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Gold.com, Inc.
5/6/2026
Good afternoon, and welcome to Gold.com's conference call for the fiscal third quarter ended March 31st, 2026. My name is Matthew, and I'll be your operator this afternoon. Before this call, Gold.com issued its results for the fiscal third 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 web homepage. Joining us for today's call are Gold.com CEO Greg Roberts, President Thor Jerdrum, and CFO Carrie 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 the call. I'd like to remind everyone that this call is being recorded and will be made available for replay via a link available on the Investor Relations section of Gold.com's website. Now I'd like to turn the call over to Gold.com CEO, Mr. Greg Roberts. Sir, please proceed.
Thank you, Matt, and good afternoon, everyone. Thanks again for joining our call today. Our third quarter results reflect the strength of our fully integrated platform and our ability to capitalize on strong market conditions. As I noted on our last call, we were beginning to see a meaningful shift in market dynamics, and that momentum carried over favorably into this quarter. During the quarter, we experienced an unprecedented surge in activity across both our wholesale sales and our ancillary services, as well as our direct-to-consumer segments. Market participants across the spectrum from individual investors to institutional buyers moved aggressively to increase exposure to precious metals. This environment created a highly dynamic two-way market with elevated levels of both buying and selling activity, which allowed us to efficiently deploy inventory and capitalize on favorable trading opportunities. The pace and magnitude of the movement was extraordinary. We saw one of the most volatile spot price environments in recent history, which drove significant transaction velocity across our platform. Operationally, our teams executed extremely well under these conditions. The rapid spike in demand challenged system-wide capacity, and we were positioned to respond by quickly scaling inventory and production levels at our mints as we leveraged our balance sheet. This resulted in record financial performance, including over $10 billion in revenue and over $175 million in gross profit, as well as $59.5 million in net income for the quarter. Our direct-to-consumer segment led the way during the quarter, reflecting strong customer engagement higher order values, and increased transactional activity across our platforms. JMB outperformed and did exceptional, reporting record levels of profitability. Our wholesale sales and ancillary services segment also delivered significant quarter-over-quarter improvement following the more challenging market conditions we experienced last fall. The favorable market conditions we experienced this quarter were also global, with LPM continuing to build momentum across Asia and benefiting from a heightened regional demand and increased trading activity. Activity began to moderate towards the end of the quarter, as is typical following periods of heightened volatility. We are now seeing a bit more normalized environment. While geopolitical dynamics remain an important factor influencing demand, overall market conditions remain constructive, and we believe the underlying drivers for precious metals investments remain firmly in place. We've also seen an extreme benefit as last quarter's backwardation has moved more into contango. We remain focused on driving synergies across our business units and maximizing efficiencies at every level. Our acquisition of MonX during the quarter is already delivering strong returns, and the addition of Sunshine Mint to our portfolio will meaningfully expand our production capabilities going forward. As previously disclosed, in February 2026, we entered into a securities purchase agreement with an affiliate of Tether Global Investment Fund, whereby Tether agreed to purchase an aggregate of 3,370,787 shares of Gold.com's common stock at a price of $44.50 per share. The first tranche of the shares was purchased on February 6, 2026, corresponding to 2,840,449 shares for an aggregate purchase price of 126.4 million. Following receipt of regulatory clearance, the second tranche of 530,338 shares was purchased on May 5th, 2025 for an aggregate purchase price of 23.6 million. This strategic equity investment further enhanced our overall capital and liquidity position and is a powerful validation of our vertically integrated model. During the quarter, we also entered into storage, metal leasing, and trading agreements with Tether and their affiliates and purchased $20 million of Tether's gold-backed stablecoin XAUT We believe this partnership represents a meaningful step forward in aligning our physical precious metals platform with emerging digital asset ecosystems. And we are encouraged by the early progress we've made. I will now turn the call over to our CFO, Carrie Dixon, who will provide an overview of our financial performance. Then our President, Thor Juergen, will discuss key operating metrics After that, I will provide further insights into the business, our growth strategy, and I will take questions. Kerry, please proceed.
