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    Aspen Group Delivers Positive Operating Income in Third Quarter Fiscal 2025

    3/13/25 8:01:00 AM ET
    $ASPU
    Other Consumer Services
    Consumer Discretionary
    Get the next $ASPU alert in real time by email

    Q3 Fiscal 2025 Highlights (compared to Q3 Fiscal 2024)

    • Gross margin increased by 400 basis points to 68%
    • Lowered operating expense by $3.3 million to deliver operating income of $0.4 million
    • Net loss of $(0.9) million reflects a $(0.9) million non-cash fair value adjustment of put warrants
    • Delivers positive Adjusted EBITDA of $1.7 million as compared to $0.2 million

    PHOENIX, March 13, 2025 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTCQB:ASPU) ("AGI" or the "Company"), an education technology holding company, today announced financial results for its third quarter fiscal year 2025 ended January 31, 2025.

    Third Quarter Fiscal Year 2025 Summary Results

     Three Months Ended January 31, Nine Months Ended January 31,
    $ in millions, except per share data  2025   2024   2025   2024 
    Revenue$10.9  $12.1  $33.7  $40.5 
    Gross Profit1$7.5  $7.7  $23.1  $26.2 
    Gross Margin (%)1 68%  64%  69%  65%
    Operating Income (Loss)$0.4  $(1.8) $(5.1) $(1.9)
    Net Income (Loss)$(0.9) $(3.9) $(5.2) $(6.1)
    Earnings (Loss) per Share$(0.04) $(0.15) $(0.20) $(0.24)
    EBITDA2, 3$0.2  $(0.9) $(1.8) $0.8 
    Adjusted EBITDA2$1.7  $0.2  $3.7  $3.1 

    _______________________

    1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.5 million and $0.5 million, and $1.4 million and $1.5 million for the three and nine months ended January 31, 2025 and 2024, respectively.

    2 Net income (loss) in Fiscal Q3 2025 and Fiscal year 2025 includes a non-cash (loss) gain of $(935,363) and $970,769, respectively, related to the change in the fair value of put warrant liability.

    3 Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP–Financial Measures" starting on page 4.

    Michael Mathews, Chairman and CEO of AGI, stated: "The third quarter showcased strong internal performance. First, we have experienced stabilization in sequential revenue levels at both Aspen University and United States University over the past four quarters with only a maintenance marketing spend rate. Second, management's commitment to effective cost management and operational efficiency resulted in the year-over-year improvement in gross margin and the reduction in operating expenses. These factors worked together to yield positive operating income and operating cash flow of $0.7 million. The third quarter net loss was entirely attributed to a non-cash expense of $935,000 due to the fair value adjustment of put warrants, attributed to gains in AGI's share price during the quarter. Moreover, we are pleased to report Adjusted EBITDA of $1.7 million."

    Mr. Mathews added, "We are particularly encouraged by the recent renewal of Aspen University's accreditation by the Distance Education Accrediting Commission through January 2029. The demand for Aspen University's online post-licensure nursing degree programs and the United States University's family nurse practitioner program remains steady, despite our limited marketing spend rate."

    Fiscal Q3 2025 Financial and Operational Results (compared to Fiscal Q3 2024)

    Revenue decreased by 9% to $10.9 million compared to $12.1 million. The following table presents the Company's revenue, both per-subsidiary and total:

     Three Months Ended January 31,
      2025  $ Change % Change  2024 
    AU$4,430,489  $(1,698,219) (28)% $6,128,708 
    USU 6,513,479   584,340  10%  5,929,139 
    Revenue$10,943,968  $(1,113,879) (9)% $12,057,847 



    Aspen University's ("AU") revenue decline of $1.7 million, or 28%, reflects the completion of the teach-out of the pre-licensure program and lower post-licensure enrollments as a result of the decrease in marketing spend initiated in late Fiscal Q1 2023.

    United States University ("USU") revenue was up 10% compared to the prior year period. MSN-FNP program enrollments decreased in the quarter due to regular seasonal fluctuations and lower marketing spend initiated in late Fiscal Q1 2023. Lower new enrollments were offset by strong demand from existing students returning from inactive status and higher revenue per student driven by more students entering their second year of the MSN-FNP program, which includes clinical rotations, and by tuition increases.

