Duolingo, Inc. (NASDAQ: DUOL)

Duolingo is a technology company focused on developing educational products that are accessible, engaging, and effective. The company operates primarily in the online education industry, delivering learning experiences through mobile and web platforms. Its mission is to make high-quality education universally available by leveraging smartphone technology and data-driven innovation.

Duolingo generates revenue through a freemium business model, offering free access to its core learning content while charging for premium subscription features. The company's primary products include the Duolingo App, which provides language, math, music, and chess courses, and the Duolingo English Test, an online English proficiency assessment. Revenue is driven by subscriptions to Super Duolingo and Duolingo Max, which offer ad-free experiences and advanced learning tools, as well as fees from the Duolingo English Test taken by individuals seeking to demonstrate English proficiency for academic or professional purposes.

The company operates through the following segments:

• Duolingo App: This segment encompasses the company's flagship mobile and web application offering free language, math, music, and chess courses. It includes over 250 language courses and integrates newer subjects such as Math, Music, and Chess into the same platform. The app features gamification elements, streaks, and AI-powered tools like Roleplay and Explain My Answer to enhance engagement and learning outcomes.

• Duolingo English Test: This segment provides an online, on-demand English proficiency assessment used for university admissions, visa applications, and job opportunities. The test is computer adaptive, takes less than an hour to complete, and is accepted by over 6,100 education programs worldwide, including all Ivy League institutions and top U. S. universities. It leverages AI to deliver a secure, accessible, and rigorous testing experience.

Duolingo holds a leading position in the digital education space, particularly as the most-downloaded and top-grossing language learning app globally. The company differentiates itself through its massive user base, which generates a large-scale learning dataset that fuels continuous product improvement via A/B testing and AI innovation. Its freemium model enables broad accessibility while maintaining strong monetization through premium subscriptions, creating a competitive advantage over both free and paid alternatives in the market.

Duolingo serves a diverse global customer base ranging from individual learners seeking to acquire new skills to institutions accepting the Duolingo English Test for admissions. The platform attracts users across all socioeconomic levels, including students, professionals, and lifelong learners. Specific institutional users include over 5,300 higher education programs and 24 of the top 25 U. S. undergraduate programs by international enrollment that accept Duolingo English Test results.