NYSEAMERICAN : COE
51Talk Online Education Group — Financial statements
Consumer Staples · Education & Training Services · Singapore
Last price 11 USD (Oct 30, 2026, 9:43 AM EDT) · Market cap 65.83M
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Financial statements
51Talk Online Education Group (COE) reported revenue of 120.53M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 120.53M | 95.60M | 50.69M | 27.11M | 15.05M | 788.00K |
| Cost of Revenue | 32.18M | 24.94M | 11.16M | 6.32M | 3.19M | 130.00K |
| Gross Profit | 88.35M | 70.66M | 39.53M | 20.79M | 11.85M | 658.00K |
| Selling, General & Admin | 94.08M | 79.61M | 44.00M | 31.36M | 21.35M | 5.12M |
| Research & Development | 7.56M | 5.48M | 3.57M | 3.09M | 2.87M | 135.00K |
| Operating Expenses | 101.64M | 85.09M | 47.57M | 34.45M | 24.21M | 5.25M |
| Operating Income | -13.29M | -14.43M | -8.05M | -13.66M | -12.36M | -4.59M |
| Interest & Investment Income | 552.00K | 358.00K | 229.00K | 165.00K | 27.00K | 282.00K |
| Other Non Operating Income (Expenses) | -2.32M | -1.54M | 771.00K | -1.42M | -453.00K | 219.00K |
| EBT Excluding Unusual Items | -15.06M | -15.62M | -7.05M | -14.91M | -12.78M | -4.09M |
| Pretax Income | -15.06M | -15.62M | -7.05M | -14.91M | -12.78M | -4.09M |
| Income Tax Expense | 1.99M | 1.24M | 276.00K | 118.00K | 60.00K | 100.00K |
| Earnings From Continuing Operations | -17.05M | -16.86M | -7.32M | -15.03M | -12.84M | -4.19M |
| Earnings From Discontinued Operations | -29.71M | 22.93M | ||||
| Net Income to Company | -17.05M | -16.86M | -7.32M | -15.03M | -42.56M | 18.74M |
| Minority Interest in Earnings | 32.00K | 54.00K | 87.00K | |||
| Net Income | -17.02M | -16.80M | -7.24M | -15.03M | -42.56M | 18.74M |
| Net Income to Common | -17.02M | -16.80M | -7.24M | -15.03M | -42.56M | 18.74M |
| Shares Outstanding (Basic) | 5.99M | 5.92M | 5.79M | 5.68M | 5.59M | 5.47M |
| Shares Outstanding (Diluted) | 5.99M | 5.92M | 5.79M | 5.68M | 5.59M | 5.47M |
| EPS (Basic) | -2.84 | -2.84 | -1.25 | -2.64 | -7.61 | 3.42 |
| EPS (Diluted) | -3.00 | -3.00 | -1.25 | -2.64 | -7.71 | 3.42 |
| Free Cash Flow | 9.52M | 5.52M | 272.00K | -45.71M | -105.03M | |
| Free Cash Flow Per Share | 1.61 | 0.95 | 0.05 | -8.17 | -19.18 | |
| Gross Margin | 73.30% | 73.91% | 77.98% | 76.68% | 78.77% | 83.50% |
| Operating Margin | -11.03% | -15.09% | -15.87% | -50.40% | -82.12% | -582.74% |
| Profit Margin | -14.12% | -17.58% | -14.27% | -55.45% | -282.80% | 2,377.92% |
| Free Cash Flow Margin | 9.96% | 10.90% | 1.00% | -303.74% | -13,328.55% | |
| EBITDA | -12.71M | -13.99M | -7.91M | -13.56M | -12.26M | -4.50M |
| EBITDA Margin | -10.54% | -14.64% | -15.60% | -50.03% | -81.44% | |
| D&A For EBITDA | 582.50K | 434.00K | 137.00K | 99.00K | 103.00K | 97.00K |
| EBIT | -13.29M | -14.43M | -8.05M | -13.66M | -12.36M | -4.59M |
| EBIT Margin | -11.03% | -15.09% | -15.87% | -50.40% | -82.12% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 39.98M | 38.87M | 27.76M | 21.30M | 18.19M | 24.61M |
| Short-Term Investments | 93.00K | 93.00K | 1.43M | 2.09M | 4.87M | 6.50M |
| Cash & Short-Term Investments | 40.07M | 38.96M | 29.19M | 23.39M | 23.06M | 31.11M |
| Receivables | 1.11M | 706.00K | 530.00K | |||
| Prepaid Expenses | 24.45M | 2.80M | 893.00K | 1.28M | 736.00K | 588.00K |
| Other Current Assets | 17.52M | 9.31M | 4.59M | 2.77M | 119.55M | |
