Gold.com Q2 2026 Gold.com Earnings Call | AllMind AI Earnings | AllMind AI
Q2 2026 Gold.com Earnings Call
Operator: Good afternoon, and welcome to Gold.com's conference call for the fiscal second quarter ended December 31, 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 Gjerdrum, and CFO, Cary Dickson. 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.
Operator: Good afternoon, and welcome to Gold.com's conference call for the fiscal second quarter ended December 31, 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 Gjerdrum, and CFO, Cary Dickson. 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.
Speaker #1: afternoon and Good welcome to Gold.com s conference call for the fiscal second quarter ended December 31st , 2025 . My name is I will be Paul and this your operator afternoon .
Speaker #1: Before this call , Gold.com for the issued its results fiscal second release , fiscal quarter is a press which 2026 . In available in the Investor Relations company's section of the at website .
Speaker #1: You can find the link to the Investor Relations section at the top of the home page. Joining us for today's call are Gold.com CEO Greg Roberts, President Thor Gjerdrum, and CFO Cary Dickson.
Speaker #1: remarks , we Following their 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 .
Operator: 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.
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.
Speaker #1: 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 of section Gold.com website .
Gregory Roberts: 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.
Greg Roberts: 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.
Speaker #1: Now , I would like to turn the call over to Gold.com CEO , Mr. Greg Roberts . Sir , please proceed .
Speaker #2: Thank you, Paul, and good afternoon to everyone. Thank you again for joining us today for our first earnings call as Gold.com.
Speaker #2: This is a truly historic moment for our company , and I'm excited to officially address you under our new corporate Following the identity .
Speaker #2: 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 It encapsulates our corporate identity as the most trusted and globally recognized , precious metals platform , and our commitment to delivering value for our customers , and of course , our partners shareholders .
Speaker #2: It also represents our evolution as a category leader with a diversified portfolio spanning , spanning precious metals , numismatics , wine and other high value collectibles , as well as alternative assets .
Gregory Roberts: 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.
Greg Roberts: 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.
Speaker #2: 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 common an at shares issue price of $44.50 .
Speaker #2: 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.
Speaker #2: 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 , Zout in the world .
Speaker #2: As part of the transaction , tethers entitled to nominate a member to the board of directors of Gold.com . It is expected tether will that provide Gold.com a gold with leasing facility of no less than The $100 million .
Gregory Roberts: 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+ 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...
Greg Roberts: 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+ 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...
Speaker #2: 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.
Speaker #2: Gold.com has agreed to invest $20 million of the proceeds raised from this in investment tethers, stablecoin tethers. 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.
Speaker #2: This investment builds upon our 60 plus year legacy and expands our reach beyond traditional bullion into cryptocurrency . proceeds The from this transaction provide us with will increased funding and flexibility to strengthen our balance sheet by further developing our portfolio of category leading brands .
Gregory Roberts: We look forward to Tether's continued support in partnering with their team to potentially develop additional innovative, mutually beneficial commercial opportunities. Now, turning to the quarter. Our Q2 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 $0.46 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.
Greg Roberts: We look forward to Tether's continued support in partnering with their team to potentially develop additional innovative, mutually beneficial commercial opportunities. Now, turning to the quarter. Our Q2 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 $0.46 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.
Speaker #2: We look forward to Tether's continued support and with partnering their team to potentially develop additional innovative , mutually beneficial commercial opportunities . Now , turning to the quarter .
Speaker #2: Our second quarter results demonstrate our ability to successfully navigate rapidly evolving market conditions during quarter . the We experienced an increase in consumer demand across our platforms .
Speaker #2: Premium spreads remain tight through the end of 2025, and backwardation in the silver market contributed to trading losses in higher interest expense due to increases in product financing and precious metals lease rates.
Speaker #2: Despite these headwinds , we delivered $11.6 million in net income and earnings of $0.46 per diluted share , demonstrating the business resilience of our model and our disciplined approach to managing market volatility .
Gregory Roberts: 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 Q2, we increased our equity interest in UK-based Atkinsons Bullion and Coins, with an additional 24.5% investment, bringing our total ownership to 49.5%.
Greg Roberts: 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 Q2, we increased our equity interest in UK-based Atkinsons Bullion and Coins, with an additional 24.5% investment, bringing our total ownership to 49.5%.
Speaker #2: As announced last week , we also closed the acquisition of monarch's deposit company . Monarch's is 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 .
