APEI Q2 beats: revenue $162.8M (+6.5%), Adj. EBITDA $15.1M (+38%); sells GSUSA

AMERICAN PUBLIC EDUCATION INC

2025-Q2 EPS reported $0.39 vs consensus -$0.08 ▲ beat (+597.4%)

Revenue $162.8M, +6.5% YoY; exceeded guidance.
Net loss available to common -$0.3M (vs -$1.2M YoY); includes $3.5M loss on preferred redemption.
Adjusted EBITDA $15.1M, +38.2% YoY; FY2025 EBITDA guidance raised to $81-88M.
Completed sale of Graduate School USA on July 25; redeemed all Series A preferred stock; sold two admin buildings.
DOE released Rasmussen University from growth restrictions; released $24.5M letter of credit.

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