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Investor PresentationMay 2025
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2 This presentation contains forward-looking statements that involve substantial risk and uncertainties. All statements, other than statements of historical facts contained in this presentation, including statements regarding Legacy Education Inc.'s (the "Company's"or "Legacy's") strategy, future, operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "depends," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "target," "should," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. In addition, the forward-looking statements included in this presentation represent the Company's views. Subsequent events and developments may cause the Company’s views to change/ The company does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements to reflect new information, future events or circumstances to reflect the occurrences of unanticipated events, expect as may be required by applicable law. These forward-looking statements should not be relied upon as representations the Company's views as of any date subsequent to the date of this presentation.The Company has filed a registration statement (including a preliminary prospectus) on Form S-1, as amended (File No. 333-281586) (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") for the offering to which this presentation relates. Before you invest, you should read the preliminary prospectus in the Registration Statement, including the "Risk Factors" set forth therein, and the other documents the Company has filed with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting the SEC's website at www.sec.gov.The securities of the Company have not been registered under the Securities Act of 1933, as amended, or any other applicable securities law. The Company's securities have not been approved or disapproved by the SEC or any other regulatory or governmental authority, nor have any of the foregoing passed upon the accuracy or adequacy of the information presented. Any representation to the contrary is a criminal offense.The presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. The Company's securities may only be sold pursuant to an effective registration statement filed with the SEC.This presentation contains proprietary information that is the property of the Company. Neither this presentation nor the proprietary information contained herein shall be published, reproduced, copied, disclosed or used for any other purpose, other than the review and consideration of this presentation. Forward-Looking Statements
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3 Legacy At A GlanceLegacy Education is an award-winning, nationally accredited, for-profit post-secondary education company•Owns & operates nationally accredited academic institutions which are affordable•Focused on programs in growing industries including allied healthcare (1) with a secondary emphasis on veterinary and business•Committed to growing education footprint via organic enrollment growth, addition of new programs and accretive acquisitions •Headquartered in Lancaster, CA 20093,24555404FoundedStudent EnrollmentPrograms OfferedEmployees(as of May 1, 2025) $59.0M$11.4M$22K$2KLTM Revenue (38% YoY growth)LTM Adj. EBITDALTM ARPS (2)LTM Gross Student Acquisition Cost (3) 79%75%2%83%Student Graduation Rate(as of March 31, 2024)Student Placement Rate (as of April 1, 2025)Monthly Student Attrition Rate(as of April 30, 2024)NCLEX Pass Rate Closed AcquisitionDec 18th (1)Allied healthcare refers to a sector of healthcare professions that provide a wide range of diagnostic, technical, therapeutic, and support-related services in connection with healthcare and are distinct from certain medical fields including dentistry, medicine, nursing and pharmacy(2)Average Revenue Per Student based on LTM revenue divided by LTM average enrollment(3)Gross Student Acquisition Cost based on marketing & advertising divided by new enrollmentsNote: Data as of 03/31/25 unless otherwise noted
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4 Changing Market Dynamics Within Post-Secondary Education Landscape Yields Opportunity Documented problems (cost, scalability, program design, COVID-19 pandemic) threaten traditional post-secondary education model Legacy Education to leverage programs and delivery model – driving student growth and shareholder returns Nationally Accredited Career College Platform with Demonstrated Success 4 accredited education institutions (6 campuses) educating 3,245 students (as of March 31, 2025) in California Re-accredited 5-year through ACCET and ABHES with 75% and 85% placement rates, respectively, among recent graduates 83% NCLEX (1) pass rates (as of March 31, 2025) Large