CORRECTED-China's 17EdTech Q3 net revenue slumps, adjusted net loss widens
Overview
Chinese education tech firm's Q3 net revenue fell 66.4% yr/yr due to project focus shift
Adjusted net loss for Q3 widened significantly to RMB38.2 mln ($5.4 mln) vs RMB5.7 mln year ago
17 Education & Technology Group maintains healthy cash position despite increased R&D investment
Outlook
Company expects favorable market response to new AI products to boost future cash flow
17EdTech will continue enhancing product capabilities to improve learning efficiency
Result Drivers
REVENUE DECLINE - Co attributed 66.4% yr/yr revenue drop to shift from district-level to school-based projects requiring longer revenue recognition
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Revenue |
| RMB 20 mln |
|
Q3 Net Income |
| -RMB 44.50 mln |
|
Q3 Gross Margin |
| 51.20% |
|
Q3 Gross Profit |
| RMB 10.20 mln |
|
Q3 Income from Operations |
| -RMB 46.60 mln |
|
Press Release: ID:nGNXc0z5ql
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