BEIJING, March 21, 2024 (GLOBE NEWSWIRE) -- 17 Education & Technology Group Inc. (NASDAQ:YQ) ("17EdTech" or the "Company"), a leading education technology company in China, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2023. Fourth Quarter 2023 Highlights1 Net revenues were RMB47.3 million (US$6.7 million), compared with net revenues of RMB39.6 million in the fourth quarter of 2022.Gross margin was 43.4%, compared with 52.1% in the fourth quarter of 2 ...

17 Education & Technology Group Inc. (NASDAQ:YQ) Q3 2023 Earnings Conference Call December 5, 2023 8:00 PM ET Company Participants Lara Zhao - Investor Relations Manager Michael Du - Director & Chief Financial Officer Conference Call Participants Operator Good evening and good morning, ladies and gentlemen. And thank you for standing by for 17EdTech's Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded. I'll now turn the meeting over ...

Exhibit 99.1 17 Education & Technology Group Inc. Announces Third Quarter 2023 Unaudited Financial Results BEIJING, China, December 7, 2023 — (GLOBE NEWSWIRE) — 17 Education & Technology Group Inc. (NASDAQ: YQ) ("17EdTech" or the "Company"), a leading education technology company in China, today announced its unaudited financial results for the third quarter of 2023. Third Quarter 2023 Highlights 1 • Net revenues were RMB45.1 million (US$6.2 million), compared with net revenues of RMB124.6 million in the th ...

Exhibit 99.1 17 Education & Technology Group Inc. Announces Second Quarter 2023 Unaudited Financial Results Second Quarter 2023 Highlights 1 First Half 2023 Highlights BEIJING, China, August 29, 2023— (GLOBE NEWSWIRE) — 17 Education & Technology Group Inc. (NASDAQ: YQ) ("17EdTech" or the "Company"), a leading education technology company in China, today announced its unaudited financial results for the second quarter of 2023. • Net revenues were RMB69.2 million (US$9.5 million), compared with net revenues o ...

17 Education & Technology Group Inc. (NASDAQ:YQ) Q1 2023 Earnings Conference Call June 14, 2023 9:00 PM ET Company Participants Lara Zhao - Investor Relations Manager Andy Liu - Founder, Chairman and CEO Michael Du - Director and CFO Conference Call Participants Operator Good evening and good morning, ladies and gentlemen. And thank you for standing by for 17EdTech’s First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After management’s prepared remarks, ther ...

Exhibit 99.1 17 Education & Technology Group Inc. Announces First Quarter 2023 Unaudited Financial Results BEIJING, China, June 15, 2023 — (GLOBE NEWSWIRE) — 17 Education & Technology Group Inc. (NASDAQ: YQ) ("17EdTech" or the "Company"), a leading education technology company in China, today announced its unaudited financial results for the first quarter of 2023. First Quarter 2023 Highlights 1 • Net revenues were RMB9.3 million (US$1.4 million), representing a year-over-year decrease of 96.0% from RMB233. ...

