PHOENIX, Sept. 23, 2026 (GLOBE NEWSWIRE) -- 兼职学生, Inc. (鈥淎GI鈥�) (OTCQB: ASPU), an education technology holding company and the parent company of Aspen University (AU) and United States University (USU), announced today that Dr. Scott Burrus has resigned as President of USU and AU (the 鈥淯niversities鈥�), effective September 23, 2026. Dr. Jennifer Billingsley, DNP, FNP-BC, CNE, currently Provost and Chief Academic Officer of the Universities, has been appointed President, effective immediately.

Dr. Billingsley brings more than 20 years of experience in academic leadership, higher education and clinical practice to the role. As a member of the 兼职学生 leadership team for over 8 years, she is currently serving in the role of Provost and Chief Academic Officer where she oversees USU鈥檚 and AU鈥檚 academic programs, student services, accreditation and faculty development. Dr. Billingsley previously served as Dean and Professor of USU鈥檚 College of Nursing and Health Sciences, where she helped launch the University鈥檚 first doctoral program, supported the Commission on Collegiate Nursing Education (鈥淐CNE鈥�) accreditation and led initiatives focused on student success and faculty development.

鈥淛ennifer is an accomplished academic leader who has played an important role in the development of our institutions,鈥� said Matt LaVay, Chief Executive Officer of 兼职学生. 鈥淗er deep knowledge of their academic programs and students, together with her experience in accreditation and academic leadership, makes her well suited to lead them through their next phase, including the pending merger of AU into USU. We look forward to working with Jennifer as we continue to advance our academic programs and support student success.鈥�

LaVay continued, 鈥淥n behalf of USU and AU, I would also like to thank Scott for his leadership and contributions to the Universities. During his tenure, Scott played an important role in the academic and institutional development of both institutions. We appreciate his service and wish him all the best in his future endeavors.鈥�

Prior to joining USU鈥檚 senior leadership team, Dr. Billingsley served as Dean and Professor of the College of Nursing and Health Sciences. Earlier in her career, she served at Grand Canyon University, including as Chair of the Doctor of Nursing Practice program. She holds a Doctor of Nursing Practice and Master of Nursing in Family Nurse Practitioner from Grand Canyon University and a Bachelor of Science in Nursing from Arizona State University.

鈥淚 am honored to have the opportunity to serve as President of both USU and AU,鈥� said Dr. Billingsley. 鈥淚 have had the privilege of working alongside our faculty, staff and students and have seen firsthand their commitment to academic excellence and student success. I look forward to building on that foundation as we continue to advance the Universities鈥� mission and provide accessible, high-quality educational opportunities for our students.鈥�

About 兼职学生, Inc.

兼职学生, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, United States University and Aspen University, to deliver on the vision of making college affordable again. For more information, visit .

Contact Information:

Hayden IR
Kimberly Rogers
(385) 831-7337

PHOENIX, Aug. 18, 2026 (GLOBE NEWSWIRE) -- 兼职学生, Inc. (OTCQB: ASPU) (鈥淎GI鈥� or the 鈥淐ompany鈥�), an education technology holding company, today announced financial results for its fourth quarter of fiscal year 2026, ended April 30, 2026.

Fourth Quarter Fiscal Year 2026 Summary Results

_______________________

_{¹ GAAP gross profit calculation includes marketing, promotional and instructional costs, and amortization expense of $0.3 million and $0.4 million, and $1.5 million and $1.8 million, respectively for the three and twelve months ended April 30, 2026 and 2025, respectively.
² See reconciliations of Net income (loss) to EBITDA and Adjusted EBITDA under 鈥淣on-GAAP鈥�Financial Measures鈥� starting on page 5 for details of the two non-recurring non-cash charges for lease impairments and changes in fair value of the put warrant liability included in Net income (loss).
³ Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP鈥�Financial Measures" starting on page 5.}

Matt LaVay, Chief Executive Officer of AGI, stated: "Our fourth quarter and Fiscal 2026 results provide further evidence that our restructuring initiatives have stabilized the business and established a more efficient operating model. Our improved cost structure has enabled the continued generation of operating cash flow. For Fiscal 2026, AGI generated $2.9 million of operating cash flow, a year-over-year improvement of $1.5 million. While our fourth quarter GAAP net loss was impacted by two non-recurring non-cash charges, our underlying financial performance remained strong as indicated by a Company record Adjusted EBITDA of $10.6 million.

