Lincoln Ed reports Q1 revenue $117.5M (+13.7%); raises FY2025 guidance

LINCOLN EDUCATIONAL SERVICES CORP

2025-Q1 EPS reported $0.06 revenue$117,506,000

Revenue $117.5M (+13.7% YoY); net income $1.9M vs ($0.2M) loss; adj EBITDA $10.6M vs $6.5M.
Student starts +16.2% (excl. Transitional +20.9%); quarter-end population +15.2%.
FY2025 guidance raised: revenue $485M-$495M (prev $480M-$490M); adj EBITDA $58M-$63M (prev $55M-$60M).
Credit facility expanded to $60M revolv, $25M accordion; total liquidity ~$90M, no debt outstanding.
New campuses: Houston expected by year-end 2025; Hicksville, NY by end 2026; Nashville relocation completed.

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