Speaker #2: 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 AML Las facility in Vegas operating at increased capacity and delivering the operational leverage we anticipated.
Speaker #2: 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% .
Gregory Roberts: Since our initial investment in 2023, we have been very impressed by the Atkinsons 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 Q3, 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.
Greg Roberts: Since our initial investment in 2023, we have been very impressed by the Atkinsons 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 Q3, 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.
Speaker #2: Since our initial investment in 2023 , we have been very impressed by the Atkinson's team and the businesses 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 .
Speaker #2: Asia continues to represent an attractive long term growth opportunity for Gold.com , and we remain focused on expanding our footprint across that region .
Speaker #2: Looking ahead to fiscal third quarter , consumer demand remains elevated and we have experienced an expansion of premium spreads . problem The 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 .
Gregory Roberts: 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, Cary Dickson, who will provide an overview of our financial performance. Then our President, Thor Gjerdrum, will discuss key operating metrics. I will then provide further insights into the business and growth strategies, followed by taking your questions. Cary, jump in.
Greg Roberts: 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, Cary Dickson, who will provide an overview of our financial performance. Then our President, Thor Gjerdrum, will discuss key operating metrics. I will then provide further insights into the business and growth strategies, followed by taking your questions. Cary, jump in.
Speaker #2: 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 .
Speaker #2: I will now turn the call over to our CFO , Cary Dickson , who will provide an overview of our financial performance . Then our president , Thor Gjerdrum will discuss key operating metrics .
Speaker #2: I will provide then further insights into the business and growth strategies , followed by taking your questions . Carrie , jump in .
Cary Dickson: Thank you, Greg, and hope everyone's having a great afternoon. Our revenues for fiscal Q2 2026 increased 136% 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%, 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% to $10.1 billion, from $5.4 billion in the same year-ago period.
Cary Dickson: Thank you, Greg, and hope everyone's having a great afternoon. Our revenues for fiscal Q2 2026 increased 136% 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%, 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% to $10.1 billion, from $5.4 billion in the same year-ago period.
Speaker #3: Thank you , Greg , and hope everyone's having a great afternoon Our . revenues for fiscal Q2 26 increased 136% 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% , which was due to higher , higher selling average prices of gold and silver , well as an as increase in gold ounces sold , partially offset by a decrease in silver ounces sold for the six month period .
Speaker #3: revenues Our increased 86% to 10.1 billion , from 5.4 billion in the same year ago period , excluding an increase of $3 billion of forward sales .
Cary Dickson: Excluding an increase of $3 billion of forward sales, our revenues increased $1.6 billion or 50.3%, 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 3-month and the 6-month periods due to acquisitions of SGI, Pinehurst, and AMS in the last two quarters of fiscal 2025. Gross profit for fiscal Q2 2026 increased 109% to $93 million, or 1.44% of revenue, from $44.8 million, or 1.63% of revenue, in Q2 of last year.
Cary Dickson: Excluding an increase of $3 billion of forward sales, our revenues increased $1.6 billion or 50.3%, 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 3-month and the 6-month periods due to acquisitions of SGI, Pinehurst, and AMS in the last two quarters of fiscal 2025. Gross profit for fiscal Q2 2026 increased 109% to $93 million, or 1.44% of revenue, from $44.8 million, or 1.63% of revenue, in Q2 of last year.
Speaker #3: Our revenues increased $1.6 billion, or 50.3%, 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.
Speaker #3: Revenues also in both the increased three month and six month periods acquisitions of SGI , Pinehurst , and AMS . In the last two quarters of fiscal 25 .
Speaker #3: Gross profit for fiscal Q2 '26 increased 109% to $93 million, or 1.44% of revenue, from $44.8 million, or 1.63% of revenue in Q2 of last year.
Cary Dickson: 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% to $166.3 million, or 1.64% of revenue, from $88.2 million, or 1.62% 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.
Cary Dickson: 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% to $166.3 million, or 1.64% of revenue, from $88.2 million, or 1.62% 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.
Speaker #3: 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 .
Speaker #3: Gross profit increased 88% to 166.3 million , or 1.64% of revenue , from 88.2 million , or 1.62% of revenue , in the same year ago period .
Speaker #3: 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 .