User Base and Market Reach - The company has cumulatively serviced over 1.0 million verified teacher users, more than 50.0 million verified student users, and close to 50.0 million registered parent users, utilized in over 70,000 K-12 schools across more than 300 cities in China[186]. - As of December 31, 2022, the company's teaching and learning SaaS offerings are utilized in over 90 cities across 29 provincial-level regions in mainland China[188]. - In Minhang District, Shanghai, 100% of the 128 public schools have adopted the teaching and learning SaaS offering, serving over 120,000 students and completing over 16 million homework assignments[186]. Product Offerings and Development - The teaching and learning SaaS offerings were launched in September 2021, integrating software and hardware to provide data-driven recommendations for educational authorities and schools[185]. - The smart in-school classroom solution includes over 18 million homework questions and assessment sets, providing a comprehensive educational content library[184]. - The personalized self-directed learning product launched in December 2021 constituted the majority of revenue from other educational products and services in 2022[193]. - The teaching and learning SaaS offerings are designed to improve the efficiency of homework assignments and related teaching scenarios, reducing the burden on both teachers and students[185]. - The company aims to develop products and services that align with China's digital transformation in public schools[280]. Regulatory Compliance and Challenges - The company ceased offering K-12 Academic AST Services by December 31, 2021, in compliance with PRC regulations[181]. - The evolving regulatory environment poses significant uncertainties regarding compliance with PRC laws and regulations, which could adversely affect the company's business and financial condition[218]. - The Ministry of Education (MOE) requires all Academic After-School Tutoring (AST) Institutions for compulsory education to register as non-profit by the end of 2021, suspending student enrollment and fee charging until registration is complete[218]. - The company is actively monitoring regulatory changes and is taking necessary measures to ensure compliance with new requirements[218]. Financial Performance - Net revenues decreased by 75.7% to RMB531.1 million (US$77.0 million) in 2022, down from RMB2,184.5 million in 2021[275]. - The company generated a net loss of RMB177.9 million (US$25.8 million) in 2022, following losses of RMB1,441.9 million and RMB1,339.9 million in 2021 and 2020, respectively[275]. - The company expects its teaching and learning SaaS offerings to become an increasingly important source of net revenue going forward, given the significant market potential[284]. - The majority of net revenues in 2022 from other educational products and services came from personalized self-directed learning products, indicating a shift in focus towards user-facing products[284]. Operational Efficiency and Cost Management - The company reported a decrease in research and development expenses as a percentage of net revenues from 47.5% in 2020 to 34.4% in 2022, indicating improved operational scale and cost control capabilities[288]. - Sales and marketing expenses accounted for 84.9% of net revenues in 2020, which decreased to 14.9% in 2022, reflecting a substantial reduction in absolute amounts due to regulatory requirements and cost optimization efforts[289]. - Compensation costs, a major component of cost of revenues, decreased from RMB 327.6 million (25.3% of net revenues) in 2020 to RMB 112.4 million (21.0% of net revenues) in 2022[288]. Corporate Structure and Governance - The company has established a wholly-owned subsidiary in the British Virgin Islands and multiple subsidiaries in mainland China to streamline its corporate structure[174]. - The corporate structure includes significant shareholdings by Mr. Andy Chang Liu, who holds 99% in key subsidiaries[260]. - The company has established three committees under the board of directors: audit, compensation, and nominating and corporate governance[358]. Intellectual Property and Technology - As of December 31, 2022, the company had registered 304 trademarks, 137 patents, 96 software copyrights, and 115 domain names in China, highlighting its commitment to intellectual property protection[210]. - The company has a team of 164 technology professionals focused on enhancing technological capabilities, including automatic speech recognition and computer vision[199]. - The automatic speech recognition technology evaluated over 300 million audio messages daily, significantly improving local evaluation accuracy[200]. Social Responsibility and Community Engagement - The company engages in corporate social responsibility initiatives under the brand 17 Cares, focusing on improving K-12 education quality in impoverished regions in China[206]. - The company competes by offering diversified educational functions, high-quality localized content, and data-driven insights, aiming to grow the number of paid users efficiently[207]. Cash Flow and Investments - Net cash used in operating activities in 2022 was RMB 463.9 million (US$ 67.3 million), compared to RMB 1,506.7 million in 2021[325]. - Cash, cash equivalents, and restricted cash at the end of 2022 were RMB 718.1 million (US$ 104.1 million), down from RMB 1,180.9 million in 2021[322]. - Capital expenditures were RMB 2.8 million (US$ 0.4 million) in 2022, significantly lower than RMB 129.4 million in 2021[329]. Employee and Shareholder Information - The company had a total of 480 employees as of December 31, 2022, with the majority based in mainland China[364]. - The beneficial ownership of directors and executive officers includes 14.4% of total ordinary shares and 80.9% of aggregate voting power[367]. - As of February 28, 2023, options to purchase 11,208,163 ordinary shares under the 2015 Share Option Plan have been granted and remain outstanding[344].

17 Education & Technology Group Inc. (NASDAQ:YQ) Q4 2022 Earnings Conference Call March 27, 2023 9:00 PM ET Company Participants Andy Liu - Founder, Chairman, Chief Executive Officer Michael Du - Director, Chief Financial Officer Lara Zhao - Investor Relations Manager Conference Call Participants Operator Good evening and good morning, ladies and gentlemen, and thank you for standing by for 17EdTech's 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. After management's ...

Exhibit 99.1 17 Education & Technology Group Inc. Announces Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results BEIJING, China, March 28, 2023 — (GLOBE NEWSWIRE) — 17 Education & Technology Group Inc. (NASDAQ: YQ) ("17EdTech" or the "Company"), a leading education technology company in China, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2022. Fourth Quarter 2022 Highlights 1 • Net revenues were RMB39.6 million (US$5.7 million), compared w ...

17 Education & Technology Group Inc. (NASDAQ:YQ) Q3 2022 Earnings Conference Call December 7, 2022 8:00 PM ET Company Participants Lara Zhao - IR Manager Andy Liu - Founder, Chairman & CEO Michael Du - Director & CFO Conference Call Participants Operator Good evening and good morning, ladies and gentlemen, and thank you for standing by for 17EdTech's Third Quarter 2022 Earnings Conference Call. Well, at this time, all participants are in a listen-only mode. After management's prepared remarks, there will be ...