--- title: "Aspen Group Reports Fourth Consecutive Quarter of Net Income for Third Quarter Fiscal 2026 | ASPU Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/279261145.md" description: "Aspen Group, Inc. reported a record net income of $1.4 million for Q3 Fiscal 2026, marking its fourth consecutive quarter of profitability. Operating expenses decreased by 18%, leading to an operating income of $1.7 million and a 17% operating margin. Revenue declined by 5% to $10.4 million, with Aspen University's revenue down 19% due to reduced marketing spend and enrollment changes related to a pending merger. The company is exploring refinancing options for its $5.8 million debt maturing in May 2026." datetime: "2026-03-16T04:01:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279261145.md) - [en](https://longbridge.com/en/news/279261145.md) - [zh-HK](https://longbridge.com/zh-HK/news/279261145.md) generator: "portal-rs" --- # Aspen Group Reports Fourth Consecutive Quarter of Net Income for Third Quarter Fiscal 2026 | ASPU Stock News **Q3 Fiscal 2026 Highlights (compared to Q3 Fiscal year 2025)** - **Record net income of $1.4 million versus net loss of $(1.0) million in Q3 FY2025** - **Operating expenses reduced 18% year-over-year, driving operating income of $1.7 million and 17% operating margin** - **Adjusted EBITDA of $3.0 million (29% margin), up from $1.7 million (15% margin) in the prior-year quarter** **2** - **Fifth consecutive quarter of positive operating cash flow, reaching $1.0 million** PHOENIX, March 16, 2026 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTCQB: ASPU) (“AGI” or the “Company”), an education technology holding company, today announced financial results for its third quarter of fiscal year 2026 ended January 31, 2026. **Third Quarter Fiscal Year 2026 Summary Results** **Three Months Ended January 31,** **Nine Months Ended January 31,** ***$ in millions, except per share data*** **2026** **2025** **2026** **2025** Revenue $ 10.4 $ 10.9 $ 33.0 $ 33.7 Gross Profit1 $ 7.9 $ 7.5 $ 24.7 $ 23.1 Gross Margin (%)1 76 % 68 % 75 % 69 % Net Income (Loss) $ 1.4 $ (1.0 ) $ 2.5 $ (2.2 ) Earnings (Loss) per Share - Basic $ 0.04 $ (0.04 ) $ 0.08 $ (0.09 ) Earnings (Loss) per Share - Diluted $ 0.03 $ (0.04 ) $ 0.06 $ (0.09 ) EBITDA2 $ 2.3 $ 0.1 $ 5.4 $ 1.3 Adjusted EBITDA2 $ 3.0 $ 1.7 $ 7.3 $ 3.7 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ 1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.4 million and $0.4 million; and $1.1 million and $1.4 million for the three and nine months ended January 31, 2026, and 2025, respectively. 2 Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP**–**Financial Measures" starting on page 4. Michael Mathews, Executive Chairman of AGI, stated: “I am pleased to announce we delivered record net income of $1.4 million in the quarter, marking another quarter of improved profitability and operating discipline. This is our fourth consecutive quarter of net income and continued margin expansion. Importantly, USU delivered its sixth consecutive quarter of year-over-year revenue growth, driven primarily by strong organic lead flow and disciplined marketing spend. We are beginning to see the full benefit of the restructuring plan implemented in the fall of 2025, which followed the announcement of our intent to merge Aspen University and United States University with USU as the surviving entity, pending regulatory approval. Third-quarter G&A expense declined by more than $900,000 year-over-year, driving operating margin expansion to 17% from 3% and supporting our fourth consecutive quarter of net income. Over the past several years, we streamlined operations and repositioned the business following a period of revenue contraction. With revenue stabilizing and operating leverage improving, we remain on track to generate continued positive operating cash flow in fiscal 2026 and deliver our most profitable year in over a decade.” Mr. Mathews continued, “In addition, the Company is actively evaluating refinancing alternatives for its debt, which matures in May 2026, with an outstanding balance of approximately $5.8 million. Management has begun discussions with potential financing sources and is exploring options to extend maturities, improve the Company’s capital structure, and support continued operational momentum.” **Fiscal Q3 2026 Financial and Operational Results (compared to Fiscal Q3 2025)** Revenue declined by 5% to $10.4 million compared to $10.9 million. The following table presents the Company’s revenue, both per subsidiary and