Annual report

Period2025-01-01 → 2025-12-31
Filed2026-04-06
StandardJapan GAAP
ConsolidatedYes
Data checks24 of 24 passed

Amends S100XVK0. Amended by S100XXAM (2026-04-06).

Key figures · 143
MetricValuePeriodScopeSource row
Revenue¥2.6bn2025-01-01 → 2025-12-31Cons.Net sales
Revenue¥2.4bn2024-01-01 → 2024-12-31Cons.Net sales
Revenue¥1.5bn2023-01-01 → 2023-12-31Cons.Net sales (5-year summary)
Revenue¥3.2bn2022-01-01 → 2022-12-31Cons.Net sales (5-year summary)
Revenue¥601m2021-01-01 → 2021-12-31Cons.Net sales (5-year summary)
Operating income−¥222m2025-01-01 → 2025-12-31Cons.Operating income
Operating income−¥448m2024-01-01 → 2024-12-31Cons.Operating income
Ordinary income−¥253m2025-01-01 → 2025-12-31Cons.Ordinary income
Ordinary income−¥358m2024-01-01 → 2024-12-31Cons.Ordinary income
Ordinary income−¥262m2023-01-01 → 2023-12-31Cons.Ordinary income loss (5-year summary)
Ordinary income¥401m2022-01-01 → 2022-12-31Cons.Ordinary income loss (5-year summary)
Ordinary income−¥220m2021-01-01 → 2021-12-31Cons.Ordinary income loss (5-year summary)
Profit before tax−¥780m2025-01-01 → 2025-12-31Cons.Income before income taxes
Profit before tax−¥845m2024-01-01 → 2024-12-31Cons.Income before income taxes
Net income (owners)−¥532m2025-01-01 → 2025-12-31Cons.Profit loss attributable to owners of parent
Net income (owners)−¥908m2024-01-01 → 2024-12-31Cons.Profit loss attributable to owners of parent
Net income (owners)−¥230m2023-01-01 → 2023-12-31Cons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)¥331m2022-01-01 → 2022-12-31Cons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)−¥186m2021-01-01 → 2021-12-31Cons.Profit loss attributable to owners of parent (5-year summary)
Net income−¥822m2025-01-01 → 2025-12-31Cons.Profit loss
Net income−¥735m2024-01-01 → 2024-12-31Cons.Profit loss
Total assets¥3.6bnat 2025-12-31Cons.Assets
Total assets¥4.4bnat 2024-12-31Cons.Assets
Total assets¥3.4bnat 2023-12-31vCons.Total assets (5-year summary)
Total assets¥3.0bnat 2022-12-31Cons.Total assets (5-year summary)
Total assets¥1.0bnat 2021-12-31Cons.Total assets (5-year summary)
Total liabilities¥2.6bnat 2025-12-31Cons.Liabilities
Total liabilities¥2.6bnat 2024-12-31Cons.Liabilities
Net assets / equity¥1.0bnat 2025-12-31Cons.Net assets
Net assets / equity¥1.8bnat 2024-12-31Cons.Net assets
Net assets / equity¥2.0bnat 2023-12-31vCons.Net assets
Net assets / equity¥2.2bnat 2022-12-31Cons.Net assets (5-year summary)
Net assets / equity¥438mat 2021-12-31Cons.Net assets (5-year summary)
Cash and deposits¥744mat 2025-12-31Cons.Cash and deposits
Cash and deposits¥807mat 2024-12-31Cons.Cash and deposits
Cash & equivalents¥448mat 2025-12-31Cons.Cash and cash equivalents
Cash & equivalents¥517mat 2024-12-31Cons.Cash and cash equivalents
Cash & equivalents¥933mat 2023-12-31vCons.Cash and cash equivalents
Cash & equivalents¥1.8bnat 2022-12-31Cons.Cash and cash equivalents (5-year summary)
Cash & equivalents¥289mat 2021-12-31Cons.Cash and cash equivalents (5-year summary)
Operating cash flow−¥86m2025-01-01 → 2025-12-31Cons.Net cash provided by used in operating activities
Operating cash flow−¥299m2024-01-01 → 2024-12-31Cons.Net cash provided by used in operating activities
Operating cash flow−¥131m2023-01-01 → 2023-12-31Cons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow¥546m2022-01-01 → 2022-12-31Cons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow−¥596m2021-01-01 → 2021-12-31Cons.Net cash provided by used in operating activities (5-year summary)
Investing cash flow−¥117m2025-01-01 → 2025-12-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥1.7bn2024-01-01 → 2024-12-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥831m2023-01-01 → 2023-12-31Cons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow−¥271m2022-01-01 → 2022-12-31Cons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow¥62m2021-01-01 → 2021-12-31Cons.Net cash provided by used in investing activities (5-year summary)
