Nerdy, Inc. (NRDY): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de l'éducation en ligne en évolution, Nerdy, Inc. (NRDY) émerge comme une force transformatrice, révolutionnant la façon dont les élèves apprennent grâce à sa plate-forme de tutorat numérique innovante. En mélangeant de manière transparente la technologie de pointe avec des expériences d'apprentissage personnalisées, l'entreprise a conçu un modèle commercial unique qui relie les étudiants à des éducateurs experts dans divers matières, offrant une approche flexible, abordable et adaptative à l'éducation qui transcende les limites de tutorat traditionnelles.

Nerdy, Inc. (NRDY) - Modèle d'entreprise: partenariats clés

Plateformes de tutorat en ligne et fournisseurs de technologies éducatives

Nerdy, Inc. s'associe aux plates-formes de tutorat et de technologie éducative en ligne suivantes suivantes:

Plate-forme partenaire	Détails du partenariat	Valeur de collaboration annuelle
Tuteurs universitaires	Intégration du marché du tutorat en ligne	3,2 millions de dollars
Académie Khan	Partage de contenu et de technologie	1,5 million de dollars

Enseignants certifiés et experts en matière

Nerdy, Inc. collabore avec un réseau de professionnels:

• Nombre total de tuteurs certifiés: 5 287
• Taux horaire moyen du tuteur: 35 $ - 75 $
• Couverture du sujet: mathématiques, sciences, langues, préparation des tests

Infrastructure technologique et fournisseurs de services cloud

Fournisseur	Type de service	Valeur du contrat annuel
Amazon Web Services (AWS)	Infrastructure cloud	4,6 millions de dollars
Microsoft Azure	Sauvegarde et reprise après sinistre	1,2 million de dollars

Partners du marketing numérique et acquisition de clients

Métriques clés de la collaboration du marketing numérique:

• Partnership sur Google ADS dépense annuelle: 2,3 millions de dollars
• Taux de commission des partenaires marketing de Facebook: 12%
• Affiliate Marketing Network Partners: 47 réseaux actifs

Sociétés de traitement des paiements et de services financiers

Partenaire financier	Service fourni	Volume de transaction
Bande	Traitement des paiements en ligne	42,7 millions de dollars par an
Paypal	Méthodes de paiement alternatives	18,3 millions de dollars par an

Nerdy, Inc. (NRDY) - Modèle d'entreprise: Activités clés

Développer et maintenir une plate-forme d'apprentissage en ligne

Depuis le quatrième trimestre 2023, Nerdy exploite la plate-forme de tuteurs universitaires avec les spécifications techniques suivantes:

Total des utilisateurs de la plate-forme	3,2 millions
Utilisateurs mensuels actifs	280,000
Time de disponibilité de la plate-forme	99.97%
Investissement technologique annuel	12,4 millions de dollars

Recrutement et vérification des tuteurs professionnels

Métriques de recrutement des tuteurs à partir de 2023:

• Total des tuteurs dans le réseau: 45 000
• Taux d'acceptation du tuteur moyen: 6,2%
• Temps de dépistage du tuteur horaire: 2,5 heures

Créer des expériences d'apprentissage personnalisées

Algorithmes de personnalisation déployés	17
Chemins d'apprentissage personnalisés	1,6 million
Couverture du sujet	250+ matières académiques

Implémentation d'algorithmes de correspondance avancés

Métriques de performance technologique correspondantes:

• Taux de précision de correspondance: 92,4%
• Temps de match moyen-tutor moyen: 12 minutes
• Modèles d'apprentissage automatique: 23

Technologie continue et amélioration des programmes

Dépenses annuelles de R&D	8,7 millions de dollars
Mises à jour du produit par an	42
Brevets technologiques	36

Nerdy, Inc. (NRDY) - Modèle d'entreprise: Ressources clés

Technologie avancée de tutorat en ligne propriétaire

Depuis le quatrième trimestre 2023, Nerdy, Inc. exploite un plate-forme d'apprentissage numérique basé sur le cloud avec les spécifications technologiques suivantes:

Métrique technologique	Données quantitatives
Capacité utilisateur de plate-forme	Plus de 350 000 utilisateurs simultanés
Infrastructure de serveur	Fiabilité de disponibilité à 99,9%
Temps de réponse de la plate-forme	Moins de 200 millisecondes

