EpicQuest Education Group International Limited
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsEpicQuest Education Group International Ltd is a BVI-incorporated education services company operating in the U.S. and Canada, with subsidiaries including Davis University and EduGlobal College.
What they do
EpicQuest Education provides educational services through its subsidiaries. These include Davis College Inc. (d.b.a. Davis University) in Ohio and DavisU Canada Inc. (d.b.a. EduGlobal College) in Canada. The company also operates other entities such as Quest International Education Center and Ameri-Can Education Group, involved in international student services and education programs.
Revenue drivers
- Davis University (Ohio) — Operates as a degree-granting institution in Ohio; primary U.S. campus revenue source.
- EduGlobal College (Canada) — Canadian subsidiary operating as a college, contributing to international education revenue.
- International student services — Entities like Ameri-Can Education Group provide education-related services to international students, a secondary revenue stream.
Recent performance
Annual revenue grew from $8.2M in 2024 to $8.9M in 2025. Net loss narrowed from -$6.0M in 2024 to -$2.4M in 2025. Diluted EPS improved from -$0.47 to -$0.16. Operating cash flow was -$2.9M in 2025, an improvement from -$9.5M in 2024. As of September 30, 2025, total assets were $25.8M, total liabilities $11.4M, and shareholder equity $8.8M.
Strategy
The company is focused on growing its educational services footprint in the U.S. and Canada. Management is aiming to improve operational efficiency and reduce losses, evidenced by the narrower net loss and improved cash flow. It continues to operate through its network of subsidiaries (Davis University, EduGlobal College, and others) to deliver education programs.
Risks
- Sustained net losses — The company has recorded net losses every year from 2021 to 2025, with cumulative losses exceeding $22M.
- Negative operating cash flow — Operating cash flow has been negative for four consecutive years (2022-2025), indicating ongoing cash burn from operations.
- Geographic concentration in education — Revenue depends on U.S. and Canadian education operations, which face regulatory and enrollment risks specific to academic institutions.
- Regulatory environment — As an educational services provider, changes in U.S. or Canadian accreditation, visa, or international student policies could materially impact operations.
Outlook
Management does not provide explicit forward guidance in the filing excerpts. The company appears focused on continuing to stabilize finances, building on the revenue increase and reduced losses in fiscal 2025. Cash of $4.8M provides some liquidity, but ongoing negative cash flow remains a constraint.