EpicQuest Education Group International Ltd

The New AI EdTech Initiative to Provide Customized Support for Improved Student Outcomes TOLEDO, Ohio, July 21, 2026 (GLOBE NEWSWIRE) -- EpicQuest Education Group International Limited (NASDAQ: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of comprehensive education and EdTech solutions for international and domestic students seeking college and university degrees in the US, Canada and the UK, today announced the beta testing of its AI tutoring platform for its Davis University and Davis Academy students. “We are actively testing the functionality of our AI tutoring platform with a student trial this month in preparation for an expected full launch in September for use during the Fall quarter,” said Diane Brunner, President of Davis University. “Our AI tutoring platform is designed to provide individualized, adaptive learning, real-time feedback and 24/7 availability to help students advance academically. It also includes multilingual support for our large international student population.” “We believe that every university student deserves an always-available tutor that truly supports learning rather than simply providing answers. By combining advanced AI with our own course materials, we are giving students a way to really learn the material, receive feedback and build confidence on their own schedule, while enabling faculty to focus on high-value teaching and student mentoring,” concluded Ms. Brunner. EpicQuest Education’s targeted learning feedback system uses a blended model of both AI and traditional tutors that preserves the all-important human connection and mentorship that students need. In addition to on-demand Q&A and study planning, the AI tutoring platform has been designed to reference core concepts from course materials and step-by-step reasoning to support real understanding. AI-driven analytics can provide metrics on student performance and course effectiveness which can enable early intervention and support to help promote academic success. Among other processes, July’s beta testing is focused on importing the Management Certificate Program (MCP) courses to completing vectorization, the process of converting raw data into a mathematical digital format, for the planned September roll-out. The AI platform is being developed to align with the academic integrity policies of both Davis University and Davis Academy. EpicQuest Education’s Strategy of Internationalization Our strategic plan is to achieve sustainable growth through our strategy of internationalization which is a key element of our strategic growth plan. EpicQuest Education’s owned and operated colleges, Davis University in Toledo and Davis Academy in Vancouver, have become increasingly focused on international recruiting and enrollment as it provides enhanced globalized learning to its students as well as pathways to achieve university degrees. The Company’s foundational programs essentially export our academic programming at an affordable cost for students since they study in their home countries to gain the skills needed for study abroad while earning course credits needed for attendance at our two institutions of higher learning as well as top universities. A vital component of EpicQuest Education’s strategic growth plan is to become increasingly involved with international collaborations in order to leverage our academic programming and unique culture of learning. Through its strategy of internationalization expansion, EpicQuest Education is establishing itself as a renowned international service provider of higher learning. About EpicQuest Education Group International Limited  EpicQuest Education Group International Limited (“EpicQuest Education” or the “C

Revenue Rises a Solid 17% Despite Industry Challenges; New AI EdTech and Expansion Initiatives Position EEIQ for Future Growth TOLEDO, Ohio, June 25, 2026 /Globe Newswire/ -- EpicQuest Education Group International Limited (NASDAQ: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of comprehensive education and EdTech solutions for international and domestic students seeking college and university degrees in the US, Canada and the UK, today announced its first half financial results for the six months ended March 31, 2026. “We are pleased to announce 17% revenue growth for the first half of fiscal 2026 driven by the continued expansion of our foundational and collaborative programs delivered in students’ home countries. These programs are designed to prepare students for academic study abroad and have proven to be tremendously successful. Our strategic focus on internationalization remains a powerful growth engine, further strengthened by agreements with leading universities worldwide,” commented Jianbo Zhang, CEO of EpicQuest Education. “It is estimated that more than 100 colleges have closed or merged over the past two academic years due to financial pressures, shifting demographics and skepticism about the value of a college degree. However, EpicQuest Education has bucked the trend, having grown its first half year-over-year revenue 51% since fiscal 2024. Our mission is to deliver results-driven, globally accessible learning experiences that empower students to earn Bachelor’s and Master’s degrees to secure high-quality careers.” “Looking ahead, we are exploring new partnerships in the US and key international markets to broaden our academic pathways for our students. At the same time, we are pursuing new business initiatives that we believe will propel our growth and become sources of future revenue. This includes the development of an AI-powered platform to enhance student engagement and tutoring through the essential integration of human interaction with AI technology. We are also progressing on plans to establish Davis University branch campuses beginning in the US to expand enrollment and provide more options for our international students. We believe that our unique value proposition delivers highly positive outcomes for students as well as long-term returns for our shareholders.”    