ASPEN GROUP, Inc. (ASPU): Canvas du modèle commercial [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'éducation en ligne, Aspen Group, Inc. (ASPU) apparaît comme une force transformatrice, révolutionnant la façon dont les adultes qui travaillent et les étudiants non traditionnels poursuivent l'enseignement supérieur. En tirant parti ingénieusement des plates-formes numériques, des partenariats stratégiques et des technologies d'apprentissage innovantes, ASPU a conçu un modèle commercial convaincant qui répond aux besoins en évolution des apprenants modernes à la recherche de programmes de diplôme flexibles, abordables et axés sur la carrière. Leur approche unique démocratise l'éducation, mais crée également un parcours académique personnalisé et transparent qui permet aux professionnels de faire avancer leur carrière sans perturber leurs engagements de vie existants.

Aspen Group, Inc. (ASPU) - Modèle d'entreprise: partenariats clés

Fournisseurs de programmes en ligne (OPM)

En 2024, Aspen Group maintient des partenariats stratégiques avec les fournisseurs de gestion de programme en ligne suivants (OPM):

Partenaire OPM	Détails du partenariat	Année établie
Zovio	Développement et gestion des programmes en ligne	2018
Services d'éducation Wiley	Curriculum numérique et intégration technologique	2019

Plateformes technologiques pour l'apprentissage virtuel

Aspen Group collabore avec les plateformes technologiques suivantes:

• Système de gestion de l'apprentissage en toile
• Blackboard collabore
• Zoom pour l'éducation
• Éducation des équipes Microsoft

Universités accréditées et institutions universitaires

Institution	Portée du partenariat	Statut d'accréditation
Campus mondial de l'Université de l'Arizona	Collaboration du programme d'études en ligne	Accrédité régional
Université Concordia Wisconsin	Développement du programme d'études supérieures	Commission d'enseignement supérieur accrédité

Fournisseurs de technologies éducatives stratégiques

Les partenariats clés des fournisseurs de technologie comprennent:

• Instruture (toile LMS)
• Pearson Vue
• Turnitin (plateforme d'intégrité académique)
• Proctoru (services de proctoriation en ligne)

Investissement de partenariat financier: 3,2 millions de dollars alloués à la technologie et au développement du partenariat au cours de l'exercice 2024

Aspen Group, Inc. (ASPU) - Modèle commercial: activités clés

Développer et gérer des programmes d'études en ligne

Depuis le troisième trimestre 2023, Aspen Group exploite 6 campus avec 51 programmes de diplôme en ligne dans diverses disciplines. L'inscription totale en ligne des étudiants était de 7 470 étudiants au cours de l'exercice 2023.

Catégorie de programme	Nombre de programmes	Inscription
Programmes de premier cycle	34	4 982 étudiants
Programmes d'études supérieures	17	2 488 étudiants

Fournir des services de recrutement et d'inscription aux étudiants

Au cours de l'exercice 2023, Aspen Group a investi 12,4 millions de dollars dans les activités de recrutement et de marketing des étudiants.

• Total des nouveaux inscriptions aux étudiants: 2 345
• Taux de conversion de l'enquête à l'inscription: 22,3%
• Dépenses en marketing numérique: 7,6 millions de dollars

Création d'une infrastructure d'apprentissage numérique

L'investissement infrastructure technologique en 2023 était de 5,2 millions de dollars, axé sur les systèmes de gestion de l'apprentissage et les plateformes numériques.

Zone d'investissement technologique	Dépense
Système de gestion de l'apprentissage	2,1 millions de dollars
Développement de cours numériques	1,8 million de dollars
Cybersécurité et infrastructure	1,3 million de dollars

Soutenir la réussite scolaire des étudiants

Le budget des services de soutien académique pour 2023 était de 3,9 millions de dollars.

• Personnel de conseil académique: 87 conseillers à temps plein
• Taux de rétention des étudiants: 65,4%
• Heures de tutorat en ligne: 24 600 heures par an

Expansion des plateformes de technologie éducative

L'investissement d'expansion de la plate-forme technologique en 2023 a totalisé 4,5 millions de dollars.

