51Talk Online Education Group (COE) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with gross billings up 83.4% to $127.6M and net revenues up 88.6% to $95.6M, driven by global expansion and strategic investments.

• Net operating cash inflow reached $11.8M, surpassing $10M for the first time, indicating a sustainable and scalable business model.

• Active students with attended lesson consumption rose 79.3% year-over-year to 170,300 in 2025.

Financial highlights

• Full year gross billings reached $127.6M, up 83.4% year-over-year; net revenues grew 88.6% to $95.6M.

• Q4 2025 gross billings were $36.8M, up 72.0% year-over-year; net revenues were $30.6M, up 88.6%.

• Q4 gross margin was 72.4%; full-year 2025 gross margin was 73.9%, both down from 2024.

• Q4 operating loss was $5.2M (non-GAAP: $4.8M); net loss attributable to shareholders was $6.5M (non-GAAP: $6.1M).

• Cash equivalents and time deposits totaled $39.0M at year-end; advances from students were $76.6M.

Outlook and guidance

• Q1 2026 gross billings expected between $29.0M and $31.0M, a sequential decrease but a year-over-year increase of 32.2%–41.4%.

• Management expects continued healthy growth in gross billings, net revenues, and operating cash flow in 2026, focusing on harvesting prior investments and improving unit economics.