Cluey Learning
Cluey Learning is an ASX-listed online tutoring service for Australian school students.
On the record
Checkpoint: Shareholder vote on ASX delisting, plus FY26 preliminary results showing whether Cluey+ lifts retention or ARPU
The call
Cluey is a shrinking tutoring business betting an unproven AI product, Cluey+, can offset falling revenue before it runs out of cash or delists.
Cluey Learning sells one-on-one online tutoring and homework help to Australian students, delivered through a mix of human tutors and now an AI tool called Cluey+. The business is hard to defend because ChatGPT, Gemini, and Claude already do homework help, practice problems, and instant feedback for free or cheap, and parents are switching to those tools instead. Cluey's own new AI product copies the same functions rather than fighting back against the free alternatives, so it may actually speed up the company's decline. The one thing that could matter: if Cluey+ starts keeping students and families in the app (and paying), or if the company finds fresh cash and a path to profitability in the next few months, the story might hold. If not, the company will likely keep shrinking and may be forced to shut down or sell for parts.
Why
01
AI pressure: ChatGPT, Gemini, Claude. Free chatbots now do homework help and practice feedback, the same jobs parents pay Cluey for, shrinking demand for paid human tutoring. Could AI do the core job? Yes, likely.
02
Bigger players: None apparent. No single big tech or ed-company rival named; the pressure comes from free AI tools and a fragmented tutoring market, not one giant competitor. Could a giant copy it? Yes, easily.
03
What protects it. None apparent: no accreditation lock-in, no proven Cluey+ retention data, and cash reserves of just A$6m after two raises in 18 months.
What would change this call
Shareholder vote on delisting, 13 August 2026. Shows whether Cluey exits public markets, cutting off easy capital access.
FY26 full-year results around 28 Aug and 2 Oct 2026. Reveals whether Cluey+ AI product lifts retention or revenue, or decline continues.
Any new capital raise announced within 6-12 months. Would confirm continued cash burn after two raises in 18 months.
FY26 full-year results around 28 Aug and 2 Oct 2026. Reveals whether Cluey+ AI product lifts retention or revenue, or decline continues.
Any new capital raise announced within 6-12 months. Would confirm continued cash burn after two raises in 18 months.
Key numbers
- Revenue fell to A$25.61m in FY25 from A$39.36m in FY23
- H1 FY26 revenue A$12.77m, down 24.8% half on half
- Cash on hand A$5.97m after November 2025 raise
Named risks
- Voluntary ASX delisting effective 2 October 2026 reduces public transparency and liquidity.
- Continued revenue decline: FY23 A$39.36m to FY25 A$25.61m to H1 FY26 A$12.77m.
- Thin cash position (A$5.97m as of Dec 2025) after two dilutive raises in 18 months.
- Cluey+ AI product unproven, no realized revenue or retention uplift as of Feb 2026.
- Free AI tutoring substitution could cannibalize Cluey's own paid subscription model.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Art of Smart Education | contesting | Cluey attempted to acquire it Dec 2025, deal terminated 2 Feb 2026 after conditions unmet |
| Free consumer AI tools (ChatGPT, Gemini, Claude) | losing to | Cluey's own filings cite competitors' new/improved offerings as an explicit risk, Feb 2026 |
| NumberWorks'nWords | contesting | Named as longstanding in-person incumbent in fragmented AU tutoring market, 2026 |
| Studiosity, Tutero, LearnMate, Superprof | contesting | Listed as direct AU online tutoring peers in fragmented market, 2026 |
Questions people ask
- Is Cluey Learning profitable in 2026?
- No. Cluey Ltd (ASX:CLU) reported a A$4.5m EBITDA loss for FY25 (year to 30 June 2025), though this was a 50% improvement on FY24. H1 FY26 revenue fell to A$12.77m, down 24.8% half on half, with no profitability yet confirmed as of February 2026.
- Is Cluey Learning being delisted from the ASX?
- Yes. Cluey Ltd lodged a voluntary delisting request on 25 June 2026. A shareholder vote requiring 75% majority is set for 13 August 2026, with trading suspension expected around 1 October 2026 and delisting effective 2 October 2026.
- Could AI replace Cluey Learning's tutoring service?
- Cluey's core product, curriculum-aligned lessons, practice and instant feedback, overlaps heavily with free consumer AI tutoring tools. Cluey's own AI product, Cluey+ (beta launched February 2026), automates these same functions, creating disintermediation risk within its own subscription model.
- Who are Cluey Learning's main competitors?
- Named Australian peers include Art of Smart Education, LearnMate, Superprof, Studiosity, Tutero, NumberWorks'nWords, and Dymocks Tutoring. Cluey attempted to acquire Art of Smart's parent company in December 2025 but terminated the deal on 2 February 2026.
- How much is Cluey Learning's stock worth in 2026?
- Cluey Ltd's market cap was roughly A$2.9 million as of 22 July 2026, per gurufocus.com, with shares trading in a 52-week range of A$0.005 to A$0.093, down about 86 to 92% year over year from an all-time high of A$1.16.
- What is Cluey+ and has it boosted Cluey Learning's revenue?
- Cluey+ is an AI-powered tutoring add-on offering structured video lessons, practice, and instant feedback, beta-launched February 2026. As of the February 2026 half-year filing, no realized revenue or retention uplift had been reported; management only 'expects' future improvement.
Timeline
- 2026-07-10Cluey announces Code Camp UK operations to close by 31 August 2026
- 2026-06-25Cluey lodges request to voluntarily delist from the ASX
- 2026-02-27H1 FY26 report: revenue A$12.77m, down 24.8% half on half; Cluey+ rollout underway
- 2026-02-02Cluey terminates planned acquisition of Art of Smart's parent, Education Futures Group
- 2025-11-06Cluey completes A$4.5m equity raise
- 2025-08-29FY25 results: revenue A$25.61m, EBITDA loss A$4.5m, first positive operating cash flow quarter
- 2024-07-24Cluey completes A$4.5m equity raise
- 2020-12-09Cluey Ltd lists on the ASX, raising A$30m via IPO
Revision history
22 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- CLU Revenue (2026-06-24)
- Cluey H1 FY26 Half-Year Report (2026-02-27)
- Cluey FY25 Results and Business Outlook Announcement (2025-08-29)
- Cluey FY25 Audited Financial Report
- Cluey Ltd Annual Report FY21
- gurufocus.com (2026-07-22)
- CLU Stock Price & Overview
- Cluey Ltd Voluntary Delisting from ASX (2026-06-25)
- Cluey Moves to Quit ASX Listing in Bid to Cut Costs and Boost Flexibility (2026-06-24)
- Cluey not proceeding with the acquisition of Art of Smart (2026-02-02)
- ASX Announcement 10 July 2026 (2026-07-10)
- 2026 Half Year Report, Appendix 4D and Trading Update (2026-02-27)