17 Education & Technology Group, an ed tech company in China offering in-school, after-school and online K12 teaching, has reported a 2021 net loss of ¥1.44 billion (£173.2 million), compared to a net loss of ¥1.34 billion reported for 2020.
Revenue for 2021 was ¥2.18 billion, compared to revenue of ¥1.29 billion reported for 2020.
The Beijing-based based company also reported results for the fourth quarter of 2021. Its net loss for the period was ¥25.6 million, compared to a net loss of ¥365.1 million reported for the fourth quarter of 2020. Revenue for the quarter was ¥542.5 million, up from ¥486.8 million reported for Q4 2020.
Andy Chang Liu, founder, chairman and chief executive of 17EdTech said: “Although we recorded a net loss of ¥25.6 million on a GAAP basis in the fourth quarter of 2021, we are pleased to report a positive adjusted net income – non-GAAP – of ¥17 million for the fourth quarter of 2021. We achieved this adjusted net income at the same time as we were rapidly transforming our businesses and organisation. Since our last earnings announcement, we continued to see positive momentum in our new business initiatives, in particular in our teaching and learning SaaS business which was an upgrade to our previous in-school products and services.
“The Ministry of Education of China has also re-emphasised its encouragement of applying digital technology and procuring innovative services to improve the efficiency and effectiveness of teaching and learning scenarios at public schools nationwide. Our service offerings are supporting an increasing number of pilot cities in their endeavours to materialise MoE’s guidance. One recent example was the First Classroom project at Shanghai’s Minhang District a technology-driven education programme that was based on our technological solutions, which was reported by China’s CCTV and major media.”
“I would like to re-emphasise our confidence and determination in turning our business into a profitable growing one. This will be a key philosophy in guiding our decisions and business operations going forward.”
Date published: 17 March 2022