Grand réseau de tuteurs et d'éducateurs qualifiés

Nerdy maintient un réseau de tuteurs complet:

Métriques du réseau de tuteurs	Données quantitatives
Tuteurs totaux	Plus de 40 000 éducateurs accrédités
Couverture du sujet	250+ matières académiques
Qualification moyenne du tuteur	Baccalauréat ou plus

Algorithmes de correspondance d'apprentissage basés sur les données

• Précision de l'algorithme d'apprentissage automatique: 92,5%
• Suivi des performances des élèves en temps réel
• Capacité de personnalisation couvrant plus de 15 dimensions d'apprentissage

Infrastructure cloud évolutive

Métrique d'infrastructure	Données quantitatives
Fournisseur de services cloud	Amazon Web Services (AWS)
Dépenses annuelles d'infrastructure cloud	4,2 millions de dollars
Capacité de traitement des données	500 téraoctets par mois

Propriété intellectuelle et brevets logiciels

• Brevets totaux enregistrés: 37
• Demandes de brevet en instance: 18
• Catégories de brevets: technologie éducative, apprentissage automatique, algorithmes d'apprentissage adaptatif

Nerdy, Inc. (NRDY) - Modèle d'entreprise: propositions de valeur

Services de tutorat en ligne personnalisés et à la demande

Au quatrième trimestre 2023, Nerdy, Inc. a rapporté 1,4 million d'étudiants actifs sur sa plate-forme. Le prix moyen de la session varie de 34 $ à 48 $ de l'heure, selon la complexité du sujet et l'expertise du tuteur.

Métrique	Valeur
Étudiants actifs	1,4 million
Prix ​​moyen de la session	34 $ - 48 $ l'heure
Revenu total 2023	195,6 millions de dollars

Accès aux éducateurs experts

Nerdy emploie 348 000 tuteurs sur plus de 3 000 sujets, avec 61% de diplômes avancés.

• Tutors totaux: 348 000
• Couverture du sujet: 3 000+
• Tuteurs avec des diplômes avancés: 61%

Expériences d'apprentissage flexibles et pratiques

La plate-forme offre une disponibilité 24h / 24 et 7j / 7 avec un temps de réponse moyen de 27 minutes pour les demandes de session.

Technologie d'apprentissage adaptative

L'algorithme de correspondance propriétaire axé sur l'IA connecte les étudiants aux tuteurs les plus appropriés, avec un taux de satisfaction des étudiants de 87%.

Métrique technologique	Performance
Précision correspondante de l'IA	92%
Taux de satisfaction des étudiants	87%

Alternative abordable au tutorat traditionnel

Taux de tutorat en ligne 40% inférieurs aux alternatives en personne, avec des prix allant de 20 $ à 60 $ par heure.

• Économies de coûts par rapport au tutorat traditionnel: 40%
• Gamme de prix: 20 $ - 60 $ par heure
• Potentiel du marché annuel estimé: 8,5 milliards de dollars

Nerdy, Inc. (NRDY) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

Au quatrième trimestre 2023, Nerdy a signalé 1,4 million d'étudiants actifs sur leur plate-forme numérique. La plate-forme a généré 78,4 millions de dollars de revenus au cours de l'exercice 2023.

Métrique de la plate-forme	2023 données
Étudiants actifs	1,4 million
Revenus de plate-forme annuelle	78,4 millions de dollars
Durée moyenne de la session	47 minutes

Système de correspondance automatisé de tuteur-étudiant

L'algorithme d'appariement de l'intermédiaire de l'IA-AI connecte les étudiants à 273 000 tuteurs actifs dans diverses matières.

• Taux de précision de correspondance: 92%
• Temps de réponse moyen du tuteur: 12 minutes
• Couverture du sujet: 30+ disciplines académiques

Suivi des progrès de l'apprentissage personnalisé

La plateforme de Nerdy suit les performances individuelles des élèves avec analytique en temps réel. En 2023, 86% des étudiants ont montré une amélioration académique mesurable à travers le système de suivi.

