Aspen Group (ASPU) investor relations material

Strategic focus and market positioning

• Emphasizes transformation of higher education by addressing high tuition and student debt through monthly payment plans and retail installment contracts, primarily targeting registered nurses.

• Focused advertising and program development on the nursing sector due to persistent workforce shortages and high demand for advanced nursing degrees.

• Offers bachelor's, master's, and doctoral programs, with the family nurse practitioner (FNP) program as the largest and most lucrative.

• Monthly payment plans decouple academic and financial commitments, providing flexibility and reducing upfront financial barriers.

• Programs are delivered online, with clinical components arranged locally for students.

Financial performance and operational efficiency

• Achieved record quarterly net income of $1.4 million on $10.4 million revenue, with a 14% net income margin and gross margins over 75%.

• Four consecutive quarters of net income and five quarters of positive operating cash flow, with year-to-date revenue at $33 million and net income at $2.5 million.

• Cost efficiencies realized through use of adjunct faculty and a merged university infrastructure, reducing G&A by $1.5 million per quarter.

• Student body is approximately 4,500, with 83% enrolled in nursing programs; adjusted EBITDA reached $3 million.

• Legacy physical assets are being sublet, with a transition toward a fully virtual model.

Growth strategy and capital plans

• Plans to refinance existing $5 million debt with a new $10 million loan to fund marketing and accelerate growth.

• Marketing spend is focused on high-value FNP programs, with plans to expand to other nursing programs as capital allows.

• Predictable cost of enrollment ($1,200–$1,800) and proven marketing ROI support scalable growth.

• Open to both debt and equity funding, with a $10 million Series A preferred instrument outstanding and notable investors involved.

• Intends to uplist to NASDAQ later in the year, contingent on stock price and regulatory approvals.