Gold.com, Inc. Q2 FY2026 Earnings Call

Good afternoon, and welcome to Gold.com's Conference Call for the Fiscal Second Quarter ended December 31, 2025. My name is Paul, and I will be your operator this afternoon. Before this call, Gold.com issued its results for the fiscal second quarter 2026 in a press release, which is available in the Investor Relations section of the company's website at www.gold.com. You can find the link to the Investor Relations section at the top of the homepage. Joining us for today's call are Gold.com's CEO, Greg Roberts; President, Thor Gjerdrum; and CFO, Cary Dickson. Following their remarks, we will open the call for your questions. Then before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Gold.com's website. Now I would like to turn the call over to Gold.com's CEO, Mr. Greg Roberts. Sir, please proceed.

Thank you, Paul, and good afternoon to everyone. Thank you again for joining us today for our first earnings call as Gold.com. This is a truly historic moment for our company and I'm excited to officially address you under our new corporate identity following the successful completion of our rebrand to Gold.com as well as the New York Stock Exchange relisting in December. This transition represents far more than a name change. It encapsulates our corporate identity as the most trusted and globally-recognized precious metals platform and our commitment to delivering value for our customers, partners and, of course, our shareholders. It also represents our evolution as a category leader with a diversified portfolio spanning precious metals, numismatics, wine and other high-value collectibles as well as alternative assets, and this is all supported by a vertically integrated operating model and a growing global footprint. I'm excited to share that we have entered into an agreement with an affiliate of Tether Investments, whereby Tether will be purchasing approximately $125 million of Gold.com's common shares at an issue price of $44.50. And they have agreed to purchase approximately $25 million more of our shares at the same price following regulatory clearance. We and Tether are extremely excited to enter into certain other mutually-beneficial commercial commitments. I'll touch on the details of the transactions before turning to the quarter. Tether is one of the largest owners of gold globally and sponsors the largest dollar-backed stablecoin, USDT, and the largest gold-backed stablecoin, XAUT, in the world. As part of the transaction, Tether is entitled to nominate a member to the Board of Directors of Gold.com. It is expected that Tether will provide Gold.com with a gold leasing facility of no less than $100 million. The companies are also expected to enter into agreements for Gold.com to provide storage and utilize logistics and for Gold.com to offer Tether stablecoins through its DTC channels. Gold.com has agreed to invest $20 million of the proceeds raised from this investment in Tether's XAUT stablecoin. Tether's minority investment in Gold.com validates our strategy to be the vertically integrated leader in physical bullion and to offer the industry's most comprehensive precious metals platform. This investment builds upon our 60-plus year legacy and expands our reach beyond traditional bullion into cryptocurrency. The proceeds from this transaction will provide us with increased funding and flexibility to strengthen our balance sheet by further developing our portfolio of category-leading brands. We look forward to Tether's continued support and partnering with their team to potentially develop additional innovative, mutually-beneficial commercial opportunities. Now turning to the quarter. Our second quarter results demonstrate our ability to successfully navigate rapidly evolving market conditions. During the quarter, we experienced an increase in consumer demand across our platforms. Premium spreads remained tight through the end of 2025 and backwardation in the silver market contributed to trading losses and higher interest expense due to increases in product financing and precious metals lease rates. Despite these headwinds, we delivered $11.6 million in net income and earnings of $0.46 per diluted share, demonstrating the resilience of our business model and our disciplined approach to managing market volatility. As announced last week, we also closed the acquisition of Monex Deposit Company. Monex's large and loyal customer base, along with its well-established storage and services platforms, strengthens our offerings and expands our ability to serve customers across the full precious metals value chain. We are making meaningful progress in optimizing our expense structure as well as unlocking synergies from all of our recent acquisitions. Integration efforts continue to advance with our AMGL facility in Las Vegas, operating at increased capacity and delivering the operational leverage we anticipated. Internationally, we are seeing encouraging signs of growth and remain committed to expanding our international presence. At the end of the second quarter, we increased our equity interest in U.K.-based Atkinsons Bullion & Coins with an additional 24.5% investment, bringing our total ownership to 49.5%. Since our initial investment in 2023, we have been very impressed by the Atkinsons team and the business's sustained success across Europe. Moving on, performance at LPM in Hong Kong and our new location in Singapore also remains incredibly strong with both retail showroom activity and wholesale trading volumes showing positive momentum. Asia continues to represent an attractive long-term growth opportunity for Gold.com, and we remain focused on expanding our footprint across that region. Looking ahead to fiscal third quarter, consumer demand remains elevated, and we have experienced an expansion of premium spreads. The problem with backwardation in Q2 has eased, and we're starting to see the markets move back towards contango, which is positive for our trading business. We continue to benefit from our strong balance sheet and the ability to adjust weekly production levels across our minting operations to manage our inventory levels and to keep up with demand. I will now turn the call over to our CFO, Cary Dickson, who will provide an overview of our financial performance. Then our President, Thor Gjerdrum, will discuss key operating metrics. I will then provide further insights into the business and growth strategies followed by taking your questions.

