American Public Education sees Q3 revenue above top end of prior guidance

In a regulatory filing, American Public Education (APEI) states: “As compared to the third quarter 2025 guidance range as previously disclosed on August 6, 2025 in the Company’s earnings release, the Company expects its third quarter 2025 results to exceed the top-end of its guidance range for consolidated revenue. The Company also expects to exceed the top end of its previously disclosed guidance range for net course registrations for American Public University System. Previously, the August 6, 2025, press release disclosed third-quarter student enrollments for Rasmussen University and Hondros College of Nursing. These preliminary results are based on management’s initial analysis of operations for the quarter ended September 30, 2025, and information currently available to management. These preliminary results do not reflect all necessary information for an understanding of the Company’s financial condition as of September 30, 2025, or its results of operations for the quarter ended September 30, 2025, and are subject to completion of the Company’s financial closing procedures. As such, these expected results may vary from the Company’s actual results for the three and nine months ended September 30, 2025, which the Company expects to report in November. The preliminary results have not been audited or reviewed by the Company’s independent registered public accounting firm. APUS estimates that, as a result of the government shutdown and temporary suspension of the TA program, approximately 12,700 course registrations were dropped for non-payment on October 11, 2025, for students who intended to use TA funds. This is the first time since 2013 that APUS has dropped course registrations for students using TA funds due to a government shutdown. Accordingly, APUS estimates that, as a result of the government shutdown, its revenue in October 2025 will be approximately $9.6 million lower than it otherwise would have been and net course registrations in October 2025 declined by approximately 35% as compared to October 2024. Had the government shutdown not occurred, APUS believes that its October 2025 net course registrations would have increased as compared to October 2024. At this time, the Company is evaluating opportunities to mitigate the impact of the government shutdown but, due to the continuing government shutdown, it is unable to determine the full impact that the government shutdown may have on fourth quarter and full year 2025 operating results.”