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COE on NYSE

51Talk Online Education Group

Educational services company in the Cayman Islands, listed on NYSE (COE)1

In its 2026 annual report (Form 20-F) the company says: “51Talk Online Education Group began to provide English education services in July 2011, initially in mainland China.”4

Price unavailable

Last updated Oct 21, 2026.

Overview

$95.6MRevenue, fiscal 20252
-$16.8MNet income, fiscal 20252

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  • TickerCOE on NYSE1
  • IndustryServices-Educational Services1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business address6 Shenton Way, #38-07 Oue Downtown, Singapore, 0688093
  • Filer categoryNon-accelerated filer3

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51Talk Online Education Group began to provide English education services in July 2011, initially in mainland China. In order to facilitate international capital raising of our company, we incorporated China Online Education Group, or 51Talk, to become our offshore holding company under the laws of the Cayman Islands in November 2012.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

73.9%Gross margin2
-15.1%Operating margin2
-17.6%Net margin2
88.6%Revenue growth, 20252
$9.5MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue26¢$24.9M
  • Research and development6¢$5.5M
  • Other costs67¢$63.9M
  • Income tax1¢$1.2M

Out of $95.6M in revenue.2 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending19¢$2.3M
  • Kept or used elsewhere81¢$9.5M

Out of $11.8M of cash from operations.2

Financial statements

Revenue567892$95.6M in 2025−43% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $166.6M$166.6M20182019: $212.4M$212.4M2019+27%2020: $314.8M$314.8M2020+48%2021: $788.0K$788.0K2021−100%2022: $15.0M$15.0M2022+1810%2023: $27.1M$27.1M2023+80%2024: $50.7M$50.7M2024+87%2025: $95.6M$95.6M2025+89%
Gross profit567892$70.7M in 2025−34% since 2018
0$100.0M$200.0M$300.0M2018: $106.8M$106.8M20182019: $149.2M$149.2M2019+40%2020: $225.9M$225.9M2020+51%2021: $658.0K$658.0K2021−100%2022: $11.9M$11.9M2022+1702%2023: $20.8M$20.8M2023+75%2024: $39.5M$39.5M2024+90%2025: $70.7M$70.7M2025+79%
Operating income567892-$14.4M in 2025−75% since 2018
-$60.0M-$40.0M-$20.0M0$20.0M2018: -$58.9M-$58.9M20182019: -$15.4M-$15.4M2019−74%2020: $16.0M$16.0M20202021: -$4.6M-$4.6M20212022: -$12.4M-$12.4M2022+169%2023: -$13.7M-$13.7M2023+11%2024: -$8.0M-$8.0M2024−41%2025: -$14.4M-$14.4M2025+79%
Net income5610892-$16.8M in 2025−72% since 2018
-$75.0M-$50.0M-$25.0M0$25.0M2018: -$60.6M-$60.6M20182019: -$15.0M-$15.0M2019−75%2020: $21.2M$21.2M20202021: $18.7M$18.7M2021−12%2022: -$42.6M-$42.6M20222023: -$15.0M-$15.0M2023−65%2024: -$7.2M-$7.2M2024−52%2025: -$16.8M-$16.8M2025+132%
Fiscal year20182019202020212022202320242025
Revenue$166.6M5$212.4M6$314.8M7$788.0K8$15.0M9$27.1M2$50.7M2$95.6M2
Cost of revenue$59.8M5$63.2M6$89.0M7$130.0K8$3.2M9$6.3M2$11.2M2$24.9M2
Gross profit$106.8M5$149.2M6$225.9M7$658.0K8$11.9M9$20.8M2$39.5M2$70.7M2
Research and development$26.9M5$22.6M6$25.0M7$135.0K8$2.9M9$3.1M2$3.6M2$5.5M2
Operating expenses$5.2M8$24.2M9$34.5M2$47.6M2$85.1M2
Operating income-$58.9M5-$15.4M6$16.0M7-$4.6M8-$12.4M9-$13.7M2-$8.0M2-$14.4M2
Interest$1.4M6$10.0K7
Income before tax-$4.1M8-$12.8M9-$14.9M2-$7.0M2-$15.6M2
Income tax$565.0K5$728.0K6-$629.0K7$100.0K8$60.0K9$118.0K2$276.0K2$1.2M2
Net income-$60.6M5-$15.0M6$21.2M10$18.7M8-$42.6M9-$15.0M2-$7.2M2-$16.8M2
Earnings per share$0.077$0.0611-$0.042-$0.022-$0.052
Earnings per share (diluted)$0.077$0.0611-$0.042-$0.022-$0.052
Shares (weighted, basic)328.5M shares8335.6M shares9341.1M shares2347.1M shares2355.0M shares2
Shares (weighted, diluted)328.5M shares8335.6M shares9341.1M shares2347.1M shares2355.0M shares2

