Everybody Loves Languages Soars: Q3 2024 Results and Market Expansion

Everybody Loves Languages Corp. (ELL) reported its financial results for the third quarter ended September 30, 2024, showcasing significant growth and operational advancements. The company generated revenue of $297,273 in Q3 2024, a substantial increase from $123,866 in the same quarter of 2023. This uptick in revenue can largely be attributed to the success of their AcadeMe Junior program and expansion into new markets, including Colombia, Peru, and Uruguay.

Total operating and development expenses rose to $496,213 in the quarter, up from $443,975 the previous year; however, the company managed to reduce its net loss to $215,757, down from $282,532 in Q3 2023. Loss before amortization, share-based payments, and taxes also improved to $(198,940), indicating better cost management and operational efficiencies.

For the nine-month period ended September 30, 2024, cumulative revenue reached $1,438,538, compared to $1,338,660 during the same interval in 2023. The company also managed to decrease its net loss for the nine-months to $165,940, suggesting a positive trajectory in financial health.

Gali Bar-Ziv, President & CEO, highlighted ongoing efforts to refine product offerings based on market feedback, with an emphasis on enhancing mobile accessibility expected to be completed in Q4 2024. As Everybody Loves Languages continues to expand its reach in international markets, it remains focused on developing innovative educational solutions that blend technology with language learning.

The company's unaudited condensed interim financial statements for the quarter ended September 30, 2024, and Management Discussion & Analysis, are available at www.sedarplus.ca.

Everybody Loves Languages Corp. is an edtech language learning edutainment and content development company empowering language educators to easily transition from traditional teaching methods to digital learning by integrating education, edutainment, and technology. The Company provides online and print-based solutions through two distinct business units: Everybody Loves Languages Inc. and Lingo Learning Inc.

In conclusion, Everybody Loves Languages Corp. has demonstrated remarkable growth and adaptability in the face of market challenges. With a focus on continuous product refinement and expansion into new markets, the company's future prospects appear promising. Investors should closely monitor the company's progress and consider its strategic initiatives as potential growth drivers.