Nerdy Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance compared to the previous fiscal period. For the third quarter of 2024, the company generated revenue of $37,530,000, a decrease of 7% from $40,296,000 in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased by 3% to $142,241,000, up from $138,315,000 in the prior year.
Gross profit for the third quarter also declined, totaling $26,453,000, down from $29,188,000 in 2023, resulting in a gross margin of 70%. For the nine-month period, gross profit slightly decreased to $96,455,000 from $97,177,000. The operating loss for the third quarter widened to $(25,724,000) compared to $(25,553,000) in 2023, while the nine-month operating loss increased to $(53,806,000) from $(47,396,000).
The net loss for the third quarter of 2024 was $(24,958,000), compared to $(20,626,000) in the same quarter of 2023. For the nine months, the net loss improved to $(51,371,000) from $(58,429,000) year-over-year. The net loss attributable to Class A common stockholders for the third quarter was $(15,900,000), up from $(12,290,000) in 2023, while for the nine months, it decreased to $(32,439,000) from $(34,519,000).
Cash and cash equivalents as of September 30, 2024, were $65,002,000, down from $74,824,000 at the end of 2023. Total current assets also decreased to $78,079,000 from $95,037,000. Total stockholders’ equity fell to $67,806,000 from $85,606,000 during the same period.
Strategically, Nerdy Inc. did not incur any restructuring charges in 2024, contrasting with $841,000 in the previous year. The company has focused on increasing its sales and marketing expenses, which rose by 7% in the third quarter and 9% for the nine months, driven by investments in its Institutional sales organization.
Nerdy Inc. completed a warrant exchange in September 2023, resulting in the cancellation of certain shares and units, which may have contributed to changes in its capital structure. The company continues to manage its cash flow effectively, with no debt obligations reported as of September 30, 2024.
About Nerdy Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.