NEW YORK, Dec. 4, 2025 /PRNewswire/ -- Argus Research, an independent investment research firm, has launched Equity Research Report coverage on CTW Cayman (NasdaqCM:CTW).

Click Here to view the full Argus Equity Research Report.

COMPANY HIGHLIGHTS: Excerpts (as conveyed by Argus Analyst Steve Silver) include:

CTW: An emerging leader in browser-based Japanese anime games

Long-standing Relationships With IP Holders Driving Robust Game Portfolio: CTW has established relationships with anime IP holders and collaborates with top-tier developers to deliver games that appeal to a global audience of anime fans and gamers, with users in more than 190 countries. Its strategy has fostered a rapid speed to market for new titles and focuses on user engagement and in-game purchases to drive revenue growth. The company currently has 31 active games on its G123.jp platform, with another 10 games in preregistration (inclusive of a new game launched subsequent to our initiation report).
Leader in Fast-Growing Anime Segment of Gaming Industry: Since its founding in 2013, CTW has grown into the market leader in the anime IP–based H5 games market, based on calendar year 2023 gross billings, according to Frost & Sullivan. These games are accessible globally via mobile devices, tablets, and desktops. Frost & Sullivan projects the global market for anime-based games to grow at a faster rate than the broader gaming industry.
Growing User Base: The total number of active users on CTW's platform increased by approximately 22% to 261 million in fiscal 2025 (ended on July 31). With the growing global interest in Japanese anime, including on many Western streaming services, CTW is focused on continuing to expand its global active user base, increase the conversion of active users into paying users, add additional game titles to its platform, and enhance platform monetization and profitability.
Global Expansion Amid Rising Demand for Japanese Anime: We see CTW diversifying the geographic reach for the games released on its platform. In fiscal 2025, revenue from outside of Japan increased to approximately 30% of total revenue, up from around 19% in fiscal 2024. We think there is sufficient demand to warrant continued marketing investment to attract new users to the platform.
Investments in AI and Advanced Technologies: In our view, CTW is capitalizing on opportunities presented by advanced technologies, including artificial intelligence (AI) and real-time data analytics. We see use of these technologies enhancing the platform's efficiency in acquiring new users and generating positive return on advertising spending (ROAS). In addition, we see applications for AI use in maximizing gamer engagement, including localization based on various gamer languages.
Strong Financial Profile: As of July 31, 2025, CTW had cash of $12.2 million on its balance sheet, with no long-term debt. Subsequently, in August 2025, it raised $12 million in gross proceeds from an initial public offering. The IPO represented CTW's first raise of external capital, which we attribute to its history of organic growth, cash generation, and profitability.
Fair Value: Based on our enterprise value (EV)/revenue analysis, we arrive at a fair value estimate for CTW of $9.00 per share.

INVESTMENT THESIS: Click Here to view full Argus Equity Research Report and Investment Thesis.

CTW Cayman (NasdaqCM:CTW) ctw.inc/?lang=en

Tokyo-headquartered CTW Cayman operates a browser-based video game platform built around popular Japanese anime franchises. Its flagship HTML5 (H5) platform, G123.jp, delivers free-to-play games to gamers and anime fans in 190 countries worldwide across all web-enabled devices—particularly mobile—with titles developed primarily from licensed anime IP. The platform brings anime worlds to life through third-party game development, online distribution, marketing and advertising services, development support, and customer support, creating a seamless experience for fans of Japanese animation.

For more information please contact:

Matt Chesler, CFA

FNK IR

investor@ctw.inc

About Argus Research Corp.

Headquartered in NYC, Argus Research (www.argusresearch.com) is a leading independent equity research firm (est. 1934) ̶ providing fundamental and quantitative research coverage on more than 1,600 companies across all 11 sectors of the S&P 500, as well as macroeconomic and equity market forecasts, thematic research, model portfolios and IPO research. In addition, Argus has recently committed to providing a company sponsored research solution for small & mid-cap companies seeking coverage. Argus's CSR Research Reports & earnings estimates (if applicable) are available on major research / earnings estimate aggregator platforms, including Bloomberg, Thomson Reuters, Factset and S&P Global.

For more Information please contact:

Darrell Stone

646-747-5438

dstone@argusresearch.com

Argus Research Co. has received a flat fee from the company discussed in this report as part of a Sponsored Research agreement between Argus and the company. No part of Argus Research's compensation is directly or indirectly related to the content of this assessment or to other opinions expressed in this report. Please refer to the full Argus report and the disclaimer for complete disclosures.

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Argus Research Initiates Equity Research Report Coverage on CTW Cayman (NasdaqCM:CTW)