51Talk Online Education Group Announces Third Quarter 2025 Results

Rhea-AI Summary

51Talk (NYSE:COE) reported strong third quarter 2025 results with gross billings of $40.5M (up 104.6% YoY) and net revenues of $26.3M (up 87.5% YoY). Active students with attended lesson consumption rose to 112,600 (up 71.4% YoY). Gross profit was $19.3M and gross margin was 73.3% (down 5.4 ppt). Operating cash inflow was $6.6M and cash, cash equivalents and time deposits totaled $36.6M as of Sept 30, 2025. The company reported an operating loss of $4.2M and net loss attributable to ordinary shareholders of $4.8M. Q4 2025 gross billings guidance is $35.0M–$38.0M.

Positive

• Gross billings +104.6% YoY to $40.5M
• Net revenues +87.5% YoY to $26.3M
• Active students +71.4% YoY to 112,600
• Operating cash inflow of $6.6M in Q3 2025
• Cash and equivalents of $36.6M as of Sep 30, 2025

Negative

• Operating expenses +97.9% YoY to $23.4M
• Sales and marketing expenses +114.7% YoY to $17.5M
• Operating loss widened to $4.2M in Q3 2025
• Gross margin declined 5.4 percentage points to 73.3%

Key Figures

Net revenues US$26.3 million Third quarter 2025; up 87.5% from US$14.0 million in Q3 2024

Gross billings US$40.5 million Third quarter 2025; up 104.6% from US$19.8 million in Q3 2024

Gross margin 73.3% Third quarter 2025; down from 78.7% in Q3 2024

Operating loss US$4.2 million Third quarter 2025; versus US$0.8 million loss in Q3 2024

Net loss US$4.8 million Net loss attributable to ordinary shareholders in Q3 2025

Active students 112,600 students Quarterly active students with attended lesson consumption in Q3 2025

Cash & equivalents US$36.6 million As of September 30, 2025; up from US$29.2 million at December 31, 2024

Advances from students US$70.7 million As of September 30, 2025; up from US$45.1 million at December 31, 2024

Market Reality Check

$41.24 Last Close

Volume Volume 9,518 vs 20-day average 13,837 (relative volume 0.69) ahead of the earnings release. low

Technical Shares at $41.24, trading above 200-day MA of $30.79 and well off the $12.98 52-week low.

Peers on Argus

Peers in Education & Training Services showed mixed moves, with names like IH down 8.03% and STG up 5.86%, suggesting stock-specific rather than broad sector-driven drivers for COE.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 03	Earnings date notice	Neutral	-10.7%	Announcement of Q3 2025 earnings release date and conference call details.
Sep 03	Auditor change	Positive	+4.0%	Engagement of Ernst & Young as new independent registered public accounting firm.
Sep 03	Q2 2025 earnings	Positive	+4.0%	Strong Q2 2025 growth in revenues, billings and students despite ongoing losses.
Aug 29	Earnings date notice	Neutral	-1.9%	Scheduling and access details for upcoming Q2 2025 earnings release and call.
Aug 15	Investor conference	Positive	+5.5%	Participation in Sidoti virtual investor conference with presentation and 1:1 meetings.

Pattern Detected

Earnings and business updates have often been followed by positive price reactions, especially when highlighting strong growth, though not uniformly.

Recent Company History

Over the last few quarters, 51Talk has repeatedly reported strong growth in net revenues, gross billings, and active students, while remaining loss-making. Q1 and Q2 2025 earnings showed rapid expansion and margin pressure, with modest positive price reactions. Earlier, Q4 2024 and Q3 2024 results also highlighted high growth and narrowing losses. Today’s Q3 2025 release continues this pattern of strong top-line and user growth alongside ongoing operating and net losses.

