CTW (CTW) Form 20-F — Oct 16, 2026
CTW filed its annual report on Form 20-F for the fiscal year ended July 31, 2026, reporting total revenue of US$82.5 million, down from US$90.4 million in fiscal 2025. The company swung from net income of US$3.8 million in fiscal 2025 to a net loss of US$4.1 million in fiscal 2026, while cumulative active users on its G123.jp platform fell from 261 million to 147 million. Concentration remains a key risk: Vivid Army and its developer contributed 20.2% of net revenue in fiscal 2026, and a second developer contributed 17.5% of total revenue.
Key figures
- Revenue
- 82500000
- Revenue Yoy
- -8.7%
- Shares Outstanding
- 62529048
- Pmaus 2023
- 47088
- Pmaus 2026
- 89053
- Ip licenses
- 48
- Active games
- 34
- Prior year revenue
- US$90.4 million (FY2025)
- Advances outstanding
- 22 game developers with outstanding advances related to 39 games as of July 31, 2026
- Prior year net income
- US$3.8 million (FY2025)
- Pmau to mau ratio 2026
- 3.95%
- Top game revenue share
- Vivid Army and related developer contributed 20.2% of net revenue in FY2026 (30.1% FY2025, 40.3% FY2024)
- Valuation provision ratio
- 10.1% of gross outstanding advance balances as of July 31, 2026 (35.8% in 2025)
- Cumulative active users 2025
- 261 million
- Cumulative active users 2026
- 147 million
- Second largest customer share
- 17.5% of total revenue in FY2026
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