| Total Current Assets | 64.52M | 60.40M | 40.09M | 29.78M | 26.57M | 151.25M |
| Property, Plant & Equipment | 4.62M | 5.21M | 3.25M | 861.00K | 794.00K | 1.72M |
| Long-Term Investments | 11.12M | |||||
| Other Intangible Assets | 62.00K | 68.00K | 80.00K | 92.00K | 104.00K | 116.00K |
| Long-Term Deferred Tax Assets | 74.00K | 77.00K | 57.00K | 72.00K | 38.00K | |
| Other Long-Term Assets | 349.00K | 341.00K | 460.00K | 348.00K | 169.00K | 22.83M |
| Total Assets | 69.63M | 66.09M | 43.94M | 31.16M | 27.63M | 187.07M |
| Accrued Expenses | 12.52M | 11.96M | 6.23M | 5.99M | 4.25M | 2.92M |
| Current Portion of Leases | 1.62M | 1.76M | 1.24M | 590.00K | 427.00K | 815.00K |
| Current Income Taxes Payable | 1.79M | 1.23M | 1.10M | 1.06M | 186.00K | 95.00K |
| Current Unearned Revenue | 86.70M | 76.57M | 45.06M | 27.21M | 15.17M | 2.87M |
| Other Current Liabilities | 2.05M | 3.84M | 3.26M | 4.28M | 485.00K | 290.33M |
| Total Current Liabilities | 104.69M | 95.36M | 56.90M | 39.13M | 20.51M | 297.04M |
| Long-Term Leases | 916.00K | 1.18M | 1.44M | 41.00K | 307.00K | 817.00K |
| Pension & Post-Retirement Benefits | 379.00K | 360.00K | 310.00K | 176.00K | 156.00K | 203.00K |
| Long-Term Deferred Tax Liabilities | 459.00K | 452.00K | 84.00K | |||
| Other Long-Term Liabilities | 2.43M | |||||
| Total Liabilities | 106.44M | 97.34M | 58.65M | 39.35M | 21.06M | 300.50M |
| Common Stock | -36.94M | 36.00K | 35.00K | 34.00K | 33.00K | 33.00K |
| Additional Paid-In Capital | 340.95M | 339.25M | 338.32M | 337.41M | 187.84M | |
| Retained Earnings | -370.40M | -353.60M | -346.36M | -331.17M | -288.61M | |
| Treasury Stock | -6.64M | |||||
| Comprehensive Income & Other | -1.94M | -685.00K | -326.00K | 303.00K | -6.05M | |
| Total Common Equity | -36.94M | -31.36M | -15.00M | -8.34M | 6.58M | -113.43M |
| Minority Interest | 129.00K | 104.00K | 288.00K | 149.00K | ||
| Shareholders' Equity | -36.81M | -31.25M | -14.71M | -8.19M | 6.58M | -113.43M |
| Total Liabilities & Equity | 69.63M | 66.09M | 43.94M | 31.16M | 27.63M | 187.07M |
| Total Debt | 2.54M | 2.94M | 2.68M | 631.00K | 734.00K | 1.63M |
| Net Cash (Debt) | 37.54M | 36.02M | 26.50M | 22.76M | 22.32M | 29.48M |
| Net Cash Per Share | 6.27 | 6.09 | 4.58 | 4.00 | 3.99 | 5.38 |
| Filing Date Shares Outstanding | 6.04M | 5.98M | 5.86M | 5.75M | 5.66M | 5.57M |
| Total Common Shares Outstanding | 6.04M | 5.98M | 5.85M | 5.72M | 5.63M | 5.56M |
| Working Capital | -40.16M | -34.96M | -16.81M | -9.35M | 6.06M | -145.79M |
| Book Value Per Share | -6.12 | -5.24 | -2.57 | -1.46 | 1.17 | -20.40 |
| Tangible Book Value | -37.00M | -31.43M | -15.08M | -8.43M | 6.47M | -113.54M |
| Tangible Book Value Per Share | -6.13 | -5.25 | -2.58 | -1.47 | 1.15 | -20.42 |
| Machinery | 2.43M | 1.64M | 1.39M | 1.24M | 2.59M | |
| Leasehold Improvements | 1.33M | 65.00K | 20.00K | 1.00K | 1.85M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -16.80M | -7.24M | -15.03M | -42.56M | 18.74M | |
| Depreciation & Amortization | 434.00K | 137.00K | 99.00K | 103.00K | 97.00K | |
| Loss (Gain) From Sale of Assets | -82.00K | 28.00K | ||||
| Asset Writedown & Restructuring Costs | 150.00K | |||||
| Stock-Based Compensation | 1.33M | 934.00K | 910.00K | 712.00K | 219.00K | |
| Provision & Write-off of Bad Debts | 551.00K | 173.00K | 81.00K | |||
