Technology

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

Published

1 year 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

Faculty Launches Frontier Plug-in Marketplace, Accelerating How Organisations Build and Scale Decision Intelligence

Published

52 minutes ago

April 23, 2026

Frontier’s latest release equips technical teams with modular plug-ins – expanding platform capabilities and strengthening integration with existing enterprise tools.

LONDON, April 23, 2026 /PRNewswire/ — Faculty, the developer of the Decision Intelligence platform, Faculty Frontier™, today announced the launch of the Frontier Plug-in Marketplace, a new capability that extends the Frontier platform with a curated, open ecosystem of modular plug-ins. Available to all Frontier customers, the marketplace enables teams to discover, adopt, and contribute plug-ins directly within existing deployments, with no refactoring required.

“In the AI era, the organisations that will win are those that improve decision-making at scale,” said Andy Brookes, Chief Technology Officer and Co-Founder of Faculty. “The Frontier Plug-in Marketplace is how we ensure that advantage compounds – enabling teams to reuse proven capabilities, share innovations, and apply them safely and consistently across the organisation.”

Scaling AI across the enterprise remains one of the most complex challenges facing organisations today. As AI programmes expand beyond initial deployments, teams struggle to maintain consistency, move at pace, and maximise the value of their technology investments. Without a standardised way to share and reuse proven capabilities, ROI slows and the gap between AI ambition and enterprise reality widens. The launch of the Plug-in Marketplace within Faculty Frontier™ directly addresses this challenge.

A Curated Library of Modular Capabilities
The Plug-in Marketplace gives teams access to a curated library of modular capabilities – spanning data ingestion, MLOps pipelines, decision management, validation tooling, and more – all accessible directly within their existing Frontier environment.

An Open Ecosystem, Built to Scale
The marketplace is designed to grow with the organisations using Frontier. Beyond consuming what’s available, technical teams can build and share their own plug-ins – retaining full control of what they contribute.

Every plug-in is reviewed and versioned by Faculty, giving teams the confidence to adopt quickly, upgrade on their own terms, and focus on what matters: improving the decisions that drive enterprise performance, rather than managing infrastructure.

What This Means for Technical Teams
For the data scientists, data engineers, ML engineers, and decision engineers at the heart of Frontier deployments, the marketplace delivers an immediate and tangible shift in how work gets done:

Proven, reusable capabilities adopted in minutes, not daysNo need to rebuild what others have already solvedA consistent, maintained foundation across every Frontier deploymentAbility to build, share, and contribute capabilities back to the wider Frontier communityA clear upgrade path as new capabilities are added

Availability
The Frontier Plug-in Marketplace is available to all Frontier customers. To explore how your team can begin with the marketplace, speak to your Frontier solutions engineer. New to Frontier? Visit faculty.ai/frontier to learn how organisations are using Decision Intelligence to transform performance and scale AI across the enterprise.

About Faculty
Founded in 2014, Faculty is one of Europe’s longest standing applied AI companies. Our suite of AI products spans everything organisations need to access frontier AI and get it into the hands of their frontline teams to support their most important work. Faculty is also the developer of Faculty Frontier™, a Decision Intelligence Platform used by some of the world’s most trusted brands to transform decision-making at scale.

Widely recognised as a leader in AI safety, we work for the world’s leading AI labs, such as OpenAI, Anthropic and Meta, to ensure their latest models are safe, human-led and explainable. Our PhD-heavy team of deep AI experts has delivered hundreds of real-world AI products to improve critical public services and drive sustained economic returns across every sector of the economy. Headquartered in London, Faculty remains founder-led following its acquisition by Accenture in 2026.

View original content:https://www.prnewswire.co.uk/news-releases/faculty-launches-frontier-plug-in-marketplace-accelerating-how-organisations-build-and-scale-decision-intelligence-302750672.html

Technology

Tuniu Discloses Cash Dividend to Holders of ADSs

Published

52 minutes ago

April 23, 2026

NANJING, China, April 23, 2026 /PRNewswire/ — Tuniu Corporation (NASDAQ: TOUR) (“Tuniu” or the “Company”), a leading online leisure travel company in China, today disclosed that the cash dividend of US$1.197 per American depositary shares (“ADSs”) will be paid to holders of ADSs of record as of the close of business on May 4, 2026, U.S. Eastern Time, based on the current ratio of its ADSs to its Class A ordinary shares, pursuant to the cash dividend totaling approximately US$13 million as the previously declared by the Company on March 20, 2026.

The Company changed the ratio of its ADSs to its Class A ordinary shares (the “ADS Ratio Change”) from the previous ratio of one (1) ADS representing three (3) Class A ordinary shares to current ratio of one (1) ADS representing thirty (30) Class A ordinary shares, effective April 22, 2026.

In light of the ADS Ratio Change, the dividend amount on a per ADS basis was not disclosed in the previous announcement and would be disclosed separately after the ADS Ratio Change took effect. The dividend to holders of ADSs will be US$1.197 per ADS and is expected to be paid on or about May 20, 2026 through the depositary bank, subject to the terms of the deposit agreement. Dividend payment to holders of ordinary shares remains the same as previously announced.