Market Pulse Summary

This announcement highlights Q3 2025 as another high-growth quarter, with net revenues of US$26.3 million, gross billings of US$40.5 million, and active students reaching 112,600. At the same time, operating and net losses widened and gross margin declined to 73.3%. Historically, earnings releases have combined strong expansion with ongoing losses. Investors may watch future quarters for trends in operating expenses, margin stability, and cash balance, which stood at US$36.6 million.

Key Terms

gross billings financial

"Gross billings[1] for the third quarter of 2025 were US$40.5 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.

non-gaap financial

"Excluding share-based compensation expenses, non-GAAP sales and marketing expenses..."

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.

american depositary share ("ads") financial

"Basic and diluted net loss per American depositary share ("ADS") attributable..."

An American Depositary Share (ADS) is a U.S.-listed certificate issued by a U.S. bank that represents one or more ordinary shares of a foreign company, letting U.S. investors buy and sell that foreign stock in dollars on U.S. markets. It matters because ADSs make access to overseas companies easier and more convenient—like a local ticket that stands in for a foreign product—while affecting liquidity, dividend payments, currency conversion and the regulatory disclosures investors rely on.

advances from students financial

"The Company had advances from students[3] of US$70.7 million as of September 30, 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. Not financial advice.

SINGAPORE, Dec. 8, 2025 /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 third quarter ended September 30, 2025.

Third Quarter 2025 Financial and Operating Highlights

• Gross billings^[1] for the third quarter of 2025 were US$40.5 million, a 104.6% growth from US$19.8 for the third quarter of 2024.
• Net revenues for the third quarter of 2025 were US$26.3 million, an 87.5% increase from US$14.0 million for the third quarter of 2024.
• The number of quarterly active students with attended lesson consumption for the third quarter of 2025 was approximately 112,600, representing a 71.4% increase from approximately 65,700 for the third quarter of 2024.
• Operating cash inflow for the third quarter of 2025 was US$6.6 million.

Key Financial and Operating Data	For the three months ended
	Sep 30,		Sep 30,		Period-to-Period
	2024		2025		Change
Net Revenues (in US$ millions)	14.0		26.3		87.5 %
Gross Margin	78.7 %		73.3 %		-5.4ppt
Gross Billings (in US$ millions)	19.8		40.5		104.6 %
Active students with attended lesson  consumption[2] (in thousands)	65.7		112.6		71.4 %

 

[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.

"I am pleased to report that the third quarter of 2025 represented another period of strong performance for our Company. Gross billings reached US$40.5 million, surpassing our previously issued guidance and demonstrating robust sequential growth of 42.1% quarter-over-quarter and triple-digit year-over-year growth of 104.6%. Crucially, we achieved this rapid expansion while maintaining positive net operating cash flow, which further solidifies our cash position and stands as a testament to our disciplined execution." stated Jack Jiajia Huang, Founder, Chairman, and Chief Executive Officer of 51Talk.

"Our active student base reached 112,600 during the quarter, marking a significant milestone as we surpassed 100,000 active students for the first time since we embarked on our global expansion strategy more than three years ago. We remain confident in both the substantial opportunity presented by the global market and our team's ability to execute our strategic vision and drive sustainable long-term value.

As we enter the fourth quarter of 2025, we consolidate recent rapid growth and expand business momentum with existing and new clients. We continue to build bridges and enable our students to exchange on a global stage, as demonstrated by our recent participation in COP30 held in Brazil in November 2025. Students from five distinct geographies participated in this event, demonstrating the increasingly diversified nature of our portfolio and our successful reach into new markets. We remain focused on executing our strategic priorities while maintaining disciplined capital allocation to drive long-term shareholder value." Jack Jiajia Huang concluded.

Third Quarter 2025 Financial Results

Net Revenues and Gross Margin

Net revenues for the third quarter of 2025 were US$26.3 million, representing an 87.5% increase from US$14.0 million for the same quarter last year. The number of active students with attended lesson consumption was approximately 112,600 in the third quarter of 2025, representing a 71.4% increase from 65,700 for the same quarter last year.