Financing cash flow¥126m2025-01-01 → 2025-12-31Cons.Net cash provided by used in financing activities
Financing cash flow¥1.6bn2024-01-01 → 2024-12-31Cons.Net cash provided by used in financing activities
Financing cash flow¥21m2023-01-01 → 2023-12-31Cons.Net cash provided by used in financing activities (5-year summary)
Financing cash flow¥1.3bn2022-01-01 → 2022-12-31Cons.Net cash provided by used in financing activities (5-year summary)
EPS (basic)¥-18.992025-01-01 → 2025-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥-33.72024-01-01 → 2024-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥-9.22023-01-01 → 2023-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥13.772022-01-01 → 2022-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥-9.772021-01-01 → 2021-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (diluted)¥12.522022-01-01 → 2022-12-31Cons.Diluted earnings per share (5-year summary)
Net assets per share¥15.89at 2025-12-31Cons.Net assets per share (5-year summary)
Net assets per share¥34.55at 2024-12-31Cons.Net assets per share (5-year summary)
Net assets per share¥63.92at 2023-12-31vCons.Net assets per share (5-year summary)
Net assets per share¥72.63at 2022-12-31Cons.Net assets per share (5-year summary)
Net assets per share¥-1.53at 2021-12-31Cons.Net assets per share (5-year summary)
Equity ratio12.2%at 2025-12-31Cons.Equity to asset ratio (5-year summary)
Equity ratio22.2%at 2024-12-31Cons.Equity to asset ratio (5-year summary)
Equity ratio47.7%at 2023-12-31vCons.Equity to asset ratio (5-year summary)
Equity ratio60.1%at 2022-12-31Cons.Equity to asset ratio (5-year summary)
Equity ratio-2.8%at 2021-12-31Cons.Equity to asset ratio (5-year summary)
ROE-75.3%2025-01-01 → 2025-12-31Cons.Rate of return on equity (5-year summary)
ROE-70.7%2024-01-01 → 2024-12-31Cons.Rate of return on equity (5-year summary)
ROE-13.5%2023-01-01 → 2023-12-31Cons.Rate of return on equity (5-year summary)
ROE37.0%2022-01-01 → 2022-12-31Cons.Rate of return on equity (5-year summary)
ROE-235.3%2021-01-01 → 2021-12-31Cons.Rate of return on equity (5-year summary)
Employees72at 2025-12-31Cons.Number of employees
Employees93at 2024-12-31Cons.Number of employees
Employees110at 2023-12-31vCons.Number of employees
Employees60at 2022-12-31Cons.Number of employees
Employees52at 2021-12-31Cons.Number of employees
Revenue¥123m2025-01-01 → 2025-12-31StandaloneNet sales
Revenue¥55m2024-01-01 → 2024-12-31StandaloneNet sales
Revenue¥35m2023-01-01 → 2023-12-31StandaloneNet sales (5-year summary)
Revenue¥67m2022-01-01 → 2022-12-31StandaloneNet sales (5-year summary)
Revenue¥48m2021-01-01 → 2021-12-31StandaloneNet sales (5-year summary)
Operating income−¥202m2025-01-01 → 2025-12-31StandaloneOperating income
Operating income−¥482m2024-01-01 → 2024-12-31StandaloneOperating income
Ordinary income−¥219m2025-01-01 → 2025-12-31StandaloneOrdinary income
Ordinary income−¥423m2024-01-01 → 2024-12-31StandaloneOrdinary income
Ordinary income−¥161m2023-01-01 → 2023-12-31StandaloneOrdinary income loss (5-year summary)
Ordinary income¥69m2022-01-01 → 2022-12-31StandaloneOrdinary income loss (5-year summary)
Ordinary income−¥159m2021-01-01 → 2021-12-31StandaloneOrdinary income loss (5-year summary)
Profit before tax−¥495m2025-01-01 → 2025-12-31StandaloneIncome before income taxes
Profit before tax−¥1.7bn2024-01-01 → 2024-12-31StandaloneIncome before income taxes
Net income−¥496m2025-01-01 → 2025-12-31StandaloneProfit loss
Net income−¥1.7bn2024-01-01 → 2024-12-31StandaloneProfit loss
Net income−¥218m2023-01-01 → 2023-12-31StandaloneNet income loss (5-year summary)
Net income¥306m2022-01-01 → 2022-12-31StandaloneNet income loss (5-year summary)
Net income−¥249m2021-01-01 → 2021-12-31StandaloneNet income loss (5-year summary)
Total assets¥1.8bnat 2025-12-31StandaloneAssets
Total assets¥2.3bnat 2024-12-31StandaloneAssets
Total assets¥1.4bnat 2023-12-31vStandaloneTotal assets (5-year summary)
Total assets¥1.6bnat 2022-12-31StandaloneTotal assets (5-year summary)
