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Skillful Craftsman Education Technology Limited (EDTK)

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Previous Close3.2200
Open3.2500
Bid0.0000 x 800
Ask3.4100 x 1000
Day's Range3.1301 - 3.4100
52 Week Range3.1000 - 6.7500
Volume101,795
Avg. Volume239,012
Market Cap37.68M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
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  • GlobeNewswire

    Skillful Craftsman Education Technology Files Annual Report on Form 20-F and Reports Audited Fiscal Year 2020 Results

    \- 16% year-over-year revenue growth \- 35% year-over-year total fee-paying members growthWUXI, China, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“Skillful Craftsman “ or “the Company”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today filed its annual report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) and reported audited financials for the fiscal year ended March 31, 2020.  The annual report can be accessed on the SEC’s website at https://www.sec.gov/.Fiscal Year 2020 Financial and Operational Highlights All financial figures are in US Dollars unless otherwise noted. * Revenue was $28.6 million, compared with $24.7 million in the same period of last year, representing a 16% increase.   * Net Income was $9.98 million, compared with $8.68 million in the same period of last year.   * Total fee-paying members1 reached 3.09 million, compared with 2.28 million during the same period of last year, representing a 35% increase.Xiaofeng Gao, Chairman and CEO of Skillful Craftsman, commented, “We are excited to announce our results for the first time as a public company.  Skillful Craftsman went public on the Nasdaq in July 2020 and we view this as a significant milestone in implementing our growth plan.  Our strategy centers around expanding course offerings in tune with industry trends and government policies; integrating online and offline resources for virtual simulation experimental training; offering professional development-related services by leveraging Big Data and Artificial Intelligence technologies; and developing mobile app and WeChat interfaces to our online learning platform.  We remain dedicated to improving careers by delivering high quality vocational education services, which will enable us to become a leading provider of online vocational education in China.”Fiscal Year 2020 Financial ResultsAll figures refer to fiscal year 2020 (ending March 31, 2020) unless otherwise stated.Revenue increased by 16% to $28.6 million, up from $24.7 million for the prior fiscal year.  Growth is primarily attributable to the increase in paid course enrollment, driven by our continual promotional activities and development effort on our virtual simulation experiment platform development.Cost of revenue increased by 25% to $11.8 million from $9.5 million for the prior fiscal year, primarily driven by higher amortization expense for server hardware by $1.8 million, and higher virtual simulation fees paid by the Company of $0.8 million.Gross profit increased by 10% to $16.8 million from $15.2 million for the prior fiscal year.General and administrative expenses increased by 7% to $2.0 million from $1.9 million for the prior fiscal year, primarily driven by increased rental and service fees for human resources.Sales and marketing expenses decreased by 17% to $1.5 million from $1.8 million for the prior fiscal year, primarily driven by decreased pay service charges and promotion expenses.Pre-Tax Income increased by 15% to $13.3 million, compared with $11.6 million for the prior fiscal year.Net Income increased by 15% to $9.98 million, compared with $8.68 million for the prior fiscal year.Cash and equivalents. At March 31, 2020, the Company had cash and cash equivalents of $11.9 million, compared with $10.4 million as of March 31, 2019.About Skillful CraftsmanSkillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experiment training courses. The Company was founded in Wuxi, China in 2013 and is a key supporter for China economic development and education reform 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.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 the content of our existing courses, develop new courses or services, leverage new technologies, 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 this report. 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 more information, please contact:In China:Skillful Craftsman Frank Wang Investor Relations Director Email: iredtk@kingwayedu.cnThe Blueshirt Group Ms. Susie Wang Phone: +86 138-1081-7475 Email: susie@blueshirtgroup.comIn the United States:The Blueshirt Group Ms. Julia Qian Phone: +1 973-619-3227 Email: Julia@blueshirtgroup.com____________1 Number 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. SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITEDCONSOLIDATED BALANCE SHEETS  As of  March 31  2020  2019  ASSETS      Current assets:      Cash and cash equivalents $ 11,931,714   $ 10,362,283  Accounts receivable, net  78,785    451,132  Prepayments and other current assets  1,963,102    902,811  Total current assets  13,973,601     11,716,226   Non-current assets      Property and equipment, net  12,324,125    14,022,240  Intangible assets, net  19,294,740    17,799,207  Long-term prepayments and other non-current assets  97,035    -  Total non-current assets  31,715,900     31,821,447   TOTAL ASSETS $  45,689,501    $  43,537,673          LIABILITIES      Current liabilities      Accounts payable $ 249,086   $ 10,025  Taxes payable  543,600    375,337  Other payables  227,525    151,545  Deferred revenue-current  16,736,365    15,308,898  Total current liabilities  17,756,576     15,845,805   Non-current liabilities      Deferred revenue-noncurrent  50,877    8,672,836  Total non-current liabilities  50,877     8,672,836   TOTAL LIABILITIES $  17,807,453    $  24,518,641   COMMITMENTS AND CONTINGENCIES      SHAREHOLDERS’ EQUITY:      Ordinary shares, par value $0.0002 per share, 500,000,000 shares authorized; 9,000,000 shares issued and outstanding  1,800    1,800  Additional paid-in capital  1,619,774    1,619,774  Statutory reserve  745,590    745,590  Accumulated profits  26,921,172    16,945,947  Accumulated other comprehensive (loss):  (1,406,288)   (294,079) TOTAL SHAREHOLDERS’ EQUITY  27,882,048     19,019,032   TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $  45,689,501    $  43,537,673   SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITEDCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the years ended March 31,  2020 2019 2018  Revenue$28,601,071 $24,668,840 $14,910,543  Cost of revenue (11,797,870) (9,458,559) (4,715,419) Gross profit 16,803,201  15,210,281  10,195,124          Operating expenses:       Selling and marketing expenses (1,520,801) (1,832,006) (1,148,375) General and administrative expenses (2,038,568) (1,899,110) (1,108,280) Total operating expenses (3,559,369) (3,731,116) (2,256,655) Income from operations 13,243,832   11,479,165   7,938,469   Interest income 73,737  88,588  76,324  Others, net (3,458) (195) (114) Income before income taxes 13,314,111   11,567,558   8,014,679   Income tax expense (3,338,886) (2,892,500) (2,004,711) Net profit$9,975,225  $8,675,058  $6,009,968           Other comprehensive (loss):       Foreign currency translation adjustment (1,112,209) 735,192  722,635  Total comprehensive income 8,863,016   7,939,866   6,732,603   Net earnings per ordinary share, basic and diluted$1.11 $0.96 $0.67  Weighted average number of ordinary shares, basic and diluted 9,000,000  9,000,000  9,000,000

