51Talk Online Education Group Announces the Results for the Fourth Quarter and Full Year 2025

Rhea-AI Summary

51Talk (NYSE:COE) reported strong 2025 growth: gross billings of US$127.6M (+83.4% YoY) and net revenues of US$95.6M (+88.6% YoY). Active students rose to ~170.3k (+79.3%). Operating cash inflow was US$11.8M. The company widened operating and net losses while guiding Q1 2026 gross billings of US$29.0M–31.0M.

Positive

• Net revenues +88.6% YoY to US$95.6M
• Gross billings +83.4% YoY to US$127.6M
• Active students with attended lessons +79.3% to ~170.3k
• Operating cash inflow reached US$11.8M

Negative

• Operating loss widened to US$14.4M in 2025
• Net loss increased to US$16.8M in 2025
• Gross margin declined 410 bps to 73.9% (2024:78.0%)
• Advances from students grew to US$76.6M, increasing liability

News Market Reaction – COE

+2.55%

2 alerts

+2.55% Session close to close

+2.5% Peak Tracked

$123.58M Market Cap

0.7x Rel. Volume

In the Mar 27 session, COE gained 2.55%, reflecting a moderate positive market reaction. Argus tracked a peak move of +2.5% during that session. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights strong 2025 growth for COE, with gross billings of US$127.6 million, ne...

Analysis

This announcement highlights strong 2025 growth for COE, with gross billings of US$127.6 million, net revenues of US$95.6 million, and active students reaching 170,300, alongside positive operating cash inflow of US$11.8 million. At the same time, the company reported a larger net loss of US$16.8 million and higher operating expenses. Historically, earnings events have produced mixed market responses, so investors may watch future updates on margins, expense discipline, and progress toward profitability as key indicators.

Key Figures

2025 Gross Billings: US$127.6 million 2025 Net Revenues: US$95.6 million 2025 Operating Cash Inflow: US$11.8 million +5 more

8 metrics

2025 Gross Billings US$127.6 million Full year 2025 gross billings; 83.4% growth vs 2024

2025 Net Revenues US$95.6 million Full year 2025 net revenues; 88.6% increase vs 2024

2025 Operating Cash Inflow US$11.8 million Full year 2025 net operating cash inflow

Q4 2025 Net Revenues US$30.6 million Fourth quarter 2025; up 88.6% vs Q4 2024

2025 Net Loss US$16.8 million Full year 2025 net loss vs US$7.2 million in 2024

Cash & Equivalents US$39.0 million Cash, cash equivalents, time deposits as of Dec 31, 2025

Advances from Students US$76.6 million Advances from students as of Dec 31, 2025

Active Students 2025 170,300 students Active students with attended lesson consumption in 2025

Previous Earnings Reports

5 past events · Latest: Dec 08 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Dec 08	Q3 2025 earnings	Positive	-12.2%	Strong Q3 growth and cash inflow but ongoing operating and net losses.
Sep 03	Q2 2025 earnings	Positive	+4.0%	Robust revenue and billings growth with expanding active student base.
Jun 09	Q1 2025 earnings	Positive	+13.6%	Strong YoY growth and improved operating loss versus prior year.
Apr 25	2024 20-F filing	Neutral	-1.2%	Filing of audited annual report and availability to shareholders.
Mar 21	FY/Q4 2024 earnings	Positive	-8.4%	Strong 2024 growth with higher revenues and billings plus positive cash flow.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have often produced mixed to negative price reactions despite strong growth metrics, indicating a pattern of cautious market response to results.

Recent Company History

Over the past year, COE has repeatedly reported strong growth in gross billings and net revenues, with Q1–Q3 2025 earnings showing rapid expansion in active students but continued operating and net losses. The 2024 annual results also highlighted high growth and improving cash flow. However, several earnings and reporting events, including Q3 2025 results and the 2024 annual report filing, saw negative share reactions, suggesting investors focused on profitability and margin compression rather than top-line momentum when digesting these updates.

