Skillful Craftsman Education Technology Files Annual Report on Form 20-F and Reports Audited Fiscal Year 2020 Results

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[{"type":"text","content":"- 16% year-over-year revenue growth- 35% year-over-year total fee-paying members growth\n WUXI, China, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Skillful Craftsman Education Technology Ltd. (“Skillful Craftsman “ or “the Company”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today filed its annual report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) and reported audited financials for the fiscal year ended March 31, 2020. The annual report can be accessed on the SEC’s website at https://www.sec.gov/. Fiscal Year 2020 Financial and Operational Highlights All financial figures are in US Dollars unless otherwise noted. Revenue was $28.6 million, compared with $24.7 million in the same period of last year, representing a 16% increase. Net Income was $9.98 million, compared with $8.68 million in the same period of last year. Total fee-paying members1 reached 3.09 million, compared with 2.28 million during the same period of last year, representing a 35% increase. Xiaofeng Gao, Chairman and CEO of Skillful Craftsman, commented, “We are excited to announce our results for the first time as a public company. Skillful Craftsman went public on the Nasdaq in July 2020 and we view this as a significant milestone in implementing our growth plan. Our strategy centers around expanding course offerings in tune with industry trends and government policies; integrating online and offline resources for virtual simulation experimental training; offering professional development-related services by leveraging Big Data and Artificial Intelligence technologies; and developing mobile app and WeChat interfaces to our online learning platform. We remain dedicated to improving careers by delivering high quality vocational education services, which will enable us to become a leading provider of online vocational education in China.” Fiscal Year 2020 Financial Results All figures refer to fiscal year 2020 (ending March 31, 2020) unless otherwise stated. Revenue increased by 16% to $28.6 million, up from $24.7 million for the prior fiscal year. Growth is primarily attributable to the increase in paid course enrollment, driven by our continual promotional activities and development effort on our virtual simulation experiment platform development. Cost of revenue increased by 25% to $11.8 milli...

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