Significant Revenue and EBITDA Growth
Revenue for the first quarter of 2025 grew by 16% to $117.5 million, marking the eighth consecutive quarter of double-digit revenue growth. Adjusted EBITDA increased by 56% to $10.6 million compared to the previous year.
Impressive Student Start Growth
Student starts at 21 campuses grew by an exceptional 20% over the prior period, with double-digit growth sustained for six consecutive quarters.
New Campus and Program Expansion
The new East Point campus opened in March 2024 and became profitable well ahead of schedule. Additional campuses in Nashville and Levittown are underway, with new programs being launched across several locations.
Improved Operating Leverage
Education service and facility costs decreased as a percentage of revenue, and marketing efficiencies improved significantly, with a 20% reduction in cost per start year-over-year.
Strong Financial Position
Lincoln Education ended the quarter with approximately $90 million in total liquidity and no debt outstanding, highlighting a robust capital structure.