Thank you, Greg, and I hope everyone is having a great afternoon. Our revenues for fiscal Q2 '26 increased 136% to $6.5 billion from $2.7 billion in Q2 of last year. Excluding an increase of $2.5 billion of forward sales, our revenues increased $1.2 billion or 69%, which was due to higher average selling prices of gold and silver as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold. For the 6-month period, our revenues increased 86% to $10.1 billion from $5.4 billion in the same year-ago period. Excluding an increase of $3 billion of forward sales, our revenues increased $1.6 billion or 50.3%, which is due to higher average selling prices of gold and silver as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold. Revenues also increased in both the 3-month and the 6-month periods due to acquisitions of SGI, Pinehurst and AMS in the last two quarters of fiscal '25. Gross profit for fiscal Q2 '26 increased 109% to $93 million or 1.44% of revenue from $44.8 million or 1.63% of revenue in Q2 of last year. The increase was due to an increase in gross profit driven by both the Wholesale Sales & Ancillary segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst and AMS, which were not included in the same year-ago period, partially offset by lower trading profits. For the 6-month period, gross profit increased 88% to $166.3 million or 1.64% of revenue from $88.2 million or 1.62% of revenue in the same year-ago period. The increase was due to an increase in gross profit earned by both the Wholesale Sales & Ancillary segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst and AMS, which were not included in the same year-ago period, partially offset by lower trading profits. SG&A expenses for fiscal Q2 '26 increased 132% to $59.8 million from $25.8 million in Q2 of last year. The change is primarily due to an increase in compensation expense, including performance-based accruals of $21 million, higher advertising costs of $5 million, an increase in consulting and professional fees of $2.7 million, and an increase in facility expense of $1.3 million. SG&A expenses for the three months ended December 31, '25 included $30 million worth of expenses that were incurred related to SGI, Pinehurst and AMS. So they accounted for the bulk of the increase, which were not included in the same year-ago period as they were not consolidated subsidiaries. For the 6-month period, SG&A expenses increased 128% to $120 million from $52.4 million in the same year-ago period. The change was primarily due to an increase in compensation expense, including performance-based accruals of $41 million, higher advertising costs of $10 million, an increase in consulting and professional fees of $6.7 million, and an increase in facilities expense of $2.6 million. SG&A expenses for the 6 months ended December 31, '25 included $60 million of expenses incurred by SGI, Pinehurst and AMS, which were not included in the same year-ago period. Depreciation and amortization expense for fiscal Q2 '26 increased by 65% to $7.6 million from $4.6 million in the same year-ago quarter. The change is primarily due to a $3.2 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst and AMS and a $1.6 million increase in depreciation expense, partially offset by a $1.8 million decrease in intangible asset amortization from JMB and Silver Gold Bull. For the 6-month period, depreciation and amortization expense increased 63% to $15.2 million from $9.4 million in the same year-ago period. The change is primarily due to a $6.4 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst and AMS and a $3.1 million increase in depreciation expense, partially offset by a $3.7 million decrease in intangible asset amortization from JMB and SGB. Interest income for fiscal Q2 '26 decreased by 15% to $5.8 million from $6.8 million in the same year-ago period. The decrease was due to a decrease in other finance product income of $1.1 million, partially offset by an increase in interest income earned by our Secured Lending segment of $0.1 million. For the 6-month period, interest income decreased 18% to $11.4 million from $13.9 million in the same year-ago period. The decrease was due to a decrease in other financing product income of $2.2 million and a decrease in interest income earned by our Secured Lending segment of $0.3 million. Interest expense for fiscal Q2 '26 increased 57% to $16.3 million from $10.4 million in Q2 of last year. The increase is primarily due to an increase of $3.7 million related to product financing arrangements, an increase of $1.9 million related to precious metal leases, and an increase of $0.1 million associated with our trading credit facility. For the 6-month period, the interest expense increased 42% to $28.9 million from $20.4 million in the same year-ago period. The increase is primarily due to an increase of $4.2 million related to product financing arrangements, an increase of $3.2 million related to precious metal leases, and an increase of $0.7 million associated with our trading credit facility. Earnings from equity method investments in Q2 '26 increased 142% to earnings of $1.0 million from a loss of $2.4 million in the same year-ago period. For the 6-month period, earnings from equity method investments increased 106% to earnings of $0.1 million from a loss of $1.8 million in the same year-ago period. The increase in both periods were due to increased earnings of our equity method investees. Net income attributable to the company for the second quarter of fiscal '26 totaled $11.6 million or $0.46 per diluted share compared to net income of $6.6 million or $0.27 per diluted share in the same year-ago quarter. For the 6-month period, the net income attributable to the company totaled $10.7 million or $0.42 per diluted share compared to net income of $15.5 million or $0.65 per diluted share in the same year-ago period. Adjusted net income before provision for income taxes, a non-GAAP financial measure, which excludes depreciation, amortization, acquisition costs, and contingent consideration fair value adjustments for Q2 totaled $23.2 million, an increase of $9.9 million or 74% compared to $13.4 million in the same year-ago quarter. Adjusted net income before provision for income taxes for the 6-month period totaled $28.1 million, which is consistent with the same year-ago period. EBITDA, a non-GAAP liquidity measure, for Q2 fiscal '26 totaled $33.9 million, an increase of $17.7 million or 109% compared to the $16.2 million in the same year-ago quarter. EBITDA for the 6-month period totaled $48.2 million, an increase of $14.2 million or 42% compared to the $34 million in the same year-ago period. Turning to our balance sheet. At quarter end, we had $152 million worth of cash compared to $78 million at the end of fiscal '25. Our non-restricted inventories totaled over $1 billion, $1.031 billion as of December 31, '25, compared to $795 million as of the end of fiscal '25. Gold.com's Board of Directors has declared a quarterly cash dividend of $0.20 per share, maintaining the company's current dividend program. The dividend is payable on March 4, 2026, to stockholders of records as of February 20, 2026. That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics.

