Great Elm Group (GEG) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 ended with a net loss of $35.4 million, primarily due to significant unrealized losses from GECC share price declines and related vehicles, despite meaningful operational progress and nearly $400 million of gross capital raised.

• Fourth quarter revenue was $10.6 million, up 88% year-over-year, but net income for the quarter was $1.1 million, down from $13.6 million in the prior year period.

• Fee-paying AUM increased 7% to $590 million, and total AUM reached $771 million, up 2% year-over-year.

• Real estate and alternative credit businesses showed improving momentum, with notable growth in the Monomoy platform and record capital deployment.

• Liquidity remained strong with $53.5 million in cash and equivalents at year-end.

Financial highlights

• Fiscal 2026 revenue reached $27.8 million, up 70% from $16.3 million in the prior year.

• Net loss for fiscal 2026 was $35.4 million, compared to net income of $12.9 million in the prior year, mainly due to $22.2 million in net realized and unrealized losses from GECC investments.

• Adjusted EBITDA for fiscal 2026 was $(3.4) million, down from $4.3 million in fiscal 2025; Q4 Adjusted EBITDA was $0.3 million, compared to $1.5 million in the prior year period.

• Revenue growth was supported by $14.7 million from the sale of two build-to-suit properties.

• Ended fiscal year with $53.5 million in cash and equivalents, supporting financial flexibility.

Outlook and guidance

• Entering fiscal 2027 with growing fee-paying AUM, strong liquidity, and improving operating momentum.

• Priorities include scaling real estate and alternative credit platforms, growing fee-related earnings, and selectively pursuing new opportunities.

• Continued upside potential from CoreWeave-related equity investment, with cumulative distributions of $8.6 million on a $5 million investment.

• Focus remains on disciplined capital deployment and converting operational progress into stronger, more consistent financial performance.