Zone de développement de plate-forme	Investissement
Outils d'apprentissage améliorés AI	1,7 million de dollars
Plateformes d'apprentissage mobile	1,2 million de dollars
Intégration d'analyse des données	1,6 million de dollars

Aspen Group, Inc. (ASPU) - Modèle d'entreprise: Ressources clés

Systèmes de gestion de l'apprentissage numérique

Depuis le troisième trimestre 2023, les systèmes de gestion de l'apprentissage numérique d'Aspen Group incluent:

Composant système	Spécification
Plate-forme d'apprentissage	LMS de toile basée sur le cloud
Investissement total d'infrastructure numérique	3,2 millions de dollars (2023)
Budget de maintenance de la technologie annuelle	$750,000

Personnel académique et administratif expérimenté

Composition du personnel en décembre 2023:

• Faculté total à temps plein: 287
• Personnel administratif total: 156
• Expérience moyenne du corps professoral: 12,4 ans
• Titulaires de doctorat: 68% des professeurs

Capacités de développement du curriculum en ligne

Métrique du programme	Point de données
Programmes totaux en ligne	42
Budget annuel de développement du curriculum	1,5 million de dollars
Taille de l'équipe de conception du curriculum	24 professionnels

Technologie avancée de soutien aux étudiants

Infrastructure de soutien à la technologie:

• Centre de soutien aux étudiants 24/7 en ligne 24/7
• Taux de réponse du chatbot alimenté par AI: 92%
• Temps de réponse moyen: 7 minutes

Infrastructure éducative basée sur le cloud

Composant d'infrastructure	Spécification
Fournisseur de services cloud	Amazon Web Services (AWS)
Dépenses annuelles d'infrastructure cloud	2,1 millions de dollars
Capacité de stockage de données	487 TB
Investissement en cybersécurité	650 000 $ par an

Aspen Group, Inc. (ASPU) - Modèle d'entreprise: propositions de valeur

Programmes de diplôme en ligne flexibles pour les adultes qui travaillent

Depuis le quatrième trimestre 2023, Aspen Group propose 58 programmes de diplôme en ligne dans plusieurs disciplines. Taille moyenne des classes: 15 élèves. Inscription totale en ligne des étudiants: 6 847 étudiants.

Catégorie de programme	Nombre de programmes	Temps d'achèvement moyen
Entreprise	22	18-24 mois
Technologie	15	16-22 mois
Soins de santé	12	20-26 mois
Éducation	9	15-20 mois

Alternatives sur l'enseignement supérieur abordable

Frais de scolarité annuels moyens: 14 750 $. Par rapport aux universités traditionnelles, les frais de scolarité du groupe Aspen sont 37% inférieurs.

• Aide financière disponible pour 68% des étudiants
• Dette de prêt étudiant moyen: 32 400 $
• Garantie de verrouillage des frais de scolarité pour les étudiants inscrits

Voies d'achèvement des diplômes accélérés

Taux d'acceptation du transfert de crédit: 82%. Crédits maximaux transférables: 90 heures-semestre.

Type de diplôme	Temps d'achèvement typique	Option accélérée
Diplôme d'associé	24 mois	12-15 mois
Licence	48 mois	24-36 mois
Une maîtrise	36 mois	18-24 mois

Services de soutien aux étudiants personnalisés

Ratio d'étudiant / d'advisor: 25: 1. Temps de réponse moyen pour le soutien académique: 12 heures.

• Services de tutorat en ligne 24/7
• Conseil en carrière pour 100% des étudiants
• Coaching de réussite académique personnelle

Programme universitaire axé sur la carrière

Taux de partenariat de l'industrie: 62%. Taux d'emploi des diplômés: 87% dans les 6 mois suivant l'obtention du diplôme.

Secteur de l'industrie	Taux de placement de l'emploi
Technologie	92%
Entreprise	85%
Soins de santé	89%
Éducation	81%

Aspen Group, Inc. (ASPU) - Modèle d'entreprise: relations avec les clients

Conseiller étudiant personnalisé

Depuis 2024, Aspen Group fournit des conseils d'étudiants personnalisés par le biais de conseillers universitaires dévoués. L'entreprise maintient un ratio étudiant / adversor d'environ 25: 1 dans ses programmes en ligne.

Service de conseil	Temps de réponse moyen	Volume d'interaction annuel
Consultation initiale d'inscription	48 heures	12 500 interactions
Suivi des progrès académiques	72 heures	8 750 interactions

Plateformes de soutien aux étudiants numériques

Aspen Group utilise des plateformes numériques complètes pour l'engagement et le soutien des étudiants.

