Legacy Education (LGCY) Investor presentation summary

Business overview and market opportunity

• Operates six campuses in California, offering 70 programs with 3,495 enrolled students as of September 2025, focusing on allied healthcare, veterinary, and business fields.

• Achieved 40% year-over-year revenue growth to $69.6M and 38% student enrollment growth.

• Programs are designed for high ROI, shorter durations, and strong job placement, with a 75% placement rate and 82% NCLEX pass rate.

• U.S. healthcare labor market faces significant shortages, with 1.3M current job openings and projected 1.9M new jobs by 2034.

• For-profit schools confer the majority of degrees in key healthcare support roles, supporting workforce readiness.

Growth strategy and execution

• Growth driven by organic enrollment, new program launches, and accretive acquisitions, with a 28% five-year enrollment CAGR.

• Recent acquisitions include Central Coast College (2019), Integrity College of Health (2020), and Contra Costa Medical Career College (2024), contributing 35% of current enrollment.

• New programs in nursing, imaging, veterinary, and dental fields launched since 2023, with continuous expansion planned.

• Interactive Distance Learning (IDL) implemented, with 30–50% of students enrolled in hybrid or online formats.

• Focus on buy vs. build for new campuses to accelerate scale and geographic reach.

Financial performance and unit economics

• Adjusted EBITDA reached $11.0M in FY24 and $3.1M for the quarter ending September 2025, with a 16% margin.

• Gross student acquisition cost is $1.5K, generating over 15x annual revenue per student ($23.1K).

• Ended Q1 FY26 with $20.6M in cash, $25.9M working capital, and $133.2M market capitalization.

• Generated $1.1M net cash from operations in Q1 FY26.

• Revenue and enrollment growth outpaced prior three-year CAGR, with positive momentum across all KPIs.