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We provide comprehensive online interactive live courses for K-12 students in the United States and around the globe. Our curriculum is designed to meet the needs of different age groups and learning levels, covering a wide variety of subjects to enhance students' academic achievements and interest in exploration.
The business is unprofitable at the operating level (-106.69% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 8.4% YoY. Margins deteriorated 84.0pp alongside, both lines moving the wrong way.
ROIC dropped from -19.92% to -34.34%, capital efficiency is deteriorating. Negative free cash flow of -$4M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3M
▼ -8.4% YoY
Net Income (TTM)
-$11M
▼ -735.6% YoY
Op. Margin
-136.52%
▼ -84.0pp YoY
ROIC
-23.27%
▼ -14.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▼ -295.7% YoY
Op. Cash Flow (TTM)
-$4M
▼ -389.8% YoY
Net Debt
$4M
Cash & Equiv.
$2M
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