Gold.com, Inc.

Good afternoon and welcome to Gold.com's conference call for the fiscal second quarter ended December 31st, 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 Geerdrum, and CFO, Carrie Dixon. 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 46 cents 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 UK-based Atkinson's bullion and 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 Atkinson's 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 a 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, Kerry Dixon, who will provide an overview of our financial performance. Then our President, Thor Jerdrum, will discuss key operating metrics. I will then provide further insights into the business and growth strategies, followed by taking your questions. Kerry, jump in.

Thank you, Greg, and hope everyone's having a great afternoon. Our revenues for fiscal Q2 26 increased 136 percent 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 percent, 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 six-month period, our revenues increased 86 percent 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 percent, which is due to higher average selling prices of gold and silver, as well as increase in gold ounces sold, partially offset by a decrease in silver ounces sold. Revenues also increased in both the three-month and the six-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 percent to 93 million or 1.44 percent of revenue from 44.8 million or 1.63 percent of revenue in Q2 of last year. The increase was due to an increase in gross profits earned by both the wholesale sales and 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 six-month period, gross profit increased 88 percent to $166.3 million, or 1.64 percent of revenue, from 88.2 million or 1.62 percent of revenue in the same year-ago period. The increase was due to an increase in gross profit earned by both the wholesale sales and 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 percent 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 professional fees of 2.7, an increase in facility expense of 1.3 million. SG&A expenses for the three months ended December 31st, 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 as subsidiaries. For the six-month period, SG&A expenses increased 128 percent 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 cost 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 six-month ended December 31, 25, included $60 million of expenses incurred by SGI, Pioneers, 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, Pioneers, and AMS, and $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. With a six-month period, depreciation and amortization expense increased 63% to $15.2 million from $9.4 million in the same year or 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, Pioneers, 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 2226 decreased by 15 percent to 5.8 million from 6.8 million in the same year-ago period. The decrease is 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 six-month period, interest income decreased 18 percent to 11.4 million from 13.9 in the same year-ago period. The decrease is 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 percent to $116.3 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, an increase of $0.1 million associated with our trading credit facility. For the six-month period, the interest expense increased 42 percent 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, an increase of $0.7 million associated with our trading credit facility. Earnings from equity method investments in Q226 increased 142 percent to earnings of $1.0 million from a loss of $2.4 million in the same year-ago period. For the six-month period, earnings from equity method investments increased 106 percent to earnings of $1.1 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 a 27 percent diluted share in the same year-ago quarter. For the six-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 65 percent 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 total $23.2 million, an increase of $9.9 million, or 74 percent compared to $13.4 million in the same year-ago quarter. Adjusted net income before provision for income taxes for the six-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, increased to $17.7 million, or 109% compared to the $16.2 million in the same-year-ago quarter. EBITDA for the Six-month period totaled $48.2 million, an increase of $14.2 million, or 42% compared to $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 in the end of fiscal 25. Our non-restricted inventories totaled over $1 billion, $1.31 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 20 cents per share, maintaining the company's current dividend program. The dividend is payable on March 1, 2026 to stock laws and records as of February 20, 2026. That completes my financial summary. Now we'll turn the call over to Thor, who will provide an update on our key operating metrics. Thor?