total: **Three Months Ended January 31,** **2026** **$ Change** **% Change** **2025** AU $ 3,610,097 $ (820,392 ) (19 )% $ 4,430,489 USU 6,780,000 266,521 4 % 6,513,479 Revenue $ 10,390,097 $ (553,871 ) (5 )% $ 10,943,968 Aspen University's (“AU”) revenue decline of 19% year-over-year is the result of lower post-licensure enrollments from the effect of decreased marketing spend initiated in the second half of Fiscal 2023 and the discontinuation of new student enrollments associated with the pending merger with USU. United States University (“USU”) revenue increased by 4% year-over-year. Despite the maintenance level of marketing spend, USU experienced growth this quarter due to continued organic lead flow, 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 tuition increases. GAAP gross profit increased by $0.5 million to $7.9 million. Consolidated gross margin was 76% compared to 68%, AU's gross margin was 75% versus 67%, and USU's gross margin was 78% versus 70%. GAAP gross profit and gross margin increased primarily due to higher revenue at USU related to increased revenue per student related to tuition increases and more students entering their second year of the MSN-FNP program, combined with reduced cost of revenue at AU and USU driven by more efficient allocation of faculty resources. AU instructional costs and services represented 19% of AU revenue, and USU instructional costs and services represented 20% of USU revenue. AU marketing and promotional costs represented 1% of AU revenue, while USU marketing and promotional costs represented less than 1% of USU revenue. The following tables present the Company’s net income (loss), both per subsidiary and total: **Three Months Ended January 31, 2026** **Consolidated** **AGI Corporate** **AU** **USU** Net income (loss) $ 1,434,676 $ (2,096,379 ) $ 884,626 $ 2,646,429 Net income per share - Basic $ 0.04 Net income per share - Diluted $ 0.03 **Three Months Ended January 31, 2025** **Consolidated** **AGI Corporate** **AU** **USU** Net income (loss) $ (979,487 ) $ (3,285,923 ) $ 314,813 $ 1,991,623 Net loss per share - Basic $ (0.04 ) Net loss per share - Diluted $ (0.04 ) The following tables present the Company’s Non-GAAP 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, 2026** **Consolidated** **AGI Corporate** **AU** **USU** EBITDA $2,344,635 $(1,748,547) $1,285,576 $2,807,606 EBITDA Margin 23% NM 36% 41% Adjusted EBITDA $2,965,614 $(1,629,147) $1,540,691 $3,054,070 Adjusted EBITDA Margin 29% NM 43% 45% \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ NM - Not meaningful **Three Months Ended January 31, 2025** **Consolidated** **AGI Corporate** **AU** **USU** EBITDA $ 113,803 $(2,870,669) $841,789 $2,142,683 EBITDA Margin 1% NM 19% 33% Adjusted EBITDA $1,659,599 $(1,828,933) $1,104,551 $2,383,981 Adjusted EBITDA Margin 15% NM 25% 37% Adjusted EBITDA improved by $1.3 million primarily due to increased revenue per student at USU, increased instructional efficiencies at AU and USU and a decrease in general and administrative costs attributed to our restructurings. Third quarter Adjusted EBITDA includes a one-time reversal of compensation accruals of approximately $0.4 million. **Operating Metrics** *New Student Enrollments* Total new student enrollments decreased by 16% year over year in Fiscal Q3 2026. New student enrollments at both AU and USU were negatively impacted by the ongoing maintenance level of marketing spend. Additionally, AU enrollments were impacted by the discontinuation of new student enrollments associated with the pending merger with USU. Year-over-year enrollment at USU increased by 4%, despite low marketing spend, as the result of strong organic lead flow. Sequentially, USU enrollment declined due to the third quarter being our seasonally slowest period. As a result of the restructurings and increased instructional efficiencies, we anticipate increasing marketing spend, following the refinancing of the 15% Debentures, to a level necessary to achieve the enrollments needed to grow the student body. New student enrollments for the past five quarters are shown below: **Q3'25** **Q4'25** **Q1'26** **Q2'26** **Q3'26** AU 290 249 335 270 203 USU 196 258 338 378 204 Total 486 507 673 648 407 *Total Active Student Body* AGI’s active degree-seeking student body for the past five quarters, including AU and USU, is shown below: **Q3'25** **Q4'25** **Q1'26** **Q2'26** **Q3'26** AU 3,564 3,375 3,140 2,771 2,386 USU 2,475 2,434 2,369 2,302 2,096 Total 6,039 5,809 5,509 5,073 4,482 *Nursing Students* Nursing student