Gold.com, Inc. (GOLD) Q4 2026 Earnings Call Transcript

Good afternoon, and welcome to Gold.com's conference call for the fiscal fourth quarter ended June 30, 2026. My name is Matthew, and I'll be your operator this afternoon. Before this call, Gold.com issued its results for the fiscal fourth quarter and full year 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 in the Investor Relations section at the top of the home page. Joining us for today's call are Gold.com CEO Greg Roberts, President Thorb Jirdrum, and CFO Kerry Dixon. Following their remarks, we'll 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'd like to remind everyone that this call is being recorded and will be available for replay via a link available in the Investor Relations section of Gold.com's website. Now I'd like to turn the call over to Goal.com CEO, Mr. Greg Roberts. Sir, please proceed.

Thank you, Matthew, and good afternoon to everyone. Thank you for joining our call today. Our fourth quarter results reflect our strategic execution and further demonstrate our strong value proposition as we continue leveraging the breadth of our capabilities across our fully integrated platform. Our results are reflective of the economic and geopolitical environment after precious metal prices retreated from the historical high levels we experienced in Q3. Revenues for our quarter nearly doubled to $5 billion compared to the prior year, driven in part by acquisitions, and we are pleased to deliver a 35% increase in gross profit, along with a net income of $12 million and earnings per diluted share of $0.41. In our direct-to-consumer segment, the increase in revenues was driven by higher average order values as well as our acquisition of Monex in January. We continue to be encouraged by the performance of Monex since the acquisition. JM Bullion continues to perform well, and we are also seeing meaningful productivity improvements from key technology initiatives around AI, as well as increasing mobile adoption. In the wholesale sales and ancillary services segment was broad-based across businesses and geographies, reflecting continued interest in precious metals and an expanding customer base. Our strategic partnership with Tether, now several months into execution, continues to translate into tangible results across the business. We are seeing increased demand for secured lending, driven by our marketing efforts and expanded interest by owners in borrowing against their bullion and collectible portfolios. Our secured lending segment delivered improved profitability in the current quarter compared to the prior year. The growth in our storage and secured lending business enables us to forge deeper, more durable relationships with our customers and drive incremental business across the most complete vertical stack in the industry. As we continue to leverage the strategic investments we've made to build a vertically integrated model spanning the entire precious metals ecosystem, we are seeing an expanding set of opportunities with major retailers and institutional customers, as well as new potential channels of distribution in numismatics and other collectibles. These new channels represent an opportunity to expand our product portfolio into adjacent alternative asset categories where we are seeing significant interest in growth. Our latest acquisitions are performing well, and we continue to make progress on integration efforts. Our Sunshine Mint transaction we closed in April was a major milestone that significantly expands our total production capacity and creates a clear pathway to capturing additional value and market share globally. With its strong capabilities and capacity, Sunshine Mint is well-positioned to serve the growing demand from the United States Mint and other sovereign mints around the world. In addition, we've significantly expanded our capabilities with state-of-the-art facilities, enhancing Gold.com's ability to develop differentiated products for our broader valued customers and own portfolio of brands. As we continue to grow and scale our combined minting business, we expect to realize meaningful operating market conditions remain constructive, Underlying trends across our business remain strong, and we are well-positioned for broad-based growth and delivering long-term value to our shareholders. Today, we are pleased to announce a special dividend of $1 per share, in addition to maintaining our regular dividend of $0.20 per share. We intend to continue deploying capital efficiently and are excited at what lies ahead for Gold.com. With that, I turn the call over to our Chief Financial Officer, Kerry Dixon, who will provide an overview of our financial performance. Then our President, Thorin Jirvin, will discuss our key operating metrics. I will then provide further insights into our business and growth strategy, as well as take your questions.

