51Talk Online Education Group (NYSE:COE), a leading global online English education platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
The results underscore a year of hyper-growth for the company’s international business, which has successfully filled the vacuum in the global English-as-a-Second-Language (ESL) market through its localized, one-on-one teaching model.
For the full year 2025, 51Talk reported net revenues of $95.6 million, representing a robust 88.6% increase from $50.7 million in 2024.
Gross billings, a key indicator of future revenue recognition, reached $127.6 million, up 83.4% year-over-year.
This growth was underpinned by a massive expansion of the company’s user base; active students rose to approximately 170.3 thousand, a 79.3% increase that highlights the strong demand for high-quality, affordable English tutoring in Southeast Asia and other emerging markets.
The company’s operational efficiency showed positive signs even as it pursued aggressive scale.
51Talk generated a healthy operating cash inflow of $11.8 million for the year, demonstrating the underlying viability of its subscription-based business model.
However, the pursuit of market share came at a cost to the bottom line.
Both operating and net losses widened in 2025, primarily due to increased sales and marketing expenses aimed at brand building and student acquisition in new territories, as well as continued investment in its proprietary AI-driven teaching platform.
Looking ahead, management provided a positive outlook for the start of the 2026 fiscal year, guiding first-quarter gross billings to be between $29 million and $31 million.