IntrinsicIntrinsic

CTW Cayman

CTW
🏢 Services-Computer Processing & Data Preparation

Business Operations Summary

CTW operates a globally accessible, web-based gaming platform centered on its flagship HTML5 platform, G123.jp, which showcases free-to-play games inspired by popular Japanese animations including Queen's Blade, So I'm a Spider, So What?, and Goblin Slayer. The HTML5-based platform removes common barriers to gameplay such as downloads, installations, and mandatory registrations, providing seamless instant access to players worldwide across different types of devices, including mobile devices beyond just PCs. The industry is characterized by a limited number of commercially successful games that generate a significant portion of total revenue, making it essential to secure licenses for high-quality intellectual property, a process that is both costly and highly competitive. The online gaming market is characterized by short game life cycles, and maintaining player engagement and generating consistent revenue requires consistently refreshing content, introducing new features, and successfully launching new flagship games, hit titles, or sequels. The digital nature of free-to-play games reduces entry barriers, amplifying market competition, and digital distribution demands significantly lower capital investment than traditional retail distribution. The company also operates within the broader entertainment industry, where users have extensive choices for discretionary time and spending, competing with global entertainment and digital media platforms, social media, motion pictures, television, and other streaming media.

The competitive landscape is intensely competitive, with player acquisition and retention hinging on the ability to consistently provide a diverse and appealing portfolio of high-quality, engaging games with strong playability. Some competitor platforms have greater financial, technical, and personnel resources, enabling them to secure more desirable IPs, partner with top game developers, and outpace CTW's marketing and distribution efforts. Internationally, CTW faces competition from local companies with greater brand recognition, cultural insight, and language adaptability within their local markets. The company's stated competitive advantages include its well-established relationships with leading Japanese animation IP holders, its proprietary platform providing comprehensive support to game developers, and its unique win-win monetization model. As of July 31, 2026, CTW has established partnerships with 38 animation IP holders, including KADOKAWA Corporation, TMS Entertainment, and Warner Bros Japan LLC, and has obtained 48 IP licenses from rights holders and exclusive authorization from game developers to distribute approximately 34 games that are actively offered to players on its platform. As of the date of this annual report, there are 43 games on the platform and 5 games in pre-registration.

CTW generates revenue primarily by serving game developers as its core customers, providing a comprehensive platform that helps them generate revenue and reach a global audience. Through the gaming platform, CTW shares revenue generated from players' in-game purchases worldwide. Game developers pay service fees by allowing CTW to retain a pre-agreed percentage of the in-game purchases made by end users as consideration for its services. In exchange for using the platform, resources, and services, game developers pay service fees by allowing CTW to retain an average of approximately 88% of the gross in-game purchase amounts generated from a game on the platform after the advance is fully recouped. After accounting for royalty costs, but before considering other operating expenses, CTW retains an average of approximately 88% of the gross in-game purchase amounts generated from each game. After deducting IP royalty costs, CTW retains on average approximately 81% of the gross in-game purchase amounts for a specific game, without taking into account other associated expenses. The company pays an upfront advance to game developer partners to support their game development on a per-game, per-contract basis, and starts to recoup the advance as soon as a game starts generating in-game purchases upon launching on the platform. The repayment of advances continues until the full amount is recovered. Revenue generation is dependent on a small percentage of end-users who voluntarily make in-game purchases, with the majority of players not contributing to revenue. Average PMAUs increased from 47,088 in 2023 to 89,053 in 2026, and the overall PMAUs to MAUs ratio increased from 2.17% in fiscal year 2023 to 3.95% in fiscal year 2026.

CTW's platform features games inspired by content derived from famous Japanese animations, and IPs with strong brand recognition bring their own fan bases and drive traffic to the platform. Under the majority of distribution agreements with game developers, the initial term is three years from the date the game is launched on the platform, with automatic renewal provisions subject to either party's right to terminate with advance written notice. As of July 31, 2026, CTW has obtained 48 IP licenses from rights holders and exclusive authorization from game developers to distribute approximately 34 games that are actively offered to players on its platform. As of the date of this annual report, there are 43 games on the platform and 5 games in pre-registration. During fiscal 2026, CTW launched new titles based on well-known Japanese entertainment franchises, including Doraemon, Kakegurui, and Highschool of the Dead. As of the date of this annual report, CTW has opened pre-registration of 5 new games, most of which are based on beloved animation series, expected to be launched in the rest of 2026 and 2027. As of July 31, 2026, CTW had released over 86 game titles on a cumulative basis, among which 42 game titles remained active on its G123.jp platform, with 14 titles currently in the backlog.

