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

持續盈利擴張，淨收入為 70 萬美元，而 2025 財年第二季度淨虧損為 110 萬美元，較 2026 財年第一季度淨收入 40 萬美元有所上升
收入為 1120 萬美元；USU 同比增長 9%
嚴格的成本控制實現了 100 萬美元的營業收入
調整後的 EBITDA 為 250 萬美元，較 150 萬美元有所增加；調整後的 EBITDA 利潤率為 22%，而 14% 為
連續第四個季度實現正的營業現金流，達到 50 萬美元

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.

鳳凰城，2025年12月15日（全球新聞通訊社）——Aspen Group, Inc.（OTCQB: ASPU）（“AGI” 或 “公司”），一家教育科技控股公司，今天公佈了截至2025年10月31日的 2026 財年第二季度財務業績。

Second Quarter Fiscal Year 2026 Summary Results

2026 財年第二季度總結結果


	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 日的三個月		截至 10 月 31 日的六個月
*$以百萬計，除每股數據外*		2025			2024			2025			2024
收入	$	11.2		$	11.5		$	22.7		$	22.8
毛利潤 1	$	8.4		$	8.1		$	16.7		$	15.6
毛利率 (%) 1		75	%		71	%		74	%		69	%
淨收入（虧損）	$	0.7		$	(1.1	)	$	1.1		$	(1.2	)
每股收益（虧損）- 基本	$	0.02		$	(0.04	)	$	0.03		$	(0.05	)
每股收益（虧損）- 稀釋	$	0.01		$	(0.04	)	$	0.02		$	(0.05	)
EBITDA2	$	1.6		$	0.1		$	3.0		$	1.2
調整後的 EBITDA2	$	2.5		$	1.5		$	4.3		$	2.0
\\\_____________
1GAAP 毛利潤計算包括市場營銷和促銷費用、教學成本和服務，以及 2025 年和 2024 年截至 10 月 31 日的三個月和六個月的攤銷費用分別為 40 萬美元和 50 萬美元；以及 80 萬美元和 90 萬美元。
2 非 GAAP 財務指標。請參見第 4 頁 “非 GAAP – 財務指標” 下 GAAP 與非 GAAP 財務指標的對賬。

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 董事長兼首席執行官 Michael Mathews 表示：“在本季度，我們實現了穩定的收入增長和顯著的利潤率擴張，連續第三個季度實現淨收入。我們持續的嚴格執行、成本控制和重組舉措使 Aspen Group 有望在 2026 財年第三季度實現約 150 萬美元的額外季度 G&A 節省。我們維持盈利和運營現金流的戰略正在奏效，併為通過戰略性再投資於市場營銷來提升招生奠定了基礎。我們仍然致力於擴大學生資源並在 2026 財年實現正的運營現金流。”

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

2026 財年第二季度財務和運營結果（與 2025 財年第二季度相比）

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 萬美元，較 1150 萬美元有所減少。下表展示了公司的收入，按子公司和總計列出：


	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 日的三個月
		2025	$ 變動		% 變動		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 大學（“AU”）的收入同比下降 17%，是由於 2023 財年下半年減少的市場營銷支出導致的後執照入學人數下降。

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.

美國大學（“USU”）的收入增長 9%，達到 730 萬美元。儘管市場營銷支出維持在水平，USU 本季度由於持續的有機線索流、來自恢復活躍狀態的現有學生的強勁需求以及更多學生進入 MSN-FNP 項目的第二年（包括臨牀輪轉）而實現了收入增長，同時學費也有所上漲。

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 毛利潤增加 20 萬美元，達到 840 萬美元。合併毛利率為 75%，而 2024 年為 71%；AU 的毛利率為 72%，而 2024 年為 67%；USU 的毛利率為 76%，而 2024 年為 74%。GAAP 毛利潤和毛利率的增加主要是由於 USU 的收入增加，得益於每位學生的收入提高，以及 AU 和 USU 的成本降低，後者得益於更有效的教師資源分配。

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 的教學成本和服務佔 AU 收入的 22%，USU 的教學成本和服務佔 USU 收入的 21%。AU 的市場營銷和促銷成本佔 AU 收入的 1%，而 USU 的市場營銷和促銷成本佔 USU 收入的不到 1%。

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

下表展示了公司的淨收入（虧損），按子公司和總計列出：


	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日的三個月
	合併		AGI 公司		AU		USU
淨收入（虧損）	$	651,738		$	(2,800,567	)		$	428,780	$	3,023,525
提供給普通股東的每股信息：


