Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-23

StandardJapan GAAP

ConsolidatedYes

Data checks24 of 24 passed

Key figures · 137

Metric	Value	Period	Scope	Source row
Revenue	¥9.5bn	2025-01-01 → 2025-12-31	Cons.	Net sales
Revenue	¥8.5bn	2024-01-01 → 2024-12-31	Cons.	Net sales
Revenue	¥6.5bn	2023-01-01 → 2023-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥4.6bn	2022-01-01 → 2022-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥3.4bn	2021-01-01 → 2021-12-31^v	Cons.	Net sales (5-year summary)
Operating income	¥485m	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	¥97m	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	¥458m	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	¥75m	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥686m	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥716m	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥711m	2021-01-01 → 2021-12-31^v	Cons.	Ordinary income loss (5-year summary)
Profit before tax	¥458m	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥1.2bn	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	¥215m	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥1.2bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥620m	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥679m	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥746m	2021-01-01 → 2021-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	¥215m	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥1.2bn	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥6.7bn	at 2025-12-31	Cons.	Assets
Total assets	¥6.1bn	at 2024-12-31	Cons.	Assets
Total assets	¥6.3bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥5.4bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥5.1bn	at 2021-12-31^v	Cons.	Total assets (5-year summary)
Total liabilities	¥4.7bn	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥4.5bn	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥2.0bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥1.6bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥2.4bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥2.9bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥3.4bn	at 2021-12-31^v	Cons.	Net assets (5-year summary)
Cash and deposits	¥3.5bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥2.9bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥3.1bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.9bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.1bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.9bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥3.2bn	at 2021-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	¥938m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	¥1.5bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	¥470m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥284m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥475m	2021-01-01 → 2021-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥586m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥650m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥1.5bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥517m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥840m	2021-01-01 → 2021-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	−¥157m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	−¥15m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥237m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥451m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥2.7bn	2021-01-01 → 2021-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥5.14	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-28.59	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-15.45	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-17.11	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-20.05	2021-01-01 → 2021-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥5.05	2025-01-01 → 2025-12-31	Cons.	Diluted earnings per share (5-year summary)
Net assets per share	¥47.56	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥38.38	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥59.66	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥69.86	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥83.09	at 2021-12-31^v	Cons.	Net assets per share (5-year summary)
Equity ratio	29.9%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	26.1%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	38.6%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	51.8%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	63.7%	at 2021-12-31^v	Cons.	Equity to asset ratio (5-year summary)
ROE	12.0%	2025-01-01 → 2025-12-31	Cons.	Rate of return on equity (5-year summary)
Employees	658	at 2025-12-31	Cons.	Number of employees
Employees	582	at 2024-12-31	Cons.	Number of employees
Employees	459	at 2023-12-31^v	Cons.	Number of employees
Employees	314	at 2022-12-31^v	Cons.	Number of employees
Employees	251	at 2021-12-31^v	Cons.	Number of employees
Revenue	¥7.6bn	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥7.1bn	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥5.6bn	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥4.2bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥3.2bn	2021-01-01 → 2021-12-31^v	Standalone	Net sales (5-year summary)
Operating income	¥1.4bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	¥863m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	¥1.4bn	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	¥854m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥335m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥589m	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥652m	2021-01-01 → 2021-12-31^v	Standalone	Ordinary income loss (5-year summary)
Profit before tax	¥507m	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥1.7bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	¥215m	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥1.8bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥187m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥594m	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥657m	2021-01-01 → 2021-12-31^v	Standalone	Net income loss (5-year summary)
Total assets	¥5.8bn	at 2025-12-31	Standalone	Assets
Total assets	¥5.5bn	at 2024-12-31	Standalone	Assets
Total assets	¥6.2bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥5.4bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥5.0bn	at 2021-12-31^v	Standalone	Total assets (5-year summary)
Total liabilities	¥3.8bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥3.9bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥2.0bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥1.6bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥3.0bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥3.0bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥3.4bn	at 2021-12-31^v	Standalone	Net assets (5-year summary)
Cash and deposits	¥2.2bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥2.5bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥5.14	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-43.39	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-4.65	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-14.98	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-17.67	2021-01-01 → 2021-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥5.05	2025-01-01 → 2025-12-31	Standalone	Diluted earnings per share (5-year summary)
Net assets per share	¥47.55	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥38.37	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥74.6	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥74.2	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥85.35	at 2021-12-31^v	Standalone	Net assets per share (5-year summary)
Equity ratio	34.4%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	29.0%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	48.6%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	54.7%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	66.7%	at 2021-12-31^v	Standalone	Equity to asset ratio (5-year summary)
ROE	12.0%	2025-01-01 → 2025-12-31	Standalone	Rate of return on equity (5-year summary)
Shares issued	42,261,383	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	41,762,101	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	40,627,295	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	39,941,702	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	39,425,840	at 2021-12-31^v	Standalone	Total number of issued shares (5-year summary)
Employees	355	at 2025-12-31	Standalone	Number of employees
Employees	420	at 2024-12-31	Standalone	Number of employees
Employees	394	at 2023-12-31^v	Standalone	Number of employees
Employees	314	at 2022-12-31^v	Standalone	Number of employees
Employees	251	at 2021-12-31^v	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 · 1,398