"Importantly, during Fiscal 2026, United States University generated 5% revenue growth, driven primarily by solid organic lead generation. Beginning in the first quarter of Fiscal 2027, we resumed direct marketing spend funded by cash flow. Subject to the successful refinancing of our debt, we expect to further increase our marketing spend to support enrollment growth and strengthen our long-term growth prospects.

"In parallel, we negotiated a one-year extension of our existing debt facility with JGB Capital and continue to make progress toward its refinancing. With our improved operating cash flow, we are optimistic that we can complete a refinancing of our indebtedness. The planned merger of Aspen University and United States University continues to advance, with prospective Aspen University students increasingly enrolling in comparable United States University programs. We believe these initiatives, together with our streamlined operating model, position 兼职学生 to enter Fiscal 2027 from a position of greater financial strength and a stronger foundation for long-term growth.鈥�

Fiscal Q4 2026 Financial and Operational Results (compared to Fiscal Q4 2025)

Revenue declined by 11% to $10.3 million compared to $11.6 million which was primarily a result of our very limited maintenance marketing spend. The following table presents the Company鈥檚 revenue, both per subsidiary and total:

United States University (鈥淯SU鈥�) revenue declined modestly by 3% compared to the prior year period. Although overall enrollment levels reflect the impact of very limited maintenance marketing spend, enrollments increased sequentially due to strong organic leads during the quarter. Additionally, USU鈥檚 performance was supported by 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 by tuition increases.

Aspen University's (鈥淎U鈥�) revenue decline of $1.1 million, or 24%, is the result of the discontinuation of new student enrollments associated with the pending merger with USU and lower enrollments due to a maintenance level marketing spend starting in Fiscal 2023.

GAAP gross profit declined by $0.4 million to $7.8 million. Consolidated gross margin was 76% compared to 71%, AU's gross margin was 76% versus 67%, and USU's gross margin was 77% versus 74%. GAAP gross profit declined primarily due to lower consolidated revenue while gross margin improved on increased revenue per student combined with reduced cost of revenue at USU and AU driven by increased efficiencies in the use of faculty.

USU instructional costs and services represented 20% of USU revenue; and AU instructional costs and services represented 19% of AU revenue. Both USU and AU marketing and promotional costs represented less than 1% of revenue.

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

The Fiscal Q4 2026 net loss includes non-recurring non-cash charges related to right-of-use asset and tenant improvement impairments of $2.8 million and the fair value adjustment of the put warrant liability of $0.4 million. The impairments are the result of the fact that AU is no longer able to utilize space for BSN Pre-licensure operations due to the discontinuation of this program. The increase in the fair value of the put warrant liability is primarily due to the increase in the AGI common stock price from April 30, 2025 to April 30, 2026.

The following tables present the Company鈥檚 Non-GAAP measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under 鈥淣on-GAAP鈥�Financial Measures鈥� starting on page 5.

Adjusted EBITDA improved by $1.3 million primarily due to increased revenue per student at USU, increased instructional efficiencies at AU and USU and reduced general and administrative costs attributed to our restructurings.

Operating Metrics

New Student Enrollments

On a Company-wide basis, new student enrollments declined by 50% and were impacted by the ongoing maintenance level of marketing spend. Additionally, we discontinued the enrollment of new AU students because of the pending merger with USU.

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

We anticipate USU student enrollments will increase in the first half of Fiscal 2027 due to a significant increase in marketing spend starting in Q1 Fiscal 2027 and prospective Aspen University students increasingly enrolling in comparable USU programs.