	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日的三個月
	合併		AGI 公司	AU		USU
淨收入（虧損）	$	(1,057,420	)	$	(1,611,277	)	$	(1,866,384	)	$	2,420,241
每股信息（普通股股東可得）:
每股虧損 - 基本	$	(0.04	)
每股虧損 - 稀釋	$	(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 指標，包括各子公司和總計。請參見第 4 頁 “非 GAAP – 財務指標” 下的 GAAP 與非 GAAP 財務指標的對賬。


	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日的三個月
	合併	AGI 公司	AU	USU
EBITDA	$1,631,062	$(2,425,361)	$871,880		$3,184,543
EBITDA 利潤率	15%	NM	22%		44%
調整後 EBITDA	$2,468,810	$(2,343,696)	$1,341,195		$3,471,311
調整後 EBITDA 利潤率	22%	NM	34%		48%
\\\_____________
NM - 無意義


	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日的三個月
	合併		AGI 公司		AU		USU
EBITDA	$126,190		$(1,179,476)			$(1,264,051)		$2,569,717
EBITDA 利潤率		1%		NM			(26)%		38%
調整後 EBITDA	$1,549,020		$(2,161,445)			$910,733		$2,799,732
調整後 EBITDA 利潤率		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.

調整後 EBITDA 改善了 90 萬美元，主要由於 USU 每位學生的收入增加，AU 和 USU 的教學效率提高，以及由於重組導致的一般和管理成本下降。

Operating Metrics

運營指標

New Student Enrollments

新學生註冊

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.

在公司整體範圍內，新學生註冊同比下降 29%。按季度來看，由於持續強勁的自然流量、現有學生從非活躍狀態恢復以及學生在 2026 財年第二季度價格上漲前註冊，USU 的新學生註冊有所增加。AU 和 USU 的新學生註冊受到持續的市場營銷支出維護水平的負面影響。由於重組和教學效率的提高，我們預計市場營銷支出將恢復到一個必要的水平，以提供所需的註冊人數，從而擴大學生羣體，並在償還 15% 債券後實現正的運營現金流。

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

過去五個季度的新學生註冊情況如下：


	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
總計	950	555	608	676	675

Total Active Student Body

總活躍學生人數

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

過去五個季度的總活躍學生人數如下：


	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
總計	6,387	6,039	5,809	5,509	5,073

Nursing Students

護理學生

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

過去五個季度的護理學生人數如下：


	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
總計	5,248	5,042	4,860	4,628	4,275

Liquidity

流動性

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 財年第二季度結束時的未限制現金餘額為 30 萬美元。截至2025年12月12日，公司手頭有 40 萬美元的未限制現金。2025年9月15日，我們實施了第五個重組計劃，這將使公司在 2026 財年第三季度開始獲得額外的現金收益。此次重組導致 AU 和 AGI 大約 75 個職位的裁減。由此產生的額外持續季度薪酬相關節省將在 2026 財年第三季度開始約為 150 萬美元。

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.

我們的重組工作旨在實現年度運營現金流的收支平衡或正值，這將允許我們恢復市場營銷支出到一個我們預計將重新推動我們在獲得執照後的護理學生人數增長的水平，前提是償還 15% 債券。在 2026 財年第二季度，我們的運營現金流為 50 萬美元。

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.

與重組計劃和其他公司成本削減相關的成本降低確保公司在未來 12 個月內有足夠的現金滿足其營運資金需求。

Non-GAAP Financial Measures

非 GAAP 財務指標

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.

本新聞稿包括根據一般公認會計原則（GAAP）計算的財務指標以及非 GAAP 財務指標。一般來説，非 GAAP 財務指標是指公司業績、財務狀況或現金流的數值指標，這些指標排除了或包含了在根據 GAAP 計算和呈現的最直接可比指標中通常不包括或包括的金額。非 GAAP 財務指標應被視為補充，不應被視為淨收入（損失）、營業收入（損失）、經營活動現金流、流動性或任何其他財務指標的替代品。它們可能無法反映 AGI 的歷史經營結果，也不旨在預測潛在的未來結果。投資者不應孤立地考慮非 GAAP 財務指標，也不應將其視為根據 GAAP 計算的業績指標的替代品。

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.

我們的管理層使用並依賴於 EBITDA、EBITDA 利潤率、調整後的 EBITDA 和調整後的 EBITDA 利潤率，這些都是非 GAAP 財務指標。我們認為管理層、分析師和股東在評估和評估我們核心經營結果時，從參考以下非 GAAP 財務指標中受益，這些指標在去除影響可比性的項目後，能夠進行週期間的比較。我們的管理層認識到，非 GAAP 財務指標由於排除的項目而具有固有的侷限性。

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.

