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Nerdy (NRDY) investor relations material
Nerdy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue was $37.0 million, down 1% year-over-year, with Consumer Learning Membership revenue up 5% and Institutional revenue down due to funding delays and the absence of a prior state-funded program.
Net loss for Q3 2025 improved to $18.7 million from $25.0 million year-over-year, driven by cost reductions in sales, marketing, and G&A.
Major replatforming to an AI-native tech stack accelerated product velocity, with the launch of Live Learning Platform 2.0 and new unified student and tutor experiences.
Appointed a new COO and 13 senior hires to address operational challenges and drive process improvements.
Entered a $50 million term loan agreement post-quarter to enhance liquidity and support growth initiatives.
Financial highlights
Q3 2025 revenue: $37.0 million (down 1% YoY), with Consumer Learning Memberships contributing $33.0 million (89% of revenue) and Institutional revenue at $3.7 million (10%).
Gross margin for Q3 2025 was 62.9%, down from 70.5% YoY, but improved sequentially by 140 basis points due to price increases and product mix.
Non-GAAP Adjusted EBITDA loss improved to $10.2 million from $14.0 million YoY, beating guidance; adjusted EBITDA margin improved by 960 basis points YoY.
Net loss per share for Q3 2025 was $(0.10), improved from $(0.14) YoY.
Sales and marketing expenses fell to $16.6 million (from $20.3 million), and G&A to $25.8 million (from $31.8 million) YoY.
Outlook and guidance
Q4 2025 revenue guidance: $45–$47 million; full-year 2025: $175–$177 million.
Q4 Adjusted EBITDA loss expected between $2 million and breakeven; full-year loss expected at $19–$21 million.
Year-end cash expected at $45–$48 million, including $20 million from the new term loan.
Sequential gross margin improvement expected to continue, driven by higher frequency memberships and optimization of tutoring incentives.
New platform user experiences and operational changes anticipated to re-accelerate growth.
AI replatforming: What new product velocity?
New ops leadership: Impact on sales/CAC?
Varsity Tutors for Schools: How to drive sales?
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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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