First Half 2026 Financial Results Ended March 31, 2026 Revenues were $6.27 million for the first half of fiscal 2026 compared to $5.37 million for the first half of fiscal 2025, an increase of $0.90 million, or 16.8%. The rise in revenue was mainly due to the increase in the international foundational and collaborative programs that are offered by Davis University, and the resulting increase in international student enrollment. Gross profit was $3.63 million for the first half of fiscal 2026 compared to $3.42 million for the same period of 2025, an increase of $0.22 million, or 6.3%. The increase was primarily due to the 16.8% increase in revenue in the current period which was offset by the increase in costs of services of 35.2% for the first half of fiscal 2026 compared to the same period of 2025. This margin contraction was primarily due to lower student occupancy rates within dormitory services which reduced fixed-cost absorption, as well as higher agent recruiting fees incurred to launch a new academic program. Operating Expenses were $6.08 million for the first half of fiscal 2026 compared to $5.38 million for the same period of 2025, an increase of $0.70 million, or 13.0%. The increase was due to a 12.7% increase in general and administrative expenses to $5.08 million in the current period from $4.51 million for the same period of 2025, and a 14.7% incr

The Live Webcast is Scheduled for June 11, 2026 at 9:00 am ET TOLEDO, Ohio, June 4, 2026 /Globe Newswire/ --  EpicQuest Education Group International Limited (Nasdaq: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of higher education for domestic and international students in the US, Canada and the UK, announced today that it will be presenting via video webcast at the Emerging Growth Conference. Zhenyu Wu, Chief Financial Officer, and Craig Wilson, independent Board Member, will be presenting on behalf of the Company. EpicQuest Education is scheduled to present via video webcast on Thursday, June 11, 2026 at 9:00 AM. To register for the online, live event, please click on the following link: https://goto.webcasts.com/starthere.jsp?ei=1757504&tp_key=cc5c9b4321&sti=eei There will be a live question and answer session following the presentation, and attendees can also submit their questions in advance to Questions@EmergingGrowth.com. If attendees are not able to join the event live on the day of the conference, an archived webcast will be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel at http://www.YouTube.com/EmergingGrowthConference. About the Emerging Growth Conference The Emerging Growth Conference provides public companies a robust platform to present and communicate to the investment community in a time effective manner. The Conference focus and coverage includes companies in a wide range of growth sectors, and its audience includes potentially tens of thousands of individual and institutional investors, as well as investment advisors and analysts. Conference presentations will be conducted through video webcasts and will take place in the Eastern Time Zone. About EpicQuest Education Group International Limited EpicQuest Education Group International Limited ("EpicQuest Education" or the "Company”) provides comprehensive education solutions for domestic and international students seeking university and University degrees in the US, Canada and the UK. The Company owns and operates Davis Academy a/k/a EduGlobal College, based in British Columbia, Canada, which focuses on English proficiency educational programming for students pursuing academic degrees. The Company operates and is a 70% owner of Davis University, a career training university located in Toledo, Ohio. In addition, the Company has a recruiting relationship with the Miami University Regional campuses, where it maintains residential facilities, a full-service cafeteria, recreational facilities, shuttle buses and an office for the regional campuses that provides study abroad and post-study services for its students; these facilities are not owned, maintained, operated or are a part of Miami University. The Company is also a recruiting agent for the University of the West of Scotland (through The Education Group (London) Ltd) and Coventry University, both of which are located in the UK. For more information, please visit www.epicquesteducation.com/. Safe Harbor Statement Certain of the statements made in this press release are “forward-looking state