Total Active Student Body

AGI's active degree-seeking student body for the past five quarters, including USU and AU, is shown below:

Nursing Students

AGI鈥檚 nursing student body for the past five quarters is shown below:

Liquidity

The Fiscal Q4 2026 ending unrestricted cash balance was $0.9 million. As of August 14, 2026, the Company had $0.6 million of unrestricted cash on hand. In Q2 Fiscal 2026, we implemented a fifth restructuring plan that resulted 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 ongoing quarterly compensation-related savings from the restructuring are approximately $1.5 million.

Our restructuring efforts were designed to achieve sustained operating cash flows, and the resumption of marketing spend in order to renew growth in our student body. The quarter generated operating cash flow of $1.0 million, which is the sixth consecutive quarter of operating cash flow. As a result of sustained operating cash flows, we resumed marketing spend in Q1 Fiscal 2027.

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.

Non-GAAP 鈥� Financial Measures

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鈥檚 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.

Our management uses and relies on EBITDA, Adjusted EBITDA, EBITDA Margin 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.

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.

AGI defines Adjusted EBITDA as EBITDA excluding: (1) provision for credit losses; (2) stock-based compensation; (3) charges from our put warrants; and (4) non-recurring charges. The following table presents a reconciliation of net income (loss) to EBITDA (loss) and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin:

The following tables present a reconciliation of net income (loss) to EBITDA (loss) and Adjusted EBITDA and of Net income (loss) margin to the Adjusted EBITDA margin by business unit:

^{____________________
NM - Not meaningful}

Definitions

EBITDA Margin 鈥� is defined as EBITDA divided by revenue.

Adjusted EBITDA Margin 鈥� is defined as Adjusted EBITDA divided by revenue.

We believe EBITDA Margin and Adjusted EBITDA Margin are useful for management, analysts and investors as these measures allow for a more meaningful comparison between our performance and that of our competitors. EBITDA Margin and Adjusted EBITDA Margin have certain limitations in that they do not take into account the impact to our consolidated statement of operations of certain expenses.

Forward-Looking Statements

This press release 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 in 2027. The words 鈥渂elieve,鈥� 鈥渕ay,鈥� 鈥渆stimate,鈥� 鈥渃ontinue,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渟hould,鈥� 鈥減lan,鈥� 鈥渃ould,鈥� 鈥渢arget,鈥� 鈥減otential,鈥� 鈥渋s likely,鈥� 鈥渨ill,鈥� 鈥渆xpect鈥� 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 international conflicts including the war in Iran and 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 reach an agreement with another lender which will permit us 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.

About 兼职学生, Inc.

兼职学生, 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.

Investor Relations Contact

Kim Rogers
Managing Director
Hayden IR
385-831-7337 

GAAP Financial Statements

(Continued)

(Continued)

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 consolidated statements of cash flows:

PHOENIX, May 11, 2026 (GLOBE NEWSWIRE) -- 兼职学生, Inc. ("AGI" or the 鈥淐ompany鈥�) (OTCQB: ASPU), an education technology holding company and the parent company of Aspen University, Inc. (鈥淎U鈥�) and United States University, Inc. (鈥淯SU鈥�), announced today it entered into a Seventh Amendment to its 15% Senior Secured Debentures with JGB Management Inc. (鈥淛GB鈥�).

Under the amendment, among other things, the maturity date of the debentures is extended by one year, from May 13, 2026 to May 13, 2027. In addition, beginning July 31, 2026, the quarterly principal amortization payments are reduced from $500,000 to $350,000. The next quarterly principal payment is due on July 31, 2026.

The amendment is intended to provide AGI with additional financial flexibility as the Company continues to focus on growing university enrollments, sustaining operating cash flow, and strengthening its balance sheet. The lower quarterly amortization payments are expected to support increased investment in marketing initiatives and other strategic growth priorities.