Thank you, Greg, and good afternoon, everyone. Hope everyone's having a great day. Our revenues for fiscal Q4 increased 99% to $5 billion from $2.5 billion in Q4 of last year. Excluding an increase of $0.9 billion of forward sales, our revenues increased $1.6 billion, or 94%, 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 due to the acquisition of Monix in January of 2026 and SMI in April of 2026. For the full fiscal year, revenues increased 132% to $25.5 billion from $11 billion in fiscal 2025. Excluding an increase of $8.3 billion of forward sales, our revenues increased $6.2 billion, or 95%, 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. Revenue also increased due to the acquisition of SGI, Pinehurst, and AMS in the last two quarters of Fiscal 25, Monix in the third quarter of Fiscal 26, and SMI in the fourth quarter of Fiscal 26. Most profit for Fiscal Q4 increased 35% to $110.3 million, or 2.2% of revenue, from $81.7 million, or 3.25% of revenue in Q4 of last year. The increase is due to an increase in gross profits earned by both our wholesale, sales and ancillary services segment, and our direct-to-consumer segment, including the acquisition of Monix and SMI. For the full fiscal year, gross profit increased 115% to $453.1 million, or 1.78% of revenue, from $210.9 million, or 1.92% of revenue in fiscal 25. The increase is due to an increase in gross profits earned by both our wholesale sales and ancillary segment and our direct-to-consumer segment, including the acquisition of Monix and SMI, which were not included in the same year ago period, and SGI, Pinehurst, and AMS, which were only partially included in the same year ago period. SG&A expenses for fiscal Q4 increased 46% to $77.9 million from $53.4 million in Q4 of last year. The change is primarily due to an increase in compensation expense, including performance-based accruals of $17.1 million, higher advertising costs of $2.2 million, and an increase in insurance costs of $2.7 million. SG&A expenses for Q4-26 included $8.2 million of expenses incurred by Monix and SMI, which were not included in the same year-ago period. For full fiscal year, SG&A expenses increased 98% to $275.6 million from $139.2 million in fiscal 25, primarily due to an increase in compensation expense of $85.8 million, higher average hyping cost of $20.4 million, increase in insurance cost of $8.7 million, and an increase in consulting and professional fees of $7.4 million. SG&A expenses for the year included $104.3 million of expenses incurred by MONIX and SMI, which were not included in the same year ago period, and SGI, Pioneers, and AMS were only partially included in the same year ago period. Depreciation and amortization expense for fiscal Q4 increased 18% to $10.1 million from $8.6 million in Q4 of last year, which is privately due to an increase in depreciation in expense of $1.2 million and an increase in amortization expense of $1.9 million related to intangible assets acquired through our acquisitions of MONIX and SMI, partially offset by a decrease of $1.6 million in STI, AMS, and STB intangible asset amortization. For the full fiscal year, depreciation and amortization expense increased 52 percent to $34.8 million, $22.9 million in fiscal 2025 due to an increase in amortization expense of $11.6 million related to the intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, Monix, and SMI, and an increase in depreciation of expense of $5.8 million partially offset by a decrease of $5.6 million in JMV and SGB intangible asset amortization. Interest Income for fiscal Q4 increased 40% to $7.5 million from $5.3 million in Q4 of last year. The increase was due to higher interest income earned by our Secure Lending segment of $0.8 million, our Direct to Consumer segment of $0.7 million, and our Wholesale Sales and Ancillary Services segment of $0.6 million. For the full fiscal year, interest income decreased 1% to $25.6 million from $25.9 million and fiscal 25 due to a $2.4 million decrease in interest and income earned by our wholesale sales and ancillary segment, partially offset by an increase in interest earned by our secure lending segment of $1.0 million and an increase in interest earned by our direct-to-consumer segment of $1.1 million. Interest expense for fiscal Q4 increased 3% to $13.2 million from $12.9 million in Q4 of last year. Increase is primarily due to $5.3 million increase related to precious metal leases, $0.8 million increase related to product financing arrangements, and $0.7 million increase related to other interest charges, partially offset by a $6.4 million decrease associated with a trading credit facility. For the full fiscal year, interest expense increased 32% to $61 million from $46.2 million in fiscal 2025, primarily due to an $11 million increase related to precious metal leases, $8 million increase related to product financing arrangements, partially offset by a $5.4 million decrease associated with our trading credit facility. Earnings from our equity method investments for fiscal Q4 increased 364% to $2 million from a loss of $0.8 million in Q4 of last year. For the full fiscal year, earnings from equity method investments increased 255% to $4.4 million from a loss of $2.8 million in fiscal 25. Net income attributed to the company for fiscal Q4 totaled $12.2 million or $0.41 per diluted share compared to net income of $10.3 million or 41% for diluted share in Q4 of last year. For the full fiscal year, net income attributed to the company totaled $82.3 million or $3.02 per diluted share compared to $17.3 million, or $0.71 per diluted share in Fiscal 25. Adjusted net income before provision for income taxes, a non-gap financial measure which excludes depreciation, amortization, acquisition costs, remeasurement gains or losses, and contingent Considerate Fair Value Consideration, total $24.7 million for Fiscal Q4, an increase of 29% compared to $19.2 million in Q4 of last year. For the full fiscal year, adjusted net income totaled $139.9 million, an increase of 164% compared to $53.1 million in Fiscal Q5. EVDA, a non-GAAP liquidity measure, totaled $28.2 million for fiscal Q4, a decrease of 3% compared to $29.2 million in Q4 of last year. For the full fiscal year, EVDA totaled $179.8 million, an increase of 179% to $64.4 million in fiscal 25. Turning to the balance sheet, we maintained a strong liquidity position and ended the quarter with $578 million in cash compared to $77.7 million at the end of Fiscal 25. Our non-restricted inventory is totaled $1.6 billion as of June 30th, 26, compared to $794.8 million at the end of Fiscal 25. That completes my financial summary. I will now turn the call over to Thor, who will provide an update on our key operating metrics. Over.

