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Nerdy
Nerdy (NRDY) investor relations material
Nerdy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved all three 2025 goals: returned to growth, accelerated AI-native platform transformation, and reached positive non-GAAP adjusted EBITDA, with Q4 revenue of $49.1M, up 2% year-over-year and above guidance.
Both consumer and institutional businesses grew simultaneously for the first time since Q1 2024.
Completed rollout of new AI-native learner and expert experiences, improving product development velocity and unit economics.
The Live + AI model enhances tutor effectiveness, automates content creation, and improves session outcomes and retention.
Financial highlights
Q4 revenue was $49.1M, up 2% year-over-year, exceeding guidance of $45M-$47M.
Non-GAAP adjusted EBITDA was $1.3M, beating guidance and improving by $6.8M from Q4 2024.
Consumer learning memberships revenue grew 6% year-over-year to $41.6M, representing 85% of total revenue.
Institutional revenue was $7.2M, up 6% year-over-year, but bookings declined 11% due to funding delays.
ARPM reached $364, a 21% year-over-year increase; active members ended at 33.2K.
Gross margin (excluding one-time software abandonment charge) was 66.8%, up 380 bps sequentially.
Sales and marketing expenses decreased to $14.2M (from $18.4M), and G&A expenses to $24.7M (from $29.9M).
Headcount declined 22% year-over-year, driving cost reductions and efficiency.
Q4 net loss was $14.0M (GAAP); non-GAAP adjusted net loss was $0.4M, a significant improvement from $7.0M loss in Q4 2024.
Annualized run-rate Learning Membership revenue as of December 31, 2025: $145.4M, up 7% year-over-year.
Active Experts for Q4: 9.1K, down from 10.7K in Q4 2024.
$7.8M charge for abandonment of capitalized internal-use software due to platform replacement.
Outlook and guidance
Q1 2026 revenue expected at $46M-$48M; full-year 2026 revenue guidance is $180M-$190M.
Non-GAAP adjusted EBITDA expected to be approximately breakeven for both Q1 and full year 2026, representing over 1,000 bps margin improvement year-over-year.
Gross margin expected to expand each quarter in 2026 as higher frequency memberships and optimized tutor incentives take effect.
Year-end 2026 cash projected at $40M-$45M, including $20M from a new term loan.
New platform's impact on innovation velocity?
Active Member growth strategy for 2026?
Drivers for 2026 full-year EBITDA breakeven?
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Next Nerdy earnings date
Q1 20267 May, 2026
Nerdy
Next Nerdy earnings date
Q1 20267 May, 2026
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Frequently asked questions
Nerdy Inc operates a digital learning platform that connects students and professionals with experts for personalized instruction. The company offers one-on-one tutoring, group classes, and self-study tools across academic and professional subjects through its Varsity Tutors brand. It serves users primarily in the United States. The company is headquartered in St. Louis, Missouri, and its shares are listed on the NYSE.
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