Zhangmen Education (NYSE: ZME) announced its unaudited and unreviewed financial results for the fourth quarter and full year ended December 31, 2021.
Net revenues in the fourth quarter of 2021 were RMB505.6 million (US$79.3 million), representing a decrease of 46.6% from the same period of 2020. Net revenues in 2021 were RMB4.4 billion (US$0.7 billion), an increase of 9.6% from RMB4 billion in 2020.
Income from operations in the fourth quarter of 2021 was RMB66.4 million (US$10.4 million), compared with a loss from operations of RMB690 million in the same period of 2020. Loss from operations in 2021 was RMB1.4 billion (US$0.2 billion), compared with RMB1.3 billion in 2020.
Net income in the fourth quarter of 2021 was RMB146.3 million (US$23.0 million), compared with a net loss of RMB599.9 million in the same period of 2020. Net loss in 2021 was RMB1.2 billion (US$0.2 billion), compared with RMB1 billion in 2020.
Zhang Yi, Founder, Chairman of the Board of Directors, and CEO of Zhangmen, said it is the first time Zhangmen has generated a net income in a single quarter.
During the fourth quarter, the company made strategic shifts to the online education business. “In December, we established our SaaS business division to provide online SaaS solutions to educational institutions in both China and abroad,” he said. Zhangmen will focus on providing quality-oriented online education to students and on-campus education services to businesses.