17EdTech Clocks 142% Revenue Growth In Q2; Dun Xiao Resigns From Board

17EdTech or 17 Education & Technology Group Inc YQ reported second-quarter FY21 sales growth of 147.2% year-on-year, to RMB670.9 million ($103.9 million).
Revenues from online K-12 tutoring services rose 163.9% Y/Y.
Gross billings of online K-12 tutoring services increased 121.9% Y/Y, and paid course enrollments of 1,183 thousand jumped 131.1% Y/Y.
The gross margin for the quarter fell 90 basis points Y/Y to 63%. Loss from operations for Q2 was RMB(279.8) million or $(43.3) million.
17EdTech held RMB2.2 billion ($334.5 million) in cash and equivalents as of June 30, 2021.
It reported a loss per ADS of RMB(1.38) or $(0.23) for the quarter.
17EdTech's co-founder Dun Xiao has resigned from his position as a director due to personal reasons, effective September 23, 2021.
The company decides not to issue guidance in the near term, citing uncertainty related to the recent regulatory and operating environment.
Price action: YQ shares are trading lower by 3.81% at $1.01 on the last check Thursday.

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