Continued profitability expansion with net income of $0.7 million versus net loss of $(1.1) million in Q2 FY2025, and up from net income of $0.4 million in Q1 FY2026
Revenue of $11.2 million; USU increases 9% year-over-year
Disciplined cost controls deliver operating income of $1.0 million
Positive Adjusted EBITDA of $2.5 million versus $1.5 million; Adjusted EBITDA margin of 22% versus 14%
Fourth consecutive quarter of positive operating cash flow of $0.5 million

持续盈利扩张，净收入为 70 万美元，而 2025 财年第二季度净亏损为 110 万美元，较 2026 财年第一季度净收入 40 万美元有所上升
收入为 1120 万美元；USU 同比增长 9%
严格的成本控制实现了 100 万美元的营业收入
调整后的 EBITDA 为 250 万美元，较 150 万美元有所增加；调整后的 EBITDA 利润率为 22%，而 14% 为
连续第四个季度实现正的营业现金流，达到 50 万美元

PHOENIX, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTCQB: ASPU) (“AGI” or the “Company”), an education technology holding company, today announced financial results for its second quarter of fiscal year 2026 ended October 31, 2025.

凤凰城，2025年12月15日（全球新闻通讯社）——Aspen Group, Inc.（OTCQB: ASPU）（“AGI” 或 “公司”），一家教育科技控股公司，今天公布了截至2025年10月31日的 2026 财年第二季度财务业绩。

Second Quarter Fiscal Year 2026 Summary Results

2026 财年第二季度总结结果


	Three Months Ended October 31,		Six Months Ended October 31,
*$ in millions, except per share data*		2025			2024			2025			2024
Revenue	$	11.2		$	11.5		$	22.7		$	22.8
Gross Profit1	$	8.4		$	8.1		$	16.7		$	15.6
Gross Margin (%)1		75	%		71	%		74	%		69	%
Net Income (Loss)	$	0.7		$	(1.1	)	$	1.1		$	(1.2	)
Earnings (Loss) per Share - Basic	$	0.02		$	(0.04	)	$	0.03		$	(0.05	)
Earnings (Loss) per Share - Diluted	$	0.01		$	(0.04	)	$	0.02		$	(0.05	)
EBITDA2	$	1.6		$	0.1		$	3.0		$	1.2
Adjusted EBITDA2	$	2.5		$	1.5		$	4.3		$	2.0
\\\_____________
1GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.4 million and $0.5 million; and $0.8 million and $0.9 million for the three and six months ended October 31, 2025 and 2024, respectively.
2Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP – Financial Measures" starting on page 4.


	截至 10 月 31 日的三个月		截至 10 月 31 日的六个月
*$以百万计，除每股数据外*		2025			2024			2025			2024
收入	$	11.2		$	11.5		$	22.7		$	22.8
毛利润 1	$	8.4		$	8.1		$	16.7		$	15.6
毛利率 (%) 1		75	%		71	%		74	%		69	%
净收入（亏损）	$	0.7		$	(1.1	)	$	1.1		$	(1.2	)
每股收益（亏损）- 基本	$	0.02		$	(0.04	)	$	0.03		$	(0.05	)
每股收益（亏损）- 稀释	$	0.01		$	(0.04	)	$	0.02		$	(0.05	)
EBITDA2	$	1.6		$	0.1		$	3.0		$	1.2
调整后的 EBITDA2	$	2.5		$	1.5		$	4.3		$	2.0
\\\_____________
1GAAP 毛利润计算包括市场营销和促销费用、教学成本和服务，以及 2025 年和 2024 年截至 10 月 31 日的三个月和六个月的摊销费用分别为 40 万美元和 50 万美元；以及 80 万美元和 90 万美元。
2 非 GAAP 财务指标。请参见第 4 页 “非 GAAP – 财务指标” 下 GAAP 与非 GAAP 财务指标的对账。

Michael Mathews, Chairman and CEO of AGI, stated: “In the quarter, we delivered solid top-line stability coupled with material margin expansion, producing our third consecutive quarter of net income. Our continued disciplined execution, cost controls and restructuring initiatives keep Aspen Group on track to achieve approximately $1.5 million of additional quarterly G&A savings by the third quarter of fiscal year 2026. Our strategy to sustain profitability and cash flow from operations is working and positions us to boost enrollments through strategic reinvestments in marketing. We remain committed to our objectives of expanding student resources and achieving positive operating cash flow for fiscal year 2026.”

