Nerdy Inc.

Nerdy Inc. announced plans to wind down its Varsity Tutors for Schools business line, expecting $2 million to $4 million in exit costs in Q3 2026, and previously abandoned its First Tutors business in Q2 2026. For the second quarter of 2026, the company reported revenue of $43.231 million, a decrease from $45.263 million in the prior year period. Net loss significantly improved to $4.653 million, or $(0.04) per share, compared to a net loss of $7.897 million, or $(0.07) per share, in Q2 2025.

Nerdy Inc. announced its decision to wind down its Varsity Tutors for Schools business line, allowing the company to focus on its core Consumer business. The company estimates total exit-related costs to be between $2 million and $4 million, with most expected to be recognized in the third quarter of 2026. These costs include employee severance, contract termination fees, and asset impairment charges.

Nerdy Inc. announced the appointment of Kyle Callaway as its Chief Accounting Officer, effective July 10, 2026. Mr. Callaway, 42, has been with the company since January 2021, serving as Controller and later as Vice President, where he spearheaded accounting and reporting, including the company's going-public process. He will report to Chief Financial Officer Atul Bagga. Prior to joining Nerdy, Mr. Callaway held a senior role at Post Holdings, Inc. and spent ten years at PricewaterhouseCoopers LLP.

Nerdy Inc. will hold a special meeting on August 13, 2026, for stockholders to approve a reverse stock split of its common stock, with a ratio ranging from 1-for-5 to 1-for-15. This measure is intended to help the company regain compliance with the NYSE's minimum bid price requirement and avoid potential delisting, following a non-compliance notice received on March 5, 2026. The Board retains discretion to determine the final ratio, timing, and whether to proceed with the split by December 31, 2026.

Nerdy Inc. announced it has entered into a Consulting Agreement, Departure Agreement, and General Release with its former Chief Financial Officer, Jason Pello, on May 21, 2026. Mr. Pello, whose departure as CFO was effective April 3, 2026, will serve as a consultant to the company through October 3, 2026. Under the agreement, he will receive consulting payments totaling $223,125 and will also see the continued vesting of 333,333 restricted stock units.

Nerdy Inc. reported a significant reduction in its net loss for the first quarter of 2026, narrowing to $6.1 million from $16.2 million in the prior year. Revenue increased by 2% to $48.7 million, primarily driven by higher Consumer revenue and a 12% increase in Average Revenue per Member per Month (ARPM). The company also saw substantial improvements in gross profit and operating loss, alongside reduced operating expenses, reflecting efficiency gains. Active Members decreased year-over-year but increased sequentially.

Nerdy Inc. reported first-quarter 2026 revenue of $48.7 million, exceeding its guidance range, and achieved positive non-GAAP adjusted EBITDA of $1.0 million, also ahead of expectations. The company saw significant margin expansion, with adjusted EBITDA margin improving over 1,500 basis points year-over-year, driven by AI-enabled productivity and cost control. Nerdy launched its new AI-native Learner Experience (V3) and AI concierge "Maya," with early positive customer feedback, and expects to return to positive Active Member growth by year-end.

Nerdy Inc. (NRDY) has appointed Atul as its new Chief Financial Officer, effective April 2, 2026, subject to board approval. The executive services agreement outlines a base salary of $500,000 and an annual bonus target of 50% of the base wage, indicating a significant leadership change and compensation structure at the company.