51Talk (COE.US) announced unaudited financial results for the second quarter of 2024. Net revenue for the second quarter of 2024 was $11 million, a year-on-year increase of 75.1%. Gross profit for the second quarter of 2024 was $8.6 million, a year-on-year increase of 74.5%. The gross margin for the second quarter of 2024 was 78.1%, slightly lower than the 78.4% in the same period last year. Net loss attributable to common shareholders for the second quarter of 2024 was $1.2 million, compared to a net loss of $2.9 million in the same period last year. Basic and diluted net loss per share attributable to common shareholders for the second quarter of 2024 was $0.004, compared to $0.01 in the same period last year.
In terms of operations, the total billings for the second quarter of 2024 were $15.9 million, a year-on-year increase of 61.3%. The number of active students who actually consumed lessons in the second quarter of 2024 was approximately 54,400, a year-on-year increase of 83.2%.
"We achieved strong growth in the second quarter, exceeding our guidance for the quarter, and expect to maintain this momentum in the foreseeable future, as reflected in our guidance for the third quarter. Our strategic investments in diversified market portfolios are yielding positive results and driving us towards our goal of becoming a leading global educational technology company," said Jack Jiajia Huang, founder, chairman, and CEO of 51Talk.
"Through our localization efforts, we have gained a deeper understanding of various markets, enabling us to meet specific local needs. This approach has improved the fit of our products in the market. In addition, we are actively exploring new market opportunities that align with our strategic direction and existing product offerings," said Huang Jiajia. "Our strategy is based on local needs and global expansion supported by AI-powered platforms. We are making targeted investments to improve team efficiency and enhance the local customer experience, with the aim of increasing customer retention and generating more customer referrals."
Looking ahead, the company currently expects net billings for the third quarter of 2024 to be between $17 million and $18 million, representing a continuous growth of 7.2% to 13.5%.