AGI 董事长兼首席执行官 Michael Mathews 表示：“在本季度，我们实现了稳定的收入增长和显著的利润率扩张，连续第三个季度实现净收入。我们持续的严格执行、成本控制和重组举措使 Aspen Group 有望在 2026 财年第三季度实现约 150 万美元的额外季度 G&A 节省。我们维持盈利和运营现金流的战略正在奏效，并为通过战略性再投资于市场营销来提升招生奠定了基础。我们仍然致力于扩大学生资源并在 2026 财年实现正的运营现金流。”

Fiscal Q2 2026 Financial and Operational Results (compared to Fiscal Q2 2025)

2026 财年第二季度财务和运营结果（与 2025 财年第二季度相比）

Revenue declined by 2% to $11.2 million compared to $11.5 million. The following table presents the Company’s revenue, both per subsidiary and total:

收入下降 2%，至 1120 万美元，较 1150 万美元有所减少。下表展示了公司的收入，按子公司和总计列出：


	Three Months Ended October 31,
		2025	$ Change		% Change		2024
AU	$	3,938,503	$	(835,190	)	(17)%		$	4,773,693
USU		7,280,742		594,656		9%			6,686,086
Revenue	$	11,219,245	$	(240,534	)	(2)%		$	11,459,779


	截至 10 月 31 日的三个月
		2025	$ 变动		% 变动		2024
AU	$	3,938,503	$	(835,190	)	(17)%		$	4,773,693
USU		7,280,742		594,656		9%			6,686,086
收入	$	11,219,245	$	(240,534	)	(2)%		$	11,459,779

Aspen University's (“AU”) revenue decline of 17% 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.

Aspen 大学（“AU”）的收入同比下降 17%，是由于 2023 财年下半年减少的市场营销支出导致的后执照入学人数下降。

United States University (“USU”) revenue increased by 9% to $7.3 million. 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.

美国大学（“USU”）的收入增长 9%，达到 730 万美元。尽管市场营销支出维持在水平，USU 本季度由于持续的有机线索流、来自恢复活跃状态的现有学生的强劲需求以及更多学生进入 MSN-FNP 项目的第二年（包括临床轮转）而实现了收入增长，同时学费也有所上涨。

GAAP gross profit increased by $0.2 million to $8.4 million. Consolidated gross margin was 75% compared to 71%, AU's gross margin was 72% versus 67%, and USU's gross margin was 76% versus 74%. GAAP gross profit and gross margin increased primarily due to higher revenue at USU related to increased revenue per student combined with reduced cost of revenue at AU and USU driven by more efficient allocation of faculty resources.

GAAP 毛利润增加 20 万美元，达到 840 万美元。合并毛利率为 75%，而 2024 年为 71%；AU 的毛利率为 72%，而 2024 年为 67%；USU 的毛利率为 76%，而 2024 年为 74%。GAAP 毛利润和毛利率的增加主要是由于 USU 的收入增加，得益于每位学生的收入提高，以及 AU 和 USU 的成本降低，后者得益于更有效的教师资源分配。

AU instructional costs and services represented 22% of AU revenue, and USU instructional costs and services represented 21% 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.

AU 的教学成本和服务占 AU 收入的 22%，USU 的教学成本和服务占 USU 收入的 21%。AU 的市场营销和促销成本占 AU 收入的 1%，而 USU 的市场营销和促销成本占 USU 收入的不到 1%。

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

下表展示了公司的净收入（亏损），按子公司和总计列出：


	Three Months Ended October 31, 2025
	Consolidated		AGI Corporate		AU		USU
Net income (loss)	$	651,738		$	(2,800,567	)		$	428,780	$	3,023,525
Per share information available to common stockholders:
Earnings per share - Basic	$	0.02
Earnings per share - Diluted	$	0.01


	截至2025年10月31日的三个月
	合并		AGI 公司		AU		USU
净收入（亏损）	$	651,738		$	(2,800,567	)		$	428,780	$	3,023,525
提供给普通股东的每股信息：


	Three Months Ended October 31, 2024
	Consolidated		AGI Corporate	AU		USU
Net income (loss)	$	(1,057,420	)	$	(1,611,277	)	$	(1,866,384	)	$	2,420,241
Per share information available to common stockholders:
Loss per share - Basic	$	(0.04	)
Loss per share - Diluted	$	(0.04	)


	截至2024年10月31日的三个月
	合并		AGI 公司	AU		USU
净收入（亏损）	$	(1,057,420	)	$	(1,611,277	)	$	(1,866,384	)	$	2,420,241
每股信息（普通股股东可得）:
每股亏损 - 基本	$	(0.04	)
每股亏损 - 稀释	$	(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.

以下表格展示了公司的非 GAAP 指标，包括各子公司和总计。请参见第 4 页 “非 GAAP – 财务指标” 下的 GAAP 与非 GAAP 财务指标的对账。


	Three Months Ended October 31, 2025
	Consolidated	AGI Corporate	AU	USU
EBITDA	$1,631,062	$(2,425,361)	$871,880		$3,184,543
EBITDA Margin	15%	NM	22%		44%
Adjusted EBITDA	$2,468,810	$(2,343,696)	$1,341,195		$3,471,311
Adjusted EBITDA Margin	22%	NM	34%		48%
\\\_____________
NM - Not meaningful


	截至2025年10月31日的三个月
	合并	AGI 公司	AU	USU
EBITDA	$1,631,062	$(2,425,361)	$871,880		$3,184,543
EBITDA 利润率	15%	NM	22%		44%
调整后 EBITDA	$2,468,810	$(2,343,696)	$1,341,195		$3,471,311
调整后 EBITDA 利润率	22%	NM	34%		48%
\\\_____________
NM - 无意义


	Three Months Ended October 31, 2024
	Consolidated		AGI Corporate		AU		USU
EBITDA	$126,190		$(1,179,476)			$(1,264,051)		$2,569,717
EBITDA Margin		1%		NM			(26)%		38%
Adjusted EBITDA	$1,549,020		$(2,161,445)			$910,733		$2,799,732
Adjusted EBITDA Margin		14%		NM			19%		42%


	截至2024年10月31日的三个月
	合并		AGI 公司		AU		USU
EBITDA	$126,190		$(1,179,476)			$(1,264,051)		$2,569,717
EBITDA 利润率		1%		NM			(26)%		38%
调整后 EBITDA	$1,549,020		$(2,161,445)			$910,733		$2,799,732
调整后 EBITDA 利润率		14%		NM			19%		42%

Adjusted EBITDA improved by $0.9 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.

