The core asset management business remains unprofitable with negative adjusted EBITDA, and the large unrealized losses on GECC continue to erode book value. Monitor the Q1 2027 earnings for signs of GECC portfolio stabilization and whether fee-related earnings can turn positive. The $53.5M cash position and remaining buyback capacity provide a floor, but the underlying earnings trajectory is deteriorating.
Price Chart
Executive Summary
Great Elm Group reported a fiscal Q4 2026 net income of $1.1M on revenue of $10.6M (+88% YoY), but a full-year net loss of $35.4M driven by $22.2M in unrealized losses on its GECC investment. Fee-paying AUM grew 7% to $590M and the company raised nearly $400M in gross capital, though the core asset management business remains unprofitable on an adjusted EBITDA basis.
Key Financial Metrics
Key Facts
- Full-year fiscal 2026 net loss of $35.4M vs net income of $12.9M in fiscal 2025
- Q4 revenue $10.6M (+88% YoY) but full-year operating loss of $14.0M
- Fee-paying AUM grew 7% to $590M; total AUM $771M
- Nearly $400M gross capital raised across platforms in fiscal 2026
- Cash and equivalents $53.5M; $23.9M remaining under $40M buyback program
- GECC investment drove $22.2M in net realized/unrealized losses for the year
- Adjusted EBITDA was -$3.4M for fiscal 2026 vs +$4.3M in fiscal 2025
Financial Impact
Full-year net loss of $35.4M, driven by $22.2M in investment losses on GECC; operating loss of $14.0M
Risk Factors
- Further mark-to-market losses on GECC common stock and SPV investments
- Inability to grow fee-paying AUM sufficiently to cover operating costs
- Continued negative adjusted EBITDA indicating core business not self-sustaining
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3351681 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | DEFA14A | $2.16 | awaiting T+20 | — | $2.15 (−0.46%) |
Oct 23, 2026 3d ago | DEF 14A | $2.16 | awaiting T+20 | — | $2.15 (−0.46%) |
Oct 23, 2026 3d ago | 8-K | $2.16 | awaiting T+20 | — | $2.15 (−0.46%) |
Aug 26, 2026 8w ago | Press Release | $2.15 $2.15 | · 0.00% | ▼ −0.51% | $2.15 (−0.00%) |
Aug 25, 2026 8w ago | Press Release | $2.15 | awaiting T+20 | — | $2.15 (+0.00%) |
May 5, 2026 24w ago | Press Release | $2.05 $2.15 | ▲ +4.88% | ▼ −0.08% | $2.15 (+4.88%) |
US Market Status
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