LGCY · Legacy Education Inc.

Legacy Education Inc. delivered strong Q3 fiscal 2026 results with revenue up 15% to $21.4 million, primarily driven by 1,078 new student starts and a 9.4% increase in total student population to 3,550. This enrollment growth supported higher tuition and related income, though offset somewhat by rises in educational services expenses (up 9% to $11.0 million) due to instructional and staffing costs, externship fees, and non-cash compensation. Notably, educational expenses as a percentage of revenue improved from 54.4% to 51.7%, reflecting operating efficiencies in employee compensation and facility costs. General and administrative expenses rose 33.5% to $6.2 million, largely from increased marketing ($1.5 million), bad debt, and professional fees, underscoring investment in growth. Operating income increased to $3.9 million, leading to net income of $3.0 million after tax expense. Adjusted EBITDA of $4.4 million, up 12.6%, excludes non-cash compensation of $0.3 million, highlighting core operational strength. Year-to-date, revenue growth accelerated to 29.7% at $60.0 million, with similar drivers and margin improvements (educational services at 52.8% of revenue). CEO LeeAnn Rohmann emphasized strong demand for healthcare training, disciplined execution, and expansions including facility upgrades at High Desert Medical College campuses, a branch LOI, and new programs in Surgical Technology and Sterile Processing Technician. Balance sheet remains solid with $21.7 million in cash and $49.5 million in equity as of March 31, 2026, positioning the company for continued organic growth and potential acquisitions. A conference call was held on May 14, 2026, to discuss results.