• Healthcare Education Programs: Offering a wide range of certificate and degree programs for professions such as nursing, medical assisting, sonography, MRI, pharmacy technician, dental assisting, and emergency medical technician.
• Veterinary Education Programs: Providing specialized training and degree programs for aspiring veterinary assistants and veterinary technologists.
• Business and IT Education Programs: Delivering certificate and degree programs in areas like business administration, accounting, and medical administrative assisting.

1. Students pursuing careers in various healthcare professions: This includes individuals seeking training for roles such as vocational nurses, registered nurses, ultrasound technicians, MRI technicians, cardiac sonographers, pharmacy technicians, dental assistants, clinical medical assistants, medical administrative assistants (including medical billing and coding), nursing assistants, and emergency medical technicians.
2. Students pursuing careers in veterinary services: This category includes individuals aiming for roles such as veterinary assistants and veterinary technologists.
3. Students pursuing careers in business administration and medical information management: This category covers individuals interested in programs like business administrative specialist, computer specialist (accounting), medical billing and coding, and sterile processing technician.

LeeAnn Rohmann, Chairman of the Board, Chief Executive Officer & Founder

LeeAnn Rohmann has served as the Founder and Chief Executive Officer of Legacy Education since July 2010 and as Chairman of the board of directors since October 2009. Prior to her tenure at Legacy Education, she held significant roles at other companies, including Chief Sales Officer at CIT Group, Inc., a national bank, from 2004 to 2008. From 2001 to 2004, she was Vice President of Sales at EdAmerica, a financial company providing student loan servicing, and from 1997 to 2001, she served as Senior Vice President of Sales at American Express. Ms. Rohmann is also the President of the California Association of Private Post Secondary Schools (CAPPS) since 2010 and a member of the Federal Legislative Committee for Career Education Colleges and Universities (CECU) since 2014.

Brandon Pope, Chief Financial Officer

Brandon Pope has served as the Chief Financial Officer of Legacy Education, L.L.C. since June 2018. His background includes extensive financial leadership roles. From October 2017 to June 2018, he was the Controller of Squar Milner, an accounting and advisory firm. He served as Senior Vice President, Corporate Controller of International Education Corporation, a career education provider, from December 2014 to April 2017. Concurrently, from January 2014 to October 2017, Mr. Pope was the Principal of Pope Consulting Group, LLP. From 2008 to 2014, he held various positions at Bridgepoint Education, Inc., a higher education company, including Vice President, Chief Accounting Officer, and Vice President, Corporate Controller. Earlier in his career, he was Assistant Vice President, Assistant Controller of Corinthian Colleges, Inc., Assistant Controller of Stater Bros. Markets, and held senior financial reporting roles at Ingram Micro, Inc. Mr. Pope is a Certified Public Accountant in California and holds a Bachelor of Science in Business Administration and an MBA from the University of Phoenix.

Dr. Ragheb Milad, Chief Academic Officer

Dr. Ragheb Milad has served as Legacy Education's Chief Academic Officer since June 2021. He was the Corporate Director of Education for Legacy Education and Campus President of HDMC's Lancaster, California campus from January 2019 to January 2021. From January 2014 to January 2018, he served as the Director of Academics for HDMC and was an instructor for both the Vocational Nursing and Ultrasound Technician Programs at HDMC from 2011 to 2014. Dr. Milad played a key role in developing many of Legacy Education's existing programs. Outside of Legacy Education, he served as Sales Director of 3D Diagnostix from 2008 to July 2021. In July 2021, he co-founded ITX PROS, a digital dentistry company, where he serves as a board member. He has also been a member of the Board of St. Athanasius and St. Cyril Theological School since 2015 and practiced medicine in Cairo, Egypt, from 2008 to 2011.

