EpicQuest Education Group International Limited (EEIQ): Business Model Canvas [Dec-2025 Updated]

You're looking for a clear, no-nonsense breakdown of EpicQuest Education Group International Limited's (EEIQ) business model as of late 2025, and I can defintely provide that precise, data-driven view. After two decades analyzing capital flows, I can tell you this group is executing a clear strategy: connecting international students to Western degrees via owned colleges like Davis University and strong pathway agreements. The numbers back the story: they just closed a $3.7 million capital offering and saw revenue jump 29.1% to $5.37 million in the first half of 2025, all while hitting a 63.7% gross profit margin. Below, I've mapped out the nine essential building blocks-from their key partnerships with US/UK universities to their cost structure-so you can see exactly how they are building this international student pipeline. Dig in to see the mechanics.

EpicQuest Education Group International Limited (EEIQ) - Canvas Business Model: Key Partnerships

You're looking at the network that fuels EpicQuest Education Group International Limited's international student pipeline. These aren't just names on a slide; these are the actual conduits for student flow and revenue generation across the US, UK, and Canadian ecosystems. The strength here is in the depth of these relationships, especially the foundational programs.

The company's strategy heavily relies on these collaborations to achieve its internationalization goals. For the first half of fiscal 2025 (ended March 31, 2025), revenue grew 29.1% year-over-year to $5.37 million, largely driven by these international foundational and collaborative programs. The gross margin on these operations is quite healthy, hitting 63.7% for that six-month period.

Here's a breakdown of the core institutional relationships:

Key University and Institutional Collaborations

The partnerships span degree pathways, foundational programs, and direct recruitment agreements. The focus on foundational programs, which are high-margin revenue generators, is clear in the latest enrollment figures.

The foundational programs, which allow students to earn course credits while preparing for overseas study, are a critical component. We estimate these programs will generate an annual revenue stream of at least $5 million for the 2025-2026 academic year. The retention rate for students in these programs is reported to be close to 100%.

Degree Pathway and Transfer Agreements

The pathway agreements ensure student progression, which is vital for long-term revenue visibility. Davis University itself has expanded its international collaborations from one institution to three in the current academic year, with plans to partner with five institutions next year.

• Davis University has pathway agreements with seven international universities, including Northeastern University's College of Professional Studies and the University of Cincinnati in the US.
• EduGlobal College has a pathway transfer program with Yorkville University and articulation agreements with Corpus Christi College and Academy of Learning in Canada.
• Davis College entered a supplementary agreement with Chongqing Technology and Business Institute (CTBI) for a joint program, expecting 138 CTBI students in September 2025.

Recruiting Agent Network Expansion

The recruitment arm is actively diversifying beyond its traditional base. Selling expenses increased by 24.9% in the first half of fiscal 2025, reflecting this expansion effort.

• Global recruitment initiatives are expanding from China, Southeast Asia, and the LATAM markets.
• A recruiting office was opened in Sri Lanka to focus on the Southeast Asia and Middle East Regions.
• New agreements were signed to boost student enrollment from Africa and the Middle East to Davis University.

If onboarding takes 14+ days, churn risk rises. Finance: draft 13-week cash view by Friday.

EpicQuest Education Group International Limited (EEIQ) - Canvas Business Model: Key Activities

The Key Activities for EpicQuest Education Group International Limited (EEIQ) center on the direct operation of its educational assets and the aggressive international recruitment pipeline feeding those assets, as of late 2025.

Operating owned colleges: Davis University and EduGlobal College

EpicQuest Education Group International Limited directly manages its two primary owned institutions. You should note the ownership structure and the focus of each campus. The company operates and is a 70% owner of Davis University, which is a career training University located in Toledo, Ohio. Separately, the company owns and operates EduGlobal College, which is based in British Columbia, Canada, and concentrates on English proficiency educational programming for students pursuing academic degrees.

