RISE Education Cayman (REDU) Reports Q1 Loss of $0.25

RISE Education Cayman (NASDAQ: REDU) reported Q1 EPS of ($0.25). Revenue for the quarter came in at $15.4 million.

First Quarter of 2020 Financial and Operational Summary

• Total revenues were RMB109.0 million (US$15.4 million) in the first quarter of 2020, compared with RMB335.0 million in the first quarter of 2019.
• Net loss attributable to RISE was RMB103.8 million (US$14.7 million) in the first quarter of 2020, compared with net income of RMB36.4 million in the first quarter of 2019.
• Non-GAAP net loss attributable to RISE was RMB99.5 million (US$14.1 million) in the first quarter of 2020.
• Adjusted EBITDA[1] loss was RMB108.0 million (US$15.3 million) in the first quarter of 2020, compared with adjusted EBITDA income of RMB80.5 million in the first quarter of 2019.
• In accordance with government regulations to contain the outbreak of COVID-19, RISE's learning centers were temporarily closed throughout the majority of the first quarter of 2020. The Company immediately took measures to launch online small group classes through Rise+ in late February 2020 and began monetizing them in early March 2020 with existing and new students. Students in class[2] for Rise regular courses (including Rise Start and Rise On programs) were 52,585 as of March 31, 2020, an increase of 901 from 51,684 as of March 31, 2019. Students in class for online small group classes were 31,039 at the end of March 2020.
• New students enrolled[3] for Rise regular courses in the first quarter of 2020 were 1,507, compared with 7,406 during the same period last year. New students enrolled for other Rise courses, which were taught online (including Rise Up, Can-Talk and online small group classes, other Rise short-term courses and courses provided by The Edge learning centers were 32,494 in the first quarter of 2020, compared with 1,470 during the same period last year. During the first quarter of 2020, 31,822 students enrolled in online small group classes, 92.6% of whom were existing RISE students.
• The total number of the Company's learning centers was 475, consisting of 89 self-owned (including 2 operated by The Edge) and 386 franchised learning centers.

For earnings history and earnings-related data on RISE Education Cayman (REDU) click here.

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