Thank you, Cary. Looking at our key operating metrics for the second quarter of fiscal 2026. We sold 545,000 ounces of gold in Q2 fiscal '26, which was up 17% from Q2 of last year and up 24% from the prior quarter. For the 6-month period, we sold 984,000 ounces of gold, which was up 14% from the same year-ago period. We sold 18.6 million ounces of silver in Q2 fiscal 2026, which was down 15% from Q2 of last year and up 79% from last quarter. For the 6-month period, we sold 29 million ounces of silver, which was down 31% from the same year-ago period. The number of new customers in the DTC segment, which is defined as the number of customers that have registered or set up a new account or made a purchase for the first time during the period, was 96,100 in Q2 fiscal 2026, which is up 47% from Q2 of last year and increased 38% from last quarter. For the 6-month period, the number of new customers in the DTC segment was up 165,500, which increased 37% from 120,700 new customers in the same year-ago period. The number of total customers in the DTC segment at the end of the second quarter was approximately 4.4 million, which was a 37% increase from the prior year. These changes in customer base metrics were primarily due to the acquisitions of SGI, Pinehurst and AMS, which were not included in the same year-ago period as well as organic growth from our JMB customer base. Finally, the number of secured loans at the end of December totaled 355, a decrease of 31% from December 31, 2024, and a decrease of 16% from the end of September. The dollar value of our loan portfolio as of December 31, 2025, totaled $120.4 million, an increase of 22% from December 31, 2024, and an increase of 16% from September 30, 2025. That concludes my prepared remarks. I'll now turn it back over to Greg for closing remarks.

Thanks, Thor and Cary. With Tether's strategic investment in Gold.com and our expanded portfolio of category-leading brands, we believe Gold.com is well positioned to capture growth across multiple channels and to deliver long-term value for our shareholders. Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions, expanding both our domestic and geographic reach as well as further diversifying our customer base. We are pleased with our recent accomplishments and remain committed to exploring additional opportunities to deliver value to our shareholders over the long term. This concludes my remarks. Operator, we can now open the line for questions.

And the first question today is coming from Thomas Forte from Maxim Group.

