Slide 1: Fiscal First Half 2026 Results
CTW Fiscal First Half 2026 Results May 13, 2026
Slide 2: Disclosures
Disclosures The following materials have been prepared for use in the May 13, 2026 conference call on CTW results of operations for the six months ending January 31, 2026. The call will be archived on the internet at https://ctw.inc/investors?lang=en. This presentation contains “forward-looking stat
Slide 3: Fiscal First Half 2026 Highlights
Fiscal First Half 2026 Highlights 2.0M $48.6M $40.9M 32% Monthly Active Users (MAUs), In-Game Purchases, Revenue, % of revenue outside of Japan, down 39% down 1% down 1% up from 29% in the first half of fiscal 2025 7 109% $4.3M $1.2M New game titles launched on Return on Ad Spend (ROAS) Adjusted EBI
Slide 4: Notable Game Launches in Fiscal 1H 2026
Notable Game Launches in Fiscal 1H 2026 October 2025 November 2025 November 2025 December 2025 December 2025 December 2025 January 2026 7 6 20 New games launched Games in pre-registration New games in backlog in H1 2026 as of January 31, 2026 as of January 31, 2026 4
Slide 5: In-Game Purchases
In-Game Purchases Year-over-year growth % $106,994,440 $84,461,982 $81,388,946 -1.1% $57,869,173 $49,125,267 $48,603,849 $42,000,000 $41,929,805 $42,532,177 $39,388,946 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 2023 2024 2025 5
Slide 6: Revenue
Revenue Year-over-year growth % $90,370,793 -0.7% $68,424,577 $49,156,886 $62,944,073 $41,213,907 $40,932,347 $34,980,113 $33,444,464 $32,182,824 $30,761,249 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 2023 2024 2025 6
Slide 7: User Trends
User Trends Paying Monthly Active Users (“PMAUs”) Monthly Active Users (“MAUs”) Year-over-year growth % Year-over-year growth % -39.3% -1.3% 100,322 3,378,835 88,503 3,488,052 3,269,618 76,684 75,715 70,264 2,526,143 2,301,929 62,621 2,170,678 2,273,505 54,978 2,067,851 2,077,715 1,984,354 47,088 47
Slide 8: Other KPIs
Other KPIs Average Revenue Per Monthly Active Average Revenue Per Paying Monthly Return on Ad Spend Users (“ARPMAUs”) Active Users (“ARPPMAUs”) (“ROAS”) $4.08 $144.04 130.3% 116.4% 109.3% $112.40 $106.99 99.3% $3.12 $3.06 $100.74 $2.64 FY 2023 FY 2024 FY 2025 1H 2026 FY 2023 FY 2024 FY 2025 1H 2026
Slide 9: Profitability Measures
Profitability Measures Segment Profitability Net Income (Loss) Adjusted EBITDA $31,345,844 $5,977,639 $11,999,232 $27,045,916 $10,633,603 $24,989,040 $3,828,563 $7,960,968 $18,011,772 $3,398,384 $11,638,999 $4,298,987 $3,704,766 $638,785 2023 2024 2025 H1 2025 H1 2026 2023 2024 2025 H1 2025 H1 2026
Slide 10: Trended Financial Statements and Reconciliations from GAAP to Non-GAAP
Trended Financial Statements and Reconciliations from GAAP to Non-GAAP 10
Slide 11: Key Performance Indicators
Key Performance Indicators Fiscal 2024 Fiscal 2025 Fiscal 2026 FY 2023 H1 2024 H2 2024 FY 2024 H1 2025 H2 2025 FY 2025 H1 2026 Gross in-game purchase amount $81,388,946 $41,929,805 $42,532,177 $84,461,982 $49,125,267 $57,869,173 $106,994,440 $48,603,849 Paying daily active users (“PDAUs”) 13,541 15,
Slide 12: Income Statement
Income Statement Fiscal 2024 Fiscal 2025 Fiscal 2026 FY 2023 H1 2024 H2 2024 FY 2024 H1 2025 H2 2025 FY 2025 H1 2026 Revenue $62,944,073 $33,444,464 $34,980,113 $68,424,577 $41,213,907 $49,156,886 $90,370,793 $40,932,347 Cost of revenue 17,049,167 7,808,156 8,403,623 16,211,779 9,942,740 12,097,314
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 ASSETS Cash and cash equivalent $14,852,169 $15,531,649 $14,461,251 $15,072,866 $12,208,630 $19,497,920 Other current assets 2,550,213 2,732,048 3,696,978 3,835,996 5,866,469 4,622,379 Total current assets 17,402,382 18,263,6
Slide 14: Cash Flow Statement
Cash Flow Statement Fiscal 2024 Fiscal 2025 Fiscal 2026 FY 2023 H1 2024 H2 2024 FY 2024 H1 2025 H2 2025 FY 2025 H1 2026 Net income (loss) $3,398,384 $3,971,227 $2,006,412 $5,977,639 $638,785 $3,189,778 $3,828,563 ($1,161,240) Depreciation and amortization 779,368 899,404 1,168,302 2,067,706 1,323,09
Slide 15: Revenue Recognition & Segment Profitability
Revenue Recognition & Segment Profitability Fiscal 2025 Fiscal 2026 FY 2023 FY 2024 H1 2025 H2 2025 FY 2025 H1 2026 Consolidated in-game purchases $81,388,946 $84,461,982 $49,125,267 57,869,173 $106,994,440 $48,603,849 Less: Recoup of advances made to game developers 551,774 2,477,840 1,362,612 2,22
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation GAAP Net income to Adjusted EBITDA (non-GAAP) Fiscal 2024 Fiscal 2025 Fiscal 2026 FY 2023 H1 2024 H2 2024 FY 2024 H1 2025 H2 2025 FY 2025 H1 2026 Net income (loss) $3,398,384 $3,971,227 $2,006,412 $5,977,639 $638,785 $3,189,778 $3,828,563 $(1,161,240) Depreciation and
Slide 17: Glossary of Key Terms
Glossary of Key Terms “Active User” are to any user that spend at least one (1) minute on G123.jp platform during the applicable period. Active users are calculated based on cookie-based uniqueness, meaning that a user who accesses the platform on multiple devices or browsers will be counted as a si
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Reconciliation of Non-GAAP Financial Measures In addition to reporting financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), CTW (or the “Company”) presents Adjusted EBITDA (non-GAAP) for the second half and full fiscal year
Slide 19: Segment Profits
Segment Profits In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU’s amendments “improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses”. In addit