调整后 EBITDA 改善了 90 万美元，主要由于 USU 每位学生的收入增加，AU 和 USU 的教学效率提高，以及由于重组导致的一般和管理成本下降。

Operating Metrics

运营指标

New Student Enrollments

新学生注册

On a Company-wide basis, new student enrollments decreased 29% year-over-year. Sequentially, new student enrollments at USU increased due to continued strong organic lead flow, existing students returning from inactive status, and students enrolling in advance of Q2 Fiscal 2026 price increases. New student enrollments at both AU and USU were negatively impacted by the on-going maintenance level of marketing spend. As a result of the restructurings and increased instructional efficiencies, we anticipate the resumption of marketing spend at a level necessary to provide enrollments needed to grow the student body and allow for the generation of positive operating cash flow following the repayment of the 15% Debentures.

在公司整体范围内，新学生注册同比下降 29%。按季度来看，由于持续强劲的自然流量、现有学生从非活跃状态恢复以及学生在 2026 财年第二季度价格上涨前注册，USU 的新学生注册有所增加。AU 和 USU 的新学生注册受到持续的市场营销支出维护水平的负面影响。由于重组和教学效率的提高，我们预计市场营销支出将恢复到一个必要的水平，以提供所需的注册人数，从而扩大学生群体，并在偿还 15% 债券后实现正的运营现金流。

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

过去五个季度的新学生注册情况如下：


	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26
AU	508	359	350	338	297
USU	442	196	258	338	378
Total	950	555	608	676	675


	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26
AU	508	359	350	338	297
USU	442	196	258	338	378
总计	950	555	608	676	675

Total Active Student Body

总活跃学生人数

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

过去五个季度的总活跃学生人数如下：


	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26
AU	3,827	3,564	3,375	3,140	2,771
USU	2,560	2,475	2,434	2,369	2,302
Total	6,387	6,039	5,809	5,509	5,073


	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26
AU	3,827	3,564	3,375	3,140	2,771
USU	2,560	2,475	2,434	2,369	2,302
总计	6,387	6,039	5,809	5,509	5,073

Nursing Students

护理学生

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

过去五个季度的护理学生人数如下：


	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26
AU	2,948	2,745	2,606	2,418	2,122
USU	2,300	2,297	2,254	2,210	2,153
Total	5,248	5,042	4,860	4,628	4,275


	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26
AU	2,948	2,745	2,606	2,418	2,122
USU	2,300	2,297	2,254	2,210	2,153
总计	5,248	5,042	4,860	4,628	4,275

Liquidity

流动性

The Q2 Fiscal 2026 ending unrestricted cash balance was $0.3 million. As of December 12, 2025, the Company had $0.4 million of unrestricted cash on hand. On September 15, 2025, we implemented a fifth restructuring plan, which will result in additional cash benefits for the Company starting in Q3 Fiscal 2026. The restructuring resulted in the elimination of approximately 75 positions within AU and AGI. The resulting additional on-going quarterly compensation-related savings will be approximately $1.5 million beginning in Q3 Fiscal 2026.

2026 财年第二季度结束时的未限制现金余额为 30 万美元。截至2025年12月12日，公司手头有 40 万美元的未限制现金。2025年9月15日，我们实施了第五个重组计划，这将使公司在 2026 财年第三季度开始获得额外的现金收益。此次重组导致 AU 和 AGI 大约 75 个职位的裁减。由此产生的额外持续季度薪酬相关节省将在 2026 财年第三季度开始约为 150 万美元。

Our restructuring efforts were designed to achieve break-even to 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 repayment of the 15% Debentures. In Q2 Fiscal 2026, we had positive cash flow from operations of $0.5 million.

我们的重组工作旨在实现年度运营现金流的收支平衡或正值，这将允许我们恢复市场营销支出到一个我们预计将重新推动我们在获得执照后的护理学生人数增长的水平，前提是偿还 15% 债券。在 2026 财年第二季度，我们的运营现金流为 50 万美元。

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

与重组计划和其他公司成本削减相关的成本降低确保公司在未来 12 个月内有足够的现金满足其营运资金需求。

Non-GAAP Financial Measures

非 GAAP 财务指标

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.