Key Terms

gross billings, gross margin, non-GAAP, share-based compensation, +4 more

8 terms

gross billings financial

"Full Year 2025 Financial and Operating HighlightsGross billings[1] for 2025 were US$127.6 million"

Gross Billings is the total amount of money a company earns from selling its products or services before any expenses or discounts are taken out. It shows how much business the company is doing overall and helps investors understand its growth or size. Think of it as the total sales receipt before deducting costs or returns.

gross margin financial

"Gross Margin | 74.5 % | | 73.2 % | | 72.4 % | | 73.9 %"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

View in glossary

non-GAAP financial

"Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the fourth quarter of 2025 were US$20.3 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

share-based compensation financial

"Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the fourth quarter of 2025 were US$5.1 million"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

operating cash inflow financial

"Operating cash inflow for 2025 was US$11.8 million."

Operating cash inflow is the actual money a business receives from its core activities, like selling products or providing services, after customers pay and bills are collected. Investors care because it shows whether daily operations generate real cash to pay expenses, invest or return to shareholders—like checking a household bank balance to see if your job income covers rent and savings rather than relying on loans or one-time gains.

american depositary share financial

"Basic and diluted net loss per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2025 was US$1.08"

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

ADS financial

"Basic and diluted net loss per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2025 was US$1.08"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

advances from students financial

"The Company had advances from students[3] of US$76.6 million as of December 31, 2025"

Advances from students are cash payments a school or training provider receives before the related classes or services are delivered, like tuition deposits, prepaid fees, or upfront housing payments. For investors this matters because those advances boost short-term cash but represent an obligation to provide future education or services, affecting an institution’s revenue recognition, liquidity and the likelihood of refunds—similar to a customer prepaying for a product you must still deliver.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SINGAPORE, March 27, 2026 /PRNewswire/ -- 51Talk Online Education Group ("51Talk" or the "Company") (NYSE American: COE), a global online education platform with core expertise in English education, announced its unaudited results for the fourth quarter and full year ended December 31, 2025.

Full Year 2025 Financial and Operating Highlights

• Gross billings^[1] for 2025 were US$127.6 million, an 83.4% growth from US$69.6 million for 2024.
• Net revenues were US$95.6 million for 2025, an 88.6% increase from US$50.7 million for 2024.
• The number of active students with attended lesson consumption was approximately 170,300 in 2025, representing a 79.3% increase from approximately 95,000 for 2024.
• Operating cash inflow for 2025 was US$11.8 million.

Fourth Quarter 2025 Financial and Operating Highlights

• Gross billings for the fourth quarter of 2025 were US$36.8 million, a 72.0% growth from US$21.4 million for the fourth quarter of 2024.
• Net revenues were US$30.6 million for the fourth quarter of 2025, an 88.6% increase from US$16.2 million for the fourth quarter of 2024.
• The number of active students with attended lesson consumption was approximately 126,700 in the fourth quarter of 2025, representing a 70.8% increase from approximately 74,200 for the fourth quarter of 2024.
• Operating cash inflow for the fourth quarter of 2025 was US$3.1 million.

Key Financial and Operating Data	For the three months ended						For the year ended
	Jun. 30,		Sept. 30,		Dec. 31,		Dec. 31,
	2025		2025		2025		2025
Net Revenues (in US$ millions)	20.4		26.3		30.6		95.6
Gross Margin	74.5 %		73.2 %		72.4 %		73.9 %
Gross Billings (in US$ millions)	28.5		40.5		36.8		127.6
Active students with attended lesson consumption[2] (in thousands)	91.3		112.6		126.7		170.3

 

[1] Gross billings for a specific period, which is one of the Company's key operating data, is defined as the total amount of cash received and receivable from third party payment platforms for the sale of course packages and services in such period, net of the total amount of refunds in such period. The gross billings data included herein was from the Company's business system and converted with quarterly corresponding exchange rate, which may lead to differences with bank records. [2] An "active student with attended lesson consumption" for a given period refers to a student who attended at least one paid lesson, excluding those students who only attended paid live broadcasting lessons or trial lessons.