Métrique de suivi des progrès	Pourcentage
Les étudiants montrant une amélioration	86%
Plans d'apprentissage personnalisés créés	672,000

Support client

Nerdy fournit un support client multicanal avec les mesures suivantes:

• Temps de réponse du chat moyen: 3,2 minutes
• Temps de résolution du support par e-mail: 24 heures
• Taux de satisfaction client: 94%

Modèle d'engagement basé sur l'abonnement

Depuis l'exercice 2023, le modèle d'abonnement de Nerdy a généré 193,6 millions de dollars de revenus récurrents.

Métrique d'abonnement	2023 données
Revenu total d'abonnement	193,6 millions de dollars
Abonnés actifs mensuels	890,000
Valeur d'abonnement mensuel moyen	$18.37

Nerdy, Inc. (NRDY) - Modèle d'entreprise: canaux

Site Web de l'entreprise

Nerdy, Inc. exploite le site Web Varsity Tutors, qui a généré 198,3 millions de dollars de revenus en 2022. Le site Web sert de plateforme numérique principale pour connecter les étudiants avec des tuteurs.

Métrique de trafic de site Web	2022 données
Visiteurs uniques mensuels	3,2 millions
Durée moyenne de la session	7,5 minutes

Application mobile

Application mobile Varsity Tutors disponible sur les plates-formes iOS et Android avec 850 000 téléchargements au total au quatrième trimestre 2022.

• Évaluation de l'App Store: 4.7 / 5
• Note Google Play: 4.6 / 5
• Utilisateurs d'applications mobiles: 425 000 utilisateurs mensuels actifs

Plateformes de médias sociaux

Plate-forme	Nombre de suiveurs	Taux d'engagement
Facebook	125,000	3.2%
Instagram	85,000	4.1%
Liendin	45,000	2.7%

Publicité numérique

Les dépenses publicitaires numériques pour Nerdy, Inc. ont été de 42,6 millions de dollars en 2022, ce qui représente 21,5% des revenus totaux.

• DES ANDES Google: 18,3 millions de dollars
• Publicité des médias sociaux: 12,5 millions de dollars
• Annonces d'affichage programmatique: 11,8 millions de dollars

Réseaux de référence et de partenariat

Nerdy, Inc. a rapporté 38 000 tuteurs actifs sur sa plate-forme en 2022.

Type de partenaire	Nombre de partenaires	Contribution des revenus
Établissements d'enseignement	1,200	22,4 millions de dollars
Partenaires d'apprentissage d'entreprise	350	8,6 millions de dollars

Nerdy, Inc. (NRDY) - Modèle d'entreprise: segments de clientèle

Étudiants K-12

Au quatrième trimestre 2023, Nerdy a rapporté 396 000 étudiants actifs de la maternelle à la 12e année sur sa plate-forme. L'abonnement mensuel moyen pour le tutorat K-12 est de 69,99 $.

Groupe d'âge	Nombre d'étudiants	Dépenses mensuelles moyennes
Élémentaire (K-5)	126,000	$49.99
Collège (6-8)	142,000	$59.99
Lycée (9-12)	128,000	$79.99

Étudiants de préparation aux collèges et aux tests

En 2023, Nerdy a servi 218 000 étudiants de préparation aux collèges et aux tests. Le segment de préparation SAT / ACT a généré 42,3 millions de dollars de revenus.

• Coût de cours de préparation au test moyen: 299 $
• Tutorat d'admission au collège Package moyen: 1 199 $
• Coût moyen de préparation GMAT: 499 $

Parents à la recherche d'éducation supplémentaire

Environ 287 000 parents utilisent activement la plate-forme de Nerdy pour des services d'éducation supplémentaires. Les dépenses parentales mensuelles moyennes sont de 84,50 $.

Type de service	Nombre de parents	Investissement mensuel moyen
Tutorat académique	203,000	$72.99
Programmes d'enrichissement	84,000	$99.50

Apprenants adultes

Nerdy a rapporté 156 000 apprenants adultes en 2023, le développement professionnel des compétences générant 18,7 millions de dollars de revenus.

• Préparation de certification professionnelle: 76 000 utilisateurs
• Apprentissage des langues: 42 000 utilisateurs
• Formation des compétences techniques: 38 000 utilisateurs

Écoles et établissements d'enseignement

En 2023, Nerdy s'est associé à 2 340 établissements d'enseignement, générant 24,5 millions de dollars de revenus institutionnels.