TOLEDO, Ohio--(Newsfile Corp. - May 11, 2026) - EpicQuest Education Group International Limited (Nasdaq: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of higher education for domestic and international students in the US, Canada and the UK, announced today that it will be participating in the 16th Annual LD Micro Invitational at the Luxe Sunset Boulevard Hotel in Los Angeles, CA, May 18th and 19th, 2026. EpicQuest Education is scheduled to present on Monday, May 18, 2026 at 1:00 PM. Zhenyu Wu, Chief Financial Officer, will be presenting on behalf of the company. Event: LD Micro Invitational XVI Date: Monday, May 18, 2026 Time: 1:00 PM PDT WEBCAST LINK Summary of LD Micro Invitational XVI The 2026 LD Micro Invitational XVI will take place May 18th and 19th, 2026 at the Luxe Hotel Sunset Boulevard Hotel in Los Angeles. The 2026 LD Micro Invitational XVI will take place May 18th and 19th, 2026 at the Luxe Hotel Sunset Boulevard Hotel in Los Angeles. Registration will begin at 5:30 PM PT on May 17th in conjunction with a welcome reception. Presentations will take place from 9:00 AM PT - 5:00 PM PT on the 18th, followed by panels and keynote speakers. Presentations will take place from 9:00 AM PT - 5:00 PM PT on the 19th, followed by the LD Micro Moneyball Afterparty. This two-day event will feature micro and small-cap companies across all sectors, presenting in half-hour increments, and attending private meetings with investors. To register, please contact: registration@ldmicro.com.   About LD Micro LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Through its dynamic, investor-driven conferences and curated company exposure, LD has served as an invaluable asset to all those interested in discovering the next generation of great companies. For more information on LD Micro, visit www.ldmicro.com. About EpicQuest Education Group International Limited EpicQuest Education Group International Limited ("EpicQuest Education" or the "Company”) provides comprehensive education solutions for domestic and international students seeking university and University degrees in the US, Canada and the UK. The Company owns and operates Davis Academy a/k/a EduGlobal College, based in British Columbia, Canada, which focuses on English proficiency educational programming for students pursuing academic degrees. The Company operates and is a 70% owner of Davis University, a career training university located in Toledo, Ohio. In addition, the Company has a recruiting relationship with the Miami University Regional campuses, where it maintains residential facilities, a full-service cafeteria, recreational facilities, shuttle buses and an office for the regional campuses that provides study abroad and post-study services for its students; these facilities are not owned, maintained, operated or are a part of Miami University. The Company is also a recruiting agent for the University of the West of Scotland (through The Education Group (London) Ltd) and Coventry University, both of which are located in the UK. EpicQuest Education recently established a wholly owned subsidiary, Gilmore Inv LLC (“Gilmore”), in Ohio, that will offer international educational programs related to kinesiology and recreation educatio

TOLEDO, Ohio, April 9, 2026 /Globe Newswire/ -- EpicQuest Education Group International Limited (Nasdaq: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of higher education for domestic and international students in the US, Canada and the UK,  today announced that its owned and operated Davis University (“Davis”) recently entered into agreements with four Canadian high schools for high school students to enter into high school accelerated and University pathway programs by enrolling in Davis’ first-year online courses of its Bachelor of Science in Business program. “The agreements represent a potential new revenue stream for the Company as each student can take a significant number of courses at Davis University, while it also represents a recruitment pool for our full-time Davis degree programs,” said Diane Brunner, President of Davis University. “We are pleased to offer the opportunity to Canadian high school students to experience the rigor of college-level academics, accelerate their college degrees, improve their admissions profiles, and potentially earn transferable college credits to Davis’ partner universities while saving on future tuition costs. Further, as Davis delivers practical, results-driven learning experiences, this new program can help high school students to focus on shaping their academic experiences to align with their future careers.” In addition to the pathway programs, the agreements may include the exchange of teachers, as well as an exploration for further academic program collaborations. Separate agreements may be developed to address specific programs described in the agreements as well as the financial arrangements for each specific activity. The agreements may also be subject to compliance with the Canadian Ministry of Higher Education and the relevant US educational government agencies. About Davis University Davis University (“Davis”) was founded in 1858 and is a private career-training University located in Toledo, Ohio. Davis offers a specialized professional career training curriculum in numerous fields, and its mission is to provide marketable skills that enhance