Here are 1-3 brief analogies for Skillsoft:

• Netflix for corporate training
• LinkedIn Learning, but built for entire companies
• Workday for employee learning and skill development

• Corporate Digital Learning Content: Provides educational materials and courses for businesses to develop employee skills and address critical skill gaps.
• Learning Platform: Offers a digital environment with capabilities such as custom channels, content promotion, flexible assignments, tracking, and in-depth reporting.
• Learning Management Systems (LMS): Provides software solutions for organizations to administer, document, track, report, and deliver educational courses and training programs.
• Talent Management Software: Offers software tools designed to manage an organization's human resources, including aspects like performance, recruitment, and career development.

Skillsoft Corp. (SKIL) primarily sells its services and software to other companies (B2B) rather than individuals. Its offerings include corporate digital learning services, enterprise learning solutions, learning management systems, and talent management software, all targeted at organizational use.

Skillsoft does not publicly disclose a list of its specific "major customers" or their stock symbols. This is common practice for B2B service providers, often due to client confidentiality agreements and a diversified customer base.

However, based on the company's descriptions and market presence, Skillsoft serves a wide range of organizations globally, including:

• Large Enterprises: Skillsoft states that it serves over 70% of the Fortune 1000, indicating a client base comprising many of the world's largest corporations across various industries (e.g., financial services, technology, manufacturing, healthcare, retail).
• Government Agencies: Organizations in the public sector often utilize Skillsoft's learning solutions for employee training and development.
• Educational Institutions: While primarily focused on corporate learning, some academic institutions or their corporate training arms may also leverage Skillsoft's platforms and content.

Rather than relying on a few major customers, Skillsoft's business model involves providing its extensive library of content and platform capabilities to a large number of corporate clients, helping them address skill gaps and develop their workforce.

• Amazon Web Services (AMZN)

Ron Hovsepian, Chief Executive Officer

Ron Hovsepian has served as Skillsoft's Chief Executive Officer and Executive Chair since September 2024, having previously served as interim principal executive officer and Executive Chair from April 2024. He also chairs Skillsoft's Board of Directors. Mr. Hovsepian brings extensive executive leadership and operational experience from the technology and software industries. Prior to Skillsoft, he was President and CEO of Indigo Ag, an agricultural technology company, from September 2020 to January 2024. He also served as President and CEO of Intralinks, Inc., a global provider of secure SaaS collaboration solutions, from 2011 to 2017 until its acquisition by Synchronoss Technologies, Inc., where he then served as CEO from January to April 2017. Earlier, he was President and CEO of Novell, Inc. from 2005 to 2011. Mr. Hovsepian began his career at IBM, holding various management and executive positions over 16 years. He has also been an Executive Partner at Flagship Pioneering, a venture capital firm, since October 2018, and currently serves as Chairman of the Ansys Board of Directors. His career demonstrates a pattern of leading technology companies, including those involved in private equity or acquisitions.

John Frederick, Chief Financial Officer

John Frederick was appointed Skillsoft's Chief Financial Officer in May 2025. He brings over three decades of financial and operational leadership experience to the role. Prior to his current appointment, Mr. Frederick served as Skillsoft's Chief Transformation Officer from August 2024, overseeing business planning and strategy implementation. From 2018 through 2021, he held the positions of Chief Administrative Officer at Skillsoft, where he led the finance team, and CEO of SumTotal Systems, LLC, a Skillsoft business that was acquired by Cornerstone in 2022. His previous experience includes serving as Chief Financial Officer of Indigo Ag, Avid Technology, Inc., and Open Solutions, Inc. Earlier in his career, he was Chief Operating and Financial Officer of SnagAJob.com.

Ciara Harrington, Chief People Officer

As Chief People Officer, Ciara Harrington is responsible for Skillsoft's people and workforce strategies, focusing on attracting, retaining, and developing talent, and advancing the company's culture. She possesses over 20 years of experience in human resources, total rewards, workforce transformation, and mergers and acquisitions.

