51Talk Online Education Group financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data 51Talk Online Education Group files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	60.2	130	167	212	315	0.79	15	27.1	50.7	95.6
Cost of revenue	21.2	48.3	59.8	63.2	89	0.13	3.19	6.32	11.2	24.9
Gross profit	39.1	82.1	107	149	226	0.66	11.9	20.8	39.5	70.7
Research and development	22	34.3	26.9	22.6	25	0.14	2.87	3.09	3.57	5.48
Selling and marketing	67	101	106	114	159	3.43	13.3	23.6	33.4	62.3
General and administrative	23.9	34.5	32.4	28.2	32.8	1.69	8.07	7.73	10.6	17.3
Operating expenses	113	170	166	165	217	5.25	24.2	34.5	47.6	85.1
Operating income	-73.8	-87.7	-58.9	-15.5	16	-4.59	-12.4	-13.7	-8.05	-14.4
Interest expense			0.28	1.36	0.01
Interest income				2.54	5.9	0.28	0.03	0.17	0.23	0.36
Other non-operating income							-0.45	-1.42	0.77	-1.55
Pre-tax income	-73.9	-88.6	-60	-14.3	21.9	-4.09	-12.8	-14.9	-7.05	-15.6
Income tax	0.23	0.67	0.57	0.73	-0.63	0.1	0.06	0.12	0.28	1.24
Income from continuing operations							-12.8	-15	-7.32
Net income to minority interests									-0.09	-0.05
Net income	-74.1	-89.3	-60.6	-15	21.2	18.7	-42.6	-15	-7.24	-16.8
EBITDA	-71.4	-83.3	-54.1	-11.6	18.9	-4.5	-12.3	-13.6	-7.91	-14
EPS, basic	-0.44	-0.30	-0.20	-0.05	0.07	0.06		-0.04	-0.02	-0.05
EPS, diluted	-0.44	-0.30	-0.20	-0.05	0.07	0.06		-0.04	-0.02	-0.05
Shares, basic (weighted)	199	302	305	308	320	328	336	341	347	355
Shares, diluted (weighted)	199	302	305	308	320	328	336	341	347	355

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	42.2	49.2	60.1	52.6	51.3	24.6	18.2	21.3	27.8	38.9
Short-term investments		15.5	19.8	65.1	78.1	90.7
Inventory				0.04	0.3	0.17
Other current assets	9.47	13.1	35.3	35.9	46.3	2.53	3.51	6.39	10.9	21.4
Total current assets	103	109	139	171	248	151	26.6	29.8	40.1	60.4
Property, plant and equipment	5.99	7.53	5.14	2.92	3.25	0.15	0.03	0.14	0.36	2
Lease right-of-use assets				8.14	15	1.57	0.77	0.72	2.89	3.21
Goodwill	0.61	0.65	0.61	0.61	0.65
Intangible assets	0.67	1.49	1.72	1.43	3.11	0.12	0.1	0.09	0.08	0.07
Other non-current assets	0.77	0.85	0.62	0.97	3.66	0.17	0.17	0.35	0.46	0.34
Total assets	112	120	147	201	339	187	27.6	31.2	43.9	66.1
Accrued liabilities	24	34.2	30.5	24	36.3	3.17	4.34	6.19	6.64	12.5
Deferred revenue	94.1	181	241	313	417	2.87	15.2	27.2	45.1	76.6
Short-term debt				2.38
Total current liabilities	121	219	274	347	463	297	20.5	39.1	56.9	95.4
Long-term debt			10
Lease liabilities				3.38	8.21	0.82	0.31	0.04	1.44	1.18
Other non-current liabilities	0.28	0.35	0.12	0.23	0.38	0.2	0.16	0.18	0.31	0.36
Total liabilities	126	223	287	352	471	300	21.1	39.3	58.7	97.3
Total debt			10
Paid-in capital	150	166	161	162	184	188	337	338	339	341
Retained earnings	-169	-270	-305	-316	-314	-289	-331	-346	-354	-370
Treasury stock				-0.86	-3.54	-6.64
Other comprehensive income	4.66	1.18	3.58	4.31	1.36	-6.05	0.3	-0.33	-0.69	-1.94
Shareholders' equity	-14.3	-103	-140	-150	-133	-113	6.58	-8.34	-15	-31.4
Minority interests								0.15	0.29	0.1
Total equity	-14.3	-103	-140	-150	-133	-113	6.58	-8.19	-14.7	-31.3
Total liabilities and equity	112	120	147	201	339	187	27.6	31.2	43.9	66.1
Shares outstanding	301	303	306	312	324	334	338	343	351	359

