Skillsoft Corp. SKIL
We were originally incorporated in Delaware on April 11, 2019 under the name "Hornblower Acquisition Corp." Our name was changed to "Churchill Capital Corp II" on June 26, 2019, and to Skillsoft Corp. on June 11, 2021 (upon completion of our business combination with Software Luxembourg Holding S.A.).
Skillsoft® provides a skills management platform and associated learning solutions that are designed to help organizations manage the human and artificial intelligence ("AI") skills lifecycle, including visibility into the skills they have and the skills they need, closing skills gaps, matching skills to work, and understanding how skills development impacts business performance.
Organizations are operating in an environment characterized by rapid technological change, including the adoption of AI. While AI systems can generate information and automate tasks, we feel that enterprises benefit from structured systems to develop, measure, and govern both human and AI-enabled capabilities within controlled environments. We believe that this shift is increasing demand for integrated platforms that extend beyond content delivery to provide skills visibility, benchmarking, and workforce alignment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $512.7M | $531.0M | $553.2M | $555.1M | — | — | $365.6M | — |
| Cost of revenue | $134.6M | $134.9M | $153.2M | $152.0M | — | — | $46.9M | — |
| Gross profit | $378.0M | $396.1M | $400.1M | $403.1M | — | — | $318.8M | — |
| R&D | $55.6M | $60.8M | $68.0M | $69.8M | — | — | $41.6M | — |
| SG&A | $80.6M | $92.4M | $95.9M | $109.6M | — | — | $54.0M | — |
| Total operating expenses | $602.2M | $600.6M | $861.9M | $1.36B | — | $2.9M | $650.0M | — |
| Operating income | -$89.5M | -$69.6M | -$308.6M | -$804.1M | — | -$906.9K | -$284.3M | — |
| Interest expense | $58.5M | $63.5M | $65.3M | $53.5M | — | — | $5.7M | — |
| Pre-tax income | -$153.5M | -$127.6M | -$364.9M | -$831.0M | — | -$72.0M | -$719.0M | — |
| Income tax | $13.7M | $5.7M | $16.3M | $41.0M | — | $486.8K | $11.8M | — |
| Net income | -$139.8M | -$121.9M | -$349.3M | -$725.0M | — | -$72.5M | -$849.2M | — |
| EPS, basic | -16.27 | -14.87 | -43.38 | -91.26 | — | -0.84 | -8,483.57 | — |
| EPS, diluted | — | — | — | — | — | -0.84 | -8,483.57 | — |
| Shares, diluted (wtd. avg.) | $8.6M | $8.2M | $8.1M | $7.9M | — | $17.2M | $100.1K | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $100.8M | $100.8M | $146.5M | $177.6M | $120.4M | $92.0M | $2.2M | $30.5M |
| Receivables | $175.0M | $179.0M | $185.6M | $183.6M | $173.9M | $74.3M | — | — |
| Total current assets | $333.0M | $332.9M | $385.3M | $405.7M | $427.2M | $205.1M | $2.5M | — |
| Property, plant and equipment | $3.1M | $3.2M | $6.6M | $10.2M | $11.5M | $16.0M | — | — |
| Goodwill | $296.3M | $317.1M | $317.1M | $457.7M | $795.8M | $495.1M | $1.11B | $1.69B |
| Other intangibles | $308.0M | $427.2M | $539.3M | $738.1M | $793.9M | $766.1M | — | — |
| Total assets | $963.1M | $1.11B | $1.27B | $1.64B | $2.22B | $1.50B | $697.8M | — |
| Accounts payable | $21.3M | $13.5M | $14.5M | $18.3M | $24.2M | $8.2M | $257.5K | — |
| Short-term debt | $6.4M | $6.4M | $6.4M | $6.4M | $4.8M | $2.6M | — | — |
| Total current liabilities | $373.0M | $377.0M | $413.2M | $425.1M | $545.7M | $185.7M | $257.5K | — |
| Long-term debt | $570.8M | $573.3M | $577.5M | $581.8M | $462.2M | $512.4M | — | — |
| Total liabilities | — | — | — | — | — | $153.5M | $78.0M | — |
| Retained earnings | -$1.58B | -$1.44B | -$1.32B | -$972.2M | -$247.2M | $0 | -$75.1M | — |
| Total equity | -$30.2M | $93.8M | $205.6M | $531.8M | $1.06B | $580.0M | -$2.76B | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $25.1M | $30.0M | $2.8M | -$20.9M | — | -$720.7K | -$37.4M | — |
| Depreciation and amortisation | $1.8M | $3.4M | $3.3M | $6.5M | — | — | $5.0M | — |
| Stock-based compensation | $13.2M | $19.6M | $31.1M | $36.6M | — | — | $83.0K | — |
| Capital expenditure | $1.8M | $1.6M | $4.2M | $4.9M | — | — | $10.4M | — |
| Investing cash flow | -$18.6M | -$18.4M | -$23.0M | -$42.2M | — | $856.2K | -$17.4M | — |
| Financing cash flow | -$8.1M | -$51.5M | -$10.8M | $77.2M | — | $1.5M | $57.8M | — |
| Buybacks | $0 | $0 | $8.0M | $2.8M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-015925.
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