Technology

Gaotu Techedu Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

Published

2 years ago

February 26, 2025

BEIJING, Feb. 26, 2025 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Company”), a technology-driven education company and online large-class tutoring service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter 2024 Highlights[1]

Net revenues were RMB1,388.6 million, increased by 82.5% from RMB761.0 million in the same period of 2023.Gross billings[2] were RMB2,160.2 million, increased by 69.0% from RMB1,278.1 million in the same period of 2023.Loss from operations was RMB149.3 million, compared with loss from operations of RMB187.9 million in the same period of 2023.Net loss was RMB135.8 million, compared with net loss of RMB119.6 million in the same period of 2023.Non-GAAP net loss was RMB123.5 million, compared with non-GAAP net loss of RMB104.0 million in the same period of 2023.Net operating cash inflow was RMB783.6 million, increased by 59.4% from RMB491.5 million in the same period of 2023.

Fourth Quarter 2024 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

For the three months ended December 31,

2023

2024

Pct. Change

Net revenues

761,014

1,388,621

82.5 %

Gross billings

1,278,132

2,160,179

69.0 %

Loss from operations

(187,915)

(149,274)

(20.6) %

Net loss

(119,649)

(135,834)

13.5 %

Non-GAAP net loss

(103,970)

(123,541)

18.8 %

Net operating cash inflow

491,493

783,643

59.4 %

[1] For a reconciliation of non-GAAP numbers, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses.

[2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See “About Non-GAAP Financial Measures” and “Reconciliations of non-GAAP measures to the most comparable GAAP measures” elsewhere in this press release.

Fiscal Year Ended December 31, 2024 Highlights

Net revenues were RMB4,553.6 million, increased by 53.8% from RMB2,960.8 million in the same period of 2023.Gross billings were RMB5,612.4 million, increased by 68.1% from RMB3,338.8 million in the same period of 2023.Loss from operations was RMB1,181.8 million, compared with loss from operations of RMB149.0 million in the same period of 2023.Net loss was RMB1,049.0 million, compared with net loss of RMB7.3 million in the same period of 2023.Non-GAAP net loss was RMB995.7 million, compared with non-GAAP net income of RMB51.1 million in the same period of 2023.Net operating cash inflow was RMB258.0 million, compared with net operating cash inflow of RMB353.7 million in the same period of 2023.

Fiscal Year 2024 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

Fiscal Year ended December 31,

2023

2024

Pct. Change

Net revenues

2,960,813

4,553,556

53.8 %

Gross billings

3,338,750

5,612,390

68.1 %

Loss from operations

(149,006)

(1,181,833)

693.1 %

Net loss

(7,298)

(1,048,954)

14,273.2 %

Non-GAAP net income/(loss)

51,055

(995,737)

(2,050.3) %

Net operating cash inflow

353,697

258,007

(27.1) %

Larry Xiangdong Chen, the Company’s founder, Chairman and CEO, commented, “Driven by our dual pillars of strategic focus and organizational capability enhancement, we have significantly elevated the value delivered to our customers. In the fourth quarter, net revenues increased by 82.5% year-over-year to nearly RMB1.4 billion, while gross billings surged 69.0% to over RMB2.1 billion. Loss from operations narrowed by 20.6%, with operating margin improving by 13.9 percentage points, demonstrating our continued progress in profitability and tangible impact of our efficiency-driven initiatives. Our ample cash reserves, with net operating cash inflow of RMB783.6 million this quarter, provide a solid foundation for future strategic plans and long-term sustainable growth.

Notably, the evolution of AI technologies, represented by DeepSeek and other large-scale models, strongly aligns with our AI strategy and has significantly accelerated our advancements in learning effectiveness and organizational performance. We firmly believe that AI will have a profound and far-reaching impact on the education industry, reshaping the future learning experience. We will also spare no effort in actively promoting the deep integration of AI technologies with education, steadfastly advancing toward the essence of education—personalized, adaptive learning and tailored educational agent for every individual.”

Shannon Shen, CFO of the Company, added, “In 2024, our company achieved key strategic milestones. For the full year, net revenues increased by 53.8% year-over-year to approximately RMB4.6 billion, while gross billings grew by 68.1% year-over-year to over RMB5.6 billion. As of December 31st, 2024, our total cash position—including cash and cash equivalents, restricted cash, and short and long-term investments—stood at RMB4.1 billion. Excluding the impact of share repurchases, our cash reserves increased by RMB183.9 million compared to the end of 2023. As our business scales rapidly, we have implemented flexible and dynamic resource allocation mechanisms to steer the Company towards sustainable growth, and further strengthening the competitive edge of our core operations.

