Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-27

StandardJapan GAAP

ConsolidatedYes

Data checks24 of 24 passed

Key figures · 128

Metric	Value	Period	Scope	Source row
Revenue	¥19.0bn	2025-01-01 → 2025-12-31	Cons.	Net sales
Revenue	¥15.0bn	2024-01-01 → 2024-12-31	Cons.	Net sales
Revenue	¥11.8bn	2023-01-01 → 2023-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥9.3bn	2022-01-01 → 2022-12-31^v	Cons.	Net sales (5-year summary)
Operating income	−¥82m	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥581m	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥119m	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥624m	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥1.1bn	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥1.3bn	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Profit before tax	¥279m	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥1.5bn	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	¥438m	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥1.6bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥1.4bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥1.4bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	¥437m	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥1.6bn	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥12.1bn	at 2025-12-31	Cons.	Assets
Total assets	¥11.0bn	at 2024-12-31	Cons.	Assets
Total assets	¥11.7bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥12.7bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total liabilities	¥2.9bn	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥2.5bn	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥9.2bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥8.6bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥10.0bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥11.2bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Cash and deposits	¥6.8bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥6.8bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥5.7bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥6.7bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥7.1bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥8.7bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	¥124m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥101m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥1.4bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥1.5bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥1.2bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥275m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥311m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥1.4bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥104m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	−¥39m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥142m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥108m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥7.88	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-28.07	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-26.34	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-27.05	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥7.78	2025-01-01 → 2025-12-31	Cons.	Diluted earnings per share (5-year summary)
Net assets per share	¥162.76	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥153.97	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥181.26	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥208.56	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Equity ratio	75.0%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	77.4%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	85.6%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	88.3%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
ROE	5.0%	2025-01-01 → 2025-12-31	Cons.	Rate of return on equity (5-year summary)
Employees	548	at 2025-12-31	Cons.	Number of employees
Employees	470	at 2024-12-31	Cons.	Number of employees
Employees	428	at 2023-12-31^v	Cons.	Number of employees
Employees	337	at 2022-12-31^v	Cons.	Number of employees
Revenue	¥18.9bn	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥15.0bn	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥11.8bn	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥9.3bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥8.5bn	2021-01-01 → 2021-12-31^d	Standalone	Net sales (5-year summary)
Operating income	−¥24m	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥536m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	¥5m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥528m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥1.1bn	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.3bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥154m	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	¥269m	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥1.4bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	¥428m	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥1.5bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥1.4bn	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥1.4bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥174m	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥12.1bn	at 2025-12-31	Standalone	Assets
Total assets	¥11.1bn	at 2024-12-31	Standalone	Assets
Total assets	¥11.7bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥12.7bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥13.7bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥2.9bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥2.4bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥9.2bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥8.7bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥10.1bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥11.2bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥12.5bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥6.3bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥6.7bn	at 2024-12-31	Standalone	Cash and deposits
Cash & equivalents	¥11.5bn	at 2021-12-31^d	Standalone	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥276m	2021-01-01 → 2021-12-31^d	Standalone	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥118m	2021-01-01 → 2021-12-31^d	Standalone	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥10.4bn	2021-01-01 → 2021-12-31^d	Standalone	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥7.7	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-26.44	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-25.63	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-26.9	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-3.69	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥7.61	2025-01-01 → 2025-12-31	Standalone	Diluted earnings per share (5-year summary)
Net assets per share	¥164.53	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥156.3	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥182.09	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥208.71	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥240.22	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	76.0%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	78.0%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	85.6%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	88.3%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	91.3%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
ROE	4.8%	2025-01-01 → 2025-12-31	Standalone	Rate of return on equity (5-year summary)
Shares issued	55,729,765	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	55,449,850	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	55,256,695	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	53,876,476	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	52,143,000	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	534	at 2025-12-31	Standalone	Number of employees
Employees	466	at 2024-12-31	Standalone	Number of employees
Employees	428	at 2023-12-31^v	Standalone	Number of employees
Employees	337	at 2022-12-31^v	Standalone	Number of employees
Employees	256	at 2021-12-31^d	Standalone	Number of employees

Periods use the dates stated in the filing. ^d = earlier-year period dated by calendar; ^v = that date confirmed by the company's own earlier filing.

