COE - 51Talk Online Education Group
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| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||
| Revenue | 95.9 | 50.7 | 27.1 | 15.0 | 0.8 | 314.4 | 211.3 | 166.5 | 129.9 | 60.2 | 23.8 | 8.4 | 3.6 |
| Cost of Revenue | 25.0 | 11.2 | 6.3 | 3.2 | 0.1 | 88.8 | 62.9 | 59.7 | 48.1 | 21.2 | 9.2 | 3.6 | 1.5 |
| Gross Profit | 70.8 | 39.5 | 20.8 | 11.9 | 0.7 | 225.6 | 148.4 | 106.8 | 81.8 | 39.0 | 14.6 | 4.8 | 2.0 |
| Operating Expenses | |||||||||||||
| R&D Expenses | 5.5 | 3.6 | 3.1 | 2.9 | 0.1 | 24.9 | 22.5 | 26.9 | 34.2 | 22.0 | 8.4 | 1.7 | 0.5 |
| SG&A Expenses | 79.8 | 44.0 | 31.4 | 21.3 | 5.1 | 191.3 | 141.3 | 138.7 | 135.0 | 90.8 | 55.8 | 18.2 | 4.2 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 85.3 | 47.6 | 34.5 | 24.2 | 5.2 | 209.6 | 163.8 | 165.6 | 169.2 | 112.8 | 64.2 | 19.9 | 4.7 |
| Operating Income | |||||||||||||
| Operating Income | (14.5) | (8.0) | (13.7) | (12.4) | (4.6) | 16.0 | (15.4) | (58.8) | (87.4) | (73.8) | (49.6) | (15.1) | (2.7) |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0.0 | 1.4 | 1.4 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0.4 | 0.2 | 0.2 | 0.0 | 0.3 | 5.9 | 2.5 | 1.3 | 0 | 0 | 0 | 0 | 0 |
| Profitability | |||||||||||||
| EBITDA | (15.7) | (7.9) | (13.6) | (12.3) | (4.5) | 21.9 | (9.0) | (53.8) | (81.9) | (70.7) | (48.4) | (14.9) | (2.7) |
| EBIT | (15.7) | (8.0) | (13.7) | (12.4) | (4.6) | 0 | (12.8) | (58.6) | (86.4) | (73.1) | (49.6) | (15.1) | (2.7) |
| Income Before Tax | (15.7) | (7.0) | (14.9) | (12.8) | (4.1) | 21.9 | (14.2) | (60.0) | (88.3) | (73.9) | (49.6) | (15.3) | (2.8) |
| Income Tax Expense | 1.2 | 0.3 | 0.1 | 0.1 | 0.1 | (0.6) | 0.7 | 0.6 | 0.7 | 0.2 | 0.8 | 1.1 | 0.1 |
| Net Income | (16.8) | (7.2) | (15.0) | (42.6) | 18.7 | 21.2 | (14.9) | (60.6) | (89.0) | (74.1) | (50.4) | (16.4) | (2.9) |
| Per Share Data | |||||||||||||
| EPS (Basic) | -171.00 | -72.00 | -144.00 | -468.00 | 180.60 | 253.20 | – | – | – | – | – | – | – |
| EPS (Diluted) | -171.00 | -72.00 | -144.00 | -468.00 | 175.20 | 237.00 | – | – | – | – | – | – | – |
| Shares Outstanding | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0 | 0 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | |||||||||||||
| Cash & Cash Equivalents | 38.9 | 27.8 | 21.3 | 18.2 | 24.6 | 50.0 | 49.0 | 60.1 | 49.0 | 39.6 | 7.2 | 33.8 | 10.1 |
| Short-Term Investments | 0.1 | 1.4 | 2.1 | 4.9 | 6.5 | 151.1 | 85.3 | 43.5 | 46.5 | 53.6 | 25.7 | 0 | 0 |
| Net Receivables | 0 | 0.7 | 0.5 | 0 | 0.2 | 1.6 | 0.3 | 0.5 | 0.3 | 1.4 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0.3 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 21.4 | 7.0 | 3.5 | 2.4 | 118.9 | 33.1 | 25.8 | 21.9 | 1.0 | 0.7 | 0.4 | 0.1 | 0.0 |
| Total Current Assets | 60.4 | 40.1 | 29.8 | 26.6 | 151.2 | 247.6 | 170.1 | 138.8 | 108.5 | 102.7 | 39.4 | 35.1 | 10.3 |
| Non-Current Assets | |||||||||||||
| Property, Plant & Equipment | 5.2 | 3.3 | 0.9 | 0.8 | 1.7 | 18.2 | 11.0 | 5.1 | 7.5 | 6.0 | 3.9 | 1.1 | 0.1 |
| Goodwill | 0.1 | 0 | 0 | 0 | 0 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.7 | 0 | 0 |