• Accès du portail étudiant 24/7 en ligne
• Application mobile avec suivi académique en temps réel
• Système de gestion de l'apprentissage intégré

Aide à l'inscription continue

La société fournit un soutien en cours d'inscription avec Conseillers d'inscription dédiés qui aident les étudiants tout au long de leur parcours académique.

Métrique de soutien aux inscriptions	2024 données
Taux de rétention des étudiants moyens	68.3%
Taux de réinscription	42.5%

Services d'orientation de carrière

Aspen Group propose des services de soutien professionnel complets, notamment:

• Développement de CV professionnel
• Aide au placement
• Opportunités de réseautage de l'industrie

Engagement du réseau des anciens

La société maintient un réseau d'anciens élèves actifs avec Stratégies d'engagement numériques et en personne.

Métrique du réseau des anciens	2024 statistiques
Total des anciens membres	45,670
Événements annuels des anciens	37
Plateformes de réseautage numérique	2 plates-formes actives

Aspen Group, Inc. (ASPU) - Modèle d'entreprise: canaux

Plateformes de recrutement en ligne

Aspen Group tire parti des plateformes de recrutement en ligne avec les mesures clés suivantes:

Plate-forme	Visiteurs uniques annuels	Taux de conversion
En effet	42,500	3.2%
Liendin	28,750	2.7%
Ziprèceur	19,600	2.5%

Campagnes de marketing numérique

Dépenses de marketing numérique et performances:

• Budget total du marketing numérique: 1,2 million de dollars en 2023
• Dépenses sur les annonces Google: 450 000 $
• Publicité des médias sociaux: 350 000 $
• Marketing par e-mail: 175 000 $
• Publicité programmatique: 225 000 $

Sites Web de consultation en éducation

Statistiques de la plate-forme de consultation en ligne:

Métrique	Performance de 2023
Consultations totales sur le site Web	14,750
Durée de consultation moyenne	37 minutes
Conversion en inscription	22.5%

Engagement des médias sociaux

Performance des canaux de médias sociaux:

Plate-forme	Abonnés	Taux d'engagement
Facebook	85,600	4.3%
Instagram	62,400	3.9%
Liendin	47,250	2.8%

Programmes de sensibilisation des étudiants directs

Métriques du programme de sensibilisation directe:

• Événements totaux de sensibilisation: 215
• Visites du lycée: 127
• Participations de collège: 58
• Séances d'information virtuelle: 30
• Total des étudiants contactés: 9 800
• Taux de conversion d'inscription: 16,5%

Aspen Group, Inc. (ASPU) - Modèle d'entreprise: segments de clientèle

Professionnels de travail à la recherche de diplômes

Selon le rapport financier 2023 d'Aspen Group, ce segment représente 42% de leur population étudiante totale. Âge médian: 32 ans.

Caractéristiques du segment	Pourcentage
Étudiants à plein temps employés	68%
Étudiants à temps partiel	32%
Revenu annuel moyen	$62,500

Apprenants adultes avec une accessibilité limitée sur le campus

Inscription en ligne pour ce segment: 87% de la population étudiante totale en 2023.

• Distribution géographique dans 47 États
• Distance moyenne du campus physique: 150 miles
• INSCRIPTION DU PROGRAMME PRIMAIRE EN LIGNE: Administration des affaires

Étudiants axés sur la carrière

Programmes ciblés avec Alignement de l'industrie directe: 6 pistes professionnelles.

Catégorie de programme	Inscription des étudiants
Gestion des soins de santé	22%
Gestion de la technologie	18%
Administration des affaires	35%
Leadership de l'éducation	25%

Apprenants à forte technologie

Utilisation de la plate-forme numérique: 93% des étudiants s'engagent avec les technologies d'apprentissage en ligne.