Looking ahead, leveraging cutting-edge AI technologies alongside a diverse product portfolio, rich learning scenarios and comprehensive learning solutions, we are committed to becoming the most trusted partner on every learner’s journey, driving high-quality development across the board.”

Financial Results for the Fourth Quarter of 2024

Net Revenues

Net revenues increased by 82.5% to RMB1,388.6 million from RMB761.0 million in the fourth quarter of 2023, which was mainly due to the continuous year-over-year growth of gross billings as a result of our sufficient and effective response to strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our product and service offerings.

Cost of Revenues

Cost of revenues increased by 93.4% to RMB440.3 million from RMB227.7 million in the fourth quarter of 2023. The increase was mainly due to expansion of instructors and tutors workforce, growing rental cost, as well as an increased cost of learning materials.

Gross Profit and Gross Margin

Gross profit increased by 77.8% to RMB948.3 million from RMB533.3 million in the fourth quarter of 2023. Gross profit margin decreased to 68.3% from 70.1% in the same period of 2023.

Non-GAAP gross profit increased by 77.0% to RMB950.8 million from RMB537.2 million in the fourth quarter of 2023. Non-GAAP gross profit margin decreased to 68.5% from 70.6% in the same period of 2023.

Operating Expenses

Operating expenses increased by 52.2% to RMB1,097.6 million from RMB721.2 million in the fourth quarter of 2023. The increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and branding activities.

Selling expenses increased to RMB736.2 million from RMB465.7 million in the fourth quarter of 2023.Research and development expenses increased to RMB145.1 million from RMB136.0 million in the fourth quarter of 2023.General and administrative expenses increased to RMB216.4 million from RMB119.5 million in the fourth quarter of 2023.

Loss from Operations

Loss from operations was RMB149.3 million, compared with loss from operations of RMB187.9 million in the fourth quarter of 2023.

Non-GAAP loss from operations was RMB137.0 million, compared with non-GAAP loss from operations of RMB172.2 million in the fourth quarter of 2023.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB19.8 million, compared with a total of RMB23.9 million in the fourth quarter of 2023.

Other (Expenses)/Income, net

Other expenses, net was RMB6.4 million, compared with other income, net of RMB32.8 million in the fourth quarter of 2023.

Net Loss

Net loss was RMB135.8 million, compared with net loss of RMB119.6 million in the fourth quarter of 2023.

Non-GAAP net loss was RMB123.5 million, compared with non-GAAP net loss of RMB104.0 million in the fourth quarter of 2023.

Cash Flow

Net operating cash inflow in the fourth quarter of 2024 was RMB783.6 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB0.53 in the fourth quarter of 2024.

Non-GAAP basic and diluted net loss per ADS were both RMB0.49 in the fourth quarter of 2024.

Share Outstanding

As of December 31, 2024, the Company had 168,623,225 ordinary shares outstanding.

Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments

As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB4,094.3 million in aggregate, compared with a total of RMB3,953.5 million as of December 31, 2023.

Financial Results for the Fiscal Year of 2024

Net Revenues

Net revenues increased by 53.8% to RMB4,553.6 million from RMB2,960.8 million in 2023. The increase was mainly due to the growth of gross billings in 2024.

Cost of Revenues

Cost of revenues increased by 84.1% to RMB1,454.9 million from RMB790.2 million in 2023. The increase was mainly due to expansion of instructors and tutors workforce, growing rental cost, as well as an increased cost of learning materials.

Gross Profit and Gross Margin

Gross profit increased by 42.8% to RMB3,098.6 million from RMB2,170.6 million in 2023. Gross profit margin decreased to 68.0% from 73.3% in 2023.

Non-GAAP gross profit increased by 42.2% to RMB3,105.6 million from RMB2,183.6 million in 2023. Non-GAAP gross profit margin decreased to 68.2% from 73.7% in 2023.

Operating Expenses

Operating expenses increased by 84.5% to RMB4,280.5 million from RMB2,319.6 million in 2023. The increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and branding activities.

Selling expenses increased to RMB2,963.7 million from RMB1,501.2 million in 2023.Research and development expenses increased to RMB648.1 million from RMB462.0 million in 2023.General and administrative expenses increased to RMB668.7 million from RMB356.4 million in 2023.