  • GlobeNewswire

    Skillful Craftsman Announces Closing of Initial Public Offering

    WUXI, China, July 27, 2020 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“the Company”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today announced the closing of its initial public offering of 3,000,000 ordinary shares at US$5.00 per share. Skillful Craftsman’s ordinary shares began trading on the Nasdaq Capital Market on July 23, 2020 under the ticker symbol “EDTK.”The Benchmark Company acted as Lead Book Running Manager and Axiom Capital Management, Inc acted as Co-Book Running Manager for this offering.Copies of the final prospectus relating to this offering may be accessed through the Securities and Exchange Commission’s website at: www.sec.gov, or by contacting: The Benchmark Company, Attention: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155, or by email at prospectus@benchmarkcompany.com, or by telephone at (212) 312-6700.A registration statement on Form F-1 relating to the offering has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the “SEC”) on June 30, 2020. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About Skillful CraftsmanSkillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experiment training courses. The Company was founded in Wuxi, China in 2013 and is a key supporter for China economic development and education reform for labor employment. The Company currently has 59.5 million of accumulated registered members and 3.1 million of accumulated fee-paying members.For more information, please contact:In China:Skillful Craftsman Frank Wang Investor Relations Director Email: Frankwang@kingwayedu.cnThe Blueshirt Group Ms. Susie Wang Phone: +86 138-1081-7475 Email: susie@blueshirtgroup.comIn the United States:The Blueshirt Group Ms. Julia Qian Phone: +1 973-619-3227 Email: Julia@blueshirtgroup.com

  • GlobeNewswire

    Skillful Craftsman Announces Pricing of Initial Public Offering

    WUXI, China, July 22, 2020 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“the Company”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today announced the pricing of its initial public offering of 3,000,000 ordinary shares at US$5.00 per share. The ordinary shares are expected to begin trading on the Nasdaq Capital Market on July 23, 2020 under the ticker symbol “EDTK.” The offering is expected to close on July 27, 2020, subject to the satisfaction of customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an aggregate of 450,000 additional shares at the public offering price, less the underwriting discounts and commissions, to cover over-allotments, if any.The Benchmark Company is acting as Lead Book Running Manager and Axiom Capital Management, Inc is acting as Co-Book Running Manager for this offering.A registration statement on Form F-1 relating to the offering has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the “SEC”) on June 30, 2020. The offering of the securities is being made only by means of a prospectus. Electronic copies of the final prospectus relating to the Offering may be obtained by visiting the SEC’s website located at http://www.sec.gov or by contacting The Benchmark Company, Attention: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155, by email at prospectus@benchmarkcompany.com, or by telephone at (212) 312-6700.This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About Skillful CraftsmanSkillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experiment training courses. The Company was founded in Wuxi, China in 2013 and is a key supporter for China economic development and education reform for labor employment. The Company currently has 59.5 million of accumulated registered members and 3.1 million of accumulated fee-paying members.For more information, please contact:In China:Skillful Craftsman Frank Wang Investor Relations Director Email: Frankwang@kingwayedu.cnThe Blueshirt Group Ms. Susie Wang Phone: +86 138-1081-7475 Email: susie@blueshirtgroup.comIn the United States:The Blueshirt Group Ms. Julia Qian Phone: +1 973-619-3227 Email: Julia@blueshirtgroup.com