Cost of revenues for the third quarter of 2025 was US$7.0 million, representing a 135.9% increase from US$3.0 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.

Gross profit for the third quarter of 2025 was US$19.3 million, representing a 74.4% increase from US$11.1 million for the same quarter last year.

Gross margin for the third quarter of 2025 was 73.3%, compared with 78.7% for the same quarter last year.

Operating Expenses

Total operating expenses for the third quarter of 2025 were US$23.4 million, representing a 97.9% increase from US$11.8 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 third quarter of 2025 were US$17.5 million, representing a 114.7% increase from US$8.2 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 third quarter of 2025 were US$17.4 million, representing a 114.2% increase from US$8.1 million for the same quarter last year. 

Product development expenses for the third quarter of 2025 were US$1.6 million, representing an 87.8% increase from US$0.8 million for the same quarter last year. The increase was primarily due to higher product development personnel costs. Excluding share-based compensation expenses, non-GAAP product development expenses for the third quarter of 2025 were US$1.6 million, representing a 93.0% increase from US$0.8 million for the same quarter last year. 

General and administrative expenses for the third quarter of 2025 were US$4.3 million, representing a 52.5% increase from US$2.8 million for the same quarter last year. The increase was primarily due to higher general and administrative personnel costs. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the third quarter of 2025 were US$4.1 million, representing a 51.5% increase from US$2.7 million for the same quarter last year.

Loss from Operations

Operating loss for the third quarter of 2025 was US$4.2 million, compared with operating loss of US$0.8 million for the same quarter last year.

Non-GAAP operating loss for the third quarter of 2025 was US$3.8 million, compared with non-GAAP operating loss of US$0.6 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 third quarter of 2025 was US$4.8 million, compared with net loss of US$0.6 million for the same quarter last year.

Excluding share-based compensation expenses of US$0.4 million, non-GAAP net loss for the third quarter of 2025 was US$4.4 million, compared with non-GAAP net loss of US$0.4 million for the same quarter last year.

Basic and diluted net loss per share attributable to ordinary shareholders for the third quarter of 2025 was US$0.01, compared with basic and diluted net loss per share of US$0.002 for the same quarter last year.

Excluding share-based compensation expenses of US$0.4 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders for the third quarter of 2025 was US$0.01, compared with non-GAAP basic and diluted net loss per share attributable to ordinary shareholders of US$0.001 for the same quarter last year.

Basic and diluted net loss per American depositary share ("ADS") attributable to ordinary shareholders for the third quarter of 2025 was US$0.80, compared with basic and diluted net loss per ADS of US$0.11 for the same quarter last year. Each ADS represents 60 Class A ordinary shares.

Excluding share-based compensation expenses of US$0.4 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for the third quarter of 2025 was US$0.74, compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of US$0.07 for the same quarter last year.

Balance Sheet

As of September 30, 2025, the Company had total cash, cash equivalents and time deposits of US$36.6 million, compared with US$29.2 million as of December 31, 2024.

The Company had advances from students^[3] of US$70.7 million as of September 30, 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".

Outlook

For the fourth quarter of 2025, the Company currently expects net gross billings to be between US$35.0 million and US$38.0 million, which would represent a sequential decrease of 6.1% to 13.5% and an increase of approximately 63.7% to 77.7% from the same quarter in 2024.

The foregoing 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 December 8, 2025 (9:00 PM Singapore/Hong Kong time on December 8, 2025).

