Qoria posts record results

Edtech company Qoria grew revenue by 21 per cent in FY24 to achieve its first ever positive earnings before tax, interest, depreciation and amortisation.

The Tim Levy-led company told the market today reported revenue hit $99.4 million, with direct costs growing by just 13 per cent and gross margin lifting 29 per cent to $71.3 million.

Among highlights for the year were the company’s 38 per cent growth in the number of UK students using its products, and 13 per cent growth in the same metric in the US. The total number of schools using its platforms reached 29,000.

It also managed to reduce ‘cash burn’ from $23.6 million to $9.3 million.

The company also expects significant growth in Texas – already one of its largest markets, where it services 12 per cent of all students – after the passing of the SCOPE Act.

The Act, implemented in 2023 with full compliance expected by September 2024, requires Texas school districts to ensure parents have visibility and control of learning devices.

With Qoria already servicing three (and in trials in five) of the state’s top 20 districts by student count, the company expects the legislation to further bolster growth.

The company listed on the ASX as Family Zone Cyber Safety in late August 2016, after successfully raising $6 million in an oversubscribed IPO.

It changed its name from Family Zone Cyber Safety to Qoria in April 2023.

Qoria shares were up 5 per cent to 34 cents per share at 2pm AWST.