the employability of its graduates. Davis offers coursework flexibility to ensure program success as well as externship opportunities that provide its student population with real-world skill sets prior to graduation. In addition to offering numerous associates degrees, and a bachelor’s degree in business, Davis has agreements with several four-year US universities for ‘transfer pathways’ that pave the way for its associate degree students to gain admission with the ability to transfer earned course credits. It also has articulation agreements with several international schools for the transfer of credits to attend Davis. Davis is accredited by The Higher Learning Commission and the Ohio State Board of Career Colleges and Schools with programs authorized by the Ohio Board of Higher Education. For more information, please visit www.davisuniversity.edu/. About EpicQuest Education Group International Limited EpicQuest Education Group International Limited ("EpicQuest Education" or the "Company”) provides comprehensive education solutions for domestic and international students seeking college and university degrees in the US, Canada and the UK. The Company owns and operates EduGlobal College, based in British Columbia, Canada, which fo

The Expansion of its Graduate Degree Program into the South Asia Market has the Potential to Generate Revenue of up to $2.5 Million over the Next Three Years  TOLEDO, Ohio, February 26, 2026 /GLOBE NEWSWIRE/ -- EpicQuest Education Group International Limited (Nasdaq: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of higher education for domestic and international students in the US, Canada and the UK,  today announced Davis University (“Davis”) recently entered into a non-binding Memorandum of Understanding (“MOU”) with M Square Business Solutions USA Inc. dba MSM Unify (“MSM”) to offer Davis’ Masters of Science in Management Program in an online format. The MOU was signed on February 25, 2026, and will be in effect for up to three years.  “By expanding our academic presence around the globe, we are providing access to world-class education while also diversifying and strengthening our revenue base,” commented Diane Brunner, President of Davis University. “This MOU underscores our commitment to our internationalization strategy which is the cornerstone of our growth strategy. It expands our reach into the South Asia region, and offers students an exceptional education with a high return on investment.” The MOU between Davis and MSM stipulates that Davis is the sole academic authority and degree-granting institution for the online Masters of Science in Management Program, while MSM acts as the recruiting, enrollment, teaching and administrative services entity. Students can be enrolled in three program tracks: (i) programs requiring additional undergraduate/graduate foundational courses, (ii) programs requiring only graduate foundational courses, and (iii) programs with no required foundational coursework.  EpicQuest Education’s Strategy of Internationalization  EpicQuest Education believes that its collaborative programs for Davis University and EduGlobal College, its two owned and operated institutions of higher learning, are a key element of its internationalization strategy to expand its student enrollment and academic programming. The Company’s strategy provides enhanced globalized learning and enriched multicultural experiences that can help students reach their full potential and better prepare them for careers in the global economy. Further, EpicQuest Education’s strategic growth plan has increased its international student enrollment in recent periods which can lead to strong and sustainable financial results. About Davis University  Davis University (“Davis”) was founded in 1858 and is a private career-training University located in Toledo, Ohio. Davis offers a specialized professional career training curriculum in numerous fields, and its mission is to provide marketable skills that enhance the employability of its graduates. Davis offers coursework flexibility to ensure program success as well as externship opportunities that provide its student population with real-world skill sets prior to graduation. In addition to offering numerous associates degrees, and a bachelor’s degree in business, Davis has agreements with several four-year US universities for ‘transfer pathways’ that pave the way for its associate degree students to gain admission with the ability to transfer earned course credits. It also has articulation agreements with several international schools for the transfer of credits to attend Davis. Davis is accredited by The Higher Learning Commission and the Ohio State Board of Career Colleges and Schools with programs authorized by the Ohio Board of Higher Education. For more information, please visit www.davi

