W 
83
+3.75%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥1.92bn
FY2017FY2026
Net income
−¥140.2m
FY2017FY2026
Free cash flow
−¥25.9m
FY2017FY2026
Shareholders' equity
¥776.7m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.92bn | ¥1.69bn | ¥1.75bn | ¥2.49bn | ¥1.79bn | ¥1.48bn | ¥2.41bn | ¥3.12bn | ¥3.51bn | ¥3.46bn |
| Gross profit | ¥1.40bn | ¥1.25bn | ¥1.25bn | ¥1.78bn | ¥1.31bn | ¥1.01bn | ¥1.66bn | ¥2.19bn | ¥2.50bn | ¥2.49bn |
| Research and development | — | ¥114.8m | ¥114.0m | ¥123.7m | ¥93.6m | ¥155.0m | ¥142.0m | — | ¥140.0m | ¥138.0m |
| Operating income | −¥70.7m | −¥393.9m | −¥556.5m | ¥146.2m | −¥535.4m | −¥770.0m | −¥486.0m | ¥6.1m | ¥245.5m | ¥307.6m |
| Net income | −¥140.2m | −¥386.0m | −¥518.7m | −¥26.7m | −¥308.9m | −¥629.2m | −¥828.0m | −¥78.5m | ¥120.5m | ¥147.6m |
| Diluted earnings per share | -12.57 | -35.73 | -71.97 | -4.20 | -59.93 | -122.07 | -160.65 | -15.24 | 23.22 | 28.59 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.41bn | ¥1.51bn | ¥1.79bn | ¥2.13bn | ¥1.81bn | ¥2.07bn | ¥2.54bn | ¥3.52bn | ¥3.63bn | ¥3.50bn |
| Cash and short-term investments | ¥381.4m | ¥265.8m | ¥492.2m | ¥747.5m | ¥869.4m | ¥1.21bn | ¥1.48bn | ¥1.98bn | ¥1.70bn | ¥1.75bn |
| Total liabilities | ¥630.2m | ¥817.7m | ¥929.8m | ¥1.02bn | ¥817.5m | ¥974.2m | ¥852.9m | ¥943.0m | ¥1.01bn | ¥941.4m |
| Debt | ¥104.6m | ¥127.8m | ¥106.4m | ¥165.8m | ¥264.5m | ¥395.6m | ¥265.1m | ¥229.7m | ¥250.5m | ¥251.2m |
| Shareholders' equity | ¥776.7m | ¥696.8m | ¥861.1m | ¥1.11bn | ¥991.1m | ¥1.10bn | ¥1.69bn | ¥2.58bn | ¥2.62bn | ¥2.56bn |
| Shares outstanding | 11m | 11m | 7m | 6m | 5m | 5m | 5m | 5m | 5m | 5m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥3.6m | −¥348.3m | −¥445.8m | −¥128.4m | −¥525.1m | −¥490.7m | −¥246.0m | ¥293.0m | −¥35.0m | ¥128.0m |
| Capital spending | −¥22.3m | −¥3.4m | −¥4.1m | −¥11.9m | −¥526,000 | −¥1.9m | −¥55.0m | −¥6.0m | −¥15.0m | −¥20.0m |
| Free cash flow | −¥25.9m | −¥351.7m | −¥449.9m | −¥140.2m | −¥525.7m | −¥492.6m | −¥301.0m | ¥287.0m | −¥50.0m | ¥108.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥369.3m | ¥489.9m | ¥402.7m | ¥590.2m | ¥439.1m | ¥380.3m | ¥449.8m | ¥419.0m |
| Gross profit | ¥249.7m | ¥348.7m | ¥285.1m | ¥462.0m | ¥304.6m | ¥314.8m | ¥331.2m | ¥310.6m |
| Operating income | −¥128.2m | −¥8.9m | −¥66.4m | ¥111.1m | −¥106.5m | −¥83.3m | −¥110.1m | −¥54.3m |
| Net income | −¥129.0m | −¥57.2m | −¥76.5m | ¥101.3m | −¥107.8m | −¥78.0m | −¥120.5m | −¥36.4m |
| Diluted earnings per share | -11.56 | -5.13 | -7.08 | 9.38 | -9.98 | -7.22 | -16.72 | -5.05 |
| Total assets | ¥1.21bn | ¥1.41bn | ¥1.40bn | ¥1.50bn | ¥1.34bn | ¥1.51bn | ¥1.51bn | ¥1.59bn |
| Cash and short-term investments | ¥341.7m | ¥381.4m | ¥431.9m | ¥347.0m | ¥237.2m | ¥265.8m | ¥304.5m | ¥306.1m |
| Debt | ¥37.4m | ¥82.9m | ¥35.3m | ¥86.6m | ¥48.0m | ¥89.7m | ¥10.4m | ¥79.1m |
| Shareholders' equity | ¥659.9m | ¥776.7m | ¥805.7m | ¥836.7m | ¥528.6m | ¥696.8m | ¥697.4m | ¥702.8m |
Financial ratios
Data as of 26 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 72.9% | 74.3% | 71.4% | 71.5% | 73.4% | 68.4% | — |
| Operating margin | -3.7% | -22.4% | -32.9% | -1.2% | -17.4% | -41.7% | — |
| Net margin | -7.3% | -22.9% | -29.6% | -1.1% | -17.3% | -42.5% | — |
| Return on equity | -18.1% | -55.4% | -60.2% | -2.4% | -31.2% | -57.3% | — |
| Return on assets | -10.0% | -25.5% | -29.0% | -1.3% | -17.1% | -30.4% | — |
| Free cash flow yield | 1.7% | -32.6% | -62.5% | -18.7% | -103.9% | -96.8% | — |
| Revenue growth | 13.8% | -3.5% | -29.8% | 39.4% | 20.8% | -38.5% | — |
| Earnings growth | -63.7% | -25.6% | 1842.4% | -91.4% | -50.9% | -24.0% | — |
| Current ratio | 2.53x | 2.00x | 2.08x | 2.39x | 2.62x | 2.36x | — |
| Debt to equity | 0.11x | 0.13x | 0.12x | 0.15x | 0.25x | 0.32x | — |
| Equity ratio | 55.2% | 46.0% | 48.1% | 52.2% | 54.8% | 53.0% | — |
| Interest coverage | -6.12x | -26.49x | -34.97x | -11.11x | -162.61x | -245.00x | — |
| R&D as a share of sales | — | 6.8% | 6.5% | 5.0% | 5.2% | 10.5% | 5.9% |
| Buybacks as a share of market value | -3.3% | -49.9% | -13.4% | -23.3% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.3% | 5.4% | -5.7% |
| Operating income | — | -38.0% | — |
| Net income | 73.8% | -25.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 73.5% | 72.4% | 72.0% | 70.9% |
| Operating margin | -12.9% | -11.1% | -19.6% | -7.2% |
| Net margin | -14.6% | -13.6% | -18.1% | -9.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.4 | -7.2 | -1.4 | -34.3 | -2.9 | -1.6 | -2.4 | -15.4 | 10.2 | 12.7 |
| Price to sales | 0.5 | 1.6 | 0.4 | 0.4 | 0.5 | 0.7 | 0.8 | 0.4 | 0.3 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Mar 2009.
| FY2010 | FY2009 | FY2008 | FY2006 | FY2005 | FY2004 | FY2002 | FY2001 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 10.00 | 10.00 | 20.00 | 20.00 | 40.00 | 12.00 | 20.00 | 20.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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