"2025 has been a transformational year for 51Talk, as we began to reap the rewards of the strategic investments made over the past several years. Full-year gross billings reached US$127.6 million, representing year-over-year growth of 83.4%, while net revenues grew 88.6% year-over-year to US$95.6 million. These results mark a significant milestone, as gross billings surpassed and net revenues approached the US$100 million threshold for the first time since we embarked on our global expansion strategy, providing compelling validation that our business model can scale effectively on a global basis," stated Jack Jiajia Huang, Founder, Chairman, and Chief Executive Officer of 51Talk.

"Net operating cash inflow also surpassed the US$10 million mark, reaching US$11.8 million in 2025 — further evidence that we are building a sustainable and scalable business. Looking ahead to 2026, we are committed to expanding our growth trajectory based on the foundation we built over the past years. We are focused on consolidating the transformational gains of the past year and further enhancing our user experience. We will continue to invest prudently in our platform, our tutors, and our AI capabilities, while making meaningful progress toward profitability," concluded Jack Jiajia Huang.

Fourth Quarter 2025 Financial Results

Net Revenues and Gross Margin

Net revenues for the fourth quarter of 2025 were US$30.6 million, an 88.6% increase from US$16.2 million for the same quarter last year. The number of active students with attended lesson consumption was approximately 126,700 in the fourth quarter of 2025, a 70.8% increase from approximately 74,200 for the same quarter last year.

Cost of revenues for the fourth quarter of 2025 was US$8.4 million, representing a 131.2% increase from US$3.7 million for the same quarter last year. The increase was primarily due to the increase in total service fees paid to teachers, mainly resulting from an increased number of paid lessons coupled with strategic incentives offered to attract and retain premium tutors to support our rapid market expansion.

Gross profit for the fourth quarter of 2025 was US$22.2 million, representing a 76.2% increase from US$12.6 million for the same quarter last year.

Gross margin for the fourth quarter of 2025 was 72.4%, compared with 77.5% for the same quarter last year.

Operating Expenses

Total operating expenses for the fourth quarter of 2025 were US$27.4 million, representing a 103.6% increase from US$13.4 million for the same quarter last year. The increase was mainly due to the increase in sales and marketing expenses.

Sales and marketing expenses for the fourth quarter of 2025 were US$20.4 million, representing a 101.6% increase from US$10.1 million for the same quarter last year. The increase was primarily attributable to the rise in marketing and branding expenses resulting from intensified marketing and branding activities, as well as higher sales personnel costs related to increases in the number of sales and marketing personnel. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the fourth quarter of 2025 were US$20.3 million, representing a 101.4% increase from US$10.1 million for the same quarter last year.

Product development expenses for the fourth quarter of 2025 were US$1.6 million, representing a 72.2% increase from US$0.9 million for the same quarter last year. Excluding share-based compensation expenses, non-GAAP product development expenses for the fourth quarter of 2025 were US$1.6 million, representing a 76.9% increase from US$0.9 million for the same quarter last year.

General and administrative expenses for the fourth quarter of 2025 were US$5.4 million, representing a 123.9% increase from US$2.4 million for the same quarter last year. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the fourth quarter of 2025 were US$5.1 million, representing a 127.5% increase from US$2.2 million for the same quarter last year.

Loss from Operations

Operating loss for the fourth quarter of 2025 was US$5.2 million, compared with operating loss of US$0.9 million for the same quarter last year.

Non-GAAP operating loss for the fourth quarter of 2025 was US$4.8 million, compared with non-GAAP operating loss of US$0.7 million for the same quarter last year.

Net Loss Attributable to the Company's Ordinary Shareholders

Net loss attributable to the Company's ordinary shareholders for the fourth quarter of 2025 was US$6.5 million, compared with net loss of US$1.4 million for the same quarter last year.

