17EdTech Q1 Report: Revenue Up, Losses Narrow

17 Education & Technology Group (YQ) has released an update.

17 Education & Technology Group Inc. reported its Q1 2024 financial results, revealing a significant revenue increase to RMB25.5 million, up 175% from the previous year, alongside improved gross margins of 38.4%. Despite the growth, the company experienced a net loss of RMB56.1 million, which was a reduction from the RMB92.5 million loss in Q1 2023. The report also highlights narrowed operating expenses and a focus on expanding the company’s SaaS teaching and learning business.

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