GECC

MKT CAP:$64M

Great Elm Capital Corp.

Market Cap

$64M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$5.31-$1.55 (-22.59%)

Apr 21, 2026

Company Details

Great Elm Capital Corp. is a business development company which specializes in loan and mezzanine, middle market investments. It invests in the debt instruments of middle market companies. The fund prefers to invest in media, commercial ser...

CEO

Matthew Dov Kaplan

IPO Date

Nov 4, 2016

Website

www.greatelmcc.com

Key Metrics TTM

Revenue

$50M

+35.7% YoY

Net Income

-$16M

EPS (Diluted)

-$1.24

Free Cash Flow

$39M

Revenue / Share

$4.08

Gross Margin

51.6%

Operating Margin

-20.9%

Net Margin

-32.3%

FCF Margin

77.4%

P/S

1.3x

P/E

—

Earnings Reports

Q4 2025

May 4, 2026

PENDING

Q3 2025

Nov 4, 2025

$17M+43.5%EPS -$1.79

Q1 2025

May 5, 2025

$12M+40.3%EPS $0.04

FY 2024

Mar 10, 2025

$39M+9.8%EPS $0.36

Q4 2024

Mar 10, 2025

$9M-1.5%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$7M	-$1M	-$3M
Q4 21	$6M	-$20M	-$22M
Q1 22	$6M	-$9M	-$5M
Q2 22	$6M	-$3M	-$5M
Q3 22	$6M	$3M	$1M
Q4 22	$7M	-$6M	-$7M
Q1 23	$8M	$10M	$8M
Q2 23	$9M	$7M	$5M
Q3 23	$9M	$10M	$8M
Q4 23	$9M	$6M	$4M
Q1 24	$9M	$992.0K	-$458.0K
Q2 24	$10M	$194.0K	-$1M
Q3 24	$12M	$5M	$3M
Q4 24	$9M	$4M	$2M
Q1 25	$12M	$2M	$453.0K
Q3 25	$17M	$15M	-$16M

Valuation

Quarter	P/S	P/E
Q3 21	2.6x	28.4x
Q4 21	2.6x	—
Q1 22	2.5x	—
Q2 22	2.6x	—
Q3 22	2.7x	—
Q4 22	2.6x	—
Q1 23	2.4x	—
Q2 23	2.1x	8.7x
Q3 23	1.9x	4.7x
Q4 23	1.8x	2.5x
Q1 24	1.8x	3.9x
Q2 24	1.7x	6.3x
Q3 24	1.6x	10.9x
Q4 24	1.6x	18.1x
Q1 25	1.5x	14.4x
Q3 25	1.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$679.0K	-$679.0K
Q4 21	$332.0K	$332.0K
Q1 22	$1M	$1M
Q2 22	-$981.0K	-$981.0K
Q3 22	$3M	$3M
Q4 22	-$7M	-$7M
Q1 23	$9M	$9M
Q2 23	$4M	$4M
Q3 23	$10M	$10M
Q4 23	$3M	$3M
Q1 24	$2M	$2M
Q2 24	$1M	$1M
Q3 24	$5M	$5M
Q4 24	$31M	$31M
Q1 25	$4M	$4M
Q3 25	-$1M	-$1M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+23.9%	+699.2%
Q4 21	+10.5%	+85.5%
Q1 22	+5.0%	+247.1%
Q2 22	-11.6%	+167.8%
Q3 22	-18.2%	-55.2%
Q4 22	+15.3%	-48.8%
Q1 23	+51.3%	-97.7%
Q2 23	+62.8%	-62.4%
Q3 23	+52.0%	-69.9%
Q4 23	+28.0%	-64.7%
Q1 24	+5.9%	+3646.8%
Q2 24	+6.4%	+188.1%
Q3 24	+27.6%	+482.7%
Q4 24	-1.5%	+42.7%
Q1 25	+40.3%	+28.6%
Q3 25	+75.9%	+204.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 21	$1M
Q4 21	$738.0K
Q1 22	$907.0K
Q2 22	$887.0K
Q3 22	$1M
Q4 22	$842.0K
Q1 23	$1M
Q2 23	$1M
Q3 23	$1M
Q4 23	$1M
Q1 24	$1M
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$1M
Q3 25	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$9M	$0	$9M
Q2 22	$2M	$0	$2M
Q3 22	$2M	$0	$2M
Q4 22	$587.0K	$0	$587.0K
Q1 23	$2M	$0	$2M
Q2 23	$3M	$0	$3M
Q3 23	$2M	$0	$2M
Q4 23	$953.0K	$0	$953.0K
Q1 24	$334.0K	$0	$334.0K
Q2 24	$3M	$0	$3M
Q3 24	$305.0K	$0	$305.0K
Q4 24	$0	$8M	$8M
Q1 25	$1M	$0	$1M
Q2 25	$960.0K	$0	$960.0K
Q3 25	$0	$89M	$89M
Q4 25	$2M	$33M	$35M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	4M	+1.7%	+124.3%
Q4 21	4M	+12.6%	+21.0%
Q1 22	5M	+1.6%	+16.9%
Q2 22	5M	+14.0%	+32.6%
Q3 22	8M	+46.3%	+90.7%
Q4 22	8M	+0.2%	+69.7%
Q1 23	8M	-0.2%	+66.8%
Q2 23	8M	0.0%	+46.3%
Q3 23	8M	0.0%	0.0%
Q4 23	8M	0.0%	-0.2%
Q1 24	9M	+13.9%	+13.9%
Q2 24	10M	+10.3%	+25.6%
Q3 24	10M	+9.4%	+37.5%
Q4 24	10M	-1.0%	+36.1%
Q1 25	12M	+11.5%	+33.3%
Q3 25	12M	+6.7%	+28.9%

Shares Outstanding