Aspen Group FY2022 revenue $76.7M (+13%); Q4 net loss up to $2.4M; cuts marketing to fund Arizona bond

ASPEN GROUP, INC.

2022-FY EPS reported -$0.38 vs consensus -$0.07 ▼ miss (-473.2%)

FY2022 revenue $76.7M (+13% YoY vs $67.8M); Q4 revenue $19.4M vs $19.1M prior-year quarter.
Q4 net loss expected ($2.4M)-($2.1M); positive Adjusted EBITDA of $0.3M-$0.6M.
Reduced Q4 marketing spend by $1.5M to collateralize $18.3M surety bond required by Arizona.
Unrestricted cash ended ~$6.5M; received $10M convertible note proceeds partially offset by $5M restricted for bond.
In active discussions for accounts receivable financing facility to close before July 19 earnings call.

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