Our cost of revenues increased by 0.2% from US$20.9 million in 2023 to US$21.0 million in 2024, growing at a much slower pace than our revenues, primarily benefiting from economies of scale and our enhanced cost control measures.

filing / Apr 27, 2026 / receipt

Our overall gross margin increased from 45.6% in 2023 to 50.3% in 2024, benefiting from economies of scale and our enhanced cost control measures.

filing / Apr 27, 2026 / receipt

Joel Adalberto Gallo has served as our chief financial officer since September 2025. Prior to joining our company, Mr. Gallo served as the chief financial officer of HD EDU from February 2023 to August 2025.

filing / Apr 27, 2026 / receipt

We shall prioritize the optimization of our hiring plans and marketing activities to ensure long-term success without incurring excessive operating expenses that may have an adverse impact on our overall financial performance and profitability.

filing / Apr 27, 2026 / receipt

The majority of our operating lease commitments are related to our office lease agreements. The following table sets forth our contractual obligations as of December 31, 2025: Payment Due by Period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years (US$ in thousands) Operating lease commitments (1) 1,957 642 613 220 482 Note: (1) Represents obligations under lease agreements

filing / Apr 27, 2026 / receipt