CTW Cayman (CTW) Registration filing summary

Company overview and business model

• G123.jp is a globally accessible HTML5 gaming platform for free-to-play, ad-free games inspired by Japanese animation; it offers instant access across devices without downloads or mandatory registration.

• Services to game developers include licensed IP access, game hosting and distribution, localization, design, marketing, payment support and customer service; revenue comes chiefly from retaining an agreed share of in-game purchases.

• As of the supplement, the platform had 43 games and 5 in pre-registration; cumulatively, it had released over 86 titles, with 42 active and 14 in backlog as of July 31, 2026.

• For games with advances, developers generally need not repay unrecovered balances if a game fails or purchases are insufficient; 7 of 66 advances made from Aug. 1, 2019 to July 31, 2026 were unrecovered after development failures.

Financial performance and metrics

• FY2026 revenue was $82.5M, versus $90.4M in FY2025 and $68.4M in FY2024; gross in-game purchases were $96.8M, $107.0M and $84.5M, respectively.

• Net results were a $4.1M loss in FY2026, compared with $3.8M income in FY2025 and $6.0M income in FY2024; operating cash flow was a $3.2M use in FY2026 versus $0.1M and $1.6M provided in FY2025 and FY2024.

• FY2026 average MAUs fell 33.2% YoY to 2,257,341; average paying MAUs rose 0.6% to 89,053, and paying users’ share of MAUs increased from 2.62% to 3.95%.

• FY2026 ARPMAU was $3.57 and ARPPMAU $90.60, versus $2.64 and $100.74 in FY2025; ROAS was 105.8%, compared with 116.4% in FY2025 and 99.3% in FY2024.

Use of proceeds and capital allocation

• Net proceeds from the ATM, if any, are intended for global market expansion, working capital and general corporate purposes; management retains broad discretion over allocation.

• Pending use, proceeds may be invested in capital-preservation instruments, including interest-bearing instruments, investment-grade securities and U.S. government obligations.

• No proceeds will be received from the selling shareholder’s resales; registration expenses are borne by the issuer except selling discounts, commissions and transfer taxes.