ACADEMY OF LEARNING

Academy of Learning Co.

9541StocksTadawulTechnology

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2025Jun 30, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	151.94M	127.02M	92.91M	62.91M	42.28M
Cost of Revenue	77.78M	68.43M	35.34M	23.27M	15.30M
Gross Profit	74.16M	58.58M	57.56M	39.65M	26.98M
SG&A	35.99M	34.88M	28.18M	15.14M	7.87M
Operating Expenses	41.41M	36.22M	28.98M	16.69M	8.48M
Operating Income	32.75M	22.37M	28.58M	22.96M	18.50M
Interest Income	0.16M	—	2.00M	0.84M	—
Interest Expense	-7.27M	-5.36M	-2.06M	-0.45M	-0.58M
Other Income/Expense	4.96M	4.47M	1.85M	0.73M	—
Pretax Income	30.60M	21.53M	30.38M	24.07M	17.93M
Income Tax	2.96M	1.78M	1.70M	2.70M	1.73M
Net Income	27.64M	19.75M	28.67M	21.36M	16.20M
EBITDA	43.30M	31.38M	31.27M	24.58M	19.73M
EBIT	32.75M	22.37M	28.58M	22.96M	18.50M
EPS (Basic)	0.20	0.15	0.21	0.16	0.14
EPS (Diluted)	0.20	0.15	0.21	0.16	0.14
DPS	0.04	—	0.13	0.16	—
Margins & Efficiency
Gross Margin %	+48.8%	+46.1%	+62.0%	+63.0%	+63.8%
EBITDA Margin %	+28.5%	+24.7%	+33.7%	+39.1%	+46.7%
Net Margin %	+18.2%	+15.5%	+30.9%	+34.0%	+38.3%
Revenue & Income
Revenue	151.94M	127.02M	92.91M	62.91M	42.28M
Revenue Growth (YoY)	+19.6%	+36.7%	+47.7%	+48.8%	—
Interest & Investment Income	0.16M	—	2.00M	0.84M	—
Gain (Loss) on Sale of Investments	—	53.21K	—	—	—
Expenses & Provisions
Advertising Expenses	—	—	17.78M	3.53M	1.92M
Cost of Revenue	77.78M	68.43M	35.34M	23.27M	15.30M
Selling, General & Admin	35.99M	34.88M	28.18M	15.14M	7.87M
Operating Expenses	41.41M	36.22M	28.98M	16.69M	8.48M
Interest Expense	-7.27M	-5.36M	-2.06M	-0.45M	-0.58M
Other Non Operating Income (Expenses)	4.96M	4.47M	1.85M	0.73M	—
D&A For EBITDA	10.55M	9.01M	2.69M	1.62M	1.22M
Profitability & Returns
Gross Profit	74.16M	58.58M	57.56M	39.65M	26.98M
Gross Margin	+48.8%	+46.1%	+62.0%	+63.0%	+63.8%
EBIT	32.75M	22.37M	28.58M	22.96M	18.50M
EBIT Margin	+21.6%	+17.6%	+30.8%	+36.5%	+43.8%
EBITDA	43.30M	31.38M	31.27M	24.58M	19.73M
EBITDA Margin	+28.5%	+24.7%	+33.7%	+39.1%	+46.7%
EBT Excluding Unusual Items	30.60M	21.48M	30.38M	24.07M	17.93M
Pretax Income	30.60M	21.53M	30.38M	24.07M	17.93M
Operating Income	32.75M	22.37M	28.58M	22.96M	18.50M
Operating Margin	+21.6%	+17.6%	+30.8%	+36.5%	+43.8%
Profit Margin	+18.2%	+15.5%	+30.9%	+34.0%	+38.3%
Net Income	27.64M	19.75M	28.67M	21.36M	16.20M
Net Income to Common	27.64M	19.75M	28.67M	21.36M	16.20M
Net Income Growth	+40.0%	-31.1%	+34.2%	+31.9%	—
Income Tax Expense	2.96M	1.78M	1.70M	2.70M	1.73M
Effective Tax Rate	+9.7%	+8.3%	+5.6%	+11.2%	+9.6%
Per Share & Capital
EPS (Basic)	0.20	0.15	0.21	0.16	0.14
EPS (Diluted)	0.20	0.15	0.21	0.16	0.14
EPS Growth	+40.0%	-31.1%	+34.2%	+15.7%	—
Dividend Per Share	0.04	—	0.13	0.16	—
Shares Change (YoY)	—	—	—	0.14	—
Shares Outstanding (Basic)	135.00M	135.00M	135.00M	135.00M	118.47M
Shares Outstanding (Diluted)	135.00M	135.00M	135.00M	135.00M	118.47M
Dividend Growth	—	—	-14.3%	—	—
Free Cash Flow	-19.56M	-17.07M	-21.07M	12.57M	19.29M
Free Cash Flow Margin	-12.9%	-13.4%	-22.7%	+20.0%	+45.6%
Free Cash Flow Per Share	-0.15	-0.13	-0.16	0.09	0.16
Payout Ratio	+21.7%	+45.6%	+73.2%	+42.1%	+20.4%

