RISE English(NASDAQ：REDU), an after-school English tutoring institution for children from 3 to 18-year-old, releases its fiscal report in 2020 Q1. According to the report, the total revenue was 109 million yuan with 67.5% decrease year-on-year. The gross loss was 33.6 million yuan, and the net loss reached 103.8 million yuan with a 385.5% increase.
Affected by the epidemic, the number of students of Rise Start and Rise On, two regular curricula of the company, increased to 52,585. In addition, the number of other curricula, including Rise Up, Can Talk, etc, lifted from 1,470 to 32,494. To cope with the situation amid COVID-19 pandemic, RISE launched small-sized online course on March 3rd. According to statistics, as of April 2020, nearly 90% of offline classes converted to online.
Wang Hongli, the CEO of RISE, said that the epidemic accelerated their pace to digitalize the products. RISE also indicates that the company will keep their eyes on three main aspects in the following stage, developing online products, expanding distribution channels to gain more users, and updating Rise+ platform for intelligent learning.