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Great Elm Group (GEG) investor relations material
Great Elm Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Fiscal 2025 was a record year, with $15.7 million net income from continuing operations in Q4, reversing a prior-year loss, and a 24% year-over-year increase in book value per share, driven by strong credit and real estate performance, new construction services, and significant capital raises exceeding $100 million.
Strategic partnerships and investments, including a $150 million commitment from Kennedy Lewis, new equity from Woodstead Value Fund and Booker Smith, and expanded board expertise, have positioned the company for accelerated growth.
Launch of Monomoy Construction Services completed a fully integrated real estate platform, contributing meaningful revenue and expanding the project pipeline.
Financial highlights
Net income from continuing operations reached $15.7 million in Q4, up from a $0.6 million loss in the prior year; full-year net income was $15.6 million, with strong unrealized gains from CoreWeave-related investments and GECC performance.
Revenue for Q4 was $5.6 million versus $8.9 million last year; excluding a one-time property sale, revenue grew over 140% year-over-year; full-year revenue was $16.3 million, up 35% year-over-year excluding property sales.
Book value per share rose to $2.65 as of June 30, a 24% increase year-over-year; pro forma for recent issuances, book value per share is $2.58.
Adjusted EBITDA for Q4 was $1.5 million, up from $1.2 million in the prior year; full-year Adjusted EBITDA was $4.3 million, down from $4.8 million.
Cash and marketable securities totaled $31 million at quarter-end, exceeding $40 million pro forma for recent capital raises.
Outlook and guidance
Entering fiscal 2026 with strong momentum, a solid balance sheet, and confidence in delivering sustained long-term value, leveraging new capital and partnerships.
MCS expected to more than double its revenue in fiscal 2026, becoming a central driver of real estate revenue growth.
Targeting $1 billion in assets for Monomoy REIT and a potential future IPO, leveraging new strategic partnerships.
GECIF fund delivered 21% net returns for the six months ended June 30, indicating favorable prospects for future growth.
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