Core Insights - Lincoln Educational Services Corporation reported strong financial and operational results for Q3 2025, with significant growth in revenue, student starts, and adjusted EBITDA, prompting an upward revision of the full-year guidance [4][7][9]. Financial Performance - Revenue increased by $27.0 million, or 23.6%, to $141.4 million, with a 25.4% increase when excluding the Transitional segment [7][15]. - Net income for the quarter was $3.8 million, or $0.12 per share, compared to $4.0 million, or $0.13 per share in the previous year [7][26]. - Adjusted EBITDA rose to $16.9 million, reflecting a 65.1% increase [7][16]. - For the nine months ended September 30, 2025, total revenue increased by $54.7 million, or 17.1%, to $375.4 million [16]. Student Metrics - Student starts grew by 3.2%, or 6.0% excluding the Transitional segment, with a nine-month increase of 12.0%, or 15.0% excluding the Transitional segment [7][16]. - Total student population increased by 14.8%, or 17.2% excluding the Transitional segment [7][16]. Campus Development Activity - The company completed relocations and program expansions at its Nashville and Levittown campuses and opened a new campus in Houston, Texas [5][8]. - A new campus in Rowlett, Texas, is expected to open in Q1 2027, complementing the existing Grand Prairie campus [5][8]. - The company continues to evaluate expansion opportunities in underserved U.S. markets [5][6]. Guidance and Future Outlook - The company anticipates ending 2025 with over $500 million in revenue and has raised its 2027 objectives to more than $600 million in revenue and $90 million in adjusted EBITDA [9][17]. - Updated guidance for FY 2025 includes revenue expectations of $505 million to $510 million and adjusted EBITDA of $65 million to $67 million [17].