Loss from Operations

Loss from operations was RMB1,181.8 million, compared with loss from operations of RMB149.0 million in 2023.

Non-GAAP loss from operations was RMB1,128.6 million, compared with non-GAAP loss from operations of RMB90.7 million in 2023.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB95.7 million, compared with a total of RMB107.1 million in 2023.

Other Income, net

Other income, net was RMB45.8 million, compared with RMB54.5 million in 2023.

Net (Loss)/income

Net loss was RMB1,049.0 million, compared with net loss of RMB7.3 million in 2023.

Non-GAAP net loss was RMB995.7 million, compared with non-GAAP net income of RMB51.1 million in 2023.

Cash Flow

Net operating cash inflow in 2024 was RMB258.0 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB4.08 in 2024.

Non-GAAP basic and diluted net loss per ADS were both RMB3.87 in 2024.

Share Repurchase

In November 2022, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company’s board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

As of February 21, 2025, the Company had cumulatively repurchased approximately 16.0 million ADSs for approximately US$47.5 million under the share repurchase program.

Business Outlook

Based on the Company’s current estimates, total net revenues for the first quarter of 2025 are expected to be between RMB1,408 million and RMB1,428 million, representing an increase of 48.7% to 50.8% on a year-over-year basis. These estimates reflect the Company’s current expectations, which are subject to change.

Conference Call

The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, February 26, 2025 (9:00 PM Beijing/Hong Kong Time on Wednesday, February 26, 2025). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061
United States: 1-888-317-6003
Hong Kong: 800-963-976
Mainland China: 400-120-6115
Passcode: 2778362

A telephone replay will be available two hours after the conclusion of the conference call through March 5, 2025. The dial-in details are:

International: 1-412-317-0088
United States: 1-877-344-7529
Passcode: 4036127

Additionally, a live and archived webcast of this conference call will be available at http://ir.gaotu.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to attract students to enroll in its courses; the Company’s ability to continue to recruit, train and retain qualified teachers; the Company’s ability to improve the content of its existing course offerings and to develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About Gaotu Techedu Inc.

Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational content & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company’s business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.

About Non-GAAP Financial Measures

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company’s management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate

The Company’s business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“USD”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB7.2993 to USD1.0000, the effective noon buying rate for December 31, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2024, or at any other rate.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn

Christensen

In China
Ms. Alice Li
Phone: +86-10-5900-1548
E-mail: gotu@christensencomms.com

In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

2023

2024

RMB

USD

ASSETS

Current assets

Cash and cash equivalents

636,052

1,321,118

180,992

Restricted cash

33,901

5,222

715

Short-term investments

2,253,910

1,845,242

252,797

Inventory, net

24,596

36,401

4,987

Prepaid expenses and other current assets, net

638,248

431,829

59,160

Total current assets

3,586,707

3,639,812

498,651

Non-current assets

Operating lease right-of-use assets

189,662

503,601

68,993

Property, equipment and software, net

533,531

670,237

91,822

Land use rights, net

26,568

25,762

3,529

Long-term investments

1,029,632

922,740

126,415

Deferred tax assets

11,312

–

Rental deposit

17,742

45,834

6,279

Other non-current assets

18,155

20,091

2,752

TOTAL ASSETS

5,413,309

5,828,077

798,441

LIABILITIES

Current liabilities

    Accrued expenses and other current liabilities
      (including accrued expenses and other current
      liabilities of the consolidated VIE without
      recourse to the Group of RMB484,222
      and RMB811,879 as of December 31, 2023
      and December 31, 2024, respectively)

805,032

1,245,207

170,592

Deferred revenue, current portion of the
consolidated VIE without recourse to the Group

1,113,480

1,867,096

255,791

   Operating lease liabilities, current portion
      (including current portion of operating lease
      liabilities of the consolidated VIE without
      recourse to the Group of RMB34,401 and
      RMB114,471 as of December 31, 2023 and
      December 31, 2024, respectively)

50,494

147,635

20,226

Income tax payable (including income tax
   payable of the consolidated VIE without
   recourse to the Group of RMB4,210 and
   RMB606 as of December 31, 2023 and
    December 31, 2024, respectively)

4,278

665

Total current liabilities

1,973,284

3,260,603

446,700

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December
31,

As of December 31,

2023

2024

RMB

USD

Non-current liabilities

    Deferred revenue, non-current portion of
      the consolidated VIE without recourse
      to the Group

