---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-115232"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T13:35:07.584693+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# APEI Q3 net loss narrows to $3.3M; adjusted EBITDA up 91% to $18.1M

## Summary
- Consolidated revenue $150.8M (+0.9% YoY); net loss $3.3M vs $3.8M loss prior year.
- Adjusted EBITDA $18.1M (+91.4% YoY) on cost controls; selling expenses down 18.6%.
- APUS net course registrations +8% YoY; Hondros enrollment +17%; Rasmussen enrollment -10%.
- Cash and cash equivalents $155.2M, up 19.9% from Dec 2022; $5.2M non-cash write-off on equity investment.

## SEC filing metadata
- accession: 0001104659-23-115232
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465923115232/0001104659-23-115232-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465923115232/tm2329817d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-115232
- JSON: https://secwatch.observer/filing/0001104659-23-115232.json
- Plain text: https://secwatch.observer/filing/0001104659-23-115232.txt

## Key facts
- Earnings Releases
  AMERICAN PUBLIC EDUCATION INC reported quarter ended September 30, 2023 results: revenue $150.8 million, net income Net loss was $3.3 million, EPS Net loss per diluted common share was $0.27.
  - Period: quarter ended September 30, 2023
  - Revenue: $150.8 million
  - Net income: Net loss was $3.3 million
  - EPS: Net loss per diluted common share was $0.27
  - Result: reported results
  source text: · Consolidated revenue increased 0.9% year-over-year to $150.8 million. · Net loss was $3.3 million, compared to net loss of $3.8 million in the prior year period. The loss includes a $5.2 million non-cash investment loss on a 2012 APEI minority equity investment in a company that has entered into an agreement to be sold resulting in no proceeds to APEI. · Net loss per diluted common share was $0.27, compared to a net loss per diluted common share of $0.20 in the same period of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465923115232/0001104659-23-115232-index.htm

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