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Great Elm (GEG) - 2024 Q4 - Annual Results
GEGGreat Elm (GEG)2024-08-29 20:00

Revenue Growth - Great Elm Group reported total revenue of 8.9millionforQ42024,approximatelytriplingfrom8.9 million for Q4 2024, approximately tripling from 3.0 million in the prior-year period[2]. - For the full fiscal year 2024, total revenue increased 106% to 17.8millionfrom17.8 million from 8.7 million in fiscal 2023, driven by significant property sales and increased incentive fees[3][8]. - Revenues for Q2 2024 reached 8,918,000,asignificantincreaseof178.58,918,000, a significant increase of 178.5% compared to 3,026,000 in Q2 2023[19]. - Total revenues for the twelve months ended June 30, 2024, were 17,834,000,upfrom17,834,000, up from 8,663,000 for the same period in 2023, an increase of 105.0%[19]. Asset Management - Fee-paying assets under management (FPAUM) and total assets under management (AUM) increased by 6% in Q4 2024, with pro forma FPAUM and AUM reaching approximately 546millionand546 million and 749 million, respectively[2]. - FPAUM and AUM increased 17% and 14%, respectively, from June 30, 2023, indicating strong growth in asset management[3]. - Great Elm Capital Corp. raised over 92millionofnewcapitalthroughJuly2024,enhancingitscapacityformanagementandincentivefeerevenue[3].ProfitabilityandLoss−ThenetlossfromcontinuingoperationsforQ42024was(92 million of new capital through July 2024, enhancing its capacity for management and incentive fee revenue[3]. Profitability and Loss - The net loss from continuing operations for Q4 2024 was (0.6) million, a significant improvement from a net loss of (5.3)millionintheprior−yearperiod[2][8].−Forthefullfiscalyear2024,thenetlossfromcontinuingoperationswas(5.3) million in the prior-year period[2][8]. - For the full fiscal year 2024, the net loss from continuing operations was (0.9) million, compared to net income of 14.5millioninfiscal2023[4][9].−NetlossfromcontinuingoperationsforQ22024was14.5 million in fiscal 2023[4][9]. - Net loss from continuing operations for Q2 2024 was (578,000), a decrease from (5,256,000)inQ22023,reflectinga89.0(5,256,000) in Q2 2023, reflecting a 89.0% improvement[19]. - Basic net loss per share from continuing operations was (0.02) for Q2 2024, compared to (0.18)forQ22023[19].AdjustedEBITDA−AdjustedEBITDAforQ42024was(0.18) for Q2 2023[19]. Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was 1.2 million, compared to 0.4millionintheprior−yearperiod[2][8].−AdjustedEBITDAforQ22024was0.4 million in the prior-year period[2][8]. - Adjusted EBITDA for Q2 2024 was 1,174,000, compared to 399,000inQ22023,indicatingasubstantialimprovement[20].ShareRepurchaseandExpenses−Thecompanyrepurchased1.2millionsharesfor399,000 in Q2 2023, indicating a substantial improvement[20]. Share Repurchase and Expenses - The company repurchased 1.2 million shares for 2.1 million during Q4 2024 and repurchased 4.2millionprincipalofconvertiblenotesfor4.2 million principal of convertible notes for 2.1 million, realizing a gain of 2.3million[2][10].−Totaloperatingcostsandexpensesdecreasedto2.3 million[2][10]. - Total operating costs and expenses decreased to 5,215,000 in Q2 2024 from 6,624,000inQ22023,representingareductionof21.26,624,000 in Q2 2023, representing a reduction of 21.2%[19]. - The company incurred non-cash compensation expenses of 688,000 in Q2 2024, slightly down from 701,000inQ22023[20].InvestmentPerformance−Thecompanyreportedanetrealizedgainoninvestmentsof701,000 in Q2 2023[20]. Investment Performance - The company reported a net realized gain on investments of 477,000 in Q2 2024, compared to a loss of $(2,187,000) in Q2 2023[19]. New Initiatives - Great Elm launched a private credit fund and a construction management consulting business in fiscal 2024, expanding its service offerings[4][5].