The financial performance reflects this activity, with revenues for the first half of fiscal 2025 (ended March 31, 2025) reaching \$5.37 million, a 29.1% increase from the prior year period. The gross profit for that same six-month period was \$3.42 million, showing a gross margin of 63.7%.

International student recruitment and enrollment management

A critical activity is managing the international recruitment pipeline, which directly impacts the utilization of the owned colleges. The growth in international Associate Degree student enrollment at Davis University has been significant, increasing from 51 students in 2023 to 101 in 2024, and then to 267 in 2025. This represents a 5x growth rate in just two years. The company projects that the number of international students enrolled in Davis' Associate Degree programs for the 2026 academic year will at least double.

The recruitment base is expanding geographically, with initiatives moving beyond China to include markets in Africa and the Middle East for Davis University enrollment. Furthermore, the number of educational institutions collaborating with Davis on its Associate Degree programs has grown from one institution over the past two years to three in the current academic year, with plans to reach five collaborating institutions next year.

Here's the quick math on the Associate Degree enrollment growth at Davis University:

Developing and delivering foundational and English proficiency programs

The development and delivery of foundational and English proficiency programs serve as a primary feeder system. Enrollment in Davis University's overseas foundational programs hit a record of 175 students for the Fall 2025 semester. This is a 52% increase compared to the Fall 2024 enrollment of 115 students, and a 218% increase over the last two years from the 55 students in Fall 2023. The company estimates these foundational programs will generate a revenue stream of $\ge \$5$ million for the 2025-2026 period. The retention rate for students moving from the first to the second year in these two-year foundational programs is usually close to 100%. EduGlobal College's key activity here is focusing on English proficiency educational programming.

Managing articulation and pathway agreements globally

Managing these global agreements is key to creating pathways for students to achieve university degrees. The relationship with the Regional Campuses of Miami University of Ohio remains a cornerstone, with the agreement renewed for a 5-year term. In 2024, 68 students were present for in-person classes at Miami University Regionals (MUR). The number of international students enrolled in Davis Foundational and 3+0 Programs saw a massive increase of 783% between the 2023-2024 and 2024-2025 academic years, with 220 international students enrolled in 2024-2025.

Specific pathway agreements include:

• A joint program with Guangdong Communications Polytechnic allows recruiting up to 100 students per year from September 2025 through September 2027, totaling up to 300 students.
• A collaboration with Shijiazhuang College targets 100 students every year for seven years.
• Davis has formed agreements with many four-year U.S. academic institutions for transfer pathways.

Localized content development for regional student needs

To support international recruitment, EpicQuest Education Group International Limited develops localized offerings. Two new cooperative diploma programs at EduGlobal College, a two-year Business Studies Diploma and a one-year Business Studies Certificate, launched in September 2024, designed primarily for international students. These programs allow students to alternate between academic semesters and paid, full-time work. The company is actively expanding its global recruitment efforts from China, Southeast Asia, and the LATAM markets.

EpicQuest Education Group International Limited (EEIQ) - Canvas Business Model: Key Resources

You're looking at the core assets EpicQuest Education Group International Limited (EEIQ) relies on to execute its strategy as of late 2025. These aren't just ideas; they are tangible holdings and established operational capacities.

The financial foundation supporting these resources was recently bolstered. EpicQuest Education Group International Limited (EEIQ) closed a registered direct offering on or about August 26, 2025, raising gross proceeds of approximately $3.7 million. This capital was secured through the sale of 5,068,493 ordinary shares or pre-funded warrants at a purchase price of $0.73 per share.

The company's owned and operated educational institutions form a critical part of its asset base, providing direct control over educational delivery and student pathways.

The international student recruitment infrastructure is showing clear operational traction, particularly through foundational programs which are a key component of the internationalization strategy. For the first half of fiscal year 2025 (ended March 31, 2025), revenues reached $5.37 million, a 29.1% increase over the prior year period's $4.16 million. The gross margin for that six-month period stood at 63.7%.

