Aspen Group, Inc. · OTC:ASPU
Aspen — Q3 FY2026 Earnings Presentation
21 slides from Aspen's earnings presentation, April 2026
Slide 1: Creating Value by Transforming the College Education Experience
Creating Value by Transforming the College Education Experience Q3 FY2026 Presentation Aspen Group, Inc. (OTCQB: ASPU) April 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including our expected growth as a whole and growth of our student body. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “inte
Slide 3: Differentiated Low-Cost Post-Grad Education Model
Differentiated Low-Cost Post-Grad Education Model Accessible, affordable, high-quality education with a differentiated payment option Q3 FY’26 KPIs Nursing Education Focus • Post-licensure nursing degrees: $10.4M $1.4M Revenue Net Income • RN to BSN, MSN (multiple specializations), MSN- Family Nurse
Slide 4: Inflection Point: Operational Progress Improving Profitability
Inflection Point: Operational Progress Improving Profitability; Pursuing Refinancing to Return to Growth 4 Quarters 5 Quarters $1.0M Consecutive Net Income Positive Operating Cash Flow Operating Cash Flow (Q3 FY26) Operational Progress Positioning for Future Growth • Improved margins and overall pro
Slide 5: Financial Highlights
Financial Highlights Driving profitability improvement while maintaining positive cash flow $33.0M $2.5M $1.9M YTD1 Revenue YTD1 Net Income YTD1 Operating Cash Flow • Record Q3 FY26 net income of $1.4 M • Fifth consecutive quarter of positive operating cash flow • Sixth consecutive quarter of YoY re
Slide 6: Demand Tailwinds in Nursing Education
Demand Tailwinds in Nursing Education Affordable & accessible programs demand driven by structural nursing shortage Key Drivers of the Structural Nursing Shortage Aging Workforce & Education Healthcare Elevated Attrition Bottlenecks Demand Growth Large portion of Nursing schools turning Aging popula
Slide 7: Scalable Profitability with Proprietary Edtech Platform
Scalable Profitability with Proprietary Edtech Platform Lower CAC + Higher Conversions Student portal is interface to all student transactional activity Student Vertically-integrated lead Portal acquisition platform generates highly qualified leads Vertically Integrated Data Student CRM Warehouse Ac
Slide 8: Differentiated Monthly Payment Plan (MPP) Drives Access & Enrollment
Differentiated Monthly Payment Plan (MPP) Drives Access & Enrollment Affordable, Predictable Tuition Model • Monthly Payment Plan (MPP) offers 0% interest (0% APR) with no down payment • Fixed monthly payments of $325, $415, or $450, depending on program • The payment period is typically 5 years and
Slide 9: Planned Leadership Transition Supports Continued Execution
Planned Leadership Transition Supports Continued Execution Matt LaVay Appointed CEO • Appointed CEO in March 2026; joined Board of Directors • Former Aspen Group, Inc. (AGI) CFO with deep operational and strategic experience Michael Mathews Named Executive Chairman • Appointed Executive Chairman of
Slide 10: Q3 FY2026: Margin and Profitability Expansion
Q3 FY2026: Margin and Profitability Expansion $10.4M $7.9M $1.4M Revenue Gross Profit Net Income (-5% YoY) (+5% YoY) vs. $(1.0)M Net Loss prior year Revenue Gross Profit Net Income MSN-FNP growth Gross profit driven by USU Operating expenses offset by AU revenue growth (tuition reduced by 18%; disco
Slide 11: YTD FY2026: Revenue Stabilization and Profitability Growth
YTD FY2026: Revenue Stabilization and Profitability Growth $33.0M $24.7M $2.5M Revenue Gross Profit Net Income (-2% YoY) (+7% YoY) vs. $(2.2)M Net Loss prior year Revenue Gross Profit Net Income MSN-FNP growth Gross profit driven by 17% op-ex reduction offset by AU USU revenue growth drove record ne
Slide 12: Student Body Overview
Study Body Overview Marketing Spend Reduction Lowered Enrollments – Lower Education Costs Lifted Profitability & Cash Flow New Student Enrollments Active Degree-Seeking Student Body (past five quarters) (past five quarters) 800 6,500 700 5,500 600 2,475 2,434 4,500 2,369 500 338 2,302 378 3,500 2,09
Slide 13: Stabilized Platform with Clear Path to Profitable Growth
Stabilized Platform with Clear Path to Profitable Growth AGI has stabilized revenue, Refi Catalyst achieved profitability, and is • Enable resumption of direct marketing spend • Expected result of marketing spend + low cost of putting in place a catalyst to enrollment + existing strong organic lead
Slide 14: Appendix Slides: Q3 FY 2026 Financial Tables
Appendix Slides Q3 FY 2026 Financial Tables
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation 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 o
Slide 16: GAAP to Non-GAAP Reconciliations: Q3 FY2026
GAAP to Non-GAAP Reconciliations Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA By Subsidiary for Q3 FY2026 Three Months Ended January 31, 2026 16 CONFIDENTIAL
Slide 17: GAAP to Non-GAAP Reconciliations: Q3 FY2025
GAAP to Non-GAAP Reconciliations Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA By Subsidiary for Q3 FY2025 17 CONFIDENTIAL
Slide 18: Income Statement
Income Statement 18 CONFIDENTIAL
Slide 19: Balance Sheet (Assets)
Balance Sheet (Assets) 19 CONFIDENTIAL
Slide 20: Balance Sheet (Liabilities and Stockholders' Equity)
Balance Sheet (Liabilities and Stockholders’ Equity) 20 CONFIDENTIAL
Slide 21: Aspen Group, Inc. Investor Relations
Aspen Group, Inc. Matt LaVay, CEO Investor Relations Kim Rogers, Managing Director Hayden IR Kim@HaydenIR.com