CTW's revenue is highly concentrated in a few flagship games and related developers. Vivid Army and related developer contributed 20.2%, 30.1% and 40.3% of net revenue for the fiscal years ended July 31, 2026, 2025 and 2024, respectively. For the fiscal year ended July 31, 2026, the game developer of Arifureta: From Commonplace to World's Strongest - Rebellion Soul, BLACK LAGOON Heaven's Shot and Dropkick on My Devil!! Chaos was the second largest customer, contributing approximately 17.5% of total revenue during fiscal year 2026, of which Arifureta: From Commonplace to World's Strongest - Rebellion Soul accounted for 16.3%, BLACK LAGOON Heaven's Shot accounted for 0.9% and Dropkick on My Devil!! Chaos accounted for 0.3%. Revenue from this developer represented approximately 13% of total revenue for the fiscal year ended July 31, 2025. Another three game developers historically contributed more than 10% of revenue for the years ended July 31, 2025 and 2024, including the game developers of Queen's Blade Limit Break and Strike The Blood Daybreak, however, none of them contributed more than 10% of revenue for the year ended July 31, 2026. No other game developer accounted for more than 10% of revenue for the years ended July 31, 2026, 2025 and 2024.

CTW provides advance payments to game developers to support the development of new games, with the expectation of recouping these amounts through in-game purchases once the games are launched. For the period from August 1, 2019 through July 31, 2026, CTW made a total of 66 advances to game developers. Of these 66 advances, seven were not recovered due to the failure of the respective developers to complete the development of the associated games. Additionally, CTW was unable to fully recover advances related to eight games that went offline before full repayment was made. CTW assessed the recoverability of all outstanding advances and recorded valuation allowances for advances related to 12 additional games where there is a risk that the full amount of the advances may not be collectable. As of July 31, 2026, 22 game developers have outstanding advances related to 39 games. As of July 31, 2025, 27 game developers have outstanding advances related to 42 games. As of July 31, 2024, 36 game developers have outstanding advances related to 47 games. As of July 31, 2026, 2025 and 2024, valuation provisions for advances to game developers represented approximately 10.1%, 35.8% and 36.0%, respectively, of gross outstanding advance balances.

CTW's total revenue decreased to US$82.5 million in 2026 from US$90.4 million in 2025. The company had a net loss of US$4.1 million in 2026 as compared to US$3.8 million net income in 2025. The total number of cumulative active users on the platform decreased from 261 million in 2025 to 147 million in 2026. Average MAUs increased by 135.5% from 958,578 in fiscal 2021 to 2,257,341 in fiscal 2026, while in fiscal 2026 average MAUs decreased by 33.2% from 3,378,835 in fiscal 2025. For the fiscal years ended July 31, 2026, 2025 and 2024, 36.0%, 30.4% and 18.5% of net revenue was earned from in-game purchases made by end-users outside Japan, respectively. For the year ended July 31, 2026, CTW had paying users in over 200 countries, and approximately 48.8% of active users and 33.5% of in-game purchase transactions were derived from regions outside of Japan. For the year ended July 31, 2025, CTW had paying users in over 191 countries, and approximately 56.7% of active users and 30.4% of in-game purchases were derived from regions outside of Japan. For the year ended July 31, 2024, CTW had paying users in over 159 countries, and approximately 69.6% of active users and 18.5% of in-game purchases were derived from regions outside Japan.

Business Outlook & Future Growth Drivers

CTW intends to continue to expand internationally, and this expansion is a critical element of its future business strategy, with a focus on growing the player base through geographic expansion of markets, particularly in the U.S., Europe and other parts of Asia. The strategy is to enhance the accessibility and localization of the platform and actively adapt the platform and gaming experiences to the global audience. CTW has established local operations in Singapore, Taiwan and China. In-game purchases made by end-users from markets outside of Japan are expected to account for an increasing portion of net revenue in the future. For the fiscal years ended July 31, 2026, 2025 and 2024, 36.0%, 30.4% and 18.5% of net revenue was earned from in-game purchases made by end-users outside Japan, respectively. For the year ended July 31, 2026, CTW had paying users in over 200 countries, and approximately 48.8% of active users and 33.5% of in-game purchase transactions were derived from regions outside of Japan.

CTW will continue to launch new titles with globally recognized animation IPs on its platform. As of the date of this annual report, CTW has opened pre-registration of 5 new games, most of which are based on beloved animation series, expected to be launched in the rest of 2026 and 2027. During fiscal 2026, CTW launched new titles based on well-known Japanese entertainment franchises, including Doraemon, Kakegurui, and Highschool of the Dead. CTW expects that its top titles will rotate as more games gain success on the platform. The company's ability to maintain or grow revenue relies on ongoing efforts to extend the life cycle of flagship games through updates, expansions, and effective marketing strategies, and on continuing to launch new hit titles or sequels that attract and retain a significant number of paying players. CTW also aims to expand its portfolio of games through investment in new IPs and business partnerships.

