Annual report

Period2025-01-01 → 2025-12-31
Filed2026-05-19
StandardJapan GAAP
ConsolidatedYes
Data checks24 of 24 passed

Amends S100XTFR. Amended by S100Y52K (2026-05-19).

Key figures · 148
MetricValuePeriodScopeSource row
Revenue¥13.5bn2025-01-01 → 2025-12-31Cons.Net sales
Revenue¥9.3bn2024-01-01 → 2024-12-31Cons.Net sales
Revenue¥10.0bn2023-01-01 → 2023-12-31vCons.Net sales (5-year summary)
Revenue¥7.9bn2022-01-01 → 2022-12-31vCons.Net sales (5-year summary)
Revenue¥5.7bn2021-01-01 → 2021-12-31dCons.Net sales (5-year summary)
Operating income−¥335m2025-01-01 → 2025-12-31Cons.Operating income
Operating income−¥632m2024-01-01 → 2024-12-31Cons.Operating income
Ordinary income−¥664m2025-01-01 → 2025-12-31Cons.Ordinary income
Ordinary income−¥711m2024-01-01 → 2024-12-31Cons.Ordinary income
Ordinary income¥1.2bn2023-01-01 → 2023-12-31vCons.Ordinary income loss (5-year summary)
Ordinary income¥922m2022-01-01 → 2022-12-31vCons.Ordinary income loss (5-year summary)
Ordinary income¥515m2021-01-01 → 2021-12-31dCons.Ordinary income loss (5-year summary)
Profit before tax−¥966m2025-01-01 → 2025-12-31Cons.Income before income taxes
Profit before tax−¥711m2024-01-01 → 2024-12-31Cons.Income before income taxes
Net income (owners)−¥1.1bn2025-01-01 → 2025-12-31Cons.Profit loss attributable to owners of parent
Net income (owners)−¥695m2024-01-01 → 2024-12-31Cons.Profit loss attributable to owners of parent
Net income (owners)¥781m2023-01-01 → 2023-12-31vCons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)¥557m2022-01-01 → 2022-12-31vCons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)¥339m2021-01-01 → 2021-12-31dCons.Profit loss attributable to owners of parent (5-year summary)
Net income−¥1.2bn2025-01-01 → 2025-12-31Cons.Profit loss
Net income−¥707m2024-01-01 → 2024-12-31Cons.Profit loss
Total assets¥18.4bnat 2025-12-31Cons.Assets
Total assets¥14.2bnat 2024-12-31Cons.Assets
Total assets¥10.9bnat 2023-12-31vCons.Total assets (5-year summary)
Total assets¥5.7bnat 2022-12-31vCons.Total assets (5-year summary)
Total assets¥3.8bnat 2021-12-31dCons.Total assets (5-year summary)
Total liabilities¥8.5bnat 2025-12-31Cons.Liabilities
Total liabilities¥3.4bnat 2024-12-31Cons.Liabilities
Net assets / equity¥9.9bnat 2025-12-31Cons.Net assets
Net assets / equity¥10.7bnat 2024-12-31Cons.Net assets
Net assets / equity¥6.8bnat 2023-12-31vCons.Net assets
Net assets / equity¥3.0bnat 2022-12-31vCons.Net assets (5-year summary)
Net assets / equity¥2.5bnat 2021-12-31dCons.Net assets (5-year summary)
Cash and deposits¥5.3bnat 2025-12-31Cons.Cash and deposits
Cash and deposits¥7.6bnat 2024-12-31Cons.Cash and deposits
Cash & equivalents¥3.9bnat 2025-12-31Cons.Cash and cash equivalents
Cash & equivalents¥7.6bnat 2024-12-31Cons.Cash and cash equivalents
Cash & equivalents¥5.8bnat 2023-12-31vCons.Cash and cash equivalents
Cash & equivalents¥3.2bnat 2022-12-31vCons.Cash and cash equivalents (5-year summary)
Cash & equivalents¥1.8bnat 2021-12-31dCons.Cash and cash equivalents (5-year summary)
Operating cash flow−¥2.1bn2025-01-01 → 2025-12-31Cons.Net cash provided by used in operating activities
Operating cash flow−¥2.5bn2024-01-01 → 2024-12-31Cons.Net cash provided by used in operating activities
Operating cash flow¥226m2023-01-01 → 2023-12-31vCons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow¥1.3bn2022-01-01 → 2022-12-31vCons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow¥317m2021-01-01 → 2021-12-31dCons.Net cash provided by used in operating activities (5-year summary)