The pipeline of students generated through these recruitment efforts is substantial:

• Davis University foundational program enrollment hit 175 students in Fall 2025.
• This Fall 2025 enrollment represents a 52% increase compared to Fall 2024-2025 and a 218% increase over the last two years (from 55 students in Fall 2023).
• The company estimates these current foundational programs will generate an annual revenue stream of at least $5 million for the 2025-2026 academic year.
• Student retention rate for these foundational programs is reported as close to 100%.

The established network of global university partnerships is broad, facilitating student pathways across multiple regions. Davis University has expanded its international collaborations from one institution to three in the current academic year, with plans to reach five next year. Furthermore, the company maintains recruiting relationships with the Regional Campuses of Miami University of Ohio, for which the agreement was renewed for a 5-year term. Agreements are also in place with institutions in China, the Philippines, Malaysia, Singapore, and Sri Lanka. An agreement was signed in October 2025 to strengthen and expand programs in South America.

The hybrid learning technology platform is the delivery mechanism for these programs, supporting a blended model of AI and traditional teaching. As of September 30, 2024, the company reported 43 employees.

EpicQuest Education Group International Limited (EEIQ) - Canvas Business Model: Value Propositions

You're looking at the core value EpicQuest Education Group International Limited (EEIQ) delivers, which centers on creating accessible, high-quality international education pathways. This isn't just about degrees; it's about de-risking the transition for international students.

Cost-effective pathway to US/Canada/UK university degrees.

The primary value is offering a bridge that is demonstrably working, as shown by the growth in their foundational cohorts. These programs are designed to be a more manageable entry point before students transfer to the US, Canada, or the UK. The success of this model is reflected in the financial performance driven by these international segments.

For the first half of fiscal year 2025, ended March 31, 2025, EpicQuest Education Group International Limited (EEIQ) reported revenues of $5.37 million, a 29.1% increase over the prior year period, largely driven by these international programs abroad. Furthermore, the gross margin improved to 63.7% in that same period, up from 57.7% the year before, suggesting these pathways are financially efficient for the Company to deliver.

Foundational programs allowing students to start in their home country.

This is where the immediate, quantifiable value proposition lies: providing a high-retention, high-margin starting point in elite partner locations. The foundational programs, often two-year courses, allow students to earn credits usable at Davis University or other top schools overseas. The commitment from students in these programs is nearly absolute.

Here is the enrollment trajectory for these key foundational programs:

The Company also launched a new foundational program with South China University of Technology, expected to bring in approximately 120 students per incoming class starting in Fall 2025.

Career-training focus via Davis University's professional programs.

The value extends to career readiness, particularly through Davis University's Associate Degree programs, which are structured to lead to strong career outcomes. The growth in international enrollment at Davis University itself demonstrates the appeal of this career-focused track.

Davis University Associate Degree international enrollment figures:

• 2023 academic year: 51 international students.
• 2024 academic year: 101 international students.
• 2025 academic year: 267 international students.

That represents a 5x growth in international Associate Degree enrollment over two years. Also, the 3+0 Graphic Design Professional Program with Chongqing Institute of Technology and Business (CQCEE) had 150 students enrolled as of September 2024, with another 100 students expected to enroll in September 2025.

Comprehensive support: admissions, visa, housing, and academic services.

The structure of the programs inherently bundles essential services to ensure student success abroad. For instance, the foundational programs are strategically located on the main campuses of institutions like Shanghai Jiao Tong University and The Chinese University of Hong Kong (Shenzhen). Furthermore, EpicQuest Education Group International Limited (EEIQ) maintains residential facilities, a cafeteria, and shuttle buses for its recruiting relationship with the Regional Campuses of Miami University of Ohio, which supports students studying on-campus in the US.

Globalized learning experience with international faculty.

The model is built on collaboration with prestigious international institutions, which provides the globalized learning environment. This includes partnerships with:

• Peking University (renewed agreement through July 31, 2025).
• Shanghai Jiao Tong University (agreement through December 31, 2026).
• South China University of Technology (agreement effective until January 2027).

