One on One Educational Services closed the quarter with a significant 68.7% increase in revenues, climbing from $54.5 million in the comparable period of 2023 to $91.8 million.
This growth was driven by the continued expansion of One Academy, the company's K-12 education division offering personalised solutions for schools, teachers, and students throughout the Caribbean.
Direct costs for the quarter rose to $31.8 million, up from $13.8 million in Q1 2023.
This increase reflects significant investments in the K-12 division to provide schools with advanced hardware and enabling equipment.
Despite the rise in expenses, gross profit saw robust growth, increasing by 47.6% to reach $60 million, up from the previous year.
This was largely attributed to the acquisition of new business within the region, further solidifying the company's position as a leader in the education technology sector.
Company executives noted that this phase of elevated costs is temporary and expected to subside as the deployment of equipment reaches completion.
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