Great Elm Group Inc. (GEG) Quarterly 10-Q Report
The report was filed on November 12, 2024
Great Elm Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
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The filing includes financial statements for the quarter, showing total revenues of $3,992,000, an increase from $3,310,000 in the same quarter the previous year. This increase is attributed to real estate property sales and higher management fees.
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Operating costs and expenses for the quarter were $5,353,000, compared to $4,760,000 in the previous year. The increase is primarily due to higher non-cash compensation and general administrative expenses.
The company reported an operating loss of $1,996,000 for the quarter, compared to a loss of $1,450,000 in the previous year.
Other income for the quarter was $4,970,000, up from $4,208,000 in the previous year, driven by net realized and unrealized gains.
Net income for the quarter was $2,974,000, compared to $2,774,000 in the previous year. After accounting for non-controlling interests, net income attributable to Great Elm Group, Inc. was $2,639,000.
Cash used in operating activities was $5,787,000, while cash provided by investing activities was $2,491,000. Cash used in financing activities was $2,232,000, primarily due to stock repurchases.
Great Elm had a cash balance of $44,150,000 and marketable securities valued at $7,460,000 as of September 30, 2024.
The filing also details the company's long-term debt, including $26,945,000 in 7.25% notes due 2027 and $35,494,000 in convertible notes due 2030.
Great Elm Group does not anticipate any material changes in its risk factors as previously disclosed in its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
The company has a stock buyback program in place, repurchasing 1,114,598 shares during the quarter at an average price of $1.87 per share.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Great Elm Group Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email [email protected].