我們已將我們的非 GAAP 財務指標與根據 GAAP 計算的最可比財務指標進行了對賬。我們認為，提供非 GAAP 財務指標以及與 GAAP 的對賬，有助於投資者在 AGI 與其他公司之間進行比較。在與其他公司進行任何比較時，投資者需要意識到公司使用不同的非 GAAP 指標來評估其財務表現。投資者應密切關注所使用的具體定義以及每家公司根據適用的 SEC 規則提供的該指標與相應 GAAP 指標之間的對賬。

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 將調整後的 EBITDA 定義為排除以下項目的 EBITDA：（1）信用損失準備；（2）基於股票的補償；（3）裁員費用（如適用）；（4）租賃修改（如適用）；（5）使用權資產和租户租賃改進的減值（如適用）；（6）認沽權證負債公允價值變動（如適用）；（7）其他非經常性費用（收入）。下表展示了淨收入（損失）與 EBITDA 和調整後 EBITDA 的對賬，以及淨收入（損失）利潤率與調整後 EBITDA 利潤率的對賬。

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 利潤率定義為 EBITDA 除以收入。調整後的 EBITDA 利潤率定義為調整後的 EBITDA 除以收入。我們認為這些利潤率對管理層、分析師和投資者是有用的，因為該指標允許我們與競爭對手的表現進行更有意義的比較。調整後的 EBITDA 利潤率有一定的侷限性，因為它沒有考慮某些費用對我們合併經營報表的影響。


	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日的三個月
		2025		2024
淨收入（損失）	$	651,738	$	(1,057,420	)
利息費用，淨額		295,530		342,490
税費，淨額		42,504		46,225
折舊和攤銷		641,290		794,895
EBITDA		1,631,062		126,190
信用損失準備		450,000		450,000
基於股票的補償		30,486		98,245
裁員費用		232,659		35,522
使用權資產和租户租賃改進的減值		—		1,848,209
認沽權證負債公允價值變動		—		(1,085,145	)
非經常性費用 - 其他		124,603		75,999
調整後的 EBITDA	$	2,468,810	$	1,549,020
淨收入（損失）利潤率		6%		(9)%
EBITDA 利潤率		15%		1%
調整後的 EBITDA 利潤率		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:

下表展示了淨收入（損失）與 EBITDA 和調整後 EBITDA 的對賬，以及淨收入（損失）利潤率與 EBITDA 利潤率和調整後 EBITDA 利潤率按業務單位的對賬：


	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日的三個月
	合併		AGI 公司		AU		USU
淨收入（損失）	$	651,738		$	(2,800,567	)		$	428,780	$	3,023,525
利息費用，淨額		295,530			295,530				—		—
税費，淨額		42,504			11,789				26,840		3,875
折舊和攤銷		641,290			67,887				416,260		157,143
EBITDA		1,631,062			(2,425,361	)			871,880		3,184,543
信用損失準備		450,000			—				225,000		225,000
基於股票的補償		30,486			30,170				—		316
裁員費用		232,659			51,495				174,514		6,650
非經常性費用 - 其他		124,603			—				69,801		54,802
調整後的 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


淨收入（虧損）利潤率	6	%	NM	11	%	42	%
EBITDA 利潤率	15	%	NM	22	%	44	%
調整後 EBITDA 利潤率	22	%	NM	34	%	48	%
\\\_____________
NM - 無意義


	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日的三個月
	合併		AGI 公司	AU		USU
淨收入（虧損）	$	(1,057,420	)	$	(1,611,277	)	$	(1,866,384	)	$	2,420,241
利息費用，淨額		342,490			342,490			—			—
税費，淨額		46,225			15,479			25,900			4,846
折舊和攤銷		794,895			73,832			576,433			144,630
EBITDA		126,190			(1,179,476	)		(1,264,051	)		2,569,717
信用損失準備		450,000			—			225,000			225,000
股票基礎補償		98,245			94,819			1,954			1,472
離職補償		35,522			8,357			23,622			3,543
使用權資產和租户租賃改進的減值		1,848,209			—			1,848,209			—
認沽權證負債公允價值變動		(1,085,145	)		(1,085,145	)		—			—
非經常性費用 - 其他		75,999			—			75,999			—
調整後 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	%


淨收入（虧損）利潤率	(9)	%	NM	(39)	%	36	%
EBITDA 利潤率	1	%	NM	(26)	%	38	%
調整後 EBITDA 利潤率	14	%	NM	19	%	42	%

Forward-Looking Statements

前瞻性聲明

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.

