Ambow Education (NYSE: AMBO) grows Q1 2026 revenue and sharply lifts profit
Rhea-AI Filing Summary
Ambow Education Holding Ltd. reported much stronger results for the first quarter of 2026. Net revenues rose to $2.799 million from $2.314 million a year earlier, and gross profit margin expanded to 60.2%. Operating income increased to $442,000, more than triple the prior-year quarter.
Net income grew to $424,000 from $109,000, reflecting higher revenue and stable operating expenses. HybriU licensing and sales revenue more than doubled year over year, while educational program and services revenue also increased. Ambow ended March 31, 2026 with $6.9 million in cash and restricted cash.
Positive
- Strong Q1 2026 earnings momentum: Net revenues grew to $2.799 million (about 21% year over year), gross margin reached 60.2%, and operating income more than tripled to $442,000, driving net income up to $424,000 from $109,000.
Negative
- None.
Insights
Ambow delivered strong Q1 2026 growth with sharply higher profitability.
Ambow Education posted net revenues of $2.799 million for the quarter ended March 31, 2026, up from $2.314 million a year earlier. Management highlighted approximately 21% year-over-year top-line growth and a gross profit margin of 60.2%, indicating improved pricing or mix.
Operating income rose from $138,000 to $442,000 on essentially flat operating expenses, showing clear operating leverage. Net income increased to $424,000 from $109,000. HybriU licensing and sales revenue more than doubled year over year, becoming a more meaningful contributor alongside educational programs.
Cash and restricted cash totaled $6.9 million as of March 31, 2026, while total equity improved to $8.706 million. Future quarterly filings and 10-Q disclosures for the same period will provide more detail on segment performance and sustainability of these higher margins.
8-K Event Classification
Key Figures
Key Terms
phygital technical
HybriU licensing and sales financial
gross profit margin financial
operating income financial
Earnings Snapshot
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Current Report
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| Item 2.02 | Results of Operations and Financial Condition. |
On May 11, 2026, Ambow Education Holding Ltd. (the “Company”) issued a press release announcing its unaudited financial and operating results for the first quarter and three-month period ended March 31, 2026. The full text of the press release is set forth in Exhibit 99.1 attached hereto.
As provided in General Instruction B.2 of SEC Form 8-K, such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibits
| 99.1 | Press Release of Ambow Education Holding Ltd., dated May 11, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMBOW EDUCATION HOLDING LTD. | ||
| May 11, 2026 | By: | /s/ Jin Huang |
| Jin Huang | ||
| Chief Executive Officer | ||
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Exhibit 99.1
Ambow Education Announces First Quarter of 2026 Financial Results
CUPERTINO, Calif., May 11, 2026 (GLOBE NEWSWIRE) -- Ambow Education Holding Ltd. (“Ambow” or the “Company”) (NYSE American: AMBO) a U.S.-based innovator of AI-powered phygital (physical + digital) solutions for education, corporate collaboration and live events, today announced its unaudited financial and operating results for the three-month period ended March 31, 2026.
First Quarter of 2026 and Recent Financial and Operating Highlights
“This quarter demonstrates the operational leverage in our model. Our top-line grew approximately 21% year over year, gross profit margin expanded to 60.2%, and operating income more than tripled on essentially flat operating expenses. We are particularly encouraged by HybriU revenue more than doubling year over year, which we believe validates demand for our AI-driven phygital platform. With $6.9 million in cash resources and growing momentum across both our education and HybriU businesses, Ambow is well-positioned to continue investing in our product roadmap while maintaining financial discipline,” said Dr. Jin Huang, Chief Executive Officer of Ambow Education.
First Quarter 2026 Financial Results
| Net revenues for the first quarter of 2026 increased by 21.0% to $2.8 million from $2.3 million for the same period of 2025. The increase was primarily driven by HybriU revenue growth. |
| Gross profit for the first quarter of 2026 increased by 26.2% to $1.7 million from $1.3 million for the same period of 2025. Gross profit margin was 60.2% for the first quarter of 2026, compared with 57.7% for the first quarter of 2025. |
| Operating expenses for the first quarter of 2026 remained essentially stable at $1.2 million compared with the same period of 2025. |
| Operating income for the first quarter of 2026 was $0.4 million, compared with $0.1 million for the same period of 2025. |
| Net income attributable to ordinary shareholders for the first quarter of 2026 was $0.4 million, or $0.15 per basic and diluted ADS, compared with $0.1 million, or $0.04 per basic and diluted ADS, for the same period of 2025. |
| As of March 31, 2026, Ambow maintained cash resources of $6.9 million, comprising cash and cash equivalents of $4.2 million and restricted cash of $2.7 million. |
The Company’s financial and operating results for the first quarter of 2026 will also be available on its Quarterly Report on Form 10-Q, to be filed with the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov.
