51Talk’s Billings Surge 83.4% to US$127.6M as 2025 Revenues Jump 88.6%
51Talk’s full-year gross billings rose 83.4% to US$127.6 million in 2025, while net revenues jumped 88.6% to US$95.6 million and active students climbed 79.3% to 170,300, driving cash inflow of US$11.8 million. Q4 2025 billings were US$36.8 million (72% growth), net revenues were US$30.6 million (88.6% gain) with 126,700 students.
1. Robust Full-Year Growth
51Talk delivered US$127.6 million in gross billings for 2025, an 83.4% increase from 2024, with net revenues rising 88.6% to US$95.6 million. Active students grew 79.3% to 170,300 and annual operating cash inflow reached US$11.8 million, surpassing the US$10 million mark for the first time.
2. Strong Fourth-Quarter Performance
In Q4 2025, gross billings climbed 72.0% year-over-year to US$36.8 million and net revenues jumped 88.6% to US$30.6 million. The number of students attending paid lessons rose 70.8% to 126,700, while quarterly operating cash inflow reached US$3.1 million.
3. Margin Pressures and Expense Growth
Gross margin in Q4 2025 declined to 72.4% from 77.5% a year earlier, driven by a 131.2% increase in service fees paid to teachers. Total operating expenses surged 103.6% to US$27.4 million, led by a 101.6% rise in sales and marketing outlays and elevated personnel costs.
4. 2026 Outlook and Strategic Investments
Management plans to leverage the 2025 momentum by investing in its platform, tutors and AI capabilities to drive user experience enhancements. The company aims to consolidate its transformational gains while making meaningful progress toward profitability throughout 2026.