Financials
| Metric |
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| Net Sales |
¥6.7B
|
¥4.4B
|
¥3.7B
|
¥3.0B
|
| Cost of Sales |
¥1.5B
|
¥1.0B
|
¥798M
|
¥436M
|
| Gross Profit |
¥5.2B
|
¥3.4B
|
¥2.9B
|
¥2.6B
|
| SG&A |
¥8.9B
|
¥5.5B
|
¥4.1B
|
¥2.5B
|
| Operating Income |
¥-3.6B
|
¥-2.1B
|
¥-1.1B
|
¥41M
|
| Non-Operating Income |
¥5.5B
|
¥131M
|
¥220M
|
¥28M
|
| Interest Income |
¥7M
|
¥0M
|
¥0M
|
¥0M
|
| Non-Operating Expenses |
¥4.0B
|
¥411M
|
¥255M
|
¥72M
|
| Interest Expense |
¥354M
|
¥78M
|
¥22M
|
¥16M
|
| Ordinary Income |
¥-2.1B
|
¥-2.4B
|
¥-1.2B
|
¥-2M
|
| Pre-tax Income |
¥-1.3B
|
¥-5.0B
|
¥-1.2B
|
¥-2M
|
| Income Taxes |
¥-2M
|
¥26M
|
¥86M
|
¥83M
|
| Current Tax |
¥6M
|
¥25M
|
¥77M
|
¥83M
|
| Deferred Tax |
¥-0M
|
¥1M
|
¥9M
|
¥0M
|
| Net Income (owners) |
¥-1.3B
|
¥-5.0B
|
¥-1.3B
|
¥-86M
|
| Minority Interest |
—
|
¥-0M
|
—
|
—
|
| Comprehensive Income |
¥-972M
|
¥-5.1B
|
¥-1.3B
|
¥-156M
|
| EBITDA |
¥-3.4B
|
¥-1.9B
|
¥-1.0B
|
¥108M
|
| Goodwill Amort. (J-GAAP) |
¥121M
|
¥109M
|
¥66M
|
¥9M
|
| EPS |
¥-36.27
|
¥-163.55
|
¥-44.01
|
¥-3.25
|
| Shares Outstanding |
42.6M
|
30.9M
|
30.1M
|
14.7M
|
| Shares Issued (total) |
42.6M
|
30.9M
|
30.1M
|
14.7M
|
| Treasury Shares |
0.0M
|
0.0M
|
0.0M
|
—
|
| Metric |
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| Total Assets |
¥7.4B
|
¥5.6B
|
¥6.8B
|
¥6.9B
|
| Current Assets |
¥5.5B
|
¥3.6B
|
¥4.5B
|
¥6.1B
|
| Cash & Deposits |
¥4.3B
|
¥2.2B
|
¥3.1B
|
¥5.6B
|
| Trade Receivables |
—
|
—
|
—
|
¥435M
|
| Non-Current Assets |
¥1.9B
|
¥1.9B
|
¥2.2B
|
¥873M
|
| PP&E |
¥32M
|
¥15M
|
¥105M
|
¥18M
|
| Goodwill |
¥130M
|
¥358M
|
¥702M
|
¥369M
|
| Intangible Assets |
¥133M
|
¥561M
|
¥809M
|
¥526M
|
| Investment Securities |
¥1.4B
|
¥1.0B
|
¥1.1B
|
¥299M
|
| Total Liabilities |
¥2.9B
|
¥7.0B
|
¥3.3B
|
¥2.1B
|
| Current Liabilities |
¥2.4B
|
¥3.6B
|
¥2.1B
|
¥1.2B
|
| ST Debt |
¥648M
|
¥955M
|
¥818M
|
¥60M
|
| Taxes Payable |
¥21M
|
—
|
¥36M
|
¥124M
|
| Non-Current Liabilities |
¥467M
|
¥3.5B
|
¥1.2B
|
¥951M
|
| Total LT Borrowings |
¥466M
|
¥2.5B
|
¥1.1B
|
¥950M
|
| Deferred Tax Liab. |
¥0M
|
¥9M
|
¥14M
|
—
|
| Total Equity |
¥4.6B
|
¥-1.5B
|
¥3.5B
|
¥4.8B
|
| Capital Stock |
¥1.5B
|
¥47M
|
¥3.1B
|
¥3.0B
|
| Capital Surplus |
¥11.6B
|
¥6.0B
|
¥2.9B
|
¥2.9B
|
| Retained Earnings |
¥-8.7B
|
¥-7.4B
|
¥-2.4B
|
¥-1.1B
|
| Treasury Stock |
¥-1M
|
¥-0M
|
¥-0M
|
¥-0M
|
| AOCI |
¥176M
|
¥-126M
|
¥-58M
|
¥-75M
|
| Equity (owners) |
¥4.4B
|
¥-1.4B
|
¥3.6B
|
¥4.9B
|
|
| Total Interest-Bearing Debt ⓘ |
¥1.1B
|
¥3.5B
