Gaotu Techedu Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

Group 1 - Gaotu Techedu Inc. reported a significant increase in net revenues for the fourth quarter of 2024, reaching RMB1,388.6 million, an 82.5% increase from RMB761.0 million in the same period of 2023 [3][7] - Gross billings for the fourth quarter of 2024 were RMB2,160.2 million, up 69.0% from RMB1,278.1 million in the fourth quarter of 2023 [3][7] - The company narrowed its loss from operations to RMB149.3 million in the fourth quarter of 2024, compared to a loss of RMB187.9 million in the same period of 2023, indicating improved operational efficiency [3][15] Group 2 - For the fiscal year ended December 31, 2024, net revenues increased by 53.8% to RMB4,553.6 million from RMB2,960.8 million in 2023 [6][25] - Gross billings for the fiscal year 2024 were RMB5,612.4 million, a 68.1% increase from RMB3,338.8 million in 2023 [6][25] - The company experienced a substantial increase in loss from operations, which rose to RMB1,181.8 million in 2024 from RMB149.0 million in 2023, reflecting increased operational costs [6][30] Group 3 - The company reported a net loss of RMB1,049.0 million for the fiscal year 2024, compared to a net loss of RMB7.3 million in 2023, highlighting significant financial challenges [6][33] - Non-GAAP net loss for the fiscal year was RMB995.7 million, a stark contrast to a non-GAAP net income of RMB51.1 million in 2023 [6][33] - As of December 31, 2024, the company's total cash position was RMB4.1 billion, indicating a solid liquidity position despite the losses [10][24] Group 4 - The company emphasized its commitment to leveraging AI technologies to enhance learning effectiveness and organizational performance, aligning with its strategic focus on personalized education [10][11] - The company plans to continue promoting the integration of AI technologies in education, aiming to reshape the future learning experience [10][11] - For the first quarter of 2025, the company expects total net revenues to be between RMB1,408 million and RMB1,428 million, representing a year-over-year increase of 48.7% to 50.8% [38]