Nerdy ( (NRDY) ) has released its Q3 earnings. Here is a breakdown of the information Nerdy presented to its investors.
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Nerdy is a company specializing in educational technology, primarily offering personalized learning solutions through its platform, including tutoring services and educational resources for both consumers and institutions. In the third quarter of 2024, Nerdy reported a revenue of $37.5 million, marking a 7% decline year-over-year, primarily attributed to a lower average revenue per member in its Consumer business. Despite the revenue decrease, the company saw a slight increase in active members to 39.7K and continued to expand its institutional reach, enabling access for an additional 1.1 million students. Key initiatives included enhancing user experience and onboarding processes, which positively impacted customer retention and engagement. The Institutional segment, although faced with lower-than-expected bookings, showed promise with strong interest from school districts converting from free to paid services. Nerdy concluded the quarter with a non-GAAP adjusted EBITDA loss of $14.0 million, better than its guidance, supported by cost-control measures. Looking ahead, Nerdy’s management remains optimistic about the company’s growth prospects, focusing on high-dosage tutoring and expanding its platform reach across educational institutions.