The Agreement Represents a Strategic Expansion into High Growth Markets with the Potential to Generate Substantial Revenue over the Next Three Years TOLEDO, Ohio, February 19, 2026 /GLOBE NEWSWIRE/ -- EpicQuest Education Group International Limited (Nasdaq: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of higher education for domestic and international students in the US, Canada and the UK,  today announced that Davis University (“Davis”) recently entered into an Agency Agreement (the “Agreement”) with Veritas Global Uni (Pvt) Ltd. (“Veritas”) for it to be a non-exclusive recruitment agent for Davis’ online Masters of Science in Management Program and its Graduate Foundational Program. “The Agreement enables students from diverse regions to overcome the high cost of higher education and earn a valuable graduate degree by studying online. This initiative plays an important role in supporting students to pursue meaningful and well‑paying careers, a central tenet of our mission,” said Diane Brunner, President of Davis University. “The regions to be targeted by Veritas represent dynamic, rapidly growing higher education markets fueled by young populations, expanding middle classes and a strong demand for international degrees. We believe that since these graduate programs are designed to enhance employability, the opportunity to study from one’s home country will resonate with students across many regions.” The Agreement stipulates global recruitment for these programs with focus on China, Hong Kong, Singapore, the Middle East and Southeast Asia, but it exempts Sri Lanka, for which the Company already has entered into a non-binding Memorandum of Understanding with a separate party. The Agreement between Davis and Veritas stipulates that Davis is the sole academic authority and degree-granting institution for its online Masters of Science in Management and Graduate Foundational programs, while Veritas acts as the recruiting, enrollment and administrative services entity. EpicQuest Education’s Strategy of Internationalization EpicQuest Education believes that its collaborative programs for Davis University and EduGlobal College, its two owned and operated institutions of higher learning, are a key element of its internationalization strategy to expand its student enrollment and academic programming. The Company’s strategy provides enhanced globalized learning and enriched multicultural experiences that can help students reach their full potential and better prepare them for careers in the global economy. Further, EpicQuest Education’s strategic growth plan has increased its international student enrollment in recent periods which can lead to strong and sustainable financial results. About Davis University Davis University (“Davis”) was founded in 1858 and is a private career-training University located in Toledo, Ohio. Davis offers a specialized professional career training curriculum in numerous fields, and its mission is to provide marketable skills that enhance the employability of its graduates. Davis offers coursework flexibility to ensure program success as well as externship opportunities that provide its student population with real-world skill sets prior to graduation. In addition to offering numerous associates degrees, and a bachelor’s degree in business, Davis has agreements with several four-year US universities for ‘transfer pathways’ that pave the way for its associate degree students to gain admission with the ability to transfer earned course credits. It also has articulation agreements with several international schools for the transfer of credits to attend Davis. Davis is accredited by The Higher Learning Commission and the Ohio State Board of Career Colleges and Schools with programs authorized by the Ohio Board of Higher Education. For more informati

TOLEDO, Ohio, February 12, 2026 /GLOBE NEWSWIRE/ -- EpicQuest Education Group International Limited (Nasdaq: EEIQ), ("EpicQuest Education," or the "Company"), a provider of higher education for domestic and international students in the US, Canada and the UK, today announced that the Company’s Board of Directors (the “Board”) approved (i) a reverse stock split (the “Reverse Stock Split”) of the Company’s ordinary shares (the “Ordinary Shares”) at a ratio of 1-for-16, and (ii) the amendment and restatement of the Company’s Amended and Restated Memorandum and Articles of Association in order to reduce the authorized number of Ordinary Shares from 970,000,000 shares to 60,625,000 shares, to reduce the authorized but unissued number of Preferred Shares from 10,000,000 shares to 625,000 shares (a reduction at the same ratio as Reverse Stock Split), and to increase the par value per share of Ordinary Shares and Preferred Shares from US$0.0016 to US$0.0256 per share.  The Reverse Stock Split will be effective on Tuesday, February 17, 2026 (the “Effective Date”) and the Ordinary Shares will begin trading on a split-adjusted basis when the Nasdaq Stock Market LLC opens for trading on that same day. The Ordinary Shares will continue to trade on the Nasdaq Capital Market under the trading symbol “EEIQ” but will trade under the following new CUSIP number: G3104J142. As a result of the Reverse Stock Split, every 16 Ordinary Shares held as of the Effective Date will be automatically combined into one Ordinary Share. The number of outstanding Ordinary Shares will be reduced from approximately 23,671,667 Ordinary Shares to approximately 1,479,479 Ordinary Shares.  