What Gold.com (GOLD) Said on Its Q1 Earnings Call

Key Points

• Gold.com returned to profitability in fiscal Q1, earning $1.6 million versus a $0.9 million loss a year earlier. Revenue declined 11% to $3.265 billion, but excluding the impact of reduced hedge-related forward sales, it rose 51% on higher prices and sales volumes and contributions from acquisitions.
• Gross profit increased 23% to $89.6 million and gross margin expanded to 2.74%; adjusted pretax income rose to $13.2 million. Sales of gold and silver were higher year over year but fell from the previous quarter as management described market activity as unusually slow.
• Management is integrating Sunshine Minting and Monex, sees potential synergies and a strong acquisition pipeline, and aims to remain profitable in slow markets. Cash declined to $126.8 million, largely reflecting lower deferred revenue and precious-metals lease advances, while the company said it had ample liquidity and declared a $0.20 quarterly dividend.

Gold.com NYSE: GOLD returned to a profit in its fiscal first quarter as higher precious metals sales and contributions from acquisitions helped lift gross profit, even as activity slowed from the preceding quarter.

The company reported net income attributable to Gold.com of $1.6 million, or $0.05 per diluted share, for the quarter ended September 30, 2026. That compared with a net loss of $0.9 million, or $0.04 per diluted share, a year earlier.

Revenue fell 11% to $3.265 billion from $3.681 billion. Excluding a $1.38 billion decrease in forward sales used for hedging, revenue rose 51%, CFO Jill Van said. She attributed the increase to higher average selling prices, more gold and silver ounces sold, and the acquisitions of Monex and Sunshine Minting.

CEO Greg Roberts said the quarter was among the slowest he had seen, with overall market volume shrinking and the company cutting margins on some sales. Still, he said Gold.com benefited from a wider range of businesses, including trading, lending, storage, minting and refining.

“My goal is to have a GAAP profit in every quarter,” Roberts said in response to an analyst’s question about profitability during slow periods. He said the company was building more diversified income streams, but added that it could not predict the market’s next move.

Gross Profit Rises Despite Slower Sequential Sales

Gross profit increased 23% to $89.6 million, while gross margin expanded to 2.74% from 1.98% a year earlier. Roberts said wholesale gross profit benefited from stronger premium spreads and higher ounces sold, while direct-to-consumer gross profit rose with a larger customer base and higher average order values at JM Bullion.

Selling, general and administrative expenses rose 19% to $71.2 million, driven primarily by higher compensation, advertising, insurance and facilities costs, Van said. The quarter included $5.2 million in expenses from Monex and Sunshine Minting.

Adjusted net income before income taxes, a non-GAAP measure that excludes items including depreciation, amortization and acquisition costs, rose to $13.2 million from $4.9 million. EBITDA increased 22% to $17.4 million.

Gold.com sold 463,000 ounces of gold, up 5% year over year but down 11% from the prior quarter. Silver sales rose 35% from a year earlier to 14 million ounces, though they fell 9% sequentially.

The direct-to-consumer segment added 96,100 new customers, up 38% year over year, primarily because of Monex and increased JM Bullion activity. The segment ended the quarter with approximately 4.8 million total customers, up 13%. Its average order value fell 10% to $3,482, while JM Bullion’s rose 16% to $2,943.

Minting Integration and Acquisition Plans

Gold.com began reporting minting and refining as a separate segment, combining SilverTowne Mint with Sunshine Mint, acquired in April. The segment minted approximately 9 million ounces of silver and 26,000 ounces of gold during the quarter, with refining capacity utilization of approximately 65%.

Roberts said capacity utilization and product premiums are important measures for assessing the business. Minting profitability depends heavily on volume, he said, because facilities must maintain a level of activity even when they are operating below capacity.

He said integration is continuing and that the company sees opportunities for synergies. Roberts also described the acquisition pipeline as strong, saying slower markets can make deals less expensive or easier to negotiate. Over the next couple of quarters, he expects potential acquisitions to focus more on the broader Gold.com business than on collectibles.

Liquidity, Tether Leases and Market Conditions

Cash fell to $126.8 million at quarter-end from $578 million at the end of fiscal 2026. Van said the decline was primarily due to a $700.5 million reduction in deferred revenue and other advances, including precious metals leases, partly offset by product financing and higher payables. The company’s $250 million uncommitted trading credit facility had no outstanding borrowings at quarter-end.

Roberts said leases with Tether had declined by approximately $700 million from the previously discussed $1.5 billion level. He characterized the current level as appropriate for the company’s needs, saying excess leases can carry costs when they are not being used to hedge inventory. He described the Tether relationship as positive and said Gold.com had ample access to liquidity.

The company paid $35.1 million in dividends during the quarter, including a regular $0.20-per-share dividend and a nonrecurring $1-per-share special dividend. Its board declared another quarterly dividend of $0.20 per share, payable December 2 to shareholders of record November 19.

Roberts said buybacks from customers had fallen significantly as a percentage of new sales during the quarter as gold and silver prices declined. He also reported a noticeable increase in activity in late October and early November, while cautioning that it covered only a short period. Premiums had edged higher or held steady over the preceding 60 days, he said, despite relatively subdued demand.

About Gold.com (NYSE:GOLD)

Gold.com, Inc, together with its subsidiaries, operates as a precious metals company. It operates through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The Wholesale Sales & Ancillary Services segment sells gold, silver, platinum, and palladium in the form of bars, plates, powders, wafers, grains, ingots, and coins. This segment also offers complementary services, such as receiving, handling, inventorying, processing, packing, and shipping of precious metals and custom coins on a secure basis; and designs and produces minted silver products.

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