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Nerdy reports 50% revenue increase and smaller net loss

Nerdy reports 50% revenue increase and smaller net loss

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Bill Nye “The Science Guy” Partners With Varsity Tutors to Host Class on Public Health & Vaccine Science

Bill Nye "The Science Guy," shown on screen, partnered with Varsity Tutors in April 2021 for a class on public health and vaccines. (Photo: Business Wire)

Nerdy, the Clayton-based online learning company that's preparing to go public, said Wednesday that revenue grew 50% to $34.6 million in the first quarter, driven by new students trying its Varsity Tutors platform.

Nerdy posted a net loss of $5.7 million in the quarter, down from $8.0 million a year earlier. An adjusted earnings measure, which excludes interest, depreciation and transaction costs, showed a loss of $292,000 compared with $4.98 million a year earlier.

Nerdy reported 47,000 active users, up 67% in the past year, and said the number of learning sessions grew 186%.  The company expects demand to pick up more as schools reopen, saying it has experienced faster growth in states with in-person learning than in states where schools remain mostly online.

Nerdy announced in January that it plans to go public by merging with a blank-check company called TPG Pace Tech Opportunities. It expects that deal to close by June.

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