There are currently no Preferred Shares outstanding. No fractional shares will be issued as a result of the Reverse Stock Split; instead, the Company will pay cash in lieu of fractional shares in an amount equal to the fair value of such fractional share, with such fair value being the closing price of the Ordinary Shares on a post-Reverse Stock Split basis on the Nasdaq Capital Market on the first trading date of the Ordinary Shares following the effectiveness of the Reverse Stock Split. The Reverse Stock Split affects all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse split results in some stockholders owning a fractional share as described above. Once the Reverse Stock Split becomes effective, shareholders holding common stock through a bank, broker or other nominee will have their shares automatically adjusted to reflect the reverse stock split.  Beneficial holders may contact their bank, broker or nominee for more information.  Please direct any questions to your broker or the Company's transfer agent, Vstock Transfer LLC, by calling 212-828-8436 or contacting them by email at info@vstocktransfer.com. EpicQuest Education's Strategy of Internationalization EpicQuest Education believes that its collaborative programs for Davis University and EduGlobal College, its two owned and operated institutions of higher learning, are a key element of its internationalization strategy to expand its student enrollment and academic programming. The Company's strategy provides enhanced globalized learning and enriched multicultural experiences that can help students reach their full potential and better prepare them for careers in the global economy. Further, EpicQuest Education's strategic growth plan has increased its international student enrollment in recent periods which can lead to strong and sustainable financial results. About EpicQuest Education Group International Limited EpicQuest Ed

EEIQ Records 10% Year-over-Year Revenue Growth in a Challenging Market Environment Flagship Institution Davis University Achieves its First Year of Profitability TOLEDO, Ohio, January 28, 2026 /GLOBE NEWSWIRE/ -- EpicQuest Education Group International Limited (NASDAQ: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of comprehensive education solutions for domestic and international students seeking college and university degrees in the US, Canada and the UK, today announced its financial results for the twelve months ended September 30, 2025 and an operations update. “We are pleased to report a year-over-year revenue increase of 10% for the 2025 fiscal year driven by the continued success of our two higher education institutions and the innovative foundational programs that we deliver with elite universities worldwide,” stated EpicQuest Education CEO Jianbo Zhang. “We are especially proud to announce that our flagship institution, Davis University, achieved its first year of profitability, a major milestone in our journey towards long-term growth and sustainability. This achievement underscores the strength of our dual strategy, providing career-focused programs aligned with today’s evolving job market and forging broad-based international collaborations and partnerships.” “While many U.S. institutions face declining international enrollment, our innovative approach of building foundational and collaborative programs in students’ home countries has fueled solid growth. By developing foundational and joint programs within students’ home countries, we are able to provide our academic programming and pathways to higher education around the globe. This strategic approach not only diversifies revenue streams but also builds a robust enrollment pipeline for both Davis University and EduGlobal College. “In recent news, we were honored with the CES Speed Award for Global Branding for excellence in global brand acceleration at CES 2026, the world’s largest global technology event held in Las Vegas. This achievement underscores the success of our internationalization efforts and our team’s unwavering dedication to our global expansion strategy. In addition, we are developing an AI-powered platform designed to enhance student engagement and tutoring through a unique integration of human interaction. We believe our personalized learning experiences offer exceptional value for students while driving sustainable long-term returns for our shareholders,” concluded CEO Jianbo Zhang. Fiscal Year 2025 Financial Results Ended September 30, 2025 Revenues were $8.95 million for the fiscal year 2025 compared to $8.15 million for fiscal 2024, an increase of $0.79 million or 9.7%. The increase in revenue was mainly due to an increase in international student enrollment at Davis University as well as the Company’s new international foundational and collaborative programs that are offered by Davis University and EduGlobal College. Gross profit was $5.93 million for the fiscal year 2025 compared to $5.31 million for fiscal 2024, an increase of $0.62 million or 11.7%. The increase was primarily due to the net effect of improved cost management that included cost synergies across our operations. Operating Costs and Expenses were $10.11 million for the fiscal year 2025 compared to $12.74 million for fiscal 2024, a decrease of $2.63 million or 20.6%. The decrease was primarily due to the 22.0% decrease in general and administrative expenses to $8.74 million from $11.20 million in fiscal 2024 due to lower management fees charged by the Company’s business partners and reduced stock-based compensation expenses