Revenue Growth - Great Elm Group reported total revenue of $8.9 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 $17.8 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, 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, 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 $546 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 $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) 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 $14.5 million in fiscal 2023[4][9]. - Net loss from continuing operations for Q2 2024 was $(578,000), a decrease from $(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) for Q2 2023[19]. Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $1.2 million, compared to $0.4 million in the prior-year period[2][8]. - Adjusted EBITDA for Q2 2024 was $1,174,000, compared to $399,000 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 $4.2 million principal of convertible notes for $2.1 million, realizing a gain of $2.3 million[2][10]. - Total operating costs and expenses decreased to $5,215,000 in Q2 2024 from $6,624,000 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 $701,000 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].
Great Elm (GEG) - 2024 Q4 - Annual Results