|
¥2.0B
|
¥1.0B
|
| Net Cash ⓘ |
¥3.1B
|
¥-1.3B
|
¥1.1B
|
¥4.6B
|
| NCAV ⓘ |
¥2.6B
|
¥-3.4B
|
¥1.3B
|
¥3.9B
|
| NCAV/Share |
¥61
|
¥-110
|
¥42
|
¥267
|
| BV/Share |
¥102
|
¥-44
|
¥118
|
¥331
|
| Metric |
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| Operating CF |
¥221M
|
¥-1.6B
|
¥-1.9B
|
¥482M
|
| Interest Paid |
¥-327M
|
¥-78M
|
¥-21M
|
¥-16M
|
| D&A |
¥108M
|
¥83M
|
¥55M
|
¥58M
|
| Goodwill Amort. |
¥121M
|
¥109M
|
¥66M
|
¥9M
|
| Investing CF |
¥-3.4B
|
¥-931M
|
¥-1.5B
|
¥-553M
|
| CapEx |
¥4.6B
|
¥649M
|
¥278M
|
¥11M
|
| Purchase Investments |
¥-80M
|
¥-125M
|
¥-815M
|
¥-573M
|
| Financing CF |
¥5.3B
|
¥1.7B
|
¥958M
|
¥4.3B
|
| Share Buybacks |
¥-0M
|
¥-0M
|
—
|
—
|
| LT Debt Repaid |
¥-797M
|
¥-138M
|
¥-60M
|
¥-45M
|
| Free Cash Flow |
¥-4.4B
|
¥-2.3B
|
¥-2.2B
|
¥470M
|
| Net Change in Cash |
¥2.1B
|
¥-887M
|
¥-2.5B
|
¥4.2B
|
| Metric |
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| ROE |
-28.0%
|
—
|
-31.6%
|
-1.8%
|
| ROA |
-19.6%
|
-80.9%
|
-19.2%
|
-1.2%
|
| EPS |
¥-36.27
|
¥-163.55
|
¥-44.01
|
¥-3.25
|
| BPS |
¥106.50
|
¥-47.82
|
¥116.21
|
¥163.09
|
| FCF/Share |
¥-103
|
¥-73
|
¥-73
|
¥32
|
| NCAV/Share |
¥61
|
¥-110
|
¥42
|
¥267
|
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 57
| Date | Activist | Stake | Event | Flag | Demands | Source |
| 2025-05-23 |
Briarwood Capital Partners LP |
8.69%
|
initial_5pct |
Passive
|
—
|
|
| 2025-05-23 |
PORT INC. |
3.0%
-9.37%
|
change |
Passive
|
—
|
|
| 2025-02-28 |
PORT INC. |
12.37%
-2.6%
|
change |
Passive
|
—
|
|
| 2025-02-26 |
ITOCHU ENEX Co., Ltd. |
17.37%
|
initial_5pct |
Passive
|
—
|
|
| 2025-02-21 |
PORT INC. |
14.97%
-1.03%
|
change |
Passive
|
—
|
|
| 2025-02-13 |
Yohei Kiguchi |
2.35%
-13.55%
|
change |
Passive
|
—
|
|
| 2025-02-13 |
PORT INC. |
16.0%
|
correction |
Passive
|
—
|
|
| 2025-02-12 |
PORT INC. |
16.0%
|
initial_5pct |
Passive
|
—
|
|
| 2025-01-30 |
Energy Station Company Limited |
6.56%
|
correction |
Passive
|
—
|
|
| 2025-01-30 |
Energy Station Company Limited |
4.99%
-1.57%
|
correction |
Passive
|
—
|
|
| 2025-01-29 |
Energy Station Company Limited |
6.56%
|
change |
Passive
|
—
|
|
| 2025-01-29 |
Energy Station Company Limited |
6.56%
|
change |
Passive
|
—
|
|
| 2024-12-19 |
SBI SECURITIES Co.,Ltd. |
4.96%
-4.29%
|
change |
Passive
|
—
|
|
| 2024-12-05 |
SBI SECURITIES Co.,Ltd. |
9.25%
-0.15%
|
change |
Passive
|
—
|
|
| 2024-12-02 |
Yohei Kiguchi |
15.9%
-2.79%
|
change |
Passive
|
—
|
|
| 2024-10-21 |
SBI SECURITIES Co.,Ltd. |
9.4%
+0.11%
|
change |