Investing cash flow−¥2.7bn2025-01-01 → 2025-12-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥64m2024-01-01 → 2024-12-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥1.4bn2023-01-01 → 2023-12-31vCons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow−¥487m2022-01-01 → 2022-12-31vCons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow−¥32m2021-01-01 → 2021-12-31dCons.Net cash provided by used in investing activities (5-year summary)
Financing cash flow¥1.1bn2025-01-01 → 2025-12-31Cons.Net cash provided by used in financing activities
Financing cash flow¥4.3bn2024-01-01 → 2024-12-31Cons.Net cash provided by used in financing activities
Financing cash flow¥3.8bn2023-01-01 → 2023-12-31vCons.Net cash provided by used in financing activities (5-year summary)
Financing cash flow¥647m2022-01-01 → 2022-12-31vCons.Net cash provided by used in financing activities (5-year summary)
Financing cash flow−¥405m2021-01-01 → 2021-12-31dCons.Net cash provided by used in financing activities (5-year summary)
EPS (basic)¥-94.082025-01-01 → 2025-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥-59.22024-01-01 → 2024-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥67.512023-01-01 → 2023-12-31vCons.Basic earnings loss per share (5-year summary)
EPS (basic)¥48.672022-01-01 → 2022-12-31vCons.Basic earnings loss per share (5-year summary)
EPS (basic)¥29.72021-01-01 → 2021-12-31dCons.Basic earnings loss per share (5-year summary)
EPS (diluted)¥66.472023-01-01 → 2023-12-31vCons.Diluted earnings per share (5-year summary)
EPS (diluted)¥47.932022-01-01 → 2022-12-31vCons.Diluted earnings per share (5-year summary)
EPS (diluted)¥29.242021-01-01 → 2021-12-31dCons.Diluted earnings per share (5-year summary)
Net assets per share¥143.68at 2025-12-31Cons.Net assets per share (5-year summary)
Net assets per share¥225.09at 2024-12-31Cons.Net assets per share (5-year summary)
Net assets per share¥315.81at 2023-12-31vCons.Net assets per share (5-year summary)
Net assets per share¥255.37at 2022-12-31vCons.Net assets per share (5-year summary)
Net assets per share¥215.4at 2021-12-31dCons.Net assets per share (5-year summary)
Equity ratio9.2%at 2025-12-31Cons.Equity to asset ratio (5-year summary)
Equity ratio18.6%at 2024-12-31Cons.Equity to asset ratio (5-year summary)
Equity ratio34.0%at 2023-12-31vCons.Equity to asset ratio (5-year summary)
Equity ratio51.7%at 2022-12-31vCons.Equity to asset ratio (5-year summary)
Equity ratio63.0%at 2021-12-31dCons.Equity to asset ratio (5-year summary)
ROE23.6%2023-01-01 → 2023-12-31vCons.Rate of return on equity (5-year summary)
ROE20.9%2022-01-01 → 2022-12-31vCons.Rate of return on equity (5-year summary)
ROE14.0%2021-01-01 → 2021-12-31dCons.Rate of return on equity (5-year summary)
Employees417at 2025-12-31Cons.Number of employees
Employees433at 2024-12-31Cons.Number of employees
Employees369at 2023-12-31vCons.Number of employees
Employees335at 2022-12-31vCons.Number of employees
Employees257at 2021-12-31dCons.Number of employees
Revenue¥8.1bn2025-01-01 → 2025-12-31StandaloneNet sales
Revenue¥8.8bn2024-01-01 → 2024-12-31StandaloneNet sales
Revenue¥9.6bn2023-01-01 → 2023-12-31vStandaloneNet sales (5-year summary)
Revenue¥7.5bn2022-01-01 → 2022-12-31vStandaloneNet sales (5-year summary)
Revenue¥5.7bn2021-01-01 → 2021-12-31dStandaloneNet sales (5-year summary)
Operating income−¥154m2025-01-01 → 2025-12-31StandaloneOperating income
Operating income−¥122m2024-01-01 → 2024-12-31StandaloneOperating income