Post-Secondary Education Opportunity within Core Program Verticals and Adjacent Programs Vertical focus within Allied Health with an estimated 16+ million domestic jobs (projected to grow at 14% annually through 2028) Additional programs designed to target high growth segments of the economy Student acquisition cost relative to program billings provides compelling lifetime value and ROI potential Experienced and Loyal Leadership Senior management with 20+ years of experience on average Strong retention among Senior management M&A Opportunities to Augment Platform Growth History of successful M&A outcomes (Central Coast 2019, Integrity College 2020, Contra Costa 2024) Legacy to leverage program and campus revenue synergies while optimizing operating expenses and per student acquisition costs Investment Highlights (1)National Council Licensure Examination
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5 U.S. Healthcare Labor MarketHealthcare & Social Assistance Job Openings (1)As of March 2024Source: U.S. Bureau of Labor Statistics 0.0M 0.5M 1.0M 1.5M 2.0M 2.5M 20142015201620172018201920202021202220232024 OpeningsHires (1)1.7MCurrent openings Gap between openings and hires has widened since the Coronavirus pandemic 2.6MNew Jobs Created from 2020 – 2030 (1) The U.S. is facing a shortage of healthcare professionals driven by increased demand for healthcare services Growth drivers for the U.S. healthcare labor market include: •Expanding aging population•Technological advancement•Growing emphasis on preventive care California community colleges are plagued by poor completion rates, uncertain career pathways, and poor placement rates 16%Projected Growth from 2020 – 2030 (1)
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6 2009 - 2010Founded Legacy EducationAcquired High Desert Medical College 10+ Years of Growth and Accolades California Association of Private Post Secondary School Excellence in Community Service Award – 2020, 2022 & 2023 Antelope Valley Best Career / Trade School Award 2020, 2021 & 2023 Beautiful Bakersfield Best Career School 2022 Legacy Timeline 2011 - 2018Program Expansion and Title IV EligibilityPrograms Approved for Distant Learning 2019Acquired Central Coast College Launched Temecula Campus 2020Acquired Integrity College of Health Launched New Accredited Programs: Ultrasound Technician (ICH) RN to BSN (ICH) Medical Billing and Coding (ICH) 2021 - 2022Added Multiple Campus DirectorsPermanent Hybrid Approval all programsLaunched New Accredited Programs: Cardiac Sonography AAS Vocational Nursing AAS Ultrasound AAS (CCC) Vocational Nursing (HDMC) 2023Added Campus Directors of Education, Directors of Nursing & Dean of Imaging Launched New Accredited Programs: Certified Nurse Assistants (HDMC) Magnetic Resonance Imaging AAS Veterinary Assisting (ICH) Vocational Nursing AAS (ICH) Vocational Nursing (CCC) Launched Cannabis Career Website and Curriculum (HDMC)Executed Lease for New Building in LancasterAdded 7,00 SF to CCC Location for New ProgramsAdded 5,000 sq feet in ICH for New ProgramsInitial RN approval for Lancaster Campus 2024 - 2025Added 25,000 SF for CCCHDMC new curriculum approval for the new rule on minimum hoursHDMC 5-year reaccreditation granted through April 2029CCC RN Program ApplicationAcquired Contra Costa Medical Career College Launched New Accredited Programs: Registered Nurse (RN) 2 campuses 2 campuses 4 campuses 5 campuses 5 campuses 6 campuses 5 campuses
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7 Source: Educationdata.org, Bloomberg, MarketWatch, Business Insider Challenges for Post-Secondary Education Rising tuitions (outpacing inflation and wage growth) Rising costs due to labor and expensive infrastructure Antiquated delivery models (campus-based model) Inconsistent job placement capabilities (underemployment is a growing problem among recent 4-year college graduates) Schools failing to evolve with declining relevancy and training performance Widespread problems within post-secondary education have been widely publicized by leading media outlets “Nearly half of companies plan to eliminate bachelor's degree requirements in 2024" - Intelligent Legacy Education has Developed the Programs and Deployment Models to Effectively Capitalize on Changing Market Dynamics Changing Post-Secondary Landscape Hands-on Training EmphasisProgram Design & FlexibilityBroad Market Appeal Bring Opportunity to For-Profit Education Programs designed around high ROI for students (affordable, specialized degrees with shorter durations including programs less than 52 weeks designed to accommodate degree / learning progression ) Focus on graduate success, retention rates & standards of academic quality Campuses strategically located in areas with high job growth Aligned product offerings with employer needs which include simulation training initiatives and network of extern sites Bypasses antiquated delivery model by focusing on scalability COVID-19 accelerated transition to next gen learning models – Legacy has successfully implemented hybrid Interactive Distance Learning (“IDL”) Leveraging leading ed-tech software providers to increase flexibility and scalability
