Gold.com — Fiscal First Quarter 2027 Earnings Summary

Financial Performance:

• Revenues decreased 11% year-over-year to $3.265 billion for the three months ended September 30, 2026, from $3.681 billion in the same period in 2025; revenues decreased 35% from $5.005 billion in the quarter ended June 30, 2026.
• Gross profit increased 23% year-over-year to $89.6 million from $72.9 million, and decreased 19% from $110.3 million in the prior quarter.
• Gross profit margin improved to 2.74% of revenue in Q1 FY 2027, compared to 1.98% in Q1 FY 2026 and 2.20% in Q4 FY 2026.
• Net income attributable to the Company increased 271% year-over-year to $1.6 million from a net loss of $0.9 million; net income decreased 87% from $12.2 million in the prior quarter.
• Diluted earnings per share were $0.05, a 225% increase from $(0.04) year-over-year, and an 88% decrease from $0.41 in the prior quarter.
• Adjusted net income before provision for income taxes (non-GAAP) increased 172% year-over-year to $13.2 million from $4.9 million, and decreased 46% from $24.7 million in the prior quarter.
• EBITDA (non-GAAP) increased 22% year-over-year to $17.4 million from $14.3 million, and decreased 38% from $28.2 million in the prior quarter.
• Selling, general, and administrative expenses increased 19% year-over-year to $71.2 million from $59.8 million.
• Depreciation and amortization expense increased 20% year-over-year to $9.1 million from $7.6 million.
• Interest income increased 13% year-over-year to $6.3 million from $5.6 million.
• Interest expense decreased 1% year-over-year to $12.5 million from $12.6 million.
• Earnings from equity method investments improved to $0.5 million from a loss of $0.9 million year-over-year.
• Cash and cash equivalents were $126.8 million as of September 30, 2026, down from $578.0 million as of June 30, 2026.
• Total assets were $3.74 billion as of September 30, 2026, compared to $4.14 billion as of June 30, 2026.
• Total liabilities were $2.83 billion as of September 30, 2026, compared to $3.20 billion as of June 30, 2026.
• Net cash used in operating activities was $638.6 million for the three months ended September 30, 2026, compared to net cash provided of $195.4 million in the same period in 2025.

Guidance and Future Outlook:

• Management stated the company is positioned to capture growth across multiple markets and continue delivering long-term value for shareholders.
• Strategic focus remains on integrating recent acquisitions, expanding geographic reach, and diversifying the customer base.
• The company intends to keep investing, leveraging improved operational leverage and financial strength.

Business Segments and Product Lines:

• Gold ounces sold increased 5% year-over-year to 463,000 ounces from 439,000 ounces; decreased 11% from 521,000 ounces in the prior quarter.
• Silver ounces sold increased 35% year-over-year to 14.0 million ounces from 10.4 million ounces; decreased 9% from 15.3 million ounces in the prior quarter.
• Direct-to-Consumer (DTC) new customers increased 38% year-over-year to 96,100 from 69,400; increased 42% from 67,900 in the prior quarter.
• DTC active customers increased 1% year-over-year to 148,600 from 147,300; decreased 8% from 160,700 in the prior quarter.
• DTC total customers increased 13% year-over-year to 4.82 million from 4.27 million; increased 2% from 4.72 million in the prior quarter.
• DTC average order value (AOV) decreased 10% year-over-year to $3,482 from $3,863; decreased 2% from $3,556 in the prior quarter.
• JM Bullion AOV increased 16% year-over-year to $2,943 from $2,544; increased 8% from $2,716 in the prior quarter.
• The Direct-to-Consumer segment contributed 70% of consolidated gross profit in Q1 FY 2027, compared to 71% in Q1 FY 2026.
• Acquisitions of Monex (January 2026) and Sunshine Minting (April 2026) contributed to revenue and gross profit growth and were not fully included in the prior year period.
• Sunshine Minting acquisition expanded production capabilities, with facilities collectively producing in excess of three million ounces of finished precious metals products per week.
• Secured loans at period end decreased 12% year-over-year to 372 from 424; increased 1% from 367 in the prior quarter.
• Secured loans receivable increased 4% year-over-year to $107.4 million from $103.6 million; decreased 7% from $115.1 million in the prior quarter.

Market and Competitive Landscape:

• The company operates in a slower market environment compared to earlier in the year but maintained higher activity levels than the prior year.
• The company navigated uncertainty from global markets, including fluctuating precious metal valuations.
• The company expanded gross margins while evaluating strategic growth initiatives.
• The company maintains relationships with a network of sovereign and private mints and has been an "authorized purchaser" of the United States Mint since 1986.

Risks and Challenges:

• Forward-looking statements note risks including failure to execute growth strategy, inability to identify suitable acquisitions, and greater than anticipated costs.
• Risks include inability to successfully integrate recently acquired businesses and inability to expand business to include cryptocurrency.
• Potential negative effects of inflationary pressure, changes in consumer demand, and increased competition for higher margin services are noted.
• Government regulations, particularly in Asia regarding tariff policy, and changes in the international political climate pose risks.
• Risks include the failure of investee companies to maintain customer bases and general risks of doing business in commodity markets.

Management Commentary and Tone:

• CEO Greg Roberts stated the fiscal first quarter reflects the resilience of the fully integrated platform in a slower market environment.
• Management noted activity moderated from exceptional levels earlier in the year but was higher than a year ago, with more gold and silver ounces sold and a larger customer base.
• Management highlighted improved profitability and the ability to expand gross margins despite market uncertainty.
• Management emphasized operational focus on driving synergies, maximizing efficiencies, and positioning against shifting macroeconomic backdrops.
• Management expressed confidence in the vertically integrated model, citing greater control over product availability and pricing stability following the Sunshine Minting acquisition.

Other Key Points:

• The Board of Directors declared a quarterly cash dividend of $0.20 per share, maintaining the current dividend program.
• The dividend is payable on December 2, 2026, to stockholders of record as of November 19, 2026.
• A conference call to discuss results was held on November 4, 2026, at 4:30 p.m. Eastern time.
• The company's vertically integrated platform includes brands JMBullion.com, Stack's Bowers Galleries, GovMint.com, Monex Precious Metals, and Goldline.
• The company's minting and refining operations include Sunshine Minting and Silver Towne Mint.
• The company's secured lending subsidiary, CFCGoldLoans.com, extends bullion, numismatic, and sports card loans.
• The company operates across the United States, Canada, the United Kingdom, Europe, Hong Kong, and Singapore.