Gold.com — Fiscal Year 2026 Earnings Summary

Financial Performance

• Full-year 2026 revenues increased 132% to $25.513 billion from $10.979 billion in 2025; Q4 2026 revenues increased 99% to $5.005 billion from $2.512 billion in Q4 2025.
• Full-year 2026 net income attributable to the Company increased 375% to $82.3 million from $17.3 million in 2025; Q4 2026 net income increased 18% to $12.2 million from $10.3 million in Q4 2025.
• Full-year 2026 diluted earnings per share (EPS) totaled $3.02, a 325% increase from $0.71 in 2025; Q4 2026 diluted EPS was $0.41, unchanged from $0.41 in Q4 2025.
• Full-year 2026 gross profit increased 115% to $453.1 million from $210.9 million in 2025; Q4 2026 gross profit increased 35% to $110.3 million from $81.7 million in Q4 2025.
• Full-year 2026 gross profit margin decreased to 1.78% from 1.92% in 2025; Q4 2026 gross profit margin decreased to 2.20% from 3.25% in Q4 2025.
• Full-year 2026 Adjusted net income before provision for income taxes increased 164% to $139.9 million from $53.1 million in 2025; Q4 2026 Adjusted net income increased 29% to $24.7 million from $19.2 million in Q4 2025.
• Full-year 2026 EBITDA increased 179% to $179.8 million from $64.4 million in 2025; Q4 2026 EBITDA decreased 3% to $28.2 million from $29.2 million in Q4 2025.
• Full-year 2026 Selling, general, and administrative (SG&A) expenses increased 98% to $275.6 million from $139.2 million in 2025; Q4 2026 SG&A expenses increased 46% to $77.9 million from $53.4 million in Q4 2025.
• Full-year 2026 Depreciation and amortization expense increased 52% to $34.8 million from $22.9 million in 2025; Q4 2026 D&A expense increased 18% to $10.1 million from $8.6 million in Q4 2025.
• Full-year 2026 Interest expense increased 32% to $61.1 million from $46.2 million in 2025; Q4 2026 Interest expense increased 3% to $13.2 million from $12.9 million in Q4 2025.
• Full-year 2026 Interest income decreased 1% to $25.6 million from $25.9 million in 2025; Q4 2026 Interest income increased 40% to $7.5 million from $5.3 million in Q4 2025.
• Full-year 2026 Earnings from equity method investments increased 255% to $4.4 million from a loss of $2.8 million in 2025; Q4 2026 Earnings from equity method investments increased 364% to $2.0 million from a loss of $0.8 million in Q4 2025.
• Cash and cash equivalents increased to $578.0 million as of June 30, 2026, from $77.7 million as of June 30, 2025.
• Total assets increased to $4.14 billion as of June 30, 2026, from $2.22 billion as of June 30, 2025.
• Total liabilities increased to $3.20 billion as of June 30, 2026, from $1.51 billion as of June 30, 2025.
• Net cash provided by operating activities for full-year 2026 was $1.22 billion, compared to $152.3 million in 2025.

Guidance and Future Outlook

• Management stated that underlying trends across the business remain strong and the company is well-positioned for broad-based growth and delivering long-term value to shareholders.
• The acquisition of Sunshine Minting (SMI) is expected to create a clear pathway to capturing additional value and market share globally, serving demand from the United States Mint and other sovereign mints.
• Strategic investments in trading and logistics platforms are expected to continue growing business with major retailers and institutional customers.