Cary Dickson: SG&A expenses for fiscal Q2 2026 increased 132% 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 million, an increase in facility expense of $1.3 million. SG&A expenses for the three months ended December 31, 2025, included $30 million worth of expenses that were incurred related to SGI, Pioneers, 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 subsidiaries. For the six-month period, SG&A expenses increased 128% to $120 million, from $52.4 million in the same year-ago period.
Cary Dickson: SG&A expenses for fiscal Q2 2026 increased 132% 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 million, an increase in facility expense of $1.3 million. SG&A expenses for the three months ended December 31, 2025, included $30 million worth of expenses that were incurred related to SGI, Pioneers, 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 subsidiaries. For the six-month period, SG&A expenses increased 128% to $120 million, from $52.4 million in the same year-ago period.
Speaker #3: In the same year ago period . Partially offset by lower trading profits . G&A expenses for fiscal Q2 26 increased 132% to 59.8 million from 25.8 million in Q2 of last year .
Speaker #3: The change is primarily due to an increase in compensation expense , including performance based accruals of 21 million , higher costs of 5 million , an increase in professional fees advertising of 2.7 , and increase in consulting facility expense of 1.3 million .
Speaker #3: SGA 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 .
Speaker #3: As as they subsidiaries were not consolidated . For the six month G&A period , expenses increased 128% to 120 million , from 52.4 million in the same year ago period .
Cary Dickson: The change was primarily due to an increase in compensation expense, including performance-based accruals of $41 million, higher advertising costs 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 months ended December 31, 2025, 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 2026 increased by 65% to $7.6 million, from $4.6 million in the same year-ago quarter.
Cary Dickson: The change was primarily due to an increase in compensation expense, including performance-based accruals of $41 million, higher advertising costs 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 months ended December 31, 2025, 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 2026 increased by 65% to $7.6 million, from $4.6 million in the same year-ago quarter.
Speaker #3: The change was primarily due to an increase in compensation expense, including performance-based accruals of $41 million, higher advertising costs of $10 million, an increase in consulting and professional fees of $6.7 million, and an increase in facilities expense of $2.6 million.
Speaker #3: SGA expenses for the six months ended December 31, 2025, included $60 million of expenses incurred by SGI Pioneers and AMS, which were not included.
Speaker #3: 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 The quarter .
Cary Dickson: The change is primarily due to a $3.2 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst, 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. For the 6-month period, depreciation and amortization expense increased 63% to $15.2 million, from $9.4 million in the same year-ago 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, Pinehurst, and AMS, and a $3.1 million increase in depreciation expense, partially offset by $3.7 million decrease in intangible asset amortization from JMB and SGB.
Cary Dickson: The change is primarily due to a $3.2 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst, 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. For the 6-month period, depreciation and amortization expense increased 63% to $15.2 million, from $9.4 million in the same year-ago 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, Pinehurst, and AMS, and a $3.1 million increase in depreciation expense, partially offset by $3.7 million decrease in intangible asset amortization from JMB and SGB.
Speaker #3: Change is primarily due to a $3.2 million increase in amortization expense related to intangibles acquired through our acquisitions of SGI, Pinehurst, and AMS, and a $1.6 million increase in depreciation expense, partially offset by a $1.8 million decrease in intangible asset amortization from JMB and silver.
Speaker #3: Gold Bull . For the six month period . Depreciation and amortization expense increased 63% to 15.2 million , from 9.4 million in the same year ago 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 , Pinehurst and AMS , and 3.1 million increase in a depreciation expense , partially offset by 3.7 million decrease in intangible asset amortization from JMB and SGB .
Cary Dickson: Interest income for fiscal Q2 2026 decreased by 15% 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% to $11.4 million from $13.9 million 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 2026 increased 57% to $116.3 million from $10.4 million in Q2 of last year.
Cary Dickson: Interest income for fiscal Q2 2026 decreased by 15% 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% to $11.4 million from $13.9 million 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 2026 increased 57% to $116.3 million from $10.4 million in Q2 of last year.
Speaker #3: Interest income for fiscal 2226 decreased by 15% to 5.8 million , from 6.8 million in the same year ago period . The decrease was due to a decrease in other finance product income of 1.1 million , partially by an increase in interest income earned our offset secured lending by segment For the of 0.1 million .
Speaker #3: Six-month period. Interest income decreased 18% to $11.4 million from $13.9 million in the same year-ago period. The decrease was 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.
Speaker #3: Interest expense for fiscal Q2 26 increased 57% to 116.3 million , from last year . 10.4 million in Q2 of increase The 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 .
