China-based edtech company 17 Education & Technology Group Inc. (NASDAQ: YQ) announced recently its unaudited financial results for the fourth quarter and the year ended December 31, 2020.

In Q4, its net revenues were RMB486.8 million (US$74.6 million), a year-on-year increase of 153.1% from RMB192.3 million in Q4 2019. The solid growth was primarily due to the increase of net revenues from online K-12 tutoring services, which were RMB467.5 million (US$71.6 million), an increase of 163.5% year-on-year. 

The net revenues of 2020 were RMB1.29 billion (US$198.4 million), representing a year-on-year increase of 218.6% from RMB406.2 million in 2019. The net loss was RMB1,339.9 million (US$205.3 million), compared with a net loss of RMB963.8 million in 2019. While the adjusted net loss (non-GAAP) as a percentage of net revenues was negative 76.0% in 2020, improving from negative 214.3% in 2019.

The company adopted online large-sized class and dual-teacher teaching modes. To cope with the business growth, the number of its instructors was 340 as of December 31, 2020, increasing from 206 in the same period of 2019. And the number of its dedicated and full-time tutors was 3,402, increasing from 1,866 as of December 31, 2019. 

According to the results, total revenues for the first quarter of 2021 are expected to be between 458.0 million and 470.0 million, representing a year-over-year increase of 100.0% to 105.2% from the first quarter of 2020.