Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-24

StandardIFRS

ConsolidatedYes

Data checks21 of 21 passed

Key figures · 137

Metric	Value	Period	Scope	Source row
Revenue	¥429m	2025-01-01 → 2025-12-31	Cons.	Revenue IFRS
Revenue	¥316m	2024-01-01 → 2024-12-31	Cons.	Revenue IFRS
Revenue	¥617m	2023-01-01 → 2023-12-31^v	Cons.	Revenue IFRS (5-year summary)
Revenue	¥1.1bn	2022-01-01 → 2022-12-31^v	Cons.	Revenue IFRS (5-year summary)
Revenue	¥559m	2021-01-01 → 2021-12-31^d	Cons.	Revenue IFRS (5-year summary)
Operating income	−¥861m	2025-01-01 → 2025-12-31	Cons.	Operating profit loss IFRS
Operating income	−¥2.0bn	2024-01-01 → 2024-12-31	Cons.	Operating profit loss IFRS
Profit before tax	−¥876m	2025-01-01 → 2025-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥2.0bn	2024-01-01 → 2024-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥1.1bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	−¥2.5bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	−¥2.4bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss before tax IFRS (5-year summary)
Net income (owners)	−¥876m	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥1.9bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥1.1bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	−¥2.5bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	−¥2.5bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income	−¥876m	2025-01-01 → 2025-12-31	Cons.	Profit loss IFRS
Net income	−¥1.9bn	2024-01-01 → 2024-12-31	Cons.	Profit loss IFRS
Total assets	¥2.1bn	at 2025-12-31	Cons.	Assets IFRS
Total assets	¥1.4bn	at 2024-12-31	Cons.	Assets IFRS
Total assets	¥2.2bn	at 2023-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥3.1bn	at 2022-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥3.1bn	at 2021-12-31^d	Cons.	Total assets IFRS (5-year summary)
Total liabilities	¥393m	at 2025-12-31	Cons.	Liabilities IFRS
Total liabilities	¥206m	at 2024-12-31	Cons.	Liabilities IFRS
Net assets / equity	¥1.8bn	at 2025-12-31	Cons.	Equity IFRS
Net assets / equity	¥1.2bn	at 2024-12-31	Cons.	Equity IFRS
Net assets / equity	¥1.9bn	at 2023-12-31^v	Cons.	Equity IFRS
Equity (owners)	¥1.8bn	at 2025-12-31	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥1.2bn	at 2024-12-31	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥1.9bn	at 2023-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥2.7bn	at 2022-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥2.6bn	at 2021-12-31^d	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Cash & equivalents	¥1.4bn	at 2025-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥886m	at 2024-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥728m	at 2023-12-31^v	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥803m	at 2022-12-31^v	Cons.	Cash and cash equivalents IFRS (5-year summary)
Cash & equivalents	¥714m	at 2021-12-31^d	Cons.	Cash and cash equivalents IFRS (5-year summary)
Operating cash flow	−¥847m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥1.0bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥359m	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow	−¥2.1bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow	−¥2.5bn	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Investing cash flow	−¥81m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	¥0	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	¥0	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	−¥418m	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	−¥164m	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Financing cash flow	¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	¥1.2bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	¥275m	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	¥2.6bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	¥361m	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
EPS (basic)	¥-3.69	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-9.77	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-6.62	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥-16.77	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥-19.04	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-3.69	2025-01-01 → 2025-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-9.77	2024-01-01 → 2024-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-6.62	2023-01-01 → 2023-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-16.77	2022-01-01 → 2022-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-19.04	2021-01-01 → 2021-12-31^d	Cons.	Diluted earnings loss per share IFRS (5-year summary)
Net assets per share	¥6.65	at 2025-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥5.3	at 2024-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥10.78	at 2023-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥15.85	at 2022-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥19.38	at 2021-12-31^d	Cons.	Equity to asset ratio IFRS (5-year summary)
Equity ratio	81.7%	at 2025-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	84.9%	at 2024-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	84.1%	at 2023-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	84.9%	at 2022-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	82.3%	at 2021-12-31^d	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Employees	22	at 2025-12-31	Cons.	Number of employees
Employees	23	at 2024-12-31	Cons.	Number of employees
Employees	24	at 2023-12-31^v	Cons.	Number of employees
Employees	27	at 2022-12-31^v	Cons.	Number of employees
Employees	77	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥429m	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥316m	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥617m	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥1.1bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥559m	2021-01-01 → 2021-12-31^d	Standalone	Net sales (5-year summary)
Operating income	−¥871m	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥840m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥897m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥869m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥678m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.8bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥2.2bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥897m	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥869m	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥897m	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥868m	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥679m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥2.1bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥2.2bn	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥2.1bn	at 2025-12-31	Standalone	Assets
Total assets	¥1.4bn	at 2024-12-31	Standalone	Assets
Total assets	¥1.1bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥1.5bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥922m	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥457m	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥321m	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥1.6bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥1.0bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥672m	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥1.0bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥443m	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.4bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥875m	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-3.78	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-4.37	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-4.04	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-13.72	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-17.15	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
Net assets per share	¥6.15	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥4.75	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥3.86	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥6.12	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥3.3	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	78.0%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	76.3%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	62.9%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	67.9%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	47.7%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
Shares issued	263,709,010	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	218,458,910	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	174,373,910	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	168,402,310	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	133,946,210	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	17	at 2025-12-31	Standalone	Number of employees
Employees	18	at 2024-12-31	Standalone	Number of employees
Employees	19	at 2023-12-31^v	Standalone	Number of employees
Employees	21	at 2022-12-31^v	Standalone	Number of employees
Employees	21	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 · 1,309