CTW's growth strategy depends in large part upon the rate at which it is able to attract and retain paying players to its games, receive premium animation IPs, empower developers to create engaging content, and expand geographically. The company intends to continue to expand the scope and geographic relevance of the games released on its platform. CTW has grown the business since 2013. Achieving growth will depend on continued player adoption of the platform for games based on Japanese animation, and the company expects that the overall number of users and the amount they are willing to spend in games distributed on the platform will fluctuate from time to time. The rate at which CTW acquires paying players may be affected by increased competition, general economic conditions, or other factors. CTW may not be successful in providing sufficient incentives and engaging content to retain existing players and attract new players to its platform.

CTW's profitability may be affected by the rate at which it grows its business, and the inability to successfully manage current and future growth may materially and adversely affect results of operations and financial condition. The company's spending on user acquisition is designed so that it will achieve a positive return on investment, with the expectation that the amount spent to acquire users will be less than the revenue ultimately generated from such acquired users. In order to enhance the returns on user acquisition investments, CTW employs data analytics to monitor user behavior and uses AI-backed tools to automate ad creation and management while achieving ROAS optimization. Although CTW may offer recommendations to optimize in-game item strategies based on user behavior, the final decision on in-game items remains with the game developers. CTW's analytics, assumptions, and recommendations may turn out to be inaccurate or incorrect, and to the extent that it does not achieve a positive return on investment on user acquisition spending, it will negatively impact operating results.

CTW's technology infrastructure is critical to the performance of its platform and to the satisfaction of developer partners and end-users. The platform relies heavily on web-based technologies, including HTML5, cloud computing, and robust networking infrastructure, to deliver games that players can access through browsers across various devices without significant storage requirements. CTW depends on data storage solutions, payment processing systems, cloud solutions, matchmaking algorithms, and content delivery networks to ensure smooth and seamless gameplay. CTW has previously invested, and may continue to invest, in new technologies, such as artificial intelligence, enhanced data storage, payment solutions, and advanced distribution services. The costs associated with technological upgrades can be substantial, and there can be no assurance that the platform will be sufficiently successful to recoup these costs or generate profits from technology updates. CTW partners with a limited number of data storage and cloud infrastructure providers, such as Amazon Web Services (AWS), AliCloud, and TiDB Cloud (PingCap), to meet these needs and deliver high-performance services globally.

CTW currently intends to retain any future earnings to finance the operation and expansion of its business, and does not expect to declare or pay any dividends in the foreseeable future. As a result, investors may only receive a return on investment in Class A ordinary shares if the market price of the Class A ordinary shares increases. CTW's ability to increase the number of players of its games will depend on continued player adoption of the platform for games based on Japanese animation. Growth in the animation-based gaming segment and the level of demand for and market acceptance of games released on the platform are subject to a high degree of uncertainty. CTW expects that the overall number of users and the amount they are willing to spend in games distributed on the platform will fluctuate from time to time.

CTW faces risks associated with its international expansion, including recent expansions into Singapore, Taiwan and China, while continuing to grow its business and presence in the US, Europe, and other parts of Asia. Maintaining and expanding operations in these regions entails significant risks and challenges with respect to compliance with complex and frequently evolving local labor laws, tax regulations, and other regulatory requirements, integration of international operations to work cohesively and maintain cross-regional collaboration and operational efficiency, and geopolitical tensions, which could disrupt business activities or lead to restrictions on talent acquisition and resource allocation across borders. As CTW targets expansion into international markets outside of Japan, changes to and compliance with a variety of foreign laws and regulations may increase costs of operating the platform and doing business, and inability or failure to obtain necessary regulatory approvals could restrict the ability to operate effectively, limit growth prospects, and potentially harm both international and domestic businesses. Cultural differences may affect consumer preferences, and some hit titles released on the platform may not attract players in other countries or regions as well as they do in Japan.

CTW's business may be adversely impacted by reductions in discretionary consumer spending as a result of downturns in the economy, global pandemics, or other factors beyond its control. Consumer demand for entertainment and online gaming is sensitive to downturns in the economy and the corresponding impact on discretionary spending on leisure activities. Adverse economic conditions, such as a prolonged U.S. or international general economic downturn, including periods of increased inflation, unemployment levels, tax rates, interest rates, energy prices, or declining consumer confidence, could reduce consumer spending. Natural disasters, acts of war, pandemics, terrorism, transportation disruptions, climate change, adverse weather conditions, and other reasons beyond CTW's control could further reduce discretionary spending on entertainment activities and products. Reduced consumer spending may result in reduced demand for the platform and may also require increased selling and promotional expenses, which could have an adverse effect on business, financial condition and operating results. Inflation has the potential to adversely affect business, results of operations, financial position and liquidity by increasing overall cost structure, particularly if CTW is unable to achieve commensurate increases in the in-game purchases made on the platform.

