Revenue growth has stalled into a contractionary phase, with the most recent quarterly growth of 2.4% failing to offset the volatility in gross margins, which plummeted to a low of 51.0% in 2025Q4.
| Sales/Revenue | 180.13M | 178.99M | 190.23M | 193.4M | 162.66M | 140.66M | 103.97M | 90.45M |
| Revenue Growth % | -2.16% | -5.91% | -1.64% | 18.89% | 15.64% | 35.3% | 14.94% | - |
| Cost of Goods Sold | 71.99M | 76.41M | 61.84M | 56.95M | 49.73M | 46.7M | 34.83M | 30.83M |
| COGS % of Revenue | - | 42.69% | 32.51% | 29.45% | 30.57% | 33.2% | 33.5% | 34.08% |
| Gross Profit | 108.14M | 102.58M | 128.39M | 136.45M | 112.93M | 93.96M | 69.13M | 59.62M |
| Gross Margin % | 60.04% | 57.31% | 67.49% | 70.55% | 69.43% | 66.8% | 66.5% | 65.92% |
| Gross Profit Growth % | - | -20.11% | -5.9% | 20.82% | 20.19% | 35.92% | 15.95% | - |
| Operating Expenses | 151.63M | 137.17M | 198.5M | 194.02M | 203.74M | 190.42M | 87.07M | 80.16M |
| OpEx % of Revenue | - | 76.64% | 104.35% | 100.32% | 125.25% | 135.37% | 83.75% | 88.62% |
| Selling, General & Admin | 159.52M | 165.64M | 198.5M | 194.02M | 203.74M | 187.41M | 87.07M | 80.16M |
| SG&A % of Revenue | - | 92.54% | 104.35% | 100.32% | 125.25% | 133.23% | 83.75% | 88.62% |
| Research & Development | 19.86M | 41.34M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 23.1% | - | - | - | - | - | - |
| Other Operating Expenses | -2M | -69.81M | 0 | 0 | 0 | 3.01M | 0 | 0 |
| Operating Income | -43.49M | -34.59M | -70.11M | -57.57M | -90.81M | -96.45M | -17.93M | -20.54M |
| Operating Margin % | -24.14% | -19.32% | -36.85% | -29.77% | -55.83% | -68.57% | -17.25% | -22.7% |
| Operating Income Growth % | - | 50.66% | -21.78% | 36.6% | 5.85% | -437.8% | 12.67% | - |
| EBITDA | -38.77M | -26.96M | -62.54M | -50.8M | -84.29M | -90.06M | -11.89M | -15.53M |
| EBITDA Margin % | -21.52% | -15.06% | -32.87% | -26.27% | -51.82% | -64.03% | -11.44% | -17.17% |
| EBITDA Growth % | 41.33% | 56.89% | -23.11% | 39.73% | 6.41% | -657.36% | 23.42% | - |
| D&A (Non-Cash Add-back) | 4.72M | 7.63M | 7.57M | 6.77M | 6.52M | 6.39M | 6.04M | 5.01M |
| EBIT | -42.77M | -60.79M | -70.11M | -57.57M | -90.81M | -93.44M | -17.93M | -20.34M |
| Net Interest Income | 430K | 1.07M | 3.1M | 3.38M | 483K | -3.79M | -4.9M | -2.1M |
| Interest Income | 1.09M | 1.07M | 3.1M | 3.38M | 483K | 0 | 0 | 0 |
| Interest Expense | 660K | 0 | 0 | 0 | 0 | 3.79M | 4.9M | 2.1M |
| Other Income/Expense | -7.28M | -26.2M | 3.08M | -9.99M | 26.92M | 65.81M | -6.73M | -1.9M |
| Pretax Income | -50.77M | -60.79M | -67.03M | -67.56M | -63.89M | -30.64M | -24.66M | -22.44M |
| Pretax Margin % | -28.19% | -33.96% | -35.23% | -34.93% | -39.28% | -21.78% | -23.72% | -24.81% |
| Income Tax | 153K | 159K | 115K | 109K | 19K | 40K | 0 | 0 |
| Effective Tax Rate % | -0.3% | -0.26% | -0.17% | -0.16% | -0.03% | -0.13% | 0% | 0% |
| Net Income | -33.5M | -39.92M | -42.59M | -40.17M | -35.4M | -27.32M | -24.66M | -22.44M |
| Net Margin % | -18.6% | -22.3% | -22.39% | -20.77% | -21.76% | -19.43% | -23.72% | -24.81% |
| Net Income Growth % | 26.59% | 6.26% | -6% | -13.49% | -29.55% | -10.79% | -9.91% | - |
| Net Income (Continuing) | -50.92M | -60.95M | -67.14M | -67.67M | -63.91M | -30.68M | -24.66M | -22.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 9.63M | 9.92M | 21.63M | 33.13M | 34.12M | 45.14M | 0 | 0 |
| EPS (Diluted) | -0.27 | -0.33 | -0.38 | -0.41 | -0.41 | -0.05 | -0.29 | -0.29 |
| EPS Growth % | 31.39% | 13.16% | 7.32% | 0% | -759.54% | 83.55% | 0% | - |