Ordinary income−¥74m2025-01-01 → 2025-12-31StandaloneOrdinary income
Ordinary income−¥115m2024-01-01 → 2024-12-31StandaloneOrdinary income
Ordinary income¥1.6bn2023-01-01 → 2023-12-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥1.1bn2022-01-01 → 2022-12-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥513m2021-01-01 → 2021-12-31dStandaloneOrdinary income loss (5-year summary)
Profit before tax−¥203m2025-01-01 → 2025-12-31StandaloneIncome before income taxes
Profit before tax−¥111m2024-01-01 → 2024-12-31StandaloneIncome before income taxes
Net income−¥314m2025-01-01 → 2025-12-31StandaloneProfit loss
Net income−¥115m2024-01-01 → 2024-12-31StandaloneProfit loss
Net income¥1.2bn2023-01-01 → 2023-12-31vStandaloneNet income loss (5-year summary)
Net income¥754m2022-01-01 → 2022-12-31vStandaloneNet income loss (5-year summary)
Net income¥345m2021-01-01 → 2021-12-31dStandaloneNet income loss (5-year summary)
Total assets¥7.0bnat 2025-12-31StandaloneAssets
Total assets¥6.9bnat 2024-12-31StandaloneAssets
Total assets¥8.2bnat 2023-12-31vStandaloneTotal assets (5-year summary)
Total assets¥5.6bnat 2022-12-31vStandaloneTotal assets (5-year summary)
Total assets¥3.8bnat 2021-12-31dStandaloneTotal assets (5-year summary)
Total liabilities¥3.5bnat 2025-12-31StandaloneLiabilities
Total liabilities¥3.1bnat 2024-12-31StandaloneLiabilities
Net assets / equity¥3.5bnat 2025-12-31StandaloneNet assets
Net assets / equity¥3.8bnat 2024-12-31StandaloneNet assets
Net assets / equity¥4.3bnat 2023-12-31vStandaloneNet assets
Net assets / equity¥3.1bnat 2022-12-31vStandaloneNet assets (5-year summary)
Net assets / equity¥2.4bnat 2021-12-31dStandaloneNet assets (5-year summary)
Cash and deposits¥1.3bnat 2025-12-31StandaloneCash and deposits
Cash and deposits¥1.1bnat 2024-12-31StandaloneCash and deposits
EPS (basic)¥-26.682025-01-01 → 2025-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥-9.762024-01-01 → 2024-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥103.082023-01-01 → 2023-12-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥65.962022-01-01 → 2022-12-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥30.292021-01-01 → 2021-12-31dStandaloneBasic earnings loss per share (5-year summary)
EPS (diluted)¥101.492023-01-01 → 2023-12-31vStandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥64.962022-01-01 → 2022-12-31vStandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥29.822021-01-01 → 2021-12-31dStandaloneDiluted earnings per share (5-year summary)
Dividend per share¥412023-01-01 → 2023-12-31vStandaloneDividend paid per share (5-year summary)
Dividend per share¥282022-01-01 → 2022-12-31vStandaloneDividend paid per share (5-year summary)
Dividend per share¥102021-01-01 → 2021-12-31dStandaloneDividend paid per share (5-year summary)
Net assets per share¥290.87at 2025-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥317.15at 2024-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥366.3at 2023-12-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥270.56at 2022-12-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥213.24at 2021-12-31dStandaloneNet assets per share (5-year summary)
Equity ratio49.0%at 2025-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio54.1%at 2024-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio52.6%at 2023-12-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio54.9%at 2022-12-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio62.7%at 2021-12-31dStandaloneEquity to asset ratio (5-year summary)