124,141

218,797

29,975

    Operating lease liabilities, non-current
      portion (including non-current portion
      of operating lease liabilities of the
      consolidated VIE without recourse
      to the Group of RMB121,277 and
      RMB337,258 as of December 31, 2023
      and December 31, 2024, respectively)

137,652

344,609

47,211

   Deferred tax liabilities (including deferred
     tax liabilities of the consolidated VIE
     without recourse to the Group of
     RMB71,850 and RMB70,316 as of
     December 31, 2023 and December 31,
     2024, respectively)

71,967

70,604

9,673

TOTAL LIABILITIES

2,307,044

3,894,613

533,559

SHAREHOLDERS’ EQUITY

Ordinary shares

116

Treasury stock, at cost

(85,178)

(242,866)

(33,273)

Additional paid-in capital

7,987,957

7,991,421

1,094,820

Accumulated other comprehensive loss

(33,209)

(2,832)

(388)

Statutory reserve

50,225

66,042

9,048

Accumulated deficit

(4,813,646)

(5,878,417)

(805,341)

TOTAL SHAREHOLDERS’ EQUITY

3,106,265

1,933,464

264,882

TOTAL LIABILITIES AND TOTAL
SHAREHOLDERS’ EQUITY

5,413,309

5,828,077

798,441

Gaotu Techedu Inc.

Unaudited condensed consolidated statements of operations

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended December 31,

For the year ended December 31,

2023

2024

2023

2024

RMB

USD

RMB

USD

Net revenues

761,014

1,388,621

190,240

2,960,813

4,553,556

623,835

Cost of revenues

(227,719)

(440,279)

(60,318)

(790,207)

(1,454,917)

(199,323)

Gross profit

533,295

948,342

129,922

2,170,606

3,098,639

424,512

Operating expenses:

Selling expenses

(465,686)

(736,189)

(100,857)

(1,501,200)

(2,963,736)

(406,030)

Research and development expenses

(136,046)

(145,050)

(19,872)

(462,043)

(648,063)

(88,784)

General and administrative expenses

(119,478)

(216,377)

(29,644)

(356,369)

(668,673)

(91,608)

Total operating expenses

(721,210)

(1,097,616)

(150,373)

(2,319,612)

(4,280,472)

(586,422)

Loss from operations

(187,915)

(149,274)

(20,451)

(149,006)

(1,181,833)

(161,910)

Interest income

18,603

14,776

2,024

75,829

70,384

9,643

Realized gains from investments

5,269

5,017

687

31,230

25,302

3,466

Other income/(expenses), net

32,776

(6,395)

(876)

54,471

45,825

6,278

(Loss)/income before provision for
income tax and share of results of
equity investees

(131,267)

(135,876)

(18,616)

12,524

(1,040,322)

(142,523)

Income tax benefits/(expenses)

11,618

(10,657)

(8,632)

(1,183)

Share of results of equity investees

–

(9,165)

–

Net loss

(119,649)

(135,834)

(18,610)

(7,298)

(1,048,954)

(143,706)

Net loss attributable to Gaotu
Techedu Inc.’s ordinary shareholders

(119,649)

(135,834)

(18,610)

(7,298)

(1,048,954)

(143,706)

Net loss per ordinary share

Basic

(0.69)

(0.80)

(0.11)

(0.04)

(6.12)

(0.84)

Diluted

(0.69)

(0.80)

(0.11)

(0.04)

(6.12)

(0.84)

Net loss per ADS

Basic

(0.46)

(0.53)

(0.07)

(0.03)

(4.08)

(0.56)

Diluted

(0.46)

(0.53)

(0.07)

(0.03)

(4.08)

(0.56)

Weighted average shares used in net
loss per share

Basic

172,545,719

169,167,503

173,725,790

171,412,125

Diluted

172,545,719

169,167,503

173,725,790

171,412,125

Note: Three ADSs represent two ordinary shares.

Gaotu Techedu Inc.

Reconciliations of non-GAAP measures to the most comparable GAAP measures

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended December 31,

For the year ended December 31,

2023

2024

2023

2024

RMB

USD

RMB

USD

Net revenues

761,014

1,388,621

190,240

2,960,813

4,553,556

623,835

Less: other revenues(1)

25,237

16,510

2,262

87,912

133,591

18,302

Add: VAT and surcharges

46,509

91,292

12,507

181,001

283,341

38,818

Add: ending deferred revenue

1,237,621

2,085,893

285,766

1,237,621

2,085,893

285,766

Add: ending refund liability

67,157

127,969

17,532

67,157

127,969

17,532

Less: beginning deferred revenue

761,301

1,439,217

197,172

959,333

1,237,621

169,553

Less: beginning refund liability

47,631

77,869

10,668

60,597

67,157

9,200

Gross billings

1,278,132

2,160,179

295,943

3,338,750

5,612,390

768,896

Note (1): Include miscellaneous revenues generated from services other than courses.

