Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
73.9%Gross margin2
-15.1%Operating margin2
-17.6%Net margin2
88.6%Revenue growth, 20252
$9.5MFree cash flow2
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue26¢$24.9M
- Research and development6¢$5.5M
- Other costs67¢$63.9M
- Income tax1¢$1.2M
Out of $95.6M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending19¢$2.3M
- Kept or used elsewhere81¢$9.5M
Out of $11.8M of cash from operations.2
Financial statements
No quarterly figures reported.
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net revenues | $95.6M | $50.7M | $27.1M |
| Cost of revenues | -$24.9M | -$11.2M | -$6.3M |
| Gross profit | $70.7M | $39.5M | $20.8M |
| Product development expenses | -$5.5M | -$3.6M | -$3.1M |
| General and administrative expenses | -$17.3M | -$10.6M | -$7.7M |
| Total operating expenses | -$85.1M | -$47.6M | -$34.5M |
| Loss from operations | -$14.4M | -$8.0M | -$13.7M |
| Interest income | $358.0K | $229.0K | $165.0K |
| Other (expenses)/income, net | -$1.5M | $771.0K | -$1.4M |
| Loss before income tax | -$15.6M | -$7.0M | -$14.9M |
| Income tax expenses | -$1.2M | -$276.0K | -$118.0K |
| Net loss | -$16.9M | -$7.3M | -$15.0M |
| Less: net loss attributable to noncontrolling interests | -$54.0K | -$87.0K | |
| Net loss, all attributable to the Company's ordinary shareholders | -$16.8M | -$7.2M | -$15.0M |
| Weighted average number of ordinary shares used in computing basic per share | 355.0M shares | 347.1M shares | 341.1M shares |
| Weighted average number of ordinary shares used in computing diluted per share | 355.0M shares | 347.1M shares | 341.1M shares |
| Net loss per share attributable to ordinary shareholders-basic | -$0.05 | -$0.02 | -$0.04 |
| Net loss per share attributable to ordinary shareholders-diluted | -$0.05 | -$0.02 | -$0.04 |
| Foreign currency translation adjustments | -$1.3M | -$373.0K | -$627.0K |
| Total comprehensive loss | -$18.1M | -$7.7M | -$15.7M |
| Less: comprehensive income/(loss) attributable to noncontrolling interests | -$6.0K | -$14.0K | $2.0K |
| Total comprehensive loss attributable to ordinary shareholders | -$18.1M | -$7.7M | -$15.7M |
| Sales and marketing expenses | $62.3M | $33.4M | $23.6M |
No quarterly figures reported.
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $38.9M | $27.8M | |
| Time deposits | $93.0K | $1.4M | |
| Prepaid expenses and other current assets | $21.4M | $10.9M | |
| Total current assets | $60.4M | $40.1M | |
| Property and equipment, net | $2.0M | $363.0K | |
| Intangible assets, net | $68.0K | $80.0K | |
| Right-of-use assets | $3.2M | $2.9M | |
| Deferred tax assets | $77.0K | $57.0K | |
| Other non-current assets | $341.0K | $460.0K | |
| Total non-current assets | $5.7M | $3.8M | |
| Total assets | $66.1M | $43.9M | |
| Advances from students | $76.6M | $45.1M | |
| Accrued expenses and other current liabilities | $12.5M | $6.6M | |
| Lease liabilities | $1.8M | $1.2M | |
| Taxes payable | $1.2M | $1.1M | |
| Amount due to related parties | $3.3M | $2.9M | |
| Total current liabilities | $95.4M | $56.9M | |
| Lease liabilities | $1.2M | $1.4M | |
| Deferred tax liabilities | $452.0K | ||
| Other non-current liabilities | $360.0K | $310.0K | |
| Total non-current liabilities | $2.0M | $1.8M | |
| Total liabilities | $97.3M | $58.7M | |
| Additional paid-in capital | $340.9M | $339.2M | |
| Surplus reserves | $1.0K | $1.0K | |
| Accumulated other comprehensive loss | -$1.9M | -$685.0K | |
| Accumulated deficit | -$370.4M | -$353.6M | |
| Total COE's shareholders' deficit | -$31.4M | -$15.0M | |
| Noncontrolling interests | $104.0K | $288.0K | |
| Total shareholders' deficit | -$31.3M | -$14.7M | -$8.2M |
| Total liabilities and shareholders' deficit | $66.1M | $43.9M | |
| Ordinary shares, issued (in shares) | 359.1M shares | 350.8M shares | |
| Ordinary shares, outstanding (in shares) | 359.1M shares | 350.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$16.9M | -$7.3M | -$15.0M |
| Share-based compensation expense | $1.3M | $934.0K | $910.0K |
| Depreciation and amortization | $434.0K | $137.0K | $99.0K |
| Deferred tax (benefits)/expenses | $427.0K | $15.0K | -$156.0K |
| Impairment loss | $150.0K | ||
| Credit loss | $551.0K | $173.0K | |
| Prepaid expenses and other current assets | -$11.2M | -$5.0M | -$3.8M |
| Right-of-use assets | $1.1M | -$2.2M | $46.0K |
| Other non-current assets | $119.0K | -$67.0K | -$32.0K |
| Advances from students | $30.0M | $17.9M | $12.0M |
| Accrued expenses and other current liabilities | $6.4M | $589.0K | $1.9M |
| Lease liabilities | -$1.2M | $2.1M | -$103.0K |
| Taxes payable | $125.0K | $40.0K | $873.0K |
| Amount due to related parties | $480.0K | -$1.2M | $3.7M |
| Net cash provided by operating activities | $11.8M | $5.8M | $559.0K |
| Purchases of property and equipment | -$2.3M | -$308.0K | -$287.0K |
| Placement of time deposits | -$3.2M | -$2.2M | -$2.1M |
| Withdrawal of time deposits | $4.5M | $3.0M | $4.8M |
| Net cash provided by/(used in) investing activities | -$952.0K | $468.0K | $2.4M |
| Proceeds from exercise of stock options | $218.0K | ||
| Capital injection from noncontrolling interests | $240.0K | ||
| Net cash provided by financing activities | $218.0K | $240.0K | |
| Effect of exchange rate changes on cash and cash equivalents | $31.0K | -$80.0K | $104.0K |
| Net increase in cash and cash equivalents | $11.1M | $6.5M | $3.1M |
| Cash paid for income taxes | $95.0K | $206.0K | $42.0K |
| Right-of-use assets obtained in exchange for operating lease liabilities | $2.9M | $3.2M | $441.0K |
Timeline
- Mar 13, 2002Went public Listed on Australian Securities Exchange1
Sources
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