Shares dropped 8.1% following earnings as investors reacted negatively to cautious outlook signals and margin pressures, despite steady revenue growth and student enrollment gains.

• Revenue rose nearly 7% year-over-year to $221 million, driven by 14% growth in new student starts across UTI and Concorde divisions.
• Average full-time active students increased 7%, indicating ongoing demand momentum.
• Adjusted EBITDA of $25 million included $11 million in growth investments, with reported adjusted EBITDA just over $14 million, highlighting margin compression from increased spending.
• Management reaffirmed full-year guidance but emphasized execution risks tied to new campus openings and program launches.
• Early campus launches showed encouraging enrollment pacing, yet investors remain cautious on scaling projections and profitability timelines.