Aspen Group, Inc. · OTC:ASPU
Aspen — Q4 FY2026 Earnings Presentation
20 slides from Aspen's earnings presentation, August 2026
Slide 1: Creating Value by Transforming the College Education Experience
Creating Value by Transforming the College Education Experience Q4 FY2026 Presentation Aspen Group, Inc. (OTCQB: ASPU) August 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 expectations that we will refinance our debt, and following that event we will see increased marketing spend and enrollment growth
Slide 3: Differentiated Low-Cost Post-Grad Education Model
Differentiated Low-Cost Post-Grad Education Model Accessible, affordable, high-quality education with differentiated payment option Nursing Education Focus Q4 FY’26 KPIs Twelve months ended April 30, 2026 • Post-licensure nursing degrees: $10.3M 76% • RN to BSN, MSN (multiple specializations), MSN-
Slide 4: Inflection Point: Operational Progress Improving Profitability
Inflection Point: Operational Progress Improving Profitability; Pursuing Refinancing to Return to Growth 7 Quarters 6 Quarters $1.0M Consecutive Gross Margin Expansion Positive Operating Cash Flow Operating Cash Flow (Q4 FY26) Operational Progress Positioning for Future Growth • Improved margins and
Slide 5: FY 2026 Financial Highlights
FY 20261 Financial Highlights Driving profitability improvement while maintaining positive cash flow $43.3M 75% $3.3M $2.9M Revenue Gross Margin Adjusted EBITDA Operating Cash Flow • United States University delivers 5% YoY revenue growth • Gross margin expansion of 580 basis points • Record Adjuste
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: Planned Leadership Transition Supports Continued Execution
Planned Leadership Transition Supports Continued Execution Matt LaVay Appointed CEO • Appointed CEO of AGI in March 2026; joined Board of Directors of AGI in March 2026 • Former CFO of AGI since August 2021, with deep operational and strategic experience Michael Mathews Named Executive Chairman • Ap
Slide 8: Q4 FY2026: Margin and Profitability Expansion
Q4 FY2026: Margin and Profitability Expansion $10.3M $7.8M $3.3M Revenue Gross Profit Adjusted EBITDA (-11% YoY) (-5% YoY) vs. $2.0M prior year Revenue Gross Profit Adjusted EBITDA MSN-FNP growth offset Gross profit driven by USU Record fourth quarter by AU discontinuation revenue growth (tuition pe
Slide 9: FY2026: Revenue Stabilization and Profitability Growth
FY2026: Revenue Stabilization and Profitability Growth $43.3M $32.5M $10.6M Revenue Gross Profit Adjusted EBITDA (-4% YoY) (+4% YoY) vs. $5.7M prior year Revenue Gross Profit Adjusted EBITDA MSN-FNP growth Gross profit driven by Record annual performance offset by AU USU revenue growth driven by gro
Slide 10: 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) 700 7000 600 6000 500 258 280 5000 310 2,434 2,369 400 4000 2,302 228 2,096
Slide 11: 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 12: Appendix Slides: Q4 FY 2026 Financial Tables
Appendix Slides Q4 FY 2026 Financial Tables
Slide 13: Income Statement
Income Statement 13 CONFIDENTIAL
Slide 14: GAAP to Non-GAAP Reconciliations: Q4 FY2026
GAAP to Non-GAAP Reconciliations Reconciliation of Net Income (Loss) to EBITDA (Loss) and Adjusted EBITDA By Subsidiary for Q4 FY2026 14 CONFIDENTIAL
Slide 15: GAAP to Non-GAAP Reconciliations: Q4 FY2025
GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to EBITDA and Adjusted EBITDA By Subsidiary for Q4 FY2025 15 CONFIDENTIAL
Slide 16: GAAP to Non-GAAP Reconciliations: FY2026
GAAP to Non-GAAP Reconciliations Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA By Subsidiary for FY2026 16 CONFIDENTIAL
Slide 17: GAAP to Non-GAAP Reconciliations: FY2025
GAAP to Non-GAAP Reconciliations Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA By Subsidiary for FY2025 17 CONFIDENTIAL
Slide 18: Balance Sheet (Assets)
Balance Sheet (Assets) 18 CONFIDENTIAL
Slide 19: Balance Sheet (Liabilities and Stockholders' Equity)
Balance Sheet (Liabilities and Stockholders’ Equity) 19 CONFIDENTIAL
Slide 20: Aspen Group, Inc. Investor Relations
Aspen Group, Inc. Matt LaVay, CEO Investor Relations Kim Rogers, Managing Director Hayden IR Kim@HaydenIR.com