Excluding share-based compensation expenses of US$0.3 million, non-GAAP net loss attributable to the Company's ordinary shareholders for the fourth quarter of 2025 was US$6.1 million, compared with non-GAAP net loss of US$1.2 million for the same quarter last year.

Basic and diluted net loss per share attributable to ordinary shareholders for the fourth quarter of 2025 was US$0.02, compared with basic and diluted net loss per share of US$0.004 for the same quarter last year.

Excluding share-based compensation expenses of US$0.3 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders for the fourth quarter of 2025 was US$0.02, compared with non-GAAP basic and diluted net loss per share attributable to ordinary shareholders of US$0.003 for the same quarter last year.

Basic and diluted net loss per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2025 was US$1.08, compared with basic and diluted net loss per ADS of US$0.24 for the same quarter last year. Each ADS represents 60 Class A ordinary shares.

Excluding share-based compensation expenses of US$0.3 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for the fourth quarter of 2025 was US$1.03, compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of US$0.20 for the same quarter last year.

Balance Sheet

As of December 31, 2025, the Company had total cash, cash equivalents, time deposits of US$39.0 million, compared with US$29.2 million as of December 31, 2024.

The Company had advances from students^[3] of US$76.6 million as of December 31, 2025, compared with US$45.1 million as of December 31, 2024.

[3] "Advances from students" is defined as the amount of obligation to transfer goods or service to students or business partners for which consideration has been received from students in advance. The deposits from students are also presented in the total amount of "advances from students."

Full Year 2025 Financial Results

Net Revenues and Gross Margin

Net revenues for 2025 were US$95.6 million, representing an 88.6% increase from US$50.7 million for 2024. The number of active students with attended lesson consumption was approximately 170,300 for 2025, a 79.3% increase from approximately 95,000 for the last year.

Cost of revenues for 2025 was US$24.9 million, representing a 123.4% increase from US$11.2 million for 2024. The increase was primarily due to the increase in total service fees paid to teachers, mainly resulting from an increased number of paid lessons.

Gross profit for 2025 was US$70.7 million, representing a 78.8% increase from US$39.5 million for 2024.

Gross margin for 2025 was 73.9%, compared with 78.0% for 2024.

Operating Expenses

Total operating expenses for 2025 were US$85.1 million, representing a 78.8% increase from US$47.6 million for 2024. The increase was mainly due to the increase in sales and marketing expenses and general and administrative expenses. 

Sales and marketing expenses for 2025 were US$62.3 million, representing an 86.6% increase from US$33.4 million for 2024. The increase was primarily attributable to the rise in marketing and branding expenses resulting from intensified marketing and branding activities, as well as higher sales personnel costs related to increases in the number of sales and marketing personnel.  Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for 2025 were US$62.0 million, representing an 86.3% increase from US$33.3 million for 2024.

Product development expenses for 2025 were US$5.5 million, representing a 53.3% increase from US$3.6 million for 2024. Excluding share-based compensation expenses, non-GAAP product development expenses for 2025 were US$5.4 million, representing a 57.1% increase from US$3.5 million for 2024.

General and administrative expenses for 2025 were US$17.3 million, representing a 63.0% increase from US$10.6 million for 2024. The increase was primarily due to higher administrative personnel costs related to the increase in the number of general and administrative personnel. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for 2025 were US$16.3 million, representing a 64.8% increase from US$9.9 million for 2024.

Loss from Operations

Operating loss for 2025 was US$14.4 million, compared with operating loss of US$8.0 million for 2024.

Excluding share-based compensation expenses of US$1.3 million, non-GAAP operating loss for 2025 was US$13.1 million, compared with non-GAAP operating loss of US$7.1 million for 2024.

Net Loss Attributable to the Company's Ordinary Shareholders

Net loss for 2025 was US$16.8 million, compared with net loss of US$7.2 million for 2024.

