Alpha G Investment Management, Inc. Reports Third Quarter 2025 Results and Reorganization Update

• Revenues from continued operations of $668.0 thousand compared to $838.2 thousand a year ago
• Fully diluted GAAP EPS from continued operations of $0.04 compared to ($0.06) a year ago
• Fully diluted Cash EPS¹ $0.08 compared to $0.23 a year ago
• Average AUM from continuing operations of $291 million compared to $368 million a year ago
• Cash and liquid investments totaled $30.3 million compared to $25.1 million a year ago
• GAAP Book Value per Share is $21.55 compared with $17.69 a year ago
• Company reincorporates in Wyoming
• Holding company name changes to Alpha G Investment Management, Inc. from Teton Advisors, Inc.
• Registered investment advisor operating subsidiaries of Teton Advisors and Keeley Teton Advisors pursue growth in alternatives and exchange traded structures.

GREENWICH, Conn.--(BUSINESS WIRE)-- Alpha G Investment Management, Inc. (OTCQX: TETAA) (“Alpha G” or the “Company”) announced its third quarter results, along with the reincorporation in Wyoming, holding company name change to Alpha G Investment Management, Inc., and its registered investment advisors subsequent growth into alternative product structures.

	Financial Highlights
	($'s in 000's except AUM and per share data)
		Third Quarter
		2025				2024
	AUM - average (in millions)	$	291			$	368		(1	)
	AUM - end of period (in millions)		292				368		(1	)
	Revenues from continued operations		668				838
	Investment and other income from continued operations		403				377
	Income before income taxes from continued operations		94				94
	Net income from continued operations		66				(94	)
	Net (loss) from discontinued operations		(141	)			339
	Net income (loss)		(75	)			245
	Net income per fully diluted share - continued operations		0.04				(0.06	)
	Net income per fully diluted share - discontinued operations		(0.09	)			0.21
	Net income per fully diluted share	$	(0.05	)		$	0.15
	(1) - AUM from continuing operations

Current quarter reflects the first full period post the sale of Keeley Teton Advisors assets, resulting in net income from continuing operations of $66.3 thousand, or $0.04 per fully diluted share, compared to a net loss of $93.6 thousand, or $(0.06) per share, for the same period a year ago. Excluding certain non-cash items, Cash Earnings¹ and Cash Earnings per fully diluted share from continuing operations were $125.7 thousand and $0.08, respectively, for the current quarter as compared to $372.7 and $0.23 for the comparative quarter in 2024.

Operating revenues for the third quarter of 2025 were $668.0 thousand, compared to $838.2 thousand in the comparative quarter in 2024. Average AUM from continuing operations was $291 million for the third quarter of 2025, versus $368 million for the comparative period in 2024.

Fully Diluted Book Value per share ended the third quarter of 2025 at $21.55 per share as compared to $17.69 for the third quarter ended 2024. Fully Diluted Book Value for the third quarter of 2025 includes $5.5 million of cash, or approximately 3.40 per share, from the first installment of the sale of Keeley Teton Advisors completed in the prior quarter, with the minimum remaining guaranteed payment of $6.0 million due on or before May of 2030, not included in the net cash position as stated.

¹Cash earnings and cash earnings per fully diluted share are non-GAAP performance measures and are explained and reconciled in the Supplemental Financial Information section on page 3 of this press release. The quarterly results include amortization and impairment of intangible assets.

ALPHA G INVESTMENT MANAGEMENT, INC
(formerly Teton Advisors, Inc.)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
				September 30,			December 31,
				2025			2024
ASSETS
Cash and cash equivalents				$	27,152,442		$	22,222,338
Investment advisory fees receivable					218,419			260,127
Contingent consideration receivable (Note D)					4,500,000			-
Other assets					4,247,408			3,824,063
Assets of discontinued operations					-			7,956,800
Total assets				$	36,118,269		$	34,263,328
LIABILITIES AND STOCKHOLDERS' EQUITY
Compensation payable					146,293			451,098
Payable to affiliates					185,858			80,508
Distribution costs payable					69,454			41,406
Accrued expenses and other liabilities					801,768			1,105,574
Liabilities of discontinued operations					-			3,048,336
Total Liabilities					1,203,373			4,726,922
Alpha G Investment Management, Inc's stockholders' equity					34,914,896			29,536,406
Total liabilities and stockholders' equity				$	36,118,269		$	34,263,328

Reincorporation and Name Change

Alpha G announced that it has completed its previously approved plan of reincorporation from the State of Delaware to the State of Wyoming. In connection with the reincorporation, the Company has changed its legal name to Alpha G Investment Management, Inc., which will serve as the holding company for the operations. The reincorporation and name change were approved by the Company’s Board of Directors in January of 2025 and stockholders on August 20, 2025, and became effective on October 13, 2025, upon the filing of the Articles of Incorporation in Wyoming. Since such approvals, the Alpha G board of directors continues with Darlene DeReemer, Jason Lamb, Herve Francois, Vincent Amabile, and Marc Gabelli. The Company’s common stock continues to trade on the OTCQX under the ticker symbol TETAA.

