EpicQuest Education Chairman & CEO Letter to Shareholders
Rhea-AI Summary
EpicQuest Education (Nasdaq: EEIQ) outlined its internationalization strategy, centered on Davis University in Toledo and Davis Academy in Vancouver.
Key points include Davis University’s first year of profitability, 115% YoY growth to 220 foundational students, and 85% YoY growth to 407 international students for the first 2025-2026 academic quarter, a 299% increase versus 2023.
The company highlighted high-margin global collaborations, AI adoption plans, future branch campuses, and expanded career-focused certificate and training programs.
Positive
- Davis University achieved its first year of profitability
- Foundational program enrollment up 115% YoY to 220 students (2025-2026)
- International enrollment at Davis University up 85% YoY to 407 students
- International enrollment up 299% versus 2023 levels
- Two-year foundational programs show near-100% first-to-second-year retention
- New Master’s Certificate Program adds an additional revenue stream
Negative
- U.S. higher education facing declining undergraduate enrollment and demographic headwinds
- Rising tuition, living costs, and student debt may pressure demand in core U.S. market
News Market Reaction – EEIQ
In the May 13 session, EEIQ declined 9.41%, reflecting a notable negative market reaction. Argus tracked a trough of -8.6% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Investor conference | Neutral | -2.5% | LD Micro Invitational presentation announcement featuring the company’s CFO. |
| Apr 09 | New revenue programs | Positive | -15.9% | Canadian high-school pathway agreements for Davis University’s online courses. |
| Feb 26 | International MOU | Positive | +7.9% | MOU to offer Davis University’s online management program in South Asia. |
| Feb 19 | Global recruitment deal | Positive | -3.7% | Agency agreement to recruit globally for graduate and management programs. |
| Feb 12 | Reverse stock split | Negative | -22.5% | Announcement of a 1-for-16 reverse split and related share adjustments. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Strategic and growth-oriented announcements have often been met with weak or negative next-day reactions, while structurally negative events like the reverse split also saw selling pressure.
Over the last few months, EpicQuest has focused on internationalization and program expansion. In February 2026, it signed a global recruitment agreement and later an MOU to expand its online Master of Science in Management, with one MOU drawing a +7.94% reaction. An April announcement of new Canadian high-school pathway programs led to a -15.89% move. A 1-for-16 reverse split on Feb 17, 2026 coincided with a -22.49% reaction, highlighting sensitivity to capital-structure changes. Today’s shareholder letter reiterates this growth and pathway strategy.
Key Terms
memorandum of understanding financial
mou financial
ipo financial
articulation agreements technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
TOLEDO, Ohio, May 13, 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 a Letter to Shareholders from its Chairman and CEO.
“We are proud to be a next-generation higher educational company, delivering results-driven learning experiences to students worldwide,” stated EpicQuest Education Chairman and CEO Jianbo Zhang. “By fostering a culture of innovation and a collaborative work environment, we have adapted to an evolving education landscape shaped by online learning and the transformative power of AI.”
“For those of you who are new to our Company, we began by recruiting for the English Language Center of Miami University of Ohio, where we continue to provide comprehensive, one-stop education solutions for students interested in study-abroad programs in the US. We leveraged this experience to acquire two institutions of higher learning, Davis University in Toledo and EduGlobal College in Vancouver which is being renamed Davis Academy to strategically align with the joint initiatives of our two schools.
“These acquisitions are core to our strategic plan of internationalization which calls for expanding our educational services across the globe. As a result, we now collaborate with renowned universities in Asia, Europe, the Middle East and the Americas, advancing our mission to export our academic programs worldwide.
“Our innovative approach of building global pathways to higher education both diversifies our current revenue stream and creates a powerful enrollment pipeline. For example, students can complete a two-year foundational program and then apply their course credits toward a four-year bachelor’s degree at our Davis University or transfer pathways to top universities with whom we have articulation agreements. We are especially pleased that Davis University has achieved its first year of profitability, a major milestone in our journey toward long-term growth and sustainability.
“We have come a long way since our IPO in March of 2021. We are energized by the growth opportunities ahead and are confident in our ability to execute upon our internationalization strategy. We believe that the strength of our value proposition will gain increasing recognition in the public markets as we are uniquely positioned in the higher education market to create value and deliver strong returns for both our students and our shareholders.”
EpicQuest Education’s Strategic Achievements
The Company’s Collaborations. EpicQuest Education has entered into a large number of strategic collaborations that export our academic programming globally. This has resulted in the generation of high margin revenue as we expand into high growth markets. This initiative also plays an important role in supporting students to pursue meaningful and well-paying careers, a central tenet of our mission. Examples of our recent initiatives include:
- A Memorandum of Understanding (MOU) with MSM Unify to recruit and offer Davis University’s Master of Science in Management Program in an online format.
- An MOU with Veritas Global Uni (Pvt) Ltd. to recruit and offer Davis University’s online Masters of Science in Management Program and its Graduate Foundational Program in China, Hong Kong, Singapore, the Middle East and Southeast Asia.
- Agreements with four Canadian high school for their students to enter into a university pathway program by taking Davis University’s online Bachelor of Science in Business courses.
Davis University’s Global Programs. Davis University’s foundational program students operate in elite universities around the world. Its foundational programs currently have 220 students enrolled for the 2025-2026 academic year, a
Master’s Certificate Program. Starting the 2025-2026 academic year, Davis University and Davis Academy began working together to offer a Master’s Certificate Program which helps students prepare for Master’s degree programs at top universities in the US and Canada. This program has been well received by the international markets, and it contributes a new revenue stream to the Company.