Excluding share-based compensation expenses of US$1.3 million, non-GAAP net loss for 2025 was US$15.5 million, compared with non-GAAP net loss of US$6.3 million.

Basic and diluted net loss per share attributable to ordinary shareholders for 2025 was US$0.05, compared with basic and diluted net loss per share of US$0.02 for 2024.

Excluding share-based compensation expenses of US$1.3 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders for 2025 was US$0.04, compared with non-GAAP basic and diluted net loss per share attributable to ordinary shareholders of US$0.02 for 2024.

Basic and diluted net loss per American depositary share attributable to ordinary shareholders for 2025 was US$2.84, compared with basic and diluted net loss per ADS of US$1.25 for 2024. Each ADS represents 60 Class A ordinary shares.

Excluding share-based compensation expenses of US$1.3 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for 2025 was US$2.62, compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of US$1.09, for 2024.

Outlook

For the first quarter of 2026, the Company currently expects net gross billings to be between US$29.0 million and US$31.0 million, which would represent a sequential decrease of 15.7% to 21.2% and an increase of approximately 32.2% to 41.4% from the same quarter in 2025.

The above outlook is based on current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 27, 2026 (8:00 PM Singapore/Hong Kong time on March 27, 2026).

Dial-in details for the earnings conference call are as follows:

United States (toll free):	1-888-346-8982
International:	1-412-902-4272
Mainland China (toll free):	4001-201203
Hong Kong (toll free):	800-905945
Web phone	click here

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "51Talk Online Education Group."

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.51talk.com.

A replay of the conference call will be accessible until April 3 2026, by dialing the following telephone numbers:

United States (toll free):	1-855-669-9658
International:	1-412-317-0088
Replay Access Code:	7144082

About 51Talk Online Education Group

51Talk Online Education Group (NYSE American: COE) is a global online education platform with core expertise in English education. The Company's online and mobile education platforms enable students to take live interactive English lessons on demand. The Company connects its students with highly qualified teachers using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students.  

Use of Non-GAAP Financial Measures

In evaluating its business, 51Talk considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP sales and marketing expenses, non-GAAP product development expenses, non-GAAP general and administrative expenses, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders per share and per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this press release.

51Talk believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. 51Talk believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to 51Talk's historical performance. 51Talk computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. 51Talk believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in the 51Talk's business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at the end of this press release provides more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "aims", "future", "intends", "plans", "believes", "estimates", "likely to" and similar statements. Among other things, 51Talk's quotations from management in this announcement, as well as 51Talk's strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about 51Talk's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 51Talk's goals and strategies; 51Talk's expectations regarding demand for and market acceptance of its brand and platform; 51Talk's ability to retain and increase its student enrollment; 51Talk's ability to offer new courses; 51Talk's ability to engage, train and retain new teachers; 51Talk's future business development, results of operations and financial condition; 51Talk's ability to maintain and improve infrastructure necessary to operate its education platform; competition in the online education industry in its international markets; the expected growth of, and trends in, the markets for 51Talk's course offerings in its international markets; relevant government policies and regulations relating to 51Talk's corporate structure, business and industry; general economic and business condition in the Philippines, its international markets and elsewhere; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 51Talk's filings with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

