The Sailor Pen Balance Sheet

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	667	534	579	656	1,177	2,377
Cash & Short-Term Investments	667	534	579	656	1,177	2,377
Cash Growth	31.82%	-7.77%	-11.74%	-44.27%	-50.48%	-16.33%
Receivables	876	964	1,246	1,054	957	1,130
Inventory	1,764	1,873	2,002	1,866	1,760	1,644
Other Current Assets	38	43	59	97	246	117
Total Current Assets	3,345	3,414	3,886	3,673	4,140	5,268
Property, Plant & Equipment	855	831	798	1,768	2,868	1,580
Long-Term Investments	73	79	77	86	168	173
Other Intangible Assets	4	2	-	26	47	42
Other Long-Term Assets	1	2	2	1	1	2
Total Assets	4,278	4,328	4,763	5,554	7,224	7,065
Accounts Payable	237	313	452	516	642	570
Accrued Expenses	40	13	13	13	6	30
Short-Term Debt	1,700	1,700	1,600	1,100	700	999
Current Portion of Long-Term Debt	100	100	100	100	100	-
Current Portion of Leases	17	12	12	11	12	7
Current Income Taxes Payable	21	41	42	40	28	72
Other Current Liabilities	165	202	227	223	458	234
Total Current Liabilities	2,280	2,381	2,446	2,003	1,946	1,912
Long-Term Debt	49	74	174	274	374	2,000
Long-Term Leases	48	26	38	43	33	12
Pension & Post-Retirement Benefits	543	524	575	572	645	734
Long-Term Deferred Tax Liabilities	231	231	224	224	259	259
Other Long-Term Liabilities	42	41	42	43	39	39
Total Liabilities	3,193	3,277	3,499	3,159	3,296	4,956
Common Stock	4,653	4,653	4,653	4,653	4,653	3,653
Additional Paid-In Capital	3,022	3,022	3,022	3,022	3,022	2,022
Retained Earnings	-7,152	-7,176	-6,955	-5,809	-4,342	-4,144
Treasury Stock	-21	-21	-21	-21	-21	-21
Comprehensive Income & Other	568	561	558	543	610	596
Total Common Equity	1,070	1,039	1,257	2,388	3,922	2,106
Minority Interest	15	12	7	7	6	3
Shareholders' Equity	1,085	1,051	1,264	2,395	3,928	2,109
Total Liabilities & Equity	4,278	4,328	4,763	5,554	7,224	7,065
Total Debt	1,914	1,912	1,924	1,528	1,219	3,018
Net Cash (Debt)	-1,247	-1,378	-1,345	-872	-42	-641
Net Cash Per Share	-42.07	-46.49	-45.37	-29.42	-1.76	-21.62
Filing Date Shares Outstanding	29.64	29.64	29.64	29.64	29.64	14.61
Total Common Shares Outstanding	29.64	29.64	29.64	29.64	29.64	14.61
Working Capital	1,065	1,033	1,440	1,670	2,194	3,356
Book Value Per Share	36.10	35.05	42.40	80.56	132.31	144.19
Tangible Book Value	1,066	1,037	1,257	2,362	3,875	2,064
Tangible Book Value Per Share	35.96	34.98	42.40	79.68	130.72	141.31
Order Backlog	-	352.53	274.97	545.01	592.94	377.5