Great. First off, Greg, congratulations, especially on the announcement of Tether. I'm going to ask both my questions at the same time. So the big difference between this quarter and quarter-to-date, in recent quarters, is that silver is starting to run. So I was hoping that you could compare and contrast the performance of gold and silver in the December quarter? And then the second question I had was, you invested in expanding your facility in Las Vegas. And then you also have the Dallas facility, which I think you got with the JMB acquisition, with the Tether investment, how should we think about your capacity and if you need to further expand your fulfillment center and logistics efforts?

We have expanded in Las Vegas, and I'm pleased to report that we really tested the limits there in January. We processed over 120,000 packages in January alone, with a similar amount in December. The facility is designed for more capacity, and it was great to push those limits in the past couple of months. We believe we're ready to handle even more. One challenge we've faced is that the increase in volume happened very suddenly. November was a slow month for us for various reasons, but things started to pick up in December. The last three weeks of December and January were particularly busy, which required us to hire more staff despite our ongoing automation efforts. The ability to scale up and handle the package volume in January is a strong testament to the work that Thor and Brian have done, and it was really exciting to see everything come together. Regarding Tether, it's well-known that they are, in my opinion, one of the largest holders of gold outside of central banks, and they need storage for that metal. From our discussions and our press release, storage is a key area where we can help. Whether we need to construct a new facility or expand our existing ones will depend on future developments, but Tether has quite a significant amount of gold, which requires ample space. We aim to provide them with effective storage solutions.

And then the gold versus silver performance in the December quarter?

Yes, we discussed this briefly in Q1 and also last fiscal year. During the slower periods earlier in 2025, we observed a significantly higher gold-to-silver ratio at our DTC brands. In the past eight weeks, however, we've noticed a return to silver, which currently represents about 50% of total volume. Based on previous trends, increased demand typically results in higher premiums. For those monitoring premiums at JM Bullion, it's clear that the premiums for one-ounce silver products have risen considerably over the last three months. The demand for silver remains strong, and as we've always mentioned, silver has been favorable for us; the volatility has been beneficial, and we are experiencing plenty of it. Silver is advantageous for us.

Great. So yes, everyone has seen the craziness in silver and gold pricing and volatility over the past couple of months. You mentioned that premiums are wider now in the current quarter compared to at least the beginning of last quarter. Can you remind us how this impacts profitability? I understand you don't provide guidance, but how should we consider the profitability effects of widening spreads in the March quarter versus the December quarter?

You should probably think about that we're going to have a really good quarter this quarter.

Fair enough. Okay. A couple more questions since that was such a quick answer. In the past, and you even mentioned it in the press release, there have been times when pricing was very high, resulting in a situation where you've been more of a buyer than a seller as people sell their gold or silver back to you. This can negatively impact your profitability. Is that what you are referring to regarding the trading losses in the December quarter? And how does this affect the March quarter?

No, I think they're two separate issues. When we're discussing trading headwinds, we are specifically talking about backwardation. As we mentioned before, Gold.com has historically maintained a short position in silver and gold to hedge our investments. This strategy generates contango income, which contributes to our interest income. However, in a backwardation situation, that income becomes an interest expense. Given everything happening, particularly in silver and the tight institutional market along with our net short position in backwardation, we faced a significant expense in Q2 compared to Q2 of 2024. I believe that addresses the question. Regarding buybacks, they are beneficial when demand is rising. We are currently experiencing a notable increase in demand, especially in December and this quarter. At this point, as products begin to deplete on the silver side, and considering the tightening supply across the silver market, our buybacks are proving advantageous. Most of the buybacks today are being directed to our own DTC platform, resulting in sales rather than last quarter, when many buybacks went to the wholesale market. Thus, with rising premiums and our ability to resell 100% of what we buy back at a retail level, this will enhance our performance.

Yes, that makes perfect sense. If I could ask one more question, could you help me understand where and how the Tether acquisition will show up in the financial results going forward? Specifically, in terms of storage, how does it impact your profitability? Can you remind us how significant that business is for you in terms of profits and what this deal might do for that aspect?

Well, I think if you look at the fact that we're bringing in $150 million of fresh money as well as a gold lease, which will provide more liquidity for us, my anticipation is that you're going to see a significant drop in our interest expense and our dollar borrowings. If you look at our dollar borrowings, we're paying 6% to 7% for our dollar lines. The less we can be reliant right now on those dollar lines and the more we can utilize gold leases for liquidity, which are at a much lower rate, we're going to see an immediate impact. So it's a very good thing. If you just throw everything else out, and you just take the interest expense benefits we're going to see from this transaction, it's a significant amount of money.

