Where we have seen some impact is around the travel restrictions in the region.

Mar 27, 2026 / receipt, needs a key / Jack Wong, CEO | earnings call 2026-03-27 | transcript d302045c-5234-409c-bc45-06fd8c29af06 | chars 6577-6656 | segment 6

This increase was primarily due to the increase in headcount and personnel-related expenses. Product Development Expenses Our product development expenses from our international business operations increased by 53.3% from US$3.6 million in 2024 to US$5.5 million in 2025.

filing / Apr 23, 2026 / receipt

The increase was primarily due to the increase in headcount and personnel-related expenses. Other income / (expenses), net We recorded other income, net from our international business operations of US$0.8 million in 2024 and other expense, net of US$1.5 million in 2025.

filing / Apr 23, 2026 / receipt

We will continue to expand our international business and may explore new service offerings to bring better experience to students and increase our student base and expand our geographic reach.

filing / Apr 23, 2026 / receipt

This in turn will depend on several factors, including our ability to effectively market our platform to a broader base of prospective students, continue to develop, adapt or enhance quality educational content and services to meet the evolving demands of our students and expand our geographic reach.

filing / Apr 23, 2026 / receipt

The Group has operating leases primarily for office space. The determination of whether an arrangement is a lease or contains a lease is made at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset.

filing / Apr 23, 2026 / receipt

The Group has operating leases for office space that the Group utilizes under lease arrangements. For leases with terms greater than 12 months , the Group records the related assets and lease liability at the present value of lease payments over the terms.

filing / Apr 23, 2026 / receipt

Proof of Concept for Global Expansion

ir_statement / Sep 15, 2026 / receipt

rapid 4-step country-by-country expansion with controlled upfront investment while staying cashflow breakeven

ir_statement / Sep 15, 2026 / receipt

enabling investment in growth (sales & marketing)

ir_statement / Sep 15, 2026 / receipt

Gross Billings increased from $5.3M in Q1 2022 to $7.8M in Q2 2022, representing a sequential QoQ growth of 46.5%

ir_statement / Sep 15, 2026 / receipt

The business expansion plan foresees to maintain even cashflow for the coming quarters

ir_statement / Sep 15, 2026 / receipt