About Ambow
Ambow Education Holding Ltd. is a U.S.-based, AI-driven technology company offering phygital (physical + digital) solutions for education, corporate conferencing and live events. Through its flagship platform, HybriU, Ambow is shaping the future of learning, collaboration and communication—delivering immersive, intelligent, real-time experiences across industries. For more information, visit Ambow’s corporate website at https://www.ambow.com/.
Follow us on X: @Ambow_Education
Follow us on LinkedIn: Ambow-education-group
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Ambow and the industry. All information provided in this press release is as of the date hereof, and Ambow undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Ambow believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
Ambow Education Holding Ltd.
E-mail: ir@ambow.com
AMBOW EDUCATION HOLDING LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share and per share data)
| As of December 31, | As of March 31, | |||||||||
| Note | 2025 | 2026 | ||||||||
| (Audited) | (Unaudited) | |||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalent | 4 | $ | 831 | $ | 4,202 | |||||
| Restricted cash | 4 | 7,260 | 2,700 | |||||||
| Accounts receivable, net | 5 | 2,288 | 2,928 | |||||||
| Inventory | 80 | 80 | ||||||||
| Prepaid and other current assets | 6 | 410 | 585 | |||||||
| Total current assets | 10,869 | 10,495 | ||||||||
| Non-current assets: | ||||||||||
| Property and equipment, net | 7 | 1,984 | 1,961 | |||||||
| Intangible assets, net | 1,662 | 1,629 | ||||||||
| Other non-current assets, net | 8 | 969 | 924 | |||||||
| Operating lease right-of-use asset | 15 | 5,312 | 5,055 | |||||||
| Total non-current assets | 9,927 | 9,569 | ||||||||
| Total assets | $ | 20,796 | $ | 20,064 | ||||||
| LIABILITIES | ||||||||||
| Current liabilities: | ||||||||||
| Short-term borrowings | 9 | $ | 500 | $ | 500 | |||||
| Accounts payable | 1,609 | 837 | ||||||||
| Accrued and other liabilities | 10 | 1,542 | 1,331 | |||||||
| Income taxes payable | 1 | 1 | ||||||||
| Operating lease liability, current | 15 | 1,285 | 1,481 | |||||||
| Total current liabilities | 4,937 | 4,150 | ||||||||
| Non-current liabilities: | ||||||||||
| Long-term borrowings | 9 | 2,700 | 2,700 | |||||||
| Other non-current liabilities | 167 | 44 | ||||||||
| Operating lease liability, non-current | 15 | 4,742 | 4,464 | |||||||
| Total non-current liabilities | 7,609 | 7,208 | ||||||||
| Total liabilities | $ | 12,546 | $ | 11,358 | ||||||
| Commitments and contingencies | 17 | — | — | |||||||
| EQUITY | ||||||||||
| Class A Ordinary shares | ||||||||||
| ($0.003 par value; 66,666,667 and 66,666,667 shares authorized; 52,419,109 and 52,419,109 shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively) | 146 | 146 | ||||||||
| Class C Ordinary shares | ||||||||||
| ($0.003 par value; 8,333,333 and 8,333,333 shares authorized; 4,708,415 and 4,708,415 shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively) | 13 | 13 | ||||||||
| Additional paid-in capital | 517,185 | 517,217 | ||||||||
| Accumulated deficit | (508,966 | ) | (508,542 | ) | ||||||
| Accumulated other comprehensive loss | (128 | ) | (128 | ) | ||||||
| Total equity | 8,250 | 8,706 | ||||||||
| Total liabilities and equity | $ | 20,796 | $ | 20,064 | ||||||
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AMBOW EDUCATION HOLDING LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(All amounts in thousands, except for share and per share data)
(Unaudited)
| For the three months ended March 31, | ||||||||||
| Note | 2025 | 2026 | ||||||||
| NET REVENUES | ||||||||||
| - Educational program and services | $ | 1,990 | $ | 2,080 | ||||||
