Skillsoft Corp. (SKIL): Business Model Canvas [Dec-2025 Updated]

You're looking at Skillsoft Corp. right now, and honestly, it's a classic story of a legacy content player making a hard pivot toward AI-driven enterprise upskilling, which is where the real money is. As an analyst who's seen this cycle before, the key is whether their Percipio AI platform and technology investments can outpace the high fixed costs and the $591 million gross debt load as of Q3 FY2025. They serve a huge base, reaching 60% of the Fortune 1000, and brought in about $531 million in total revenue for FY2025, but the real test is in the high-margin Talent Development Solutions (TDS) segment. Below, I've mapped out their entire operating model-from their key partnerships to the revenue streams-so you can see exactly how Skillsoft Corp. is trying to nail this transformation.

Skillsoft Corp. (SKIL) - Canvas Business Model: Key Partnerships

You're looking at the ecosystem Skillsoft Corp. builds around its core platform, which is really where the value gets locked in. It's not just about the content; it's about where that content lives and who helps deliver it. Honestly, the depth of these integrations is what keeps the stickiness high for enterprise clients.

HCM Software Integrations like Workday and SAP SuccessFactors

Skillsoft Corp. made sure its platform fits right into the existing talent infrastructure of major corporations. In fiscal 2025, they announced multiple integrations with Human Capital Management ("HCM") software companies like Workday and SAP SuccessFactors to deliver more impactful talent development programs. This move is critical because 82% of employees surveyed by Skillsoft Corp. acknowledged their organization has started transitioning to a skills-based model.

The integration with Workday reached Workday Certified Integration Status, linking the Percipio platform directly with Workday HCM and Workday Skills Cloud, which started in Q1 of fiscal 2025. For SAP SuccessFactors, the partnership deepened with a new integration to the talent intelligence hub, which was fully available in early 2025. This allows for centralized skills management and helps organizations align learning with business needs. To be fair, this integration is so deep that SAP actually resells Skillsoft Corp.'s product as an SAP Solution Extension under the name SAP Content Stream by Skillsoft.

These deep integrations help maintain customer commitment. For instance, Skillsoft Corp.'s last twelve months (LTM) Dollar Retention Rate was approximately 98% as of Q3 FY2025, showing strong renewal performance, though slightly down from 101% in the prior year period. The company currently serves a global community of more than 105 million learners as of the second quarter of fiscal 2026.

Strategic Alliance with Salesforce for AI-Powered Customer Support Upskilling

The alliance with Salesforce is a clear play to embed learning directly into the workflow for customer-facing roles. Skillsoft Corp. announced this partnership on June 11, 2025, to bring its conversational AI coaching tool, Skillsoft CAISY™, into the Salesforce ecosystem, specifically to Agentforce. This is aimed at accelerating frontline workforce development and driving measurable improvements in customer service quality.

The need is clear: 70% of service decision-makers still report moderate to major service challenges due to underskilled staff, even though 59% identify upskilling customer-facing talent as a high priority. The integration provides interactive, AI-powered coaching environments where support teams can simulate and practice high-stakes customer conversations without disrupting daily work.

Certification Vendors like Cisco, CompTIA, and EC-Council for Technical Training

Skillsoft Corp.'s Global Knowledge business unit relies heavily on its relationships with major technology and security certification bodies. In late 2024, Global Knowledge secured significant recognition from these partners, which validates the quality of their instructor-led training and interactive live learning environments.

Here are the specific vendor recognitions and offerings:

• Cisco: Named Global Knowledge its 2024 Learning Partner of the Year. Skillsoft Corp. is preparing partners for updated certification tracks like CCNA/CCNP/CCIE with AI and automation enhancements.
• CompTIA: Recognized Global Knowledge as its U.S. Delivery Partner of the Year.
• EC-Council: Recognized Global Knowledge with an Enterprise Circle of Excellence award. EC-Council Learning offered a Top 10 Cybersecurity Skills for 2025 bundle for just $4.99 per course.

Content Creators and Subject Matter Experts for a Vast Learning Library

The breadth of the library is a core value proposition, supported by a network of creators and experts. Skillsoft Corp. provides more than 300,000 learning assets and over 225,000 hours of learning experiences designed to cover technology, leadership, business, and compliance skills.