International Student Enrollment. The Company’s collaborations and foundational programs lead to greater international enrollment. For the first academic quarter of 2025-2026 academic year, Davis University’s international student enrollment was 407 students, an
Our Vision for the Future
The Higher Education Sector. There are many challenges currently facing higher education in the US. The decline in undergraduate enrollment, exacerbated by economic challenges and falling college-age demographics, portend a continued difficult period ahead. Further, tuition and living costs are high, and rising student debt and the economic value of a college education have come into question.
In contrast, the current climate for higher education in some other regions around the world remain highly positive. There is more focus on expanding access to fuel GDP growth and to create innovation by building an educated workforce to create new jobs. Further, in developing countries there are favorable demographics, plans to train and supply skilled workers to align with global value chains, and a conviction that higher education reduces poverty while increasing earnings.
An Increase in the Exporting of Our Educational Programming into Home Countries. The Company’s innovative approach to export its foundational and degree programs to students’ home countries capitalizes upon regional and country demand for higher education in certain regions and countries. We are in dialogue with numerous potential collaborators that would help recruit and administer our higher education programs that leverage our infrastructure to realize substantial revenue at marginal cost to the Company.
Adoption of AI. We see immediate benefits to integrating AI into a wide spectrum of our business activities and believe that AI will revolutionize the way that institutions of higher learning function. We believe that future AI platforms will increase in sophistication and become increasingly collaborative for both students and teachers. EpicQuest Education plans to be a leader in the adoption of AI in the education sector; among many of the activities that it would potentially improve are:
- The streamlining of business operations including core business functions like budgeting, finance and accounting, marketing and sales, human resources, and day-to-day administrative activities
- The use of targeting algorithms to bolster recruiting, enrollment and admissions
- Improved student success via AI-powered tutoring and learning platforms to provide adaptive learning, real-time feedback and 24/7 availability
- Targeted learning feedback using a blended model of both AI and traditional tutors with human connection and mentorship
- AI analytics on student performance and course effectiveness, which can enable early intervention to improve graduation rates.
Branch Campuses. We plan upon developing branch campuses for Davis University in different cities in the US and abroad. These campuses will offer select academic programs, maintain its academic standards and will award the University’s degrees. We believe that this will increase our overall enrollment while reaching underserved areas with our unique approach to providing a broad spectrum of career-oriented courses and options for students. Further, we anticipate increased visibility and partnerships that will benefit communities and students alike.
Certificate Training Programs. We plan upon expanding our Professional Career Training courses and Associate Degree programs to prioritize career placement to align with today’s job market. We will further enhance our blended career options, online programs, externships and flexible schedules to customize specific educational options for each student for a high return on investment.
EpicQuest Education’s Business Model
Our business model centers around an internationalization strategy that involves a broad spectrum of higher education activities resulting in a diversified revenue stream:
- International Students Studying in North America: Students from foreign countries that are enrolled in Davis University in Toledo and Davis Academy in Vancouver.
- International Students Studying in their Home Countries: Students enrolled in the Company’s foundational programs that enable students to acquire the skills needed for admission into Davis University’s degree programs, and which has resulted in a dynamic inflow of international students onto its residential campus.
- Domestic Students: Students enrolled in career training and academic programs at Davis University and Davis Academy designed to secure good, well-paying jobs.
- Student Services: Residential and other fees from on-campus student attendance at the Company’s owned and operated schools in both the US and Canada.
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 Davis Academy, a/k/a EduGlobal College
Davis Academy is the transitioning operating name for EduGobal College in order to strategically align with joint initiatives with its sister school, Davis University. Davis Academy is a private college located in the Metro Vancouver area, British Columbia, that provides English language programs for international students who are seeking academic and career advancement and specializes in English for Academic Purposes (EAP) programs; these programs focus on helping international students acquire the advanced competencies in academic English necessary for them to complete their degree programs. In tandem with its EAP program, Davis Academy offers first-year university courses and a Master’s Academic Preparation Program to help prepare international students who have completed a bachelor’s degree and aspire to pursue graduate studies at a Canadian university. Davis Academy also offers students an innovative model for bridging the gap between private and public sector post-secondary education in Canada through its pathway programs. The school's legal entity is DavisU Canada Inc., and all regulatory approvals remain intact. EduGlobal College is approved by The Private Training Institutions Branch (PTIB) of the Ministry of Advanced Education and Skills Training in the Province of British Columbia. The name change transition aligns the Vancouver school more closely with its sister institution, Davis University, and during this period, both names may appear on student documents and website communications. For more information, please visit https://davisacademy.ca/.
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
Safe Harbor Statement
Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this release include, without limitation, the Company's plans to develop branch campuses for Davis University domestically and internationally, the anticipated benefits of AI adoption across the Company's business and academic operations, the expected growth in international student enrollment, the expansion of certificate and career training programs, and the ability of Davis University to be successful in working with its collaborators, including MSM Unify and Veritas Global Uni, to achieve the goals set forth in the respective MOUs and to achieve expected enrollment and revenue growth. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our most recent Form 20-F and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
Contacts:
EpicQuest Education Group International Limited
+1 513-649-8350
info@epicquesteducation.com
Investor Relations:
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
Source: EpicQuest Education Group International Limited
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c28e7bd7-7e22-4e1d-a601-4cc878083b56