    GAAP gross profit decreased $0.2 million to $7.5 million primarily due to the overall student body decrease of 21%.   Gross margin was 68% compared to 64%. AU's gross margin was 67% versus 61%, and USU's gross margin was 70% versus 68%. The increase in gross margin is the result of lower instructional costs from completing the AU BSN Pre-licensure program teach-out and increased efficiencies in the usage of faculty at both AU and USU.

    AU instructional costs and services represented 25% of AU revenue, and USU instructional costs and services represented 27% of USU revenue. AU marketing and promotional costs represented 2% of AU revenue, and USU marketing and promotional costs represented 1% of USU revenue.

    In Fiscal Q3 2025, net income and EBITDA were impacted by a $0.9 million non-cash expense related to the fair value adjustment of the put warrants, attributed to gains in Aspen Group's share price in the quarter. At the end of each quarter if our stock price has increased, we will incur a charge; contrarily, if our stock price has decreased, we will incur a gain from the put warrants.

    The following tables present the Company's net income (loss), both per subsidiary and total:

     Three Months Ended January 31, 2025
     Consolidated AGI Corporate AU USU
    Net income (loss)$(908,747) $(2,479,960) $(106,590) $1,677,803 
    Net loss per share available to common stockholders$(0.04)      
            
            
     Three Months Ended January 31, 2024
     Consolidated AGI Corporate AU USU
    Net income (loss)$(3,880,437) $(4,787,637) $(380,174) $1,287,374 
    Net loss per share available to common stockholders$(0.15)      



    The following tables present the Company's Non-GAAP Financial Measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP–Financial Measures" starting on page 4.

     Three Months Ended January 31, 2025
     Consolidated AGI Corporate AU USU
    EBITDA$157,934 $(2,064,706) $393,777 $1,828,863
    EBITDA Margin1% NM 9% 28%
    Adjusted EBITDA$1,703,731 $(1,022,970) $656,540 $2,070,161
    Adjusted EBITDA Margin16% NM 15% 32%



     Three Months Ended January 31, 2024
     Consolidated AGI Corporate AU USU
    EBITDA$(943,597) $(2,715,226) $333,751 $1,437,878
    EBITDA Margin(8)% NM 5% 24%
    Adjusted EBITDA$178,442 $(2,414,628) $928,304 $1,664,766
    Adjusted EBITDA Margin1% NM 15% 28%



    Adjusted EBITDA improved by $1.5 million due to the reduction in instructional costs and services related to the teach-out of the pre-licensure program, increased instructional efficiencies at AU and USU and a decrease in general and administrative costs attributed to our restructurings.

    Operating Metrics

    New Student Enrollments

    Total enrollments for AGI decreased 30% from Fiscal Q3 2024. The year-over-year company-wide decrease of new student enrollments is primarily the result of the on-going maintenance level of marketing spend. As a result of the restructurings and increased instructional efficiencies, we anticipate we will increase marketing spend in Fiscal 2026 to a level necessary to provide enrollments needed to grow the student body and increase positive operating cash flow.

    New student enrollments for the past five quarters are shown below:

     Q3'24  Q4'24  Q1'25  Q2'25  Q3'25 
    Aspen University473  427  413  508  359 
    USU325  370  410  442  196 
    Total798  797  823  950  555 



    Total Active Student Body

    AGI's active degree-seeking student body, including AU and USU, declined 21% year-over-year to 6,039 at January 31, 2025 from 7,649 at January 31, 2024. AU's total active student body decreased by 31% year-over-year to 3,564 at January 31, 2025 from 5,146 at January 31, 2024. On a year-over-year basis, USU's total active student body decreased by 1% to 2,475 at January 31, 2025 from 2,503 at January 31, 2024.

    Total active student body for the past five quarters is shown below:

     Q3'24  Q4'24  Q1'25  Q2'25  Q3'25 
    Aspen University5,146  4,559  4,145  3,827  3,564 
    USU2,503  2,489  2,477  2,560  2,475 
    Total7,649  7,048  6,622  6,387  6,039 



    Nursing Students

    Nursing student body for the past five quarters is shown below.

     Q3'24  Q4'24  Q1'25  Q2'25  Q3'25 
    Aspen University4,032  3,526  3,198  2,948  2,745 
    USU2,270  2,262  2,254  2,300  2,297 
    Total6,302  5,788  5,452  5,248  5,042 



    Liquidity

    The Fiscal Q3 2025 ending unrestricted cash balance was $0.8 million. We implemented the following during Fiscal Q3 2025 to help us further stabilize on-going cash flow. First, we renegotiated the 15% Senior Secured Debentures in October 2024, reducing ongoing principal payments and changing the timing of principal payments from monthly to quarterly. Second, the Company initiated a fourth restructuring late in the fourth quarter of calendar 2024, which is projected to reduce annual operating expenses by over $1.5 million.

