Financial Performance - Revenue for Q2 2025 was $162.8 million, a 7% year-over-year increase[9] - Net loss available to common stockholders was ($0.3) million in Q2 2025, compared to ($1.2) million in Q2 2024[9] - Adjusted EBITDA for Q2 2025 was $15.1 million, compared to $10.9 million in Q2 2024[9] - Cash balance as of June 30, 2025, was $176.6 million[13] Enrollment and Registration - APUS net course registrations increased by 7.3% compared to Q2 2024[14] - Hondros College of Nursing (HCN) enrollment increased by 17.6%[14] - Rasmussen enrollment increased by 10.4% in 3Q'25 compared to 3Q'24[14] - Trailing twelve months (TTM) net course registrations reached 388,400[22] Guidance - Full year 2025 revenue is projected to be between $650 million and $660 million[17] - Full year 2025 net income available to common stockholders is guided to be between $18 million and $24 million[17] - Full year 2025 adjusted EBITDA is expected to be between $81 million and $88 million[17] Strategic Initiatives - APEI completed the sale of GSUSA on July 25, 2025[10] - The company is consolidating APUS, Rasmussen, and HCN into one system[20] - APEI redeemed preferred equity in Q2 2025[20]

2 4Q and Full Year 2024 Earnings Presentation March 2025 FORWARD- LOOKING STATEMENTS Statements made in this presentation regarding American Public Education, Inc. or its subsidiary institutions ("APEI" or the "Company") that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. In some cases, forward looking statements can be identified by words such as "anticipate," "believe," "seek," "could," "estimate," ...