Joe Bartolome, Senior Vice President of Operations

Joe Bartolome was appointed as Senior Vice President of Operations for Legacy Education on February 5, 2026, reporting to CEO LeeAnn Rohmann and joining the Senior Leadership Team. He brings over 24 years of senior leadership experience in career and healthcare education, with a proven track record of managing multi-campus operations through branch expansions, acquisitions, and operational turnarounds. His expertise includes profit and loss (P&L) oversight, scaling operations in new and existing markets, launching and integrating campuses, stabilizing underperforming locations, and implementing metrics-focused execution frameworks. Mr. Bartolome previously served as Campus Director for High Desert Medical College in Temecula, a Legacy Education institution.

Nicole Joseph, Senior Vice President

Nicole Joseph serves as a Senior Vice President at Legacy Education Inc. She frequently participates in the company's earnings calls, where she introduces the executive team and provides context for financial results.

Legacy Education faces several key risks inherent to its business model as a provider of post-secondary education services:

1. Inability to maintain accreditation and secure necessary regulatory approvals for its educational programs. The Company's ability to operate and offer its certificate and degree programs is contingent upon maintaining accreditation from various bodies like ACCET and ABHES, as well as approvals from specialized state boards such as the California Board of Vocational Nursing and Psychiatric Technicians (BVNPT), the California Board of Registered Nursing, and the AVMA CVTEA. The background explicitly details ongoing efforts to obtain approvals for new programs (e.g., EMT, surgical technology, dental assisting, pharmacy technician, Associate Degree in Nursing), with some still "pending additional approvals" or "in the process of obtaining approvals." A failure to secure or maintain these accreditations and approvals could severely impact the Company's operational capacity, student enrollment, and the marketability of its offerings.
2. Dependence on Title IV Program funds. While the Company has explicitly stated that it is not planning to apply for ED approval to make Title IV Program funds available for students enrolling in its planned EMT programs, the context implies that other existing programs do rely on these federal student financial aid programs. Changes in federal regulations governing Title IV eligibility, reduced funding levels, or the Company's inability to maintain compliance with Title IV requirements could significantly impact its student enrollment and financial stability.
3. Geographic concentration of operations in California. All of Legacy Education's institutions—High Desert Medical College, Central Coast College, and Integrity College of Health—are located exclusively in California. This geographic concentration exposes the Company to an elevated risk from adverse economic, regulatory, demographic, or competitive changes specific to the state of California, which could disproportionately affect its business, financial condition, and results of operations.

The company faces an emerging threat with its planned Emergency Medical Technician (EMT) programs. Both High Desert Medical College (HDMC) and Integrity College of Health (Integrity) are planning to offer EMT programs beginning in October 2024. For these specific programs, the company is explicitly not planning to apply for U.S. Department of Education approval to make Title IV Program funds available to students. This lack of access to federal financial aid for a significant portion of the student population could severely limit enrollment and the overall success of these new programs.

Legacy Education (LGCY) operates career institutions in California, primarily focusing on post-secondary education in healthcare and veterinary fields. The addressable markets for its main products and services, primarily within the United States, are substantial:

• U.S. Healthcare Education Market: The overall U.S. healthcare education market was valued at approximately USD 39.24 billion in 2023 and is projected to reach USD 61.44 billion by 2028, growing at a compound annual growth rate (CAGR) of 9.4%. North America held the largest revenue share of 39.2% in the global healthcare education market in 2024.
• U.S. Nursing Education Market: The U.S. nursing education market was valued at USD 9.7 billion in 2024 and is expected to grow to USD 16.1 billion by 2034, with a CAGR of 5.3% from 2025 to 2034. Another report indicates that nursing education programs generate over $8.5 billion in annual revenue and are projected to reach $14.57 billion by 2030.
• U.S. Medical Assistant Market (employment and training demand): As of 2024, there are about 811,000 medical assistants working in the United States, with the number of jobs expected to increase to 912,200 by 2034. California alone employed 110,280 medical assistants as of May 2023, making it the state with the highest employment in this profession. The medical assistant job market is projected to grow by 13.8% between 2022 and 2032, requiring an additional 113,800 medical assistants over that decade.
• U.S. Veterinary Education Market: The U.S. veterinary education market was estimated at USD 754.4 million in 2024 and is anticipated to grow at a CAGR of 7.62% from 2025 to 2030, reaching USD 1,167.3 million by 2030. The global veterinary education market is projected to reach $4.27 billion in 2030. For veterinary assistants, job growth in the USA is projected at approximately 19% over the next decade, with about 25,800 new jobs and nearly 23,000 annual openings. In California, there are nearly 9,000 veterinary technicians and 10,000 veterinary assistants currently employed.
• U.S. Technical and Vocational Education Market: The broader U.S. technical and vocational education market generated USD 152.0 million in revenue in 2024 and is expected to reach USD 242.0 million by 2030, growing at a CAGR of 8.1% from 2025 to 2030. The vocational training market in the U.S. reached USD 321.45 billion in 2025 and is projected to grow to USD 454.06 billion by 2030. In California, career education programs at community colleges enroll over 300,000 full-time-equivalent students annually.