For the three months ended December 31,

For the year ended December 31,

2023

2024

2023

2024

RMB

USD

RMB

USD

Gross profit

533,295

948,342

129,922

2,170,606

3,098,639

424,512

Share-based compensation expenses(1)
in cost of revenues

3,862

2,460

337

12,959

7,003

959

Non-GAAP gross profit

537,157

950,802

130,259

2,183,565

3,105,642

425,471

Loss from operations

(187,915)

(149,274)

(20,451)

(149,006)

(1,181,833)

(161,910)

Share-based compensation expenses(1)

15,679

12,293

1,684

58,353

53,217

7,291

Non-GAAP loss from operations

(172,236)

(136,981)

(18,767)

(90,653)

(1,128,616)

(154,619)

Net loss

(119,649)

(135,834)

(18,610)

(7,298)

(1,048,954)

(143,706)

Share-based compensation expenses(1)

15,679

12,293

1,684

58,353

53,217

7,291

Non-GAAP net (loss)/income

(103,970)

(123,541)

(16,926)

51,055

(995,737)

(136,415)

Note (1): The tax effects of share-based compensation expenses adjustments were nil.

View original content:https://www.prnewswire.com/news-releases/gaotu-techedu-announces-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results-302385683.html

SOURCE Gaotu Techedu Inc.

Technology

Monster Energy’s Payton Talbott Defeats Deiveson Figueiredo at UFC 332

Published

39 minutes ago

October 4, 2026

Rising Bantamweight Talent Talbott Secures First-Round TKO Victory Over Brazilian MMA Icon, Earns $25,000 Finish Bonus30-Year-Old Esteban Ribovics from Argentina Stops King Green in Round 1 34-Year-Old Johnny Walker from Brazil Earns First-Round KO Victory over Mick Parkin in Heavyweight Division Debut, Receives $100,000 Performance of the Night Bonus

SALT LAKE CITY, Oct. 4, 2026 /PRNewswire/ — Big night in SLC! Monster Energy congratulates MMA athlete Payton Talbott on defeating Deiveson Figueiredo at UFC 332 in Salt Lake City, Utah, on Saturday night. In the Co-Main Event fight contested in the bantamweight division, the 28-year-old from Reno, Nevada, earned a thundering first-round TKO victory over the former UFC world champion. Talbot also received a $25,000 Finish Bonus for his stoppage victory.

Also on the Main Card, 30-year-old Esteban Ribovics from Tartagal, Argentina, stopped his Monster Energy teammate, 40-year-old Bobby “King” Green from San Bernardino, California, via TKO in the first round of their catchweight matchup. In the night’s Early Prelims, 34-year-old Johnny Walker from Rio Branco, Brazil, earned a dominant first-round KO victory over Mick Parkin in his heavyweight division debut. Walker also took home a $100,000 Performance of the Night Bonus for the brutal finish.

UFC 332: Silva vs. Wang was contested in front of a live crowd inside Delta Center in Salt Lake City. Featuring a total of five bouts on the Main Card and nine Prelims matchups, UFC 332 was broadcast live on Paramount+.

In Saturday night’s Co-Main Event fight, Monster Energy’s Talbott (12-1), came to Salt Lake City looking to score the biggest career win of his young UFC tenure. Talbott was riding a two-win streak after most recently defeating former two-division champion Henry Cejudo via unanimous decision at UFC 323 in December 2025.

Talbott’s opponent, Brazilian MMA icon Figueiredo (25-8-1), stepped into the Octagon to get back in the victory column after most recently suffering a submission loss against Song Yadong at a UFC Fight Night in May 2026. Now the former two-time UFC Flyweight Champion presented the biggest challenge to date for rising prospect Talbott.

Talbott started the fight in attack mode, pursuing the Brazilian and finding openings for heavy shots that landed. In a flurry of punches, Talbott landed a straight right hand that sent Figueiredo to the mat, although he immediately recovered. But it was a losing battle…

In another key scene, Talbott took Figueiredo down with a knee to the head, but the Brazilian survived by engaging in a body lock to slow the pace. Then it was all over as Talbott broke from the clinch to overwhelm Figueiredo again with one-two combos and punches from above until the Brazilian was left defenseless. At 2:09 of Round 1, referee Jason Herzog stopped the contest, pronouncing Talbott as the winner by TKO.

