Highlights

  • FY25 revenue rose 39.4% to $3.18 million, and SaaS annual recurring revenue grew 30% to $3.035 million.
  • The company served 252 active business customers in 19 countries and reports more than 5 million learners.
  • Debt owed to ECA converted to equity in December 2025, leaving no borrowings and net assets of $1.07 million.
  • The loss after tax widened to $4.10 million, and cash closed at $2.09 million, up from $0.95 million.

OpenLearning Limited (ASX:OLL) grew its subscription base and cleaned up its balance sheet in 2025. The education technology company reported unaudited revenue of $3.18 million for the year to 31 December 2025 and converted its debt to equity, though losses widened as it invested in growth.

Company Snapshot

OpenLearning provides an AI-powered learning management system and lifelong learning platform sold as software-as-a-service to education providers, with pricing mainly per learner. Products include the OpenLearning LMS, the OpenLearning Marketplace, the BEST Network for virtual microscopy, CourseMagic for AI instructional design and Employability Advantage for work-readiness tools.

It reports 252 active business customers in 19 countries, distributors in the Philippines, Brazil, the UAE and Africa, and more than 5 million learners. Its customer list includes major Australian universities.

FY25 Results

Revenue was $3,182,221, up 39.4% from $2,283,531, with platform fees of $2.65 million. SaaS annual recurring revenue was $3.035 million. The loss after tax was $4,096,692, against $2,851,622, and operating cash outflow was $2.52 million. These preliminary figures are unaudited.

Cash was $2,094,594, up from $953,164, and borrowings fell to nil from $2.06 million. Net assets turned positive at $1,074,708, against net liabilities of $740,841. Net current liabilities narrowed to $435,741. Shares on issue rose to 782,006,466 from 482,674,641.

Capital and Acquisition Activity

In October 2025, the company placed 48,280,797 shares at $0.022, raising about $1.06 million, with proceeds earmarked for sales and marketing, product development and working capital. A further $2.6 million equity placement and debt conversion with ECA followed in December 2025.

OpenLearning also acquired the Employability Advantage assets from Education Centre of Australia for A$1, with no customer contracts transferred and no liabilities assumed. ASX granted a Listing Rule 10.1 waiver because the seller's parent is controlled by a significant shareholder. In June 2026, Notre Dame of Jolo College in the Philippines selected the platform.

Outlook and Risks to Watch

Management points to accelerating SaaS recurring revenue, a strengthened balance sheet, distributors in four regions and a growing institutional pipeline, and aims for cash flow breakeven by early 2027. That target is not guaranteed.

Risks include continued losses, net current liabilities, a cash flow forecast that indicates a risk of not meeting all payment obligations without the cited mitigants, customer retention, platform stability, cyber security, reliance on third-party cloud infrastructure, larger competitors and dilution from future raisings. A placement capacity resolution and an incentive plan covering up to 39.1 million securities were put to the May 2026 annual meeting.

Stock Price Information

OpenLearning shares were unchanged at A$0.011 on 27 October 2026, giving the company a market capitalisation of about A$8.6 million. The stock is down 70.27% over the past year.