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CTW on Nasdaq

CTW Inc.

Logo: Gimmywp, CC BY-SA 4.0, via Wikimedia Commons4

Japanese video game company

CTW Inc. is a Japanese video game company based in Tokyo. It is mainly known for its browser-based gaming platform, G123.3 It was founded by Ryuichi Sasaki.1 Its chief executive is Ryuichi Sasaki (since 2013).1 It employed 350 people in 2026.1 It is part of CTW Cayman PubCo.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$90.4MRevenue, fiscal 20255
$3.8MNet income, fiscal 20255
Aug 14, 2013Founded1

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  • TickerCTW on Nasdaq1
  • Industryanime industry, video game industry1
  • HeadquartersMinato1
  • Websitectw.inc
  • Legal formjoint-stock company1
  • Incorporated inJapan6
  • Business address29F, Ark Hills Sengokuyama Mori Tower, 1 Chome 1-9-10, Roppongi, Minato City, Tokyo6
  • Filer categoryNon-accelerated filer, Emerging growth company6

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CTW Inc. is a Japanese video game company based in Tokyo. It is mainly known for its browser-based gaming platform, G123.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-1.2%Operating margin5
4.2%Net margin5
32.1%Revenue growth, 20255
13.8%Return on equity5
-$473.3KFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

Japan brought in 70% of the revenue CTW Inc. broke down this way in fiscal 2025.

  1. Japan$62.9M570%up 13% from 2024
  2. KRW$9.3M510%up 188% from 2024
  3. North America$7.5M58%up 80% from 2024
  4. TWMember$4.6M55%up 68% from 2024
  5. Europe$3.1M53%up 120% from 2024
  6. Other$2.9M53%up 166% from 2024
Regions by year
Regions202320242025
Japan$51.2M$55.7M$62.9M
KRW$3.1M$3.2M$9.3M
North America$4.1M$4.2M$7.5M
TWMember$2.2M$2.8M$4.6M
Europe$1.3M$1.4M$3.1M
Other$1.2M$1.1M$2.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue24¢$22.0M
  • Research and development6¢$5.5M
  • Selling, general and admin9¢$8.5M
  • Other costs55¢$49.9M
  • Income tax1¢$576.8K
  • Profit4¢$3.8M

Out of $90.4M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$584.7K

Out of $111.4K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue5$90.4M in 2025+44% since 2023
0$25.0M$50.0M$75.0M$100.0M2023: $62.9M$62.9M20232024: $68.4M$68.4M2024+9%2025: $90.4M$90.4M2025+32%
Operating income5-$1.1M in 2025
-$2.0M0$2.0M$4.0M$6.0M$8.0M2023: $5.6M$5.6M20232024: $6.7M$6.7M2024+19%2025: -$1.1M-$1.1M2025
Net income5$3.8M in 2025+13% since 2023
0$2.0M$4.0M$6.0M2023: $3.4M$3.4M20232024: $6.0M$6.0M2024+76%2025: $3.8M$3.8M2025−36%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-07-312024-07-312023-07-31
Revenue$90.4M$68.4M$62.9M
Cost of revenue$22.0M$16.2M$17.0M
General & administrative expenses$8.5M$5.2M$4.5M
Research & development expenses$5.5M$952.4K$2.9M
Sales and marketing expenses$55.4M$39.4M$32.9M
Total cost and expenses$91.4M$61.8M$57.4M
Income (loss) from operation-$1.1M$6.7M$5.6M
Interest income, net$494.4K$301.0K$41.0K
Foreign currency transaction gain (loss)-$287.9K$784.7K-$566.1K
Other income$555.0K$454.3K$173.3K
Contingent gain on recovery of previously impaired assets$4.7M
Other income (expense), net$5.5M$1.5M-$351.8K
Income before income tax expense$4.4M$8.2M$5.2M
Income tax expense$576.8K$2.2M$1.8M
Net income$3.8M$6.0M$3.4M
Foreign currency translation adjustment-$42.4K-$1.0M-$1.2M
Comprehensive income$3.8M$5.0M$2.2M
Earnings per share, Basic (in Dollars per share)$0.06$0.10$0.06
Earnings per share, Diluted (in Dollars per share)$0.06$0.10$0.06
Weighted average number of ordinary shares, Basic (in Shares)60.0M shares60.0M shares60.0M shares
Weighted average number of ordinary shares, Diluted (in Shares)60.0M shares60.0M shares60.0M shares

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Corporate structure

CTW Inc. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CTW Inc.