Item	Context	Value	Unit
Share of loss profit of investments accounted for using equity method ope cf IFRS	CurrentYearDuration	1000000	JPY
Decrease increase in trade and other receivables ope cf IFRS	Prior1YearDuration	-164000000	JPY
Decrease increase in trade and other receivables ope cf IFRS	CurrentYearDuration	-142000000	JPY
Decrease increase in inventories ope cf IFRS	Prior1YearDuration	-5000000	JPY
Decrease increase in inventories ope cf IFRS	CurrentYearDuration	15000000	JPY
Increase decrease in trade and other payables ope cf IFRS	Prior1YearDuration	-92000000	JPY
Increase decrease in trade and other payables ope cf IFRS	CurrentYearDuration	108000000	JPY
Other changes in working capital ope cf IFRS	Prior1YearDuration	37000000	JPY
Other changes in working capital ope cf IFRS	CurrentYearDuration	8000000	JPY
Subtotal ope cf IFRS	Prior1YearDuration	-1030000000	JPY
Subtotal ope cf IFRS	CurrentYearDuration	-846000000	JPY
Interest received ope cf IFRS	Prior1YearDuration	0	JPY
Interest received ope cf IFRS	CurrentYearDuration	1000000	JPY
Interest paid ope cf IFRS	Prior1YearDuration	-1000000	JPY
Interest paid ope cf IFRS	CurrentYearDuration	-1000000	JPY
Income taxes refund paid ope cf IFRS	Prior1YearDuration	-1000000	JPY
Income taxes refund paid ope cf IFRS	CurrentYearDuration	-0	JPY
Net cash provided by used in operating activities IFRS	Prior1YearDuration	-1033000000	JPY
Net cash provided by used in operating activities IFRS	CurrentYearDuration	-847000000	JPY
Purchase of property plant and equipment inv cf IFRS	Prior1YearDuration	-1000000	JPY
Purchase of property plant and equipment inv cf IFRS	CurrentYearDuration	-0	JPY
Purchase of investment securities inv cf IFRS	Prior1YearDuration	－	JPY
Purchase of investment securities inv cf IFRS	CurrentYearDuration	-77000000	JPY
Other inv cf IFRS	Prior1YearDuration	0	JPY
Other inv cf IFRS	CurrentYearDuration	-3000000	JPY
Net cash provided by used in investing activities IFRS	Prior1YearDuration	-0	JPY
Net cash provided by used in investing activities IFRS	CurrentYearDuration	-81000000	JPY
Proceeds from issuance of bonds fin cf IFRS	Prior1YearDuration	500000000	JPY
Proceeds from issuance of bonds fin cf IFRS	CurrentYearDuration	－	JPY
Redemption of bonds fin cf IFRS	Prior1YearDuration	-500000000	JPY
Redemption of bonds fin cf IFRS	CurrentYearDuration	－	JPY
Proceeds from issuance of shares fin cf IFRS	Prior1YearDuration	1215000000	JPY
Proceeds from issuance of shares fin cf IFRS	CurrentYearDuration	1458000000	JPY
Purchase of share acquisition rights fin cf IFRS IFRS	Prior1YearDuration	-1000000	JPY
Purchase of share acquisition rights fin cf IFRS IFRS	CurrentYearDuration	－	JPY
Repayments of lease obligations fin cf IFRS	Prior1YearDuration	-33000000	JPY
Repayments of lease obligations fin cf IFRS	CurrentYearDuration	-32000000	JPY
Other fin cf IFRS	Prior1YearDuration	－	JPY
Other fin cf IFRS	CurrentYearDuration	0	JPY
Net cash provided by used in financing activities IFRS	Prior1YearDuration	1180000000	JPY
Net cash provided by used in financing activities IFRS	CurrentYearDuration	1425000000	JPY
Net increase decrease in cash and cash equivalents before effect of exchange rate changes IFRS	Prior1YearDuration	146000000	JPY
Net increase decrease in cash and cash equivalents before effect of exchange rate changes IFRS	CurrentYearDuration	495000000	JPY
Cash and cash equivalents IFRS	Prior2YearInstant	728000000	JPY
Cash and cash equivalents IFRS	Prior1YearInstant	886000000	JPY
Effect of exchange rate changes on cash and cash equivalents IFRS	Prior1YearDuration	11000000	JPY
Effect of exchange rate changes on cash and cash equivalents IFRS	CurrentYearDuration	5000000	JPY
Cash and cash equivalents IFRS	Prior1YearInstant	886000000	JPY
Cash and cash equivalents IFRS	CurrentYearInstant	1387000000	JPY
Merchandise ca IFRS	Prior1YearInstant	4000000	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 · 21 of 21 passed

balance sheet identity	consolidated 2024-12-31	pass
balance sheet identity	consolidated 2025-12-31	pass
balance sheet identity	non_consolidated 2024-12-31	pass
balance sheet identity	non_consolidated 2025-12-31	pass rounding
dei present		pass
period resolution		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