Nerdy Inc Financials

NRDY

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Nerdy Inc (NRDY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 31/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Nerdy Inc has an operating margin of -36.9%, meaning the company retains $-37 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -29.8% the prior year.

Growth

Nerdy Inc's revenue declined 1.6% year-over-year, from $193.4M to $190.2M. This contraction results in a growth score of 24/100.

Leverage

Nerdy Inc has a moderate D/E ratio of 1.34. This balance of debt and equity financing earns a leverage score of 61/100.

Liquidity

With a current ratio of 2.28, Nerdy Inc holds $2.28 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.

Cash Flow

While Nerdy Inc generated -$15.6M in operating cash flow, capex of $6.9M consumed most of it, leaving -$22.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Nerdy Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.37x

For every $1 of reported earnings, Nerdy Inc generates $0.37 in operating cash flow (-$15.6M OCF vs -$42.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$190.2M

YoY-1.6%

5Y CAGR+16.0%

Nerdy Inc generated $190.2M in revenue in fiscal year 2024. This represents a decrease of 1.6% from the prior year.

EBITDA

-$68.6M

YoY-22.3%

Nerdy Inc's EBITDA was -$68.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 22.3% from the prior year.

Free Cash Flow

-$22.5M

YoY-55.5%

Nerdy Inc generated -$22.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 55.5% from the prior year.

Net Income

-$42.6M

YoY-6.0%

Nerdy Inc reported -$42.6M in net income in fiscal year 2024. This represents a decrease of 6.0% from the prior year.

EPS (Diluted)

$-0.38

YoY+7.3%

Nerdy Inc earned $-0.38 per diluted share (EPS) in fiscal year 2024. This represents an increase of 7.3% from the prior year.

Cash & Debt

$52.5M

YoY-29.8%

5Y CAGR+16.0%

Nerdy Inc held $52.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

67.5%

YoY-3.1pp

5Y CAGR+1.6pp

Nerdy Inc's gross margin was 67.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 3.1 percentage points from the prior year.

Operating Margin

-36.9%

YoY-7.1pp

5Y CAGR-14.1pp

Nerdy Inc's operating margin was -36.9% in fiscal year 2024, reflecting core business profitability. This is down 7.1 percentage points from the prior year.

Net Margin

-22.4%

YoY-1.6pp

5Y CAGR-22.4pp

Nerdy Inc's net profit margin was -22.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.6 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$6.9M

YoY-0.3%

5Y CAGR+1.5%

Nerdy Inc invested $6.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 0.3% from the prior year.

NRDY Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$190.2M-1.6%	$193.4M+18.9%	$162.7M+15.6%	$140.7M+35.3%	$104.0M+14.9%	$90.5M
Cost of Revenue	$61.8M+8.6%	$57.0M+14.5%	$49.7M+6.5%	$46.7M+34.1%	$34.8M+13.0%	$30.8M
Gross Profit	$128.4M-5.9%	$136.4M+20.8%	$112.9M+20.2%	$94.0M+35.9%	$69.1M+16.0%	$59.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$126.9M+1.0%	$125.6M-3.1%	$129.6M+6.2%	$122.0M+182.1%	$43.2M+2.5%	$42.2M
Operating Income	-$70.1M-21.8%	-$57.6M+36.6%	-$90.8M+5.9%	-$96.5M-437.8%	-$17.9M+12.7%	-$20.5M
Interest Expense	N/A	$3.4M+599.2%	$483K-87.3%	$3.8M-22.7%	$4.9M+133.4%	$2.1M
Income Tax	$115K+5.5%	$109K+473.7%	$19K-52.5%	$40K	$0	$0
Net Income	-$42.6M-6.0%	-$40.2M-13.5%	-$35.4M-836.7%	-$3.8M	$0	$0
EPS (Diluted)	$-0.38+7.3%	$-0.410.0%	$-0.41-720.0%	$-0.05	$0.00	$0.00

