — |
| Buybacks as a share of market value | -2.0% | -0.5% | -5.8% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.4% | 11.5% | — |
| Operating income | 38.9% | -21.6% | — |
| Net income | 43.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.8% | 25.9% | 27.4% | — |
| Operating margin | 1.0% | 0.9% | 3.1% | — |
| Net margin | -0.2% | -0.4% | 1.4% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Price to earnings | -94.2 | — | -145.8 | -699.9 | 61.4 |
| Price to sales | 0.6 | 0.8 | 1.2 | 1.8 | 4.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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