		51TALK ONLINE EDUCATION GROUP
		UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
		(In thousands)
			As of
				Dec. 31,		Dec. 31,
				2024		2025
				US$		US$
ASSETS
	Current assets
		Cash and cash equivalents		27,758		38,869
		Time deposits		1,430		93
		Prepaid expenses and other current assets		10,906		21,435
	Total current assets			40,094		60,397
	Non-current assets
		Property and equipment, net		363		1,998
		Intangible assets, net		80		68
		Right-of-use assets		2,888		3,211
		Deferred tax assets		57		77
		Other non-current assets		460		341
	Total non-current assets			3,848		5,695
	Total assets			43,942		66,092
LIABILITIES
	AND SHAREHOLDERS' DEFICITS
	Current liabilities
		Advances from students		45,064		76,569
		Accrued expenses and other current liabilities		6,644		12,464
		Amounts due to related parties		2,853		3,333
		Lease liabilities		1,242		1,764
		Taxes payable		1,100		1,226
	Total current liabilities			56,903		95,356
	Non-current liabilities
		Lease liabilities		1,441		1,177
		Other non-current liabilities		310		360
		Deferred tax liabilities		-		452
	Total non-current liabilities			1,751		1,989
	Total liabilities			58,654		97,345
	Total shareholders' deficits			(15,000)		(31,357)
	Noncontrolling interests			288		104
	Total deficits			(14,712)		(31,253)
	Total liabilities and shareholders' deficits			43,942		66,092

 

51TALK ONLINE EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except for number of shares and per share data)
		For the three months ended						For the year ended
		Dec. 31,		Sep. 30,		Dec. 31,		Dec. 31,		Dec. 31,
		2024		2025		2025		2024		2025
		US$		US$		US$		US$		US$
Net revenues		16,236		26,334		30,622		50,692		95,601
Cost of revenues		(3,651)		(7,067)		(8,442)		(11,164)		(24,944)
Gross profit		12,585		19,267		22,180		39,528		70,657
Operating expenses
Sales and marketing expenses		(10,121)		(17,697)		(20,408)		(33,388)		(62,307)
Product development expenses		(933)		(1,581)		(1,607)		(3,571)		(5,476)
General and administrative expenses		(2,389)		(4,572)		(5,350)		(10,615)		(17,303)
Total operating expenses		(13,443)		(23,850)		(27,365)		(47,574)		(85,086)
Loss from operations		(858)		(4,583)		(5,185)		(8,046)		(14,429)
Interest income		27		138		142		229		358
Other expenses/(income), net		(421)		(482)		(777)		771		(1,545)
Loss before income tax expenses		(1,252)		(4,927)		(5,820)		(7,046)		(15,616)
Income tax expenses		(162)		(264)		(652)		(276)		(1,242)
Net loss		(1,414)		(5,191)		(6,472)		(7,322)		(16,858)
Net loss attributable to noncontrolling interests		(36)		(10)		(12)		(87)		(54)
Net loss attributable to the Company's ordinary shareholders		(1,378)		(5,181)		(6,460)		(7,235)		(16,804)
Weighted average number of ordinary shares used in computing basic and diluted loss per share		348,918,600		356,502,442		357,904,007		347,119,359		355,001,931

 

51TALK ONLINE EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except for number of shares and per share data)
			For the three months ended					For the year ended
			Dec. 31,		Sep. 30,		Dec. 31,		Dec. 31,		Dec. 31,
			2024		2025		2025		2024		2025
			US$		US$		US$		US$		US$
Net loss per share attributable to ordinary shareholders
	Basic and diluted		(0.00)		(0.01)		(0.02)		(0.02)		(0.05)
Net loss per ADS attributable to ordinary shareholders
	Basic and diluted		(0.24)		(0.87)		(1.08)		(1.25)		(2.84)
Share-based compensation expenses are included in the operating expenses as follows:
Sales and marketing expenses			(30)		(98)		(82)		(117)		(322)
Product development expenses			(32)		(13)		(13)		(118)		(53)
General and administrative expenses			(145)		(255)		(246)		(699)		(956)

 