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

United States (toll free):	1-888-346-8982
International:	1-412-902-4272
Singapore (toll free):	800-120-6157
Mainland China (toll free):	4001-201203
Hong Kong (toll free):	800-905945
Hong Kong (local toll):	852-301-84992

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 December 15, 2025, by dialing the following telephone numbers:

United States (toll free):	1-855-669-9658
International:	1-412-317-0088
Replay Access Code:	4853089

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 mission is to make quality education accessible and affordable. 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,		Sep. 30,
				2024		2025
				US$		US$
ASSETS
	Current assets
		Cash and cash equivalents		27,758		33,532
		Time deposits		1,430		3,093
		Prepaid expenses and other current assets		10,906		22,622
	Total current assets			40,094		59,247
	Non-current assets
		Property and equipment, net		363		1,408
		Intangible assets, net		80		71
		Right-of-use assets		2,888		3,603
		Deferred tax assets		57		56
		Other non-current assets		460		481
	Total non-current assets			3,848		5,619
	Total assets			43,942		64,866
LIABILITIES AND SHAREHOLDERS' DEFICITS
	Current liabilities
		Advances from students		45,064		70,713
		Accrued expenses and other current liabilities		6,644		8,587
		Amounts due to related parties		2,853		4,356
		Lease liabilities		1,242		1,572
		Taxes payable		1,100		1,378
	Total current liabilities			56,903		86,606
	Non-current liabilities
		Lease liabilities		1,441		1,735
		Other non-current liabilities		310		334
	Total non-current liabilities			1,751		2,069
	Total liabilities			58,654		88,675
	Total shareholders' deficits			(15,000)		(23,919)
	Noncontrolling interests			288		110
	Total deficits			(14,712)		(23,809)
	Total liabilities and shareholders' deficits			43,942		64,866

 

 

 

	51TALK ONLINE EDUCATION GROUP
	UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
	(In thousands except for number of shares and per share data)
			For the three months ended						For the nine months ended
			Sep. 30,		Jun. 30,		Sep. 30,		Sep. 30,		Sep. 30,
			2024		2025		2025		2024		2025
			US$		US$		US$		US$		US$
Net revenues			14,047		20,398		26,334		34,456		64,979
Cost of revenues			(2,985)		(5,181)		(7,042)		(7,513)		(16,428)
Gross profit			11,062		15,217		19,292		26,943		48,551
Operating expenses
Sales and marketing expenses			(8,171)		(12,821)		(17,544)		(23,267)		(41,442)
Product development expenses			(839)		(1,238)		(1,576)		(2,638)		(3,855)
General and administrative expenses			(2,838)		(3,880)		(4,329)		(8,226)		(11,426)
Total operating expenses			(11,848)		(17,939)		(23,449)		(34,131)		(56,723)
Loss from operations			(786)		(2,722)		(4,157)		(7,188)		(8,172)
Interest income			57		58		138		202		216
Other income/(expenses), net			145		(227)		(482)		1,192		(768)
Loss before income tax expenses			(584)		(2,891)		(4,501)		(5,794)		(8,724)
Income tax expenses			(51)		(169)		(264)		(114)		(590)
Net loss			(635)		(3,060)		(4,765)		(5,908)		(9,314)
Net loss attributable to noncontrolling interests			(17)		(13)		(10)		(51)		(42)
Net loss attributable to the Company's ordinary shareholders			(618)		(3,047)		(4,755)		(5,857)		(9,272)
Weighted average number of ordinary shares used in
	computing basic and diluted loss per share		347,705,165		353,922,077		356,502,442		346,515,235		355,882,790

 

 

 

	51TALK ONLINE EDUCATION GROUP
	UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
	(In thousands except for number of shares and per share data)
			For the three months ended						For the nine months ended
			Sep. 30,		Jun. 30,		Sep. 30,		Sep. 30,		Sep. 30,
			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)		(0.01)		(0.02)		(0.03)
Net loss per ADS attributable to ordinary shareholders
	Basic and diluted		(0.11)		(0.52)		(0.80)		(1.01)		(1.56)
Share-based compensation expenses are included in the operating expenses as follows:
Sales and marketing expenses			(27)		(94)		(98)		(87)		(240)
Product development expenses			(29)		(14)		(13)		(86)		(40)
General and administrative expenses			(149)		(237)		(255)		(554)		(710)

 

 

 