Ongoing organization and Sale of Keeley Teton Advisors Subsidiary

As previously announced on May 1, 2025, the Company completed the sale of the investment management account assets of Keeley-Teton Advisors, LLC (“Keeley”) to GAMCO Investors, Inc. (“GAMCO”) (OTCQX: GAMI). A portion of transaction proceeds are tied to performance over a five-year period with total proceeds expected to be at least $11.5 million. The Company received $5.5 million of the expected proceeds upon closing on May 1, 2025, and the remaining balance of at least $6.0 million due no later than May 2030.

At the time of sale, Keeley managed approximately $975 million of client assets at the time of the sale. Since the acquisition, the Keeley accounts have been managed and serviced by a combined team of Alpha G and GAMCO professionals. The sale was the result of a comprehensive strategic alternatives process that the Company conducted over the past year.

The holding company's subsidiaries, Teton Advisors, LLC and Keeley Teton Advisors LLC, continue as registered investment advisors and wholly-owned operating subsidiaries with their respective board of directors and plans to pursue growth through alternative structures and products. Keeley Teton manages the Teton Westwood Convertible Securities Fund, while Teton Advisors manages the Teton Westwood Mighty Mites Fund, Teton Westwood Equity Fund and the Teton Westwood Balanced Fund. All of these funds are SEC-registered mutual funds. These funds contract with the fund sub advisors, Gabelli Funds, LLC for the Teton Westwood Convertible Securities Fund and Teton Westwood Mighty Mites Fund; and Westwood Management Corporation for the Teton Westwood Equity Fund and Teton Westwood Balanced Fund. These contracts are renewed every year with the next contract renewals in March 2026 and October 2026, respectively. It is expected that both sub-advisory agreements will be renewed.

Alternative Product Investments

The Board approved up to a $1.5 million allocation on development of new alternative products such as hedge funds, venture capital funds, and exchange-traded products. The company is well positioned to move forward with such approval into the coming quarter.

Supplemental Financial Information

As supplemental information, we provide a non-U.S. generally accepted accounting principles (“non-GAAP”) performance measure that we refer to as Cash Earnings. This measure is presented in addition to, but not as a substitute for, net income reported in accordance with U.S. generally accepted accounting principles (“GAAP”). Management and the Board of Directors use Cash Earnings to evaluate ongoing performance, allocate resources, and assess our dividend policy. We believe this non-GAAP performance measure, while not a replacement for GAAP net income, is useful to both management and investors in evaluating our underlying operating and financial performance and the resources available to the Company. We do not recommend that investors consider this non-GAAP measure without also reviewing financial information prepared in accordance with GAAP.

In calculating quarterly and full-year Cash Earnings, we add back to net income the non-cash amortization expense associated with our intangible assets, which is included in discontinued operations. Although depreciation of property and equipment and amortization of leasehold improvements are also non-cash expenses, we do not add them back when calculating Cash Earnings because they represent a decline in the value of related assets that will ultimately require replacement.

The following table provides a reconciliation of net income to Cash Earnings and Cash Earnings Per Share for the quarterly periods presented:

	For the Quarter Ended September 30,
	2025				2024
Net income (loss)	$	(74,807	)		$	245,257
Add: Intangible amortization (included in discontinued operations)		200,533				127,425
Cash Earnings (loss)	$	125,726			$	372,682
Cash Earnings (loss) Per Fully Diluted Share	$	0.08			$	0.23

Notification to Shareholders

All shareholders should continue to use the tetonadv.com/investors section of the Company website to access corporate information for the newly named holding company, Alpha G.

Class B shares are convertible on a one-for-one basis into Class A shares that trade through multiple market makers on OTCQX: TETAA. Alpha G shareholders may convert their Class B Shares into Class A Shares, which most recently traded at $14.50 per share on September 30, 2025. For those Class B shareholders interested in conversion, please see the Investor Relations page on Alpha G’s website to complete a Conversion Notice Request Form. (http://tetonadv.com/documents/ConversionNotice.pdf).

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Our disclosure and analysis in this press release contain some forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. Such statements are subject to contingencies and uncertainties, some or all of which may be material. We direct your attention to the cautionary statements regarding forward-looking information set forth in documents on Alpha G’s website. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matter of our forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251125175796/en/

Tiffany Hayden

Info@tetonadv.com

For further information, please visit: www.tetonadv.com/investors

Source: Alpha G Investment Management, Inc.