“Extremely happy,” said Monster Energy’s Talbott after securing the TKO win at UFC 332, adding: “I just mopped the floor with two champions back-to-back. And I want another one! Sean O’Malley, you can’t run forever! Give the people what they want.” Stay tuned for more from Talbott!

Earlier on the Main Card, two Monster Energy teammates faced off in a highly anticipated matchup. Argentinian knockout artist Ribovics (17-3) was riding high off a devastating second-round TKO victory over UFC veteran Edson Barboza at UFC 330 in August 2026. Nicknamed “El Gringo,” the Argentinian lightweight arrived at UFC 332 looking to climb into the lightweight top 15 with another signature performance.

Ribovics faced fellow Monster Energy athlete and lightweight division veteran Green (36-18-1), currently on a four-fight victory streak. Most recently, “King Green” earned a Performance of the Night bonus for a buzzer-beating first-round stoppage of Terrance McKinney at UFC 329 in July. The fight between Green and Ribovics had to be contested at catchweight after Ribovics missed weight at the ceremonial weigh-ins, adding to the pre-fight anticipation.

The fight opened at a fast pace as both fighters clashed in the middle of the Octagon, trading low kicks. Ribovics fired off quick combos and stung Green with a precise left hand early in the round. Setting the tempo, Ribovics kept the pressure on and landed a knee to the body before Green slowed the action by initiating a clinch.

With Green staying loose and attacking from a distance, Ribovics shot forward but absorbed a right jab to the face. The fight then unraveled as Ribovics dropped Green with a heavy left hook. Although Green recovered to his feet, Ribovics instantly kept raining combos and once again floored Green with another harsh left.

Although Green came back to his feet, Ribovics connected with another left that sent his opponent to the canvas a third time within moments. Having seen enough, referee Herb Dean stepped in to stop the fight at 4:08 of Round 1 with Ribovics as the winner by TKO.

“I love you, SLC. Sorry I missed weight! I don’t want to be the guy. Next time I’m going to be more professional,” said Monster Energy’s Ribovics upon winning at UFC 332. “I train hard every day to bring violence to the Octagon.”

Speaking of violence, there was one more first-round finish for the team at UFC 332. In the Early Prelims, Monster Energy’s Walker (23-10) came to Salt Lake City making his official heavyweight debut after a decorated career in the Light Heavyweight division. Walker earned a reputation as one of the UFC’s most exciting knockout artists at 205 pounds and was looking for a fresh start after losing his last Light Heavyweight bout to Dominick Reyes at UFC 327 in April.

Walker’s opponent, Mick Parkin (10-2), stepped into the Octagon as one of the UFC’s most promising heavyweight prospects. The British grappling expert came to UFC 332 looking for redemption after suffering his first career loss in his most recent fight against Marcin Tybura at UFC London in March 2025. But he had to get past Walker to make it happen!

The heavyweight showdown opened with Walker setting the tone from the opening bell, pressing the action with his signature striking and heavy hands. Then it was over really quickly! As Parkin closed the distance and engaged Walker in a clinch, the Brazilian asserted his dominance with a fast elbow followed by two consecutive knees that sent the British prospect crashing to the canvas. Game over! With Parkin unable to recover, the referee stepped in to end the fight at 3:35 of the opening round, awarding Walker the KO victory in his heavyweight debut.

“I don’t think there’s any heavyweight that can fight like me,” said Monster Energy’s Walker after his win at UFC 332.

Back in the winner’s circle, Walker just made a resounding statement about his future in the Heavyweight division, where his signature knockout power makes him an immediate threat. Stay tuned!

Download Photo Assets Here.

Monster Energy’s elite UFC athletes include Alex Pereira, Dricus Du Plessis, Merab Dvalishvili, Valentina Shevchenko, Weili Zhang, Marlon Vera, Justin Gaethje, Brandon Moreno, Johnny Walker, Sean Strickland, Dan Ige, Diego Lopes, Daniel Zellhuber, Derrick Lewis, Alexa Grasso, Raul Rosas Jr., Tatsuro Taira, Shara Magomedov, Maycee Barber, Aaron Pico, Jasmine Jasudavicius, Kayla Harrison, Malcolm Wellmaker, Mansur Abdul-Malik, Manuel Torres, Joshua Van, Reinier de Ridder, Alessandro Costa, Esteban Ribovics, Youssef Zalal, Jiri Prochazka, Manel Kape, Payton Talbott, Jalin Turner, Mackenzie Dern, Mikey Musumeci, Tommy McMillen, and Bobby Green.

