Any idea what's causing the revenue problem? I assume it's getting harder to attract students willing to pay for a bootcamp? Is that because fewer people are looking to learn to code than a few years ago? Or because they're learning in different ways other than bootcamps? Or is everyone only wanting to go to the most prestigious bootcamps? Or something else?

This is speculation, but I assume there are fewer employers willing to hire bootcamp grads.

There are employers willing to hire them, but not at the amounts bootcamps suggest in their marketing. A bootcamper is at the point they can just start to learn, so if the industry standard for a role is $100k, a bootcamper would do well to earn $40k.

Perhaps there was a backlog of people who'd wanted to go to a bootcamp? Once that backlog is exhausted, it would be natural for applications to drop.