Zovio Inc,(ZVOI) a leading education technology services company, has announced its financial results for the third quarter of 2022, revealing a net loss of $15.6 million and a decline in revenue to $22 million.
Zovio Inc has released its unaudited condensed consolidated financial statements for the period ending September 30, 2022. The company's balance sheet shows current assets of $14.9 million, including cash and cash equivalents of $3.1 million, and total assets of $58.6 million. On the liabilities side, current liabilities amount to $34.6 million, while the total liabilities stand at $55.5 million. Stockholders' equity is recorded at $3 million.
Zovio Inc's condensed consolidated statements of income (loss) for the third quarter of 2022 indicate a decline in revenue to $22 million, compared to $62.2 million in the same period last year. The company's total revenue and other revenue for the nine-month period ending September 30, 2022, amounted to $135.6 million, down from $208.3 million in the previous year.
The company incurred various costs and expenses during the quarter. Technology and academic services expenses were $10.1 million, counseling services and support expenses reached $6.5 million, marketing and communication expenses amounted to $7.8 million, and general and administrative expenses were $5.5 million. Zovio Inc also reported a gain on transactions, netting $3.6 million.
Zovio Inc reported a net loss of $3.5 million for the third quarter of 2022, compared to a net loss of $5.2 million in the same period last year. For the nine-month period ending September 30, 2022, the net loss was $15.6 million, compared to a net loss of $18.7 million in the previous year. The company's loss per share was $0.10 for the quarter, both on a basic and diluted basis. For the nine-month period, the loss per share stood at $0.46, both on a basic and diluted basis. The weighted average number of common shares outstanding used in computing the loss per share was approximately 34.2 million.
These financial results reflect Zovio Inc's ongoing efforts to navigate the challenges posed by the changing landscape of the education industry. The company continues to focus on providing innovative education technology solutions and services to its clients.