RYB Education (RYB, $2.99) reports +318% fiscal Q2 revenue growth year-over-year

RYB Education Inc posted second-quarter FY21 revenue growth of +318.1% year-on-year, to $53.4 million.

Service revenues surged +342.2% from the year-ago quarter, while product revenue rose +80%.

Gross profit came in at $14.5 million, compared with a gross loss of -$9.5 million a year ago. The gross margin was 27.2%.

The operating margin was 16%.

Net income attributable to ordinary shareholders of the company for the second quarter was $6.2 million, compared with -$12.8 million net loss attributable to ordinary shareholders of RYB for the second quarter of 2020. Adjusted net income attributable to ordinary shareholders for the second quarter of 2021 was $6.8 million, compared with -$12.0 million of adjusted net loss attributable to ordinary shareholders in the year-ago period.

The company held $72.8 million in cash and equivalents as of June-end. Cash generated from operating activities for the quarter was $0.2 million.

Number of students enrolled at directly operated facilities was 37,166 as of June 30,  compared with 31,023 a year ago.

"The recurrences of some COVID-19 cases in some regions during the first half of this year, however, cast some impact on the play-and-learn center operations," said CEO Yanlai Shi.

RYB expects Q3 revenue in the range of $41 million to $42 million, implying a year-over-year increase of 26% to 29%.