本新闻稿包括根据一般公认会计原则（GAAP）计算的财务指标以及非 GAAP 财务指标。一般来说，非 GAAP 财务指标是指公司业绩、财务状况或现金流的数值指标，这些指标排除了或包含了在根据 GAAP 计算和呈现的最直接可比指标中通常不包括或包括的金额。非 GAAP 财务指标应被视为补充，不应被视为净收入（损失）、营业收入（损失）、经营活动现金流、流动性或任何其他财务指标的替代品。它们可能无法反映 AGI 的历史经营结果，也不旨在预测潜在的未来结果。投资者不应孤立地考虑非 GAAP 财务指标，也不应将其视为根据 GAAP 计算的业绩指标的替代品。

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.

我们的管理层使用并依赖于 EBITDA、EBITDA 利润率、调整后的 EBITDA 和调整后的 EBITDA 利润率，这些都是非 GAAP 财务指标。我们认为管理层、分析师和股东在评估和评估我们核心经营结果时，从参考以下非 GAAP 财务指标中受益，这些指标在去除影响可比性的项目后，能够进行周期间的比较。我们的管理层认识到，非 GAAP 财务指标由于排除的项目而具有固有的局限性。

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.

我们已将我们的非 GAAP 财务指标与根据 GAAP 计算的最可比财务指标进行了对账。我们认为，提供非 GAAP 财务指标以及与 GAAP 的对账，有助于投资者在 AGI 与其他公司之间进行比较。在与其他公司进行任何比较时，投资者需要意识到公司使用不同的非 GAAP 指标来评估其财务表现。投资者应密切关注所使用的具体定义以及每家公司根据适用的 SEC 规则提供的该指标与相应 GAAP 指标之间的对账。

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.

AGI 将调整后的 EBITDA 定义为排除以下项目的 EBITDA：（1）信用损失准备；（2）基于股票的补偿；（3）裁员费用（如适用）；（4）租赁修改（如适用）；（5）使用权资产和租户租赁改进的减值（如适用）；（6）认沽权证负债公允价值变动（如适用）；（7）其他非经常性费用（收入）。下表展示了净收入（损失）与 EBITDA 和调整后 EBITDA 的对账，以及净收入（损失）利润率与调整后 EBITDA 利润率的对账。

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.

EBITDA 利润率定义为 EBITDA 除以收入。调整后的 EBITDA 利润率定义为调整后的 EBITDA 除以收入。我们认为这些利润率对管理层、分析师和投资者是有用的，因为该指标允许我们与竞争对手的表现进行更有意义的比较。调整后的 EBITDA 利润率有一定的局限性，因为它没有考虑某些费用对我们合并经营报表的影响。


	Three Months Ended October 31,
		2025		2024
Net income (loss)	$	651,738	$	(1,057,420	)
Interest expense, net		295,530		342,490
Tax expense, net		42,504		46,225
Depreciation and amortization		641,290		794,895
EBITDA		1,631,062		126,190
Provision for credit losses		450,000		450,000
Stock-based compensation		30,486		98,245
Severance		232,659		35,522
Impairments of right-of-use assets and tenant leasehold improvements		—		1,848,209
Change in fair value of put warrant liability		—		(1,085,145	)
Non-recurring charges - Other		124,603		75,999
Adjusted EBITDA	$	2,468,810	$	1,549,020
Net income (loss) Margin		6%		(9)%
EBITDA Margin		15%		1%
Adjusted EBITDA Margin		22%		14%


	截至2025年10月31日的三个月
		2025		2024
净收入（损失）	$	651,738	$	(1,057,420	)
利息费用，净额		295,530		342,490
税费，净额		42,504		46,225
折旧和摊销		641,290		794,895
EBITDA		1,631,062		126,190
信用损失准备		450,000		450,000
基于股票的补偿		30,486		98,245
裁员费用		232,659		35,522
使用权资产和租户租赁改进的减值		—		1,848,209
认沽权证负债公允价值变动		—		(1,085,145	)
非经常性费用 - 其他		124,603		75,999
调整后的 EBITDA	$	2,468,810	$	1,549,020
净收入（损失）利润率		6%		(9)%
EBITDA 利润率		15%		1%
调整后的 EBITDA 利润率		22%		14%

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:

下表展示了净收入（损失）与 EBITDA 和调整后 EBITDA 的对账，以及净收入（损失）利润率与 EBITDA 利润率和调整后 EBITDA 利润率按业务单位的对账：


	Three Months Ended October 31, 2025
	Consolidated		AGI Corporate		AU		USU
Net income (loss)	$	651,738		$	(2,800,567	)		$	428,780	$	3,023,525
Interest expense, net		295,530			295,530				—		—
Tax expense, net		42,504			11,789				26,840		3,875
Depreciation and amortization		641,290			67,887				416,260		157,143
EBITDA		1,631,062			(2,425,361	)			871,880		3,184,543
Provision for credit losses		450,000			—				225,000		225,000
Stock-based compensation		30,486			30,170				—		316
Severance		232,659			51,495				174,514		6,650
Non-recurring charges - Other		124,603			—				69,801		54,802
Adjusted EBITDA	$	2,468,810		$	(2,343,696	)		$	1,341,195	$	3,471,311