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-74.1	-89.3	-60.6	-15	22.5	18.9	-42.6	-15	-7.32	-16.9
Depreciation and amortization	2.39	4.46	4.8	3.82	2.9	0.1	0.1	0.1	0.14	0.43
Stock-based compensation	6.95	5.39	4.06	2.4	0	0.22	0.71	0.91	0.93	1.33
Deferred income tax	-0.05	-0.05	0.01	-0.02	-1.52	0.05	0.01	-0.16	0.02	0.43
Change in inventory				0.04	-0.25	0.13
Cash from operations	4.14	8.47	4.33	57.2	104	-105	-45.7	0.56	5.83	11.8
Capital expenditures	-5.34	-5.44	-2.56	-1.38	-3.37	-3.8	-0.01	-0.29	-0.31	-2.29
Purchases of investments				-143	-107	-190
Cash from investing	-36.3	1.66	-0.71	-59.3	-106	98.3	2.51	2.45	0.47	-0.95
Debt issued			12.5
Debt repaid			-2.77
Stock issued	61.1	0.04	0.23	0.62	1.58	0.01				0.22
Share buybacks				-0.86	-3.54	-3.19
Cash from financing	61.1	0.04	9.95	-7.83	1.29	-2.35	20.5		0.24	0.22
Exchange rate effect		-3.22
Net change in cash	32.8	6.94	13.5	-10.1	0.9	-8.45	-23.4	3.11	6.46	11.1
Free cash flow	-1.21	3.03	1.77	55.8	101	-109	-45.7	0.27	5.52	9.52
Interest paid			0.28	0.45	0.01
Income taxes paid	0.06		1.53	0.26	1.27	0.08	0.06	0.04	0.21	0.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $11.67 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	73.9%	Gross profit / revenue.
Operating margin	-15.1%	Operating income / revenue.
EBITDA margin	-14.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-16.3%	Pre-tax income / revenue.
Net margin	-17.6%	Net income / revenue.
FCF margin	10.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.4%	Cash from operations / revenue.
Return on assets (ROA)	-30.5%	Net income / average total assets.
R&D / revenue	5.7%	Research and development expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	88.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	85.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-21.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	78.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	81.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-20.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	102.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-35.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	72.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-37.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	50.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	33.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-27.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.63x	Current assets / current liabilities.
Quick ratio	0.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.41x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	147.3%	Total liabilities / total assets.
Working capital	-$35.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$31.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.74x	Revenue / average total assets.
Fixed asset turnover	81.0x	Revenue / average property, plant and equipment.
Capex / operating cash flow	19.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.05	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.27	Revenue / diluted weighted shares.
FCF per share	$0.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.03	Cash from operations / diluted weighted shares.
Book value per share	-$0.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.09	Tangible book value / shares outstanding.
Cash per share	$0.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$70.1M	Share price x shares outstanding.
Enterprise value	$31.2M	Market cap + total debt - cash - short-term investments.
P/S	0.73x	Market cap / revenue.
P/FCF	7.36x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.93x	Market cap / cash from operations, when positive.
EV/Sales	0.33x	Enterprise value / revenue.
EV/FCF	3.28x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.6%	Free cash flow / market cap.
Earnings yield	-24.0%	Net income / market cap (the inverse of P/E).

What was 51Talk Online Education Group's revenue in fiscal 2025?

51Talk Online Education Group reported revenue of $95.6M for fiscal 2025, 88.6% higher than the year before.

Was 51Talk Online Education Group profitable in fiscal 2025?

No. It reported a net loss of $16.8M.

How much free cash flow did 51Talk Online Education Group generate in fiscal 2025?

Cash from operations of $11.8M minus capital expenditures of $2.3M left free cash flow of $9.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to 51Talk Online Education Group