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8 Geographic Footprint Bakersfield, CALancaster, CATemecula, CA Salinas, CA Pasadena, CA Antioch, CA 63,24525%CampusesCurrent Students (03/31/25)4 Year Enrollment CAGR CollegeFY20AFY21AFY22AFY23AFY24A03/31/2568995939%1,16521% 1,2366%1,58828%2,08117523836%30427% 33711% 43529% 508436756%11978% 13211% 16424% 188468Total9071,2641,5881,7052,1873,245 Enrollment Growth by CollegeEnding Enrollment % denotes YoY Increase 4 Year CAGR 25% 3,245 9071,2641,5881,7052,187
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9 Quarterly Enrollment Since 2023 (1)Calculated by subtracting from one the ratio of current quarter-ending enrollment to the total of the previous quarter’s ending enrollment plus the current quarter's new starts to approximate the quarterly rate of graduates and discontinued studentsNote: Quarterly starts data excludes cash programs for HDMC and ICH prior to FY 2024 due to lack of internal reporting Quarterly StartsEnding Enrollment 28% increase YoY in ending enrollment at FY 2024A Ending EnrollmentStudent Attrition + Graduation Rate (1)51% Increase YoY 1,668 Starts FY 2023A2,517 StartsFY 2024A 25%23%13%27%23%% Change YoY 500 273 504391 760 415 719623 849 397 1,227 Q1AQ2AQ3AQ4AQ1AQ2AQ3AQ4AQ1AQ2AQ3AFY 2023FY 2024FY 2025 52%52%43%59%12%(4%)71% 1,7271,6481,7991,7052,0241,9122,1662,1872,5392,768 3,245 0% 10% 20% 30% 40% 50% 60% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q1AQ2AQ3AQ4AQ1AQ2AQ3AQ4AQ1AQ2AQ3AFY 2023FY 2024FY 2025 % Change YoY 17%16%20%28%25%45%50%
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10 Vocational Nursing, Dental Assisting, Veterinary Assistant, and Clinical Medical Assisting among the highest placement rate programs 75%76%77%73%85% BakersfieldLancasterTemeculaCCCICH Preparing students for a competitive workforce with functional and soft skills to be successful Exceeding Academic and Student Outcomes 75% Avg Placement Rate (1)Placement Rate by Campus Successful Student Outcomes (1)Based on employment 90 days post-graduation; Inclusive of Contra Cost Medical Career College; Data as of April 1, 2025(2)Data as of March 31, 2025Note: Data and chart as of 06/30/24, unless otherwise noted 83%NCLEX Pass Rates (2) 64%Vet Tech Pass Rates 75%Avg Placement Rate (1) 86%Avg ProgramRetention
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11 11 Student Profile Target Student Note: Data as of 06/30/24 92%Women8%Men Over 50%Of our student enrollment is 24 years of age and younger Education LevelHigh School Diploma or G.E.D.GeographyTargeting students within 25-mile radius to each campus (changing with availability of online programs)Desired OutcomeStudents looking for better career opportunitiesEntrance ExamWonderlic Scholastic Level Exam (SLE) HESI for VN only 11
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12 LeeAnn Rohmann | Chief Executive Officer & Founder, Legacy EducationMs. Rohmann has served our Chief Executive Officer since July 2010 and Chairman of our board of directors since October 2009. From 2004 until 2008, she served as Chief Sales Officer, Student Loan Xpress at CIT, a national bank, and from 2001 until 2004, she served as Vice President, Sales of Edfinancial Services, a financial company that provides student loan servicing. From 1997 until 2001, Ms. Rohmann served as Senior Vice President, Sales of American Express. We believe Ms. Rohmann is qualified to serve as a member of our board of directors because she has more than 25 years of higher education industry experience. Brandon Pope | Chief Financial OfficerMr. Pope has served as Chief Financial Officer of Legacy Education, L.L.C. from June 2018 until the Reorganization and our Chief Financial Officer since the Reorganization. From October 2017 until June 2018, he served as Controller of Squar Milner, an accounting and advisory firm, and from December 2014 until April 2017, he served as Senior Vice President, Corporate Controller of International Education Corporation, a provider of career education. From January 2014 until October 2017, Mr. Pope also served as Principal of Pope Consulting Group, LLP, and from 2008 until 2014 he served in various capacities including Vice President, Chief Accounting Officer and Vice President, Corporate Controller at Bridgepoint Education, Inc., a higher education company. Mr. Pope also previously served as Assistant Vice President, Assistant Controller of Corinthian