The Company also acts as a recruiting agent for Coventry University and the University of the West of Scotland. The CFO noted that the strategy involves collaborating with elite international institutions to bolster revenue and create a pool of students for Davis University.

EpicQuest Education Group International Limited (EEIQ) - Canvas Business Model: Customer Relationships

You're looking at how EpicQuest Education Group International Limited (EEIQ) keeps its students engaged and its institutional partners happy as of late 2025. The relationship strategy centers on high-touch support embedded within clear, long-term academic pathways.

Dedicated academic and career support services.

The foundational programs, which saw enrollment hit a record 175 students in Fall 2025, are designed to be high-margin and boast a student retention rate near 100%. This near-perfect retention suggests the support structure is working well for this cohort. The company helps students with admission, enrollment, visa application, housing, transportation, academic support, and career services. The success of these programs is projected to generate at least $5 million in revenue for the 2025-2026 academic year.

High-touch, personalized advisory services for international students.

The focus on international students drives much of the relationship intensity. For Davis University's Associate Degree programs, international student enrollment reached 267 students for the 2025 academic year, a 5x growth rate over two years from just 51 students in the 2023 academic year. This rapid scaling requires robust, personalized advisory. The company maintains residential facilities, a full-service cafeteria, recreational facilities, and shuttle buses for its students at the Miami University Regional campuses, where it provides study abroad and post-study services. This level of infrastructure support speaks directly to a high-touch service model.

Direct relationship management with partner institutions.

Direct management of partner institutions is crucial, as these relationships are the pipeline for degree-seeking students. The foundational programs are placed on main campuses like Shanghai Jiao Tong University and Chinese University of Hong Kong (Shenzhen). For Davis University's Associate Degree programs, the number of collaborating educational institutions grew from one institution in the past two years to three in the current academic year (2025), with an expectation to grow to five next year. Furthermore, EpicQuest Education Group International Limited acts as a recruiting agent for the University of the West of Scotland and Coventry University in the United Kingdom.

Long-term engagement through multi-year degree pathway programs.

The business model relies on multi-year pathways, which locks in engagement over extended periods. The foundational programs are explicitly positioned to create a pipeline of future students for operated schools. One specific joint program with CTBI was structured to enroll a cohort of 46 students in September 2023, 96 students in September 2024, and 138 students in September 2025, illustrating a multi-year commitment structure. The first half of fiscal year 2025, ended March 31, 2025, saw revenue of $5.37 million, a 29.1% increase year-over-year, driven by these international foundational and collaborative programs.

The success of these long-term relationships is reflected in the financial performance metrics:

Digital communication for hybrid learning and administrative tasks.

While the support is high-touch, digital channels are used to manage the logistics of hybrid and preparatory learning. The company has increased the number of online activities to spur student enrollment rates. The foundational programs themselves are a form of preparatory, often hybrid, learning that happens in the student's home country before overseas study. The gross proceeds from a securities offering in August 2025 were expected to be approximately $3.7 million, intended for working capital and general corporate purposes, which supports the digital and administrative infrastructure needed to manage these dispersed relationships.

The role of third-party intermediaries is targeted for reduction, aiming for more direct and accurate communication with students and parents moving forward. If onboarding takes 14+ days, churn risk rises.

EpicQuest Education Group International Limited (EEIQ) - Canvas Business Model: Channels

You're looking at how EpicQuest Education Group International Limited (EEIQ) gets its educational products and services to students, which is heavily weighted toward international pathways as of late 2025.

The primary channels involve the company's directly operated institutions and the foundational programs that act as a feeder system.

Owned and operated colleges (Davis University, EduGlobal College) serve as the core delivery mechanism for degrees and pathway programs.

