LINC

EX-99.1

2 ef20072995_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Lincoln Educational Services Reports Strong First Quarter Financial Results, Raises Guidance for Full-Year 2026

Conference Call Today, at 10:00 a.m. Eastern Standard Time

PARSIPPANY, N.J., May 11, 2026– Lincoln Educational Services Corporation (Nasdaq: LINC) today reported continued financial and operating momentum during the first quarter ended March 31, 2026, as well as recent business developments.

First Quarter 2026 Financial and Operational Highlights

(Quarter ended March 31, 2026, compared to quarter ended March 31, 2025, unless otherwise noted)

•

Revenue increased 22.5% to $144.0 million from $117.5 million

•

Net income more than doubled to $4.4 million, or $0.14 per share, compared to $1.9 million, or $0.06 per share

•

Adjusted EBITDA1 increased 85% to $15.5 million from $8.4 million

•

Net cash from operating activities improved $13 million to $4.6 million generated versus $8.4 million used last year

•

Total liquidity as of March 31, 2026 of approximately $72 million

•

Student starts grew by 19.5% to 5,500, an increase of approximately 900

•

Student ending-population rose by 17.6% to 18,702, an increase of nearly 2,800

•

2026 financial guidance raised to reflect strong first quarter results and current trends

1 For additional information, see (1) Reconciliation of non-GAAP financial measures below

A complete listing of Lincoln's non-GAAP measures, along with descriptions and reconciliations to the corresponding GAAP measures, is included at the end of this release.

Recent Business Developments

•

In April, Lincoln amended its credit agreement, increasing its aggregate principal amount of its revolving credit facility to $125 million. The additional $65 million in available liquidity enhances Lincoln’s financial flexibility to execute its growth initiatives and meet its long-term operating objectives.

“The first quarter financial and operating results illustrate the substantial progress made towards achieving our objective of providing the best education and training for in-demand careers while generating consistent, increasing returns to our shareholders,” said Scott Shaw, CEO and President. “In a constantly evolving market, we are continuing to experience high employer demand for our graduates and increasing interest in our programs as awareness of the rewarding long-term career opportunities created through skilled trades continues to expand. Our carefully executed strategies of new campus development and program replication, combined with continued growth from our core operations have combined to create a strong start to 2026.

“The 19.5% student start growth during the first quarter exceeded our expectations, which has led to increasing our student start growth guidance for the full year to between 10% and 14%. We have now grown starts for fourteen consecutive quarters, with about half of the increase attributed to organic growth, comprised of our campuses and programs operating over one year. This performance, combined with our graduation rate and placement rates, attests to our expanding leadership in the market.

“The relocations and program expansions at our Nashville, Tennessee and Levittown, Philadelphia campuses, as well as our new campus in Houston, Texas, are all meeting our expectations. Moreover, the development of our new Hicksville, New York and Rowlett, Texas campuses remain on schedule to begin enrollment during the fourth quarter of this year and first quarter of next year, respectively. At the same time, we are actively negotiating two additional greenfield locations to expand our best-in-class campuses and presence into other under-served U.S. markets.

“We also are investing in people and processes to continuously drive superior outcomes, which is positively impacting our student retention rate. Additionally, we continue to develop our corporate partnerships, expand our high school initiatives, as well as execute strategies to attract and build our veteran student population. These efforts are designed to begin yielding meaningful contributions as we turn into 2027.

“In addition to our overall growth across all key metrics, the first quarter bottom-line outperformance is largely attributed to increased operating efficiencies throughout our organization. We also generated cash from our operating activities during the first quarter, which has typically been a negative cash flow period for the company. These results, combined with our outlook for the remainder of the year, enable us to raise our 2026 guidance. This strong start to the year and our increased credit facility are important first strides as we advance towards our recently announced 2030 objectives of $850 million in revenue and $150 million of EBITDA, while continuing to build on our leadership position in providing superior education for in-demand careers.”

2026 FIRST QUARTER FINANCIAL RESULTS

(Quarter ended March 31, 2026, compa

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):  February 23, 2026

LINCOLN EDUCATIONAL SERVICES CORPORATION

(Exact Name of Registrant as Specified in Charter)

New Jersey

000-51371

57-1150621

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

14 Sylvan Way, Suite A, Parsippany, NJ 07054

(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (973) 736-9340

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which

registered

Common Stock No Par Value

LINC

NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934  (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                                                            ☐

Item 2.02.

Results of Operations and Financial Condition.

On February 23, 2026, Lincoln Educational Services Corporation. (the “Company”) issued a press release announcing financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated in this Item 2.02 by reference.

The information contained under this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained under this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.  The furnishing of the information under this Item 2.02 in this Current Report is not intended to, and does not, constitute a determination or admission by the Company that the information contained under this Item 2.02 in this Current Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits

99.1

Press release of Lincoln Educational Services Corporation dated February 23, 2026

104

Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LINCOLN EDUCATIONAL SERVICES CORPORATION

Date:  February 23, 2026

By:

/s/ Brian K. Meyers

Name:

Brian K. Meyers

Title:

Executive Vice President, Chief Financial Officer and Treasurer

false000128661300012866132025-11-102025-11-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):  November 10, 2025

LINCOLN EDUCATIONAL SERVICES CORPORATION

(Exact Name of Registrant as Specified in Charter)

New Jersey

000-51371

57-1150621

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

14 Sylvan Way, Suite A, Parsippany, NJ 07054

(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (973) 736-9340

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which

registered

Common Stock No Par Value

LINC

NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934  (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          ☐

Item 2.02.

Results of Operations and Financial Condition.

On November 10, 2025, Lincoln Educational Services Corporation. (the “Company”) issued a press release announcing financial results for the third quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated in this Item 2.02 by reference.

The information contained under this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained under this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.  The furnishing of the information under this Item 2.02 in this Current Report is not intended to, and does not, constitute a determination or admission by the Company that the information contained under this Item 2.02 in this Current Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits

99.1

Press release of Lincoln Educational Services Corporation dated November 10, 2025

104

Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LINCOLN EDUCATIONAL SERVICES CORPORATION

Date:  November 10, 2025

By:

/s/ Brian K. Meyers

Name: Brian K. Meyers

Title:   Executive Vice President, Chief Financial Officer and Treasurer