	截至2025年10月31日的三个月
	合并		AGI 公司		AU		USU
净收入（损失）	$	651,738		$	(2,800,567	)		$	428,780	$	3,023,525
利息费用，净额		295,530			295,530				—		—
税费，净额		42,504			11,789				26,840		3,875
折旧和摊销		641,290			67,887				416,260		157,143
EBITDA		1,631,062			(2,425,361	)			871,880		3,184,543
信用损失准备		450,000			—				225,000		225,000
基于股票的补偿		30,486			30,170				—		316
裁员费用		232,659			51,495				174,514		6,650
非经常性费用 - 其他		124,603			—				69,801		54,802
调整后的 EBITDA	$	2,468,810		$	(2,343,696	)		$	1,341,195	$	3,471,311


Net income (loss) Margin	6	%	NM	11	%	42	%
EBITDA Margin	15	%	NM	22	%	44	%
Adjusted EBITDA Margin	22	%	NM	34	%	48	%
\\\_____________
NM - Not meaningful


净收入（亏损）利润率	6	%	NM	11	%	42	%
EBITDA 利润率	15	%	NM	22	%	44	%
调整后 EBITDA 利润率	22	%	NM	34	%	48	%
\\\_____________
NM - 无意义


	Three Months Ended October 31, 2024
	Consolidated		AGI Corporate	AU		USU
Net income (loss)	$	(1,057,420	)	$	(1,611,277	)	$	(1,866,384	)	$	2,420,241
Interest expense, net		342,490			342,490			—			—
Tax expense, net		46,225			15,479			25,900			4,846
Depreciation and amortization		794,895			73,832			576,433			144,630
EBITDA		126,190			(1,179,476	)		(1,264,051	)		2,569,717
Provision for credit losses		450,000			—			225,000			225,000
Stock-based compensation		98,245			94,819			1,954			1,472
Severance		35,522			8,357			23,622			3,543
Impairments of right-of-use assets and tenant leasehold improvements		1,848,209			—			1,848,209			—
Change in fair value of put warrant liability		(1,085,145	)		(1,085,145	)		—			—
Non-recurring charges - Other		75,999			—			75,999			—
Adjusted EBITDA	$	1,549,020		$	(2,161,445	)	$	910,733		$	2,799,732


	截至2024年10月31日的三个月
	合并		AGI 公司	AU		USU
净收入（亏损）	$	(1,057,420	)	$	(1,611,277	)	$	(1,866,384	)	$	2,420,241
利息费用，净额		342,490			342,490			—			—
税费，净额		46,225			15,479			25,900			4,846
折旧和摊销		794,895			73,832			576,433			144,630
EBITDA		126,190			(1,179,476	)		(1,264,051	)		2,569,717
信用损失准备		450,000			—			225,000			225,000
股票基础补偿		98,245			94,819			1,954			1,472
离职补偿		35,522			8,357			23,622			3,543
使用权资产和租户租赁改进的减值		1,848,209			—			1,848,209			—
认沽权证负债公允价值变动		(1,085,145	)		(1,085,145	)		—			—
非经常性费用 - 其他		75,999			—			75,999			—
调整后 EBITDA	$	1,549,020		$	(2,161,445	)	$	910,733		$	2,799,732


Net income (loss) Margin	(9)	%	NM	(39)	%	36	%
EBITDA Margin	1	%	NM	(26)	%	38	%
Adjusted EBITDA Margin	14	%	NM	19	%	42	%


净收入（亏损）利润率	(9)	%	NM	(39)	%	36	%
EBITDA 利润率	1	%	NM	(26)	%	38	%
调整后 EBITDA 利润率	14	%	NM	19	%	42	%

Forward-Looking Statements

前瞻性声明

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 savings to be achieved by the third quarter of the fiscal year ending April 30, 2026 (“Fiscal 2026”), increased marketing spend, our refinancing of our 15% Debentures, and achieving positive operating cash flow for Fiscal 2026, the future boost of enrollment including growth in the post-licensing nursing student body 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 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.

本新闻稿包含根据 1995 年《私人证券诉讼改革法》定义的前瞻性声明，包括预计到 2026 财年第三季度将实现的行政和管理成本节约、增加的市场营销支出、我们对 15% 债券的再融资，以及在 2026 财年实现正的经营现金流、未来的招生增长，包括后执业护理学生人数的增长和我们的流动性。“相信”、“可能”、“估计”、“继续”、“预期”、“打算”、“应该”、“计划”、“能够”、“目标”、“潜在”、“可能”、“将”、“期望” 等类似表达，均旨在识别前瞻性声明。我们主要基于当前的预期和对未来事件及财务趋势的预测来制定这些前瞻性声明，我们相信这些可能会影响我们的财务状况、经营结果、商业战略和财务需求。可能导致实际结果与前瞻性声明中所述结果不同的重要因素包括护理学生对新项目的持续需求、学生流失、国家和地方经济因素，包括关税对经济和整体可负担性的影响、来自地方市场护理学校的竞争、主要非营利大学使用在线教育的趋势及竞争对手之间的整合的竞争影响、未来美国政府停摆的影响（如有），以及我们再融资未偿还可转换债券的能力。我们在此作出的任何前瞻性声明仅在作出之日有效。可能导致我们实际结果与前瞻性声明不同的因素或事件可能会不时出现，我们无法预测所有这些因素。除非法律要求，否则我们不承担公开更新任何前瞻性声明的义务，无论是由于新信息、未来发展还是其他原因。

About Aspen Group, Inc.