body for the past five quarters is shown below: **Q3'25** **Q4'25** **Q1'26** **Q2'26** **Q3'26** AU 2,745 2,606 2,418 2,122 1,815 USU 2,297 2,254 2,210 2,153 1,899 Total 5,042 4,860 4,628 4,275 3,714 **Liquidity** The Fiscal Q3 2026 ending unrestricted cash balance was $0.6 million. As of March 6, 2026, the Company had $0.4 million of unrestricted cash on hand. On September 15, 2025, we implemented a fifth restructuring plan, which resulted in additional cash benefits for the Company in Fiscal Q3 2026. As a result of the restructuring, approximately 75 positions were eliminated within AU and AGI. The resulting additional ongoing quarterly compensation-related savings are expected to be approximately $1.5 million, as evidenced by the $1.2 million sequential reduction in G&A in Fiscal Q3 2026. Our restructuring efforts were designed to achieve positive annual operating cash flows, which will permit the resumption of marketing spend at a level that we expect will renew growth in our post-licensure nursing student body following the refinancing of the 15% Debentures. In Fiscal Q3 2026, we had positive cash flow from operations of $1.0 million. Cost reductions from restructuring plans and other corporate initiatives support the Company's expectation that it will have sufficient cash to meet its working capital needs for the next 12 months. Additionally, the Company initiated the process to refinance its 15% Debentures, which it expects to complete by the maturity date. **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, EBITDA Margin, 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 company under applicable SEC rules. AGI defines Adjusted EBITDA as EBITDA excluding: (1) provision for credit losses; (2) stock-based compensation; (3) severance, if applicable; (4) lease modifications, if applicable; (5) impairments of right-of-use assets and tenant leasehold improvements, if applicable; (6) change in fair value of put warrant liability, if applicable; and (7) other non-recurring charges (income). The following table presents a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to Adjusted EBITDA Margin. EBITDA Margin is defined as EBITDA divided by revenue. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. We believe these margins are useful for management, analysts and investors as this measure allows for a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses. **Three Months Ended January 31,** **2026** **2025** Net income (loss) $ 1,434,676 $ (979,487 ) Interest expense, net 276,364 353,629 Tax expense, net 15,519 3,751 Depreciation and amortization 618,076 735,910 EBITDA 2,344,635 113,803 Provision for credit losses 450,000 450,000 Stock-based compensation 8,097 107,012 Severance 90,629 35,421 Change in fair value of put warrant liability — 935,363 Non-recurring charges - Other 72,253 18,000 Adjusted EBITDA $ 2,965,614 $ 1,659,599 Net income (loss) Margin 14 % (9 )% EBITDA Margin 23 % 1 % Adjusted EBITDA Margin 29 % 15 % The following tables present a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to EBITDA margin and Adjusted EBITDA margin by business unit: **Three Months Ended January 31, 2026** **Consolidated** **AGI Corporate** **AU** **USU** Net income (loss) $ 1,434,676 $ (2,096,379 ) $ 884,626 $ 2,646,429 Interest expense, net 276,364 276,364 — — Tax expense, net 15,519 2,500 12,032 987 Depreciation and amortization 618,076 68,968 388,918 160,190 EBITDA 2,344,635 (1,748,547 ) 1,285,576 2,807,606 Provision for credit losses 450,000 — 225,000 225,000 Stock-based compensation 8,097 8,097 — — Severance 90,629 84,979 5,650 — Non-recurring charges - Other 72,253 26,324 24,465 21,464 Adjusted EBITDA $ 2,965,614 $ (1,629,147 ) $ 1,540,691 $ 3,054,070 Net income (loss) Margin 14% NM 25% 39% EBITDA Margin 23% NM 36% 41% Adjusted EBITDA Margin 29% NM 43% 45% \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ NM - Not meaningful **Three Months Ended January 31, 2025** **Consolidated** **AGI Corporate** **AU** **USU** Net income (loss) $ (979,487 ) $ (3,285,923 ) $ 314,813 $ 1,991,623 Interest expense, net 353,629 353,629 — — Tax expense, net 3,751 (10,250 ) 13,301 700 Depreciation and amortization 735,910 71,875 513,675 150,360 EBITDA 113,803 (2,870,669 ) 841,789 2,142,683 Provision for credit losses 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 Change in fair value of put warrant liability 935,363 935,363 — — Non-recurring charges - Other 18,000 — 18,000 — Adjusted EBITDA $ 1,659,599 $ (1,828,933 ) $ 1,104,551 $ 2,383,981 Net income (loss) Margin (9)% NM 7% 