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Mar 31
Lincoln Tech Q1 2025 Earnings Report
Reported strong growth in revenue, student enrollment, and net income for Q1 2025.
Key Takeaways
Lincoln Tech delivered a solid performance in Q1 2025 with double-digit growth in revenue and student starts, improved profitability, and a raised full-year outlook driven by strategic expansions and operational efficiency.
Revenue increased by 13.7% to $117,506,000
Student starts rose by 16.2%, with 4,610 new starts
Adjusted EBITDA grew by 62.5% to $10,636,000
Net income reached $1,944,000 compared to a net loss in Q1 2024
Lincoln Tech
Lincoln Tech
Lincoln Tech Revenue by Segment
Forward Guidance
The company raised its full-year 2025 outlook based on strong Q1 results, increased student starts, and continued expansion plans.
Positive Outlook
- Raised revenue guidance to $485M–$495M for FY 2025
- Adjusted EBITDA guidance increased to $58M–$63M
- Net income guidance lifted to $10M–$15M
- Student start growth expectations revised to 10%–14%
- Strong liquidity position of $88.7M and no debt
Challenges Ahead
- Continued capital expenditures expected to remain high at $70M–$75M
- Operating cash flow was negative at -$8.4M for the quarter
- SG&A expenses increased due to expanded workforce
- Ongoing costs from new campus openings and relocations
- No revenue diversification reported by geography