Passive
|
—
|
|
| 2024-10-04 |
Yohei Kiguchi |
18.71%
|
change |
Passive
|
—
|
|
| 2024-10-04 |
Yohei Kiguchi |
18.69%
-0.02%
|
change |
Passive
|
—
|
|
| 2024-10-04 |
SBI SECURITIES Co.,Ltd. |
9.29%
+0.08%
|
change |
Passive
|
—
|
|
| 2024-09-05 |
SBI SECURITIES Co.,Ltd. |
9.21%
+5.37%
|
initial_5pct |
Passive
|
—
|
|
| 2024-08-21 |
SBI SECURITIES Co.,Ltd. |
3.84%
-4.71%
|
change |
Passive
|
—
|
|
| 2024-07-22 |
SBI SECURITIES Co.,Ltd. |
8.55%
+5.04%
|
initial_5pct |
Passive
|
—
|
|
| 2024-07-09 |
YOHEI KIGUCHI |
18.71%
|
change |
Passive
|
—
|
|
| 2024-07-09 |
YOHEI KIGUCHI |
18.71%
|
change |
Passive
|
—
|
|
| 2024-04-30 |
YOHEI KIGUCHI |
21.95%
-0.01%
|
change |
Passive
|
—
|
|
| 2024-04-26 |
YOHEI KIGUCHI |
25.83%
+3.88%
|
correction |
Passive
|
—
|
|
| 2024-04-26 |
YOHEI KIGUCHI |
21.95%
|
change |
Passive
|
—
|
|
| 2024-04-26 |
YOHEI KIGUCHI |
21.96%
+0.01%
|
correction |
Passive
|
—
|
|
| 2024-04-19 |
YOHEI KIGUCHI |
25.7%
|
change |
Passive
|
—
|
|
| 2024-04-19 |
YOHEI KIGUCHI |
21.86%
-3.84%
|
change |
Passive
|
—
|
|
| 2024-03-07 |
Mizuho Securities Co., Ltd. |
4.14%
-1.61%
|
change |
Passive
|
—
|
|
| 2024-03-06 |
Baillie Gifford & Co |
4.76%
|
change |
Passive
|
—
|
|
| 2024-02-29 |
JIC Venture Growth Investments Co., Ltd. |
10.89%
|
initial_5pct |
Passive
|
—
|
|
| 2024-02-02 |
IPPEI ARITA |
3.95%
|
correction |
Passive
|
—
|
|
| 2024-01-30 |
IPPEI ARITA |
3.95%
-2.26%
|
change |
Passive
|
—
|
|
| 2024-01-18 |
IPPEI ARITA |
6.21%
|
correction |
Passive
|
—
|
|
| 2024-01-15 |
IPPEI ARITA |
6.21%
|
change |
Passive
|
—
|
|
| 2024-01-15 |
YOHEI KIGUCHI |
21.75%
-0.2%
|
change |
Passive
|
—
|
|
| 2023-12-22 |
Mizuho Securities Co., Ltd. |
5.75%
-0.64%
|
change |
Passive
|
—
|
|
| 2023-12-07 |
Mizuho Securities Co., Ltd. |
6.39%
+0.93%
|
change |
Passive
|
—
|
|
| 2023-11-29 |
YOHEI KIGUCHI |
21.98%
|
correction |
Passive
|
—
|
|
| 2023-11-29 |
YOHEI KIGUCHI |
21.95%
-0.03%
|
correction |
Passive
|
—
|
|
| 2023-11-22 |
Mizuho Securities Co., Ltd. |
5.46%
+0.77%
|
initial_5pct |
Passive
|
—
|
|
| 2023-11-21 |
SBI SECURITIES Co.,Ltd. |
3.51%
-5.0%
|
change |
Passive
|
—
|
|
| 2023-11-08 |
Mizuho Securities Co., Ltd. |
4.69%
|
change |
Passive
|
—
|
|
| 2023-11-07 |
SBI SECURITIES Co.,Ltd. |
8.51%
+0.21%
|
change |
Passive
|
—
|
|
| 2023-10-31 |
YOHEI KIGUCHI |
21.95%
-0.03%
|
change |
Passive
|
—
|
|
| 2023-10-05 |
SBI SECURITIES Co.,Ltd. |
8.3%
+0.07%
|
change |
Passive
|
—
|
|
| 2023-09-06 |
SBI SECURITIES Co.,Ltd. |
8.23%
-0.36%
|
change |
Passive