| - HybriU licensing and sales | 324 | 719 | ||||||||
| Total net revenues | 2,314 | 2,799 | ||||||||
| COST OF REVENUES | ||||||||||
| - Educational program and services | (978 | ) | (1,113 | ) | ||||||
| - HybriU licensing and sales | — | — | ||||||||
| Total cost of revenues | (978 | ) | (1,113 | ) | ||||||
| GROSS PROFIT | 1,336 | 1,686 | ||||||||
| OPERATING EXPENSES | ||||||||||
| Selling and marketing | (226 | ) | (288 | ) | ||||||
| General and administrative | (871 | ) | (800 | ) | ||||||
| Research and development | (101 | ) | (156 | ) | ||||||
| Total operating expenses | (1,198 | ) | (1,244 | ) | ||||||
| OPERATING INCOME | 138 | 442 | ||||||||
| OTHER (EXPENSE) INCOME | ||||||||||
| Interest (expenses) income, net | 9 | (12 | ) | 16 | ||||||
| Other expenses, net | (17 | ) | (24 | ) | ||||||
| Total other expenses, net | (29 | ) | (8 | ) | ||||||
| INCOME BEFORE INCOME TAX AND NON-CONTROLLING INTERESTS | 109 | 434 | ||||||||
| Income tax expenses | 13 | — | (10 | ) | ||||||
| NET INCOME | $ | 109 | $ | 424 | ||||||
| NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS | $ | 109 | $ | 424 | ||||||
| OTHER COMPREHENSIVE INCOME, NET OF TAX | ||||||||||
| Foreign translation adjustments | — | — | ||||||||
| Other comprehensive loss | — | — | ||||||||
| TOTAL COMPREHENSIVE INCOME | 109 | 424 | ||||||||
| Basic income from operations per share | 14 | $ | 0.0019 | $ | 0.0074 | |||||
| Diluted income from operations per share | 14 | $ | 0.0019 | $ | 0.0074 | |||||
| Basic income from operations per ADS | 14 | $ | 0.0380 | $ | 0.1480 | |||||
| Diluted income from operations per ADS | 14 | $ | 0.0380 | $ | 0.1480 | |||||
| Weighted average shares used in calculating basic net income per share | 57,127,524 | 57,127,524 | ||||||||
| Weighted average shares used in calculating diluted net income per share | 57,127,524 | 57,127,524 | ||||||||
| Share-based compensation expense from operations included in: | ||||||||||
| - Selling and marketing | 12 | — | 3 | |||||||
| - General and administrative | 12 | — | 12 | |||||||
| - Research and development | 12 | — | 17 | |||||||
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FAQ
How did Ambow (AMBO) perform financially in Q1 2026?
Ambow reported Q1 2026 net revenues of $2.799 million, up from $2.314 million a year earlier, with net income of $424,000. Higher revenue, a 60.2% gross margin and flat operating expenses together drove much stronger profitability compared with the prior-year quarter.
What were Ambow (AMBO) revenues by segment in Q1 2026?
In Q1 2026, Ambow generated $2.080 million from educational programs and services and $719,000 from HybriU licensing and sales. Both segments grew year over year, with HybriU revenue more than doubling, indicating increasing traction for the company’s AI-powered phygital platform.
How profitable was Ambow (AMBO) in the first quarter of 2026?
Ambow achieved a gross profit of $1.686 million and a gross margin of 60.2% in Q1 2026. Operating income rose to $442,000 and net income reached $424,000, both significantly higher than in Q1 2025, reflecting strong operating leverage.
What is Ambow’s (AMBO) cash and balance sheet position as of March 31, 2026?
As of March 31, 2026, Ambow held $4.202 million in cash and cash equivalents and $2.700 million in restricted cash, totaling $6.9 million. Total assets were $20.064 million, total liabilities $11.358 million and total equity $8.706 million.
What drove Ambow’s (AMBO) growth in Q1 2026?
Growth in Q1 2026 was driven by higher educational program and services revenue and a sharp increase in HybriU licensing and sales, which more than doubled year over year. Combined with essentially flat operating expenses, these gains significantly boosted operating income and net income.