Legacy Education (LGCY) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives aimed at expanding its educational offerings and market reach.

The key drivers of future revenue growth for Legacy Education include:

1. Expansion of Program Offerings: Legacy Education is actively launching new certificate and degree programs in high-demand healthcare fields. Recent and planned additions include MRI, cardiac sonography, sterile processing, surgical technology, dental assisting, pharmacy technician, and Associate Degree in Nursing (ADN) programs. The company has also received accreditation approval for new sterile processing programs across its campuses and is optimistic about launching new MRI and cardiac sonography programs. This continuous development of new courses and degrees is a central strategy to attract a broader student base and capitalize on evolving job market needs.
2. Increase in Student Enrollment: Sustained growth in student enrollment and new student starts is a primary driver of revenue. Legacy Education has consistently reported double-digit revenue growth, attributed to strong enrollment figures and disciplined marketing efforts. The company has seen significant increases in its student population, with positive momentum expected to continue as it scales its platform to provide greater access to career-oriented healthcare education.
3. Strategic Mergers and Acquisitions: Legacy Education plans to pursue strategic acquisitions to expand its educational footprint. The company's recently formed Advisory Board is tasked with advising on mergers and acquisitions, signaling this as a deliberate growth strategy. Past acquisitions, such as that of Contra Costa Medical Career College, have already contributed to significant enrollment and revenue growth.
4. Expansion of National Footprint and Clinical Sites: The company aims to expand its national footprint and clinical site availability. The Advisory Board will play a key role in guiding this expansion, including clinical site development, which is crucial for practical training in many of its healthcare programs.
5. Enhancements in Digital and Hybrid Learning Offerings: Recognizing the shift towards online learning, Legacy Education intends to significantly scale its digital offerings and invest in technology platforms. This includes developing hybrid program models to ensure smooth transitions for students and enhance engagement and retention. By upgrading its technology and expanding digital reach, the company can attract a broader customer base and accommodate diverse learning preferences.

Share Repurchases

• Legacy Education Inc. has not reported any significant share repurchases in the last 3-5 years. The buyback yield was reported as negative, indicating an increase in shares outstanding rather than repurchases.

Share Issuance

• Legacy Education Inc. completed its Initial Public Offering (IPO) on October 4, 2024, issuing 2,875,000 shares of common stock at $4.00 per share for aggregate gross proceeds of $11.5 million.
• The number of shares outstanding for LGCY increased by 26.34% in one year (leading up to early 2026), reflecting the impact of the IPO.

Inbound Investments

• The company successfully raised $11.5 million in gross proceeds through its Initial Public Offering (IPO) in October 2024.

Outbound Investments

• Legacy Education acquired Contra Costa Medical Career College around Q2 2025 (late 2024/early 2025), which contributed to an increase in its student population.
• The company is actively pursuing accretive acquisitions and aims to announce its next deal within the current fiscal year (as of February 2026).

Capital Expenditures

• Legacy Education Inc. invested approximately $790,000 in capital expenditures in Q3 2026, representing a 45.4% increase from the prior quarter.
• Capital expenditures for the last 12 months (leading up to early 2026) were approximately $1.21 million.
• In the first quarter of fiscal year 2026 (ended September 30, 2025), capital expenditure was approximately $200,000, primarily focused on program expansions and technology.