Matthew LaVay, CEO of AGI, stated, 鈥淲e appreciate the continued support and partnership from JGB. By extending the maturity of the debentures and lowering our quarterly amortization payments, this amendment increases our capacity to invest in marketing and other enrollment-driving initiatives within our post-licensure degree programs.鈥�

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the future growth of enrollment through our increased marketing and our liquidity. The words 鈥渂elieve,鈥� 鈥渕ay,鈥� 鈥渆stimate,鈥� 鈥渃ontinue,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渟hould,鈥� 鈥減lan,鈥� 鈥渃ould,鈥� 鈥渢arget,鈥� 鈥減otential,鈥� 鈥渋s likely,鈥� 鈥渨ill,鈥� 鈥渆xpect鈥� 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 international conflicts including the war in the Middle East and 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.

About 兼职学生, Inc.

兼职学生, 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. For more information, visit .

Contact Information:

Hayden IR

Kimberly Rogers

(385) 831-7337

Kim@HaydenIR.com

兼职学生鈥檚 differentiated, low-cost post-graduate education model provides high-quality education, affordable tuition, and flexible payment options, including monthly payment plans that can reduce students鈥� debt. Aspen鈥檚 two universities focus on nursing education, offering post-licensure degrees, including the highly sought-after MSN-Family Nurse Practitioner. Aspen鈥檚 business model features a proprietary lead-generation & CRM platform that delivers industry-leading conversion rates and a lower cost per enrollment. For the third quarter of fiscal 2026, Aspen reported record net income and cash flow from operations of $1.0 million, which is its fifth consecutive quarter of positive operating cash flow.

For more information or to register for the 16th Annual LD Micro Invitational, please contact: .

兼职学生鈥檚 presentation will be webcast live at . A replay of the conference presentation will also be available on Aspen鈥檚 website under News / Events, IR Calendar section:

About 兼职学生, Inc.

兼职学生, 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. For more information, visit www.aspu.com.

About LD Micro

LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Through its dynamic, investor-driven conferences and curated company exposure, LD has served as an invaluable asset to all those interested in discovering the next generation of great companies. For more information on LD Micro, visit .

Contact Information:

Hayden IR
Kimberly Rogers
(385) 831-7337

Under this arrangement, USU will support the delivery of PMEL鈥檚 nationally recognized Music and Wellness class piano program, which integrates academic enrichment, emotional wellness, and performance-based learning. Students will receive instruction on brand-new Roland digital pianos using a vetted, award-winning curriculum taught by expert Music and Wellness educators, trained and managed by PMEL, including current USU students and recent graduates, current LAUSD educators, and other expert instructors residing in the greater Los Angeles area and throughout California.

Program Highlights

• Small group piano classes of up to 10 students each, one class per student per week
• Six after-school classes per week at each participating school
• After-school programming delivered three days per week, including a new "summer program"
  • Collegiate-level Roland digital pianos with individualized headphone and in-class participative group instruction, personalized and with headphone usage for practice
• End-of-semester recitals and concerts for students, families, and school communities
  • The ANNUAL 1,000 Piano Scholarship Giveaway and Celebrity Concert: Annual large-scale celebration concert as the program expands to capacity at known venues (i.e.: Wiltern Theatre, Carpenter Performing Arts Center, Greek Theatre, Hollywood Bowl, SoFi Stadium). As the program reaches scale, an annual celebration concert will be introduced at major Southern California venues. At full implementation, 1,000 Roland digital pianos will be awarded each year to participating students who may not otherwise have access to an instrument, creating one of the largest musical scholarship initiatives ever undertaken.

Shared Mission & Impact

UNITED STATES UNIVERSITY is committed to providing affordable, accessible, and high-quality educational opportunities, with a strong focus on diversity, inclusion, and lifelong learning.

PLAY MUSIC ENJOY LIFE! shares these core values and delivers measurable benefits through active participation in music, including improved academic engagement, increased confidence, and enhanced emotional and physical wellness.