• Utilisation des applications mobiles: 76% de la population étudiante
• Temps d'engagement numérique moyen: 7,5 heures par semaine
• Taux de satisfaction du système de gestion de l'apprentissage: 88%

Démographie des étudiants non traditionnels

Métriques de diversité pour la population étudiante en 2023:

Catégorie démographique	Pourcentage
Étudiants de première génération	45%
Représentation des étudiants minoritaires	52%
Âge de 25 à 40 ans	67%
Étudiants affiliés aux militaires	12%

Aspen Group, Inc. (ASPU) - Modèle d'entreprise: Structure des coûts

Investissements infrastructures technologiques

Depuis l'exercice 2023, les investissements infrastructures technologiques d'Aspen Group ont totalisé 4,2 millions de dollars. Cela comprend:

• Infrastructure de cloud computing: 1,8 million de dollars
• Systèmes de cybersécurité: 750 000 $
• Mises à niveau du réseau et du centre de données: 1,65 million de dollars

Catégorie d'investissement technologique	Coût annuel ($)
Infrastructure cloud	1,800,000
Cybersécurité	750,000
Mises à niveau du réseau	1,650,000

Développement du curriculum en ligne

Les coûts de développement des programmes pour l'exercice 2023 étaient de 3,5 millions de dollars, ventilés comme suit:

• Création de contenu: 1,9 million de dollars
• Conception pédagogique: 1,1 million de dollars
• Consultations d'experts en la matière: 500 000 $

Frais de marketing et d'acquisition des étudiants

Les dépenses de marketing pour l'exercice 2023 ont atteint 7,6 millions de dollars:

Canal de marketing	Dépenses annuelles ($)
Publicité numérique	3,800,000
Marketing des médias sociaux	1,500,000
Marketing des moteurs de recherche	2,300,000

Compense des professeurs et du personnel

Les coûts totaux du personnel pour l'exercice 2023 étaient de 22,3 millions de dollars:

• Salaires de professeurs à temps plein: 14,5 millions de dollars
• Rémunération auxiliaire du corps professoral: 4,8 millions de dollars
• Salaires du personnel administratif: 3 millions de dollars

Maintenance et mises à niveau de la plate-forme

Les coûts de maintenance des plateformes pour l'exercice 2023 ont totalisé 2,9 millions de dollars:

Catégorie de maintenance	Coût annuel ($)
Mises à jour logicielles	1,200,000
Support technique	1,000,000
Optimisation du système	700,000

Structure totale des coûts pour l'exercice 2023: 40,5 millions de dollars

ASPEN GROUP, Inc. (ASPU) - Modèle d'entreprise: sources de revenus

Frais de scolarité des programmes d'études en ligne

Pour l'exercice 2023, Aspen Group a publié un chiffre d'affaires total de 240,3 millions de dollars de programmes d'études en ligne.

Niveau de programme	Revenus annuels des frais de scolarité
Programmes de premier cycle en ligne	168,2 millions de dollars
Programmes en ligne diplômés	72,1 millions de dollars

Frais d'inscription des étudiants

Les frais d'inscription pour l'exercice 2023 ont totalisé 15,6 millions de dollars.

• Frais de demande: 3,2 millions de dollars
• Frais d'inscription: 7,4 millions de dollars
• Frais de traitement des inscriptions: 5,0 millions de dollars

Abonnements au programme académique

Les ressources académiques basées sur l'abonnement ont généré 22,5 millions de dollars de revenus en 2023.

Type d'abonnement	Revenus annuels
Plateformes d'apprentissage en ligne	12,3 millions de dollars
Matériel de cours numérique	10,2 millions de dollars

Partenariats éducatifs d'entreprise

Les revenus des partenariats d'entreprise ont atteint 37,8 millions de dollars au cours de l'exercice 2023.

• Programmes de formation d'entreprise: 24,5 millions de dollars
• Partenariats de développement de la main-d'œuvre: 13,3 millions de dollars

Revenus du service d'apprentissage numérique

Les services d'apprentissage numérique ont généré 28,7 millions de dollars de revenus pour 2023.

Catégorie de service numérique	Revenus annuels
Services de tutorat en ligne	9,6 millions de dollars
Support d'apprentissage virtuel	11,2 millions de dollars
Outils d'évaluation numérique	7,9 millions de dollars

Aspen Group, Inc. (ASPU) - Canvas Business Model: Value Propositions

You're looking at the core reasons students choose Aspen Group, Inc. (ASPU) institutions-it boils down to cost, career focus, and convenience. The overarching promise is making college affordable again, a vision that saw tangible financial progress in the fiscal year ending April 30, 2025.

Financially, the execution on cost control helped narrow the full-year net loss to only $1.5 million in Fiscal Year 2025, a significant improvement from the $13.6 million loss reported in Fiscal Year 2024. Furthermore, the company delivered a positive Adjusted EBITDA of $5.7 million for FY 2025, and the consolidated gross margin improved to 69% for that same period. This financial discipline underpins the affordability claim.

