2026 Adjusted EBITDA Expected at $55M-$75M
Sees 2026 adjusted EBITDA $55.0M-$75.0M. 2026 net income is expected to be $8.0M-$25.0. CFO John Dolan said: "With gains already evident in 2025, we remain firmly focused on enrollment quality and are continuing to build on this positive momentum with the intention to drive break-even operating cash flow in 2026. We plan to further reduce our investment in lower-margin third-party marketing channels, focusing on our direct branded channels and key diversification initiatives. Our guidance also reflects our cost savings efforts already initiated in January 2026, which are expected to generate approximately $30M of fixed cost savings combined with over $60 million of planned reductions in variable spend in 2026 compared to 2025".