Thank you, Greg, and good afternoon to everybody. Our revenues for fiscal Q3 26 increased 244% to $10.3 billion from $3 billion in Q3 of last year. Excluding an increase of $4.3 billion of forward sales, our revenues increased $2.9 billion, or 187 percent, which was due to higher average selling prices of gold and silver, as well as increase in gold and silver ounces sold. For the nine-month period, our revenues increased 142 percent to $20.5 billion from $8.4 billion in the same year year-ago period. Excluding an increase of $7.4 billion of forward sales, our revenues increased $4.6 billion, or 95%, which is due to higher average selling prices of gold and silver, as well as an increase in gold and silver ounces sold. Revenues also increased in both the three- and nine-month periods due to the acquisitions of STI, Pinehurst, and AMS in the last two quarters of fiscal 25, and Monix in the third quarter of fiscal 26. Gross profits for Q3 26 increased 331 percent to 176 million or 1.7 percent of revenue from 41 million or 1.3 percent, 3.6 percent of revenue in Q3 of last year. The increase was 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 SGI, Pinehurst, AMS, and Monex, which are now fully included were not fully included in the same year-ago period. For the nine-month period, gross profit increased 165% to $342 million, or 1.6% of revenue from $129.2 million, or 1.53% of revenue in the same year-ago period. The increase was due to an increase in gross profits earned by both our wholesale sales and ancillary services segment and the direct-to-consumer segment, including the acquisitions of SGI, Pioneers, AMS, and Monix, which were not fully included in the same year-ago period. SG&A expenses for fiscal Q3 26 increased 134 percent to $78 million from $33 million in Q3 of last year. The change was primarily due to an increase in compensation expense, performance-based accruals of $27 million, higher advertising costs of $7 million, increased insurance costs of $4 higher bank service and credit card fees of $1.9 increase in facilities expense of a little over $1 million. SG&A expense for the three months ended March 31, 2026 included $33 million of expenses from SGI, Pioneers, AMS, and Monix, which were not included in the same year-ago period, as they were not consolidated subsidiaries for the full year. Excluding the increase from these newly acquired subsidiaries, SG&A increased $11.6 million. So, in essence, 75 percent of our overall increase in SG&A, period over period, related to the acquisitions of our new subsidiaries that we've acquired recently. For the nine-month period, SG&A experience increased 130 percent to $197 million from $85 million the same year-ago period. The increase was primarily driven by higher compensation expense, including performance-based accruals, $68 million higher advertising costs of $17 million, an increase in consulting and professional fees of $7 million, an increase in insurance costs of $6.1 million, and then an increase in bank and service and credit card fees of $4.5 million. SG&A expenses for the nine months ended March 31, 2026, included $93 million of expenses from SG&I, Pioneers, AMS, and Monex, which were not included in the same year-ago period, as they were not consolidated for the full period. Excluding the increase from these newly acquired subsidiaries, SG&A increased $18 million year-over-year. In essence, 84 percent of our overall increase in SG&A period-over-period related to the acquisition of these new subsidiaries. Depreciation and amortization expense for fiscal Q3 26 increased 88 percent to $9.4 million from $5 million in the same year-ago period. The change was predominantly due to $4.6 million increase in amortization expense relating to the intangible assets acquired through our acquisitions of SGI, Piners, AMS, and MONX, and a $1.5 million increase in depreciation expense partially offset by $1.6 million decrease in intangible asset amortization from J&B and Silver Gold Bull. For the nine-month period, depreciation and amortization expense increased 72% to $24.6 million from $14.3 million in the same year-ago period. The change was primarily due to the $10 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pioneers, AMS, and Monex, and a $4.6 million increase in depreciation expense, partially offset by a $5 million decrease in intangible asset amortization from JMB and SGB. Interest income for Q3 26 increased 1 percent to 6.8 million from 6.7 million in the same year-ago period. The aggregate increase in interest income was due to an increase in interest income earned by our secured lending segment of a half a million dollars, partially offset by the same amount in our finance product income category. For the nine-month period, interest income decreased 12 percent to 18.2 million from 20.6 million in the same year-ago period. The aggregate decrease in interest income was due to a decrease in other financing income of 2.6 million, offset by an increase in interest income earned by our secure lending segment of 0.2 million. Interest expense for fiscal Q3 26 increased 47 percent to 19 million from 13 million in Q3 of last year. The increase is primarily due to higher interest and fees of 3 million related product financing arrangements an increase of $2.6 million related to precious metal leases, and an increase of $0.3 million associated with our trading credit facility. For the nine-month period, interest expense increased 44 percent to $47.9 million from $33 million in the same year-ago period. The increase is primarily due to higher interest and fees of $7.2 million related to product financing arrangement, an increase of $5.8 million related to precious metal leases, and an increase of $1 million associated with our trading credit facility. Earnings from equity method investments in Q3 increased 1,115 percent to $2.3 million from a loss of 0.2 in the same year-ago quarter. For the nine-month period, earnings from equity method investments increased 215 percent to earnings of $2.4 million from a loss of 2.1 in the same year-ago period. The increase in both periods was due to increased earnings of our equity method investees. Net income attributable to the company for the third quarter of fiscal 26 totaled $60 million, or $2.09 per diluted share, compared to a net loss of $8 million, or 36 cents per diluted share, in the same year-ago quarter. For the nine-month period, net income attributable to the company totaled $70 million, or $2.65 cents per diluted share compared to 7 million or 0.29 per diluted share in the same year-ago period. Adjusted net income before provision for income tax, a non-GAAP financial measure which excludes depreciation, amortization, acquisition costs, and contingent consideration fair value adjustments for Q3 total 87 million, increase of 81 million or 1,415 percent compared to the 5.7 in the same year-ago quarter. Adjusted net income before provision for income taxes for the nine-month period totaled $115 million, an increase of $81 million, or 240 percent, compared to $33.9 million in the same year-ago period. EBITDA, another non-GAAP liquidity measure for Q3 26, totaled $103.4 million, an increase of $102 million, or 7,939 percent, compared to $1.3 million in the year-ago quarter. EBITDA for the nine-month period totaled $151.6 million, an increase of $116 million, or 329 percent, compared to the $35 million in the same year-ago period. Now, turning to our balance sheet, we maintain a strong liquidity position supported by expanding financing capacity. including increased precious metal lease facilities and the recently completed Tether equity and financing investments to date. At quarter end, we had 143 plus million of cash compared to 77.7 at the end of fiscal 25. Our non-restricted inventories totaled 1,319,000,000 as of March 31 compared to 794,000,000 as at 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 June 1, 2026 to stock a living record as of May 20, 2026. That completes my financial summary. Now we will turn the call over to Thor, who will provide an update on our key operating metrics. Thor?
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