Everybody Loves Languages reports Q3 2024 growth and product Expansion
Everybody Loves Languages (ELL) has released its financial results for the third quarter of 2024, reporting substantial revenue growth and continued investment in its digital language learning platforms.
Everybody Loves Languages specializes in language-learning and content development. The company offers innovative SaaS-based eLearning platforms and print-based solutions for global markets.
The results, disclosed in Canadian dollars under International Financial Reporting Standards, highlight the company’s operational achievements and financial performance during the quarter.
Financial performance
ELL reported a 140% increase in revenue, reaching CAD 297,273 in Q3 2024 compared to CAD 123,866 during the same period in 2023. This growth reflects strong demand across its product lines. For the nine-month period ending September 30, 2024, revenue totaled CAD 1,438,538, up 7.5% from CAD 1,338,660 during the same period in 2023.
The company’s operating and development expenses for Q3 2024 increased to CAD 496,213, compared to CAD 443,975 in Q3 2023, driven by its ongoing product enhancements and investments in technology.
Net loss for the quarter improved to CAD 215,757 from CAD 282,532 in Q3 2023. Similarly, the nine-month net loss narrowed to CAD 165,940 from CAD 321,530 in the same period last year.
Loss before amortization, share-based payments, depreciation, finance charges, and taxes improved significantly, with Q3 2024 losses reducing to CAD 198,940 from CAD 320,109 in Q3 2023.
Operational Achievements
ELL highlighted several key developments during the quarter:
Online English Language Learning Initiatives:
AcadeMe Junior: Developed 2,200 Disney-inspired illustrations and introduced 400+ printable worksheets across eight new booklets.
English AcadeMe: Delivered 240 new lessons to expand the program’s offerings.
English for Success: Enhanced 600 lessons in Portuguese and onboarded new distributors in Colombia, Peru, and Uruguay.
Content-Based English Language Learning:
Continued developing the latest revision of PEP books.
Expanded sales to an additional province in China.
CEO Gali Bar-Ziv emphasized the company’s commitment to leveraging market feedback for ongoing product refinement:
“We continuously refine our products, leveraging market feedback to drive meaningful enhancements. Currently, we're advancing development to optimize mobile accessibility, with completion targeted for the fourth quarter.”
