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Skillful Craftsman Education Technology Limited (EDTK)

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Market Cap43.68M
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  • GlobeNewswire

    Skillful Craftsman Appoints Mr. Dawei Chen as Chief Strategy Officer

    WUXI, China, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“the Company” or “Skillful Craftsman”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today announced that the Company has appointed Mr. Dawei Chen as Chief Strategy Officer (CSO), effective on January 21, 2021. In this newly created position, Mr. Chen will be responsible for working collaboratively with the Company’s business divisions to develop the Company’s strategic plan, making capital markets connections, creating M&A opportunities, and improving investor relations to achieve the Company’s strategic goals. Prior to joining the Company, Mr. Chen has taken senior positions in leading multinational corporations and consulting firms, where he gained extensive experience in strategic planning and management consultancy. Over the past ten years, Mr. Chen focused on equity investment, with more than 20 successful IPOs and M&A transactions mainly in education, high-end manufacturing, IT infrastructure, Blockchain technology, and e-commerce. Additionally, Mr. Chen served as senior consultant for several Chinese companies listed abroad and took key roles in financing advisory and investor relations. Mr. Chen holds a bachelor’s degree from Beijing University of Posts and Telecommunications (BUPT), a Master of Engineering degree from Beijing Jiaotong University (BJTU) and an MBA degree from Concordia University in Canada. Mr. Xiaofeng Gao, Chairman and CEO of Skillful Craftsman, commented, “This is the first time that we have created the position of CSO and we are excited to have Mr. Dawei Chen joining the Company. Mr. Chen has a proven track record in improving organizational performance through strategic planning and management consultancy. He brings an exceptional combination of business acumen and strategic insights to the education industry and capital market. Through thorough analyses of market trends and industry dynamics in China, he will seek to help improve the Company’s strategy and solidify our industry leadership position in delivering interactive online vocational training and virtual simulation experimental training courses. We believe Mr. Chen will help us build on our momentum.” Mr. Dawei Chen, Chief Strategy Officer of Skillful Craftsman, stated, “I am thrilled to join the Management at such an exciting time in the Company’s development. Together with the Company’s Management team, I look forward to carving out new opportunities for growth and strengthening our position in providing value for our customers.” About Skillful Craftsman Skillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experimental training courses. The Company began operations in Wuxi, China in 2013 and is a key supporter for China education reform and development for labor employment. As of September 30, 2020, the Company had 75.5 million total registered members, of which 3.28 million are fee-paying members. For more information, please visit: ir.kingwayup.com Safe Harbor Statement This report contains “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements,” including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management’s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements. Forward-looking statements are based on information available at the time those statements are made and management’s belief as of that time with respect to future events. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to improve launch and leverage new technologies, cooperative relationships and strategic opportunities or anticipate market demand in a timely or cost-effective manner, and those factors discussed under the headings “Risk Factors”, “Operating and Financial Review and Prospects,” and elsewhere in our Annual Report on Form 20-F. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement. For investor and media enquiries, please contact: Skillful Craftsman Investor Relations Department Email: iredtk@kingwayedu.cn Ascent Investor Relations LLC Tina Xiao Tel: +1 917-609-0333 Email: tina.xiao@ascent-ir.com

  • Skillful Craftsman Announces Financial Results for The First Six Months of Fiscal Year 2021
    GlobeNewswire

    Skillful Craftsman Announces Financial Results for The First Six Months of Fiscal Year 2021

