Revenue and Growth - Revenue increased by $5.4 million, or 38.5%, to $19.4 million for the first quarter ended September 30, 2025, compared to $14.0 million for the same period in 2024[6] - New student starts rose by 31.6% to 1,117, contributing to a total student population of 3,495, which is 37.7% higher than the first quarter of fiscal 2025[6] - Net income for the quarter was $2.2 million, up 4.6% from $2.1 million in the prior year[6] Financial Performance - Adjusted EBITDA was $3.1 million, reflecting a 9.6% increase year-over-year, with an adjusted EBITDA margin of 15.9%[6] - The company maintained a strong balance sheet with $20.6 million in cash and cash equivalents and minimal debt of approximately $0.7 million[6] - Operating cash flow was positive but decreased year-over-year due to the timing of Title IV disbursements[9] - The effective tax rate was 26.5%, benefiting from stock option exercises[5] Expenses - Educational services expenses increased by approximately $3.1 million, or 43.3%, to $10.3 million, driven by increased staffing and instructional costs[9] - General and administrative expenses rose by approximately $2.1 million, or 54%, to $6.1 million, primarily due to higher marketing costs and professional fees[9] Program Development - The company approved new programs including MRI AAS and Cardiac Sonography AAS at Central Coast College, and Surgical Technology AAS at High Desert Medical College[6]
Legacy Education Inc.(LGCY) - 2026 Q1 - Quarterly Results