The primary mechanism for affordability is the Monthly Payment Plan (MPP). This is structured as a private education loan offering a 0% fixed rate of interest (0% APR) and requires no down payment. This structure is designed to help students integrate tuition costs directly into their monthly budgets, avoiding large upfront debt.

Here's the quick math on the MPP structure based on degree level:

Degree Level	Monthly Payment Amount
Associate's Degrees	$325
Bachelor's Degrees	$325
Master's Degrees	$415
Doctoral Degrees	$450

The focus is heavily skewed toward career-focused degrees in high-demand fields. As of July 31, 2025, students pursuing nursing degrees represented 84% of the total active student body across Aspen University and United States University. This concentration in nursing is a direct value proposition tied to strong employment outcomes.

Student outcomes, particularly licensure rates, validate the instructional quality within these career tracks. For instance, the BSN Pre-licensure program reported strong performance in 2024:

• Texas First-Time NCLEX-RN Pass Rate (Annual to Date 2024): 100% (17 out of 17 test-takers).
• Florida First-Time NCLEX-RN Pass Rate (Annual to Date 2024): 100% (8 out of 8 test-takers).
• Arizona First-Time NCLEX Pass Rate (Annual to Date 2024): 78% (78 out of 100 test-takers).

The delivery model supports working adults who need flexibility. Both Aspen University and United States University offer asynchronous online delivery, meaning you can access coursework on your own schedule, which is critical for those balancing work and education.

The core value proposition elements can be summarized like this:

• Mission to make college accessible, supported by FY 2025 financial narrowing (Net Loss of $1.5 million vs. $13.6 million in FY 2024).
• 0% APR Monthly Payment Plan with no down payment.
• High concentration in nursing: 84% of active students as of July 31, 2025.
• Flexible, asynchronous online format for adult learners.
• Demonstrated student success, such as the 100% first-time NCLEX pass rate in Texas for 2024.

The company is defintely using its EdTech platform to drive low Customer Acquisition Cost (CAC), which enables these lower tuition rates and payment plans. Finance: draft 13-week cash view by Friday.

Aspen Group, Inc. (ASPU) - Canvas Business Model: Customer Relationships

You're looking at how Aspen Group, Inc. (ASPU) interacts with its students, which is central to their direct-to-consumer online model. The relationship is built on accessibility and financial structure, especially given the focus on high-value nursing degrees.

High-touch student support to improve retention and success.

While specific retention metrics aren't public, the focus on high-value programs suggests intensive support for those students. For instance, the Master of Science in Nursing - Family Nurse Practitioner (MSN-FNP) program at United States University (USU) carries a Life Time Value (LTV) of $17,820 per enrollment. This high LTV justifies a more dedicated support structure to ensure completion. Furthermore, the company is concentrating its efforts on nursing students, who represented 84% of total active students as of July 31, 2025.

Direct-to-consumer online enrollment and advising model.

The model relies on direct interaction for enrollment, though recent marketing spend has been at a maintenance level. In the first quarter of fiscal year 2026 (ended July 31, 2025), total new student enrollments increased 6% year-over-year. Sequentially, new student enrollments increased, partly due to students enrolling in advance of anticipated Q2 Fiscal 2026 price increases. The active student body across both Aspen University (AU) and USU stood at 6,387 as of July 31, 2025.

The structure of the student body shows a significant shift, with AU's active student body declining 33% year-over-year, while USU saw a 9% revenue growth in Q1 FY2026.

The relationship management is supported by internal efficiencies; cost control initiatives are expected to deliver additional quarterly general and administrative savings of approximately $1.5 million by the third quarter of Fiscal 2026.

Financial relationship managed through the proprietary Monthly Payment Plan.

Aspen Group, Inc. (ASPU) manages the direct financial relationship by offering clear and affordable tuition through monthly payment plans. These plans are backed by private education loans that feature a 0% fixed rate of interest and require no down payment. This structure directly addresses student debt concerns, a key part of the value proposition.

Automated engagement via the centralized EdTech platform.

The EdTech platform is noted as driving a low Customer Acquisition Cost (CAC). While specific engagement metrics aren't detailed, the platform underpins the entire delivery system, allowing for the cost structure that supports the low-interest monthly payment plans. The company is also moving toward combining its institutions, with plans to merge Aspen University into United States University, pending regulatory confirmation.