For more on Monster Energy’s MMA athletes, visit www.monsterenergy.com. Follow Monster Energy on YouTube, Facebook, Instagram, X, and TikTok. For interview or photo requests, contact Kim Dresser.

About Monster Energy
Based in Corona, California, Monster Energy is the leading marketer of energy drinks and alternative beverages. Refusing to acknowledge the traditional, Monster Energy supports the scene and sport. Whether motocross, off-road, NASCAR, MMA, BMX, surf, snowboard, ski, skateboard, or the rock-and-roll lifestyle, Monster Energy is a brand that believes in authenticity and the core of what its athletes and musicians represent. More than a drink, it’s the way of life lived by athletes, bands, believers, and fans. See more about Monster Energy, including all of its drinks, at www.monsterenergy.com.

CONTACT: Kim Dresser C: (949) 300-5546 E: kim.dresser@indiepragency.com

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SOURCE Monster Energy

Technology

Power Knot MEA Recognized as THE BIZZ 2026 Winner for Business Excellence

Published

15 hours ago

October 4, 2026

FREMONT, Calif., Oct. 3, 2026 /PRNewswire/ — Power Knot LLC, the market leader for on-site organic waste management solutions, announced that its sister office, Power Knot Middle East (PKME), has been recognized as a THE BIZZ 2026 Winner by the World Confederation of Businesses (WORLDCOB).

The recognition reflects PKME’s business excellence, leadership, and quality standards, highlighting its work to help organizations across the UAE and wider Gulf region improve food waste management.

PKME provides on-site food waste biodigestion technology through the LFC biodigester, an automated system that uses microorganisms and oxygen to digest food waste into wastewater within 24 hours. The regional team supports customers from equipment selection and installation to ongoing technical support.

Designed for commercial operations, the LFC biodigester helps facilities process food waste where it is generated, reducing reliance on storage, collection, and off-site disposal. This approach helps businesses reduce waste handling, improve kitchen hygiene, and lower the costs associated with transporting food waste to landfill.

Power Knot’s complementary equipment, including BCG shredders, SBT bin tippers, and water management systems, supports facilities with different waste volumes and operational requirements.

The award recognizes Power Knot’s commitment to delivering practical solutions backed by reliable equipment and customer support. As organizations across the Gulf seek more efficient ways to manage food waste, the team continues to help customers turn sustainability goals into everyday operational improvements.

About THE BIZZ Awards

The BIZZ Awards, hosted by the World Confederation of Businesses (WORLDCOB), recognize business excellence, innovation, and leadership across more than 130 countries. Winners are evaluated on business leadership, management, quality, innovation, and corporate social responsibility, joining a global network of organizations committed to excellence and continuous improvement.

For more information access https://thebizzawards.com/

About Power Knot

Power Knot provides safe, reliable, and economically sound solutions for commercial, industrial, and military organizations worldwide seeking to reduce waste and lower their environmental impact. Our products help organizations reduce their carbon footprint by efficiently moving, lifting, grinding, digesting, pumping, filtering, and reporting on waste streams. Designed, developed, and manufactured in Silicon Valley, California.

For more information, visit powerknot.com.

marketing@powerknot.com

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SOURCE Power Knot LLC

Technology

SafeGuard Privacy Wins Second AdExchanger Award for Best Privacy Technology

Published

19 hours ago

October 3, 2026

SafeGuard Privacy has won the 2026 AdExchanger Award for Best Privacy Technology, its second win in the category and fourth straight year as a finalist. The award recognizes its role as the infrastructure behind privacy diligence in digital advertising, from powering the IAB Diligence Platform to bringing privacy diligence into IAB Tech Lab’s agentic buying specs.

NEW YORK, Oct. 3, 2026 /PRNewswire-PRWeb/ — SafeGuard Privacy has won the 2026 AdExchanger Award for Best Privacy Technology, its second win in the category and its fourth consecutive year as a finalist. The award recognizes SafeGuard Privacy’s work as the infrastructure behind privacy diligence in digital advertising, including the IAB Diligence Platform and privacy diligence built into IAB Tech Lab’s agentic buying specs.

