K 
17
-5.56%
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
¥19.44bn
FY2016FY2025
Net income
−¥684.5m
FY2016FY2025
Free cash flow
−¥837.0m
FY2016FY2025
Shareholders' equity
¥373.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥19.44bn | ¥18.11bn | ¥13.05bn | ¥10.29bn | ¥8.02bn | ¥6.21bn | ¥5.80bn | ¥5.52bn | ¥5.41bn | ¥5.46bn |
| Gross profit | ¥7.42bn | ¥6.81bn | ¥5.17bn | ¥5.10bn | ¥3.67bn | ¥3.18bn | ¥3.31bn | ¥2.73bn | ¥2.42bn | ¥2.75bn |
| Operating income | −¥295.9m | −¥432.5m | −¥237.1m | −¥872.2m | −¥509.0m | ¥61.7m | −¥196.0m | −¥591.7m | −¥352.4m | −¥83.6m |
| Net income | −¥684.5m | −¥782.6m | −¥338.5m | −¥953.6m | −¥619.6m | ¥27.4m | −¥116.9m | −¥1.68bn | −¥482.6m | −¥150.8m |
| Diluted earnings per share | -2.48 | -3.26 | -1.64 | -4.94 | -3.81 | 0.19 | -1.50 | -50.51 | -16.22 | -5.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.65bn | ¥6.00bn | ¥5.63bn | ¥3.20bn | ¥6.20bn | ¥1.69bn | ¥1.41bn | ¥1.41bn | ¥1.53bn | ¥2.01bn |
| Cash and short-term investments | ¥974.5m | ¥1.13bn | ¥997.4m | ¥436.5m | ¥1.18bn | ¥170.5m | ¥276.4m | ¥201.3m | ¥271.6m | ¥558.7m |
| Total liabilities | ¥5.26bn | ¥5.87bn | ¥5.34bn | ¥2.76bn | ¥5.51bn | ¥1.38bn | ¥1.40bn | ¥2.47bn | ¥1.26bn | ¥1.26bn |
| Debt | ¥866.2m | ¥1.11bn | ¥1.28bn | ¥633.3m | ¥2.23bn | ¥220.4m | ¥308.2m | ¥937.5m | ¥24.9m | ¥44.1m |
| Shareholders' equity | ¥373.3m | ¥106.0m | ¥268.0m | ¥421.8m | ¥684.0m | ¥306.4m | ¥9.2m | −¥1.06bn | ¥264.4m | ¥745.6m |
| Shares outstanding | 276m | 240m | 206m | 193m | 163m | 142m | 78m | 33m | 30m | 30m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥781.5m | −¥49.4m | ¥203.9m | −¥607.0m | ¥130.6m | −¥60.8m | −¥473.7m | −¥432.5m | −¥225.6m | ¥47.9m |
| Capital spending | −¥55.4m | −¥207.3m | −¥51.6m | −¥160.0m | −¥290.0m | −¥259.0m | −¥77.4m | −¥53.9m | −¥62.6m | −¥32.6m |
| Free cash flow | −¥837.0m | −¥256.7m | ¥152.3m | −¥767.0m | −¥159.4m | −¥319.8m | −¥551.1m | −¥486.4m | −¥288.2m | ¥15.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.97bn | ¥4.92bn | ¥5.34bn | ¥4.83bn | ¥4.65bn | ¥4.62bn | ¥5.04bn | ¥4.57bn |
| Gross profit | ¥1.92bn | ¥1.92bn | ¥1.95bn | ¥1.73bn | ¥1.82bn | ¥1.91bn | ¥1.94bn | ¥1.73bn |
| Operating income | −¥98.5m | −¥66.2m | −¥35.6m | −¥126.7m | −¥89.2m | −¥44.4m | −¥100.2m | −¥143.4m |
| Net income | −¥133.7m | −¥57.0m | −¥391.9m | −¥121.8m | −¥136.8m | −¥34.0m | −¥430.7m | −¥157.9m |
| Diluted earnings per share | -0.45 | -0.19 | -1.42 | -0.44 | -0.50 | -0.12 | -1.80 | -0.66 |
| Total assets | ¥4.79bn | ¥5.10bn | ¥5.65bn | ¥5.18bn | ¥5.15bn | ¥5.02bn | ¥6.00bn | ¥5.35bn |
| Cash and short-term investments | ¥589.1m | ¥666.8m | ¥974.5m | ¥526.5m | ¥670.2m | ¥527.9m | ¥1.13bn | ¥559.9m |
| Debt | ¥658.4m | ¥199.2m | ¥807.3m | ¥252.3m | ¥922.7m | ¥269.7m | ¥204.9m | ¥196.1m |
| Shareholders' equity | ¥469.9m | ¥556.1m | ¥373.3m | ¥802.0m | ¥419.0m | ¥24.3m | ¥106.0m | ¥468.9m |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 38.1% | 37.6% | 39.6% | 49.6% | 45.8% | 51.3% |
| Operating margin | -3.2% | -3.9% | -2.0% | -8.5% | -6.3% | 1.0% |
| Net margin | -3.5% | -4.3% | -2.6% | -9.3% | -7.7% | 0.4% |
| Return on equity | -183.3% | -738.3% | -126.3% | -226.0% | -90.6% | 9.0% |
| Return on assets | -12.1% | -13.0% | -6.0% | -29.8% | -10.0% | 1.6% |
| Free cash flow yield | -14.6% | 3.7% | 6.9% | -12.9% | 14.4% | 7.7% |
| Revenue growth | 7.4% | 38.7% | 26.8% | 28.4% | 29.1% | 7.0% |
| Earnings growth | -12.5% | 131.2% | -64.5% | 53.9% | -2358.6% | -123.5% |
| Current ratio | 0.95x | 0.88x | 0.95x | 0.78x | 1.10x | 0.85x |
| Debt to equity | 2.16x | 9.68x | 4.47x | 1.33x | 1.92x | 0.71x |
| Equity ratio | 6.6% | 1.8% | 4.8% | 13.2% | 11.0% | 18.2% |
| Interest coverage | -28.72x | -30.00x | -17.48x | -30.61x | -14.30x | 12.38x |
| Buybacks as a share of market value | -15.1% | -16.5% | -6.6% | -18.8% | -14.2% | -82.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 23.6% | 25.6% | 12.4% |
| Operating income | -30.3% | — | — |
| Net income | -10.5% | — | 25.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.9% | 40.2% | 41.7% | 44.3% |
| Operating margin | -1.9% | -3.0% | -3.0% | -3.3% |
| Net margin | -3.9% | -4.5% | -4.5% | -5.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -11.7 | -5.8 | -11.6 | -3.9 | -8.9 | 243.8 | -15.3 | -0.9 | -4.9 | -18.3 |
| Price to sales | 0.4 | 0.3 | 0.3 | 0.4 | 0.7 | 1.1 | 0.3 | 0.3 | 0.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Jun 2006.
| FY2006 | FY2005 | FY2004 | FY2003 | FY2002 | FY2001 | FY2000 | FY1999 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.119 | 16.477 | 10.298 | 12.358 | 12.358 | 12.358 | 12.358 | 12.358 |
- 1.1-for-1 split · 26 Dec 1995
- 1.25-for-1 split · 27 Dec 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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