Colleges, Inc.; Assistant Controller of Stater Bros. Markets; and Senior Manager of Financial Reporting and Control, Manager of Financial Reporting and Senior Accountant at Ingram Micro, Inc. Mr. Pope is a certified public accountant in the state of California, and received his bachelors of science in business administration and MBA from the University of Phoenix. Dr. Ragheb Milad | Chief Academic Officer Dr. Ragheb Milad has served as our Chief Academic Officer since June 2021. From January 2019 to January 2021, Dr. Milad served as the Corporate Director of Education for Legacy Education and Campus President of HDMC’s Lancaster, California campus, and from January 2014 to January 2018 he served as the Director of Academics for HDMC. Dr. Milad also served as an instructor from in both the Vocational Nursing and Ultrasound Technician Programs for HDMC from 2011 to 2014. During his roles as Director of Academics and Corporate Director of Legacy Education, Dr. Milad developed many of Legacy Education’s existing programs. In addition, from 2008 to July 2021, Dr. Milad served as the Sales Director of 3D Diagnostix, a dental computer guided surgery company. In July 2021, he co-founded ITX PROS, a digital dentistry company that supports dentist with dental implant cases, and since its inception he has served as a member of the board of directors of ITX PROS. Dr. Milad also serves as a member on the Board of St. Athanasius and St. Cyril Theological School, a Coptic Orthodox theological school since 2015. Furthermore, from 2008 to 2011 Dr. Milad was a practicing physician in Cairo, Egypt. He graduated from Ain Shams University in Cairo, Egypt from the Faculty of Medicine where he received his Medical Degree. Legacy Education also employs campus directors at each respective campus with extensive experience in their fields Management Team
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13 Our Path to GrowthOrganic growth within existing footprint Current programs and cross program integration and acquire students at a positive ROINew program developmentCreate adjacent programs (increase re-enrollment) and new fields of study to increase enrollments with minimal cannibalizationNew campuses (focus on buy vs build)Build requires upfront investment of human capital and greater time to achieve scale / breakeven while buy allows for the acquisition of accretive campuses and integration (scale / geography and synergy benefits) 1 2 3 13 Executing Our StrategyLegacy Education delivers 38% revenue growth, with student population up 50% Four new healthcare programs expand our academic portfolio. Strategic acquisition of Contra Costa strengthens our California presence while maintaining 19% adjusted EBITDA margins(1)From announced Contra Costa acquisition in-processNote: Data as of 03/31/25
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14 Healthcare43 Programs (1) (1)Includes four recently announced CCC programs(2)Data as of 05/29/24 Core Markets ~ 90% of Legacy’s current enrollment (2) Accredited programs launched since 2023:•Certified Nurse Assistants (HDMC)•Magnetic Resonance Imaging•Registered Nurse (RN)•Vocational Nursing AAS (ICH)•Vocational Nursing (CCC)•Surgical Technology Associate of Applied Science (CCC)•Dental Assisting (CCC)•Sterile Processing (CCC)•Pharmacy Technician (CCC) Leading diagnostic imaging services company finalized agreement with LegacyKey Focus Areas: Continuous improvement in VTNE pass rates Future veterinary technology (RVT) programs at ICH and HDMC Basic veterinary assistant certificate program Expansion of dental assistant program at CCC Future dental hygienist program Future orthodontic assistant permit (cash) Future dental sedations assistant permit (cash) NursingImagingAllied Health Veterinary4 ProgramsDental8 Programs Organic Growth Within Existing Footprint
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15 EKG / ECG 1Terminology 1Cannabis Dispensary 1MRI 1Accounting 1Phlebotomy 4Veterinary 4Med. Billing & Coding 3Dental 8Pharmacy 3Sterile Processing/ Surgery 4Medical Assisting 8Nursing 13Ultrasound/ Sonography 7201020152020202120222023202403/31/25 Diverse & Growing Set of Programs55 Total Programs Offered Organic Growth Within Existing Footprint Program Offering TimelineCurrent Program Offering Per College
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16 Ultrasound Technician AASMedical AssistingMagnetic Resonance Imaging AASVocational NursingCardiac Sonography AASProgram Duration108 – 123 weeks34 – 42 weeks115 – 130 weeks115 weeks56 – 68 weeks Quarterly Revenue (per student) (1) ~$6.6k~$6.5k~$6.3k~$6.3k~$7.3k Extern Sites (2) 241 794 43 186 124 Re-Enrollment OpportunityHighest Degree in TrackYesHighest Degree in TrackHighest Degree in TrackYes Top Program Mix (1)Calculated by dividing total billings divided over midpoint program duration on a quarterly basis(2)Extern sites facilitate experiential learning opportunities to provide students occupational experiences in their field of studyNote: Data as of 03/31/25 Organic Growth Within Existing Footprint Collectively, Legacy Education’s top five programs by enrollment represent roughly 65% of total enrollment
