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Gold.com, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 6 February 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Key takeaways

  • Revenue rose on higher metal prices: Revenue rose 136% to $6.477 billion. Excluding $2.494 billion of forward sales, revenue rose $1.241 billion, or 69.0%, on higher average selling prices and more gold ounces sold, partly offset by fewer silver ounces sold. Source
  • Net income reached $11.6 million: Net income attributable to the Company was $11.6 million, or $0.46 per diluted share, against $6.6 million, or $0.27, a year earlier. The prior quarter was a net loss of $0.9 million. Source
  • Gold ounces sold rose 17%: Gold ounces sold rose 17% to 545,000 ounces. Silver ounces sold fell 15% to 18.6 million, from 21.8 million a year earlier. Source
  • SG&A rose 132% on compensation: SG&A rose to $59.8 million. Compensation, including performance-based accruals, rose $21.6 million. SGI, Pinehurst and AMS contributed $29.6 million of SG&A, as they were not consolidated a year earlier. Source
  • Interest expense rose 57%: Interest expense rose to $16.3 million. Product financing costs rose $3.7 million on higher rates, and precious metals lease costs rose $1.9 million on higher borrowings and rates. Source
  • Gross margin narrowed to 1.44%: Gross profit rose 109% to $93.4 million, but as a share of revenue it was 1.44%, down from 1.63% a year earlier and 1.98% in the September quarter. Source
  • Premiums tight and silver backwardation: Management said premium spreads remained tight and silver backwardation contributed to trading losses and higher interest expense. Source

“Our second quarter results demonstrate our ability to successfully navigate rapidly evolving market conditions,”

Gold.com CEO Greg Roberts

Guidance

AreaPeriodFigureAgainst last quarter
Capital returns (quarterly cash dividend) SourceDividend payable March 4, 2026$0.20 per shareKept

What changed from last quarter

  • New: Company completed its rebrand from A-Mark Precious Metals to Gold.com. Source
  • New: Stock listing transferred from NASDAQ to the New York Stock Exchange under the ticker GOLD. Source
  • New: Corporate headquarters relocated to Costa Mesa, California. Source
  • New: Monex Deposit Company acquisition closed in January 2026; the prior release had announced it as a definitive agreement. Source

Results and growth drivers

  • Revenue rose on higher metal prices: Revenue rose 136% to $6.477 billion. Excluding $2.494 billion of forward sales, revenue rose $1.241 billion, or 69.0%, on higher average selling prices and more gold ounces sold, partly offset by fewer silver ounces sold. Source
  • Net income reached $11.6 million: Net income attributable to the Company was $11.6 million, or $0.46 per diluted share, against $6.6 million, or $0.27, a year earlier. The prior quarter was a net loss of $0.9 million. Source
  • Adjusted net income and EBITDA rose: Adjusted net income before provision for income taxes was $23.2 million, up 74%. EBITDA, a non-GAAP liquidity measure, was $33.9 million, up 109%, both against the year-ago quarter. Source
  • Six-month net income fell 31%: For the six months, revenue rose 86% to $10.158 billion and EBITDA rose 42% to $48.2 million. Diluted EPS was $0.42, down 35%, while adjusted net income was $28.1 million, consistent with the year-ago period. Source

Segments and regions

  • Direct-to-Consumer supplied most profit: The Direct-to-Consumer segment contributed 77% of consolidated gross profit, up from 56% a year earlier. For the six months its share was 74%, against 55%. Source
  • Acquisitions added to revenue: Acquisitions of SGI and Pinehurst in February 2025 and AMS in April 2025 added revenue that was not in the year-ago quarter. Source
  • JM Bullion's profit share fell: JM Bullion contributed 29% of consolidated gross profit, down from 38% in the year-ago quarter. For the six months its share was 25%, against 37%. Source
  • Hong Kong business showed momentum: Management said LPM in Hong Kong showed momentum in both retail showroom activity and wholesale trading volumes. Source

“Despite these headwinds, we delivered $11.6 million in net income and earnings of $0.46 per diluted share, demonstrating the resilience of our diversified platform and disciplined approach to managing market volatility.”

