Hello, ladies and gentlemen. Thank you for standing by for 51Talk Online Education Group's Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded. I will now turn the call over to your host, Mr. David Chung, Investor Relations for the company. Please go ahead, David.

Thank you. Hello, everyone, and welcome to the Third Quarter 2025 Earnings Conference Call of 51Talk. The company's results were issued by Newswire services earlier today and are posted online. You can download the earnings press release and sign up for the company's distribution list by visiting ir.51talk.com. Mr. Jack Huang, our CEO; and Ms. Cindy Tang, our CFO, will begin with some prepared remarks. Following the prepared remarks, there will be a Q&A session. Before we continue, please note that the discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's Form 20-F and other public filings as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under the applicable law. Please also note that earnings press release and this conference call include discussion of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. 51Talk's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. I will now turn the call over to our CEO, Jack Huang. Jack, please go ahead.

Okay. Thank you, David. Hello, everyone. Thank you very much for joining our conference call today. I am very pleased to report that the third quarter of 2025, represented another period of strong performance for our company. The gross billings reached USD 40.5 million, surpassing our previously issued guidance and demonstrating robust sequential growth of 42.1% quarter-over-quarter and triple-digit year-over-year growth of 104.6% Crucially, we achieved this rapid expansion while maintaining positive net operating cash flow, which further solidifies our cash position and stands as a testament to our disciplined execution. Our active student base reached 112,600 during this quarter, marking a significant milestone as we surpassed 100,000 active students for the first time since we embarked on our global expansion strategy more than 3 years ago. We remain confident in both the substantial opportunity presented by the global market and our team's ability to execute our strategic vision and drive sustainable long-term value. As we enter the fourth quarter of 2025, we consolidate recent rapid growth and expand business momentum with existing and new clients. We continue to build bridges and enable our customers to exchange on a global stage, as demonstrated by our recent participation in COP30 held in Brazil in November 2025. Our students from 5 countries participated in this event, demonstrating the increasingly diversified nature of our portfolio and our successful reach into new markets. We remain focused on executing our strategic priorities while maintaining disciplined capital allocation to drive long-term shareholder value. With that, I will now turn the call over to Cindy, our CFO.

Thank you, Jack. Now let me walk you through our third quarter financial details. Third quarter net revenues were USD 26.3 million, an 87.5% increase from the same quarter last year, largely driven by the increase of active students with attended lesson consumption. Gross margin for the third quarter was 73.3%. Gross billings grew by 104.6% from the same quarter last year to USD 40.5 million. Q3 operating expenses were USD 23.4 million, an increase of 97.9%, compared to the same quarter last year. Specifically, this has been driven by Q3 sales and marketing expenses of USD 17.5 million, 114.7% increase from the same quarter last year due to the rise in marketing and branding expenses resulting from intensified marketing and branding activities as well as higher sales personnel costs related to increases in the number of sales and marketing personnel. Q3 product development expenses were USD 1.6 million, an 87.8% increase from the same quarter last year. Finally, Q3 general and administrative expenses were USD 4.3 million, a 52.5% increase from the same quarter last year. Overall, Q3 operating loss was USD 4.2 million, while net loss attributable to ordinary shareholders was USD 4.8 million, a 428.9% and 669.4% increase from the same quarter last year, respectively. Q3 GAAP and non-GAAP earning per ADS were negative USD 0.8 and USD 0.74 respectively. The company's total cash, cash equivalents and time deposits were USD 36.6 million at the end of the third quarter. Advances from students was USD 70.7 million at the end of the third quarter. Looking forward to the fourth quarter of 2025, we currently expect the net gross billings to be between USD 35 million and USD 38 million. The above outlook is based on our current market conditions and reflect the company's current and preliminary estimates of the market and operating conditions and customer demand, which are all subject to change. This concludes our prepared remarks. We will now open the line for questions. Operator, please go ahead.

[Operator Instructions] We have no questions at this time. I'd like to turn the call back over to the company for closing remarks.

Thank you once again for joining us today. If you have further questions, please contact 51Talk's Investor Relations through the contact information provided on our website.

This concludes this conference call. You may now disconnect your lines. Thank you.