Page 1

December 14 , 2021 Aspen Group Reports Revenue of $ 18.9 million , or 12 % Growth , for Second Quarter Fiscal 2022 • Revenue increased to $ 18.9 million compared to $ 17.0 million last year • Business units with highest LTV degrees accounted for 54 % of revenue • Net loss of ( $ 2.9 ) million , an improvement of $ 1.5 million year - over - year NEW YORK , Dec. 14 , 2021 ( GLOBE NEWSWIRE ) -- Aspen Group , Inc. ( Nasdaq : ASPU ) ( " AGI " ) , an education technology holding company , today announced financial results for its second quarter fiscal year 2022 ended October 31 , 2021 . Second Quarter Fiscal Year 2022 Summary Results $ in millions , except per share data Revenue Gross Profit¹ Gross Margin ( % ) ¹ 1 Net Income ( Loss ) Earnings ( Loss ) per Share EBITDA² Adjusted EBITDA² LA LA $ $ LA LA LA LA $ $ $ $ ASPEN GROUP INC . Three Months Ended October 31 , 2021 2020 $ 18.9 $ 9.7 51 % ( 2.9 ) $ ( 0.11 ) $ ( 1.9 ) $ ( 0.7 ) $ 17.0 $ 9.3 $ 55 % ( 4.4 ) $ ( 0.19 ) $ ( 2.3 ) $ 0.2 $ Six Months Ended October 31 , 2021 2020 38.4 20.1 52 % ( 3.7 ) ( 0.15 ) ( 1.8 ) ( 0.2 ) $ LA GA $ $ LA LA LA LA $ $ $ 32.1 18.3 57 % ( 5.3 ) ( 0.23 ) ( 2.3 ) 1.5 1 GAAP gross profit calculation includes marketing and promotional costs , instructional costs and services , and amortization expense of $ 0.5 million and $ 0.9 million , and $ 0.4 million and $ 0.7 million , for the three and six months ended October 31 , 2021 and 2020 , respectively . 2 Non - GAAP financial measure . See reconciliations of GAAP to non - GAAP financial measures under " Non - GAAP - Financial Measures " starting on page 5 . " In the second quarter , our high - LTV degree programs increased to 54 % of total revenue fueled by continued strong growth in our BSN Pre - Licensure and MSN Family Nurse Practitioner ( FNP ) programs , which combined with careful management of our costs , reduced our net loss by 35 % year - over - year , " said Michael Mathews , Chairman and CEO of AGI . " Beginning in the second half of June , the rapid rise in COVID hospitalizations increased the workload of licensed registered nurses ( RNs ) on the front lines of patient care . RNs represented 69 % of our total active student body at the end of the second quarter of fiscal year 2022 and are the total population of our students primarily impacted by the COVID pandemic trends . As a result , our pace of enrollments and class starts slowed in the second quarter , similar to the effect seen across the entire nursing higher education sector during the same period . "