“When we started SafeGuard Privacy, the industry handled privacy diligence with spreadsheets and hope. Now it runs through a shared standard. As AI agents start buying media, diligence has to move at machine speed without losing its legal rigor.” Richy Glassberg, CEO, SafeGuard Privacy

“When we started SafeGuard Privacy, the industry handled privacy diligence with spreadsheets and hope,” said Richy Glassberg, CEO and Co-Founder of SafeGuard Privacy. “Now it runs through a shared standard, inside the IAB Diligence Platform and the Tech Lab’s agentic buying specs. Seeing AdExchanger recognize that shift, for the second time, means a lot. The next shift is already here. As AI agents start buying media on behalf of brands, diligence has to move at machine speed without losing its legal rigor. That’s what we’re building now, and I’m proud of the team doing it.”

Glassberg brings more than three decades of experience across media, advertising, technology, and privacy, including as a member of the founding team of CNN.com and a co-founder of the Interactive Advertising Bureau.

Highlights:

Industry standard: The IAB chose SafeGuard Privacy to power the IAB Diligence Platform and built the standardized assessments behind it.Agentic advertising: SafeGuard Privacy is integrated into IAB Tech Lab’s AAMP 2.3, bringing privacy diligence into the Buyer Agent as media buying moves to AI agents.International expansion: The IAB Diligence Platform expanded to Europe through work with BVDW and Nexida in Germany, including certification for the German market.Legal AI: Privacy Assist™ is purpose-built AI for privacy diligence. It suggests assessment answers, drafts RFI responses, and searches across vendors, assessments, and privacy law, turning days of work into minutes.Legal depth: Assessments cover 24+ U.S. states and global privacy requirements, built around how data moves through advertising.Adoption: A thousand companies are on the SafeGuard Privacy platform, including major advertisers, top agency holding companies, and ad tech companies that span the breadth of the industry.Recognition: SafeGuard Privacy has won AdExchanger’s Best Privacy Technology award twice and has been a finalist four consecutive years.

“Establishing a consistent approach to privacy diligence is critical to building greater accountability across digital advertising,” said Michael Hahn, EVP & General Counsel, IAB. “Our work with SafeGuard Privacy on the IAB Diligence Platform has helped make privacy compliance and vendor due diligence more standardized and scalable across the industry. Congratulations to Richy and the entire SafeGuard Privacy team on this well-deserved recognition and their continued commitment to advancing privacy standards.”

SafeGuard Privacy continues to build software that addresses the practical challenges companies face as advertising technology, data use, and privacy requirements become more complex.

“SafeGuard Privacy has helped us make our diligence efforts more efficient and standardized across partners. The ability to easily share assessments and the integration with the IAB Diligence Platform has helped set an industry standard and support our compliance efforts. The new agentic tools only help advance those efforts, and we are excited to leverage them,” said Rachel Glasser, Chief Privacy Officer, Magnite.

As privacy diligence becomes a more fundamental part of how the advertising ecosystem operates, SafeGuard Privacy will continue investing in the standards, software and legal expertise that make it possible to do that work at scale. From the IAB Diligence Platform to the next generation of agentic advertising, the company is focused on building privacy infrastructure that can keep pace with how the industry operates – and how it continues to evolve.

About SafeGuard Privacy

SafeGuard Privacy is the only privacy compliance solution purpose-built for companies that use consumer data. It is the first legal assessment and vendor management platform for leading global brands, publishers, and Ad Tech. The IAB chose SafeGuard Privacy to power the IAB Diligence Platform, creating the industry standard for privacy regulation compliance and vendor due diligence. Standardized, comprehensive, and fully auditable, SafeGuard Privacy now includes Privacy Assist™, the first suite of privacy-specific AI tools that helps compliance and legal teams complete assessments and RFIs faster with transparency and accuracy. SafeGuard Privacy makes it easy for buyers and sellers to accelerate growth while staying ahead of fast-changing privacy risks.

For more information, visit www.safeguardprivacy.com.

Media Contact

Matt Anderson, SafeGuard Privacy, 1 9174074047, matt@safeguardprivacy.com, www.safeguardprivacy.com

Lana McGilvray, Purpose Worldwide, 1 512.970.8310, lana@purposenorthamerica.com, https://www.purposenorthamerica.com/

View original content:https://www.prweb.com/releases/safeguard-privacy-wins-second-adexchanger-award-for-best-privacy-technology-302897501.html

SOURCE SafeGuard Privacy