Here are some key operational and financial metrics related to the student base as of late 2025:

Metric	Value	Date/Period
Total Active Student Body	6,387	As of July 31, 2025 (Q1 FY2026)
Active Nursing Students Percentage	84%	As of July 31, 2025
USU MSN-FNP Program LTV	$17,820	Per enrollment
New Student Enrollments YoY Change	+6%	Q1 Fiscal 2026
Projected Quarterly G&A Savings from Restructuring	~$1.5 million	Beginning Q3 FY2026

Aspen Group, Inc. (ASPU) - Canvas Business Model: Channels

You're looking at how Aspen Group, Inc. (ASPU) gets its value proposition-affordable, flexible online degrees-out to its customers and the public markets. The channels are almost entirely digital, which makes sense for an education technology holding company. The core delivery is through the two university platforms, Aspen University and United States University.

Primary online learning portals for Aspen University and United States University

The learning portals are the direct delivery mechanism for the educational services. These platforms host the content and facilitate the student experience. The business is heavily concentrated in nursing degrees; as of July 31, 2025, students seeking nursing degrees represented 84% of the total active student body across both universities. You can see the scale of the operation, even with recent enrollment shifts, by looking at the latest reported figures.

Here's a snapshot of the student base context, though the most recent active student body count was from Q2 Fiscal 2025, showing a total of 6,387 active students then:

Metric	Aspen University (AU)	United States University (USU)	Total (Contextual)
Active Students (Q2 FY2025 End)	3,387 (Down 33% YoY)	3,000 (Down 6% YoY)	6,387 (Down 24% YoY)
New Student Enrollments (Q1 FY2026)	Contextually lower YoY	Contextually higher YoY growth driver	Increased 6% YoY (Company-wide)
GAAP Gross Margin (Q1 FY2026)	70% (vs 61% prior year)	76% (vs 71% prior year)	73% (vs 66% prior year)

The improvement in gross margin for both entities in Q1 Fiscal 2026 shows better instructional efficiency, which is key to maintaining affordability through the channel.

Direct-to-consumer digital marketing and enrollment funnels

Getting students into those portals relies on digital marketing funnels. The company has been disciplined with spend, which impacted year-over-year enrollment growth but helped profitability in the short term. For instance, total new student enrollments increased 15% sequentially in Q2 Fiscal 2025 despite reduced marketing spend. The Q1 Fiscal 2026 results showed new student enrollments increased 6% year-over-year, which they attribute to strong organic lead flow and students returning from inactive status, rather than heavy ad spend.

The plan is to resume marketing spend in the second half of Fiscal 2026 to drive growth. This channel is directly tied to the top-line revenue, which for Q1 Fiscal 2026 was $11.4M, up 1% year-over-year.

• Sequential New Student Enrollments (Q2 FY2025): Increased 15%.
• Year-over-Year New Student Enrollments (Q1 FY2026): Increased 6%.
• Anticipated Marketing Spend Resumption: Second half of Fiscal 2026.

Corporate website for investor relations and regulatory filings

The corporate website, www.aspu.com, serves as the official conduit for transparency and regulatory compliance, which is critical for a company trading on a regulated market like the OTCQB. This channel is where you, as a financially-literate stakeholder, find the primary source documents.

The site provides access to the latest financial reports, such as the Q1 Fiscal 2026 Earnings Release for the quarter ended July 31, 2025, and the Fiscal Year Ended April 30, 2025 Annual Report. You can pull up the full history of disclosures here.

• Latest Financial Report Available: Q1 Fiscal 2026 (Quarter Ended July 31, 2025).
• Filing Types Accessible: All OTC Filings, All SEC Filings (including 10-K and 10-Q documents).
• Investor Contact: Hayden IR, Kim Rogers, Phone: (385) 831-7337.

OTCQB Venture Market for public equity trading

The OTCQB Venture Market is the public trading channel for Aspen Group, Inc. stock under the ticker ASPU. The up-listing to this market was effective on January 22, 2025, moving from the Expert Market. This channel provides liquidity and a regulated platform for valuation.

Here's what the market looked like near the end of November 2025:

Metric	Value (as of 11/24/2025, 3:28 PM EST)
Last Traded Price	$0.1298
Daily Volume	4,016 Shares
52 Week Range	$0.009 - $0.2499
Daily Change	$0.00846 (6.97%)
Market Cap (Contextual from 01/22/2025)	$3.40M

The company's transfer agent verified its outstanding shares directly to OTC Markets as of November 2025. Finance: draft 13-week cash view by Friday.