Bernard "Bernie" Barbour, Chief Technology and Product Officer

Bernard "Bernie" Barbour leads Skillsoft's global product and technology strategy, encompassing product development and engineering. He is an experienced technology leader with deep expertise in artificial intelligence (AI), cloud platforms, and enterprise Software as a Service (SaaS). Before joining Skillsoft, he served as Chief Technology Officer at Indigo Agriculture.

Darren Bance, General Manager, Skillsoft Global Knowledge

Darren Bance serves as the General Manager of Skillsoft Global Knowledge, where he is responsible for overseeing the company's global learning services. His background includes significant leadership roles in the learning and development sector, having served as Chief Operating Officer of QA, a major provider of IT and digital skills solutions in the United Kingdom, and as Managing Director of the Learning Services division of Capita Group. He also held earlier positions as a Managing Partner at ShiftPoint ME and CEO of Restrata, LLC.

Key Risks to Skillsoft (SKIL)

1. Intense Competition and Stagnant/Declining Revenue Growth: Skillsoft operates in a highly competitive corporate digital learning market, facing direct competition from major e-learning platforms such as Udemy Business, Coursera for Business, LinkedIn Learning, and Pluralsight, as well as indirect competition from traditional training providers and consulting firms. The industry is rapidly evolving toward AI-driven learning experience platforms, and Skillsoft's extensive content library, though a strength, has been perceived as "dated," making it challenging to differentiate against more innovative and specialized competitors. This intense competitive landscape, coupled with macroeconomic uncertainties, has contributed to flat or declining revenue growth in recent periods, with revenue marginally down in Q3 2024 and a 6% year-over-year decline in Q3 FY2026. The acquisition of Codecademy also underperformed as AI-assisted coding tools reduced the perceived value of learning entry-level programming languages, further impacting revenue.
2. High Debt Load and Liquidity Concerns: Skillsoft carries a significant debt load, posing a substantial financial risk. The company has reported a high net debt to adjusted EBITDA ratio and has generated no meaningful free cash flow in fiscal years 2024 and 2025, with only a small amount projected for fiscal 2026. This elevated debt includes over $400 million of long-term debt that will require refinancing before 2029. Furthermore, Skillsoft's liquidity position raises concerns, with its current ratio hovering below 1 (0.8 in Q3 FY2026 and 0.85 in Q2 FY2026), indicating potential inefficiencies in meeting short-term obligations and raising questions about its long-term liquidity sustainability.
3. Underperforming Segments and Risks of Strategic Restructuring: The company's Global Knowledge (GK) segment has consistently struggled, experiencing double-digit revenue declines (an 18% year-over-year dip in Q3 FY2026) due to weaker demand for discretionary instructor-led training. Skillsoft initiated a strategic review of the GK business, and a potential sale or divestment could impact the company's balance sheet. While the core Talent Development Solutions (TDS) business is more stable, it has also failed to achieve growth in the increasingly competitive enterprise learning market. The company is undergoing restructuring efforts and investing in AI-driven solutions to address these challenges, but the success of these strategic shifts is crucial for its future trajectory and profitability.

Skillsoft (SKIL) operates in the corporate digital learning and talent management markets. The addressable markets for its main products and services include corporate digital learning solutions, learning management systems (LMS), and talent management software.

Here are the estimated market sizes for Skillsoft's main products or services:

• Corporate Digital Learning / Enterprise Learning Solutions: Skillsoft's own estimate for its total addressable market in corporate digital learning was $28 billion, expected to grow to $45 billion over the subsequent five years (as of 2021). This market size is global. More broadly, the global corporate e-learning market was estimated at USD 104.32 billion in 2024 and is projected to reach USD 334.96 billion by 2030. North America accounted for over 35.0% of this revenue share in 2024. Another estimate for the global corporate e-learning market size was USD 10.20 billion in 2025, projected to increase to approximately USD 15.18 billion by 2035. North America dominated this market with a 37% share in 2025.
• Learning Management Systems (LMS): The global LMS market was valued at USD 28.58 billion in 2025 and is projected to reach USD 123.78 billion by 2033. North America held the largest share of this market, accounting for over 36% in 2025. Another estimate states the global learning management system (LMS) market size was USD 26.8 billion in 2025 and is estimated to reach USD 100.6 billion by 2034. North America dominated this market, holding a significant share of over 43.2% in 2025.
• Talent Management Software: The global talent management software market was valued at USD 9.96 billion in 2023 and is projected to reach USD 22.67 billion by 2030. North America accounted for the largest market revenue share of 34.4% in 2023. Other estimates indicate the global talent management software market size was approximately USD 12.70 billion in 2025 and is predicted to grow to about USD 41.13 billion by 2035. North America led the global market with the highest market share of 35% in 2025.