ROE32.2%2023-01-01 → 2023-12-31vStandaloneRate of return on equity (5-year summary)
ROE27.5%2022-01-01 → 2022-12-31vStandaloneRate of return on equity (5-year summary)
ROE14.5%2021-01-01 → 2021-12-31dStandaloneRate of return on equity (5-year summary)
Shares issued11,819,161at 2025-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued11,757,603at 2024-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued11,726,457at 2023-12-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued11,468,478at 2022-12-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued11,418,398at 2021-12-31dStandaloneTotal number of issued shares (5-year summary)
Employees327at 2025-12-31StandaloneNumber of employees
Employees388at 2024-12-31StandaloneNumber of employees
Employees328at 2023-12-31vStandaloneNumber of employees
Employees304at 2022-12-31vStandaloneNumber of employees
Employees256at 2021-12-31dStandaloneNumber 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 · 18
SegmentItemPeriodValue
Reconciling Itemsreconcilingrevenue2025-01-01 → 2025-12-31−¥33m
Reconciling Itemsreconcilingrevenue intersegment2025-01-01 → 2025-12-31−¥33m
—segment totalcapex2025-01-01 → 2025-12-31¥21m
—segment totaldepreciation2025-01-01 → 2025-12-31¥103m
—segment totalrevenue2025-01-01 → 2025-12-31¥13.5bn
—segment totalrevenue external2025-01-01 → 2025-12-31¥13.5bn
—segment totalrevenue intersegment2025-01-01 → 2025-12-31¥33m
—segment totalsegment assetsat 2025-12-31¥18.4bn
—segment totalsegment profit2025-01-01 → 2025-12-31−¥335m
Reconciling Itemsreconcilingrevenue2024-01-01 → 2024-12-31−¥9m
Reconciling Itemsreconcilingrevenue intersegment2024-01-01 → 2024-12-31−¥9m
—segment totalcapex2024-01-01 → 2024-12-31¥27m
—segment totaldepreciation2024-01-01 → 2024-12-31¥66m
—segment totalrevenue2024-01-01 → 2024-12-31¥9.3bn
—segment totalrevenue external2024-01-01 → 2024-12-31¥9.3bn
—segment totalrevenue intersegment2024-01-01 → 2024-12-31¥9m
—segment totalsegment assetsat 2024-12-31¥14.2bn
—segment totalsegment profit2024-01-01 → 2024-12-31−¥632m

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

All source rows · 1,522
ItemContextValueUnit
Planned additions retirements etc of facilities (text)FilingDateInstantText · Plus
Total number of shares (text)FilingDateInstantText · Plus
Issued shares total number of shares etc (text)FilingDateInstantText · Plus
Class issued shares total number of shares etcFilingDateInstant_OrdinaryShareMember
Original text (Japanese)普通株式
Name of financial instruments exchange on which securities are listed or authorized financial instruments business association to which securities are registeredFilingDateInstant_OrdinaryShareMember
Original text (Japanese)東京証券取引所プライム市場
Description issued shares total number of shares etcFilingDateInstant_OrdinaryShareMemberText · Plus
Details of employee share option program (text)FilingDateInstantText · Plus
Description of rights plan (text)FilingDateInstantText · Plus
Other information on share acquisition rights (text)FilingDateInstantText · Plus
Exercises etc of moving strike convertible bonds etc (text)FilingDateInstantText · Plus
Changes in number of issued shares stated capital etc (text)FilingDateInstantText · Plus
Shareholding by shareholder category (text)FilingDateInstantText · Plus
Major shareholders (text)FilingDateInstantText · Plus
Name major shareholdersCurrentYearInstant_No1MajorShareholdersMember
Original text (Japanese)M&Aキャピタルパートナーズ株式会社
Address major shareholdersCurrentYearInstant_No1MajorShareholdersMember
Original text (Japanese)東京都中央区八重洲2丁目2-1