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$37.0M-18.2%	$45.3M-4.9%	$47.6M-0.8%	$48.0M-5.9%	$51.0M-5.1%	$53.7M-2.5%	$55.1M+36.7%	$40.3M
Cost of Revenue	$13.7M-21.2%	$17.4M-12.8%	$20.0M+24.5%	$16.1M-8.3%	$17.5M+1.7%	$17.2M+8.8%	$15.8M+42.4%	$11.1M
Gross Profit	$23.3M-16.3%	$27.8M+0.8%	$27.6M-13.6%	$31.9M-4.6%	$33.5M-8.3%	$36.5M-7.0%	$39.3M+34.5%	$29.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$25.8M-2.8%	$26.6M-6.5%	$28.4M-4.9%	$29.9M-10.0%	$33.2M+3.8%	$32.0M+4.3%	$30.6M-13.7%	$35.5M
Operating Income	-$19.1M-55.3%	-$12.3M+25.9%	-$16.6M-1.7%	-$16.3M-7.0%	-$15.2M-18.5%	-$12.9M-26.3%	-$10.2M+60.2%	-$25.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$886K-3.4%	$917K+8.6%	$844K
Income Tax	$35K-52.7%	$74K+164.3%	$28K+12.0%	$25K-34.2%	$38K+65.2%	$23K+91.7%	$12K-42.9%	$21K
Net Income	-$12.3M-55.6%	-$7.9M+24.8%	-$10.5M-3.4%	-$10.1M-11.6%	-$9.1M-22.1%	-$7.4M-31.7%	-$5.7M+54.0%	-$12.3M
EPS (Diluted)	$-0.10-42.9%	$-0.07+22.2%	$-0.090.0%	$-0.09-12.5%	$-0.08-14.3%	$-0.07-75.0%	$-0.04+69.2%	$-0.13

NRDY Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$92.5M-25.8%	$124.7M-6.0%	$132.7M-25.1%	$177.1M+209.3%	$57.3M+228146.9%	$25K
Current Assets	$64.7M-31.9%	$95.0M-11.7%	$107.7M-30.7%	$155.4M+392.5%	$31.6M+125676.1%	$25K
Cash & Equivalents	$52.5M-29.8%	$74.8M-17.5%	$90.7M-37.0%	$144.0M+391.9%	$29.3M+16.9%	$25.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$7.3M-52.4%	$15.4M+32.8%	$11.6M+117.9%	$5.3M+1020.2%	$475K	N/A
Goodwill	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M	N/A
Total Liabilities	$53.0M-26.6%	$72.3M-15.7%	$85.8M-32.2%	$126.5M-72.2%	$455.7M+5307166.8%	$9K
Current Liabilities	$28.3M-20.4%	$35.6M-4.6%	$37.3M-10.9%	$41.9M+22.0%	$34.3M+399818.5%	$9K
Long-Term Debt	N/A	N/A	N/A	$0-100.0%	$41.0M	N/A
Total Equity	$39.5M-24.8%	$52.5M+11.8%	$46.9M-7.4%	$50.7M+112.7%	-$398.5M-2414137.3%	$17K
Retained Earnings	-$557.9M-8.3%	-$515.3M-8.5%	-$475.1M-8.1%	-$439.7M-6.6%	-$412.4M-4854891.8%	-$8K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$70.4M-4.4%	$73.7M-11.3%	$83.0M-10.2%	$92.5M-16.9%	$111.3M-8.3%	$121.3M-2.7%	$124.7M+0.9%	$123.7M
Current Assets	$44.5M-6.6%	$47.6M-15.0%	$56.1M-13.4%	$64.7M-21.5%	$82.4M-10.5%	$92.0M-3.2%	$95.0M-3.1%	$98.1M
Cash & Equivalents	$32.7M-10.9%	$36.7M-18.3%	$44.9M-14.5%	$52.5M-24.8%	$69.8M-9.3%	$77.0M+2.9%	$74.8M-11.0%	$84.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$6.5M+2.2%	$6.4M+0.1%	$6.4M-13.4%	$7.3M+1.2%	$7.2M-24.8%	$9.6M-37.4%	$15.4M+86.9%	$8.2M
Goodwill	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M
Total Liabilities	$33.4M-20.3%	$41.9M-14.0%	$48.7M-8.2%	$53.0M-10.4%	$59.2M-13.7%	$68.5M-5.2%	$72.3M-1.5%	$73.4M
Current Liabilities	$31.0M+38.4%	$22.4M-18.1%	$27.4M-3.4%	$28.3M+10.2%	$25.7M-22.2%	$33.0M-7.2%	$35.6M-10.6%	$39.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$24.3M-23.7%	$31.8M-7.4%	$34.4M-12.9%	$39.5M-24.3%	$52.2M-1.2%	$52.8M+0.6%	$52.5M+4.4%	$50.3M
Retained Earnings	-$588.5M-2.1%	-$576.3M-1.4%	-$568.4M-1.9%	-$557.9M-4.9%	-$531.8M-1.7%	-$522.7M-1.4%	-$515.3M-1.1%	-$509.6M

