Great Elm Group, Inc. GEG
GEG is a publicly-traded alternative asset management company focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies.
We decided to invest in the asset management business because of our assessment of its ability to generate recurring free cash flows, its growth prospects and our Board of Directors' (our Board) and employees' industry expertise. GECM, our wholly-owned registered investment adviser subsidiary, is an investment adviser providing investment management services to GECC, as well as other private funds. MCRE, another wholly-owned subsidiary, provides investment management services to Monomoy UpREIT. The combined assets under management of these entities at June 30, 2026 was approximately $770.6 million.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $27.8M | $16.3M | $17.8M | $8.7M | $4.5M | $60.9M | $59.0M | — |
| Cost of revenue | $13.2M | $1.1M | $5.5M | — | — | — | — | — |
| Gross profit | $14.5M | $15.2M | $12.3M | — | — | — | — | — |
| SG&A | $7.4M | $6.5M | $7.7M | $8.5M | $6.0M | $5.9M | $6.5M | — |
| Total operating expenses | $28.5M | $23.2M | $20.1M | $19.9M | $13.3M | $64.6M | $61.2M | — |
| Operating income | -$14.0M | -$8.0M | -$7.8M | -$11.2M | -$8.7M | -$3.7M | -$2.2M | — |
| Interest expense | $4.1M | $4.2M | $4.3M | $6.1M | $5.5M | $4.9M | $4.6M | — |
| Pre-tax income | -$37.3M | $15.6M | -$841.0K | $14.7M | -$19.2M | -$6.8M | -$13.3M | — |
| Income tax | $376.0K | $86.0K | $101.0K | $200.0K | $83.0K | $1.7M | $44.0K | — |
| Net income | -$36.9M | $15.6M | -$1.4M | $27.7M | -$14.9M | -$7.3M | -$13.0M | — |
| EPS, basic | -1.17 | 0.47 | -0.05 | 0.95 | -0.56 | -0.28 | -0.51 | — |
| EPS, diluted | -1.17 | 0.38 | -0.05 | 0.73 | -0.56 | -0.28 | -0.51 | — |
| Shares, diluted (wtd. avg.) | $30.3M | $38.8M | $30.0M | $41.0M | $26.8M | $25.7M | $25.4M | — |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $53.5M | $30.6M | $48.1M | $60.2M | $22.3M | $24.4M | $40.5M | — |
| Receivables | — | — | — | — | $5.9M | $6.5M | $8.0M | — |
| Inventory | — | — | — | — | $898.0K | $1.1M | $1.5M | — |
| Total current assets | $99.6M | $137.9M | $127.6M | $123.1M | $84.4M | $88.5M | $61.3M | — |
| Property, plant and equipment | — | — | — | — | $538.0K | $981.0K | $1.4M | — |
| Goodwill | $440.0K | $440.0K | $0 | — | $52.5M | $50.5M | $50.0M | $50.4M |
| Other intangibles | $10.9M | $12.0M | $11.0M | $12.1M | $13.2M | $8.9M | $10.3M | — |
| Total assets | $113.7M | $153.9M | $140.4M | $135.9M | $168.1M | $161.9M | $195.4M | — |
| Accounts payable | — | — | — | $191.0K | $8.0K | $5.5M | $5.0M | — |
| Short-term debt | — | — | — | — | — | — | $3.9M | — |
| Total current liabilities | $7.7M | $9.6M | $8.4M | $7.4M | $19.7M | $33.0M | $29.3M | — |
| Total liabilities | $72.9M | $73.3M | $70.3M | $72.1M | $125.8M | $106.4M | $126.9M | — |
| Retained earnings | -$3.28B | -$3.24B | -$3.25B | -$3.25B | -$3.28B | -$3.26B | -$3.26B | — |
| Total equity | $40.8M | $70.3M | $70.2M | $63.8M | $40.0M | $52.8M | $52.7M | $65.1M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $15.7M | -$9.0M | -$15.6M | -$2.4M | $29.3M | -$19.0M | $13.2M | — |
| Depreciation and amortisation | $1.3M | $1.2M | $1.1M | $1.2M | $524.0K | $8.7M | $10.8M | — |
| Stock-based compensation | $2.3M | $2.0M | $2.4M | $2.6M | $2.8M | $1.8M | $548.0K | — |
| Capital expenditure | — | — | — | $53.0K | $3.0K | $287.0K | $737.0K | — |
| Investing cash flow | $12.6M | -$1.3M | $2.3M | $84.0M | -$40.0M | -$15.5M | -$6.6M | — |
| Financing cash flow | -$5.4M | -$8.8M | $2.8M | -$47.6M | $10.0M | $18.3M | $21.8M | — |
| Buybacks | $6.8M | $7.2M | $2.1M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-368246.
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