For the quarter ended March 2019, the Toronto-based education technology company posted a 39.3% jump in revenue to C$111,964, compared to C$80,355 in the same period a year ago.
The revenue boost came from marketing and sales of the new Learning Management System (LMS) which includes access to the full content library configured to individual client requirements.
Significantly, Lingo added a chat functionality to the new Learning Management System. It also completed development of a resource allocation functionality feature for the LMS for teachers.
“The investment that we have been making in our new Learning Management System is positioning ELL Technologies for 2019 and beyond. As we look ahead to upcoming quarters, we are focused on driving the growth of our business through both existing and new customers,” said Lingo Media CEO Gali Bar-Ziv.
Focus on Latin America and Asia
Bar-Ziv said the English language learning company will continue to focus on Latin America and Asia through strategic distribution initiatives. He indicated that the company was also pursuing merger and acquisition opportunities in the growing EdTech sector.
The company is gaining traction in Asia, in particular, where more people are looking to take accredited language courses to work or study internationally.
During the quarter, the company inked a distribution pact with JPH Consultoria Academica in Guatemala.
Lingo also advanced the development of its teacher methodology course.
The loss for the first quarter narrowed to C$314,522, compared to C$544,093 in the same period a year ago.
Bar-Ziv said the company would continue to focus on developing “innovative software and content” to meet the “growing global demand” for English language learning products from both corporate and educational customers.
Lingo Media provides both online and print-based solutions through its two business units, ELL Technologies and Lingo Learning. ELL Technologies provides online training and assessment for English language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.
Contact Uttara Choudhury at [email protected]