| EPS (Basic) | - | -0.33 | -0.38 | -0.41 | -0.41 | -0.05 | -0.29 | -0.29 |
| Diluted Shares Outstanding | 124.3M | 120.83M | 111.69M | 97.16M | 85.87M | 79.24M | 83.88M | 84.72M |
| Basic Shares Outstanding | 124.3M | 120.83M | 111.69M | 97.16M | 85.87M | 79.24M | 83.88M | 84.72M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Institutional revenue concentration risk
As indicated by recent quarterly filings, NRDY's revenue growth has shifted into a contractionary phase, with the most recent period showing a 2.4% year-over-year increase that fails to offset the broader trend of declining demand observed across the previous several quarters of fiscal operations.
The transition toward a membership-based model appears to be creating a revenue trough, complicating the assessment of underlying demand. Investors should monitor whether the current stabilization in growth is a precursor to a sustainable recovery or merely a temporary pause in a structural decline driven by institutional budget constraints.
Based on the provided financial data, NRDY's gross margin has exhibited significant fluctuations, ranging from a high of 71.3% in late 2023 to a low of 51.0% in 2025Q4, suggesting that the company's ability to retain platform take-rates remains highly sensitive to service delivery costs.
The variability in gross margins implies that the company lacks the pricing power or cost-efficiency of a pure-play software provider. This volatility warrants further investigation into whether the company is sacrificing margins to maintain tutor supply or if seasonal shifts in service mix are disproportionately impacting profitability.
According to reported income statements, NRDY continues to struggle with operating leverage, as SG&A expenses frequently exceed gross profit, resulting in persistent operating losses that suggest the current business model has not yet achieved the necessary scale to cover its fixed overhead and development costs.
The inability to scale operating income faster than gross profit indicates that the company's cost structure is heavily weighted toward fixed investments. Without a significant reduction in SG&A intensity, the path to sustained profitability appears narrow and dependent on achieving a much larger active user base.
As reported in financial statements, NRDY consistently records significant stock-based compensation expenses, often exceeding $6 million per quarter, which effectively obscures the true magnitude of the company's cash-burn and complicates the assessment of its underlying operational performance for equity-focused investors.
The reliance on equity-based incentives suggests that the company is managing its cash position by diluting shareholders to retain talent. Analysts should adjust for these non-cash charges to determine the true economic cost of operations, as the current net income figures likely understate the actual cash outflow.
Quick answers to the most common questions about buying NRDY stock.
For fiscal year 2025, Nerdy, Inc. (NRDY) reported total revenue of $179.0M. This represents a 97.9% increase compared to $90.5M in 2019.
Nerdy, Inc. (NRDY) reported a net loss of $39.9M for the fiscal year ending 2025.
Nerdy, Inc. (NRDY) reported an operating income of $-34.6M, resulting in an operating profit margin of -19.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Nerdy, Inc. (NRDY) generated $102.6M in gross profit for the year, representing a gross profit margin of 57.3%. This demonstrates the company's core pricing power and production efficiency.