Great Elm Group Reports Fiscal 2024 Fourth Quarter and Full Year Financial Results

Core Insights - Great Elm Group, Inc. reported significant financial growth in its fiscal fourth quarter and full year ended June 30, 2024, with total revenue for the fourth quarter tripling to $8.9 million from $3.0 million in the prior year, and full-year revenue more than doubling to $17.8 million from $8.7 million [2][9]. Fiscal Fourth Quarter 2024 Highlights - Great Elm Capital Corp. raised $34 million in additional debt and equity capital since April 2024 [2]. - Fee-paying assets under management (FPAUM) and total assets under management (AUM) increased by 6% in the quarter, with pro forma FPAUM and AUM reaching approximately $546 million and $749 million, respectively [2]. - The company reported a net loss from continuing operations of ($0.6) million, a significant improvement from a loss of ($5.3) million in the prior year [2][8]. - Adjusted EBITDA for the quarter was $1.2 million, up from $0.4 million in the previous year [2][9]. - The company had approximately $58 million in cash and marketable securities as of June 30, 2024, to support growth initiatives [2]. Full Fiscal Year 2024 Highlights - Great Elm Capital Corp. raised over $92 million in new capital through July 2024, enhancing the company's ability to grow management and incentive fee revenue [3]. - FPAUM and AUM increased by 17% and 14%, respectively, from June 30, 2023, with pro forma figures showing increases of 22% and 17% [3]. - The company collected approximately $2.7 million in incentive fees for the fiscal year [3]. - The net loss for the fiscal year was ($0.9) million, a decline from a net income of $14.5 million in the prior year, which was primarily driven by gains from the sale of Forest Investments, Inc. [3][10]. - Adjusted EBITDA for the fiscal year was $4.8 million, compared to $1.0 million in fiscal 2023 [3][11]. Management Commentary - The CEO highlighted considerable progress in fiscal 2024, including successful capital raises and growth in fee revenue from credit and real estate businesses [4]. - The company launched new products and businesses, including a private credit fund and a construction management consulting business [4]. Stock Repurchase and Debt Management - The company repurchased 1.2 million shares for $2.1 million during the quarter and also repurchased $4.2 million in principal of convertible notes for $2.1 million, realizing a gain of $2.3 million [2][13].