51Talk Online Education Group Reported Q1 Gross Billings of $12.6M, up by 55.6% YoY

First Quarter 2024 Financial and Operating Highlights

• Gross billings[1] for the first quarter of 2024 were US$12.6 million, a 55.6% growth from the first quarter of 2023.
• Net revenues were US$9.4 million for the first quarter of 2024, a 70.1% increase from US$5.6 million for the first quarter of 2023.
• The number of quarterly active students with attended lesson consumption was approximately 46,200 in the first quarter of 2024, representing a 83.3% increase from approximately 25,200 for the first quarter of 2023.