Cary Dickson: 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% 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 Q2 2026 increased 142% to earnings of $1.0 million, from a loss of $2.4 million in the same year-ago period.
Cary Dickson: 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% 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 Q2 2026 increased 142% to earnings of $1.0 million, from a loss of $2.4 million in the same year-ago period.
Speaker #3: The interest expense increased 42% 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 financing product arrangements , an increase of 3.2 million related to metal leases , an increase of 0.7 million associated with our trading credit facility .
Speaker #3: Earnings from method equity investments in Q2 26 increased earnings 142% to of $1.0 million from a loss of 2.4 million in the same year ago period .
Cary Dickson: For the six-month period, earnings from equity method investments increased 106% 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 2026 totaled $11.6 million or $0.46 per diluted share, compared to net income of $6.6 million or $0.27 per 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 $0.65 per diluted share in the same year-ago period.
Cary Dickson: For the six-month period, earnings from equity method investments increased 106% 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 2026 totaled $11.6 million or $0.46 per diluted share, compared to net income of $6.6 million or $0.27 per 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 $0.65 per diluted share in the same year-ago period.
Speaker #3: For the six month period , earnings from equity method investments increased 106% to earnings to earnings of 1.1 million , from a loss of 1.8 million in the same year ago period .
Speaker #3: The increase in both periods was 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 $0.27 per diluted share.
Speaker #3: share in the Diluted same year ago quarter . For the six month the net period , income attributable to company totaled 10.7 million , or $0.42 per diluted share , compared to net income of 15.5 million , or 65% per diluted the same year ago share , in period .
Cary Dickson: 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 totaled $23.2 million, an increase of $9.9 million, or 74% 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 2026, totaled $33.9 million, an increase of $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 the $34 million in the same year-ago period.
Cary Dickson: 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 totaled $23.2 million, an increase of $9.9 million, or 74% 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 2026, totaled $33.9 million, an increase of $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 the $34 million in the same year-ago period.
Speaker #3: income Adjusted net before provision for income taxes , a non-GAAP financial measure which excludes depreciation and acquisition costs and contingent consideration , fair value adjustments for Q2 total 23.2 million , an increase of 9.9 million , or 74% , compared to 13.4 million in the same year ago quarter .
Speaker #3: 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 liquidity non-GAAP measure for Q2 fiscal 26 , totaled 33.9 million , increased of 17.7 million , or 190% , compared to the 16.2 million in the same year ago quarter .
Speaker #3: EBITDA for the six month period totaled 48.2 million , an increase of 14.2 million , or 42% , compared to the 34 million in the same year ago period .
Gregory Roberts: ... Turning to our balance sheet. At quarter end, we had $152 million worth of cash, compared to $78 million at the end of fiscal 2025. Our non-restricted inventories totaled over $1 billion, $1.031 billion as of 31 December 2025, compared to $795 million as of the end of fiscal 2025. 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 4 March 2026, to stockholders of record as of 20 February 2026. That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor?
Cary Dickson: ... Turning to our balance sheet. At quarter end, we had $152 million worth of cash, compared to $78 million at the end of fiscal 2025. Our non-restricted inventories totaled over $1 billion, $1.031 billion as of 31 December 2025, compared to $795 million as of the end of fiscal 2025. 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 4 March 2026, to stockholders of record as of 20 February 2026. That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor?
Speaker #3: Turning to our balance sheet at quarter end, we had $152 million worth of cash compared to $78 million at the end of fiscal '25.
Speaker #3: Our Non-restricted inventories totaled over $1 billion . 1,000,000,031 as of December 31st , 25 , compared to 795 million as of the end of fiscal 25 .
Speaker #3: Gold.com 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 March 1st , 2026 , to stockholders of record as of February 20th , 2026 .
Speaker #3: That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics.
Thor Gjerdrum: Thank you, Cary. Looking at our key operating metrics for the second quarter of fiscal 2026, we sold 545,000 ounces of gold in Q2 fiscal 2026, which is up 17% from Q2 of last year and up 24% from the prior quarter. For the six-month period, we sold 984,000 ounces of gold, which is up 14% from the same year ago period. We sold 18.6 million ounces of silver in Q2 fiscal 2026, which is down 15% from Q2 of last year and up 79% from last quarter. For the six-month period, we sold 29 million ounces of silver, which is down 31% from the same year ago period.