    14% year-over-year revenue growth 28% year-over-year total fee-paying members growthWUXI, China, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“the Company”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today announced its financial results for the first six months of fiscal year 2021 ended September 30, 2020.First Six Months of Fiscal Year 2021 Financial and Operational HighlightsAll financial figures are in US Dollars unless otherwise noted. * Revenue was $15.3 million, compared with $13.4 million for the same period of last year, representing a 14% increase. * Gross profit was $8.5 million, compared with $8.1 million for the same period of last year, representing a 5% increase. * Gross profit margin was 55%, compared with 60% for the same period of last year. * Net income was $4.39 million, compared with $5.13 million for the same period of last year. The decrease was due in part to one-time expense related to the Company’s initial public offering (“IPO”). * Basic and diluted earnings per share were $0.44, compared with $0.57 for the same period of last year. * Total fee-paying members1 reached 3.28 million, compared with 2.57 million during the same period of last year, representing a 28% increase.1Number of fee-paying members is defined as the total number of members that are paying fees for accessing our platforms as of the end of the applicable period.Mr. Xiaofeng Gao, Chairman and CEO of Skillful Craftsman Education Technology Ltd., commented, “We are excited to announce our strong results for the first six months of fiscal year 2021 ended September 30, 2020. Our revenue increased by 14% to $15.3 million, from $13.4 million for the same period of last year and our total fee-paying members increased by 28% to 3.28 million, compared with 2.57 million during the same period of last year. We believe the results demonstrate the resilience of our business, the experience of our senior management team, and our commitment to quality service. As an education technology company, we strive to optimize our service and diversify our offerings to meet the evolving needs of the market. We believe that the current business climate, which encourages remote learning, will enhance our business growth more than ever. We have been pursuing our business strategies to expand course offerings in tune with industry trends and national policies, integrate online and offline resources for virtual simulation experimental training, offer professional development-related services and develop mobile app and WeChat interfaces for our online learning platform. We believe we are well-positioned in the turbulent market environment to optimize our revenue structure and strategically explore opportunities to create more value for all of our shareholders.”First Six Months of Fiscal Year 2021 Financial ResultsAll figures refer to the first six months of fiscal year 2021 ended September 30, 2020 unless otherwise statedRevenueRevenue increased by 14% to $15.3 million, from $13.4 million for the same period of last year.Cost of RevenueCost of revenue increased by 28% to $6.83 million, from $5.35 million for the same period of last year. The increase was mainly caused by the increase of resource usage fee by $0.35 million and website maintenance fee by $0.48 million. In addition, the depreciation expenses of server hardware also increased by $0.6 million.Gross Profit and Gross MarginGross profit increased by 5% to $8.5 million, from $8.1 million for the same period of last year.Gross margin decreased by 5 percentage points to 55%, from 60% for the same period of last year.Operating ExpensesOperating expenses increased by 90% to $2.38 million, from $1.25 million for the same period of last year.Sales and marketing expenses increased by 13% to $0.88 million, from $0.78 million for the same period of last year. This increase was mainly due to Telecommunications service fees, which increased by $0.21 million as the Company expanded their network and service systems.General and administrative expenses increased by 217% to $1.50 million, from $0.47 million for the same period of last year. This increase was primarily caused by higher employee compensation and welfare expenses and particularly an increase of $0.54 million in salary and fee expenses of independent directors, senior executives and employees related to the IPO. The service fee also increased by $0.27 million due to the success of IPO. The Company also recorded research and development expenses in general and administrative expenses of $0.24 million, compared with $0.10 million for the same period of last year.Income Before TaxIncome before tax expense decreased by 11% to $6.14 million, from $6.86 million for the same period of last year.Net IncomeNet income decreased by 14% to $4.39 million, from $5.13 million for the same period of last year.Basic and diluted earnings per share were $0.44, compared with $0.57 for the same period of last year.Cash and Cash EquivalentsAs of September 30, 2020, the Company had cash and cash equivalents of $17.5 million, compared with $11.9 million as of March 31, 2020.Cash FlowNet cash generated from operating activities was $6.58 million, compared with $6.78 million for the same period of last year.Net cash used in investing activities was $14.24 million, compared with $5.73 million for the same period of last year.Net cash generated from financing activities was $13.24 million, compared with nil for the same period of last year.About Skillful CraftsmanSkillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experimental training courses. The Company began operations in Wuxi, China in 2013 and is a key supporter for China education reform and development for labor employment. As of March 31, 2020, the Company had 68.5 million total registered members, of which 3.1 million are fee-paying members. For more information, please visit: ir.kingwayup.comSafe Harbor StatementThis report contains “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements,” including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management’s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements.Forward-looking statements are based on information available at the time those statements are made and management’s belief as of that time with respect to future events. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to improve launch and leverage new technologies and cooperative relationships or anticipate market demand in a timely or cost-effective manner, and those factors discussed under the headings “Risk Factors”, “Operating and Financial Review and Prospects,” and elsewhere in our Annual Report on Form 20-F. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.For investor and media enquiries, please contact:Skillful Craftsman Investor Relations Department Email: iredtk@kingwayedu.cn Ascent Investor Relations LLC Tina Xiao Tel: +1 917-609-0333 Email: tina.xiao@ascent-ir.com SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITED CONSOLIDATED BALANCE SHEETS   As of    September 30, 2020  March 31, 2020    (Unaudited)  (Audited) ASSETS       Current assets:       Cash and cash equivalents $17,450,639  $11,931,714  Accounts receivable, net  103,069   78,785  Prepayments and other current assets  1,119,333   1,963,102  Other investments  8,000,000   -  Total current assets  26,673,041    13,973,601  Non-current assets       Property and equipment, net  15,212,700   12,324,125  Intangible assets, net  19,146,875   19,294,740  Long-term prepayments and other non-current assets  68,526   97,035  Total non-current assets  34,428,101    31,715,900  TOTAL ASSETS $61,101,142   $45,689,501    Current liabilities       Accounts payable $99,264  $249,086  Taxes payable  330,189   543,600  Amounts due to a related party  509,012   -  Other payables  996,436   227,525  Deferred revenue-current  12,250,372   16,736,365  Total current liabilities  14,185,273    17,756,576  Non-current liabilities       Deferred revenue-non-current  1,597,510   50,877  Total non-current liabilities  1,597,510    50,877  TOTAL LIABILITIES $15,782,783   $17,807,453  COMMITMENTS AND CONTIGENCIES     -  SHAREHOLDERS’ EQUITY:       Ordinary shares, 500,000,000 shares authorized; par value $0.0002 per share; 12,000,000 and 9,000,000 shares issued and outstanding as of 30 September, 2020 and 31 March, 2020, respectively  2,400   1,800  Additional paid-in capital  13,415,987   1,619,774  Statutory reserve  745,590   745,590  Retained earnings  31,313,865   26,921,172  Accumulated other component of equity:       Foreign currency translation reserve  (159,483)  (1,406,288) TOTAL SHAREHOLDERS’ EQUITY  45,318,359    27,882,048  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $61,101,142   $45,689,501  SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITEDCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME   For the six months ended September,    2020  2019    (Unaudited)  (Unaudited) Revenue $15,313,780  $13,420,883  Cost of revenue  (6,826,879)  (5,350,363) Gross profit  8,486,901   8,070,520          Operating expenses:       Selling and marketing expenses  (879,812)  (776,903) General and administrative expenses  (1,499,774)  (473,802) Total operating expenses  (2,379,586)  (1,250,705) Income from operations  6,107,315    6,819,815   Interest income  30,292   41,692  Others, net  (909)  (3,345) Income before income taxes  6,136,698    6,858,162   Income tax expense  (1,744,005)  (1,724,099) Net income $4,392,693   $5,134,063           Other comprehensive income/(loss):       Foreign currency translation adjustment  1,246,805   (1,020,318) Total comprehensive income  5,639,498    4,113,745   Net earnings per ordinary share, basic and diluted  0.44  0.57 Weighted average number of ordinary shares, basic and diluted  10,000,000  9,000,000 SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITEDCONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the six months ended September 30,  2020  2019 Cash flows from operating activities       Net income$4,392,693  $5,134,063  Adjustments to reconcile net income to net cash provided by operating activities:      Depreciation of property and equipment 1,657,961   1,069,520  Amortization of intangible assets 3,157,605   3,104,576  Loss on disposals of property and equipment -   7,002  Changes in operating assets and liabilities:      Accounts receivables (24,284)  365,396  Prepayments and other current assets (602,972)  (388,049) Long-term prepayments and other non-current assets 28,509   (291,606) Accounts payable (149,822)  18,224  Amounts due to a related party 509,012   -  Deferred revenue (2,939,360)  (1,732,645) Other payables 768,911   187,950  Taxes payable (213,411)  (692,252) Net cash generated from operating activities 6,584,842    6,782,179          Cash flows from investing activities      Purchases of property and equipment (3,988,249)  (1,682,416) Purchases of intangible assets (2,254,100)  (4,043,574) Purchases of other investments (8,000,000)  -  Net cash used in investing activities $(14,242,349 ) $(5,725,990 )        Cash flows from financing activities       Proceeds from IPO net off IPO expenses 13,243,554   -  Net cash flows generated from financing activities 13,243,554   -         Effects of foreign currency translation (67,122)  539,066         Net increase in cash and cash equivalents 5,518,925   1,595,255  Cash and cash equivalents at beginning of period 11,931,714   10,362,283  Cash and cash equivalents at end of period$17,450,639   $11,957,538          Supplemental disclosures of cash flow information:      Cash paid for income taxes$1,974,038   2,327,558