关于 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.

Aspen Group, Inc. 是一家教育科技控股公司，利用其基础设施和专业知识，使其两所大学，Aspen University 和 United States University，能够实现让大学再次可负担的愿景。

Investor Relations Contact

投资者关系联系人

Kim Rogers

Managing Director

董事总经理

Hayden IR

385-831-7337

Kim@HaydenIR.com

GAAP Financial Statements

GAAP 财务报表


ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

	October 31, 2025		April 30, 2025
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	261,918		$	736,871
Restricted cash		338,002			338,002
Accounts receivable, net of allowance of $5,862,014 and $5,731,139, respectively		16,712,629			17,167,346
Prepaid expenses		340,630			443,366
Other current assets		841,072			518,171
Total current assets		18,494,251			19,203,756

Property and equipment:
Computer equipment and hardware		897,124			894,251
Furniture and fixtures		1,974,271			1,974,271
Leasehold improvements		5,621,087			5,621,087
Instructional equipment		529,299			529,299
Software		7,886,764			7,527,066
		16,908,545			16,545,974
Less: accumulated depreciation and amortization		(11,157,520	)		(9,907,309	)
Total property and equipment, net		5,751,025			6,638,665
Goodwill		5,011,432			5,011,432
Intangible assets, net		7,900,000			7,900,000
Courseware and accreditation, net		227,952			256,994
Long-term contractual accounts receivable		21,904,037			19,846,823
Operating lease right-of-use assets, net		6,447,146			7,250,407
Deposits and other assets		644,796			657,850
Total assets	$	66,380,639		$	66,765,927

				(Continued)


阿斯彭集团及其子公司
合并资产负债表

	2025年10月31日		2025年4月30日
	（未经审计）
资产
流动资产：
现金及现金等价物	$	261,918		$	736,871
限制性现金		338,002			338,002
应收账款，减去$5,862,014 和$5,731,139 的准备金		16,712,629			17,167,346
预付费用		340,630			443,366
其他流动资产		841,072			518,171
流动资产总计		18,494,251			19,203,756

固定资产：
计算机设备和硬件		897,124			894,251
家具和固定装置		1,974,271			1,974,271
租赁改良		5,621,087			5,621,087
教学设备		529,299			529,299
软件		7,886,764			7,527,066
		16,908,545			16,545,974
减：累计折旧和摊销		(11,157,520	)		(9,907,309	)
固定资产净额		5,751,025			6,638,665
商誉		5,011,432			5,011,432
无形资产，净额		7,900,000			7,900,000
课程材料和认证，净额		227,952			256,994
长期合同应收账款		21,904,037			19,846,823
租赁使用权资产，净额		6,447,146			7,250,407
存款及其他资产		644,796			657,850
资产总计	$	66,380,639		$	66,765,927

				（续）


ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONTINUED)

	October 31, 2025		April 30, 2025
	(Unaudited)
Liabilities and Stockholders’ Equity
Liabilities:
Current liabilities:
Accounts payable	$	3,319,147		$	2,055,173
Accrued expenses		2,738,900			2,483,520
Advances on tuition		1,416,428			2,235,332
Deferred tuition		2,373,652			2,535,533
Due to students		2,062,410			2,115,581
Current portion of long-term debt		6,277,684			2,000,000
Operating lease obligations, current portion		3,059,767			2,811,471
Other current liabilities		747,604			185,296
Total current liabilities		21,995,592			16,421,906

Long-term debt, net		—			5,224,524
Operating lease obligations, less current portion		10,754,124			12,398,678
Put warrant liabilities		1,427,521			1,427,521
Other long-term liabilities		77,402			327,402
Total liabilities		34,254,639			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 October 31, 2025 and April 30, 2025		10			10
Common stock, $0.001 par value; 85,000,000 shares authorized, 30,063,203 and
28,389,531 issued and outstanding at October 31, 2025 and April 30, 2025, respectively		30,063			28,390
Additional paid-in capital		122,252,421			122,152,533
Accumulated deficit		(90,156,494	)		(91,215,037	)
Total stockholders’ equity		32,126,000			30,965,896
Total liabilities and stockholders’ equity	$	66,380,639		$	66,765,927


阿斯彭集团及其子公司
合并资产负债表（续）

	2025年10月31日		2025年4月30日
	（未经审计）
负债和股东权益
负债：
流动负债：
应付账款	$	3,319,147		$	2,055,173
应计费用		2,738,900			2,483,520
学费预收款		1,416,428			2,235,332
递延学费		2,373,652			2,535,533
应付学生款项		2,062,410			2,115,581
长期债务的流动部分		6,277,684			2,000,000
租赁义务的流动部分		3,059,767			2,811,471
其他流动负债		747,604			185,296
流动负债总计		21,995,592			16,421,906

长期债务，净额		—			5,224,524
租赁义务，减去流动部分		10,754,124			12,398,678
认沽权证负债		1,427,521			1,427,521
其他长期负债		77,402			327,402
负债总计		34,254,639			35,800,031