Item	Context	Value	Unit
Increase decrease in provision for share based payments ope cf	Prior1YearDuration	156249000	JPY
Increase decrease in provision for share based payments ope cf	CurrentYearDuration	164583000	JPY
Other net ope cf	Prior1YearDuration	16945000	JPY
Other net ope cf	CurrentYearDuration	42442000	JPY
Subtotal ope cf	Prior1YearDuration	1499630000	JPY
Subtotal ope cf	CurrentYearDuration	1226698000	JPY
Interest and dividends income received ope cf inv cf	Prior1YearDuration	288000	JPY
Interest and dividends income received ope cf inv cf	CurrentYearDuration	4132000	JPY
Interest expenses paid ope cf fin cf	Prior1YearDuration	-17463000	JPY
Interest expenses paid ope cf fin cf	CurrentYearDuration	-21184000	JPY
Payments for commitment fee ope cf	Prior1YearDuration	-752000	JPY
Payments for commitment fee ope cf	CurrentYearDuration	-750000	JPY
Income taxes paid ope cf	Prior1YearDuration	-5162000	JPY
Income taxes paid ope cf	CurrentYearDuration	-271040000	JPY
Net cash provided by used in operating activities	Prior1YearDuration	1476540000	JPY
Net cash provided by used in operating activities	CurrentYearDuration	937856000	JPY
Purchase of property plant and equipment inv cf	Prior1YearDuration	-10411000	JPY
Purchase of property plant and equipment inv cf	CurrentYearDuration	-41000000	JPY
Proceeds from sales of property plant and equipment inv cf	Prior1YearDuration	2172000	JPY
Proceeds from sales of property plant and equipment inv cf	CurrentYearDuration	－	JPY
Purchase of intangible assets inv cf	Prior1YearDuration	-579365000	JPY
Purchase of intangible assets inv cf	CurrentYearDuration	-438714000	JPY
Purchase of investment securities inv cf	Prior1YearDuration	-54404000	JPY
Purchase of investment securities inv cf	CurrentYearDuration	－	JPY
Proceeds from sales of investment securities inv cf	Prior1YearDuration	8188000	JPY
Proceeds from sales of investment securities inv cf	CurrentYearDuration	13440000	JPY
Proceeds from distribution of investment in partnerships inv cf	Prior1YearDuration	5007000	JPY
Proceeds from distribution of investment in partnerships inv cf	CurrentYearDuration	9816000	JPY
Payments for lease and guarantee deposits inv cf	Prior1YearDuration	-21304000	JPY
Payments for lease and guarantee deposits inv cf	CurrentYearDuration	-41180000	JPY
Proceeds from collection of lease and guarantee deposits inv cf	Prior1YearDuration	－	JPY
Proceeds from collection of lease and guarantee deposits inv cf	CurrentYearDuration	6814000	JPY
Payments for transfer of business2 inv cf	Prior1YearDuration	－	JPY
Payments for transfer of business2 inv cf	CurrentYearDuration	-95000000	JPY
Net cash provided by used in investment activities	Prior1YearDuration	-650117000	JPY
Net cash provided by used in investment activities	CurrentYearDuration	-585824000	JPY
Decrease in short term loans payable fin cf	Prior1YearDuration	-1300000	JPY
Decrease in short term loans payable fin cf	CurrentYearDuration	－	JPY
Proceeds from long term loans payable fin cf	Prior1YearDuration	50000000	JPY
Proceeds from long term loans payable fin cf	CurrentYearDuration	500000000	JPY
Repayment of long term loans payable fin cf	Prior1YearDuration	-264016000	JPY
Repayment of long term loans payable fin cf	CurrentYearDuration	-731316000	JPY
Proceeds from issuance of common stock fin cf	Prior1YearDuration	202550000	JPY
Proceeds from issuance of common stock fin cf	CurrentYearDuration	75500000	JPY
Payment for issuance of new shares fin cf	Prior1YearDuration	-1802000	JPY
Payment for issuance of new shares fin cf	CurrentYearDuration	-872000	JPY
Purchase of treasury stock fin cf	Prior1YearDuration	-26000	JPY
Purchase of treasury stock fin cf	CurrentYearDuration	-0	JPY
Net cash provided by used in financing activities	Prior1YearDuration	-14594000	JPY
Net cash provided by used in financing activities	CurrentYearDuration	-156689000	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 rounding
balance sheet identity	consolidated 2025-12-31	pass rounding
balance sheet identity	non_consolidated 2024-12-31	pass
balance sheet identity	non_consolidated 2025-12-31	pass
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