You can see the scale of their offering in this comparison:

Year Up Partnership to Empower Young Adults with Workforce Skills

Skillsoft Corp. has a commitment to social impact through its multi-year partnership with Year Up, a national workforce development organization, announced in April 2024. This partnership directly addresses the skills gap crisis, where an estimated 60% of youth may lack basic transferable skills by 2030.

The partnership provides access to Skillsoft Corp.'s learning platform, including Percipio, Codecademy, and CAISY™, for more than 30,000 young adults enrolled with Year Up. The real-world impact is measurable:

• 80% of Year Up graduates are employed or attending college within four months of program completion.
• Graduates achieve an average starting salary of $53,000 per year.

Finance: draft 13-week cash view by Friday.

Skillsoft Corp. (SKIL) - Canvas Business Model: Key Activities

You're looking at the core engine driving Skillsoft Corp.'s value proposition right now, focusing on the actions they must execute flawlessly to meet their targets. Honestly, the numbers tell a story of balancing a massive content foundation with aggressive AI integration and cost discipline.

Developing and curating a massive, multi-modal learning content library

The sheer scale of the content library is a primary activity. Skillsoft Corp. maintains a vast inventory to serve its enterprise base. This activity involves significant ongoing investment in third-party content licensing and internal curation.

This library supports the core Talent Development Solutions (TDS) segment, which generated $406 million in revenue for the full fiscal year 2025.

Continuous innovation and deployment of AI-enabled platform features like Skillsoft CAISY™

Innovation centers on integrating generative AI into the Percipio platform. This isn't just adding features; it's about driving measurable engagement, as seen in the latest user metrics. It's a clear pivot point for the business.

• Skillsoft CAISY™ simulations cover skill areas including Leadership, Customer Service, and Sales and Marketing.
• AI learners surged by 74% year-over-year in Q2 Fiscal 2026.
• AI learning hours surged by 158% year-over-year in Q2 Fiscal 2026.
• IDC estimates up to $1 trillion in global productivity gains from generative AI skills development in the next two years.

The company added enhancements to its AI-powered coach, Skillsoft CAISY™, during fiscal 2025. That focus on AI is definitely a major activity for the current period.

Enterprise sales and account management for large, recurring contracts

Securing and managing large, recurring enterprise contracts is the lifeblood of the TDS segment. The focus here is on retention and expansion within the existing customer base, which is measured by the Dollar Retention Rate (DRR).

The TDS segment is where the stability is found, even as the Global Knowledge segment faces headwinds.

Delivering instructor-led training (ILT) through the Global Knowledge segment

The Global Knowledge (GK) segment, which represents the ILT business, remains a distinct activity, though it has seen revenue contraction recently. This is a high-touch, high-discretionary spending area.

The Q2 Fiscal 2026 revenue for GK was down 10% year-over-year.

Executing the strategic transformation plan for operational efficiency

This activity involves rigorous financial management to improve profitability margins despite top-line pressures. The goal is to position the company for improvement in fiscal 2026.

• Full Year Fiscal 2025 Adjusted EBITDA from continuing operations: $109 million.
• Full Year Fiscal 2025 Adjusted EBITDA Margin: 21% of revenue.
• Adjusted EBITDA Margin (Q2 FY2026): Expanded to 22% of Revenue.
• Gross Debt (as of Jan 31, 2025): $581 million, down $48 million from the prior year.
• Cash, Cash Equivalents, and Restricted Cash (as of Jan 31, 2025): $103 million.
• Organizations citing improving operational efficiency as a top priority (Skillsoft research for 2025): 48%.

The company generated positive free cash flow of $13 million in the fourth quarter of fiscal 2025.

Skillsoft Corp. (SKIL) - Canvas Business Model: Key Resources

You're mapping out the core assets Skillsoft Corp. relies on to deliver its value proposition. Honestly, these resources are what make their enterprise offering stick, especially with the shift to AI-driven learning.

The Percipio AI-driven learning platform is definitely central. It's positioned as the first AI-native skills intelligence platform built for the human + AI era, unifying learning, AI-powered authoring, immersive practice, and real-time skills intelligence in one secure system. For instance, Skillsoft reported that AI learners grew 158% year over year in Q2 Fiscal 2026, showing strong platform adoption in that area. Plus, you can now add up to 15 custom business objectives within the platform, up from the previous 10, giving admins more targeting flexibility.

