Great Elm Group Reports Fiscal 2023 Fourth Quarter and Full Year Financial Results.

WALTHAM, Mass: Great Elm Group, Inc. ("we," "our," "GEG," "Great Elm," or "the Company"), (NASDAQ: GEG), an alternative asset manager, today announced financial results for its fiscal fourth quarter and year ended June 30, 2023.

Fiscal Fourth Quarter 2023 Highlights

GEG collected incentive fees from Great Elm Capital Corp. ("GECC") for the first time in the Company's history, totaling $1.0 million for the fourth quarter.

As of June 30, 2023, GEG had approximately $85 million of cash and U.S. Treasuries on its balance sheet to deploy across its growing alternative asset management platform.

Fee paying assets under management totaled $448.7 million as of June 30, 2023, representing approximately 2% sequential growth from March 31, 2023, and up approximately 10% year-over-year.

Assets under management totaled $639.8 million as of June 30, 2023, representing approximately 1% sequential growth from March 31, 2023, and up approximately 5% year-over-year.

Total revenue for the fourth quarter grew 96% to $3.0 million, compared to $1.5 million for the prior-year period, largely attributed to incentive fees from GECC.

Net loss from continuing operations was ($5.3) million for the fourth quarter, comparable to the prior-year period.

Adjusted EBITDA for the fourth quarter was $0.4 million, compared to $0.3 million for the prior-year period.

Full Fiscal Year 2023 Highlights

During fiscal year 2023 and subsequent to year end, GEG hired key executives, bringing years of asset management experience to its team.

On September 6, 2022, GEG added experienced operations professional Nichole Milz as Chief Operating Officer.

On May 5, 2023, GEG's Board of Directors appointed Jason Reese, the Executive Chairman of GEG's Board of Directors since 2020, to the additional role of Chief Executive Officer.

On May 15, 2023, GEG's Board of Directors appointed Keri Davis as Chief Financial Officer of Great Elm, expanding upon her role as Chief Financial Officer of GECC.

On September 6, 2023, GEG's Monomoy team added senior construction executive Andrew Wright as Vice President of Real Estate.

On January 3, 2023, GEG sold its Durable Medical Equipment ("DME") business for $80 million. After settling all obligations, the transaction resulted in approximately $26 million in net cash proceeds and 346,028 shares of Quipt Home Medical Corp. ("Quipt") common stock.

On January 17, 2023, GEG exercised a put right for the remaining 19% of the equity interests in Forest Investments...