Thank you, Kerry. We did our key operating metrics for the fiscal fourth quarter in full year 2026. We sold 521,000 ounces in Q4 of last year, which is up 51% from Q4 of last year, and down 1% from the prior quarter. For the full fiscal year, we sold 2 million ounces of gold, which was up 24% from the last fiscal year. We sold 15.3 million ounces of silver in Q4 of 2026, which is down 2% from Q4 of last year, and down 48% from the prior quarter. For the full fiscal year, we sold 73.6 million ounces of silver, which remained relatively unchanged from last fiscal year. The number of new customers in the DTC segment, which is defined as those who registered, set up a new account, or made a purchase for the first time during the period, was 67,900 in Q4 2026. This was down 38% from Q4 of last year and down 77% from the prior quarter. For the three months into March 31, 2026, approximately 58% of the new customers were attributable to the acquisition of Monix. For the three months into June 30, 2025, approximately 30% of the new customers were attributable to the acquisition of AMS. For the full fiscal year, the number of new customers in the DTC segment was 526,300, which was down 53% from prior fiscal year. Approximately 33% of the new customers for fiscal year 2026 were attributable to the acquisition of Monix. Approximately 79% of the new customers in fiscal 2025 were attributable to the acquisitions of SGI, Pinehurst, and AMS. The number of total customers in the DTC segment at the end of the fourth quarter was approximately 4.7 million, which is a 13% increase from the prior year. The year-over-year increase in total customers was due to the acquisition of Monix, as well as organic growth of our DTC customer base. Finally, the number of secured loans as of June 30, 2026 totaled 367, a 9% increase from March 31, 2026, and an 18% decrease from June 30, 2025. The dollar value of our loan portfolio at the end of fiscal year totaled 115.1 million, a 9% decrease from March 31, 2026, and a 22% increase from June 30, 2025. That concludes my prepared remarks. I now turn it back over to Greg for closing remarks. Greg?