31% EBITDA Margin 1% NM 19% 33% Adjusted EBITDA Margin 15% NM 25% 37% **Forward-Looking Statements** This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the expected general and administrative aggregate savings of $1.5 million to be achieved by the fourth quarter of the fiscal year ending April 30, 2026 (“Fiscal 2026”), our expectation to see the full benefit of our restructuring plan, increased marketing spend, our refinancing of our 15% Debentures, and achieving positive operating cash flow for Fiscal 2026, the future growth of enrollment through our increased marketing 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. Important factors that could cause actual results to differ from those in the forward-looking statements include the continued demand of nursing students for the new programs, student attrition, national and local economic factors including the impact of international conflicts including the war in the Middle East and tariffs on the economy and affordability in general, competition from nursing schools in local markets, the competitive impact from the trend of major non-profit universities using online education and consolidation among our competitors, the impact, if any from any future U.S. government shutdowns, and our ability to refinance our outstanding convertible debentures. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. **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 Kim@HaydenIR.com **GAAP Financial Statements** **ASPEN GROUP, INC. AND SUBSIDIARIES** **CONSOLIDATED BALANCE SHEETS** **January 31, 2026** **April 30, 2025** (Unaudited) **Assets** Current assets: Cash and cash equivalents $ 612,792 $ 736,871 Restricted cash 338,002 338,002 Accounts receivable, net of allowance of $6,302,075 and $5,731,139, respectively 16,515,666 17,167,346 Prepaid expenses 461,683 443,366 Other current assets 631,618 518,171 Total current assets 18,559,761 19,203,756 Property and equipment: Computer equipment and hardware 894,691 894,251 Furniture and fixtures 1,974,271 1,974,271 Leasehold improvements 5,621,087 5,621,087 Instructional equipment 506,664 529,299 Software 7,995,533 7,527,066 16,992,246 16,545,974 Less: accumulated depreciation and amortization (11,724,935 ) (9,907,309 ) Total property and equipment, net 5,267,311 6,638,665 Goodwill 5,011,432 5,011,432 Intangible assets, net 7,900,000 7,900,000 Courseware and accreditation, net 214,490 256,994 Long-term contractual accounts receivable 23,233,109 19,846,823 Operating lease right-of-use assets, net 6,000,405 7,250,407 Deposits and other assets 488,413 657,850 **Total assets** $ 66,674,921 $ 66,765,927 **ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONTINUED)** **January 31, 2026** **April 30, 2025** (Unaudited) **Liabilities and Stockholders’ Equity** **Liabilities:** Current liabilities: Accounts payable $ 3,012,872 $ 2,055,173 Accrued expenses 2,815,763 2,483,520 Advances on tuition 1,457,068 2,235,332 Deferred tuition 2,911,945 2,535,533 Due to students 2,084,423 2,115,581 Current portion of long-term debt 5,804,264 2,000,000 Operating lease obligations, current portion 3,202,128 2,811,471 Warrant liabilities 1,427,521 — Other current liabilities 530,475 185,296 Total current liabilities 23,246,459 16,421,906 Long-term debt, net — 5,224,524 Operating lease obligations, less current portion 9,824,634 12,398,678 Warrant liabilities — 1,427,521 Other long-term liabilities 77,402 327,402 Total liabilities 33,148,495 35,800,031 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, 2026 and April 30, 2025 10 10 Common stock, $0.001 par value; 85,000,000 shares authorized, 30,772,293 and 28,389,531 issued and outstanding at January 31, 2026 and April 30, 2025, respectively 30,772 28,390 Additional paid-in capital 122,217,462 122,152,533 Accumulated deficit (88,721,818 ) (91,215,037 ) Total stockholders’ equity 33,526,426 30,965,896 **Total liabilities and stockholders’ equity** $ 66,674,921 $ 66,765,927 **ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** **Three Months Ended January 31,** **Nine Months Ended January 31,** **2026** **2025** **2026** **2025** (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue $ 10,390,097 $ 10,943,968 $ 33,049,808 $ 33,732,584 Operating expenses: Cost of revenue (exclusive of depreciation and amortization shown separately below) 2,088,693 3,032,138 7,253,362 9,265,258 General and administrative 5,502,802 6,413,024 19,072,685 20,974,880 Impairments of right-of-use assets and tenant leasehold improvements — — — 1,848,209 Loss on asset dispositions 