  • CTW Inc. Minato

Built from subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What CTW Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$177.9K5 Jul 31, 2025
Property and equipment, before depreciation$2.2M5 Jul 31, 2025$1.8M5 Jul 31, 2024+19.5%
Accumulated depreciation$1.3M5 Jul 31, 2025$902.3K5 Jul 31, 2024+41.4%
Property and equipment, net$1.1M5 Jul 31, 2025$935.2K5 Jul 31, 2024+17.5%
Operating-lease assets (leased space)$6.8M5 Jul 31, 2025$4.4M5 Jul 31, 2024+54.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$12.2M5 Jul 31, 2025$14.5M5 Jul 31, 2024−15.6%
Long-term investments$577.0K5 Jul 31, 2025$800.0K5 Jul 31, 2024−27.9%

Stakes and holdings (Wikidata)

Things Wikidata records the company as owning, with the share when stated.1

The story

Founded by Ryuichi Sasaki on Aug 14, 2013.1

CTW Inc. (originally CTW株式会社) was founded in August 2013, with Ryuichi Sasaki as president. CTW transitioned to developing HTML5-based browser games in the mid-2010s.

In October 2018, CTW launched its gaming platform, G123, which provides instant-play games primarily adapted from popular anime and manga franchises. By 2024, its users had increased to more than 500 million.

In 2021, CTW began expanding its international operations and released localized versions of its games in English and other languages.

In 2023, CTW reorganized under a Cayman Islands entity as CTW Cayman. Two years later, in 2025, CTW filed to list on the Nasdaq as CTW Cayman.

On August 6, 2025, CTW Cayman was listed on the Nasdaq.

From Wikipedia’s article on CTW Inc., shared under CC BY-SA 4.0.7

Leadership

Who has led CTW Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ryuichi Sasaki2013–now

Chief financial officer

  1. Zhixian Liu2026–now
201520202025
Board members and other officers (7)

Products and brands

  • G123
  • The Apothecary Diaries Palace Chronicles

Listed on Wikidata.1

Platform

CTW operates G123 as its primary platform. G123 uses HTML5 technology, enabling browser-based gameplay without requiring downloads or installations. The platform provides free-to-play games across various genres, such as RPG, strategy, and simulation, monetized through optional in-game purchases. By mid-2025, G123 hosted over 25 active titles.

Selected games

Vivid Army (2019)

Queen’s Blade Limit Break (2022)

Black Lagoon: Heaven’s Shot (2023)

Read the full text

Doraemon: Comic Traveler (2025)

High School D×D Operation Paradise Infinity (2025)

Miss Kobayashi's Dragon Maid Fantasia (2025)

From Wikipedia’s article on CTW Inc., shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Parent company

  • CTW Cayman PubCo

Also owns

From Wikidata.1

Employees over time

  • 20263501

Former names

  • CTW CaymanFeb 5, 2025 to May 29, 20266

Timeline

  1. Aug 2025Went public Listed on NASDAQ1
  2. Aug 14, 2013Founded Founded1
  3. Aug 2013New chief executive Ryuichi Sasaki becomes CEO1

Filings

47 filings to the SEC since October 2021: 1 annual reports, 9 insider forms, 1 large holders, 36 other. The latest 20:

  1. Oct 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Aug 11, 20264 EDGAR
  3. May 29, 20264 EDGAR
  4. May 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. May 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  6. May 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Apr 17, 20266-K CURRENT REPORT EDGAR
  8. Apr 1, 20263 EDGAR
  9. Apr 1, 20263 EDGAR
  10. Apr 1, 20263 EDGAR
  11. Apr 1, 20263 EDGAR
  12. Apr 1, 20263 EDGAR
  13. Mar 23, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Mar 18, 20263 EDGAR
  15. Mar 18, 20263 EDGAR
  16. Dec 22, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. Dec 8, 2025SCHEDULE 13G EDGAR
  18. Nov 17, 202520-F ANNUAL REPORT EDGAR
  19. Nov 17, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  20. Sep 19, 2025S-8 REGISTRATION STATEMENT EDGAR

The 47 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 27, 2026Tong HairihanChief Technology OfficerSale669$2.21$1.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How CTW Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCTW2
  • CIK0002047148
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company17
  • Incorporated inCayman Islands17
  • Fiscal year endsJuly 312
  • Industry code (SIC)7374 Services-Computer Processing & Data Preparation2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address29F, Ark Hills Sengokuyama Mori Tower, 1 Chome 1-9-10, Roppongi, Minato City, Tokyo, Japan2
  • Phone050-1748-63332
  • Shares outstanding48,000,000 Common Class A shares; 12,000,000 Common Class B shares as of Jul 31, 202517
  • AuditorGOLDEN OCEAN FAC PAC, Singapore PCAOB ID 7285; no auditor attestation of internal control over financial reporting17
  • On EDGAR sinceFeb 5, 20252
  • Filings47 in all: 6-K (10), 3 (7), CORRESP (6), UPLOAD (5), F-1/A (4), 4 (2), DRSLTR (2), 20-F (1)2
    All 18 form types

    424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), EFFECT (1), F-1 (1), FWP (1), S-8 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (20-F) Nov 17, 2025

Securities registered for trading

ClassSymbolExchange
Class A ordinary shares, par value US$0.0001 per shareCTWThe Nasdaq Stock Market LLC

From the cover page of the 20-F filed Nov 17, 2025 (Section 12(b) of the Exchange Act).17

Sources

The numbers on this page point here. Each one links to the record it came from.

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