---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-21-102148"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2021-08-09T23:59:59+00:00"
generated_at: "2026-06-29T18:04:47.208880+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# American Public Education Q2 revenue down 5%; EPS $0.03 vs $0.45; APUS registrations drop 8%

## Summary
- Consolidated revenue $78.0M (-5% YoY); net income $0.5M ($0.03 diluted EPS) vs $6.7M ($0.45) in Q2 2020.
- Adjusted EBITDA $9.9M, down 36% from $15.5M; cash & equivalents $317.0M (includes $86.2M from public offering).
- APUS net course registrations fell 8% to 82,600; HCN enrollment rose 36% to record 2,380.
- CEO cites Army IgnitED portal outage as key headwind for APUS; Rasmussen acquisition on track to close in Q3.
- Diluted share count increased to 18.8M from 14.9M due to March 2021 public offering of 3.68M shares.

## SEC filing metadata
- accession: 0001104659-21-102148
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2021-08-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465921102148/0001104659-21-102148-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465921102148/tm2124519d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-21-102148
- JSON: https://secwatch.observer/filing/0001104659-21-102148.json
- Plain text: https://secwatch.observer/filing/0001104659-21-102148.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.