The acquisition of Codecademy for $525 million brought in critical technical skills expertise. This move was strategic, aiming to build a deeper pool of developers, especially as Gartner projected 70% of new applications would use low-code/no-code by 2025. Codecademy's prior base of 40 million learners, combined with Skillsoft's, was a massive asset injection.

The sheer volume of content is a major barrier to entry for competitors. Skillsoft Corp. maintains a vast digital content library, which the outline pegs at over 300,000 learning assets. The Percipio platform itself curates this into over 500 learning paths (channels) that are continuously updated.

The reach and brand equity are significant. Skillsoft Corp. is the talent development partner of choice for thousands of organizations, including 60% of the Fortune 1000. This client base translates to a global community of more than 105 million learners as of their Q2 Fiscal 2026 reporting. The Global Knowledge (GK) segment, which covers instructor-led training, still contributes, though its revenue was $28 million in Q2 Fiscal 2026.

Here's a quick look at how some of these key resources translate into the latest reported financial scale for the Talent Development Solutions (TDS) segment, which houses the platform and content:

The global network of certified instructors and professional services consultants underpins the GK segment, which generated $28 million in revenue for the second quarter of Fiscal 2026. This human capital, paired with the platform, helps organizations address skill gaps where 90% of HR/L&D professionals fear gaps could hurt business in the next one to two years.

• Global community served: over 105 million learners.
• Fortune 1000 penetration: 60%.
• Percipio learning paths (channels): over 500.
• Custom business objectives in Percipio: up to 15.
• Codecademy acquisition cost: $525 million.

The intellectual property and brand recognition are what allow Skillsoft Corp. to command the enterprise contracts that resulted in $406 million in Talent Development Solutions revenue for the full Fiscal Year 2025.

Finance: draft 13-week cash view by Friday.

Skillsoft Corp. (SKIL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why enterprises choose Skillsoft Corp. for their talent development needs as of late 2025. The numbers show a clear focus on closing urgent capability gaps across the enterprise.

Bridging critical enterprise skill gaps in AI, cloud, and cybersecurity.

The market urgency is high; only 10% of HR and L&D professionals are fully confident their workforce has the skills to meet business goals over the next 12 to 24 months, according to the 2025 Global Skills Intelligence Survey. This lack of confidence directly impacts growth, as 28% of respondents say skill gaps restrict their ability to pursue new markets or opportunities. Critical shortages are specifically noted in leadership, technology, and AI expertise. Skillsoft Corp. serves 60% of the Fortune 1000, addressing this need at scale.

Personalized, interactive learning paths via the AI-enabled Percipio platform.

The Percipio platform is the engine for personalized delivery, designed to be an AI-native skills intelligence platform. This platform supports an enterprise-grade solution that currently serves more than 3,000 customers and 38 million employees worldwide. The system unifies learning, AI-powered authoring, immersive practice, and real-time skills intelligence in one secure system. The platform helps organizations build a Skillforce™, a workforce that is measured, empowered, and mobilized efficiently.

End-to-end certification paths for globally recognized technical skills.

Skillsoft Corp. provides a deep and broad content library to support these paths. The company offers more than 300,000 learning assets and over 225,000 hours of learning experiences. The Talent Development Solutions (TDS) segment, which houses the core platform, generated $406 million in revenue for the full fiscal year 2025.

Measurable business impact and workforce transformation at scale.

The focus is shifting from simple completion rates to demonstrable outcomes. Only 18% of organizations measure the success of their talent development programs through the ideal method of regular skill assessments throughout the learning journey. To counter this, the Percipio Platform uses tools like Skills Benchmarks to provide a clear measure of ROI, moving beyond just completion metrics. The company achieved an Adjusted EBITDA of $109 million for fiscal year 2025, reflecting a 21% margin, which shows operational efficiency alongside its transformation efforts.

Blended learning options: digital, live, and hands-on training.

