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GEG

Great Elm Group, Inc.

GEG

Great Elm Group, Inc. • NASDAQ
$2.58 ▲ 0.19% (+0.01)
Market Cap $71.38 M
52w High $3.51
52w Low $1.75
Dividend Yield 0%
P/E 43.08
Volume 6.51K
Outstanding Shares 27.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $10.788M ▲ $2.529M ▲ $-7.03M ▼ -65.165% ▼ $-0.24 ▼ $-6.463M ▼
Q4-2025 $5.608M ▲ $2.263M ▲ $13.573M ▲ 242.029% ▲ $0.51 ▲ $17.2M ▲
Q3-2025 $3.209M ▼ $1.742M ▲ $-4.497M ▼ -140.137% ▼ $-0.17 ▼ $-3.101M ▼
Q2-2025 $3.507M ▼ $1.595M ▼ $1.176M ▼ 33.533% ▼ $0.042 ▼ $2.668M ▼
Q1-2025 $3.992M $2.295M $2.639M 66.107% $0.091 $4.275M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $125.818M ▲ $155.01M ▲ $71.867M ▼ $73.782M ▲
Q4-2025 $109.451M ▲ $153.937M ▲ $73.271M ▲ $70.318M ▲
Q3-2025 $94.049M ▼ $137.19M ▼ $71.875M ▲ $57.227M ▼
Q2-2025 $108.676M ▼ $138.487M ▲ $68.429M ▲ $62.334M ▼
Q1-2025 $113.305M $137.266M $65.682M $63.904M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-7.03M ▼ $3.814M ▲ $9.342M ▲ $9.711M ▲ $23.998M ▲ $3.814M ▲
Q4-2025 $13.573M ▲ $3.706M ▲ $-416K ▲ $-2.679M ▼ $-239K ▲ $3.706M ▲
Q3-2025 $-4.501M ▼ $-1.345M ▲ $-10.694M ▼ $-721K ▲ $-12.76M ▼ $-1.345M ▲
Q2-2025 $1.354M ▼ $-4.044M ▲ $7.4M ▲ $-3.258M ▼ $98K ▲ $-4.044M ▲
Q1-2025 $2.974M $-5.787M $2.491M $-2.232M $-5.528M $-5.787M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Management Service Base
Management Service Base
 $0 ▲$0 ▲$0 ▲$0 ▲
Project Management Fees
Project Management Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Property Management Fees
Property Management Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Real Estate Rental Income
Real Estate Rental Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Management Service Incentive
Management Service Incentive
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement GEG’s income profile looks small but slowly improving, with revenue and gross profit beginning to stabilize rather than grow aggressively. Core operating results have hovered around breakeven to modest losses for several years, which suggests the underlying management and servicing businesses are not yet strongly profitable on their own. Net income has swung between small profits and small losses, reflecting a mix of fee income, investment marks, and one‑off items. Overall, the earnings story is one of gradual progress but still fragile profitability, with results likely to remain somewhat lumpy from year to year given the nature of alternative asset management and opportunistic investments.

Balance Sheet

Balance Sheet The balance sheet is compact and relatively simple, consistent with an asset‑light management company rather than a capital‑heavy operator. Total assets and equity have been fairly steady over time, with equity rebuilding after earlier pressure, which indicates the company has been stabilizing its capital base. Debt is present but does not appear outsized versus total assets, pointing to a moderate leverage profile rather than an aggressive one. Cash levels move around from year to year and are not large, so disciplined cash management is important, but there is no obvious sign of a highly stressed balance sheet in the data provided.

Cash Flow

Cash Flow Cash generation from the core business has been inconsistent. Operating cash flow has flipped between slightly positive and slightly negative years, suggesting that accounting profits and actual cash inflows do not always move together and that working capital swings or investment activity can materially influence cash. Free cash flow follows the same pattern, with very limited spending on physical assets, which fits an asset‑light, fee‑based model. In practice, this means GEG still leans on financing, partnerships, and investment realizations to support growth, rather than being a strongly self‑funded cash engine at this stage.

Competitive Edge

Competitive Edge GEG occupies a specialized corner of the market as a focused alternative asset manager, rather than a broad, full‑service firm. Its edge comes from concentration in a few niche areas: industrial outdoor storage real estate, a middle‑market credit BDC, and specialty finance. The vertical integration of its industrial real estate platform—owning, developing, and managing properties and related construction services—creates a more complete offering for tenants and partners, which can deepen relationships and reduce leakage to third parties. Managing permanent capital vehicles like a BDC and a private REIT gives GEG recurring fee potential and more stable capital than traditional, shorter‑term funds. At the same time, the firm is still small compared with major asset managers and is concentrated in a handful of strategies, so it faces scale disadvantages and concentration risk if any of its key segments underperform or become more crowded competitively.

Innovation and R&D

Innovation and R&D Innovation at GEG is structural and strategic rather than technological. The company has built a vertically integrated industrial outdoor storage platform by combining a REIT with in‑house construction and project management, which can improve control, speed, and economics across the property lifecycle. Its partnerships with institutional investors provide flexible growth capital and validate its approach, effectively using outside balance sheets to scale fee‑earning platforms. GEG also experiments with specialized products—like its BDC, IOS‑focused REIT, and tailored specialty finance solutions—as well as opportunistic equity bets such as the CoreWeave investment. The key execution risks lie in scaling these platforms without overextending, managing concentration in niche sectors, and ensuring that opportunistic investments contribute more to long‑term value than to short‑term earnings volatility.

Summary

Overall, GEG looks like a niche alternative asset manager in the midst of building scale. Financially, it has moved from a more volatile and loss‑prone profile toward modest, but still uneven, profitability and cash generation. The balance sheet is relatively clean and not heavily burdened by debt, but the business is not yet a strong, steady cash producer. Strategically, the firm’s strength lies in its focus on specialized areas—industrial outdoor storage, middle‑market credit, and specialty finance—supported by vertical integration and long‑duration capital vehicles. Its future will likely be shaped by how effectively it can grow fee‑paying assets under management, execute on its industrial real estate expansion, manage concentration and liquidity risks, and continue attracting institutional partners without diluting its economics or strategic flexibility.

NEWS

November 12, 2025 · 4:10 PM UTC

Great Elm Group Reports Fiscal 2026 First Quarter Financial Results

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November 10, 2025 · 4:15 PM UTC

Great Elm Group, Inc. Schedules Fiscal 2026 First Quarter Conference Call and Webcast

Read more

September 2, 2025 · 4:25 PM UTC

Great Elm Group Reports Fiscal 2025 Fourth Quarter and Full Year Financial Results

Read more