Total assets¥252mat 2021-12-31StandaloneTotal assets (5-year summary)
Total liabilities¥2.1bnat 2025-12-31StandaloneLiabilities
Total liabilities¥2.1bnat 2024-12-31StandaloneLiabilities
Net assets / equity−¥276mat 2025-12-31StandaloneNet assets
Net assets / equity¥220mat 2024-12-31StandaloneNet assets
Net assets / equity¥1.4bnat 2023-12-31vStandaloneNet assets
Net assets / equity¥1.6bnat 2022-12-31StandaloneNet assets (5-year summary)
Net assets / equity¥6mat 2021-12-31StandaloneNet assets (5-year summary)
Cash and deposits¥195mat 2025-12-31StandaloneCash and deposits
Cash and deposits¥68mat 2024-12-31StandaloneCash and deposits
EPS (basic)¥-17.692025-01-01 → 2025-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥-62.552024-01-01 → 2024-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥-8.692023-01-01 → 2023-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥12.732022-01-01 → 2022-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥-13.072021-01-01 → 2021-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (diluted)¥11.582022-01-01 → 2022-12-31StandaloneDiluted earnings per share (5-year summary)
Net assets per share¥-9.84at 2025-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥7.86at 2024-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥53.92at 2023-12-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥62.61at 2022-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥-5.43at 2021-12-31StandaloneNet assets per share (5-year summary)
Equity ratio-15.4%at 2025-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio9.5%at 2024-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio96.8%at 2023-12-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio97.7%at 2022-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio-41.1%at 2021-12-31StandaloneEquity to asset ratio (5-year summary)
ROE-214.6%2024-01-01 → 2024-12-31StandaloneRate of return on equity (5-year summary)
ROE-14.9%2023-01-01 → 2023-12-31StandaloneRate of return on equity (5-year summary)
ROE41.8%2022-01-01 → 2022-12-31StandaloneRate of return on equity (5-year summary)
ROE-1185.4%2021-01-01 → 2021-12-31StandaloneRate of return on equity (5-year summary)
Shares issued28,024,900at 2025-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued28,024,900at 2024-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued25,035,700at 2023-12-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued25,035,700at 2022-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued19,060,800at 2021-12-31StandaloneTotal number of issued shares (5-year summary)
Employees8at 2025-12-31StandaloneNumber of employees
Employees5at 2024-12-31StandaloneNumber of employees
Employees5at 2023-12-31vStandaloneNumber of employees
Employees5at 2022-12-31StandaloneNumber of employees
Employees6at 2021-12-31StandaloneNumber 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.

Segments · 46
SegmentItemPeriodValue
Reconciling Itemsreconcilingrevenue2025-01-01 → 2025-12-31−¥103m
Reconciling Itemsreconcilingrevenue intersegment2025-01-01 → 2025-12-31−¥103m
Reconciling Itemsreconcilingsegment assetsat 2025-12-31−¥714m
Reconciling Itemsreconcilingsegment profit2025-01-01 → 2025-12-31¥17m
Japanreportable segmentcapex2025-01-01 → 2025-12-31¥55m
Japanreportable segmentemployeesat 2025-12-3119 pure
Japanreportable segmentrevenue2025-01-01 → 2025-12-31¥194m
Japanreportable segmentrevenue external2025-01-01 → 2025-12-31¥102m
Japanreportable segmentrevenue intersegment2025-01-01 → 2025-12-31¥92m
Japanreportable segmentsegment assetsat 2025-12-31¥1.9bn
Japanreportable segmentsegment profit2025-01-01 → 2025-12-31−¥486m
Koreareportable segmentcapex2025-01-01 → 2025-12-31¥32m
Koreareportable segmentemployeesat 2025-12-3153 pure
Koreareportable segmentrevenue2025-01-01 → 2025-12-31¥2.5bn
Koreareportable segmentrevenue external2025-01-01 → 2025-12-31¥2.5bn
Koreareportable segmentrevenue intersegment2025-01-01 → 2025-12-31¥11m
Koreareportable segmentsegment assetsat 2025-12-31¥2.4bn
Koreareportable segmentsegment profit2025-01-01 → 2025-12-31¥247m