    Cost reductions associated with the four restructuring plans and other corporate cost reductions were implemented to ensure that the Company will have sufficient cash to meet its working capital needs for the next 12 months.

    Non-GAAP – Financial Measures

    This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of AGI nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.

    Our management uses and relies on EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. We believe that management, analysts, and shareholders benefit from referring to the following non-GAAP financial measures to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below.

    We have included a reconciliation of our non-GAAP financial measures to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between AGI and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each.

    AGI defines Adjusted EBITDA as EBITDA excluding: (1) bad debt expense; (2) stock-based compensation; (3) severance; (4) impairments of right-of-use assets and tenant leasehold improvements and (5) non-recurring charges. The following table presents a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin:

     Three Months Ended January 31,
      2025   2024 
    Net loss$(908,747) $(3,880,437)
    Interest expense, net 353,629   1,992,185 
    Taxes 3,751   28,531 
    Depreciation and amortization 709,301   916,124 
    EBITDA 157,934   (943,597)
    Bad debt expense 450,000   450,000 
    Stock-based compensation 107,012   222,076 
    Severance 35,421   — 
    Impairment of right-of-use assets —   105,314 
    Non-recurring charges - Other 953,364   344,649 
    Adjusted EBITDA$1,703,731  $178,442 
        
    Net income / loss Margin (8)%   (32)% 
    Adjusted EBITDA Margin 16%   1% 



    The following tables present a reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA and of Net income (loss) margin to the Adjusted EBITDA margin by business unit:

     Three Months Ended January 31, 2025
     Consolidated AGI Corporate AU USU
    Net income (loss)$(908,747) $(2,479,960) $(106,590) $1,677,803 
    Interest expense, net 353,629   353,629   —   — 
    Taxes 3,751   (10,250)  13,301   700 
    Depreciation and amortization 709,301   71,875   487,066   150,360 
    EBITDA 157,934   (2,064,706)  393,777   1,828,863 
    Bad debt expense 450,000   —   225,000   225,000 
    Stock-based compensation 107,012   104,283   1,607   1,122 
    Severance 35,421   2,090   18,155   15,176 
    Non-recurring charges - Other 953,364   935,363   18,001   — 
    Adjusted EBITDA$1,703,731  $(1,022,970) $656,540  $2,070,161 



    Net income (loss) Margin(8)% NM (2)% 26%
    Adjusted EBITDA Margin16% NM 15% 32%

    _________________

    NM – Not meaningful



     Three Months Ended January 31, 2024
     Consolidated AGI Corporate AU USU
    Net income (loss)$(3,880,437) $(4,787,637) $(380,174) $1,287,374 
    Interest expense, net 1,992,185   1,992,185   —   — 
    Taxes 28,531   1,008   18,522   9,001 
    Depreciation and amortization 916,124   79,218   695,403   141,503 
    EBITDA (943,597)  (2,715,226)  333,751   1,437,878 
    Bad debt expense 450,000   —   225,000   225,000 
    Stock-based compensation 222,076   207,149   13,039   1,888 
    Impairment of right-of-use assets 105,314   —   105,314   — 
    Non-recurring charges - Other 344,649   93,449   251,200   — 
    Adjusted EBITDA$178,442  $(2,414,628) $928,304  $1,664,766 



    Net income (loss) Margin(32)% NM (6)% 22%
    Adjusted EBITDA Margin1% NM 15% 28%



    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the increase in marketing spend and the impact on our future cash flows, the impact of our operating and debt restructurings, and our liquidity. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. The results anticipated by any or all of these forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially from these forward-looking statements include, without limitation, the impact from our fourth restructuring plan, the effectiveness of our future marketing, our ability to sublease our remaining leases other than our executive offices and necessary space used by AU and USU, the continued high demand for nurses for our new programs and in general, student attrition, national and local economic factors including the labor market shortages, competition from other online universities including the competitive impact from the trend of major non-profit universities using online education and state regulation if the U.S. Department of Education is eliminated or implements an enhanced deregulatory effort toward for-profit universities. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

    About Aspen Group, Inc.

    Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again.