承诺和或有事项

股东权益：
优先股，面值$0.001；授权 1,000,000 股，
2025年10月31日和2025年4月30日均发行 10,000 股且流通 10,000 股		10			10
普通股，面值$0.001；授权 85,000,000 股，2025年10月31日和
2025年4月30日发行和流通 30,063,203 和 28,389,531 股		30,063			28,390
额外实收资本		122,252,421			122,152,533
累计亏损		(90,156,494	)		(91,215,037	)
股东权益总计		32,126,000			30,965,896
负债和股东权益总计	$	66,380,639		$	66,765,927


ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended October 31,		Six Months Ended October 31,
		2025			2024			2025			2024
	(Unaudited)		(Unaudited)	(Unaudited)		(Unaudited)
Revenue	$	11,219,245		$	11,459,779		$	22,659,711		$	22,788,616

Operating expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below)		2,479,617			2,885,895			5,164,669			6,233,120
General and administrative		6,658,746			7,237,555			13,569,883			14,564,889
Impairments of right-of-use assets and tenant leasehold improvements		—			1,848,209			—			1,848,209
Provision for credit losses		450,000			450,000			900,000			900,000
Depreciation and amortization		641,290			794,895			1,310,952			1,614,899
Total operating expenses		10,229,653			13,216,554			20,945,504			25,161,117

Operating income (loss)		989,592			(1,756,775	)		1,714,207			(2,372,501	)

Other income (expense):
Interest expense		(295,530	)		(342,490	)		(605,921	)		(689,660	)
Change in fair value of put warrant liability		—			1,085,145			—			1,906,132
Other income, net		180			2,925			180			16,762
Total other (expense) income, net		(295,350	)		745,580			(605,741	)		1,233,234

Income (loss) before income taxes		694,242			(1,011,195	)		1,108,466			(1,139,267	)

Income tax expense		42,504			46,225			49,923			46,017

Net income (loss)		651,738			(1,057,420	)		1,058,543			(1,185,284	)

Dividends attributable to preferred stock		(63,519	)		(7,057	)		(105,864	)		(148,209	)

Net income (loss) available to common stockholders	$	588,219		$	(1,064,477	)	$	952,679		$	(1,333,493	)

Per share information available to common stockholders:
Earnings (loss) per share - Basic	$	0.02		$	(0.04	)	$	0.03		$	(0.05	)
Earnings (loss) per share - Diluted	$	0.01		$	(0.04	)	$	0.02		$	(0.05	)

Weighted average number of common stock outstanding:
Basic		29,902,903			26,692,457			29,480,057			26,308,766
Diluted		39,985,232			26,692,457			40,245,130			26,308,766


ASPEN GROUP, INC. 及其子公司
合并经营报表
（未经审计）

	截至 10 月 31 日的三个月		截至 10 月 31 日的六个月
		2025			2024			2025			2024
	（未经审计）		（未经审计）	（未经审计）		（未经审计）
收入	$	11,219,245		$	11,459,779		$	22,659,711		$	22,788,616

营业费用：
收入成本（不包括单独列示的折旧和摊销）		2,479,617			2,885,895			5,164,669			6,233,120
一般和行政费用		6,658,746			7,237,555			13,569,883			14,564,889
使用权资产和租户租赁改进的减值		—			1,848,209			—			1,848,209
信用损失准备		450,000			450,000			900,000			900,000
折旧和摊销		641,290			794,895			1,310,952			1,614,899
总营业费用		10,229,653			13,216,554			20,945,504			25,161,117

营业收入（损失）		989,592			(1,756,775	)		1,714,207			(2,372,501	)

其他收入（费用）：
利息费用		(295,530	)		(342,490	)		(605,921	)		(689,660	)
认沽权证负债公允价值变动		—			1,085,145			—			1,906,132
其他收入，净额		180			2,925			180			16,762
总其他（费用）收入，净额		(295,350	)		745,580			(605,741	)		1,233,234

税前收入（损失）		694,242			(1,011,195	)		1,108,466			(1,139,267	)

所得税费用		42,504			46,225			49,923			46,017

净收入（损失）		651,738			(1,057,420	)		1,058,543			(1,185,284	)

优先股应分配的股息		(63,519	)		(7,057	)		(105,864	)		(148,209	)

可分配给普通股股东的净收入（损失）	$	588,219		$	(1,064,477	)	$	952,679		$	(1,333,493	)

可分配给普通股股东的每股信息：
每股收益（损失）- 基本	$	0.02		$	(0.04	)	$	0.03		$	(0.05	)
每股收益（损失）- 稀释	$	0.01		$	(0.04	)	$	0.02		$	(0.05	)

普通股加权平均流通股数：
基本		29,902,903			26,692,457			29,480,057			26,308,766
稀释		39,985,232			26,692,457			40,245,130			26,308,766


ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Six Months Ended October 31,
		2025			2024
	(Unaudited)		(Unaudited)
Cash flows from operating activities:
Net income (loss)	$	1,058,543		$	(1,185,284	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for credit losses		900,000			900,000
Depreciation and amortization		1,310,952			1,614,899
Stock-based compensation		62,666			190,836
Change in fair value of put warrant liability		—			(1,906,132	)
Amortization of warrant-based cost		—			7,000
Amortization of debt issuance costs		35,440			—
Non-cash lease (benefit) expense		(536,382	)		107,696
Impairments of right-of-use assets and tenant leasehold improvements		—			1,848,209
Changes in operating assets and liabilities:
Accounts receivable		(2,502,497	)		(762,744	)
Prepaid expenses		102,736			(171,330	)
Other current assets		(322,901	)		799,264
Deposits and other assets		13,054			25,695
Accounts payable		1,263,974			(1,072,854	)
Accrued expenses		255,380			430,795
Due to students		(53,171	)		(264,878	)
Advances on tuition and deferred tuition		(980,785	)		(965,151	)
Other current liabilities		562,308			424,954
Other long-term liabilities		(250,000	)		—
Net cash provided by operating activities		919,317			20,975

Cash flows from investing activities:
Purchases of courseware and accreditation		(31,700	)		(33,110	)
Purchases of property and equipment		(362,570	)		(565,068	)
Net cash used in investing activities		(394,270	)		(598,178	)

Cash flows from financing activities:
Repayment of portion of 15% Senior Secured Debentures		(1,000,000	)		(721,066	)
Payments of debt issuance costs		—			(155,376	)
Net cash used in financing activities		(1,000,000	)		(876,442	)

				(Continued)


ASPEN GROUP, INC. 及其子公司合并现金流量表（未经审计）

	截至 10 月 31 日的六个月
		2025			2024
	（未经审计）		（未经审计）
经营活动产生的现金流量：
净收入（亏损）	$	1,058,543		$	(1,185,284	)
调整净收入（亏损）与经营活动提供的净现金的对账：
信用损失准备		900,000			900,000
折旧和摊销		1,310,952			1,614,899
基于股票的补偿		62,666			190,836
认沽权证负债公允价值变动		—			(1,906,132	)
基于权证的成本摊销		—			7,000
债务发行成本摊销		35,440			—
非现金租赁（收益）费用		(536,382	)		107,696
使用权资产和租户租赁改进的减值		—			1,848,209
经营资产和负债的变动：
应收账款		(2,502,497	)		(762,744	)
预付费用		102,736			(171,330	)
其他流动资产		(322,901	)		799,264
存款和其他资产		13,054			25,695
应付账款		1,263,974			(1,072,854	)
应计费用		255,380			430,795
应付学生款项		(53,171	)		(264,878	)
学费预收款和递延学费		(980,785	)		(965,151	)
其他流动负债		562,308			424,954
其他长期负债		(250,000	)		—
经营活动提供的净现金		919,317			20,975

投资活动产生的现金流量：
课程材料和认证的购买		(31,700	)		(33,110	)
物业和设备的购买		(362,570	)		(565,068	)
投资活动使用的净现金		(394,270	)		(598,178	)

融资活动产生的现金流量：
15% 优先担保债券部分的偿还		(1,000,000	)		(721,066	)
债务发行成本的支付		—			(155,376	)
融资活动使用的净现金		(1,000,000	)		(876,442	)

				(续)


ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (Unaudited)

	Six Months Ended October 31,
		2025			2024
	(Unaudited)		(Unaudited)
Net decrease in cash, cash equivalents and restricted cash	$	(474,953	)	$	(1,453,645	)
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	$	599,920		$	1,165,782

Supplemental disclosure of cash flow information:
Cash paid for interest	$	605,921		$	689,660
Cash paid for income taxes	$	49,923		$	46,017

Supplemental disclosure of non-cash investing and financing activities:
Accrued dividends	$	63,519		$	7,057
Common stock issued for accrued dividends	$	144,757		$	200,988


ASPEN GROUP, INC. 及其子公司合并现金流量表（续）（未经审计）

	截至 10 月 31 日的六个月
		2025			2024
	（未经审计）		（未经审计）
现金、现金等价物和受限现金的净减少	$	(474,953	)	$	(1,453,645	)
期初现金、现金等价物和受限现金		1,074,873			2,619,427
期末现金、现金等价物和受限现金	$	599,920		$	1,165,782

现金流量信息的补充披露：
支付的利息	$	605,921		$	689,660
支付的所得税	$	49,923		$	46,017

非现金投资和融资活动的补充披露：
应计股息	$	63,519		$	7,057
为应计股息发行的普通股	$	144,757		$	200,988

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:

下表提供了合并资产负债表中报告的现金和现金等价物及受限现金与合并现金流量表中显示的总金额之间的对账：


	October 31,
		2025			2024
	(Unaudited)		(Unaudited)
Cash and cash equivalents	$	261,918		$	827,780
Restricted cash		338,002			338,002
Total cash, cash equivalents and restricted cash	$	599,920		$	1,165,782


	10 月 31 日，
		2025			2024
	（未经审计）		（未经审计）
现金和现金等价物	$	261,918		$	827,780
受限现金		338,002			338,002
现金、现金等价物和受限现金总额	$	599,920		$	1,165,782

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