Thor Gjerdrum: Thank you, Cary. Looking at our key operating metrics for the second quarter of fiscal 2026, we sold 545,000 ounces of gold in Q2 fiscal 2026, which is up 17% from Q2 of last year and up 24% from the prior quarter. For the six-month period, we sold 984,000 ounces of gold, which is up 14% from the same year ago period. We sold 18.6 million ounces of silver in Q2 fiscal 2026, which is down 15% from Q2 of last year and up 79% from last quarter. For the six-month period, we sold 29 million ounces of silver, which is down 31% from the same year ago period.
Speaker #3: Thor .
Speaker #2: Thank you Carrie .
Speaker #4: Looking at our key operating metrics for the second quarter of fiscal 2026, we sold 545,000 oz of gold in Q2 fiscal '26, which was up 17% from Q2 of last year and up 24% from the prior quarter.
Speaker #4: For the six month period , we sold 984,000oz of gold , which was up 14% from the same year ago period . We sold 18.6 million ounces of silver in Q2 fiscal 2026 , which was down 15% from Q2 of last year and up 79% from last quarter .
Speaker #4: For the six month period , we sold 29,000,000oz of silver , which was down 31% from the same year ago period . The number of new customers in the DTC segment , which is defined as the number of customers that have registered or set up a new account or made a purchase for the first time during the period , was 96,100 , in Q2 fiscal 2026 , which was up 47% from Q2 of last year and increased 38% from last quarter .
Thor Gjerdrum: The number of new customers in the DTC segment, which is defined as the number of customers that have registered or set up a new account or made a purchase for the first time during the period, was 96,100 in Q2 fiscal 2026, which is up 47% from Q2 of last year and increased 38% from last quarter. For the six-month period, the number of new customers in the DTC segment was 165,500, which increased 37% from 120,700 new customers in the same year ago period. The number of total customers in the DTC segment at the end of the second quarter was approximately 4.4 million, which is a 37% increase from the prior year.
Thor Gjerdrum: The number of new customers in the DTC segment, which is defined as the number of customers that have registered or set up a new account or made a purchase for the first time during the period, was 96,100 in Q2 fiscal 2026, which is up 47% from Q2 of last year and increased 38% from last quarter. For the six-month period, the number of new customers in the DTC segment was 165,500, which increased 37% from 120,700 new customers in the same year ago period. The number of total customers in the DTC segment at the end of the second quarter was approximately 4.4 million, which is a 37% increase from the prior year.
Speaker #4: For the six month period , the number of new customers in DTC segment was the 165,500 , up which increased 30 , which increased 37% from 120,700 new customers in the same year ago period .
Speaker #4: The number of total customers in the DTC segment at the end of the second quarter was approximately 4.4 million , which is 37% increase a from the prior year .
Thor Gjerdrum: These changes in customer base metrics were primarily due to the acquisitions of SGI, Pinehurst, and AMS, which were not included in the same year ago period, as well as organic growth from our JMB customer base. Finally, the number of secured loans at the end of December totaled 355, a decrease of 31% from December 31, 2024, and a decrease of 16% from the end of September. The dollar value of our loan portfolio as of December 31, 2025, totaled $120.4 million, an increase of 22% from December 31, 2024, and an increase of 16% from September 30, 2025. That concludes my prepared remarks. I'll now turn it back over to Greg for closing remarks. Greg?
Thor Gjerdrum: These changes in customer base metrics were primarily due to the acquisitions of SGI, Pinehurst, and AMS, which were not included in the same year ago period, as well as organic growth from our JMB customer base. Finally, the number of secured loans at the end of December totaled 355, a decrease of 31% from December 31, 2024, and a decrease of 16% from the end of September. The dollar value of our loan portfolio as of December 31, 2025, totaled $120.4 million, an increase of 22% from December 31, 2024, and an increase of 16% from September 30, 2025. That concludes my prepared remarks. I'll now turn it back over to Greg for closing remarks. Greg?
Speaker #4: These changes in customer base metrics were due to the primarily acquisitions of SGI , Pinehurst and AMS , which were not included . In the same year ago period , as well as organic growth from our JMB customer base .
Speaker #4: Finally , the number of secured loans at the end of December totaled 355 , a decrease of 31% from December 31st , 2024 , and a decrease of 16% from the end of September .
Speaker #4: The dollar value of our loan portfolio as of December 31st , 2025 totaled 120.4 million , an increase of 22% from December 31st , 2024 , and an increase of 16% from September 30th , 2025 .
