51Talk Online Education Group (COE) Q4 2024 earnings summary

Executive summary

• Gross billings grew 74.4% year-over-year and net revenues increased 87% year-over-year for the full year 2024.

• Achieved full-year positive operating cash flow of $5.8 million, strengthening the cash position.

• Active students with attended lesson consumption rose 87.0% year-over-year to 95,000 in 2024.

• Expanded local teams, developed localized content, and entered new geographic markets.

• Integrated AI into operations, improving efficiency and narrowing operating losses.

Financial highlights

• 2024 net revenues: $50.7 million, up 87.0% from 2023; gross margin: 78.0%.

• Q4 net revenues were $15.2 million, up 117.3% from the same quarter last year.

• Q4 gross billings reached $21.4 million, a 93.4% year-over-year increase.

• 2024 gross profit: $39.5 million, up 90.1% year-over-year.

• Q4 operating loss was $0.9 million; net loss attributable to shareholders was $1.4 million, down 80.1% and 75.7% year-over-year, respectively.

Outlook and guidance

• Q1 2025 gross billings expected between $21.5 million and $22 million, up 0.5%–2.9% sequentially and 71.2%–75.2% year-over-year.

• Guidance reflects current market and operating conditions and is subject to change.