$YQ

17 Education & Technology Group Inc.

CIK:0001821468|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues
Total net revenues	¥ 106,024	$ 15,161	¥ 189,212	¥ 170,962
Cost of revenues	(55,397)	(7,922)	(120,004)	(90,259)
Gross profit	50,627	7,239	69,208	80,703
Operating expenses:
Sales and marketing expenses	(83,043)	(11,875)	(76,088)	(101,260)
Research and development expenses	(56,169)	(8,032)	(71,997)	(167,932)
General and administrative expenses	(74,965)	(10,720)	(134,935)	(154,261)
Total operating expenses	(214,177)	(30,627)	(283,020)	(423,453)
Loss from operations	(163,550)	(23,388)	(213,812)	(342,750)
Interest income	8,655	1,238	16,260	27,811
Foreign currency exchange (loss) gain	(182)	(26)	226	(801)
Other income, net	661	95	4,399	3,958
Loss before provision for income tax	(154,416)	(22,081)	(192,927)	(311,782)
Net loss	(154,416)	(22,081)	(192,927)	(311,782)
Net loss available to ordinary shareholders of 17 Education & Technology Group Inc.	¥ (154,416)	$ (22,081)	¥ (192,927)	¥ (311,782)
Net loss per ordinary share
Earnings Per Share Basic \| (per share)	¥ (0.31)	$ (0.04)	¥ (0.48)	¥ (0.68)
Earnings Per Share Diluted \| (per share)	¥ (0.31)	$ (0.04)	¥ (0.48)	¥ (0.68)
Earnings Per Share Basic And Diluted DisclosureAbstract
Weighted Average Number of Shares Outstanding Basic	501,068,064	501,068,064	401,923,200	458,636,327
Weighted Average Number of Shares Outstanding, Diluted	501,068,064	501,068,064	401,923,200	458,636,327
Net Service Revenues
Net revenues
Total net revenues	¥ 84,919	$ 12,143	¥ 189,212	¥ 170,962
Net Product Revenues
Net revenues
Total net revenues	¥ 21,105	$ 3,018

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	¥ (154,416)	$ (22,081)	¥ (192,927)	¥ (311,782)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation of property and equipment	9,997	1,430	12,280	16,171
Share-based compensation	30,828	4,408	61,917	83,695
Foreign currency remeasurement loss (gain)	1	0	(508)	2
Noncash lease expenses	5,778	826	9,685	16,827
Loss from disposal of property and equipment	26	4	895	344
Expected credit loss	(805)	(115)	12,314	12,983
Impairment for property and equipment, right-of-use assets, rental deposits and other assets	0	0		5,761
Changes in operating assets and liabilities:
Accounts receivable	25,200	3,604	(20,576)	(31,170)
Prepaid expenses and other current assets	(18,327)	(2,621)	13,623	30,588
Operating lease right-of-use assets	0	0	(1,446)	(6,782)
Other non-current assets	43	6	(648)	1,411
Accrued expenses and other current liabilities	18,855	2,696	(23,027)	(23,741)
Deferred revenue and customer advances	125,542	17,952	(4,552)	2,564
Operating lease liabilities	(5,396)	(772)	(6,248)	(8,946)
Net cash used in operating activities	37,326	5,337	(139,218)	(212,075)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of term deposits	(1,082,794)	(154,837)	(4,314)	(169,756)
Proceed from maturity of term deposits	1,047,431	149,781	48,962
Disposal of available-for-sale investments		0	0	19,531
Purchase of property and equipment and other assets	(6,862)	(981)	(9,368)	(26,590)
Proceeds from disposal of property and equipment	621	89	314	15,674
Net cash (used in) generated from investing activities	(41,604)	(5,948)	35,594	(161,141)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of ordinary shares	(3,516)	(503)	(1,070)	(51,393)
Proceeds from exercise of share options	76	11	15	36
Proceed from issuance of Class A and Class B ordinary shares (Note 11)	28,900	4,133	22,388
Net cash (used in) generated from financing activities	25,460	3,641	21,333	(51,357)
Effect of exchange rate changes	(8,878)	(1,270)	9,555	13,376
Net decrease in cash and cash equivalents and restricted cash	12,304	1,760	(72,736)	(411,197)
Cash, cash equivalents and restricted cash at beginning of the year	234,193	33,489	306,929	718,126
Cash, cash equivalents and restricted cash at end of the year	246,497	35,249	234,193	306,929
Non-cash activities
Right-of-use assets obtained in lease term extensions	0	0	359	5,829
(Decrease) Increase of right-of-use assets and operating lease liabilities due to lease modifications	9,013	1,289	832	982
Payables for purchase of property and equipment	2,247	321	2,250	2,802
Reconciliation to amounts on the Consolidated Balance Sheets
Cash and cash equivalents	246,448	35,242	234,144	306,929
Restricted cash	49	7	49
Cash, cash equivalents and restricted cash at end of the year	¥ 246,497	$ 35,249	¥ 234,193	¥ 306,929

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Current assets
Cash and cash equivalents	$ 35,242	¥ 246,448	¥ 234,144
Restricted cash	7	49	49
Term deposits	22,947	160,471	125,108
Accounts receivable, net of allowances of RMB21,082 and RMB20,402 as of December 31, 2024 and 2025, respectively	6,088	42,577	67,097
Prepaid expenses and other current assets, net of allowances of RMB5,919 and RMB5,794 as of December 31, 2024 and 2025, respectively	14,462	101,135	82,513
Total current assets	78,746	550,680	508,911
Non-current assets
Property and equipment, net	3,211	22,455	26,410
Right-of-use assets	2,145	15,003	11,768
Other non-current assets	341	2,385	2,428
TOTAL ASSETS	84,443	590,523	549,517
LIABILITIES
TOTAL LIABILITIES	43,456	303,895	155,878
Current liabilities
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Group of RMB20,176 and RMB39,022 as of December 31, 2024 and 2025, respectively)	17,628	123,280	104,422
Deferred revenue and customer advances (including deferred revenue and customer advances of the consolidated VIEs without recourse to the Group of RMB40,198 and RMB165,798 as of December 31, 2024 and 2025, respectively)	23,729	165,939	40,397
Operating lease liabilities, current (including operating lease liabilities, current of the consolidated VIEs without recourse to the Group of RMB4,758 and RMB3,759 as of December 31, 2024 and 2025, respectively)	714	4,992	6,798
Total current liabilities	42,071	294,211	151,617
Non-current liabilities
Operating lease liabilities, non-current (including operating lease liabilities, non-current of the consolidated VIEs without recourse to the Group of RMB3,171 and RMB6,319 as of December 31, 2024 and 2025, respectively)	1,385	9,684	4,261
SHAREHOLDERS' EQUITY
Treasury stock	(6)	(42)	(34)
Additional paid-in capital	1,591,117	11,126,837	11,070,615
Accumulated other comprehensive income	11,085	77,527	86,410
Accumulated deficit	(1,561,266)	(10,918,090)	(10,763,674)
Commitments and Contingencies (Note 14)
TOTAL SHAREHOLDERS' EQUITY	40,987	286,628	393,639
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	84,443	590,523	549,517
Class A Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	37	256	241
Class B Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	$ 20	¥ 140	¥ 81