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2025Jun 30, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	151.94M	127.02M	92.91M	62.91M	42.28M
Cost of Revenue	77.78M	68.43M	35.34M	23.27M	15.30M
Gross Profit	74.16M	58.58M	57.56M	39.65M	26.98M
SG&A	35.99M	34.88M	28.18M	15.14M	7.87M
Operating Expenses	41.41M	36.22M	28.98M	16.69M	8.48M
Operating Income	32.75M	22.37M	28.58M	22.96M	18.50M
Interest Income	0.16M	—	2.00M	0.84M	—
Interest Expense	-7.27M	-5.36M	-2.06M	-0.45M	-0.58M
Other Income/Expense	4.96M	4.47M	1.85M	0.73M	—
Pretax Income	30.60M	21.53M	30.38M	24.07M	17.93M
Income Tax	2.96M	1.78M	1.70M	2.70M	1.73M
Net Income	27.64M	19.75M	28.67M	21.36M	16.20M
EBITDA	43.30M	31.38M	31.27M	24.58M	19.73M
EBIT	32.75M	22.37M	28.58M	22.96M	18.50M
EPS (Basic)	0.20	0.15	0.21	0.16	0.14
EPS (Diluted)	0.20	0.15	0.21	0.16	0.14
DPS	0.04	—	0.13	0.16	—
Margins & Efficiency
Gross Margin %	+48.8%	+46.1%	+62.0%	+63.0%	+63.8%
EBITDA Margin %	+28.5%	+24.7%	+33.7%	+39.1%	+46.7%
Net Margin %	+18.2%	+15.5%	+30.9%	+34.0%	+38.3%
Revenue & Income
Revenue	151.94M	127.02M	92.91M	62.91M	42.28M
Revenue Growth (YoY)	+19.6%	+36.7%	+47.7%	+48.8%	—
Interest & Investment Income	0.16M	—	2.00M	0.84M	—
Gain (Loss) on Sale of Investments	—	53.21K	—	—	—
Expenses & Provisions
Advertising Expenses	—	—	17.78M	3.53M	1.92M
Cost of Revenue	77.78M	68.43M	35.34M	23.27M	15.30M
Selling, General & Admin	35.99M	34.88M	28.18M	15.14M	7.87M
Operating Expenses	41.41M	36.22M	28.98M	16.69M	8.48M
Interest Expense	-7.27M	-5.36M	-2.06M	-0.45M	-0.58M
Other Non Operating Income (Expenses)	4.96M	4.47M	1.85M	0.73M	—
D&A For EBITDA	10.55M	9.01M	2.69M	1.62M	1.22M
Profitability & Returns
Gross Profit	74.16M	58.58M	57.56M	39.65M	26.98M
Gross Margin	+48.8%	+46.1%	+62.0%	+63.0%	+63.8%
EBIT	32.75M	22.37M	28.58M	22.96M	18.50M
EBIT Margin	+21.6%	+17.6%	+30.8%	+36.5%	+43.8%
EBITDA	43.30M	31.38M	31.27M	24.58M	19.73M
EBITDA Margin	+28.5%	+24.7%	+33.7%	+39.1%	+46.7%
EBT Excluding Unusual Items	30.60M	21.48M	30.38M	24.07M	17.93M
Pretax Income	30.60M	21.53M	30.38M	24.07M	17.93M
Operating Income	32.75M	22.37M	28.58M	22.96M	18.50M
Operating Margin	+21.6%	+17.6%	+30.8%	+36.5%	+43.8%
Profit Margin	+18.2%	+15.5%	+30.9%	+34.0%	+38.3%
Net Income	27.64M	19.75M	28.67M	21.36M	16.20M
Net Income to Common	27.64M	19.75M	28.67M	21.36M	16.20M
Net Income Growth	+40.0%	-31.1%	+34.2%	+31.9%	—
Income Tax Expense	2.96M	1.78M	1.70M	2.70M	1.73M
Effective Tax Rate	+9.7%	+8.3%	+5.6%	+11.2%	+9.6%
Per Share & Capital
EPS (Basic)	0.20	0.15	0.21	0.16	0.14
EPS (Diluted)	0.20	0.15	0.21	0.16	0.14
EPS Growth	+40.0%	-31.1%	+34.2%	+15.7%	—
Dividend Per Share	0.04	—	0.13	0.16	—
Shares Change (YoY)	—	—	—	0.14	—
Shares Outstanding (Basic)	135.00M	135.00M	135.00M	135.00M	118.47M
Shares Outstanding (Diluted)	135.00M	135.00M	135.00M	135.00M	118.47M
Dividend Growth	—	—	-14.3%	—	—
Free Cash Flow	-19.56M	-17.07M	-21.07M	12.57M	19.29M
Free Cash Flow Margin	-12.9%	-13.4%	-22.7%	+20.0%	+45.6%
Free Cash Flow Per Share	-0.15	-0.13	-0.16	0.09	0.16
Payout Ratio	+21.7%	+45.6%	+73.2%	+42.1%	+20.4%