The value proposition includes a mix of modalities to suit different learning needs. The most commonly offered learning experiences reported by HR/L&D professionals in 2025 include:

• Online, video-based training: 58%
• Group training scenarios: 57%
• Mentorship opportunities: 50%
• Live, instructor-led training: 50%

The platform itself offers a blend of self-paced online courses, hands-on practice labs, virtual live online classes, and coaching.

Here's a quick look at the scale of the business and its core segments as of the end of fiscal year 2025:

The Global Knowledge (GK) segment, which handles instructor-led training, contributed less, with Q2 FY2026 revenue at $28 million, down 10% year-over-year, highlighting the strategic importance of the TDS segment. Finance: draft 13-week cash view by Friday.

Skillsoft Corp. (SKIL) - Canvas Business Model: Customer Relationships

You're looking at how Skillsoft Corp. keeps its customers locked in and growing their spend, which is the whole game for a subscription business. It's all about making sure the learning platform delivers real, measurable value, quarter after quarter.

The company definitely leans on dedicated Customer Success teams to manage its strategic accounts. These teams aren't just glorified support; they're focused on driving adoption and proving the return on investment (ROI) for the learning platform. This high-touch approach is key for the big enterprise deals.

The bedrock of the revenue stream is long-term, subscription-based contracts, primarily within the Talent Development Solutions (TDS) segment. This structure is what gives Skillsoft Corp. that predictable revenue base you analysts love to see. For instance, in the third quarter of fiscal year 2025, TDS Revenue hit $103 million, showing 2% growth year-over-year, even as total company revenue saw some fluctuation. Still, for the quarter ending July 31, 2024 (Q2 FY25), TDS revenue was $102 million.

Skillsoft Corp. also offers Professional Services to help clients define and deliver those highly customized learning programs. While the core is the subscription, these services act as an in-house consulting arm, often charging additionally to tailor the solution perfectly to a customer's specific needs, which is a known revenue-generating function in this model.

To keep the learner experience sharp and reduce the load on human staff, the company is pushing automated, personalized learner support, including AI Coaching Assistants. They launched AI-powered Interactive Skill Benchmarks in Q1 Fiscal 2025 to speed up proficiency. This tech-touch layer helps scale support without scaling headcount linearly.

The real proof of this relationship strategy is in the retention numbers. The focus is heavily on keeping and expanding those existing accounts. The Lasting Trend Dollar Retention Rate (LTM DRR) for the core subscription business hovered around 98% as of Q2 and Q3 of fiscal year 2025. That's a solid number, though it shows a slight contraction from the 101% seen in the prior year period.

Here's a quick look at how the key retention and subscription metrics stacked up around the middle of fiscal 2025:

The customer relationship strategy is built on several operational pillars designed to maximize customer lifetime value:

• Dedicated Customer Success teams for strategic account management.
• Long-term, subscription-based contracts for predictable revenue streams.
• Professional Services for defining customized learning programs.
• Automated, personalized learner support via AI Coaching Assistants.
• A clear mandate to expand existing accounts, evidenced by the 98% LTM DRR.
• Integration achievements, like Workday Certified Integration Status, to embed the platform deeper.

You should definitely track the margin on the TDS segment versus the Global Knowledge segment, as the subscription side is where the long-term relationship value truly lives. Finance: draft the Q4 FY2025 subscription renewal forecast by next Tuesday.

Skillsoft Corp. (SKIL) - Canvas Business Model: Channels

You're looking at how Skillsoft Corp. gets its learning solutions into the hands of customers, which is a mix of direct selling, platform delivery, and specialized training arms. It's not one-size-fits-all; the channel strategy reflects the different customer needs for on-demand versus instructor-led content.

Direct enterprise sales force for large corporate and government contracts

This channel focuses on securing large, recurring contracts, primarily feeding the Talent Development Solutions (TDS) segment. The enterprise solution within TDS showed a fourth consecutive quarter of revenue growth as of Q2 Fiscal 2026. For the full Fiscal Year 2025, the TDS segment generated $406 million in revenue. This direct approach is also used to land major workforce transformation deals; for instance, in Q3 Fiscal 2025, AI upskilling and skill measurement deals generated more than $8 million over multiple years from six global companies.