Gregory Roberts: Thanks, Thor and Cary. With Tether's strategic investment in Gold.com and our expanded portfolio of category-leading brands, we believe Gold.com is well positioned to capture growth across multiple channels and to deliver long-term value for our shareholders. Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions, expanding both our domestic and geographic reach, as well as further diversifying our customer base. We are pleased with our recent accomplishments and remain committed to exploring additional opportunities to deliver value to our shareholders over the long term. This concludes my remarks. Operator, we can now open the line for questions.
Greg Roberts: Thanks, Thor and Cary. With Tether's strategic investment in Gold.com and our expanded portfolio of category-leading brands, we believe Gold.com is well positioned to capture growth across multiple channels and to deliver long-term value for our shareholders. Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions, expanding both our domestic and geographic reach, as well as further diversifying our customer base. We are pleased with our recent accomplishments and remain committed to exploring additional opportunities to deliver value to our shareholders over the long term. This concludes my remarks. Operator, we can now open the line for questions.
Speaker #4: That concludes my turn it back over to remarks . I'll now Greg for prepared remarks . Greg .
Speaker #2: Thanks , Thor and Kerry with tether Strategic investment in Gold.com and our expanded portfolio of category category leading brands , we believe Gold.com is well positioned to capture growth across multiple channels and to deliver long term our shareholders .
Speaker #2: Our strategic focus remains on integrating and realizing cost the savings and synergies from our recent acquisitions , expanding both our domestic and geographic reach , as well as further diversifying our customer base .
Speaker #2: We are pleased with our recent accomplishments and remain committed to exploring additional opportunities to deliver our value to shareholders over the long term .
Operator: Thank you. At this time, we'll be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants with ... equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. The first question today is coming from Thomas Forte from Maxim Group. Thomas, your line is live.
Operator: Thank you. At this time, we'll be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants with ... equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. The first question today is coming from Thomas Forte from Maxim Group. Thomas, your line is live.
Speaker #2: That concludes my remarks. Operator, we can now open the line for questions.
Speaker #1: Thank you . At this time , we'll be conducting a question and answer session . If you would like to ask a question , please press star one on your telephone keypad .
Speaker #1: confirmation A tone will indicate your line is in the question queue . You may press star two . If you would like to remove your question from the queue for participants equipment , and may be necessary to pick up your handset before pressing the star keys , one moment please , while we poll for questions .
Thomas Forte: Great. First off, Greg, congratulations, especially on the announcement with Tether. I'm gonna ask both my questions at the same time. So the big difference between this quarter and quarter to date in recent quarters is that silver is starting to run. So I was hoping that you could compare and contrast the performance of gold and silver in the December quarter. And then the second question I had was, you invested in expanding your facility in Las Vegas, and then you also have the Dallas facility, which I think you got with the JMB acquisition. With the Tether investment, how should we think about your capacity, and if you need to further expand your fulfillment center and logistics efforts?
Thomas Forte: Great. First off, Greg, congratulations, especially on the announcement with Tether. I'm gonna ask both my questions at the same time. So the big difference between this quarter and quarter to date in recent quarters is that silver is starting to run. So I was hoping that you could compare and contrast the performance of gold and silver in the December quarter. And then the second question I had was, you invested in expanding your facility in Las Vegas, and then you also have the Dallas facility, which I think you got with the JMB acquisition. With the Tether investment, how should we think about your capacity, and if you need to further expand your fulfillment center and logistics efforts?
Speaker #1: And the first question today is coming from Thomas Forte Maxim Group . , from Thomas , your line is live .
Speaker #5: Great . First off . Greg , congratulations , especially on the tether announcement . I'm going to ask both my questions at the same .
Speaker #5: time So big difference between this quarter quarter and to date in quarters is that silver is starting to run . So I was hoping that you and could compare contrast the performance of gold and silver in the December quarter .
Speaker #5: And then the second question I had was , you invested in expanding your in Las Vegas facility then you facility , which also have Dallas the I think you got with the JMB acquisition , with the tether investment .
Speaker #5: How should we think about your capacity, and if you need to further expand your fulfillment center and logistics efforts?