Thank you, Thor. Thank you, Carrie. Fiscal 26 was a transformational year highlighted by continued growth through both organic expansion and strategic acquisitions. Our rebranding to gold.com and outstanding financial results that underscored the strength of our vertically integrated model. Looking ahead to fiscal 2027 with our expanded brand portfolio and ongoing focus on integration and optimization opportunities, we remain confident in Gold.com's long-term growth strategy and our continuing ability to deliver shareholder value.

Thank you. Everyone at this time will be conducting a question-and-answer session. If you have any questions or comments, please press star 1 on your phone at this time. We do ask that while posing a question, please pick up your handset if you're listening on speakerphone to provide optimum sound quality. And once again, if you have any questions or comments, please press star 1 on your phone. Please hold while we poll for questions. Thank you. Your first question is coming from Mike Baker from DA Davison. Your line is live.

Great. Thank you. Sorry. Congratulations on a great year. As relates to this quarter, you said the environment softened a little bit. Can you just describe the environment, I guess, in the June quarter, and if you wouldn't mind now that we're two months into the September quarter, how things are looking now. One measure is that EBITDA in the June quarter was flat year-over-year, yet at least the way we look at it, we get prices have come down, but spreads have really widened quite a bit versus last year, maybe not where they were in December, but widened versus last So I guess I'm wondering why you would be more profitable in this June quarter versus the same quarter last year.

Well, actually, I think that silver premiums have actually narrowed. I think that it's simple to just look at spreads on certain products. To the first question, I think we started to see a slowdown at mid-March. I've said many times before, this on-again, off-again war situation is just part of our business that can make our entire year in one quarter, which is we just did that. So when the environment sets up, it doesn't mean that it's going to be even across four quarters, nor does it mean that each quarter is going to compare positively or negatively to the previous year. So we're in great shape. I think environment as we...

Great. Fair enough. And if I could ask one follow-up, I was intrigued by some of the comments you made about doing with major retailers, do you mean Costco, if you could update us on that, as well as some of the new channels that you're thinking about, collectibles perhaps, things along those lines.

Yeah, I think the Costco business for us is very good right now, and that's spearheaded by Bobby Volandis and our Silver Gold Bowl Calgary office. good results, and I believe that we're the right vendor for cost logistics. Bobby's doing a great job there. As it relates to some of the other retailers or retail platforms that we're looking at, there are a number of new digital platforms out there that are both bullion and collectible products in a little bit different way, a little bit younger demographic, a bit of gamification to some of the retailers that are selling products that we're supplying. And we feel good that this is a, you know, social media type retail platforms are a great opportunity for us to find new clients.

Thank you. Your next question is coming from Thomas Forte from Maxim Group. Your line is live.

Great. So congratulations, Greg, Carrie, and Thor. I have one question, one follow-up. I'll go one at a time. So, Greg, it's always fun to ask you questions, so I don't know the answer, whereas one is going to have a suspicion. So how should we think about the implications of higher for longer interest rate environment and then the short-term impact of rising rates on consumer and investors' interest in precious metals?

Yeah, that's a great question. You know, I have never seen, you know, in my 50 years of being in this business, I've never really seen a situation where gold, you know, is behaving. It's pretty clear right now that higher interest rates, stopping the momentum of gold spot prices as well as silver prices, tend to perform better historically in lower interest rate environments. So as it relates to the spot prices of gold and silver right now, I think they are directly tied to interest rates. I think the other factor that is pretty apparent to me now is that, you know, when the war is on.

Excellent. And then I apologize. My second one is more boring. Can you, since you're paying for one-time dividend, congratulations for that, can you give us your high-level thoughts on capital allocation, including strategic M&A, quarterly dividends, one-time dividends, and buybacks? I think you did all four of this fiscal. I have to double check the buyback. But I feel like you did everything this year.

