51Talk Online Education Group
AMEX: COE · CONSUMER DEFENSIVE · EDUCATION & TRAINING SERVICES
Updated 2026-06-05
51Talk Online Education Group (COE) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.57M | $8.42M | $23.83M | $60.24M | $129.89M | $166.52M | $211.31M | $314.40M | $788000.00 | $15.05M | $27.11M | $50.69M | $95.85M |
| Revenue growth (YoY) | — | +135.4% | +183.1% | +152.8% | +115.6% | +28.2% | +26.9% | +48.8% | -99.7% | +1809.6% | +80.2% | +87.0% | +89.1% |
| Cost of revenue | $1.53M | $3.58M | $9.19M | $21.19M | $48.11M | $59.73M | $62.87M | $88.84M | $130000.00 | $3.19M | $6.32M | $11.16M | $25.01M |
| Gross profit | $2.04M | $4.84M | $14.63M | $39.05M | $81.77M | $106.79M | $148.43M | $225.56M | $658000.00 | $11.85M | $20.79M | $39.53M | $70.84M |
| Gross margin | 57.1% | 57.5% | 61.4% | 64.8% | 63.0% | 64.1% | 70.2% | 71.7% | 83.5% | 78.8% | 76.7% | 78.0% | 73.9% |
| R&D | $498000.00 | $1.74M | $8.41M | $21.99M | $34.19M | $26.89M | $22.51M | $24.92M | $135000.00 | $2.87M | $3.09M | $3.57M | $5.49M |
| SG&A | $1.42M | $5.09M | $10.00M | $23.86M | $34.37M | $32.43M | $28.02M | $32.79M | $1.69M | $8.07M | $7.73M | $10.62M | $79.61M |
| Operating income | $-2.70M | $-15.09M | $-49.57M | $-73.75M | $-87.43M | $-58.83M | $-15.37M | $15.98M | $-4.59M | $-12.36M | $-13.66M | $-8.05M | $-14.47M |
| Operating margin | -75.6% | -179.3% | -208.1% | -122.4% | -67.3% | -35.3% | -7.3% | 5.1% | -582.7% | -82.1% | -50.4% | -15.9% | -15.1% |
| EBITDA | $-2.67M | $-14.86M | $-48.43M | $-71.37M | $-82.98M | $-53.77M | $-9.04M | $21.88M | $-4.50M | $-12.26M | $-13.56M | $-7.91M | $-14.47M |
| EBITDA margin | -74.8% | -176.6% | -203.3% | -118.5% | -63.9% | -32.3% | -4.3% | 7.0% | -570.4% | -81.4% | -50.0% | -15.6% | -15.1% |
| EBIT | $-2.70M | $-15.09M | $-49.57M | $-73.75M | $-87.43M | $-58.57M | $-12.85M | $18.98M | $-4.59M | $-12.36M | $-13.66M | $-8.05M | — |
| Interest expense | $117157.00 | $195547.00 | $54376.00 | $148333.00 | $869852.00 | $1.44M | $1.35M | $10102.00 | $1.86M | $30.04M | — | — | — |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-2.94M | $-16.40M | $-50.38M | $-74.13M | $-88.96M | $-60.57M | $-14.92M | $21.24M | $18.74M | $-12.84M | $-15.03M | $-7.24M | $-16.85M |
| Net income growth (YoY) | — | -458.3% | -207.3% | -47.1% | -20.0% | +31.9% | +75.4% | +242.3% | -11.8% | -168.5% | -17.0% | +51.9% | -132.9% |
| Profit margin | -82.1% | -194.8% | -211.5% | -123.1% | -68.5% | -36.4% | -7.1% | 6.8% | 2377.9% | -85.4% | -55.4% | -14.3% | -17.6% |
Frequently asked questions
What is 51Talk Online Education Group's revenue?
51Talk Online Education Group's trailing twelve-month revenue is $95.60M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is COE?
In its most recent fiscal year, COE ran a gross margin of 73.91%, an operating margin of -15.09%, and a net margin of -17.58%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does COE generate?
COE produced $9.52M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is COE's balance sheet healthy?
COE holds $38.87M in cash and equivalents against — in long-term debt, on $-31.36M of shareholder equity. That debt is best read against the cash flow the business throws off each year.