|
—
|
|
| 2023-08-04 |
YOHEI KIGUCHI |
21.98%
|
change |
Passive
|
—
|
|
| 2023-08-04 |
YOHEI KIGUCHI |
21.98%
|
change |
Passive
|
—
|
|
| 2023-07-21 |
SBI SECURITIES Co.,Ltd. |
8.59%
+4.83%
|
initial_5pct |
Passive
|
—
|
|
| 2023-07-06 |
SBI SECURITIES Co.,Ltd. |
3.76%
-4.89%
|
change |
Passive
|
—
|
|
| 2023-06-09 |
YOHEI KIGUCHI |
22.12%
+0.03%
|
change |
Passive
|
—
|
|
| 2023-06-09 |
YOHEI KIGUCHI |
22.09%
|
correction |
Passive
|
—
|
|
| 2023-06-09 |
YOHEI KIGUCHI |
21.98%
-0.11%
|
change |
Passive
|
—
|
|
| 2023-06-06 |
SBI SECURITIES Co.,Ltd. |
8.65%
|
change |
Passive
|
—
|
|
| # |
Shareholder |
Shares (thou.) |
% of Total |
| 1 |
伊藤忠エネクス株式会社
|
7,375
|
17.32%
|
| 2 |
ポート株式会社
|
5,153
|
12.10%
|
| 3 |
JICVGIオポチュニティファンド1号 投資事業有限責任組合
|
3,784
|
8.89%
|
| 4 |
株式会社SBI証券
|
2,004
|
4.71%
|
| 5 |
山口 貴弘
|
1,720
|
4.04%
|
| 6 |
MSCO CUSTOMER SECURITIES(常任代理人 モルガン・スタンレーMUFG証券株式会社)
|
1,383
|
3.25%
|
| 7 |
Energy Station Company Limited (常任代理人 みずほ証券株式会社)
|
1,269
|
2.98%
|
| 8 |
有田 一平
|
1,207
|
2.83%
|
| 9 |
楽天証券株式会社
|
1,187
|
2.79%
|
| 10 |
EPCO Co.,Ltd.
株式会社エプコ
|
340
|
0.80%
|
Domestic Nominees
0.0%
-13.6% vs 2023
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
-5.3% vs 2023
Sub-custodians for foreign asset managers
Direct / Strategic
59.7%
+19.6% vs 2023
Named entities with disclosed investment intent
| Shareholder |
Trend |
2023
|
2025
|
|
伊藤忠エネクス
NEW ENTRY
|
—
|
—
|
17.32%
NEW
|
|
ポート
NEW ENTRY
|
—
|
—
|
12.10%
NEW
|
|
JICVGIオポチュニティファンド1号 投資事業有限責任組合
NEW ENTRY
|
—
|
—
|
8.89%
NEW
|
|
式会社SBI証券
NEW ENTRY
|
—
|
—
|
4.71%
NEW
|
|
山口 貴弘
|
|
4.71%
|
4.04%
-0.67%
|
|
MSCO CUSTOMER SECURITIES
NEW ENTRY
|
—
|
—
|
3.25%
NEW
|
|
Energy Station Company Limited
|
|
7.76%
|
2.98%
-4.78%
|
|
田 一平
|
|
6.17%
|
2.83%
-3.34%
|
|
楽天証券
NEW ENTRY
|
—
|
—
|
2.79%
NEW
|
|
EPCO Co.,Ltd.
式会社エプコ
|
|
1.55%
|
0.80%
-0.75%
|
|
城口 洋平
last seen 2023
|
Exited Top 10
|
18.66%
|
—
|
|
Japan Custody Bank
日本カストディ銀行
last seen 2023
|
Exited Top 10
|
9.32%
|
—
|
|
BNY Mellon
last seen 2023
|
Exited Top 10
|
5.35%
|
—
|
|
Japan Master Trust Bank
日本マスタートラスト信託銀行
last seen 2023
|
Exited Top 10
|
4.24%
|
—
|
|
早川 武志
last seen 2023
|
Exited Top 10
|
1.27%
|
—
|
|
Concentration (HHI)
ⓘ
|
|
606
|
600
|
2 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥51M
Holdings
1
| Held Company |
FY2025
¥51M total
|
|
|
Book Val ¥M |
Shares |
|
|
Sumasapo Inc.
株式会社スマサポ
|
51 |
47,000
|
|
| Portfolio total |
51 |
|
|
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding
· Only one fiscal year available