About Tuniu

Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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,” “confident” and similar statements. Tuniu 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 report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu’s goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; Tuniu’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; government policies and regulations relating to Tuniu’s structure, business and industry; the impact of health epidemics on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

View original content:https://www.prnewswire.com/news-releases/tuniu-discloses-cash-dividend-to-holders-of-adss-302751308.html

SOURCE Tuniu Corporation

Technology

MongoDB Announces €74M Ireland Expansion, 200 Jobs, and New Cork Office

Published

52 minutes ago

April 23, 2026

Investing €74M to expand MongoDB’s Irish operations across engineering and AI developmentCreating ~200 new jobs by 2027, growing Irish workforce by 50%+ to 500+ employees across Dublin International HQ and new Cork officeHelping 65,200+ customers move AI from experimentation to production at scale

DUBLIN, April 23, 2026 /PRNewswire/ — MongoDB, Inc. (NASDAQ: MDB) is expanding its Irish operations through a €74 million investment in engineering, AI development, and operational growth. As part of this expansion, the company plans to grow its Irish hybrid workforce by more than 50% by 2027, creating approximately 200 new roles across engineering, product development, and customer-facing teams. Ireland’s focus on “Applied AI” aligns closely with MongoDB’s role in helping 65,200+ global customers move from AI experimentation into real-world production. Anchored by its international headquarters in Dublin and a new office in Cork, the company is deepening its investment in local talent and ongoing university partnerships under the leadership of newly appointed Vice President of Product and Technology, Donal Walsh.

CJ Desai, President and Chief Executive Officer, MongoDB, said: “Ireland is an important market for MongoDB, home to exceptional talent, great customers, and the right environment to scale our global business. Our teams here are central to how we innovate for and serve our world-class customer base.

As organizations move from experimentation to building agentic AI applications in production, they need a data platform that can handle the complexity of real-world data and deliver highly accurate retrieval when the stakes are high. This investment in Ireland advances our mission to do exactly that — building the unified data platform our customers need for modern, multi-cloud, and AI applications.”

The investment expands engineering and customer teams in Ireland that build and support MongoDB’s modern data platform, used by organizations worldwide. These teams help customers develop secure AI-powered applications on a flexible data foundation that runs across cloud, hybrid, or on-premises environments, while supporting their efforts to meet Europe’s evolving regulatory requirements around data protection, security, and the EU AI Act.

Minister Peter Burke, Department of Enterprise, Tourism and Employment, Government of Ireland, said: ”I warmly welcome MongoDB’s decision to expand its Irish operations through a €74 million investment, creating 200 high-quality jobs and establishing a new office presence in Cork. This announcement is a strong endorsement of Ireland’s ability to attract and grow global technology leaders in areas such as engineering and applied AI.

Ireland’s focus on innovation, skills development, and regional growth continues to resonate with companies operating at the forefront of digital transformation. MongoDB’s ongoing commitment to Ireland, supported by IDA Ireland, highlights the depth of our talent pool and the strength of our collaboration between industry, government, and higher education. I wish MongoDB every success as it continues to expand its footprint here.”

Dónal Travers, Executive Director, IDA Ireland, said: ”I would like to congratulate MongoDB on this significant investment of €74 million in Ireland, which will result in 200 new jobs, and the opening of a new office in Cork. Ireland is now a recognized European location for companies seeking to build their applied capabilities in artificial intelligence, a key growth driver in IDA’s strategy. We are delighted to support MongoDB’s innovation goals and look forward to a continued partnership in the years ahead.”

Paul Sweetman, Chief Executive, American Chamber of Commerce Ireland (AmCham), said: “I want to congratulate MongoDB on the announcement of its €74 million expansion in Ireland. This significant investment, with its strong focus on AI, underscores Ireland’s position as a hub for advanced engineering, innovation, and next-generation technologies, and highlights the strength of the country’s deep and collaborative talent ecosystem. It also reflects the continued confidence of US companies in Ireland as a location for high-value investment and growth. US companies already employ hundreds of thousands of people across Ireland, and recent AmCham surveys point to sustained confidence among members, with many planning further investment in areas such as AI, R&D, and digital transformation. This announcement is a clear example of how that confidence is translating into real investment and job creation.”

Established in 2013, MongoDB Dublin has long played a pivotal role in helping the company achieve its mission of empowering innovators to create, transform, and disrupt industries by unleashing the power of software and data. From the energy of MongoDB’s Dublin headquarters to the new collaborative space in Cork, the company has created an environment where people can see the real impact of their work. At MongoDB, employees are empowered to make a difference from day one, supported by a culture built on clarity and trust and a firm belief that every voice matters as the company shapes the future of software.

MongoDB serves more than 65,200 customers worldwide, including Anthropic, Eleven Labs, TUI, Vodafone, Decathlon, Lombard Odier, Financial Times, L’Oréal Groupe, and Volvo Connect, and counts around 75% of the Fortune 100 among its clients. The company established its EMEA headquarters in Dublin in 2013 as part of an aggressive growth plan, starting with customer and technical support. Its presence in Ireland continues to expand, with more than 13,500+ developers listing MongoDB as a skill on LinkedIn across the country. For new open roles, visit: https://www.mongodb.com/company/careers

About MongoDB

Headquartered in New York, MongoDB’s mission is to empower innovators to create, transform, and disrupt industries with software. MongoDB’s unified database platform was built to power the next generation of applications, and MongoDB is the most widely available, globally distributed database on the market. With integrated capabilities for operational data, search, real-time analytics, and AI-powered data retrieval, MongoDB helps organizations everywhere move faster, innovate more efficiently, and simplify complex architectures. Millions of developers and more than 65,200+ customers across industries – including ~75% of the Fortune 100 – rely on MongoDB for their most important applications. To learn more, visit mongodb.com.

Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning MongoDB’s investment in Ireland. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control including those risks detailed under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including the Annual Report on Form 10-K for the fiscal year ended January 31, 2026, as well as future filings and reports by us. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

Contacts

Investors

ir@mongodb.com

Media

press@mongodb.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/mongodb-announces-74m-ireland-expansion-200-jobs-and-new-cork-office-302750070.html

SOURCE MongoDB, Inc.