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17 Legacy Education is committed to students across their learning journey offering programs that build on one another as students require further professional credentialing Students can build lasting trust with the same educational institution and Legacy and achieve repeat students and increase lifetime value per student Bachelor in Science and Nursing (BSN)Registered Nurse (RN)Licensed Vocational Nursing (LVN)Medical Assistant (MA)Certified Nursing Assistant (CNA)1st2nd3rd4th5th Program Re-Enrollment Progression (1)Alternative enrollment progressions exist for Nursing, such as CNA -> MA -> VN -> VNAAS -> RN -> BSN Programs Designed for Re-Enrollment Veterinary Technician (VT AAS)Veterinary Assistant (VA)1st2nd Magnetic Resonance Imaging(MRIAAS)Cardiac Sonography (CSAAS)Ultrasound Technician (UT AAS)Ultrasound Technician Certificate (UT) Students can take these in any sequence New Program Development Healthcare (1) ImagingVeterinary
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18 TargetQualitative Transaction Rationale 35-year single owners with repeated highest grants of accreditation Profitable and steady growth Added 3 new programs 19% Enrollment CAGR since acquisition close New accrediting body (ABHES) which expanded our program offerings up to master’s degrees Expanded our footprint in California to accommodate for the growing student population 38% Enrollment CAGR since acquisition close Graduates over 1,200 students annually and offers 14 allied health programs Expands our program offerings with surgical technology and sterile processing Strengthens our position in Northern California Single campus or multi-campus for-profit postsecondary education operatorsExpand our geographic footprintPrograms offering positive cross-campus synergy opportunities Capital efficient transactions – strongly prefer transactions immediately accretive to shareholdersTechnology or platforms that augment delivery models 1 2 3 4 5 Track Record of Successful Campus Acquisitions (1)Calculated by dividing the number of students at CCC, ICH, and CCMCC by the total number of students enrolled at Legacy as of 3/31/25Note: Enrollment data as of 03/31/25 New Campuses (Buy vs Build) ~ 36% of current enrollment is due to successful M&A activities (1) Legacy Education M&A PlaybookM&A Track Record Closed – Jan 2019 Closed – Dec 2019 Closed – Dec 2024 Active Pipeline – Management and directors with network of quality potential acquisition targets
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19 Benefits of Legacy’s IDL Experiences Increased flexibility to support multiple modes of student learning both in and out of the classroom Enhanced delivery of curriculums with more engaging material and learning methods Streamlined faculty and peer-to-peer communication through modern video conferencing and edtech platforms The majority of our programs have between 30% and 50% of the students enrolled being taught via IDL Accessible supplementary materials such as course textbooks, announcements, and calendars Optimized instructor grading and reviewing through assignment, quiz, and test capabilities Uniform materials across various classes within a program, ensuring a standardized learning experience for students Legacy Education partners with several Educational Industry Content Specialists to deliver a seamless Interactive Distance Learning Experience with the most advanced educational tools available today for its curriculums. Legacy’s IDL Experience Partners Interactive Distance Learning (“IDL”) Experience
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20 Nationally Recognized Accrediting AgenciesRecognized by U.S. Secretary of Education & U.S. Department of Education (1)The Accrediting Council on Continuing Education and Training(2)The Accrediting Bureau of Health Education Schools National AccreditationLegacy Education recently earned the highest grant of accreditation – 5-year certificate of accreditation through ACCET (1) ACCET 5-year renewal grant April 2024 – Highest grant achievable ACCET 5-year renewal grant April 2025 Central Coast Reaccreditation renewal Legacy Education’s management school, Integrity College of Health was granted accreditation – 4-year certificate of accreditation through ABHES until February 2026 (2) PPA Renewed until September 30, 2026 (HDMC) and September 30, 2026 (CCC) Expedited Program Review opened and closed within 120 days Accreditation ensures Legacy Education programs meet objective and rigorous third-party standards of educational practices ACCET National Accreditation ABHES Accreditation Title IV StandingHigher Education Act of 1965