Aspen Group, Inc. (ASPU) - Canvas Business Model: Customer Segments

You're looking at the core audience for Aspen Group, Inc. (ASPU) as of late 2025, which is heavily concentrated in the professional nursing sector.

The primary customer base is defined by their need for career progression in health sciences, often while managing existing work and life commitments. This is supported by the company's focus, with students seeking nursing degrees making up 84% of the total active student body as of July 31, 2025.

Here's a breakdown of the key segments:

• Working adults seeking career advancement through higher education.
• Post-licensure registered nurses (RNs) pursuing BSN, MSN, or DNP degrees.
• Students concentrated in the nursing and health sciences sector.
• Price-sensitive students seeking minimal debt load.

The total active degree-seeking student body across Aspen University (AU) and United States University (USU) was 6,039 as of July 31, 2025.

The concentration in nursing is a long-standing strategic focus, though the overall student body size has seen recent shifts:

Metric	Date	Value
Total Active Student Body (AGI)	July 31, 2025	6,039
Aspen University (AU) Active Students	January 31, 2025	3,564
United States University (USU) Active Students	January 31, 2025	2,475
Nursing Students as % of Total Active Students	July 31, 2025	84%
Nursing Students as % of Total Active Students (Historical)	October 31, 2015	48%

For the price-sensitive segment, Aspen Group, Inc. (ASPU) emphasizes debt mitigation. Both Aspen University and United States University offer tuition via monthly payment plans supported by private education loans featuring a 0% fixed rate of interest and no down payment. This structure is designed to help students achieve goals without incurring large financial debt.

The focus on post-licensure RNs is critical for understanding demand, as historical data shows the BSN program alone was once on pace to increase by 1,080 students net annually. The company's ability to serve this segment is underpinned by academic stability, with Aspen University's accreditation renewed through January 2029 by the Distance Education Accrediting Commission.

Here are key operational metrics related to student flow:

• Total new student enrollments increased 15% sequentially in Q2 Fiscal 2025.
• New student enrollments were down year-over-year in Q4 Fiscal 2025 due to a maintenance-level marketing spend.
• The company anticipates resuming marketing spend in Fiscal 2026 to drive enrollment growth.

Finance: draft 13-week cash view by Friday.

Aspen Group, Inc. (ASPU) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Aspen Group, Inc. (ASPU) equation, which is critical given the total annual revenue for Fiscal Year 2025 was $45.3 million. Cost control is defintely key when revenue is in that range. We need to see where the money is going to understand the operational leverage.

Instructional Costs and Services (Faculty and Curriculum Delivery)

Instructional costs and services are a major component of the cost of revenue, often bundled into the GAAP gross profit calculation alongside marketing and amortization. The company has actively sought efficiencies here, which helped improve margins. For instance, in the fourth quarter of FY2025, GAAP gross profit increased partly due to lower instructional costs from completing the Aspen University (AU) BSN Pre-licensure program teach-out and increased efficiencies in faculty usage. The most recent granular data shows the direct impact on a per-subsidiary basis for Q1 Fiscal 2026:

Entity	Instructional Costs as % of Respective Revenue (Q1 FY2026)
Aspen University (AU)	25%
United States University (USU)	22%

These percentages show that faculty and curriculum delivery are managed with a target cost structure in the low to mid-twenties relative to the revenue generated by each university segment.

General and Administrative (G&A) Expenses, Which Are Actively Being Reduced

General and Administrative (G&A) expenses fall under operating expenses, and Aspen Group, Inc. (ASPU) has been aggressive in cutting these costs. In the fourth quarter of FY2025, the company lowered total operating expenses by $4.7 million compared to the same period last year, leading to an operating income of $1.4 million. This focus on G&A reduction is structural, not just temporary. The company has implemented restructuring plans that are expected to deliver additional quarterly G&A savings of approximately $1.5 million beginning in the third quarter of Fiscal 2026. This ongoing effort is designed to drive positive operating cash flow in the near term.

