Duolingo, the leading language-learning platform, has reported a significant increase in financial performance for the year ended December 31, 2023. The company's revenues surged by 44% to $531.1 million, driven by a rise in subscription revenue, which grew by 48%. Advertising revenue and Duolingo English Test revenue also saw increases of 11% and 26%, respectively. The company's net income turned positive, reaching $16.1 million, a substantial improvement from the previous year's net loss of $59.6 million. Adjusted EBITDA rose to $93.7 million, up from $15.5 million in the prior year, and free cash flow increased to $144.3 million from $46.2 million. Duolingo's user base expanded, with monthly active users (MAUs) growing by 46% to 88.4 million and daily active users (DAUs) increasing by 65% to 26.9 million. Paid subscribers also grew by...Show More

Duolingo, the leading language-learning platform, has reported a significant increase in financial performance for the year ended December 31, 2023. The company's revenues surged by 44% to $531.1 million, driven by a rise in subscription revenue, which grew by 48%. Advertising revenue and Duolingo English Test revenue also saw increases of 11% and 26%, respectively. The company's net income turned positive, reaching $16.1 million, a substantial improvement from the previous year's net loss of $59.6 million. Adjusted EBITDA rose to $93.7 million, up from $15.5 million in the prior year, and free cash flow increased to $144.3 million from $46.2 million. Duolingo's user base expanded, with monthly active users (MAUs) growing by 46% to 88.4 million and daily active users (DAUs) increasing by 65% to 26.9 million. Paid subscribers also grew by 57% to 6.6 million. The company's business development was marked by the continued success of its freemium model, the introduction of Super Duolingo and Duolingo Max subscription offerings, and the acceptance of the Duolingo English Test by over 4,000 higher education programs worldwide. Duolingo plans to retain all available funds to support operations and finance growth, with no intention to pay dividends in the foreseeable future. The company's future plans include leveraging its large user base for continued growth, improving subscription offerings, and expanding the Duolingo English Test's reach.