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21 21 ECM 24-4521 Financial Overview
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22 STUDENT GROWTH – ending enrollment of 3,245 through 03/31/25 (50% YoY growth) REVENUE – $59.0M LTM revenue (38% YoY growth); surpassing prior 3-year sales CAGR of 25% from FY21A through FY24A PROFITABILITY – leveraging scale and efficiencies to drive profitability; LTM adjusted EBITDA of $11.4M up 170% YoY LIQUIDITY & WORKING CAPITAL – ended the quarter with $17.3M in cash and total working capital of $22.0M COMPELLING UNIT ECONOMICS – focus on driving accretive student acquisition – LTM gross acquisition cost per student $2K (1) generates > 10x LTM annual revenue per student of $22K (2) as of March 31, 2025Financial & KPI Overview (1)Gross Student Acquisition Cost based on LTM marketing & advertising divided by LTM new enrollments(2)Annual Revenue per Student calculated by dividing LTM revenue by LTM average enrollmentNote: See slide 26 for full reconciliation from Net Income to Adjusted EBITDANote: Data as of 03/31/25
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23 Financial PerformanceRevenue Adjusted EBITDA (1) (1)See slide 26 for full reconciliation from Net Income to Adjusted EBITDA $30.7M $35.5M $46.0M FY 22AFY 23AFY 24A $3.5M $3.8M $8.4M FY 22AFY 23AFY 24A $33.2M $46.2M 9ME 03/31/249ME 03/31/25 $5.6M $8.6M 9ME 03/31/249ME 03/31/25
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24 Quarterly Performance in ReviewQ3 FY25 Operating ResultsYoY Change(%) Starts 1,22771% Ending Enrollment3,24550% Revenue$18.6M51% Educational Service Costs (% of net Tuition)54.6%1% Adj. EBITDA$3.9M60% Student Acquisition Cost (1)(marketing spend / starts)$1.0K Positive momentum across numerous financial KPIs and leading indicators (1)Student Acquisition Cost calculated as marketing & advertising expenses divided by new starts for the quarter ending March 31, 2025
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25 as of March 31, 2025Capitalization & Liquidity Summary (1)Data as of 05/10/25, 12.4M common shares outstanding adjusted for 1.5M vested and exercisable options with a weighted exercise price of $3.32, 0.1M warrants with an exercise price of $4.60, and an assumed TSM share buyback of $7.51(2)Data sourced from S&P Capital IQ and as of 05/13/25(3)Volume-weighted average price (10-day) HighlightsDuring Q3 2025, Legacy generated $0.9M in net cash from operating activities Legacy ended Q3 2025 with a cash balance of $17.3M and working capital of $22.0MWe believe our existing cash balance, operating cash flows, proceeds from the IPO and other sources of liquidity provide adequate funds to fuel growth including: Continued operations & working capital requirements Planned Capex Potential cash required for future M&A activitiesCash $17.3MWorking Capital$22.0MDebt $1.0MStockholders’ Equity$39.3M Diluted Common Shares Outstanding (1) 13.3MShare Price (2,3) $6.95Trading Range (since Initial Public Offering)$3.60 - $10.37Market Capitalization (2) $93.0MAverage Daily Volume Since IPO (2) 79.7K Capital Structure Liquidity Analyst CoverageNorthland Capital Markets – Mike GrondahlLadenburg Thalmann & Company – Jeffrey Cohen
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26 Non-GAAP Adjusted EBITDA ReconciliationAdjusted EBITDA is defined as earnings (loss) from operations less depreciation and amortization, share based compensations, transaction costs, and one-time items. Earnings (loss) from operations excludes interest, interest expense, gain (loss) on sale of equipment, change in fair value of financial instruments and other expenses. The Company believes Adjusted EBITDA is an appropriate measure for evaluating the operating performance of the Company.Table shows the reconciliation of the unaudited Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. The unaudited figures have been derived from financials in accordance with US GAAP . ( $ in thousands)FY 22AFY 23AFY 24A9ME 03/31/249ME 03/31/25Net Income$2,337 $2,667 $5,115 $4,154 $6,307Interest Expense (Income), Net($99)($243)($769)($424)($778)Provision for Income Taxes$986 $1,198 $1,871 $1,655$2,467D&A $240 $224 $265 $189$317EBITDA$3,464 $3,846 $6,482 $5,573 $8,313Non-cash Compensation-- $1,882 -$284Adj. EBITDA$3,464 $3,846 $8,364 $5,573$8,597
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27 27 ContactLeeAnn Rohmann – CEO & Founder Email: lrohmann@legacyed.comPhone: (661) 940-9300Amato and Partners, LLCInvestor Relations Counsel100 Park Avenue, 16th FloorNew York, NY 10017admin@amatoandpartners.com