CTW Cayman (CTW) Registration Filing summary

Company overview and business model

• Operates a global web-based gaming platform (G123.jp) focused on free-to-play games inspired by Japanese animation IPs, accessible across devices without downloads or registration.

• Core customers are game developers, to whom it provides IP licensing, distribution, marketing, localization, and support services in exchange for a share of in-game purchases.

• Holds exclusive or privileged access to 33 major Japanese animation IPs, enabling developers to create games with strong fan appeal.

• Asset-light model: does not develop games directly but supports third-party developers, retaining up to 80% of gross in-game purchases after royalties.

• Revenue is highly concentrated among a few top games and developers, with Vivid Army and Queen's Blade Limited Break historically accounting for a significant share.

Financial performance and metrics

• Revenue for the six months ended January 31, 2025: $41.2M; for years ended July 31, 2024 and 2023: $68.4M and $62.9M, respectively.

• Net income: $0.6M (six months ended Jan 2025), $6.0M (2024), $3.4M (2023).

• Gross in-game purchase amounts: $49.1M (six months ended Jan 2025), $84.5M (2024), $81.4M (2023).

• Monthly active users grew from 958,578 (2021) to 2,301,929 (2024); paying user base grew from 121,835 (2021) to 368,568 (2024).

• ROAS: 105.8% (six months ended Jan 2025), 99.3% (2024), 130.3% (2023).

• Cash and cash equivalents as of Jan 31, 2025: $15.1M; net working capital: $6.5M.

Use of proceeds and capital allocation

• Estimated net proceeds of $14.0M (or $16.3M if over-allotment is exercised).

• 85% allocated to global market expansion; 15% for working capital and general corporate purposes.