Gregory Roberts: Yeah. So we have expanded in Vegas, and I'm happy to say that we really tested the ceiling on Vegas in January. We were excited and over 120,000 packages in January alone. And a similar number, not quite that high in December. So the facility is operating and, you know, it's built to do more, but it was great to test the limits over the last couple of months. I think that we're ready to do more. One of the challenges right now is this uptick and this swing up in volume really happened very quickly. November was a very slow month for us, for whatever reason, and then, you know, things started to pick up in December.
Greg Roberts: Yeah. So we have expanded in Vegas, and I'm happy to say that we really tested the ceiling on Vegas in January. We were excited and over 120,000 packages in January alone. And a similar number, not quite that high in December. So the facility is operating and, you know, it's built to do more, but it was great to test the limits over the last couple of months. I think that we're ready to do more. One of the challenges right now is this uptick and this swing up in volume really happened very quickly. November was a very slow month for us, for whatever reason, and then, you know, things started to pick up in December.
Speaker #2: Yeah . So we have expanded in Vegas and I'm happy to say that we really tested the the ceiling on Vegas in January .
Speaker #2: We were excited and over 120,000 packages in January alone . And a similar number not quite that high in December . So the facility is operating and , you know , it's built to do more , but it was it great to was test to test the limits over the last couple of months .
Speaker #2: I think that we're ready to do more. One of the challenges right now is this—this uptick and this swing up in volume.
Speaker #2: Really happened very quickly . November was a very slow month for us for whatever And then , you know , things started to to pick up reason .
Gregory Roberts: But really, it was the craziness through the last three weeks of December, and then, you know, and then into January. And, you know, we did need, at that point, to hire some more actual, you know, humans. Even though we have been using and testing our automation, we did need more actual employees. So the fact that we were able to scale up and get the packages we did out in January is a real testament to everything Thor and Brian have been doing there, and to see it all work was very exciting for us.
Greg Roberts: But really, it was the craziness through the last three weeks of December, and then, you know, and then into January. And, you know, we did need, at that point, to hire some more actual, you know, humans. Even though we have been using and testing our automation, we did need more actual employees. So the fact that we were able to scale up and get the packages we did out in January is a real testament to everything Thor and Brian have been doing there, and to see it all work was very exciting for us.
Speaker #2: in December . But really it was craziness through the last three weeks of December . And then , you know , and then into January and , and , you know , we , we , we did need at that point to , to hire some more actual , you know , humans , even though we have been using and testing our , our automation , we did need we did need more actual employees .
Speaker #2: So the fact that we were able to scale up and get the packages we did out in January is a real testament to and everything Thor Brian doing have been there , and and to see it all work was very exciting for us as it relates to tether and what we're going to do for them .
Gregory Roberts: As it relates to Tether and what we're gonna do for them, I mean, it's no surprise that they are what I believe to be the largest holder of gold in the world outside of central banks, and they need to store that metal. You know, the conversations we've had and within our press release, storage is a big component for us to assist with. You know, time will tell if we need to build another facility or expand the facilities we have. But you know, these guys have a lot of gold, and that gold takes up a lot of space, so we're hoping to be able to help them with storage solutions.
Greg Roberts: As it relates to Tether and what we're gonna do for them, I mean, it's no surprise that they are what I believe to be the largest holder of gold in the world outside of central banks, and they need to store that metal. You know, the conversations we've had and within our press release, storage is a big component for us to assist with. You know, time will tell if we need to build another facility or expand the facilities we have. But you know, these guys have a lot of gold, and that gold takes up a lot of space, so we're hoping to be able to help them with storage solutions.
Speaker #2: I mean , it's no surprise that they're they are the what I believe to be the largest holder of gold in the world outside banks central metal that need to store .
Speaker #2: And they and the , know , the conversations you we've had and within our press release , storage is a big component for us to assist with .
Speaker #2: And , you know , time will tell if we need to build another facility or expand the facilities . We have . But , you know , these guys have a lot of gold .
Speaker #2: And that gold takes up a lot of space. So we're hoping to be able to help them with storage solutions.
Thomas Forte: The gold versus silver performance in the December quarter?
Thomas Forte: The gold versus silver performance in the December quarter?
Gregory Roberts: Yeah, I mean, I think we talked a little bit about it in Q1 and probably a little bit in last fiscal year. You know, we had seen throughout the slower times that we were dealing with, you know, earlier in 2025, we saw a much higher gold ratio to silver, partic- you know, at the DTC brands. You know, what we've seen in the last, let's call it eight weeks, is a shift back to silver. And I would say, you know, silver could be either side of 50% right now as it relates to total vo- total volume. And as we expect, and what we have seen in the past, is when you get that increased demand, you're gonna see, you know, premiums go up.