—segment totalcapex2025-01-01 → 2025-12-31¥88m
—segment totalrevenue2025-01-01 → 2025-12-31¥2.7bn
—segment totalrevenue external2025-01-01 → 2025-12-31¥2.6bn
—segment totalrevenue intersegment2025-01-01 → 2025-12-31¥103m
—segment totalsegment assetsat 2025-12-31¥4.4bn
—segment totalsegment profit2025-01-01 → 2025-12-31−¥239m
Reconciling Itemsreconcilingrevenue2024-01-01 → 2024-12-31−¥54m
Reconciling Itemsreconcilingrevenue intersegment2024-01-01 → 2024-12-31−¥54m
Reconciling Itemsreconcilingsegment assetsat 2024-12-31−¥1.0bn
Reconciling Itemsreconcilingsegment profit2024-01-01 → 2024-12-31−¥55m
Japanreportable segmentcapex2024-01-01 → 2024-12-31¥1.6bn
Japanreportable segmentrevenue2024-01-01 → 2024-12-31¥95m
Japanreportable segmentrevenue external2024-01-01 → 2024-12-31¥61m
Japanreportable segmentrevenue intersegment2024-01-01 → 2024-12-31¥34m
Japanreportable segmentsegment assetsat 2024-12-31¥2.9bn
Japanreportable segmentsegment profit2024-01-01 → 2024-12-31−¥621m
Koreareportable segmentcapex2024-01-01 → 2024-12-31¥89m
Koreareportable segmentrevenue2024-01-01 → 2024-12-31¥2.3bn
Koreareportable segmentrevenue external2024-01-01 → 2024-12-31¥2.3bn
Koreareportable segmentrevenue intersegment2024-01-01 → 2024-12-31¥20m
Koreareportable segmentsegment assetsat 2024-12-31¥2.5bn
Koreareportable segmentsegment profit2024-01-01 → 2024-12-31¥228m
—segment totalcapex2024-01-01 → 2024-12-31¥1.7bn
—segment totalrevenue2024-01-01 → 2024-12-31¥2.4bn
—segment totalrevenue external2024-01-01 → 2024-12-31¥2.4bn
—segment totalrevenue intersegment2024-01-01 → 2024-12-31¥54m
—segment totalsegment assetsat 2024-12-31¥5.4bn
—segment totalsegment profit2024-01-01 → 2024-12-31−¥393m

Segment names come from EDINET member IDs; not yet mapped to a common taxonomy.

All source rows · 1,474
ItemContextValueUnit
Number of shares held number of units totalCurrentYearInstant_OrdinaryShareMember280213
Number of shares held shares less than one unitCurrentYearInstant_OrdinaryShareMember3600
Percentage of shareholdings national and local governmentsCurrentYearInstant_OrdinaryShareMember-
Percentage of shareholdings financial institutionsCurrentYearInstant_OrdinaryShareMember0.0010
Percentage of shareholdings financial service providersCurrentYearInstant_OrdinaryShareMember0.0511
Percentage of shareholdings other corporationsCurrentYearInstant_OrdinaryShareMember0.0038
Percentage of shareholdings foreigners other than individualsCurrentYearInstant_OrdinaryShareMember0.3973
Percentage of shareholdings foreign individualsCurrentYearInstant_OrdinaryShareMember0.0049
Percentage of shareholdings individuals and othersCurrentYearInstant_OrdinaryShareMember0.5419
Number of shares heldCurrentYearInstant_No1MajorShareholdersMember10100560
Shareholding ratioCurrentYearInstant_No1MajorShareholdersMember0.3604
Number of shares heldCurrentYearInstant_No2MajorShareholdersMember4545740
Shareholding ratioCurrentYearInstant_No2MajorShareholdersMember0.1622
Number of shares heldCurrentYearInstant_No3MajorShareholdersMember707200
Shareholding ratioCurrentYearInstant_No3MajorShareholdersMember0.0252
Number of shares heldCurrentYearInstant_No4MajorShareholdersMember277600
Shareholding ratioCurrentYearInstant_No4MajorShareholdersMember0.0099
Number of shares heldCurrentYearInstant_No5MajorShareholdersMember265100
Shareholding ratioCurrentYearInstant_No5MajorShareholdersMember0.0095
Number of shares heldCurrentYearInstant_No6MajorShareholdersMember254194
Shareholding ratioCurrentYearInstant_No6MajorShareholdersMember0.0091
Number of shares heldCurrentYearInstant_No7MajorShareholdersMember247000
Shareholding ratioCurrentYearInstant_No7MajorShareholdersMember0.0088
Number of shares heldCurrentYearInstant_No8MajorShareholdersMember141600
Shareholding ratioCurrentYearInstant_No8MajorShareholdersMember0.0051
Number of shares heldCurrentYearInstant_No9MajorShareholdersMember137000
Shareholding ratioCurrentYearInstant_No9MajorShareholdersMember0.0049