Gold.com CEO Greg Roberts

Volumes and customers

  • Gold ounces sold rose 17%: Gold ounces sold rose 17% to 545,000 ounces. Silver ounces sold fell 15% to 18.6 million, from 21.8 million a year earlier. Source
  • Silver volume rebounded from prior quarter: Silver ounces sold were 18.6 million, up 79% from 10.4 million in the September quarter, though still below the year-ago level. Source
  • Direct-to-Consumer customers grew sharply: Active DTC customers rose 64% to 229,100. New customers rose 47% to 96,100, and total customers reached 4,361,500. Source
  • Average order values rose: DTC average order value rose $1,646, or 52%, to $4,824. JM Bullion's average order value rose 29% to $2,637. Source

Costs and expenses

  • SG&A rose 132% on compensation: SG&A rose to $59.8 million. Compensation, including performance-based accruals, rose $21.6 million. SGI, Pinehurst and AMS contributed $29.6 million of SG&A, as they were not consolidated a year earlier. Source
  • Excluding acquisitions, SG&A rose $4.4 million: Advertising costs rose $4.8 million, consulting and professional fees rose $2.7 million, and bank service and credit card fees rose $1.4 million. Source
  • Interest expense rose 57%: Interest expense rose to $16.3 million. Product financing costs rose $3.7 million on higher rates, and precious metals lease costs rose $1.9 million on higher borrowings and rates. Source
  • Interest income declined: Interest income fell 15% to $5.8 million, as other finance product income dropped $1.1 million. Secured Lending interest income rose $0.1 million. Source
  • Amortization and depreciation rose: D&A rose 65% to $7.6 million, with $3.2 million more intangible amortization from acquisitions and $1.6 million more depreciation from higher capital expenditures. Source

“With an expanded portfolio of brands, improved operational leverage, and continued international focus, we believe Gold.com is well-positioned to capture growth across multiple channels and deliver long-term value for our shareholders.”

Gold.com CEO Greg Roberts

Margins and trading results

  • Gross margin narrowed to 1.44%: Gross profit rose 109% to $93.4 million, but as a share of revenue it was 1.44%, down from 1.63% a year earlier and 1.98% in the September quarter. Source
  • Trading profits lower year over year: Gross profit gains from acquisitions and from the wholesale and Direct-to-Consumer segments were partly offset by lower trading profits, the company said. Source
  • Six-month margin edged up: For the six months, gross profit margin was 1.64% of revenue, compared with 1.62% a year earlier. Source

Market conditions and demand

  • Consumer demand increased across platforms: Management said consumer demand rose across the company's platforms during the quarter. Source
  • Premiums tight and silver backwardation: Management said premium spreads remained tight and silver backwardation contributed to trading losses and higher interest expense. Source
  • Secured loan count declined: Secured loans outstanding fell 31% to 355, while secured loans receivable rose to $120.4 million from $98.5 million a year earlier. Source

Cash flow and balance sheet

  • Six-month operating cash flow turned positive: Operating cash flow was $152.8 million for the six months, against negative $17.5 million a year earlier. For the quarter alone it was negative $42.6 million. Source
  • Cash rose to $152.1 million: Cash at period end was $152.1 million, up from $77.7 million at June 30, 2025. Source
  • Deferred revenue and advances increased: Deferred revenue and other advances reached $1.70 billion, from $426.9 million at June 30, 2025, and derivative liabilities reached $338.2 million, from $96.2 million. Source

Capital and shareholder returns

  • Dividends paid totaled $9.9 million: Dividends paid were $9.9 million in the six months, against $9.3 million a year earlier. No common stock repurchases were recorded in the period. Source
  • Shares outstanding increased: Shares outstanding were 24.9 million at December 31, 2025, up from 24.6 million at June 30, 2025. Diluted weighted-average shares were 25.5 million for the quarter. Source

Strategy and integration

  • Cost and synergy work continues: Management said it is making progress on its expense structure and on synergies from recent acquisitions, as integration continues. Source
  • Brand portfolio and leverage cited: Management said an expanded brand portfolio, improved operational leverage and international focus position the company to capture growth across channels. Source
  • Asia expansion remains a focus: Management said it remains focused on expanding its presence across the Asia region. Source

Coming up, as management said on 6 February 2026

  • Additional cost savings expected: Management said it continues to integrate the acquired businesses and to realize additional cost savings. Source

Figures management reported

FigureReported
Gold ounces sold Source545,000 ounces
Silver ounces sold Source18.6 million ounces
Direct-to-Consumer new customers Source96,100
Direct-to-Consumer active customers Source229,100
Direct-to-Consumer total customers Source4,361,500
Secured loans at period end Source355
CyberMetals customer assets under management Source$18.9 million

Risks management discussed

  • External: Management cited tight premium spreads and silver backwardation as causing trading losses and higher interest expense. Source
  • Financial: Higher product financing and precious metals lease rates raised interest expense, which management cited as a driver of higher costs in the quarter. Source

Earlier plans management reported on

  • Not stated: The prior release expected the Monex acquisition to close within 60 days. The current release reports the closing in January 2026, without a status statement against that timing.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.