NRDY Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$15.6M-106.4%	-$7.6M+84.3%	-$48.0M-23.4%	-$38.9M-484.5%	-$6.7M+59.2%	-$16.3M
Capital Expenditures	$6.9M-0.3%	$6.9M+29.5%	$5.3M+3.0%	$5.2M+79.6%	$2.9M-54.8%	$6.4M
Free Cash Flow	-$22.5M-55.5%	-$14.4M+72.9%	-$53.3M-21.0%	-$44.1M-362.4%	-$9.5M+58.0%	-$22.7M
Investing Cash Flow	-$6.9M+0.3%	-$6.9M-29.5%	-$5.3M-3.0%	-$5.2M-79.6%	-$2.9M+54.8%	-$6.4M
Financing Cash Flow	$0+100.0%	-$1.9M-94.0%	-$1.0M-100.6%	$159.3M+1195.5%	$12.3M-49.6%	$24.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$2.4M+65.6%	-$7.0M-9.3%	-$6.4M+43.0%	-$11.3M-102.5%	-$5.6M-228.4%	$4.4M+186.3%	-$5.0M-5.2%	-$4.8M
Capital Expenditures	$1.7M+48.4%	$1.2M-1.4%	$1.2M+1.0%	$1.2M-24.2%	$1.5M-30.9%	$2.2M-25.1%	$3.0M+58.2%	$1.9M
Free Cash Flow	-$4.1M+49.5%	-$8.2M-7.7%	-$7.6M+38.9%	-$12.5M-75.2%	-$7.1M-434.1%	$2.1M+126.6%	-$8.0M-20.1%	-$6.7M
Investing Cash Flow	-$1.7M-48.4%	-$1.2M+1.4%	-$1.2M-1.0%	-$1.2M+24.2%	-$1.5M+30.9%	-$2.2M+25.1%	-$3.0M-58.2%	-$1.9M
Financing Cash Flow	$0	$0	$0	$0	$0	$0+100.0%	-$1.4M-142.2%	-$567K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NRDY Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	67.5%-3.1pp	70.5%+1.1pp	69.4%+2.6pp	66.8%+0.3pp	66.5%+0.6pp	65.9%
Operating Margin	-36.9%-7.1pp	-29.8%+26.1pp	-55.8%+12.7pp	-68.6%-51.3pp	-17.3%+5.5pp	-22.7%
Net Margin	-22.4%-1.6pp	-20.8%+1.0pp	-21.8%-19.1pp	-2.7%-2.7pp	0.0%0.0pp	0.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-46.0%-13.8pp	-32.2%-5.5pp	-26.7%-24.6pp	-2.1%-2.1pp	0.0%0.0pp	0.0%
Current Ratio	2.28-0.4	2.67-0.2	2.88-0.8	3.71+2.8	0.92-2.0	2.92
Debt-to-Equity	1.34-0.0	1.38-0.5	1.83+1.8	0.00+0.1	-0.10-0.6	0.52
FCF Margin	-11.8%-4.3pp	-7.5%+25.3pp	-32.8%-1.5pp	-31.3%-22.2pp	-9.2%+15.9pp	-25.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	62.9%+1.4pp	61.5%+3.5pp	58.0%-8.5pp	66.5%+0.9pp	65.7%-2.3pp	68.0%-3.3pp	71.3%-1.1pp	72.4%
Operating Margin	-51.5%-24.4pp	-27.2%+7.7pp	-34.8%-0.9pp	-34.0%-4.1pp	-29.9%-6.0pp	-23.9%-5.4pp	-18.5%+44.9pp	-63.4%
Net Margin	-33.2%-15.7pp	-17.4%+4.6pp	-22.1%-0.9pp	-21.1%-3.3pp	-17.8%-4.0pp	-13.9%-3.6pp	-10.3%+20.2pp	-30.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-17.4%-6.7pp	-10.7%+1.9pp	-12.6%-1.7pp	-11.0%-2.8pp	-8.2%-2.0pp	-6.1%-1.6pp	-4.5%+5.4pp	-9.9%
Current Ratio	1.43-0.7	2.13+0.1	2.05-0.2	2.28-0.9	3.21+0.4	2.78+0.1	2.67+0.2	2.46
Debt-to-Equity	1.37+0.1	1.32-0.1	1.42+0.1	1.34+0.2	1.13-0.2	1.30-0.1	1.38-0.1	1.46
FCF Margin	-11.2%+6.9pp	-18.1%-2.1pp	-16.0%+10.0pp	-26.0%-12.0pp	-14.0%-17.9pp	4.0%+18.5pp	-14.5%+2.0pp	-16.6%

