Aspen Group Q1 revenue $18.9M, net loss widens to $3.7M; guidance signals cost cuts

ASPEN GROUP, INC.

2023-Q1 EPS reported -$0.15 revenue$18,893,913

Q1 FY2023 revenue of $18.9M, down from $19.4M YoY; net loss of $3.7M vs $0.9M loss last year.
GAAP EPS loss of $0.15; adjusted EBITDA loss of $1.2M vs positive $0.5M in prior year.
Gross margin fell to 43% from 54% due to higher marketing and instructional costs.
Company expects cost restructuring to reduce spending by $4.4M in Q2 and $4.9M per quarter in Q3/Q4 FY2023.
Sequential G&A reduction driven by continued corporate overhead controls.

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