Name major shareholdersCurrentYearInstant_No2MajorShareholdersMember
Original text (Japanese)大西 正一郎
Address major shareholdersCurrentYearInstant_No2MajorShareholdersMember
Original text (Japanese)東京都杉並区
Name major shareholdersCurrentYearInstant_No3MajorShareholdersMember
Original text (Japanese)矢島 政也
Address major shareholdersCurrentYearInstant_No3MajorShareholdersMember
Original text (Japanese)東京都港区
Name major shareholdersCurrentYearInstant_No4MajorShareholdersMember
Original text (Japanese)日本マスタートラスト信託銀行株式会社(信託口)
Address major shareholdersCurrentYearInstant_No4MajorShareholdersMember
Original text (Japanese)東京都港区赤坂1丁目8番1号赤坂インターシティAIR
Name major shareholdersCurrentYearInstant_No5MajorShareholdersMember
Original text (Japanese)村田 朋博
Address major shareholdersCurrentYearInstant_No5MajorShareholdersMember
Original text (Japanese)東京都大田区
Name major shareholdersCurrentYearInstant_No6MajorShareholdersMember
Original text (Japanese)ANTEMA(常任代理人:みずほ証券株式会社)
Address major shareholdersCurrentYearInstant_No6MajorShareholdersMemberText · Plus
Name major shareholdersCurrentYearInstant_No7MajorShareholdersMember
Original text (Japanese)岩瀬 英一郎
Address major shareholdersCurrentYearInstant_No7MajorShareholdersMember
Original text (Japanese)東京都墨田区
Name major shareholdersCurrentYearInstant_No8MajorShareholdersMember
Original text (Japanese)大谷 聡伺
Address major shareholdersCurrentYearInstant_No8MajorShareholdersMember
Original text (Japanese)東京都豊島区
Name major shareholdersCurrentYearInstant_No9MajorShareholdersMember
Original text (Japanese)西田 明徳
Address major shareholdersCurrentYearInstant_No9MajorShareholdersMember
Original text (Japanese)東京都港区
Name major shareholdersCurrentYearInstant_No10MajorShareholdersMember
Original text (Japanese)彦工 伸治
Address major shareholdersCurrentYearInstant_No10MajorShareholdersMember
Original text (Japanese)埼玉県川口市
Issued shares voting rights (text)FilingDateInstantText · Plus
Description issued shares voting rightsCurrentYearInstant_SharesWithNoVotingRightsMember-
Description issued shares voting rightsCurrentYearInstant_SharesWithRestrictedVotingRightsTreasurySharesEtcMember-
Description issued shares voting rightsCurrentYearInstant_SharesWithRestrictedVotingRightsOtherMember-
Description issued shares voting rightsCurrentYearInstant_SharesWithFullVotingRightsTreasurySharesEtcMember-
Description issued shares voting rightsCurrentYearInstant_SharesWithFullVotingRightsOtherMember
Original text (Japanese)株主としての権利内容に何ら限定のない当社における標準となる株式であります。1単元の株式数は、100株であります。
Description issued shares voting rightsCurrentYearInstant_SharesLessThanOneUnitMember-
Treasury shares etc (text)FilingDateInstantText · Plus
Name of shareholder treasury shares etcCurrentYearInstant_Row1Member
Original text (Japanese)フロンティア・マネジメント株式会社
Address of shareholder treasury shares etcCurrentYearInstant_Row1Member
Original text (Japanese)東京都港区六本木三丁目2番1号
Classes of shares etc (text)FilingDateInstantText · Plus
Acquisitions by resolution of shareholders meeting (text)FilingDateInstantText · Plus
Acquisitions by resolution of board of directors meeting (text)FilingDateInstantText · Plus
Acquisitions not based on resolution of shareholders meeting or board of directors meeting (text)FilingDateInstantText · Plus
Disposals or holding of acquired treasury shares (text)FilingDateInstantText · Plus
Dividend policy (text)FilingDateInstantText · Plus
Overview of corporate governance (text)FilingDateInstantText · Plus

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