One on One mulls capital raise

One on One Educational Services Ltd (ONE) said it’s evaluating the possibility of raising at least US$2 million for expansion.

CEO Ricardo Allen said the money would fortify the company in the age of artificial intelligence (AI).

“We are evaluating an international strategic capital raise in the region of US$2 million to US$3 million to support the next stage of research, product commercialisation and the working-capital requirements associated with expansion. Any such transaction would remain subject to board approval, appropriate regulatory processes and the required public disclosures.” Allen disclosed in a written response to queries from the The Gleaner.

The company’s debt stands at $79 million which equates to 12.5 per cent of its $555 million in equity which gives means its assets can easily cover its debt.

ONE, a Kingston-based company provides personalised educational e-learning services. It’s been listed on the Jamaica Stock Exchange’s junior market since 2022. In the third quarter ending May 2026, the company’s revenues fell 4.8 per cent to $95.8 million, while net profit dropped by 37.4 per cent to $23 million compared with $36.7 million in the corresponding quarter in 2025.

However, Chairman Michael Bernard expressed confidence in the company’s steady balance sheet growth with total assets growing to $726.7 million, up some 3.0 per cent year on year.

“This was supported by continued investment in intangible assets, reflecting ongoing development of the company’s proprietary technology, platforms, and digital education infrastructure,” Bernard said in the directors’ report to shareholders.

Commenting on the ONE’s use of Una AI, Allen said the company was still in the adoption and development phase, and that Una AI was not yet a material contributor to the company’s revenue.

“The early response to Una AI has been encouraging, particularly where customers can see a practical application rather than simply another general-purpose chatbot. The strongest interest has been around three areas: helping students identify and address learning gaps, giving teachers tools to work more efficiently, and using assessment data to provide more personalised support,” Allen said.

The CEO indicated that the company will continue to invest while maintaining the company’s profit levels.

“On an annualised basis, One on One is investing approximately J$60 million to J$70 million across research, product development, AI, assessment infrastructure and related technical work, including Una AI. This is close to one-fifth of our current revenue and is significant relative to the company’s present level of profitability,” Allen said.

luke.douglas@gleanerjm.com