Gold.com, Inc. 2026 Q4 Earnings Call

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. Growth 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 and growth. Our latest acquisitions are performing well, and we continue to make progress on integration efforts.

Our Sunshine Minting 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 Minting 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 synergies. 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, Cary Dickson, who will provide an overview of our financial performance. Then our President, Thor Gjerdrum, will discuss our key operating metrics. I will then provide further insights into our business and growth strategy, as well as take your questions.

Kerry? 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 Monex 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. Revenues also increased due to the acquisition of SGI, Pinehurst, and AMS in the last two quarters of fiscal 2025, Monex in the third quarter of fiscal 2026, and SMI in the fourth quarter of fiscal 2026.

Gross 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 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 Monex 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 2025. The increase was 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 Monex 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 2026 included $8.2 million of expenses incurred by Monex 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 2025, primarily due to an increase in compensation expense of $85.8 million, higher advertising costs of $20.4 million, increase in insurance costs 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 Monex and SMI, which were not included in the same year-ago period, and SGI, Pinehurst, 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. The change is primarily due to an increase in depreciation expense of $1.2 million and an increase in amortization expense of $1.9 million related to intangible assets acquired through our acquisitions of Monex and SMI, partially offset by a decrease of $1.6 million in SGI, AMS, and Silver Gold Bull intangible asset amortization.