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Corporate structure

51Talk Online Education Group sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of 51Talk Online Education Group

  • 51Talk Online Education Group E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What 51Talk Online Education Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$3.8M2 Dec 31, 2025$1.7M2 Dec 31, 2024+120.9%
Accumulated depreciation$1.8M2 Dec 31, 2025$1.3M2 Dec 31, 2024+31.5%
Property and equipment, net$2.0M2 Dec 31, 2025$363.0K2 Dec 31, 2024+450.4%
Operating-lease assets (leased space)$3.2M2 Dec 31, 2025$2.9M2 Dec 31, 2024+11.2%

Real estate and locations

ItemLatestA year beforeChange
Countries it operates in79 Dec 31, 202468 Dec 31, 2023+16.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross$125.0K2 Dec 31, 2025$125.0K2 Dec 31, 20240%
Accumulated amortization$57.0K2 Dec 31, 2025$45.0K2 Dec 31, 2024+26.7%
Finite-lived intangibles, net$68.0K2 Dec 31, 2025$80.0K2 Dec 31, 2024−15.0%

Leadership

Who has led 51Talk Online Education Group, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jack Jiajia Huang2026–now
Board members and other officers (3)

Former names

  • China Online Education GroupDec 21, 2015 to Oct 5, 20223

Timeline

  1. Mar 18, 2026New chief executive Jack Jiajia Huang becomes CEO12

Filings

112 filings to the SEC since October 2021: 5 annual reports, 38 insider forms, 23 large holders, 46 other. The latest 20:

  1. Oct 8, 20264 PRIMARY DOCUMENT EDGAR
  2. Oct 8, 20264 PRIMARY DOCUMENT EDGAR
  3. Oct 8, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Sep 15, 20266-K EDGAR
  5. Aug 21, 20264 PRIMARY DOCUMENT EDGAR
  6. Aug 13, 20264 PRIMARY DOCUMENT EDGAR
  7. Aug 12, 20264 PRIMARY DOCUMENT EDGAR
  8. Aug 10, 20264 PRIMARY DOCUMENT EDGAR
  9. Aug 5, 20264 PRIMARY DOCUMENT EDGAR
  10. Jul 30, 20264 PRIMARY DOCUMENT EDGAR
  11. Jul 27, 20264 PRIMARY DOCUMENT EDGAR
  12. Jul 23, 20264 PRIMARY DOCUMENT EDGAR
  13. Jul 21, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Jul 20, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Jul 20, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Jul 13, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jul 8, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jun 30, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jun 26, 20264 OWNERSHIP DOCUMENT EDGAR