Business Segments and Product Lines

• The Direct-to-Consumer (DTC) segment contributed 69% of consolidated gross profit in fiscal 2026 and 66% in Q4 2026.
• The Wholesale Sales & Ancillary Services segment also saw increased gross profits in fiscal 2026 and Q4 2026.
• The Secured Lending business continued to grow during the year, with secured loans receivable increasing to $115.1 million at period end from $94.0 million in the prior year.
• The number of secured loans decreased to 367 at period end from 445 in the prior year.
• Gold ounces sold increased 24% to 2,032,000 ounces in fiscal 2026 from 1,642,000 ounces in 2025; Q4 2026 gold ounces sold increased 51% to 521,000 ounces from 346,000 ounces in Q4 2025.
• Silver ounces sold remained relatively unchanged at 73.6 million ounces in fiscal 2026 compared to 73.6 million ounces in 2025; Q4 2026 silver ounces sold decreased 2% to 15.3 million ounces from 15.7 million ounces in Q4 2025.
• DTC average order value (AOV) increased 62% to $4,642 in fiscal 2026 from $2,866 in 2025; Q4 2026 DTC AOV increased 46% to $3,556 from $2,443 in Q4 2025.
• JM Bullion (JMB) average order value increased 30% to $2,794 in fiscal 2026 from $2,156 in 2025; Q4 2026 JMB AOV increased 12% to $2,716 from $2,415 in Q4 2025.
• CyberMetals customer assets under management increased to $16.6 million at period end from $10.7 million in the prior year.
• DTC total customers increased to 4.72 million at period end from 4.20 million in the prior year.
• DTC active customers increased 35% to 783,100 in fiscal 2026 from 581,300 in 2025; Q4 2026 DTC active customers decreased 6% to 160,700 from 170,600 in Q4 2025.
• DTC new customers decreased 53% to 526,300 in fiscal 2026 from 1,129,200 in 2025; Q4 2026 DTC new customers decreased 38% to 67,900 from 108,900 in Q4 2025.
• CyberMetals total customers increased to 42,600 at period end from 37,000 in the prior year.

Market and Competitive Landscape

• The company operates a vertically integrated platform combining market expertise with logistics, financing, and minting capabilities.
• The company is an "authorized purchaser" of the United States Mint since 1986.
• Minting and refining operations (Sunshine Minting and Silver Towne Mint) can collectively produce in excess of three million ounces of finished precious metals products per week.
• The company serves customers, collectors, and institutional clients globally across the United States, Canada, the United Kingdom, Europe, Hong Kong, and Singapore.

Risks and Challenges

• Forward-looking statements note risks including the failure to execute growth strategy, inability to identify suitable acquisition opportunities, and greater than anticipated costs.
• Risks include government regulations, particularly in Asia, and the inability to successfully integrate recently acquired businesses.
• Potential risks include changes in international political climate, increased competition for higher margin services, changes in consumer demand, and inflationary pressure.
• Risks associated with commodity markets and the failure of investee companies to maintain customer bases are also noted.

Management Commentary and Tone

• CEO Greg Roberts described fiscal 2026 as a "transformational year" highlighted by organic expansion, strategic acquisitions, rebranding to Gold.com, and outstanding financial results.
• Management noted that Q4 performance was solid despite softened market conditions.
• Management highlighted the completion of the Sunshine Minting acquisition in April as a major milestone expanding production capacity.
• Management expressed confidence that underlying trends remain strong and the company is well-positioned for broad-based growth.

Other Key Points

• The Board of Directors declared a special cash dividend of $1.00 per share payable on September 28, 2026, to stockholders of record as of September 16, 2026.
• The Board also declared a quarterly cash dividend of $0.20 per share payable on September 28, 2026, to stockholders of record as of September 16, 2026.
• The company completed the acquisition of Sunshine Minting (SMI) in April 2026.
• The company completed the acquisition of Monex in January 2026.
• The company completed acquisitions of SGI and Pinehurst in February 2025 and AMS in April 2025.
• Approximately 33% of new DTC customers in fiscal 2026 were attributable to the acquisition of Monex.
• Approximately 79% of new DTC customers in fiscal 2025 were attributable to the acquisitions of SGI, Pinehurst, and AMS.
• Revenue growth in Q4 2026 included a $0.9 billion increase from forward sales; excluding forward sales, revenue increased $1.596 billion (94%).
• Revenue growth in fiscal 2026 included an $8.323 billion increase from forward sales; excluding forward sales, revenue increased $6.205 billion (95%).
• SG&A expenses in Q4 2026 included $8.2 million of expenses from Monex and SMI.
• SG&A expenses in fiscal 2026 included $104.3 million of expenses from Monex and SMI, and partial expenses from SGI, Pinehurst, and AMS.
• The company held a conference call on September 2, 2026, to discuss results.