Nerdy, a direct-to-consumer, curated gig economy platform for live online learning has announced a 2020 net loss of $24.7 million, compared to a net loss of $22.4 million reported for 2021.
Revenue for the year was $104 million, up 15% from $90.4 million reported for 2019.
The St Louis-based company also reported its results for the fourth quarter of 2020. Net loss for the period was $5 million, compared to a net loss of $5.6 million reported for Q4 2019. Revenue for the quarter was $33 million, up 31% from $ 25.1 million reported for the fourth quarter of 2019.
In its earnings release, Nerdy stated: The momentum we have entering 2021 gives us the confidence to reaffirm our full-year forecast. The year is off to a strong start as demand for our products continues to accelerate. We expect that gross margins will continue to expand as we shift to a higher proportion of small group classes. We believe that operational leverage achieved through the use of automation, and AI will provide durable improvements to our operations. With the expected proceeds from the transaction with TPG Pace Tech Opportunities Corp [A SPAC though which Nerdy intends to become public], we expect to make significant investments in marketing to drive awareness and capture market share for the foreseeable future. We also plan to invest in advance across engineering, product and design to ensure we remain on the forefront of innovation as we grow our business.”
Date published: 22 March 2021