The 112 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

98 open-market trades by officers, directors and large owners since October 2021: 98 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 13, 2026Huang Jack JiajiaChief Executive OfficerBuy35,400$20.83$737.4KForm 4
Aug 12, 2026Huang Jack JiajiaChief Executive OfficerBuy337,500$20.17$6.8MForm 4
Aug 11, 2026Huang Jack JiajiaChief Executive OfficerBuy254,820$19.61$5.0MForm 4
Aug 10, 2026Huang Jack JiajiaChief Executive OfficerBuy199,980$19.72$3.9MForm 4
Aug 7, 2026Huang Jack JiajiaChief Executive OfficerBuy90,480$19.39$1.8MForm 4
Aug 6, 2026Huang Jack JiajiaChief Executive OfficerBuy105,120$19.29$2.0MForm 4
Aug 5, 2026Huang Jack JiajiaChief Executive OfficerBuy158,460$19.20$3.0MForm 4
Aug 4, 2026Huang Jack JiajiaChief Executive OfficerBuy125,880$19.06$2.4MForm 4
Aug 3, 2026Huang Jack JiajiaChief Executive OfficerBuy333,840$18.48$6.2MForm 4
Jul 31, 2026Huang Jack JiajiaChief Executive OfficerBuy122,580$17.54$2.2MForm 4
Jul 30, 2026Huang Jack JiajiaChief Executive OfficerBuy194,460$17.21$3.3MForm 4
Jul 29, 2026Huang Jack JiajiaChief Executive OfficerBuy109,080$16.91$1.8MForm 4
Jul 28, 2026Huang Jack JiajiaChief Executive OfficerBuy169,980$16.88$2.9MForm 4
Jul 27, 2026Huang Jack JiajiaChief Executive OfficerBuy451,320$16.97$7.7MForm 4
Jul 24, 2026Huang Jack JiajiaChief Executive OfficerBuy185,880$16.26$3.0MForm 4
Jul 23, 2026Huang Jack JiajiaChief Executive OfficerBuy421,440$15.76$6.6MForm 4
Jul 22, 2026Huang Jack JiajiaChief Executive OfficerBuy183,720$15.97$2.9MForm 4
Jul 21, 2026Huang Jack JiajiaChief Executive OfficerBuy498,660$16.62$8.3MForm 4
Jul 20, 2026Huang Jack JiajiaChief Executive OfficerBuy112,500$16.68$1.9MForm 4
Jul 17, 2026Huang Jack JiajiaChief Executive OfficerBuy83,460$16.56$1.4MForm 4

All 98 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
HSG Holding Ltd474,901$7.6M0.6%No change
Bank Of America Corp /de/82,198$1.3M0.0%−43,778
Renaissance Technologies LLC41,675$664.7K0.0%−2,600
Jpmorgan Chase & Co37,669$566.9K0.0%+15
Barclays PLC6,308$100.6K0.0%No change
UBS Group AG957$15.3K0.0%−45
Rhumbline Advisers436$7.0K0.0%No change
BlackRock, Inc.81$1.3K0.0%No change
Royal Bank Of Canada93$1.0K0.0%No change
Federation des caisses Desjardins du Quebec50$7980.0%New
Proathlete Wealth Management LLC50$7970.0%No change
Acadian Asset Management LLC49,268$7850.0%−5,853
Morgan Stanley26$4150.0%No change
Bnp Paribas Financial Markets6$960.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How 51Talk Online Education Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAR51Talk Online Education Group1
  • CIK0001659494
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)8200 Services-Educational Services1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address6 Shenton Way, #38-07 Oue Downtown, Singapore, 068809, Singapore1
  • Phone65 699123471
  • Shares outstanding359,059,557 Common Stock shares; 255,452,577 Common Class A shares; 8,289,315 Adr shares; 103,606,980 Common Class B shares as of Dec 31, 20254
  • AuditorErnst & Young LLP, Singapore PCAOB ID 1247; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 21, 20151
  • Filings231 in all: 6-K (63), 4 (32), SC 13G/A (27), SC 13D/A (22), CORRESP (14), 20-F (10), SC 13G (10), UPLOAD (7)1
    All 30 form types

    3 (6), SCHEDULE 13D/A (5), DRSLTR (4), DRS/A (3), EFFECT (3), F-1/A (3), S-8 (3), SC 13D (3), 424B5 (2), 8-A12B (2), 25 (1), 424B3 (1), 424B4 (1), CERT (1), CERTNYS (1), DRS (1), F-1 (1), F-3 (1), F-3/A (1), F-6 (1), F-6 POS (1), FWP (1)

  • Latest filingsAnnual report (20-F) Apr 23, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary Shares, each representing fifteen Class A ordinary shares, par value US$0.0001 per shareCOENYSE American LLC
Class A ordinary shares, par value US$0.0001 per shareNYSE American LLC

From the cover page of the 20-F filed Apr 23, 2026 (Section 12(b) of the Exchange Act).4

Sources

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