    Investor Relations Contact

    Kim Rogers

    Managing Director

    Hayden IR

    385-831-7337 

    [email protected]



    GAAP Financial Statements

    ASPEN GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS
     
     January 31, 2025 April 30, 2024
     (Unaudited)  
    Assets   
    Current assets:   
    Cash and cash equivalents$818,770  $1,531,425 
    Restricted cash 338,002   1,088,002 
    Accounts receivable, net of allowance of $5,866,401 and $4,560,378, respectively 18,643,872   19,686,527 
    Prepaid expenses 575,763   502,751 
    Other current assets 657,914   1,785,621 
    Total current assets 21,034,321   24,594,326 
        
    Property and equipment:   
    Computer equipment and hardware 894,251   886,152 
    Furniture and fixtures 1,974,271   1,974,271 
    Leasehold improvements 4,594,240   6,553,314 
    Instructional equipment 529,299   529,299 
    Software 9,578,277   8,784,996 
      17,570,338   18,728,032 
    Less: accumulated depreciation and amortization (11,025,412)  (9,542,520)
    Total property and equipment, net 6,544,926   9,185,512 
    Goodwill 5,011,432   5,011,432 
    Intangible assets, net 7,900,000   7,900,000 
    Courseware and accreditation, net 309,946   363,975 
    Long-term contractual accounts receivable 18,673,614   17,533,030 
    Operating lease right-of-use assets, net 5,203,586   10,639,838 
    Deposits and other assets 667,527   718,888 
    Total assets$65,345,352  $75,947,001 



    (Continued)



    ASPEN GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS (CONTINUED)
     
     January 31, 2025 April 30, 2024
     (Unaudited)  
    Liabilities and Stockholders' Equity   
    Liabilities:   
    Current liabilities:   
    Accounts payable$1,530,941  $2,311,360 
    Accrued expenses 3,183,395   2,880,478 
    Advances on tuition 2,385,822   2,030,501 
    Deferred tuition 3,436,711   4,881,546 
    Due to students 2,279,274   2,558,492 
    Current portion of long-term debt 2,000,000   2,284,264 
    Operating lease obligations, current portion 2,694,665   2,608,534 
    Other current liabilities 368,705   86,495 
    Total current liabilities 17,879,513   19,641,670 
        
    Long-term debt, net 5,708,861   6,776,506 
    Operating lease obligations, less current portion 13,156,161   14,999,687 
    Put warrants liabilities 993,823   1,964,593 
    Other long-term liabilities 327,402   287,930 
    Total liabilities 38,065,760   43,670,386 
        
    Commitments and contingencies   
        
    Stockholders' equity:   
    Preferred stock, $0.001 par value; 1,000,000 shares authorized,   
    10,000 issued and 10,000 outstanding at both January 31, 2025 and April 30, 2024 10   10 
    Common stock, $0.001 par value; 85,000 shares authorized,   
    27,665,439 issued and 27,665,439 outstanding at January 31, 2025   
    25,701,603 issued and 25,701,603 outstanding at April 30, 2024 27,665   25,702 
    Additional paid-in capital 122,105,038   121,921,048 
    Accumulated deficit (94,853,121)  (89,670,145)
    Total stockholders' equity 27,279,592   32,276,615 
    Total liabilities and stockholders' equity$65,345,352  $75,947,001 



     
    ASPEN GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)
     
     Three Months Ended January 31, Nine Months Ended January 31,
      2025   2024   2025   2024 
     (Unaudited) (Unaudited) (Unaudited) (Unaudited)
    Revenue$10,943,968  $12,057,847  $33,732,584  $40,526,566 
            
    Operating expenses:       
    Cost of revenue (exclusive of depreciation and amortization shown separately below) 3,032,138   3,861,895   9,265,258   12,838,943 
    General and administrative 6,368,891   8,493,275   20,933,780   25,335,699 
    Impairments of right-of-use assets and tenant leasehold improvements —   105,314   4,937,154   105,314 
    Bad debt expense 450,000   450,000   1,350,000   1,350,000 
    Depreciation and amortization 709,301   916,124   2,324,200   2,829,426 
    Total operating expenses 10,560,330   13,826,608   38,810,392   42,459,382 
            
    Operating income (loss) 383,638   (1,768,761)  (5,077,808)  (1,932,816)
            