Yeah, I mean, I think I've said for the last 10 years that when we have a great year, we're going to try to, you know, give back to the shareholders with a special dividend. This year was a perfect example of that. I think, you know, we continue to be committed to our quarterly dividend. But when we have exceptional quarters or exceptional years, we will likely, you know, give back a little bit of that. I think as it relates to buybacks, you know, I think with a nearly billion-dollar book value in our company, I think I always, you know, try to project that I view the business based as a multiple of our book. And, you know, if the price gives us a chance or an opportunity to buy back at a discount to our book value, we're going to take a long, hard look at that. And related to M&A, many long-time listeners to this conference and shareholders know we've been very active in M&A, and I don't think that's going to slow down. So, you know, the problem with M&A is there has to be a deal, there has to be a price, and then, you know, it takes a while to diligence and close a deal. And so I try not to fix the different capital, but I think that what we have found historically is when you have short-term slowdowns in the marketplace, which, as you can tell by this quarter, it was a good quarter, we did slow down a little bit. It does, working very hard to assess and look at any...

Thanks, Craig.

Your next question is coming from Craig Irwin from Roth Capital. Your line is live.

Hey, guys. It's Andrew on for CREG. Congrats on the strong year, and thanks for taking my questions. First one from me, can you just kind of help us further understand how the Tether partnership contributed in the quarter and maybe, you know, what areas you guys have hit the ground running and, you know, what you guys are looking at to further develop over the near term?

Yep. I would say that, you know, Q4 was a little bit of a get-to-know-you digesting period with Tether. and I think that we have found a very good opportunity that's a win-win for both sides where we've been able to help Tether with their storage, their trading, high dollar amounts from them. The storage with them has been very good. I think you can see some of that in our top line numbers for the quarter. The business that we're currently doing with Tether is lower margin, you know, higher volume numbers. So I don't think, you know, you could say that it's going to make or break a quarter right now. I think from our Q3 results, you know, we do very well in our DTC businesses and our retail customers are active in buying physical metal. But so far, opportunities in the future to find opportunities where we can bring value to them as well as, you know, their bringing value to us. But I will say that based on the disclosures and the transaction details that we put out with Tether as it related to.

Great. Really appreciate the caller there. And second for me, a little unrelated, now that you guys have SMIs a fully owned asset, that with them being, you know, a supplier of blanks to the U.S. Mint and other sovereign Mints, is there any way this kind of, you know, deepens the relationship you guys have with the sovereign Mints and can kind of, you know, support the business here?

Yeah, I don't see that as, you know, a big change. I think we've been supplying, whether we own zero, 48 percent, or 100 percent of Sunshine, Sunshine has been supplying blanks to the mint for 20 years, so that hasn't really changed. I think that as it relates to the other sovereign mints, you know, the on-again, off-again tariffs, but at the moment the tariffs as it relates to sovereign mints to us and then having us redistribute in the United States. I think our Singapore and Hong Kong have the sovereign mints, so I think that's a good thing. But I don't think that our ownership percentage, particularly with Sunshine, it changes anything with strong relationships that have been there for quite a while.

Well, thanks for taking my questions, and congrats again on this strong year.

Thank you. Your next question is coming from Brian McNamara from Canaccord. Your line is live.

Hey, good afternoon, guys. Thanks for taking the questions.

Kind of a follow-up here on Tether.

I think in May you mentioned that the gold lease line was higher than you had projected in the release and then I think you just said earlier in the answer to a couple of questions ago that it was multiples of what was in the release can we get any more granular on the sizing of that and kind of where that can potentially get to and kind of is this kind of I guess you mentioned the first quarter was kind of a feeling out period like how long of that time period would you expect that to take I think multiples is as far as I want to go right now.

But I would say that, you know, we are developing and have a good relationship with Tether, and it appears that what we are doing with them so far has been hearing from their side. We're providing some opportunities for them that they aren't able to take advantage of, you know, with other trading partners. So I think we're going to continue to look at opportunities with Tether. And, you know, I expect a lot from them, and I expect that they're going to know how digital products that we limit. And, you know, we're very, very happy with the relationship. We're happy with the investment.