• Davis University, located in Toledo, Ohio, is a career training university that expanded its campus to downtown Toledo to accommodate growth.
• EduGlobal College, based in Vancouver, British Columbia, specializes in English for Academic Purposes (EAP) programs.

The success of these schools is tied to international enrollment growth. For instance, international Associate Degree student enrollment at Davis University reached 267 students for the 2025 academic year, marking a 5x growth rate over two years. Revenue for the first half of fiscal 2025 (ended March 31, 2025) was $5.37 million, up 29.1% year-over-year, driven by enrollments in these domestic and international programs. Selling expenses, which support these channels, were $0.87 million for the same period, an increase of 24.9%.

Partner university campuses hosting foundational programs are a critical, high-margin channel. These overseas programs allow students to begin their studies in their home countries before moving overseas.

• For the Fall 2025 semester, enrollment in these foundational programs hit 175 students, a 52% increase from Fall 2024.
• EpicQuest Education estimates these current foundational programs will generate at least $5,000,000 in revenue for the 2025-2026 academic year.
• These programs are hosted on main campuses of institutions like Shanghai Jiao Tong University and Chinese University of Hong Kong (Shenzhen).

The company also acts as a recruiting agent for UK institutions, including the University of the West of Scotland and Coventry University.

The following table breaks down key enrollment and revenue drivers across the main educational delivery channels as of the latest reported data:

International recruiting offices in key markets like Sri Lanka support the funnel into the colleges and programs. The company opened a recruiting office in Sri Lanka in September 2023 to serve as a hub for attracting students from Southeast Asia and the Middle East. Furthermore, in October 2025, EpicQuest Education signed an agreement to strengthen and expand its international programs in South America. Global recruitment efforts also target China, Southeast Asia, and LATAM markets.

Third-party recruitment agents and educational consultants are utilized alongside direct recruiting efforts. This includes formal agreements, such as a Memorandum of Understanding with Apex Ed in Sri Lanka to accelerate recruitment. The company also has agreements with other institutions to create transfer pathways, which effectively acts as a recruitment channel by offering clear progression for students, such as EduGlobal College's agreements with Northern Lights College and Corpus Christi College.

Online learning platforms for hybrid course delivery support the overall offering, though specific enrollment or revenue figures for purely online delivery are not explicitly detailed separately from the foundational and degree programs. EduGlobal College focuses on English proficiency courses, which are part of the pathway to degree programs, suggesting a blended or hybrid component to their delivery model.

Finance: draft 13-week cash view by Friday.

EpicQuest Education Group International Limited (EEIQ) - Canvas Business Model: Customer Segments

You're looking at the core groups EpicQuest Education Group International Limited (EEIQ) serves, which is heavily weighted toward international student recruitment and pathways, though domestic students are also part of the mix. The focus is clearly on internationalization, which is a key catalyst of their strategic growth plan, as noted by CEO Jianbo Zhang.

The primary segments are:

• International students seeking US, Canada, or UK bachelor's degrees.
• Students from China, Southeast Asia, LATAM, Africa, and the Middle East.
• Domestic students seeking career-focused associate and bachelor's degrees.
• Students requiring English proficiency and transfer pathway programs.

The foundational programs are a crucial entry point for many international students. These programs, which are high margin and boast a student retention rate near 100%, are currently placed on the main campuses of Shanghai Jiao Tong University and The Chinese University of Hong Kong (Shenzhen).

Here's a look at the hard numbers for the foundational program segment as of Fall 2025:

The international recruitment focus is geographically broad. Global recruitment initiatives continue to expand from China, Southeast Asia, and the LATAM markets. Furthermore, EpicQuest Education Group International Limited entered into an agreement to boost student enrollment from Africa and the Middle East to Davis University.

The Associate Degree programs at Davis University show significant traction specifically from international recruiting, which CEO Jianbo Zhang stated is a key element of the internationalization strategy.