    Other income (expense):       
    Interest expense (353,629)  (1,992,185)  (1,043,289)  (3,969,386)
    Change in fair value of put warrant liability (935,363)  (93,449)  970,769   (93,449)
    Other income, net 358   2,489   17,120   16,741 
    Total other expense, net (1,288,634)  (2,083,145)  (55,400)  (4,046,094)
            
    Loss before income taxes (904,996)  (3,851,906)  (5,133,208)  (5,978,910)
            
    Income tax expense 3,751   28,531   49,768   152,778 
            
    Net loss (908,747)  (3,880,437)  (5,182,976)  (6,131,688)
            
    Dividends attributable to preferred stock (119,979)  —   (268,188)  — 
            
    Net loss available to common stockholders$(1,028,726) $(3,880,437) $(5,451,164) $(6,131,688)
            
    Net loss per share - basic and diluted available to common stockholders$(0.04) $(0.15) $(0.20) $(0.24)
            
    Weighted average number of common stock outstanding - basic and diluted 27,642,172   25,835,042   26,752,369   25,650,447 



     
    ASPEN GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)
     
     Nine Months Ended January 31,
      2025   2024 
     (Unaudited) (Unaudited)
    Cash flows from operating activities:   
    Net loss$(5,182,976) $(6,131,688)
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:   
    Bad debt expense 1,350,000   1,350,000 
    Depreciation and amortization 2,324,200   2,829,426 
    Stock-based compensation 239,098   527,657 
    Change in fair value of put warrant liability (970,769)  93,449 
    Amortization of warrant-based cost 7,000   21,000 
    Amortization of debt issuance costs 24,533   1,209,504 
    Amortization of debt discounts —   308,832 
    Non-cash lease benefit (159,214)  (618,917)
    Impairments of right-of-use assets and tenant leasehold improvements 4,937,154   105,314 
    Changes in operating assets and liabilities:   
    Accounts receivable (1,447,929)  (5,504,660)
    Prepaid expenses (73,012)  32,139 
    Other current assets 1,127,707   (2,251,844)
    Deposits and other assets 51,361   (363,082)
    Accounts payable (780,419)  1,552,755 
    Accrued expenses 302,917   840,445 
    Due to students (279,218)  (55,515)
    Advances on tuition and deferred tuition (1,089,514)  161,461 
    Other current liabilities 282,210   325,778 
    Other long-term liabilities 39,472   37,930 
    Net cash provided by (used in) operating activities 702,601   (5,530,016)
        
    Cash flows from investing activities:   
    Purchases of courseware and accreditation (42,810)  (152,550)
    Purchases of property and equipment (801,380)  (865,464)
    Net cash used in investing activities (844,190)  (1,018,014)
        
    Cash flows from financing activities:   
    Repayment of portion of 15% Senior Secured Debentures (1,221,066)  (968,440)
    Payments of debt issuance costs (100,000)  (195,661)
    Proceeds from 15% Senior Secured Debentures, net of original issuance discount and fees —   10,451,080 
    Repayment of 2018 Credit Facility —   (5,000,000)
    Advance from related party —   200,000 
    Net cash (used in) provided by financing activities (1,321,066)  4,486,979 



    (Continued)



    ASPEN GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

    (Unaudited)
     
     Nine Months Ended January 31,
      2025   2024 
     (Unaudited) (Unaudited)
    Net decrease in cash, cash equivalents and restricted cash$(1,462,655) $(2,061,051)
    Cash, cash equivalents and restricted cash at beginning of period 2,619,427   5,724,467 
    Cash, cash equivalents and restricted cash at end of period$1,156,772  $3,663,416 
        
    Supplemental disclosure of cash flow information:   
    Cash paid for interest$1,043,289  $2,423,307 
    Cash paid for income taxes$49,768  $89,441 
        
    Supplemental disclosure of non-cash investing and financing activities:   
    Accrued dividends$119,979  $— 
    Relative fair value of warrants issued as part of the 15% Senior Secured Debentures$—  $154,000 
    Reclassification of put warrants as part of the 15% Senior Secured Debentures from equity to liabilities$—  $500,825 
    Issuance of put warrants as part of the 15% Senior Secured Debentures$—  $1,964,593 



    The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying unaudited consolidated statements of cash flows:

     January 31,
      2025   2024 
     (Unaudited) (Unaudited)
    Cash and cash equivalents$818,770  $563,416 
    Restricted cash 338,002   3,100,000 
    Total cash, cash equivalents and restricted cash$1,156,772  $3,663,416 


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