As many colleges and universities face not only the financial strains stemming from COVID-19, but also the challenges of a broken business model that was in peril before the pandemic, many have sought to dig themselves out by launching new programs that generate new revenue.

But a new report from Burning Glass shows shocking failure rates from that strategy over the last several years.

Titled “Bad Bets,” the report reveals that a stunning number—two-thirds—of new programs launched on the heels of the Great Recession were graduating fewer than 10 students a year by 2018. Roughly half were graduating five or fewer students, and 30% reported zero degrees.