Leadership Statements

Dr. Scott Burrus, President of UNITED STATES UNIVERSITY, said:

鈥淭his collaboration aligns perfectly with our mission and core values. PLAY MUSIC-ENJOY LIFE! expands our reach, enhances our offerings, and allows us to serve a demographic we don鈥檛 traditionally reach, children under 18, while creating meaningful teaching opportunities for our students and graduates. We are excited about the positive impact that this innovative collaboration will have on young minds and hearts throughout California.鈥�

Rick DePiro, Founder and President of PLAY MUSIC ENJOY LIFE!, said:

"Licensing our program and collaborating with UNITED STATES UNIVERSITY is an incredible honor. Dr. Burrus and his amazing team embody the values we stand for: innovation, integrity, and service. Together with USU, LAUSD, and other USD's in California, we can grow faster, reach more students, while bringing hope, confidence, and opportunity to children initially throughout Southern California, and that's just the start! Nothing pleases us more than helping kids thrive academically, emotionally, and personally.鈥�

About 兼职学生, Inc. and United States University

兼职学生, 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. For more information, visit www.aspu.com.

United States University currently serves over 2,000 enrolled undergraduate and graduate students. The university maintains a strong commitment to Diversity, Equity, and Inclusion. USU has a long history of supporting underserved and first-generation learners and continues to expand access to education through innovative partnerships such as this one. For more information, visit

About PLAY MUSIC-ENJOY LIFE!

PLAY MUSIC-ENJOY LIFE! currently reaches tens of thousands of followers globally online with its messages of Music and Wellness through the active participation of Music Making. With USU and this new program, we aim to serve over 22,000 in-person students weekly across 370+ schools by 2029 and potentially become one of the largest private piano music education programs in the world. For more information, visit and .

Contact Information:

United States University
(855) 313-0885

PLAY MUSIC-ENJOY LIFE!
(818) 292-9400

兼职学生, Inc. Investor Relations Contact
Hayden IR
Kimberly Rogers
(385) 831-7337

A photo accompanying this announcement is available at

• Record net income of $1.4 million versus net loss of $(1.0) million in Q3 FY2025
• Operating expenses reduced 18% year-over-year, driving operating income of $1.7 million and 17% operating margin
• Adjusted EBITDA of $3.0 million (29% margin), up from $1.7 million (15% margin) in the prior-year quarter ²
• Fifth consecutive quarter of positive operating cash flow, reaching $1.0 million

PHOENIX, March 16, 2026 (GLOBE NEWSWIRE) -- 兼职学生, Inc. (OTCQB: ASPU) (鈥淎GI鈥� or the 鈥淐ompany鈥�), an education technology holding company, today announced financial results for its third quarter of fiscal year 2026 ended January 31, 2026.

Third Quarter Fiscal Year 2026 Summary Results

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_{¹ GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.4 million and $0.4 million; and $1.1 million and $1.4 million for the three and nine months ended January 31, 2026, and 2025, respectively.
² Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP鈥�Financial Measures" starting on page 4.}

Michael Mathews, Executive Chairman of AGI, stated: 鈥淚 am pleased to announce we delivered record net income of $1.4 million in the quarter, marking another quarter of improved profitability and operating discipline. This is our fourth consecutive quarter of net income and continued margin expansion. Importantly, USU delivered its sixth consecutive quarter of year-over-year revenue growth, driven primarily by strong organic lead flow and disciplined marketing spend. We are beginning to see the full benefit of the restructuring plan implemented in the fall of 2025, which followed the announcement of our intent to merge Aspen University and United States University with USU as the surviving entity, pending regulatory approval. Third-quarter G&A expense declined by more than $900,000 year-over-year, driving operating margin expansion to 17% from 3% and supporting our fourth consecutive quarter of net income. Over the past several years, we streamlined operations and repositioned the business following a period of revenue contraction. With revenue stabilizing and operating leverage improving, we remain on track to generate continued positive operating cash flow in fiscal 2026 and deliver our most profitable year in over a decade.鈥�

Mr. Mathews continued, 鈥淚n addition, the Company is actively evaluating refinancing alternatives for its debt, which matures in May 2026, with an outstanding balance of approximately $5.8 million. Management has begun discussions with potential financing sources and is exploring options to extend maturities, improve the Company鈥檚 capital structure, and support continued operational momentum.鈥�

Fiscal Q3 2026 Financial and Operational Results (compared to Fiscal Q3 2025)

Revenue declined by 5% to $10.4 million compared to $10.9 million. The following table presents the Company鈥檚 revenue, both per subsidiary and total:

Aspen University's (鈥淎U鈥�) revenue decline of 19% 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 and the discontinuation of new student enrollments associated with the pending merger with USU.