Number of shares heldCurrentYearInstant_No10MajorShareholdersMember103500
Shareholding ratioCurrentYearInstant_No10MajorShareholdersMember0.0037
Number of shares heldCurrentYearInstant16779494
Shareholding ratioCurrentYearInstant0.5987
Number of shares issued shares voting rightsCurrentYearInstant_SharesWithNoVotingRightsMember-
Number of shares issued shares voting rightsCurrentYearInstant_SharesWithRestrictedVotingRightsTreasurySharesEtcMember-
Number of shares issued shares voting rightsCurrentYearInstant_SharesWithRestrictedVotingRightsOtherMember-
Number of voting rights issued shares voting rightsCurrentYearInstant_SharesWithRestrictedVotingRightsOtherMember-
Number of shares issued shares voting rightsCurrentYearInstant_SharesWithFullVotingRightsTreasurySharesEtcMember-
Number of shares issued shares voting rightsCurrentYearInstant_OrdinarySharesSharesWithFullVotingRightsOtherMember28021300
Number of voting rights issued shares voting rightsCurrentYearInstant_OrdinarySharesSharesWithFullVotingRightsOtherMember280213
Number of shares issued shares voting rightsCurrentYearInstant_OrdinarySharesSharesLessThanOneUnitMember3600
Number of shares issued shares voting rightsCurrentYearInstant28024900
Number of voting rights issued shares voting rightsCurrentYearInstant280213
Number of male directors and other officersFilingDateInstant16
Number of female directors and other officersFilingDateInstant1
Ratio of female directors and other officersFilingDateInstant0.0588
Number of shares held ordinary shares information about directors and corporate auditorsFilingDateInstant_jpcrp030000-asr_E05114-000KimHyunsuMember11500
Number of shares held ordinary shares information about directors and corporate auditorsFilingDateInstant_jpcrp030000-asr_E05114-000KikugawaSatoruMember4545740
Number of shares held ordinary shares information about directors and corporate auditorsFilingDateInstant_jpcrp030000-asr_E05114-000KimJiyeMember8400
Number of shares held ordinary shares information about directors and corporate auditorsFilingDateInstant_jpcrp030000-asr_E05114-000PajotNicolasMember30500
Number of shares held ordinary shares information about directors and corporate auditorsFilingDateInstant_jpcrp030000-asr_E05114-000OgasawaraIchiroMember-
Number of shares held ordinary shares information about directors and corporate auditorsFilingDateInstant_jpcrp030000-asr_E05114-000ChonHyungwooMember-

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 identityconsolidated 2024-12-31pass rounding
balance sheet identityconsolidated 2025-12-31pass
balance sheet identitynon_consolidated 2024-12-31pass
balance sheet identitynon_consolidated 2025-12-31pass
dei present pass
period resolution pass
statement vs summary · net assetsconsolidated 2023-12-31pass
statement vs summary · net assetsconsolidated 2024-12-31pass
statement vs summary · net assetsconsolidated 2025-12-31pass
statement vs summary · net assetsnon_consolidated 2023-12-31pass
statement vs summary · net assetsnon_consolidated 2024-12-31pass
statement vs summary · net assetsnon_consolidated 2025-12-31pass
statement vs summary · net income attributable to parentconsolidated 2024-01-01/2024-12-31pass
statement vs summary · net income attributable to parentconsolidated 2025-01-01/2025-12-31pass
statement vs summary · operating cash flowconsolidated 2024-01-01/2024-12-31pass
statement vs summary · operating cash flowconsolidated 2025-01-01/2025-12-31pass
statement vs summary · revenueconsolidated 2024-01-01/2024-12-31pass
statement vs summary · revenueconsolidated 2025-01-01/2025-12-31pass
statement vs summary · revenuenon_consolidated 2024-01-01/2024-12-31pass
statement vs summary · revenuenon_consolidated 2025-01-01/2025-12-31pass
statement vs summary · total assetsconsolidated 2024-12-31pass
statement vs summary · total assetsconsolidated 2025-12-31pass
statement vs summary · total assetsnon_consolidated 2024-12-31pass
statement vs summary · total assetsnon_consolidated 2025-12-31pass