本新聞稿包含根據 1995 年《私人證券訴訟改革法》定義的前瞻性聲明，包括預計到 2026 財年第三季度將實現的行政和管理成本節約、增加的市場營銷支出、我們對 15% 債券的再融資，以及在 2026 財年實現正的經營現金流、未來的招生增長，包括後執業護理學生人數的增長和我們的流動性。“相信”、“可能”、“估計”、“繼續”、“預期”、“打算”、“應該”、“計劃”、“能夠”、“目標”、“潛在”、“可能”、“將”、“期望” 等類似表達，均旨在識別前瞻性聲明。我們主要基於當前的預期和對未來事件及財務趨勢的預測來制定這些前瞻性聲明，我們相信這些可能會影響我們的財務狀況、經營結果、商業戰略和財務需求。可能導致實際結果與前瞻性聲明中所述結果不同的重要因素包括護理學生對新項目的持續需求、學生流失、國家和地方經濟因素，包括關税對經濟和整體可負擔性的影響、來自地方市場護理學校的競爭、主要非營利大學使用在線教育的趨勢及競爭對手之間的整合的競爭影響、未來美國政府停擺的影響（如有），以及我們再融資未償還可轉換債券的能力。我們在此作出的任何前瞻性聲明僅在作出之日有效。可能導致我們實際結果與前瞻性聲明不同的因素或事件可能會不時出現，我們無法預測所有這些因素。除非法律要求，否則我們不承擔公開更新任何前瞻性聲明的義務，無論是由於新信息、未來發展還是其他原因。

About Aspen Group, Inc.

關於 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，利用其基礎設施和專業知識，使其兩所大學，Aspen University 和 United States University，能夠實現讓大學再次可負擔的願景。

Investor Relations Contact

投資者關係聯繫人

Kim Rogers

Managing Director

董事總經理

Hayden IR

385-831-7337

Kim@HaydenIR.com

GAAP Financial Statements

GAAP 財務報表


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)


阿斯彭集團及其子公司
合併資產負債表

	2025年10月31日		2025年4月30日
	（未經審計）
資產
流動資產：
現金及現金等價物	$	261,918		$	736,871
限制性現金		338,002			338,002
應收賬款，減去$5,862,014 和$5,731,139 的準備金		16,712,629			17,167,346
預付費用		340,630			443,366
其他流動資產		841,072			518,171
流動資產總計		18,494,251			19,203,756

固定資產：
計算機設備和硬件		897,124			894,251
傢俱和固定裝置		1,974,271			1,974,271
租賃改良		5,621,087			5,621,087
教學設備		529,299			529,299
軟件		7,886,764			7,527,066
		16,908,545			16,545,974
減：累計折舊和攤銷		(11,157,520	)		(9,907,309	)
固定資產淨額		5,751,025			6,638,665
商譽		5,011,432			5,011,432
無形資產，淨額		7,900,000			7,900,000
課程材料和認證，淨額		227,952			256,994
長期合同應收賬款		21,904,037			19,846,823
租賃使用權資產，淨額		6,447,146			7,250,407
存款及其他資產		644,796			657,850
資產總計	$	66,380,639		$	66,765,927

				（續）


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


阿斯彭集團及其子公司
合併資產負債表（續）

	2025年10月31日		2025年4月30日
	（未經審計）
負債和股東權益
負債：
流動負債：
應付賬款	$	3,319,147		$	2,055,173
應計費用		2,738,900			2,483,520
學費預收款		1,416,428			2,235,332
遞延學費		2,373,652			2,535,533
應付學生款項		2,062,410			2,115,581
長期債務的流動部分		6,277,684			2,000,000
租賃義務的流動部分		3,059,767			2,811,471
其他流動負債		747,604			185,296
流動負債總計		21,995,592			16,421,906

長期債務，淨額		—			5,224,524
租賃義務，減去流動部分		10,754,124			12,398,678
認沽權證負債		1,427,521			1,427,521
其他長期負債		77,402			327,402
負債總計		34,254,639			35,800,031

承諾和或有事項

股東權益：
優先股，面值$0.001；授權 1,000,000 股，
2025年10月31日和2025年4月30日均發行 10,000 股且流通 10,000 股		10			10
普通股，面值$0.001；授權 85,000,000 股，2025年10月31日和
2025年4月30日發行和流通 30,063,203 和 28,389,531 股		30,063			28,390
額外實收資本		122,252,421			122,152,533
累計虧損		(90,156,494	)		(91,215,037	)
股東權益總計		32,126,000			30,965,896
負債和股東權益總計	$	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
合併經營報表
（未經審計）