51TALK ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)
			For the three months ended					For the year ended
			Dec. 31,		Sep. 30,		Dec. 31,		Dec. 31,		Dec. 31,
			2024		2025		2025		2024		2025
			US$		US$		US$		US$		US$
Sales and marketing expenses			(10,121)		(17,697)		(20,408)		(33,388)		(62,307)
Less: Share-based compensation expenses			(30)		(98)		(82)		(117)		(322)
Non-GAAP sales and marketing expenses			(10,091)		(17,599)		(20,326)		(33,271)		(61,985)
Product development expenses			(933)		(1,581)		(1,607)		(3,571)		(5,476)
Less: Share-based compensation expenses			(32)		(13)		(13)		(118)		(53)
Non-GAAP product development expenses			(901)		(1,568)		(1,594)		(3,453)		(5,423)
General and administrative expenses			(2,389)		(4,572)		(5,350)		(10,615)		(17,303)
Less: Share-based compensation expenses			(145)		(255)		(246)		(699)		(956)
Non-GAAP general and administrative expenses			(2,244)		(4,317)		(5,104)		(9,916)		(16,347)
Operating expenses			(13,443)		(23,850)		(27,365)		(47,574)		(85,086)
Less: Share-based compensation expenses			(207)		(366)		(341)		(934)		(1,331)
Non-GAAP operating expenses			(13,236)		(23,484)		(27,024)		(46,640)		(83,755)
Loss from operations			(858)		(4,583)		(5,185)		(8,046)		(14,429)
Less: Share-based compensation expenses			(207)		(366)		(341)		(934)		(1,331)
Non-GAAP loss from operations			(651)		(4,217)		(4,844)		(7,112)		(13,098)

 

51TALK ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)
		For the three months ended							For the year ended
		Dec. 31,			Sep. 30,		Dec. 31,		Dec. 31,		Dec. 31,
		2024			2025		2025		2024		2025
		US$			US$		US$		US$		US$
Income tax expenses		(162)			(264)		(652)		(276)		(1,242)
Less: Tax impact of Share-based compensation expenses		-			-		-		-		-
Non-GAAP income tax expenses		(162)			(264)		(652)		(276)		(1,242)
Net loss, all attributable to the Company's ordinary shareholders		(1,378)			(5,181)		(6,460)		(7,235)		(16,804)
Less: Share-based compensation expenses		(207)			(366)		(341)		(934)		(1,331)
Non-GAAP net loss, all attributable to the Company's ordinary shareholders		(1,171)			(4,815)		(6,119)		(6,301)		(15,473)
Weighted average number of ordinary shares used in computing basic and diluted loss per share		348,918,600			356,502,442		357,904,007		347,119,359		355,001,931
Non-GAAP net loss per share attributable to ordinary shareholders
Basic and Diluted		(0.00)			(0.01)		(0.02)		(0.02)		(0.04)
Non-GAAP net loss per ADS attributable to ordinary shareholders
Basic and Diluted		(0.20)			(0.81)		(1.03)		(1.09)		(2.62)
*The previously reported unaudited quarterly financial information for the relevant periods has been revised to reflect certain immaterial adjustments, primarily related to the refinement of expense recognition cutoffs during the year-end financial reporting process.

 

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SOURCE 51Talk Online Education Group

FAQ

What were 51Talk (COE) full-year 2025 revenues and growth rates?

Net revenues were US$95.6M, an 88.6% increase year-over-year. According to the company, this followed gross billings of US$127.6M, reflecting strong demand and user growth across 2025.

How many active students did 51Talk (COE) report for 2025 and Q4 2025?

About 170,300 active students for full-year 2025 and ~126,700 in Q4 2025. According to the company, both figures represent substantial year-over-year expansions in attended lesson consumption.

What losses and cash flow did 51Talk (COE) report for 2025?

Net loss was US$16.8M and operating loss US$14.4M for 2025. According to the company, operating cash inflow was positive at US$11.8M, indicating improving cash generation despite losses.

What guidance did 51Talk (COE) give for Q1 2026 gross billings on March 27, 2026?

The company expects Q1 2026 gross billings of US$29.0M–31.0M, a sequential decline but a year-over-year increase. According to the company, this outlook reflects current market and demand estimates.

Why did 51Talk (COE) report higher costs in Q4 2025 and 2025 full year?

Costs rose due to higher service fees to teachers and intensified marketing and branding spend. According to the company, increased paid lessons and hiring drove higher cost and sales and marketing expenses.