United States University (鈥淯SU鈥�) revenue increased by 4% year-over-year. 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.

GAAP gross profit increased by $0.5 million to $7.9 million. Consolidated gross margin was 76% compared to 68%, AU's gross margin was 75% versus 67%, and USU's gross margin was 78% versus 70%. GAAP gross profit and gross margin increased primarily due to higher revenue at USU related to increased revenue per student related to tuition increases and more students entering their second year of the MSN-FNP program, combined with reduced cost of revenue at AU and USU driven by more efficient allocation of faculty resources.

AU instructional costs and services represented 19% of AU revenue, and USU instructional costs and services represented 20% 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.

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

The following tables present the Company鈥檚 Non-GAAP measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under 鈥淣on-GAAP鈥�Financial Measures鈥� starting on page 4.

^{________________________________}
_{NM - Not meaningful}

Adjusted EBITDA improved by $1.3 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. Third quarter Adjusted EBITDA includes a one-time reversal of compensation accruals of approximately $0.4 million.

Operating Metrics

New Student Enrollments

Total new student enrollments decreased by 16% year over year in Fiscal Q3 2026. New student enrollments at both AU and USU were negatively impacted by the ongoing maintenance level of marketing spend. Additionally, AU enrollments were impacted by the discontinuation of new student enrollments associated with the pending merger with USU. Year-over-year enrollment at USU increased by 4%, despite low marketing spend, as the result of strong organic lead flow. Sequentially, USU enrollment declined due to the third quarter being our seasonally slowest period. As a result of the restructurings and increased instructional efficiencies, we anticipate increasing marketing spend, following the refinancing of the 15% Debentures, to a level necessary to achieve the enrollments needed to grow the student body.

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

Total Active Student Body

AGI鈥檚 active degree-seeking student body for the past five quarters, including AU and USU, is shown below:

Nursing Students

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

Liquidity

The Fiscal Q3 2026 ending unrestricted cash balance was $0.6 million. As of March 6, 2026, the Company had $0.4 million of unrestricted cash on hand. On September 15, 2025, we implemented a fifth restructuring plan, which resulted in additional cash benefits for the Company in Fiscal Q3 2026. As a result of the restructuring, approximately 75 positions were eliminated within AU and AGI. The resulting additional ongoing quarterly compensation-related savings are expected to be approximately $1.5 million, as evidenced by the $1.2 million sequential reduction in G&A in Fiscal Q3 2026.

Our restructuring efforts were designed to achieve 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 refinancing of the 15% Debentures. In Fiscal Q3 2026, we had positive cash flow from operations of $1.0 million.

Cost reductions from restructuring plans and other corporate initiatives support the Company's expectation that it will have sufficient cash to meet its working capital needs for the next 12 months. Additionally, the Company initiated the process to refinance its 15% Debentures, which it expects to complete by the maturity date.

Non-GAAP Financial Measures

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鈥檚 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.

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.

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.

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.

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.

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:

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Forward-Looking Statements

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 aggregate savings of $1.5 million to be achieved by the fourth quarter of the fiscal year ending April 30, 2026 (鈥淔iscal 2026鈥�), our expectation to see the full benefit of our restructuring plan, increased marketing spend, our refinancing of our 15% Debentures, and achieving positive operating cash flow for Fiscal 2026, the future growth of enrollment through our increased marketing and our liquidity. The words 鈥渂elieve,鈥� 鈥渕ay,鈥� 鈥渆stimate,鈥� 鈥渃ontinue,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渟hould,鈥� 鈥減lan,鈥� 鈥渃ould,鈥� 鈥渢arget,鈥� 鈥減otential,鈥� 鈥渋s likely,鈥� 鈥渨ill,鈥� 鈥渆xpect鈥� 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 international conflicts including the war in the Middle East and 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.

