---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-115909"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2022-11-08T23:59:59+00:00"
generated_at: "2026-06-22T02:57:22.663873+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# APEI Q3 revenue up 52% to $149.5M; net loss widens to $3.8M

## Summary
- Net loss of $3.8M ($0.20 diluted EPS) vs net loss of $0.3M in prior year.
- Adjusted EBITDA $9.5M, slightly up from $9.3M a year ago.
- Revenue increase driven by Rasmussen and GSUSA acquisitions; APUS registrations up 3%.
- ArmyIgnitED 2.0 transition causing $13.8M in AR over 60 days; collection risks noted.
- Cash and equivalents $185.5M, up 24% from Dec 2021.

## SEC filing metadata
- accession: 0001104659-22-115909
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2022-11-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465922115909/0001104659-22-115909-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465922115909/tm2229880d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-115909
- JSON: https://secwatch.observer/filing/0001104659-22-115909.json
- Plain text: https://secwatch.observer/filing/0001104659-22-115909.txt

## Key facts
- Earnings Releases
  AMERICAN PUBLIC EDUCATION INC reported quarter ended September 30, 2022 results: revenue $149.5 million, net income $3.8 million, EPS $0.20.
  - Period: quarter ended September 30, 2022
  - Revenue: $149.5 million
  - Net income: $3.8 million
  - EPS: $0.20
  - Result: reported results
  source text: Inc. (Nasdaq: APEI) announced financial results for the quarter ended September 30, 2022. Third Quarter Highlights: • Consolidated revenue increased 52% year-over-year to $149.5 million • Total cash and cash equivalents was approximately $185.5 million, compared to $149.6 million as of December 31, 2021, representing increase of $35.9 million or 24.0% • Our
  evidence_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465922115909/0001104659-22-115909-index.htm

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