Percipio platform (SaaS) for digital content delivery and consumption

The Percipio platform is the core Software as a Service (SaaS) delivery mechanism, making content personalized and accessible on any device. Adoption of the AI-fueled features within Percipio is accelerating engagement. As of Q2 Fiscal 2026, Skillsoft Corp.'s AI learner base soared 74% year over year, and AI learning hours exploded by 158%. Furthermore, the AI simulator, Skillsoft CAISY™, reached nearly 1 million launches by individual learners through Q4 Fiscal 2025.

Global Knowledge (GK) segment for instructor-led training and bootcamps

The Global Knowledge segment handles the high-touch, instructor-led training component. This channel experienced some softness due to economic uncertainty impacting discretionary spending on live training. For the full Fiscal Year 2025, GK Revenue was $125 million. In the more recent Q2 Fiscal 2026, GK Revenue was $28 million, representing a 10% year-over-year decline.

Partner ecosystem integrations (e.g., HCM systems) for seamless access

Skillsoft Corp. actively integrates its platform with other enterprise systems to ensure learning is embedded where employees work. This is a crucial channel for distribution and stickiness. The company highlighted new integrations with technology partners like SAP Talent Intelligence Hub during Q4 Fiscal 2025. The platform itself is designed to integrate partner content, which is discoverable via search, recommendations, and assignments.

Codecademy direct-to-consumer channel (secondary focus)

While the primary focus is enterprise, the Codecademy acquisition brought a strong direct-to-consumer (D2C) channel and brand into the fold, which is now integrated into the overall enterprise offering. Codecademy delivered approximately $42 million in revenue for the calendar year 2021. The strategy is to scale Codecademy across Skillsoft Corp.'s existing enterprise customer base, which was over 12,000 corporate customers at the time of acquisition.

Here's a quick look at the revenue split from the most recent full fiscal year data available:

The ongoing channel strategy is supported by these operational metrics:

• Full Year Fiscal 2025 Total Revenue was $531 million.
• Q2 Fiscal 2026 Total Revenue was $129 million.
• The company maintains a global community of learners, which was over 90 million when combining Skillsoft Corp. and Codecademy.
• Skillsoft Corp. provides more than 300,000 learning assets on its platform.

Finance: review the Q3 FY2026 revenue forecast against the GK segment's recent performance trend by next Tuesday.

Skillsoft Corp. (SKIL) - Canvas Business Model: Customer Segments

You're looking at who Skillsoft Corp. is actually selling to as of late 2025. It's not just one type of buyer; it's a mix of massive corporations, government bodies, smaller businesses, and a huge direct-to-consumer audience through their acquired brands.

The core B2B market is anchored by the biggest names. Skillsoft Corp. is the talent development partner of choice for thousands of organizations, specifically serving 60% of the Fortune 1000. This segment relies on the Talent Development Solutions (TDS) enterprise-grade offering, which itself serves more than 3,000 customers globally.

For government and public sector entities, Skillsoft Corp. has established deep compliance and technical training pathways. They are the first learning organization to comply with the Federal Risk and Authorization Management Program, meaning they are FedRAMP-authorized. You can see this commitment in their active GSA Contract Number, 47QTCA19D002B, which was current through modification PS-0052 effective September 23, 2025. Also, the Global Knowledge (GK) unit specifically partners with 50% of the Fortune 1000 corporations for their instructor-led training needs.

Small to Medium-sized Enterprises (SMEs) are captured within the broader TDS customer base, which totals over 3,000 customers. These organizations need scalable learning solutions that don't require the massive infrastructure of a Fortune 100 company, so they tap into the cloud-based platform for workforce upskilling.

The B2C side is massive, largely driven by the Codecademy acquisition. Skillsoft Corp. serves a global community of more than 105 million learners across all offerings as of the second quarter of fiscal 2026. This includes individuals using Codecademy for technical skills, who represent a significant portion of that total learner count.

Here's a quick look at the scale across these segments based on the latest reported figures:

The focus on technology skilling is clearly targeting the enterprise and government segments that need to close skill gaps. For example, in a recent period, technology learners on the platform saw a 30% year-over-year increase.

You should note the split in the business units, as it reflects where the customer engagement is strongest:

• TDS Revenue in Q2 FY2026 was $101 million (flat year-over-year).
• GK Revenue in Q2 FY2026 was $28 million (down 10% year-over-year).
• AI learners saw a 74% increase year-over-year.

