Continued Lack of Stable Revenue Sources and Negative Operating Cash Flow
First written in FY2022. 3 of 6 entries say "Worsened", first in FY2025-H1. Latest entry: FY2026.
Susmed moved to the "Worse" side of this theme in 2025, 3 years after the typical company in this theme (2022).
The whole theme swung hardest in 2025: 6 of 12 companies on the "Worse" side.
4 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Cash used in operating activities was ¥474,454 thousand (¥432,477 thousand used in the previous fiscal year).」
Against a backdrop of insufficient stable revenue sources, operating cash flow outflows increased from the previous fiscal year. - 2026-08-07WorsenedEarnings
「Cash used in operating activities was ¥474,454 thousand (¥432,477 thousand used in the previous fiscal year).」
Operating cash flow remained negative, and the amount of cash used increased. - FY2026-H1RestatedAnnual report
「Cash used in operating activities amounted to ¥274.359 million, compared with ¥275.242 million used in the previous interim accounting period.」
Negative operating cash flow continued, with cash outflows at almost the same level as in the same period of the previous year. - FY2025-H1WorsenedAnnual report
「Cash used in operating activities amounted to ¥275.242 million, compared with ¥21.447 million generated in the previous interim accounting period.」
During the interim accounting period, cash used in operating activities again rose significantly, while business revenue declined and the loss widened. The Company's position regarding the need to secure stable revenue sources and the continued negative operating cash flow has deteriorated. - FY2023RestatedAnnual report
「As a research and development company, the Company continues to bear substantial research and development expenses over an extended period and has therefore continued to report operating losses. It currently does not have sufficient stable sources of revenue.」
Although operating cash flow increased in the current fiscal year, the Company continues to identify the ongoing operating losses and failure to secure stable revenue sources as risks. - FY2022First statedAnnual report
「As a research and development company, the Company continues to bear substantial research and development expenses over an extended period. As a result, it has continued to report operating losses and negative cash flow from operating activities, and currently does not have sufficient stable sources of revenue.」
The Company identifies continued losses, negative operating cash flow, and insufficient stable revenue sources as cash flow and liquidity risks.