	截至 10 月 31 日的三個月		截至 10 月 31 日的六個月
		2025			2024			2025			2024
	（未經審計）		（未經審計）	（未經審計）		（未經審計）
收入	$	11,219,245		$	11,459,779		$	22,659,711		$	22,788,616

營業費用：
收入成本（不包括單獨列示的折舊和攤銷）		2,479,617			2,885,895			5,164,669			6,233,120
一般和行政費用		6,658,746			7,237,555			13,569,883			14,564,889
使用權資產和租户租賃改進的減值		—			1,848,209			—			1,848,209
信用損失準備		450,000			450,000			900,000			900,000
折舊和攤銷		641,290			794,895			1,310,952			1,614,899
總營業費用		10,229,653			13,216,554			20,945,504			25,161,117

營業收入（損失）		989,592			(1,756,775	)		1,714,207			(2,372,501	)

其他收入（費用）：
利息費用		(295,530	)		(342,490	)		(605,921	)		(689,660	)
認沽權證負債公允價值變動		—			1,085,145			—			1,906,132
其他收入，淨額		180			2,925			180			16,762
總其他（費用）收入，淨額		(295,350	)		745,580			(605,741	)		1,233,234

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

所得税費用		42,504			46,225			49,923			46,017

淨收入（損失）		651,738			(1,057,420	)		1,058,543			(1,185,284	)

優先股應分配的股息		(63,519	)		(7,057	)		(105,864	)		(148,209	)

可分配給普通股股東的淨收入（損失）	$	588,219		$	(1,064,477	)	$	952,679		$	(1,333,493	)

可分配給普通股股東的每股信息：
每股收益（損失）- 基本	$	0.02		$	(0.04	)	$	0.03		$	(0.05	)
每股收益（損失）- 稀釋	$	0.01		$	(0.04	)	$	0.02		$	(0.05	)

普通股加權平均流通股數：
基本		29,902,903			26,692,457			29,480,057			26,308,766
稀釋		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. 及其子公司合併現金流量表（未經審計）

	截至 10 月 31 日的六個月
		2025			2024
	（未經審計）		（未經審計）
經營活動產生的現金流量：
淨收入（虧損）	$	1,058,543		$	(1,185,284	)
調整淨收入（虧損）與經營活動提供的淨現金的對賬：
信用損失準備		900,000			900,000
折舊和攤銷		1,310,952			1,614,899
基於股票的補償		62,666			190,836
認沽權證負債公允價值變動		—			(1,906,132	)
基於權證的成本攤銷		—			7,000
債務發行成本攤銷		35,440			—
非現金租賃（收益）費用		(536,382	)		107,696
使用權資產和租户租賃改進的減值		—			1,848,209
經營資產和負債的變動：
應收賬款		(2,502,497	)		(762,744	)
預付費用		102,736			(171,330	)
其他流動資產		(322,901	)		799,264
存款和其他資產		13,054			25,695
應付賬款		1,263,974			(1,072,854	)
應計費用		255,380			430,795
應付學生款項		(53,171	)		(264,878	)
學費預收款和遞延學費		(980,785	)		(965,151	)
其他流動負債		562,308			424,954
其他長期負債		(250,000	)		—
經營活動提供的淨現金		919,317			20,975

投資活動產生的現金流量：
課程材料和認證的購買		(31,700	)		(33,110	)
物業和設備的購買		(362,570	)		(565,068	)
投資活動使用的淨現金		(394,270	)		(598,178	)

融資活動產生的現金流量：
15% 優先擔保債券部分的償還		(1,000,000	)		(721,066	)
債務發行成本的支付		—			(155,376	)
融資活動使用的淨現金		(1,000,000	)		(876,442	)

				(續)


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. 及其子公司合併現金流量表（續）（未經審計）

	截至 10 月 31 日的六個月
		2025			2024
	（未經審計）		（未經審計）
現金、現金等價物和受限現金的淨減少	$	(474,953	)	$	(1,453,645	)
期初現金、現金等價物和受限現金		1,074,873			2,619,427
期末現金、現金等價物和受限現金	$	599,920		$	1,165,782

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

非現金投資和融資活動的補充披露：
應計股息	$	63,519		$	7,057
為應計股息發行的普通股	$	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:

下表提供了合併資產負債表中報告的現金和現金等價物及受限現金與合併現金流量表中顯示的總金額之間的對賬：


	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
	（未經審計）		（未經審計）
現金和現金等價物	$	261,918		$	827,780
受限現金		338,002			338,002
現金、現金等價物和受限現金總額	$	599,920		$	1,165,782

Aspen Group 報告 2026 財年第二季度連續第三個季度實現淨利潤 | ASPU 股票新聞