| Intangible Assets | 0 | 0.1 | 0.1 | 0.1 | 0.1 | 3.1 | 1.4 | 1.7 | 1.5 | 0.7 | 0.4 | 0.1 | 0.1 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 11.1 | 63.4 | 16.2 | 0 | 1.0 | 1.0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0.3 | 0.5 | 0.3 | 0.2 | 22.8 | 3.7 | 1.0 | 0.6 | 0.8 | 0.8 | 0.6 | 0.3 | 0.0 |
| Total Non-Current Assets | 5.7 | 3.8 | 1.4 | 1.1 | 35.8 | 90.6 | 30.2 | 8.1 | 11.5 | 9.0 | 5.5 | 1.5 | 0.2 |
| Total Assets | 66.1 | 43.9 | 31.2 | 27.6 | 187.1 | 338.2 | 200.4 | 146.9 | 120.0 | 111.7 | 44.9 | 36.6 | 10.5 |
| Current Liabilities | |||||||||||||
| Account Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 1.8 | 0 | 0 | 0 | 0 | 0 | 2.4 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 76.6 | 45.1 | 27.2 | 15.2 | 2.9 | 416.1 | 311.8 | 242.4 | 180.2 | 94.1 | 40.7 | 12.4 | 2.7 |
| Other Current Liabilities | 15.8 | 0.4 | 1.4 | 0.1 | 291.2 | 3.1 | 1.5 | 0.8 | 1.2 | 0.7 | 0.2 | 0.2 | 0.1 |
| Total Current Liabilities | 95.4 | 56.9 | 39.1 | 20.5 | 297.0 | 462.0 | 345.7 | 274.1 | 218.2 | 120.8 | 56.8 | 18.4 | 4.0 |
| Non-Current Liabilities | |||||||||||||
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0.5 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0.0 | 0.0 | 0.0 | 0.1 | 0 | 0 |
| Other Non-Current Liabilities | 0.4 | 0.3 | 0.2 | 0.2 | 2.6 | 0.4 | 0.2 | 0.1 | 0.3 | 0.3 | 0.1 | 0 | 0 |
| Total Non-Current Liabilities | 2.0 | 1.8 | 0.2 | 0.5 | 3.5 | 8.9 | 4.3 | 12.7 | 4.2 | 5.2 | 1.4 | 0.2 | 0.0 |
| Total Liabilities | 97.3 | 58.7 | 39.3 | 21.1 | 300.5 | 470.9 | 349.9 | 286.8 | 222.4 | 126.0 | 58.2 | 18.7 | 4.0 |
| Stockholders' Equity | |||||||||||||
| Common Stock | 0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | 0 | (353.6) | (346.4) | (331.2) | (288.6) | (314.1) | (314.3) | (304.5) | (268.6) | (168.9) | (87.8) | (27.1) | (4.2) |
| Accumulated Other Comprehensive Income | 0 | (0.7) | (0.3) | 0.3 | (6.1) | 1.4 | 4.3 | 3.6 | 1.2 | 4.7 | 0.7 | 0.3 | (0.1) |
| Total Stockholders' Equity | (31.4) | (15) | (8.3) | 6.6 | (113.4) | (132.7) | (149.6) | (139.9) | (102.4) | (14.3) | (13.3) | 17.9 | 6.5 |
| Total Liabilities & Equity | 66.1 | 43.9 | 31.2 | 27.6 | 187.1 | 338.2 | 200.4 | 146.9 | 120.0 | 111.7 | 44.9 | 36.6 | 10.5 |
| Debt Metrics | |||||||||||||
| Total Debt | 2.9 | 2.7 | 0.6 | 0.7 | 1.6 | 14.8 | 10.2 | 10.0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | (35.9) | (25.1) | (20.7) | (17.5) | (23.0) | (35.2) | (38.8) | (50.0) | (49.0) | (39.6) | (7.2) | (33.8) | (10.1) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||||||
| Net Income | (16.9) | (7.3) | (15.0) | (12.8) | (4.2) | 22.5 | (14.9) | (60.6) | (89.0) | (74.1) | (50.4) | (16.4) | (2.9) |
| Depreciation & Amortization | 0.4 | 0.1 | 0.1 | 0.1 | 0.1 | 2.9 | 3.8 | 4.8 | 4.4 | 2.4 | 1.1 | 0.2 | 0.0 |
| Stock-Based Compensation | 1.3 | 0.9 | 0.9 | 0.7 | 0.2 | 4.1 | 2.4 | 4.1 | 5.4 | 6.9 | 0 | 0.3 | 0 |
| Change in Working Capital | 25.8 | 12.1 | 14.6 | 13.8 | (1.1) | 81.8 | 65.9 | 54.7 | 87.6 | 68.7 | 33.1 | 13.4 | 3.2 |
| Other Non-Cash Items | 0.7 | 0 | 0.2 | (47.6) | (100.1) | (5.5) | (0.2) | 1.3 | 0.1 | 0.2 | 0.1 | 0 | 0 |
| Operating Cash Flow | 11.8 | 5.8 | 0.6 | (45.7) | (105.0) | 110.1 | 56.9 | 4.3 | 8.4 | 4.1 | (16.0) | (2.5) | 0.3 |