And then secondly, Numismatics seems like a business that's really seeing robust structural growth. I think Dick's Sporting Goods last week called out his trading cards and collectibles business as being quite strong in an otherwise weak quarter. What are the opportunities there for you guys, both organically and inorganically?

I mean, I think all the hard asset classes right now are repricing and are seeing collectibles falls into that. So far over the last two days have been collectibles market.

Great, I'll pass it on. Your next question is coming from Greg Gibbous from Northland Securities. Your line is live.

Hey, thank you for having the questions, Greg, and congrats on a strong year. You know, wanted to maybe just dive a little bit deeper on kind of any shifts within your DTC segment or, you know, I guess in terms of trends you're seeing with consumer buying behavior. And I know you touched on purchasing patterns and those being kind of, you know, tied to war-related developments. But, you know, perhaps product preferences or, I'm sorry, product category preferences or anything you could share there?

Yeah. You know, just to start, I mean, in our Q3, as I've said earlier, our customer base, there was just a, you know, you had $120 silver and you had $5,000 plus gold and it was in the news every day. And I think, you know, from my perspective, I was thrilled that men deliver product quickly to customers. I think our infrastructure and all of our DTC brands outperformed, you know, what I would have expected, you know, as well as our distribution business, AMGL. In that quarter in particular, all of, you know, the retail customers across all of our platforms were in buy mode. At the same time, they were also in sell mode, which we've talked about before. So longer-term buyers were liquidating some of their material at the higher spot prices. So it was a very good environment for us. I think, you know, we continue to see buybacks be a big part of our trading businesses and, you know, older silver products in particular discount, which puts a bit of a headwind on newer silver products that we manufacture. Now we've, you know, we've augmented our production with a number of higher premium specialty products at our mints, but the higher margin specialty products just don't sell in the volume as the straight one ounce silver round or the one ounce. It's a little bit of a mixed bag, some great opportunities and some great initiatives, but if you go back, and you see when we're very busy and the markets are really on fire, we're going to get two or three times as many new customers in a month and maybe we're going to get in a slower period. So, again, excited about how we perform and how we're performing.

Got it. That's helpful. And unrelated here, but can you maybe remind us of the impact of costs associated with backwardation in the March quarter? I was trying to get a better sense of maybe the outputs you saw in Q4 as it related to just those non-normalized headwinds and perhaps just how financing costs trended, you know, when taking into account or accounting for the benefit from savings from Tether on the financing side.

Yeah, yeah. We haven't really been able to recognize some of those savings yet. I think that what you can see from our filings is a credit facility as it relates to our dollar facility, and you're going to see an increase, which we've just talked about, related. Leases are very important to ease off as the market slowed down and spot prices came in March and April. So our big job right now is, you know, the gold leases for us.

At this time, this concludes our question and answer session. I'd now like to turn the call back over to Mr. Roberts for his closing remarks.

I'd like to thank all of our shareholders. We have many new ones and all of our old ones for joining the call today and for your continued interest and support. All of our employees, you know, I thank them for all they do day in and day out. And we look forward to keeping you updated on our continued progress. Thank you all for joining today.

Thank you. Before we conclude today's call, I'd 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 were 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 meanings 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, internal expansion, operational enhancements, and the amount or 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. Factors that could cause actual results to differ include the following. 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 during the execute of the strategy. Our inability to execute on our cost containment and expense reduction programs. Government regulations that might impede growth, particularly in Asia, including with respect to tariff policy. The inability to successfully integrate or recently acquire businesses. Changes in the current international political climate, which historically has favorably contributed to the demand and volatility in the precious metals market, but has also posed certain risks and uncertainties for the company. 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 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'd like to remind everyone that the recording of today's call will be available for the replay via a link on the Investors section of the company's website. Thank you for joining us today for Gold.com's Earnings Call. You may now disconnect.