AUS
NZ
UK
CA
USA
IND
Summary
- Duolingo plans to list on NASDAQ under the symbol “DUOL.”
- The education platform reported revenue of US$161.7 million in 2020.
- Duolingo had 40 million monthly active users at the end of the March quarter.
Education platform Duolingo Inc. has filed for an initial public offering. The company is planning to trade its shares on NASDAQ under the ticker “DUOL,” according to the IPO prospectus.
Duolingo is yet to disclose the pricing and timing of the offering. Goldman Sachs & Co. LLC is the lead underwriter for the offering.
The company was valued at US$2.4 billion after the series H funding round in November 2020. Its investors include General Atlantic, CapitalG, Durable Capital Partners, Union Square Ventures and New Enterprise Associates.
READ MORE: Deep Instinct IPO: Is the cybersecurity firm heading for public debut?
What does Duolingo do?
Duolingo was founded in 2011 by Luis von Ahn and Severin Hacker. The company provides a free language education platform, offering courses in 40 languages. The platform has more than 40 million monthly active users and has over 500 million downloads.
In 2019, the company launched its premium subscription Duolingo Plus that provides advertisement-free learning. Around 5 percent of monthly active users were paid subscribers as of March 31.
The company also provides an on-demand English proficiency assessment Duolingo English Test. In 2020, around 344,000 Duolingo English Tests were bought.
The Pittsburgh-based company has over 400 passionate employees. Ahn is currently the company’s chief executive, while Hacker is the chief technology officer.
READ MORE: DiDi Global NYSE IPO: Here’s all you need to know
Source: Pixabay
How did Duolingo perform recently?
In 2020, Duolingo saw its monthly active users grow 34 percent year over year to 37 million. Paid subscribers surged 84 percent during the year to 1.6 million.
Its revenue soared 129 percent to US$161.7 million from US$70.8 million in 2019.
Net loss in 2020 widened to US$15.8 million from US$13.6 million in the previous year.
Meanwhile, Duolingo posted 97 percent year-over-year growth in its revenue during the quarter ended March 31 to US$55.4 million.
Duolingo reported a net loss of US$15.8 million for the first quarter, compared to a US$2.2 million loss in the year-ago period.
The company had 40 million monthly active users at the end of the quarter, of which 1.8 million were paid subscribers.
READ MORE: ELMS stock: EV maker Electric Last Mile pops on NASDAQ after SPAC merger
The company generates around 72 percent of its revenue from Duolingo Plus subscriptions, while advertisements account for 17 percent of the revenue.
Please note: The above constitutes a preliminary view, and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.