So Greg, over the last number of weeks, a few of your smaller private competitors have talked publicly about challenges, keeping some of their most popular SKUs in inventory. And I know you deal with more than 12,000 SKUs, but can you maybe comment on your ability to keep products and inventory as we're seeing this surge in demand? And if you do touch on the captive mint capacity, can you maybe talk a little bit about your combined monthly production capacity in ounces?

I don't have the exact numbers right now, but having our balance sheet and two mints will enable us to sell more products than our competitors, who aren't really close. About mid-summer last year, we were producing around 200,000 ounces a week at the Silver Towne Mint for small silver products. This week, we expect to manufacture over 800,000 ounces. Demand drives supply, and we have options on that supply, making the mints crucial. However, we might run out of Silver Eagles on our platforms since they are currently on allocation, with limited minting. When Silver Eagles become scarce, customers generally turn to our other private mint products, indicating a correlation. While we aren't trying to maintain the full 12,000 SKUs, we focus on a core group of sought-after products we can deliver. We have faced some challenges similar to our competitors with delayed deliveries, leading to a higher percentage of preorders where customers commit and pay with an understanding of slight delays. We're managing that well, and I believe we're capturing market share and performing better than the competition.

I wanted to ask about the throughput capacity at AMGL. Yesterday, I visited the facility with Steve Reiner. The last time I visited, you had just reached about 100,000 packages in one month, which is an impressive number. The level of automation in the facility has significantly improved, becoming much more organized and precise under Brian's management. With the capacity increase of roughly 25% to 30%, there are still several initiatives being implemented to further enhance efficiency. Could you share your monthly throughput goals or aspirations? Additionally, what would be required to establish a similar logistics facility in Europe or Asia to leverage local production and shipment synergies that you've developed in Las Vegas?

Yes, as I mentioned earlier, we processed over 120,000 packages in December. I expect that for December and January, we will be around 275,000 packages, making these likely our busiest months. We are still implementing automation and enhancing our software and APIs to allow customers to manage shipments more effectively. I believe there is potential for further growth at our facility. Within a few months, once everything we've planned is operational, we should be able to handle 150,000 packages a month, which would be an impressive achievement. Regarding other facilities, as you can see, this is a significant capital investment we've made, and we continue to expand even during slower periods. We hope to reap the benefits of this commitment. However, establishing a similar facility in Europe or elsewhere would require substantial investment and is a considerable project. Currently, I don't see a strong need for small package delivery at this scale outside the U.S. While we do ship from Las Vegas worldwide, I don't think it makes sense to tie up inventory and capital in a facility of this size elsewhere right now.

Understood. That makes a lot of sense. And then if I could just slip in another question. So sometimes GAAP EPS and the one-time items in GAAP EPS ends up being important. And I think that might be the case this quarter. Your non-controlling items in the second quarter of negative $1.892 million, it's a deviation from what's generally been a positive contribution over the last several quarters. Was there anything specific at one of your equity investments that you can possibly call out for us so that we can understand this impact on GAAP earnings and whether or not this is transitory or something that can repeat?

The main issue we faced this quarter was with Sunshine Mint, in which we hold a minority interest. They closed their facility in Idaho and consolidated operations in Las Vegas. The timing of this move may not have been ideal since it coincided with a slowdown, and then demand increased. This situation has caused some fluctuations for them. I believe this is likely where the numbers are originating from, and I see it as an anomaly. Sunshine is off to a strong start this quarter, largely due to demand from the U.S. Mint. Since Sunshine produces blanks for the U.S. Mint, which is a significant part of their business, they depend heavily on that customer. When the U.S. Mint experiences a slowdown, it negatively impacts their results. However, I think most of those issues are behind us now, and things are looking better this quarter.

I appreciate the optimistic forward-looking statement regarding the shift in margins. My question is straightforward, as I’m asking for a historical figure. When discussing how the prolonged and unusual backwardation in the silver market led to hedge losses, which has now shifted back to at least a slight contango, can you provide a dollar amount for either the second quarter or the past year, or any time frame that gives us an idea of how much the backwardation actually cost? Additionally, when it transitions back to contango, does that change from a negative impact to a positive one?

