• 55% improvement in Group H1 FY25 Underlying EBITDA loss to $1.5 million
• Implemented cost-saving initiatives, reducing Group Operating and Marketing costs by 31%
• Streamlined organisational design and automated internal processes, resulting in 18% reduction in FTE employees

Cluey Ltd, an ASX-listed Edtech company, has reported its financial results for the half-year ended 31 December 2024. The Group's loss after providing for income tax amounted to $2,315,000, a 66.3% improvement compared to the prior corresponding period (H1 FY24). Underlying EBITDA, a key metric used by the Group to assess business performance, improved by 55% to a loss of $1.5 million in H1 FY25 compared to a loss of $3.4 million in H1 FY24. This was primarily due to the impact of cost-saving initiatives implemented by the company, which reduced Group Operating and Marketing costs by 31% compared to the prior corresponding period. The Group also implemented a streamlined organisational design and extensive automation of internal processes in FY24, resulting in an 18% reduction in FTE employees from December 2023 to December 2024. Revenue from services rendered declined 23% from $17.0 million to $13.2 million in H1 FY25, primarily due to management's strategic decision to reduce spending on customer acquisition to prioritize cash preservation and focus on profitability. The Group continues to focus on opportunities to expand its offerings, including new courses, a wider range of learning services, and international expansion, while maintaining financial discipline and driving towards achieving operating cashflow breakeven.

The Company expects the cash balance of $5.5 million (as at December 2024) to fund working capital requirements as Cluey drives towards achieving operating cashflow breakeven. If there are any M&A or additional growth opportunities, the Company will likely require additional funding.

Cluey is focused on opportunities to expand its offerings, including new courses, a wider range of learning services, and international expansion. The company will continue to build a portfolio of learning services, leveraging data-driven decision-making and learning analytics supported by generative AI, while maintaining financial discipline.