  • Skillful Craftsman Enters into Strategic Cooperation Agreement to Participate in National Pilot Project of “Education Certificate + Several Vocation Skill Level Certificates”
    GlobeNewswire

    Skillful Craftsman Enters into Strategic Cooperation Agreement to Participate in National Pilot Project of “Education Certificate + Several Vocation Skill Level Certificates”

    WUXI, China, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“the Company”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today announced that the Company has entered into a strategic cooperation agreement (the “Agreement”) with Tianfu Institute of International Big Data Strategy Technology (“TIBD”) on November 11, 2020 to participate in the national pilot project of “Education Certificate + Several Vocational Skill Level Certificates”(“1+X”). The purpose of the 1+X pilot project is to allow students to obtain certificates of various vocational skills at the same time of obtaining academic certificates. TIBD has actively participated in the “1+X” pilot project and successfully developed “Big Data Governance” Vocational Skill Level Certificate, which is one of the vocational skill level certificates of “1+X” and was officially approved and publicized by an inter-ministerial joint meeting on vocational education of the State Council in September 2020. As of November 18, 2020, 320 companies have participated in the “1+X” pilot project.As part of the Agreement, both parties agree to cooperate, for an initial three-year period, in the development and operation of the “China Big Data Educational Cloud” as well as the development of the learning resources platform for “Big Data Governance” Vocational Skill Level Certificate. TIBD agrees to provide the Company with experts, talent, content and associated support while the Company agrees to provide comprehensive online educational cloud service technology, hardware, software and other related operational supporting services that are necessary.Additionally, both parties agreed to cooperate in the funding of several related projects of the pilot project of the “1+X” Vocational Skill Level Certificate, among which the Company expects to contribute about RMB 9 million. TIBD has agreed to support the Company’s participation in the project and provide experts, channels, experience and other assistance.Mr. Xiaofeng Gao, Chairman and CEO of Skillful Craftsman Education Technology Ltd., commented, “We're a technology innovation company that is established to meet the evolving needs of the market. Our cooperation with TIBD will enable us to continue improving our business model, forming closer partnerships, and making good use of national policies. The cooperation also augments the strength of our brand. Our expertise, industry experience, and market coverage make it possible for us to seize opportunities timely and put our business strategy into practice. By participating in the “1+X” pilot project, we hope to expand market share, diversify our business model and create more value to all of our shareholders.”About Tianfu Institute of International Big Data Strategy TechnologyFounded in July 13, 2018, Tianfu Institute of International Big Data Strategy Technology(“TIBD”) is a scientific research enterprise jointly established by SCIG Information Industry Group Co., Ltd, a top-tier big data research team from Chinese Academy of Sciences (CAS) led by Professor Yong Shi, and Chengyue Project Consulting Group. TIBD focuses on introducing, transforming international advanced technologies of big data, conducting research of big data, artificial intelligence, Internet of Things (IOT) and others, incubating and investing in big data associated projects, building big data platforms for industrial application, and cultivating big data talents with globalized visions.About Skillful CraftsmanSkillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experimental training courses. The Company began operations in Wuxi, China in 2013 and is a key supporter for China education reform and development for labor employment. As of March 31, 2020, the Company had 68.5 million total registered members, of which 3.1 million are fee-paying members. For more information, please visit: ir.kingwayup.com.Safe Harbor StatementThis report contains “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements,” including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management’s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements.Forward-looking statements are based on information available at the time those statements are made and management’s belief as of that time with respect to future events. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to improve launch and leverage new technologies and cooperative relationships or anticipate market demand in a timely or cost-effective manner, and those factors discussed under the headings “Risk Factors”, “Operating and Financial Review and Prospects,” and elsewhere in our Annual Report on Form 20-F. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.For investor and media enquiries, please contact:Skillful CraftsmanInvestor Relations DepartmentEmail: iredtk@kingwayedu.cnAscent Investor Relations LLCTina XiaoTel: +1 917-609-0333Email: tina.xiao@ascent-ir.com