4,954 — 4,954 — Provision for credit losses 450,000 450,000 1,350,000 1,350,000 Depreciation and amortization 618,076 735,910 1,929,028 2,350,809 Total operating expenses 8,664,525 10,631,072 29,610,029 35,789,156 Operating income (loss) 1,725,572 312,896 3,439,779 (2,056,572 ) Other income (expense): Interest expense (276,364 ) (353,629 ) (882,285 ) (1,043,289 ) Change in fair value of put warrant liability — (935,363 ) — 970,769 Other income, net 987 360 1,167 17,120 Total other expense, net (275,377 ) (1,288,632 ) (881,118 ) (55,400 ) Income (loss) before income taxes 1,450,195 (975,736 ) 2,558,661 (2,111,972 ) Income tax expense 15,519 3,751 65,442 49,768 Net income (loss) 1,434,676 (979,487 ) 2,493,219 (2,161,740 ) Dividends attributable to preferred stock (105,863 ) (119,979 ) (211,727 ) (268,188 ) Net income (loss) available to common stockholders $ 1,328,813 $ (1,099,466 ) $ 2,281,492 $ (2,429,928 ) Per share information available to common stockholders: Earnings (loss) per share - Basic $ 0.04 $ (0.04 ) $ 0.08 $ (0.09 ) Earnings (loss) per share - Diluted $ 0.03 $ (0.04 ) $ 0.06 $ (0.09 ) Weighted average number of common stock outstanding: Basic 30,755,281 27,642,172 29,902,624 26,752,369 Diluted 40,128,519 27,642,172 39,275,862 26,752,369 **ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)** **Nine Months Ended January 31,** **2026** **2025** (Unaudited) (Unaudited) **Cash flows from operating activities:** Net income (loss) $ 2,493,219 $ (2,161,740 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 1,350,000 1,350,000 Depreciation and amortization 1,929,028 2,350,809 Stock-based compensation 70,763 239,098 Change in fair value of put warrant liability — (970,769 ) Amortization of warrant-based cost — 7,000 Amortization of debt issuance costs 62,020 24,533 Non-cash lease benefit (919,118 ) (118,114 ) Impairments of right-of-use assets and tenant leasehold improvements — 1,848,209 Loss of asset dispositions 4,954 — Changes in operating assets and liabilities: Accounts receivable (4,084,606 ) (1,447,929 ) Prepaid expenses (18,317 ) (73,012 ) Other current assets (113,447 ) 1,127,707 Deposits and other assets 169,437 51,361 Accounts payable 957,699 (780,419 ) Accrued expenses 332,243 302,917 Due to students (31,158 ) (279,218 ) Advances on tuition and deferred tuition (401,852 ) (1,089,514 ) Other current liabilities 345,179 282,210 Other long-term liabilities (250,000 ) 39,472 **Net cash provided by operating activities** **1,896,044** **702,601** **Cash flows from investing activities:** Purchases of courseware and accreditation (48,783 ) (42,810 ) Purchases of property and equipment (471,340 ) (801,380 ) **Net cash used in investing activities** **(520,123** **)** **(844,190** **)** **Cash flows from financing activities:** Repayment of portion of 15% Senior Secured Debentures (1,500,000 ) (1,221,066 ) Payments of debt issuance costs — (100,000 ) **Net cash used in financing activities** **(1,500,000** **)** **(1,321,066** **)** **ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (Unaudited)** **Nine Months Ended January 31,** **2026** **2025** (Unaudited) (Unaudited) **Net decrease in cash, cash equivalents and restricted cash** **$** **(124,079** **)** **$** **(1,462,655** **)** **Cash, cash equivalents and restricted cash at beginning of period** **1,074,873** **2,619,427** **Cash, cash equivalents and restricted cash at end of period** **$** **950,794** **$** **1,156,772** **Supplemental disclosure of cash flow information:** Cash paid for interest $ 882,285 $ 1,043,289 Cash paid for income taxes $ 65,442 $ 49,768 **Supplemental disclosure of non-cash investing and financing activities:** Accrued dividends $ 105,863 $ 119,979 Common stock issued for accrued dividends $ 208,276 $ 208,046 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,** **2026** **2025** (Unaudited) (Unaudited) Cash and cash equivalents $ 612,792 $ 818,770 Restricted cash 338,002 338,002 Total cash, cash equivalents and restricted cash $ 950,794 $ 1,156,772 ### Related Stocks - [ASPU.US](https://longbridge.com/en/quote/ASPU.US.md) ## Related News & Research - [Aspen Group Q4 FY26 net loss widens to $4.3 million; revenue drops 11% to $10.3 million](https://longbridge.com/en/news/296225331.md) - [Jarden Sticks to Their Buy Rating for Aspen Group Limited (AYV1)](https://longbridge.com/en/news/282431300.md) - [Aspen sees Mounjaro Africa sales above $124 million in 2027](https://longbridge.com/en/news/297915112.md) - [Aspen Group Ltd. 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