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51Talk Online Education Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary8 Dec, 2025
Executive summary
Gross billings reached $40.5 million in Q3 2025, up 104.6% year-over-year and 42.1% quarter-over-quarter, surpassing guidance.
Net revenues rose 87.5% year-over-year to $26.3 million, with active students up 71.4% to 112,600, surpassing 100,000 for the first time since global expansion began.
Maintained positive net operating cash flow, with operating cash inflow of $6.6 million, strengthening the cash position.
Participation in COP30 in Brazil highlighted global reach and portfolio diversification, with student participation from five countries.
Financial highlights
Gross margin for Q3 2025 was 73.3%, down from 78.7% a year ago.
Operating expenses totaled $23.4 million, a 97.9% increase year-over-year, with sales and marketing expenses up 114.7% to $17.5 million.
Operating loss widened to $4.2 million from $0.8 million year-over-year; net loss attributable to shareholders was $4.8 million, up 669.4% year-over-year.
GAAP and non-GAAP EPS per ADS were negative $0.80 and $0.74, respectively.
Cash, cash equivalents, and time deposits totaled $36.6 million at quarter end.
Outlook and guidance
Q4 2025 gross billings expected between $35 million and $38 million, a sequential decrease but up 63.7% to 77.7% year-over-year.
Guidance reflects current market and operating conditions and is subject to change.
What caused the 669% increase in net loss?
Why is Q4 gross billings guidance lower than Q3?
How is global expansion driving sustainable value?
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Next 51Talk Online Education Group earnings date
Q4 202520 Mar, 2026
Next 51Talk Online Education Group earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
51Talk Online Education Group, also known as China Online Education Group, is a global online education platform with a primary focus on English language instruction. The company's mission is to make high-quality education accessible and affordable. 51Talk offers live, interactive English lessons through its online and mobile platforms, connecting students with a large network of qualified teachers. Utilizing a shared economy approach, the platform employs data analytics and feedback from both students and teachers to provide a personalized learning experience. The company serves various markets, including Hong Kong, Malaysia, and other regions outside mainland China, primarily targeting children aged five to twelve. 51Talk Online Education Group is headquartered in Singapore, and its shares are listed on the NYSE American.
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