COE

• Overall Q1 2026 Performance

• Delivered solid results with 52% year-over-year overall growth, exceeding the high end of prior guidance
• Narrowed sequential operating loss despite typical seasonal softness in the first quarter

• Product and Market Strategy

• Committed to refining products and services for greater localization, tailored to student needs across all key markets
• Prioritizes improving core user experience to sustain growth
• Underlying demand for English language learning remains robust across key markets, with strong long-term growth potential

• Platform and Technological Development

• Accelerated development of the core platform, tutor network, and AI-enhanced human-led learning experiences
• A next-generation personalized learning product is on track to launch later this year, powered by an AI-native development approach that enables more efficient product upgrades
• The new product will deliver significantly more personalized and engaging learning experiences for customers

• For Q2 2026, management guidance projects net gross billings between $36 million USD and $38 million USD • The outlook is based on current estimates of market conditions, operating environment, and customer demand, and is subject to change • No upward or downward revision to full-year 2026 guidance is provided in the transcript

The provided transcript does not break out financial performance for distinct product segments. Aggregate company-wide results for Q1 2026 are: net revenue of $31.2 million USD (70.9% YoY growth), gross billings of $33.3 million USD (51.9% YoY growth), gross margin of 73.7%, total operating expenses of $24.4 million USD (57.2% YoY growth), an operating loss of $1.4 million USD (narrowed from $1.5 million USD YoY), and a net loss attributable to ordinary shareholders of $2.3 million USD.

• All forward-looking statements carry inherent risks and uncertainties that could cause actual results to differ materially from management projections

• Additional information on risk factors is available in the company's publicly filed Form 20F and other SEC submissions
• The company is not obligated to update forward-looking statements unless required by applicable law

Q: The analyst asks for additional details on the next-generation platform launching later this year, including specific rollout timing and key enhanced features.

A: Management confirms the new product combines foreign tutor instruction with extensive AI functionality and integrated gamification features built on a new technology framework. It will also integrate user learning data with large language model analysis to improve personalized learning journeys and overall learning outcomes for students.