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Frequently Asked Questions

What is Nerdy Inc's annual revenue?

Nerdy Inc (NRDY) reported $190.2M in total revenue for fiscal year 2024. This represents a -1.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Nerdy Inc's revenue growing?

Nerdy Inc (NRDY) revenue declined by 1.6% year-over-year, from $193.4M to $190.2M in fiscal year 2024.

Is Nerdy Inc profitable?

No, Nerdy Inc (NRDY) reported a net income of -$42.6M in fiscal year 2024, with a net profit margin of -22.4%.

What is Nerdy Inc's earnings per share (EPS)?

Nerdy Inc (NRDY) reported diluted earnings per share of $-0.38 for fiscal year 2024. This represents a 7.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Nerdy Inc's EBITDA?

Nerdy Inc (NRDY) had EBITDA of -$68.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Nerdy Inc's gross margin?

Nerdy Inc (NRDY) had a gross margin of 67.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Nerdy Inc's operating margin?

Nerdy Inc (NRDY) had an operating margin of -36.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Nerdy Inc's net profit margin?

Nerdy Inc (NRDY) had a net profit margin of -22.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Nerdy Inc's free cash flow?

Nerdy Inc (NRDY) generated -$22.5M in free cash flow during fiscal year 2024. This represents a -55.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Nerdy Inc's operating cash flow?

Nerdy Inc (NRDY) generated -$15.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Nerdy Inc's total assets?

Nerdy Inc (NRDY) had $92.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Nerdy Inc's capital expenditures?

Nerdy Inc (NRDY) invested $6.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Nerdy Inc's current ratio?

Nerdy Inc (NRDY) had a current ratio of 2.28 as of fiscal year 2024, which is generally considered healthy.

What is Nerdy Inc's debt-to-equity ratio?

Nerdy Inc (NRDY) had a debt-to-equity ratio of 1.34 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nerdy Inc's return on assets (ROA)?

Nerdy Inc (NRDY) had a return on assets of -46.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Nerdy Inc's cash runway?

Based on fiscal year 2024 data, Nerdy Inc (NRDY) had $52.5M in cash against an annual operating cash burn of $15.6M. This gives an estimated cash runway of approximately 40 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Nerdy Inc's Piotroski F-Score?

Nerdy Inc (NRDY) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nerdy Inc's earnings high quality?

Nerdy Inc (NRDY) has an earnings quality ratio of 0.37x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Nerdy Inc?

Nerdy Inc (NRDY) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.