Yes, that's a great question. The numbers can be somewhat obscured as they are mixed with other interest expenses or income. If we compare the months of October, November, and December in 2024 to the current quarter, I estimate we moved from a gain of approximately $6 million in contango in December 2024 to a loss of around $5 million or $6 million in the second quarter of 2025. So year-over-year, in the same quarter, we saw about a $10 million to $12 million swing, which is significant, especially when our business is slow. While we're not back to the contango levels of 2024, we are glad to see movement towards positive results. We're hoping this trend continues. The silver market is currently very volatile; we've experienced dramatic price fluctuations recently, with silver dropping $20 in one day, then rising $10, and dropping again in just 24 hours. This volatility affects silver leasing, which is crucial for us, especially at these higher price points. Honestly, with silver at $100 and gold at $5,000, managing these positions requires far more capital. So far, we've managed to adapt and redistribute our capital effectively, but handling such large numbers can be stressful. Our partnership with Tether and the investment related to the gold lease will significantly enhance our liquidity, preparing us for potential price spikes in gold or silver. While I'm not predicting these scenarios, it's essential to be ready for anything given the unpredictable nature of the market right now. Therefore, Tether's strategic investment is particularly important for us in this context.

And then I have a follow-up question. You've mentioned that the Tether agreement will assist in one area by having them become a storage customer, and also with the $150 million of equity capital and $100 million of lines, which will replace other costly lines. What are some of the other commercial opportunities in this context? It seems to me that they are both a buyer and, at times, a seller of gold to back their stablecoin. Is Gold.com in a position to act as their agent, broker, or dealer in any way that could help increase your volumes?

I see a lot of opportunity in areas that you can imagine we can help them with or they can help us with. I think that the beauty of this relationship is from every discussion I've had with them, it's been a real two-way street. I think there are things they can help us with. I think there are things we can help them with. They're a huge, huge company, as everybody knows, this business and the size of the gold, the size of the treasuries and just the performance of Tether that's been published out there, I'm very excited about this relationship. And I do think there's a number of opportunities that have been discussed, but not yet formalized that I think will be very beneficial for Gold.com as well as for Tether.

Congrats on the Tether announcement. And I wanted to kind of follow up on that strategic investment by Tether. Wondering where you see that relationship going forward? Do you see it expanding further by chance?

Yes, we believe that gold leasing, storage, and using Tether stablecoins as a currency on our retail platforms presents a significant opportunity. We have previously announced the development of a Gold.com credit card, and there may be potential collaboration with Tether. With 40 years of experience in trading gold, we think Tether will seek ways to expand and develop their business. They approached us because they see Gold.com as a strong partner with many opportunities, and I completely agree with that. Thanks, everyone. As Tom Forte mentioned, we see this as a significant day in our journey with Gold.com. As always, I want to express my gratitude to our shareholders for their loyalty and for trusting us to invest your money wisely. Thank you for being on the call today. I also want to extend my appreciation to all of our employees for their contributions in bringing us to this point and for their dedication to our success. We are looking at exciting times ahead, and we are eager to keep you updated on our progress. Thank you very much.

Thank you. Before we conclude today's call, I would like to provide Gold.com's safe harbor statement that includes important cautions regarding forward-looking statements made during this call. During today's call, there are forward-looking statements made regarding future events. Statements that relate to Gold.com's future plans, objectives, expectations, performance, events and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements and the amount of timing of any future dividends. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. These include the following: with respect to the proposed transactions with Spectrum Group International, the failure of the parties to agree on definitive transaction documents, the failure of the parties to complete the contemplated transactions within the current expected time line or at all, the failure to obtain necessary third-party consents or approvals and greater-than-anticipated costs incurred to consummate the transactions. Other factors that could cause actual results to differ include the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities; greater-than-anticipated costs incurred to execute the strategy; government regulations that might impede growth, particularly in Asia; the inability to successfully integrate recently acquired businesses; changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals market, but also has posed certain risks and uncertainties for the company, particularly in recent periods; potential adverse effects of the current problems in the national and global supply chains; increased competition for the company's higher-margin services, which could depress pricing; the failure of the company's business model to respond to changes in the market environment as anticipated; changes in consumer demand and preferences for precious metals products generally; potential negative effects that inflationary pressure may have on our business; the inability of the company to expand capacity at Silver Towne Mint; the failure of our investee companies to maintain or address the preferences of their customer bases; general risks of doing business in the commodity markets and the strategic business, economic, financial, political and governmental risks and other risk factors described in the company's public filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements. Listeners are cautioned not to place undue reliance on these forward-looking statements. Finally, I would like to remind everyone that a recording of today's call will be available for replay via a link in the Investors section of the company's website. Thank you for joining us today for Gold.com's earnings call. You may now disconnect.