Expected Drivers of Future Revenue Growth for Skillsoft (SKIL)

Skillsoft Corp. (SKIL) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market focus areas:

1. Expansion of AI-Driven Learning Solutions and Percipio Platform: Skillsoft is making significant investments in artificial intelligence to enhance its learning offerings and recently launched its next-generation Percipio Platform, described as an AI-native skills intelligence platform. This strategic pivot towards advanced, platform-centric solutions is expected to be a key driver for long-term growth and new revenue streams.

2. Strategic Divestiture or Restructuring of Global Knowledge (GK) Segment: The Global Knowledge segment has been identified as an underperforming asset, negatively impacting Skillsoft's EBITDA and free cash flow. The company is actively pursuing a strategic review, including potential divestiture or alternative partnerships for this segment. By streamlining its operations and removing this drag, Skillsoft aims to reallocate resources and sharpen its focus on its higher-growth core businesses, thereby supporting overall consolidated revenue growth.

3. Growth within the Talent Development Solutions (TDS) Segment: Despite broader macroeconomic challenges, Skillsoft's core Talent Development Solutions segment has demonstrated resilience, with a focus on enterprise customers and a recovering federal business. The company has secured significant large enterprise deals and maintained a strong dollar retention rate (DRR), indicating its ability to retain and expand revenue from existing clients in this crucial segment. This consistent performance and ability to upsell within its core offerings are expected to contribute to future revenue growth.

4. Leveraging Operational Efficiencies and Cost Discipline: Skillsoft has implemented substantial cost synergies and operational improvements aimed at reducing expenses and enhancing margins. While not a direct revenue driver, these efficiencies are critical in supporting sustainable growth by freeing up capital for reinvestment into strategic growth initiatives, such as AI-powered learning, and improving the company's overall financial health, thereby indirectly fostering an environment conducive to revenue expansion.

Share Repurchases

• Skillsoft repurchased 1.6 million shares through January 31, 2023, as part of a $30 million share repurchase program.
• On July 10, 2024, the Board authorized a new share repurchase program of up to $10 million, intended to manage potential dilution from future employee equity grants, which will terminate on July 11, 2028.
• Payments to acquire treasury stock amounted to $8.046 million for fiscal year 2025 and $7.155 million in the first quarter of fiscal 2025.

Share Issuance

• In late 2025 and early 2026, Skillsoft issued shares through the vesting and settlement of restricted stock units (RSUs) to executives, including 938 shares for Keith C. Swiniarski and 4,000 shares for Scott Semel on March 1, 2026.
• The company granted 24,000 RSUs to its Interim CLO & General Counsel on November 17, 2025, and 25,000 RSUs to newly appointed SVP David Koehn on February 18, 2026, as inducement for their hiring.

Inbound Investments

• Prosus N.V., a global consumer internet group, made a strategic equity investment of $500 million in Skillsoft when it debuted on the New York Stock Exchange on June 14, 2021.

Outbound Investments

• Skillsoft acquired Codecademy in fiscal year 2023, expanding its technical skills training offerings.
• In fiscal year 2023, the company divested its SumTotal segment to focus its portfolio on the high-growth enterprise learning market.
• Skillsoft is investing in international growth and strategic areas such as AI, cloud computing, software development, cybersecurity, and data analytics.

Capital Expenditures

• Capital expenditures for the six months ended Q2 FY25 were $9.2 million.
• Skillsoft is primarily reinvesting capital in the first half of fiscal 2026, focusing on AI and technology investments to enhance AI-driven skills management capabilities and achieve productivity gains in content and software development.