Major Risk Factors & Challenges

CTW's most material risks center on its extreme revenue concentration in a small number of flagship games and developers. Vivid Army and its related developer contributed 20.2%, 30.1% and 40.3% of net revenue for the fiscal years ended July 31, 2026, 2025 and 2024, respectively, and the developer of Arifureta: From Commonplace to World's Strongest - Rebellion Soul, BLACK LAGOON Heaven's Shot and Dropkick on My Devil!! Chaos contributed approximately 17.5% of total revenue in fiscal 2026. A significant decrease in the popularity of any of these games due to shifting player preferences, increased competition, or market saturation would have a material adverse effect on results of operations, cash flows, and financial condition. The company also bears substantial risk on advances to game developers: for the period from August 1, 2019 through July 31, 2026, CTW made a total of 66 advances, of which seven were not recovered due to developer failure to complete development, eight games went offline before full repayment, and valuation allowances were recorded for advances related to 12 additional games. As of July 31, 2026, 2025 and 2024, valuation provisions for advances represented approximately 10.1%, 35.8% and 36.0%, respectively, of gross outstanding advance balances. The business depends on a small percentage of end-users for all in-game purchases, with the PMAUs to MAUs ratio at 3.95% in fiscal year 2026, and the company relies on a limited number of third-party payment processors and a limited number of data storage and cloud infrastructure providers, including Amazon Web Services, AliCloud, and TiDB Cloud (PingCap). CTW has also identified a material weakness in internal control over financial reporting for the year ended July 31, 2026 related to lack of proper system provision control and Service Organization management of information technology general controls, including insufficient documentation of approvals for user access to the newly implemented accounting system in China and insufficient oversight and evaluation of relevant service organization controls for QuickBooks and the accounting system used in China.

Management Priorities & Sentiments

Management's message to shareholders emphasizes the company's position as a leading globally accessible, web-based gaming platform offering players an immersive digital space through the flagship HTML5 platform, G123.jp, with a mission to unlock the potential of Japanese animation-based games, offering game developers the digital floor with commercial opportunities and essential supports to turn their craft into financial success, while creating an unforgettable, ad-free, immersive gaming experience featuring beloved Japanese animations for end-users. The company's strategic priorities center on serving game developers as core customers by providing a comprehensive platform that helps them generate revenue and reach a global audience, leveraging well-established relationships with leading Japanese animation IP holders to offer premium IP resources along with ancillary support, as well as distribution and marketing services, and continuing to launch new titles with globally recognized animation IPs. Management highlights the unique win-win monetization model that benefits game developer partners, end-users and the platform alike, with game developers paying service fees by allowing CTW to retain an average of approximately 88% of the gross in-game purchase amounts generated from a game on the platform after the advance is fully recouped, and after deducting IP royalty costs, CTW retains on average approximately 81% of the gross in-game purchase amounts for a specific game. Management notes that as of July 31, 2026, CTW has established partnerships with 38 animation IP holders, including KADOKAWA Corporation, TMS Entertainment, and Warner Bros Japan LLC, and has obtained 48 IP licenses from rights holders and exclusive authorization from game developers to distribute approximately 34 games that are actively offered to players on its platform. During fiscal 2026, CTW launched new titles based on well-known Japanese entertainment franchises, including Doraemon, Kakegurui, and Highschool of the Dead, and as of the date of this annual report, has opened pre-registration of 5 new games, most of which are based on beloved animation series, expected to be launched in the rest of 2026 and 2027. Management acknowledges the challenges faced during the period, including a decrease in total revenue to US$82.5 million in 2026 from US$90.4 million in 2025, a net loss of US$4.1 million in 2026 as compared to US$3.8 million net income in 2025, and a decrease in cumulative active users from 261 million in 2025 to 147 million in 2026. Management also notes that average MAUs decreased by 33.2% from 3,378,835 in fiscal 2025 to 2,257,341 in fiscal 2026. The company continues to focus on expanding internationally, particularly in the U.S., Europe and other parts of Asia, and on investing in new technologies such as artificial intelligence, enhanced data storage, payment solutions, and advanced distribution services.

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  883. [883] Item 4, Business Overview
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  890. [890] Item 4, Business Overview
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  928. [928] Item 4, Business Overview
  929. [929] Item 4, Business Overview
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  950. [950] Item 4, Business Overview
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  967. [967] Item 4, Business Overview
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  978. [978] Item 4, Business Overview
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  980. [980] Item 4, Business Overview
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  1000. [1000] Item 4, Business Overview

Report on Oct 16, 2026