All source rows · 1,394

Item	Context	Value	Unit
Net assets	CurrentYearInstant_CapitalSurplusMember	8146608000	JPY
Net assets	CurrentYearInstant_RetainedEarningsMember	-4756668000	JPY
Net assets	CurrentYearInstant_TreasuryStockMember	-313000	JPY
Net assets	CurrentYearInstant_ShareholdersEquityMember	9040806000	JPY
Net assets	Prior1YearInstant_ValuationDifferenceOnAvailableForSaleSecuritiesMember	12478000	JPY
Net assets	Prior1YearInstant_DeferredGainsOrLossesOnHedgesMember	－	JPY
Net assets	Prior1YearInstant_ForeignCurrencyTranslationAdjustmentMember	-3238000	JPY
Net assets	Prior1YearInstant_ValuationAndTranslationAdjustmentsMember	9240000	JPY
Net assets	Prior1YearInstant_SubscriptionRightsToSharesMember	12720000	JPY
Net assets	Prior1YearInstant_NonControllingInterestsMember	22156000	JPY
Net assets	Prior1YearInstant	8569167000	JPY
Issuance of new shares	CurrentYearDuration_ValuationAndTranslationAdjustmentsMember	－	JPY
Issuance of new shares	CurrentYearDuration	48479000	JPY
Issuance of new sharesexercise of subscription rights to shares	CurrentYearDuration_ValuationAndTranslationAdjustmentsMember	－	JPY
Issuance of new sharesexercise of subscription rights to shares	CurrentYearDuration	19440000	JPY
Profit loss attributable to owners of parent	CurrentYearDuration_ValuationAndTranslationAdjustmentsMember	－	JPY
Profit loss attributable to owners of parent	CurrentYearDuration	437887000	JPY
Purchase of treasury stock	CurrentYearDuration_ValuationAndTranslationAdjustmentsMember	－	JPY
Purchase of treasury stock	CurrentYearDuration	-97000	JPY
Change in treasury shares of parent arising from transactions with non controlling shareholders	CurrentYearDuration_ValuationAndTranslationAdjustmentsMember	－	JPY
Change in treasury shares of parent arising from transactions with non controlling shareholders	CurrentYearDuration	10045000	JPY
Net changes of items other than shareholders equity	CurrentYearDuration_ValuationDifferenceOnAvailableForSaleSecuritiesMember	9098000	JPY
Net changes of items other than shareholders equity	CurrentYearDuration_DeferredGainsOrLossesOnHedgesMember	5572000	JPY
Net changes of items other than shareholders equity	CurrentYearDuration_ForeignCurrencyTranslationAdjustmentMember	757000	JPY
Net changes of items other than shareholders equity	CurrentYearDuration_ValuationAndTranslationAdjustmentsMember	15429000	JPY
Net changes of items other than shareholders equity	CurrentYearDuration_SubscriptionRightsToSharesMember	20077000	JPY
Net changes of items other than shareholders equity	CurrentYearDuration_NonControllingInterestsMember	104092000	JPY
Net changes of items other than shareholders equity	CurrentYearDuration	139598000	JPY
Total changes of items during the period	CurrentYearDuration_ValuationDifferenceOnAvailableForSaleSecuritiesMember	9098000	JPY
Total changes of items during the period	CurrentYearDuration_DeferredGainsOrLossesOnHedgesMember	5572000	JPY
Total changes of items during the period	CurrentYearDuration_ForeignCurrencyTranslationAdjustmentMember	757000	JPY
Total changes of items during the period	CurrentYearDuration_ValuationAndTranslationAdjustmentsMember	15429000	JPY
Total changes of items during the period	CurrentYearDuration_SubscriptionRightsToSharesMember	20077000	JPY
Total changes of items during the period	CurrentYearDuration_NonControllingInterestsMember	104092000	JPY
Total changes of items during the period	CurrentYearDuration	655353000	JPY
Net assets	CurrentYearInstant_ValuationDifferenceOnAvailableForSaleSecuritiesMember	21577000	JPY
Net assets	CurrentYearInstant_DeferredGainsOrLossesOnHedgesMember	5572000	JPY
Net assets	CurrentYearInstant_ForeignCurrencyTranslationAdjustmentMember	-2480000	JPY
Net assets	CurrentYearInstant_ValuationAndTranslationAdjustmentsMember	24669000	JPY
Net assets	CurrentYearInstant_SubscriptionRightsToSharesMember	32797000	JPY
Net assets	CurrentYearInstant_NonControllingInterestsMember	126248000	JPY
Net assets	CurrentYearInstant	9224521000	JPY
Income before income taxes	Prior1YearDuration	-1545743000	JPY
Income before income taxes	CurrentYearDuration	278610000	JPY
Depreciation and amortization ope cf	Prior1YearDuration	2560000	JPY
Depreciation and amortization ope cf	CurrentYearDuration	6120000	JPY
Impairment loss ope cf	Prior1YearDuration	54317000	JPY
Impairment loss ope cf	CurrentYearDuration	66600000	JPY
Share based compensation expenses ope cf	Prior1YearDuration	45499000	JPY
Share based compensation expenses ope cf	CurrentYearDuration	66233000	JPY

Every row of the EDINET CSV. Item names are the XBRL element names; filed text is kept in its original Japanese. Filed text is available on Plus and Pro.

Data checks · 24 of 24 passed

balance sheet identity	consolidated 2024-12-31	pass
balance sheet identity	consolidated 2025-12-31	pass rounding
balance sheet identity	non_consolidated 2024-12-31	pass rounding
balance sheet identity	non_consolidated 2025-12-31	pass rounding
dei present		pass
period resolution		pass
statement vs summary · net assets	consolidated 2023-12-31	pass
statement vs summary · net assets	consolidated 2024-12-31	pass
statement vs summary · net assets	consolidated 2025-12-31	pass
statement vs summary · net assets	non_consolidated 2023-12-31	pass
statement vs summary · net assets	non_consolidated 2024-12-31	pass
statement vs summary · net assets	non_consolidated 2025-12-31	pass
statement vs summary · net income attributable to parent	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · net income attributable to parent	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · operating cash flow	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · operating cash flow	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · revenue	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · revenue	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · revenue	non_consolidated 2024-01-01/2024-12-31	pass
statement vs summary · revenue	non_consolidated 2025-01-01/2025-12-31	pass
statement vs summary · total assets	consolidated 2024-12-31	pass
statement vs summary · total assets	consolidated 2025-12-31	pass
statement vs summary · total assets	non_consolidated 2024-12-31	pass
statement vs summary · total assets	non_consolidated 2025-12-31	pass