Image form D2L’s website

Kitchener, Ontario-based learning company D2L has reported a net loss of US$97.7 million for its 2022 fiscal year, ending 31 January 2022, compared to a net loss of $41.5 million reported for fiscal year 2021. Revenue for fiscal year 2022 was $151.9 million, up from $126.4 million reported for fiscal year 2021.

The company also reported its results for the fourth quarter of fiscal year 2022 ending 31 January 2022. Its loss for the quarter was $3.9 million, compared to a net loss of $11.2 million reported for Q4 2021. Revenue for the quarter was $41.4 million, up from $33.9 million reported for Q4 2021.

D2L is the developer of the Brightspace learning management system, a cloud-based software suite used by schools, higher educational institutions, and businesses for online and blended classroom learning. The company is also the developer of Open Courses, a massive open online course platform.

John Baker, president and chief executive of D2L, said: “We had a strong fourth quarter to close out an excellent year, which saw us complete our public offering, achieve our target of 20% top-line growth, add roughly $25 million in new annual recurring revenue, and significantly grow our base of customers across our key verticals. Our record results speak to increasing new customer momentum and the sustained tailwinds in our markets.

“As we look ahead to a new fiscal year, our outlook for sustained growth is supported by increasing demand for better learning experiences as evidenced by robust RFP activity both in North America and internationally. With a strong balance sheet, we are pursuing a strategy to press our advantage by making significant investments in both direct and indirect go-to-market strategies and enhancements to our platform that will bring even greater value to educators, employers and learners.”

Date published: 29 March 2022

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