Aspen Group Names CFO LaVay CEO and Posts $1.4M Q3 Profit
CFO Matt LaVay will become Aspen Group CEO on March 16, 2026, with Michael Mathews shifting to Executive Chairman under a formal succession plan. In Q3 FY2026, Aspen logged $10.4M in revenue, $1.4M net income versus a $1.0M loss last year, and $3.0M of adjusted EBITDA (29% margin).
1. CEO Succession Plan
Effective March 16, 2026, CFO Matt LaVay will assume the role of CEO and join the board, with Michael Mathews transitioning to Executive Chairman. LaVay joined in June 2021 and led restructurings that cut operating expenses and guided the company to sustained profitability, reflecting the board’s confidence in his leadership.
2. Third Quarter Financial Results
In Q3 FY2026 ended January 31, Aspen Group generated $10.4 million in revenue, marking a slight year-over-year decline, but achieved record net income of $1.4 million versus a $1.0 million loss a year earlier. Operating expenses fell 18%, driving $1.7 million of operating income (17% margin), $3.0 million of adjusted EBITDA (29% margin) and a fifth straight quarter of positive operating cash flow.
3. Outlook and Strategic Implications
The leadership transition and robust Q3 performance position Aspen Group for its next growth phase with a focus on disciplined financial management and margin expansion. Continued emphasis on cost controls, program development and online education offerings is likely to underpin future revenue growth and profitability targets.