Ed tech company 2U has reported a 2020 net loss of $216.5 million, a slightly better performance than its net loss of $235.2 million reported for 2019.
Revenue for the year was $774.5 million, up 35% from $574.7 million reported for 2019.
The Lanham, Maryland-based company also reported results for the fourth quarter of 2020. Its net loss for the period was $37.7 million, compared to a net loss of $44.6 million reported for Q4 2019. Revenue for the quarter was $215.3 million, up 32% from $163.2 million reported for the final quarter of fiscal year 2019.
2U co-founder and chief executive Christopher Paucek said: “In the face of the unprecedented challenges 2020 presented for our society and the economy globally, 2U delivered excellent results that I believe are a testament to the underlying strength of our business and the value our shared success model continues to deliver for our partners and students. 2U’s unmatched scale and the quality, diversity, and breadth of our growing portfolio of degree and non-degree offerings from great non-profit universities around the world has solidified our position as the digital transformation partner of choice in ed tech, and we believe sets us on a clear path forward for strong, profitable growth in 2021 and beyond.
2U’s chief financial officer Paul Lalljie added: “We executed on our commitment to balance strong revenue growth with margin improvements while driving towards free cash flow and greatly increasing our liquidity and financial flexibility throughout the year. We believe we are well-positioned to continue to grow profitably, invest for the future, and drive sustainable value for our shareholders. Our guidance for 2021 reflects confidence in our ability to maintain strong growth while making significant improvements in profitability.”
Date published: 12 February 2021