Great Elm shows improvement

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Tuesday, November 17, 2020

WALTHAM, Mass. – Great Elm Capital Group has reported first quarter revenue for DME grew 10.4% year over year and 5% sequentially, results that show the company’s ability to grow despite the negative impact of the COVID-19 pandemic, officials say. Great Elm reported a net loss for DME of $500,000 vs. $800,000 year over year, and an adjusted EBITDA of $2.8 million vs. $3 million year over year. “We made significant progress toward achievement of our strategic goals for both our DME and Investment Management businesses during the quarter,” said Peter Reed, CEO. “DME added key management talent, continued to improve operationally and is actively pursuing attractive add-on acquisition opportunities.” During the first quarter, Great Elm’s PAP supply rates remained strong, while rental revenues continued to be negatively impacted by suppressed referral pipelines for new equipment setups during the pandemic. Looking forward, company officials remain focused on exploring ways to lower the cost of capital and obtaining additional funds for potential future acquisitions.