DTCOM – Direct to Company S.A

What it is

DTCOM was founded in 1999 by Leonardo Petrelli Neto and was a pioneer in using television and internet together to deliver distance education in Brazil. Today it sells three digital-learning tools: DTCOM Factory, which turns a source text into full course content including videos, podcasts, quizzes and infographics; DTCOM 2Go, a virtual teaching platform; and WayCO, a platform for managing the production and organisation of that content.

The business is divided into three revenue segments: Academic Factory, serving universities and schools; Corporate Factory, serving businesses training their staff; and Collection/Systems. Both public and private organisations use its online distance-learning solutions.

Who owns it

This is tightly held founder territory. Insiders collectively hold about 89.4% of the shares, leaving a free float of roughly 10.6% for outside investors — our calculation from EODHD data.

Institutional shareholders hold nothing in the structured data, making the stock very illiquid.

Leonardo Petrelli Neto, founder of DTCOM, now serves as President of its Board of Directors. Other board members include Eduardo Petrelli and João Elisio Ferraz de Campos.

The exact percentage held by each shareholder is not disclosed in available public sources beyond the aggregate insider figure.

Who runs it

Leonardo Petrelli Neto chairs the Board; he is also the founder and described publicly as a pioneer in satellite-based corporate training in Brazil. Norton Paim Moreira, who has been building businesses in education and knowledge management since 1994, also sits on the board.

The identity of the serving Chief Executive Officer and Chief Financial Officer is not separately disclosed in available public filings reviewed for this profile; the company’s CVM governance filings require a subscription or direct portal login to read in full.

The money, in plain words

Revenue is recovering. Sales reached BRL 7.95 million (≈ USD 1.54 million) in the most recent fiscal year, a rise of 34.5% from BRL 5.91 million (US$1 mn) the year before.

That is a meaningful acceleration, but the company still loses money at the bottom line: the net loss for FY2025 was BRL 303,000 (≈ USD 58,834), a net margin of –8.2% — meaning for every real of sales, it spent about 8 cents more than it earned (our calculation).

The loss is, however, shrinking fast. The net loss was BRL 1.14 million (US$221 k) in FY2024 and BRL 3.96 million (US$769 k) in FY2023, so the direction of travel is clear.

Gross profit — what is left after direct costs of delivering the courses — reached BRL 2.37 million (US$460 k) in FY2025, a gross margin of 29.8% (our calculation), compared to a negative gross profit just two years earlier, which signals the cost base has been substantially restructured.

The company holds BRL 4.43 million (≈ USD 860,000) in cash with no financial debt disclosed — net cash of BRL 4.43 million (US$860 k) (our calculation) — which is actually more than its entire market value and comfortably covers its operating needs. The flip side is that total book equity — what owners would theoretically be left with if everything were wound up — stands at only BRL 951,000 (≈ USD 184,600), explaining the alarming-looking return on equity of –80.3%: a very small equity base amplifies the ratio.

The market values the whole company at BRL 27.3 million (≈ USD 5.3 million), roughly 3.4 times annual sales — a valuation that prices in a recovery but demands execution. No dividends have been paid; the company is not yet in a position to do so.

What it is doing now

The WayCO platform, launched in 2015, has become DTCOM’s main calling card in the EdTech space, drawing attention to the company as a reference player in digital learning production. The company’s own site marks its 25th anniversary in 2024 as a moment of reaffirmed mission, and Petrelli Neto has stated publicly that the company has reached more than five million students and ten million workers trained.

The immediate story is operational turnaround: three straight years of improving losses and a revenue surge in FY2025 suggest the restructuring of costs and the pivot toward its three software-platform products is beginning to show in the numbers.

What to watch

• Path to breakeven: the net loss is narrowing, but the company needs revenue to keep growing at double-digit rates to cover its fixed cost base and reach sustained profitability — watch the FY2026 results closely.
• Liquidity: the free float is only around 10.6%; the stock trades very few shares daily, meaning the quoted price can move sharply on thin volume.
• Governance disclosure: the current CEO’s identity and exact ownership percentages by controlling shareholder are not publicly visible without accessing the full CVM filings — a gap that matters for governance-minded investors.
• Competition: Brazil’s EdTech market is contested by well-funded rivals; DTCOM’s institutional clients in universities and corporations are sticky, but any contract losses would hit revenues hard given the small scale.

This is news, not investment advice.