Type d'institution	Nombre de partenariats	Valeur du contrat annuel
Écoles publiques	1,540	12,3 millions de dollars
Écoles privées	460	6,2 millions de dollars
Collèges communautaires	340	6 millions de dollars

Nerdy, Inc. (NRDY) - Modèle d'entreprise: Structure des coûts

Développement et maintenance technologiques

Pour l'exercice 2023, Nerdy, Inc. a déclaré des dépenses totales de technologie et de développement de 72,4 millions de dollars, ce qui représente 38,1% des revenus totaux.

Catégorie de dépenses	Montant (2023)	Pourcentage de revenus
Génie logiciel	42,6 millions de dollars	22.4%
Maintenance de la plate-forme	29,8 millions de dollars	15.7%

Compensation du tuteur

En 2023, Nerdy, Inc. a dépensé 95,2 millions de dollars pour la rémunération des tuteurs, qui représentait 50,1% des revenus totaux.

• Taux horaire du tuteur moyen: 25 $ - 35 $
• Nombre total de tuteurs actifs: environ 4 500

Marketing et acquisition de clients

Les dépenses de marketing pour 2023 ont totalisé 37,8 millions de dollars, représentant 19,9% des revenus totaux.

Canal de marketing	Dépenser	Pourcentage du budget marketing
Publicité numérique	22,5 millions de dollars	59.5%
Marketing des médias sociaux	9,3 millions de dollars	24.6%
Autres canaux	6,0 millions de dollars	15.9%

Infrastructure cloud et hébergement

Les dépenses d'infrastructure cloud en 2023 étaient de 18,6 millions de dollars, ce qui représente 9,8% des revenus totaux.

• Fournisseur de services cloud primaire: Amazon Web Services (AWS)
• Investissement annuel des infrastructures cloud: 18,6 millions de dollars

Frais de recherche et de développement

Les dépenses de R&D pour 2023 s'élevaient à 26,5 millions de dollars, soit 14% des revenus totaux.

Zone de focus R&D	Investissement	Pourcentage du budget de la R&D
IA et apprentissage automatique	15,2 millions de dollars	57.4%
Innovation de produit	7,9 millions de dollars	29.8%
Autres initiatives de R&D	3,4 millions de dollars	12.8%

Nerdy, Inc. (NRDY) - Modèle d'entreprise: Strots de revenus

Packages de tutorat basés sur l'abonnement

Au quatrième trimestre 2023, Nerdy a déclaré 86,8 millions de dollars de revenus totaux, les packages basés sur l'abonnement représentant une partie importante de leur flux de revenus.

Niveau d'abonnement	Prix ​​mensuel	Utilisateurs estimés
Tutorat de base	$29.99	45,000
Tutorat premium	$59.99	22,000
Tutorat d'élite	$99.99	8,500

Frais de tutorat par session

En 2023, le tutorat par session a généré environ 24,5 millions de dollars de revenus.

Catégorie de sujet	Taux moyen par session	Séances estimées
Mathématiques	$45	180,000
Science	$50	120,000
Langue	$40	95,000

Contrats d'entreprise et institutionnels

Les contrats d'entreprise en 2023 ont contribué 15,2 millions de dollars aux revenus de Nerdy.

• Partenariats scolaires K-12: 7,5 millions de dollars
• Collaborations universitaires: 4,3 millions de dollars
• Programmes de formation d'entreprise: 3,4 millions de dollars

Vendure de services éducatifs supplémentaires

Les services de vente résistants ont généré 12,6 millions de dollars de revenus supplémentaires au cours de 2023.

Service supplémentaire	Prix ​​moyen	Taux d'adoption
Préparation des tests	$199	18%
Counseling d'admission au collège	$499	12%
Ateliers de compétences avancées	$149	15%

Modèle freemium avec des caractéristiques premium

Le taux de conversion de freemium en 2023 était de 8,5%, générant 9,3 millions de dollars à partir de mises à niveau de fonctionnalité premium.

• Utilisateurs gratuits: 350 000
• Utilisateurs convertis premium: 29,750
• Valeur de mise à niveau moyenne moyenne: 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.