About 兼职学生, Inc.

兼职学生, 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.

Investor Relations Contact

Kim Rogers
Managing Director
Hayden IR
385-831-7337听

GAAP Financial Statements

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:

PHOENIX, March 16, 2026 (GLOBE NEWSWIRE) -- 兼职学生, Inc. ("AGI") (OTCQB: ASPU), an education technology holding company and the parent company of Aspen University (AU) and United States University (USU), announced today a leadership transition designed to support the company鈥檚 next phase of growth and operational execution.

Effective听today, March 16,听Matt LaVay, currently Chief Financial Officer of 兼职学生, will assume the role of听Chief Executive Officer and will join the 兼职学生 Board of Directors.听Michael Mathews, who has served as Chief Executive Officer since 2012, will transition to听Executive Chairman of the Board. The leadership transition is part of the company鈥檚 planned succession process and reflects the Board鈥檚 confidence in Mr. LaVay鈥檚 ability to lead Aspen through its next phase of growth and operational execution.

In his new role as CEO, Mr. LaVay will oversee 兼职学生鈥檚 day-to-day operations and execute the company鈥檚 strategic initiatives. As Executive Chairman, Mr. Mathews will remain fully engaged with the company on a full-time basis, working closely with Mr. LaVay and the leadership team to support strategy, growth initiatives, and long-term value creation.

鈥淢att has been an integral part of 兼职学生鈥檚 leadership team, and I have worked closely with him over the past five years to strengthen our operational and financial foundation,鈥� said Michael Mathews, Executive Chairman. 鈥淢att brings a deep understanding of our business, our strategy, and the opportunities ahead. This transition allows him to take the lead in managing the company鈥檚 day-to-day operations while I remain actively involved as Executive Chairman, focusing on supporting the leadership team and guiding Aspen鈥檚 long-term growth.鈥�

鈥淚 am honored to step into the CEO role and continue working alongside Mike and the rest of our talented team,鈥� commented Matt LaVay, Chief Executive Officer. 鈥淎spen has built a strong platform with a clear mission to expand access to high-quality education. I look forward to building on the progress we have made and continuing to execute our strategy to drive operational performance and create long-term value for our students and shareholders.鈥�

Mr. LaVay has served as Chief Financial Officer of 兼职学生 since June 2021 and has played a central role in strengthening the company鈥檚 financial and operational discipline. During his tenure, he led several corporate restructurings that significantly reduced operating expenses, streamlined the organization, and helped guide Aspen to profitability. Mr. LaVay has also been closely involved in executing the company鈥檚 strategic initiatives and positioning Aspen for its next phase of growth. In connection with his appointment as Chief Executive Officer, Mr. LaVay will also join the 兼职学生 Board of Directors.

About 兼职学生, Inc.

兼职学生, 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. For more information, visit .听

Contact Information:

Hayden IR
Kimberly Rogers
(385) 831-7337
听

PHOENIX, Dec. 15, 2025 (GLOBE NEWSWIRE) -- 兼职学生, Inc. (OTCQB: ASPU) (鈥淎GI鈥� or the 鈥淐ompany鈥�), an education technology holding company, today announced financial results for its second quarter of fiscal year 2026 ended October 31, 2025.

Second Quarter Fiscal Year 2026 Summary Results

Michael Mathews, Chairman and CEO of AGI, stated: 鈥淚n 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 兼职学生 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.鈥�

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

Revenue declined by 2% to $11.2 million compared to $11.5 million. The following table presents the Company鈥檚 revenue, both per subsidiary and total:

Aspen University's (鈥淎U鈥�) 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.

United States University (鈥淯SU鈥�) 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.

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.

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.

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

The following tables present the Company鈥檚 Non-GAAP measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under 鈥淣on-GAAP鈥�Financial Measures鈥� starting on page 4.

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.

Operating Metrics

New Student Enrollments

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.

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

Total Active Student Body

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

Nursing Students

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

Liquidity

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.

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.

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.

Non-GAAP Financial Measures

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鈥檚 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.

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.

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.

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.

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.