| Investing Activities | |||||||||||||
| Capital Expenditure | (2.3) | (0.3) | (0.3) | (0.0) | (0.1) | (4.5) | (1.6) | (3.1) | (6.8) | (5.8) | (4.0) | (1.3) | (0.1) |
| Acquisitions | 0 | 0 | 0 | (20.5) | 0 | 1.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (3.2) | (2.2) | (2.1) | (25.4) | (17.6) | (228.0) | (206.0) | (60.3) | (50.0) | (129.7) | (29.6) | 0 | 0 |
| Sales/Maturities of Investments | 4.5 | 3.0 | 4.8 | 17.6 | 23.3 | 120.0 | 148.5 | 62.7 | 58.5 | 99.2 | 3.9 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | 30.7 | 92.7 | 5.3 | (0.2) | (0.6) | (1.4) | (0.4) | (0.1) | (0.1) | (0.0) |
| Investing Cash Flow | (1.0) | 0.5 | 2.4 | 2.5 | 98.3 | (106.0) | (59.0) | (0.7) | 1.7 | (36.3) | (29.7) | (1.3) | (0.1) |
| Financing Activities | |||||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | (2.4) | (7.6) | 9.7 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | (3.5) | (0.9) | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0.2 | 0 | 20.5 | (2.4) | 1.1 | 0.6 | 0.2 | 0.0 | 0.0 | 0 | 0 | 0 |
| Financing Cash Flow | 0.2 | 0.2 | 0 | 20.5 | (2.4) | 1.3 | (7.8) | 9.9 | 0.0 | 61.1 | 19.3 | 27.4 | 9.8 |
| Cash Position | |||||||||||||
| Net Change in Cash | 11.1 | 6.5 | 3.1 | (23.4) | (8.5) | 0.9 | (10.0) | 13.5 | 6.9 | 32.8 | (25.1) | 23.9 | 9.9 |
| Cash at Beginning | 27.8 | 21.3 | 18.2 | 41.6 | 50.1 | 52.5 | 59.0 | 46.5 | 42.1 | 6.8 | 32.3 | 9.9 | 0.2 |
| Cash at End | 38.9 | 27.8 | 21.3 | 18.2 | 41.6 | 50.0 | 49.0 | 60.1 | 49.0 | 39.6 | 7.2 | 33.8 | 10.1 |
| Free Cash Flow | 9.5 | 5.5 | 0.3 | (45.7) | (105.1) | 105.6 | 55.3 | 1.2 | 1.6 | (1.6) | (20.0) | (3.8) | 0.3 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 95.9 | 50.7 | 27.1 | 15.0 | 0.8 | 314.4 | 211.3 | 166.5 | 129.9 | 60.2 | 23.8 | 8.4 | 3.6 |
| Gross Profit | 70.8 | 39.5 | 20.8 | 11.9 | 0.7 | 225.6 | 148.4 | 106.8 | 81.8 | 39.0 | 14.6 | 4.8 | 2.0 |
| Operating Income | (14.5) | (8.0) | (13.7) | (12.4) | (4.6) | 16.0 | (15.4) | (58.8) | (87.4) | (73.8) | (49.6) | (15.1) | (2.7) |
| Net Income | (16.8) | (7.2) | (15.0) | (42.6) | 18.7 | 21.2 | (14.9) | (60.6) | (89.0) | (74.1) | (50.4) | (16.4) | (2.9) |
| EPS (Diluted) | -171.00 | -72.00 | -144.00 | -468.00 | 175.20 | 237.00 | – | – | – | – | – | – | – |
| Balance Sheet | |||||||||||||
| Cash & Equivalents | 38.9 | 27.8 | 21.3 | 18.2 | 24.6 | 50.0 | 49.0 | 60.1 | 49.0 | 39.6 | 7.2 | 33.8 | 10.1 |
| Total Assets | 66.1 | 43.9 | 31.2 | 27.6 | 187.1 | 338.2 | 200.4 | 146.9 | 120.0 | 111.7 | 44.9 | 36.6 | 10.5 |
| Total Debt | 2.9 | 2.7 | 0.6 | 0.7 | 1.6 | 14.8 | 10.2 | 10.0 | 0 | 0 | 0 | 0 | 0 |
| Stockholders' Equity | (31.4) | (15) | (8.3) | 6.6 | (113.4) | (132.7) | (149.6) | (139.9) | (102.4) | (14.3) | (13.3) | 17.9 | 6.5 |
| Cash Flow | |||||||||||||
| Operating Cash Flow | 11.8 | 5.8 | 0.6 | (45.7) | (105.0) | 110.1 | 56.9 | 4.3 | 8.4 | 4.1 | (16.0) | (2.5) | 0.3 |
| Capital Expenditure | (2.3) | (0.3) | (0.3) | (0.0) | (0.1) | (4.5) | (1.6) | (3.1) | (6.8) | (5.8) | (4.0) | (1.3) | (0.1) |
| Free Cash Flow | 9.5 | 5.5 | 0.3 | (45.7) | (105.1) | 105.6 | 55.3 | 1.2 | 1.6 | (1.6) | (20.0) | (3.8) | 0.3 |