| Other Operating Activities | 373.00K | -72.00K | -156.00K | 29.83M | -22.88M | |
| Change in Unearned Revenue | 30.04M | 17.85M | 12.05M | 12.29M | 2.86M | |
| Change in Income Taxes | 125.00K | 40.00K | 873.00K | 91.00K | -127.00K | |
| Change in Other Net Operating Assets | -4.39M | -5.82M | 1.65M | 1.45M | -3.92M | |
| Operating Cash Flow | 11.81M | 5.83M | 559.00K | -45.70M | -105.03M | |
| Capital Expenditures | -2.29M | -308.00K | -287.00K | -5.00K | ||
| Sale of Property, Plant & Equipment | 106.00K | 1.00K | ||||
| Divestitures | -20.48M | |||||
| Sale (Purchase) of Intangibles | -118.00K | |||||
| Investment in Securities | 1.34M | 776.00K | 2.74M | 12.74M | 5.76M | |
| Other Investing Activities | 10.15M | 92.66M | ||||
| Investing Cash Flow | -952.00K | 468.00K | 2.45M | 2.51M | 98.31M | |
| Long-Term Debt Issued | 23.57M | |||||
| Total Debt Issued | 23.57M | |||||
| Net Debt Issued (Repaid) | 23.57M | |||||
| Issuance of Common Stock | 218.00K | 8.00K | ||||
| Other Financing Activities | 240.00K | 20.48M | -25.93M | |||
| Financing Cash Flow | 218.00K | 240.00K | 20.48M | -2.35M | ||
| Foreign Exchange Rate Adjustments | 31.00K | -80.00K | 104.00K | -714.00K | 618.00K | |
| Net Cash Flow | 11.11M | 6.46M | 3.11M | -23.42M | -8.45M | |
| Free Cash Flow | 9.52M | 5.52M | 272.00K | -45.71M | -105.03M | |
| Free Cash Flow Margin | 9.96% | 10.90% | 1.00% | -303.74% | -13,328.55% | |
| Free Cash Flow Per Share | 1.61 | 0.95 | 0.05 | -8.17 | -19.18 | |
| Levered Free Cash Flow | 17.85M | 8.34M | 7.75M | -166.43M | -235.73M | |
| Unlevered Free Cash Flow | 17.85M | 8.34M | 7.75M | -166.43M | -235.73M | |
| Cash Income Tax Paid | 95.00K | 206.00K | 42.00K | 56.00K | 84.00K | |
| Change in Working Capital | 25.78M | 12.07M | 14.56M | 13.84M | -1.19M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 67.80M | 187.09M | 117.96M | 45.47M | 35.08M | 26.02M |
| Enterprise Value | 30.27M | 153.89M | 93.89M | 23.24M | 14.00M | -148.17M |
| Last Close Price | 11.33 | 31.93 | 20.50 | 8.03 | 6.30 | 4.84 |
| PE Ratio | 1.39 | |||||
| Forward PE | 0.37 | 0.37 | 0.37 | 0.37 | 0.34 | |
| PS Ratio | 0.56 | 1.96 | 2.33 | 1.68 | 2.33 | 33.02 |
| PB Ratio | -5.99 | -8.02 | -5.55 | 5.33 | -0.23 | |
| P/TBV Ratio | 5.42 | |||||
| P/FCF Ratio | 7.12 | 19.65 | 21.35 | 167.17 | ||
| P/OCF Ratio | 15.84 | 20.23 | 81.34 | |||
| EV/Sales Ratio | 0.25 | 1.61 | 1.85 | 0.86 | 0.93 | |
| EV/FCF Ratio | 3.18 | 16.16 | 17.00 | 85.43 | ||
| Debt / Equity Ratio | -0.07 | -0.09 | -0.18 | -0.08 | 0.11 | -0.01 |
| Debt / FCF Ratio | 0.31 | 0.49 | 2.32 | |||
| Net Debt / Equity Ratio | 1.02 | 1.15 | 1.80 | 2.78 | -3.39 | 0.26 |
| Net Debt / EBITDA Ratio | 2.95 | 2.57 | 3.35 | 1.68 | 1.82 | 6.56 |
| Net Debt / FCF Ratio | -3.78 | -4.80 | -83.67 | 0.49 | 0.28 | |
| Asset Turnover | 1.97 | 1.74 | 1.35 | 0.92 | 0.14 | 0.00 |
| Quick Ratio | 0.38 | 0.41 | 0.51 | 0.60 | 1.12 | 0.10 |
| Current Ratio | 0.62 | 0.63 | 0.70 | 0.76 | 1.29 | 0.51 |
| Return on Assets (ROA) | -13.56% | -16.39% | -13.39% | -29.05% | -7.20% | -1.09% |
| Return on Capital Employed (ROCE) | 37.90% | 49.30% | 62.10% | 171.30% | -173.50% | 4.20% |
| Earnings Yield | -26.49% | -8.98% | -6.13% | -33.06% | -121.32% | 72.01% |
| FCF Yield | 14.04% | 5.09% | 4.68% | 0.60% | -130.30% | -403.64% |
| Buyback Yield / Dilution | -2.46% | -2.27% | -1.77% | -1.62% | -2.18% | -2.79% |