Consider the growth in international Associate Degree enrollment at Davis University:

This growth is supported by expanding institutional partnerships. Davis University's collaborations on its Associate Degree programs increased from one institution in the past two years to three in the current academic year, with plans to increase to five next year. The company projects at least a doubling of international student enrollment for the 2026 academic year.

The segment requiring English proficiency and transfer pathways is served by EduGlobal College, which focuses on English proficiency educational programming. Services offered include International English Proficiency Test (ITEP) counseling, registration, test placement, test scores, admission application, visa counseling, pre-departure guidance, and accommodation arrangements. The foundational programs themselves are designed to help international students acquire the skills needed for success at colleges and universities. For example, a recent agreement allows students from Ecuador to transfer credits into Davis University to pursue a Bachelor of Science in Business and Associate degrees.

Domestic students are also a segment, as revenue increases in the first half of fiscal 2025 were driven by international programs and domestic programs offered by Davis University and EduGlobal College. The first half of fiscal 2025 saw revenues of $5.37 million, a 29.1% increase from the year-ago period.

The customer segments can be summarized by their destination focus:

• US/Canada/UK Degree Seekers: The overall target for EpicQuest Education Group International Limited's college and university programs.
• China/SEA/LATAM/Africa/Middle East Students: Key geographic sources for the international recruitment strategy.
• Davis University Associate Degree Students: The 267 international students enrolled in Fall 2025 represent a major, fast-growing cohort.
• Miami University Regionals Students: A long-standing cornerstone relationship, popular for pathways to bachelors and advanced degrees.

Finance: draft 13-week cash view by Friday.

EpicQuest Education Group International Limited (EEIQ) - Canvas Business Model: Cost Structure

Cost of services, which increased 10.8% in 1H 2025.

Selling expenses, which rose 24.9% due to enhanced recruitment efforts.

General and administrative expenses, which decreased 22.9% in 1H 2025.

The breakdown of key operating expenses for the first half of fiscal year 2025 compared to the same period in 2024 is as follows:

Faculty and staff salaries for owned and operated colleges.

• No specific financial data available for faculty and staff salaries for owned and operated colleges for 1H 2025.

Costs associated with maintaining international partnerships and facilities.

• No specific financial data available for costs associated with maintaining international partnerships and facilities for 1H 2025.

EpicQuest Education Group International Limited (EEIQ) - Canvas Business Model: Revenue Streams

You're looking at the top-line drivers for EpicQuest Education Group International Limited (EEIQ) as of late 2025. The core of the revenue model centers on student-driven income from their educational offerings, which have shown recent growth.

The primary revenue sources are:

• Tuition and fees from foundational and degree programs.
• Fees from international student recruitment and advisory services.

The financial performance for the first half of fiscal year 2025, which ended March 31, 2025, was quite strong, showing top-line momentum. Revenue for 1H 2025 was reported at $5.37 million, marking a significant 29.1% increase compared to the same period last year. This growth was fueled by the expansion of their international foundational and collaborative programs.

To give you a clearer picture of the recent financial health tied to these streams, here's a quick look at the key performance indicators from that 1H 2025 period:

The improvement in the gross profit margin to 63.7% in 1H 2025 is notable. Honestly, this suggests that the revenue growth from their programs outpaced the increase in the cost of services, which only rose by 10.8% over the same period. That's defintely a positive operational leverage signal.

The foundational programs are a specifically highlighted revenue component, designed to be a sustainable stream. As of a May 2024 announcement, EpicQuest Education Group International Limited expected its existing foundational programs to generate at least $3.4 million annually once they reach full enrollment, starting in 2025. This stream is critical because it not only brings in direct revenue but also creates a pipeline of students for their degree programs at Davis University and EduGlobal College.

Also, keep in mind the recruitment efforts. The company mentioned expansion in global recruitment initiatives across China, Southeast Asia, LATAM, Africa, and the Middle East to boost enrollment to Davis University. This advisory and recruitment service component is an integral part of the revenue engine, even if the exact fee breakdown isn't always separated in the top-line revenue figure.