If onboarding for new enterprise clients takes longer than expected, churn risk rises for the Global Knowledge side, which is more reliant on discretionary live training spend, as seen by its 10% revenue drop in Q2 FY2026. Finance: draft 13-week cash view by Friday.

Skillsoft Corp. (SKIL) - Canvas Business Model: Cost Structure

You're looking at the major cash drains for Skillsoft Corp. as of late 2025, which is critical for understanding their path to sustained profitability. The cost structure is heavily weighted toward content creation and getting that content in front of enterprise buyers. Honestly, it's a mix of high upfront investment and significant go-to-market spend.

Fixed costs are a big deal here, driven by the need to keep the content library fresh and competitive, especially with the rapid evolution of technology. This includes substantial, ongoing investments in software development and, increasingly, Artificial Intelligence (AI) capabilities. You see this commitment in their fiscal 2025 activities, like the partnership with Microsoft to innovate Generative AI (GenAI) upskilling programs and the enhancement of their AI-powered coach, Skillsoft CAISY™.

Sales and marketing is a major variable cost tied directly to revenue generation. For the second quarter of fiscal 2025, Skillsoft reported selling and marketing expenses of $40 million, which represented approximately 30% of that quarter's total revenue. This spend covers the necessary personnel and promotional activities to drive adoption of their Talent Development Solutions.

General and administrative (G&A) expenses show a focus on streamlining overhead. In Q2 FY2025, G&A expenses were reported at $16.1 million, which was about 12% of the quarter's revenue. Management has been actively working to lower this, citing cost savings from facility consolidation and lower insurance costs as key drivers for reductions year-over-year.

The Global Knowledge (GK) segment carries its own set of instructor and operational costs, which are distinct from the digital content business. While the GK segment revenue was down to $31 million in Q2 FY2025, these costs-covering instructor fees, logistics, and physical/virtual classroom operations-remain a significant component of the overall cost base.

Finally, the balance sheet directly impacts the income statement through financing costs. As of the end of Q3 FY2025, Skillsoft Corp. reported a gross debt level of approximately $591 million. Servicing this debt translates directly into interest expense, which is a non-operational cost that must be covered before shareholder returns are possible.

Here's a quick look at the key expense and debt metrics from the recent reporting periods:

The cost structure is clearly segmented by function, but the underlying investments are all aimed at the same goal:

• Content and software development, including major AI investments.
• Sales and marketing spend to drive adoption of the core Talent Development Solutions.
• Instructor and operational overhead for the Global Knowledge business unit.
• Fixed overhead captured in G&A, targeted for ongoing reduction.
• Interest payments on the existing debt load.

Finance: draft 13-week cash view by Friday.

Skillsoft Corp. (SKIL) - Canvas Business Model: Revenue Streams

You're looking at how Skillsoft Corp. actually brings in the money, which is mostly through recurring subscriptions, the lifeblood of any modern SaaS-like business. The core of this is the Talent Development Solutions (TDS) subscription revenue. This segment is what management points to as the high-margin engine, and it showed resilience in the recent past. For the fiscal year ending January 31, 2025, the Total Revenue for Skillsoft Corp. was approximately $530.99 million.

When we break down the most recent reported quarter, Q2 of Fiscal 2026 (ending July 31, 2025), the revenue streams clearly show the split between their digital platform and their traditional training arm. The TDS segment, which is the subscription core, brought in $101.2 million in that quarter, showing it was flat year-over-year, which management definitely sees as a win amidst macro headwinds. Contrast that with the Global Knowledge (GK) revenue, which comes from instructor-led training and was $27.6 million in the same period, reflecting softer discretionary demand for live events.

Here's the quick math on that Q2 FY2026 segment performance, which gives you a clear picture of the current mix:

Still, Skillsoft Corp. isn't just about the two big buckets. They have other ways they generate cash flow, though these are generally smaller components compared to the massive subscription base. These smaller streams help round out the offering and can be quite profitable when tied to specific customer needs. It's defintely worth noting these supplementary sources:

• Professional services fees for specialized implementation.
• Custom content development fees for bespoke learning modules.
• Revenue from specific certification programs or premium add-ons.