Strong Revenue Growth
Net revenues increased by 87% year-over-year for the fiscal year 2024, and fourth quarter net revenues were $15.2 million, a 117.3% increase from the same quarter last year.
Significant Increase in Gross Billings
Gross billings grew by 74.4% year-over-year for the fiscal year and by 93.4% in the fourth quarter compared to the same quarter last year, reaching $21.4 million.
Improved Cash Position and Positive Cash Flow
The company delivered a full-year positive operating cash flow of US$5.8 million and ended the fourth quarter with $29.2 million in cash, cash equivalents, and time deposits.
Reduction in Operating and Net Loss
Fourth quarter operating loss was $0.9 million, and net loss attributable to ordinary shareholders was $1.4 million, representing an 80.1% and 75.7% decrease from the same quarter last year, respectively.
Advances from Students
Advances from students were $45.1 million at the end of the fourth quarter, indicating strong customer commitment.