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 nine months ended
			Sep. 30,		Jun. 30,		Sep. 30,		Sep. 30,		Sep. 30,
			2024		2025		2025		2024		2025
			US$		US$		US$		US$		US$
Sales and marketing expenses			(8,171)		(12,821)		(17,544)		(23,267)		(41,442)
Less: Share-based compensation expenses			(27)		(94)		(98)		(87)		(240)
Non-GAAP sales and marketing expenses			(8,144)		(12,727)		(17,446)		(23,180)		(41,202)
Product development expenses			(839)		(1,238)		(1,576)		(2,638)		(3,855)
Less: Share-based compensation expenses			(29)		(14)		(13)		(86)		(40)
Non-GAAP product development expenses			(810)		(1,224)		(1,563)		(2,552)		(3,815)
General and administrative expenses			(2,838)		(3,880)		(4,329)		(8,226)		(11,426)
Less: Share-based compensation expenses			(149)		(237)		(255)		(554)		(710)
Non-GAAP general and administrative expenses			(2,689)		(3,643)		(4,074)		(7,672)		(10,716)
Operating expenses			(11,848)		(17,939)		(23,449)		(34,131)		(56,723)
Less: Share-based compensation expenses			(205)		(345)		(366)		(727)		(990)
Non-GAAP operating expenses			(11,643)		(17,594)		(23,083)		(33,404)		(55,733)
Loss from operations			(786)		(2,722)		(4,157)		(7,188)		(8,172)
Less: Share-based compensation expenses			(205)		(345)		(366)		(727)		(990)
Non-GAAP loss from operations			(581)		(2,377)		(3,791)		(6,461)		(7,182)

 

 

 

	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 nine months ended
			Sep. 30,		Jun. 30,		Sep. 30,		Sep. 30,		Sep. 30,
			2024		2025		2025		2024		2025
			US$		US$		US$		US$		US$
Income tax expenses			(51)		(169)		(264)		(114)		(590)
Less: Tax impact of Share-based compensation expenses			-		-		-		-		-
Non-GAAP income tax expenses			(51)		(169)		(264)		(114)		(590)
Net loss attributable to the Company's ordinary shareholders			(618)		(3,047)		(4,755)		(5,857)		(9,272)
Less: Share-based compensation expenses			(205)		(345)		(366)		(727)		(990)
Non-GAAP net loss attributable to the Company's ordinary shareholders			(413)		(2,702)		(4,389)		(5,130)		(8,282)
Weighted average number of ordinary shares used in
	computing basic and diluted loss per share		347,705,165		353,922,077		356,502,442		346,515,235		355,882,790
Non-GAAP net loss per share attributable to ordinary shareholders
	Basic and diluted		(0.00)		(0.01)		(0.01)		(0.02)		(0.02)
Non-GAAP net loss per ADS attributable to ordinary shareholders
	Basic and diluted		(0.07)		(0.46)		(0.74)		(0.89)		(1.40)

 

View original content:https://www.prnewswire.com/news-releases/51talk-online-education-group-announces-third-quarter-2025-results-302635278.html

SOURCE 51Talk Online Education Group

FAQ

What did 51Talk (COE) report for Q3 2025 gross billings?

51Talk reported Q3 2025 gross billings of $40.5 million, up 104.6% year‑over‑year.

How many active students did COE report in Q3 2025?

COE reported approximately 112,600 active students with attended lesson consumption in Q3 2025.

What was 51Talk's Q3 2025 net loss per ADS and net loss?

Net loss attributable was $4.8 million and basic and diluted net loss per ADS was $0.80 for Q3 2025.

How did 51Talk's operating expenses change in Q3 2025?

Total operating expenses rose 97.9% YoY to $23.4 million in Q3 2025, driven by higher sales and marketing spend.

What is COE's Q4 2025 gross billings guidance and expected trend?

The company expects Q4 2025 gross billings of $35.0M–$38.0M, a sequential decline of 6.1%–13.5% but a 63.7%–77.7% increase YoY.