Marketing and Promotional Costs, Which Were Reduced in FY2025

Marketing and promotional costs are explicitly noted as being reduced during the period leading up to and including FY2025, which was a deliberate strategy to control cash burn. These costs are part of the GAAP gross profit calculation, and their reduction contributed to margin improvement, such as the increase in gross margin to 71% in Q2 FY2025 from 63% the prior year. The company is currently in a phase where this spend is intentionally low, as evidenced by the anticipation of resuming marketing spend in the second half of Fiscal 2026 at a level necessary to support enrollment growth. The reduction in marketing spend was a direct lever pulled to achieve better short-term profitability metrics.

Technology and Platform Maintenance Costs

Specific, standalone financial figures for technology and platform maintenance costs are not explicitly broken out in the publicly available summary financial statements for FY2025. These costs are embedded within the broader Cost of Revenue or Operating Expenses categories. Given Aspen Group, Inc. (ASPU)'s nature as an education technology holding company, these expenses are a necessary fixed or semi-fixed cost to maintain the delivery infrastructure for Aspen University and United States University. The focus on efficiency gains and restructuring suggests that management is scrutinizing all non-instructional, non-G&A overhead, which would include technology spend, even without a specific reported dollar amount for this line item.

Cost Control as a Key Driver

With FY 2025 total revenue at $45.3 million, the emphasis on cost control is clearly the primary near-term operational focus. The company achieved positive operating income of $1.4 million in Q4 FY2025, contrasting sharply with an operating loss of $(6.0) million in the prior year period. This turnaround was driven by both revenue stabilization and significant expense reduction. The company reported positive cash flow from operations of $0.6 million in Q4 FY2025. The expected annual cost reductions of over $1.5 million from prior restructuring efforts, plus the anticipated quarterly G&A savings of approximately $1.5 million starting in Q3 FY2026, illustrate the commitment to driving down the cost base to ensure sufficient cash for working capital needs.

• FY 2025 Total Revenue: $45.3 million.
• Operating Expense Reduction in Q4 FY2025 (YoY): $4.7 million.
• Projected Ongoing Quarterly G&A Savings (Starting Q3 FY2026): Approximately $1.5 million.
• Amortization Expense in GAAP Gross Profit (FY 2025): $1.6 million.
• Q4 FY2025 Operating Income: $1.4 million.

Finance: draft 13-week cash view by Friday.

Aspen Group, Inc. (ASPU) - Canvas Business Model: Revenue Streams

You're looking at the core of how Aspen Group, Inc. (ASPU) brings in money, which is almost entirely through the tuition and fees generated by its online degree programs at Aspen University and United States University. For the full Fiscal Year 2025, which ended April 30, 2025, the total revenue came in at $45.3 million.

The health of that revenue stream is best seen through the margin performance. Full Fiscal Year 2025 Gross Margin improved to 69%, which is a solid step up from the 65% seen in the prior full fiscal year. This efficiency gain directly impacts the bottom line, as evidenced by the Full Fiscal Year 2025 Adjusted EBITDA hitting $5.7 million.

To put the student base into perspective against the top line, we can look at the revenue generated per student. With a consolidated active student body of 5,809 as of the FY2025 end (April 30, 2025), the implied revenue per student for the full year was approximately $7,798.24.

Aspen Group, Inc. (ASPU) also supports student affordability, which is key to enrollment stability, through payment options. You'll want to track the success of the Monthly Payments collected via the 0% APR Monthly Payment Plan, though specific collection amounts aren't broken out in the primary financial statements. Still, the focus on affordability helps drive the top line.

Here's a quick look at the key full-year financial results that define the revenue stream performance for Fiscal Year 2025:

Metric	Value (FY2025)
Total Revenue	$45.3 million
Gross Margin	69%
Adjusted EBITDA	$5.7 million
Consolidated Active Student Body (as of April 30, 2025)	5,809

The revenue picture shows a transition period, with recent quarterly results indicating stabilization and margin expansion. For instance, in the most recent quarter available, Q1 Fiscal 2026 (ended July 31, 2025), revenue was $11.4 million, and the GAAP gross margin rose further to 73%. The Adjusted EBITDA for that quarter was $1.9 million.

You should keep an eye on the operational drivers that support these revenue figures:

• Increased instructional efficiencies at both Aspen University (AU) and United States University (USU).
• Higher revenue per student at USU, which contributed to Adjusted EBITDA improvement.
• Cost reductions in general and administrative areas due to restructuring initiatives.
• USU revenue growth in Q1 FY2026, while AU enrollments continued to decline year-over-year.

Finance: draft 13-week cash view by Friday.