Greg Roberts: Yeah, I mean, I think we talked a little bit about it in Q1 and probably a little bit in last fiscal year. You know, we had seen throughout the slower times that we were dealing with, you know, earlier in 2025, we saw a much higher gold ratio to silver, partic- you know, at the DTC brands. You know, what we've seen in the last, let's call it eight weeks, is a shift back to silver. And I would say, you know, silver could be either side of 50% right now as it relates to total vo- total volume. And as we expect, and what we have seen in the past, is when you get that increased demand, you're gonna see, you know, premiums go up.
Speaker #5: And then the gold versus silver performance in the December quarter.
Speaker #2: Yeah I mean I think we talked a little bit about it in Q1 and probably a and little bit in last fiscal year , you know , we had seen throughout the slower times that we were dealing with , you know , earlier in 2025 , we saw a much higher gold ratio you know , at the silver , DTC brands , you know , what we've seen in the last , let's call it eight weeks , is a shift back to silver .
Speaker #2: And I would say , you know , silver , silver could be either side of 50% right now as it relates to total , total volume .
Speaker #2: And as we expect . And what we in the have seen past is when you get that increased demand , you're going to see , you know , premiums go up and anybody that's on the call and I know there's many of you that track the premiums at JM bullion .
Gregory Roberts: Anybody that's on the call, and I know there's many of you that track the premiums at JM Bullion, you know, the premiums are significantly higher for one-ounce silver products than they were three months ago. So the demand has... You know, the demand in silver is, as we've always talked about, silver is good to us and volatility is good, and we've seen a lot of that, so, you know, silver is our friend.
Greg Roberts: Anybody that's on the call, and I know there's many of you that track the premiums at JM Bullion, you know, the premiums are significantly higher for one-ounce silver products than they were three months ago. So the demand has... You know, the demand in silver is, as we've always talked about, silver is good to us and volatility is good, and we've seen a lot of that, so, you know, silver is our friend.
Speaker #2: You know , the premiums are significantly higher for one ounce silver products than they were three months ago . So the demand has , you know , the demand in silver is , as we've always talked about , silver is good to us .
Speaker #2: And volatility is good. And a lot we've seen of that. So, you know, silver is our friend.
Thomas Forte: Thank you, Greg. I'll get back in the queue.
Thomas Forte: Thank you, Greg. I'll get back in the queue.
Operator: From Mike Baker, from D.A. Davidson. Mike, your line is live.
Operator: From Mike Baker, from D.A. Davidson. Mike, your line is live.
Speaker #2: .
Speaker #5: I'll get back to you, Greg. Thank you. In the queue.
Mike Baker: Great, thanks. So yeah, everyone has seen, you know, the craziness and, I guess your words, "craziness," in silver pricing and gold pricing and volatility, the last, you know, couple months or so. You seem to indicate that... Well, you said that premiums are wider now in the current quarter than they were for at least the beginning of last quarter. Remind us how that impacts profitability. I know you don't give any kind of guidance or anything along those lines, but how should we think about the impact of profitability from widening spreads in the March quarter versus December quarter?
Mike Baker: Great, thanks. So yeah, everyone has seen, you know, the craziness and, I guess your words, "craziness," in silver pricing and gold pricing and volatility, the last, you know, couple months or so. You seem to indicate that... Well, you said that premiums are wider now in the current quarter than they were for at least the beginning of last quarter. Remind us how that impacts profitability. I know you don't give any kind of guidance or anything along those lines, but how should we think about the impact of profitability from widening spreads in the March quarter versus December quarter?
Speaker #1: From Mike Baker from D.A. Davidson. Mike, your line is live.
Speaker #6: Great . Thanks . So yeah everyone is seeing you know , the craziness and I guess your words craziness in in silver pricing and and gold pricing and and volatility .
Speaker #6: The the last , you know , couple of months or so you you seem to indicate that . Well , you said that premiums are are wider now in the current quarter than they were for at least the , the beginning of last quarter .
Speaker #6: us how that Remind impacts profitability . I know you don't give any kind of anything guidance or along those lines , but but how should about we think impact profitability widening , the from widening of spreads in the in the March quarter versus December quarter ?
Gregory Roberts: You should probably think about that we're gonna have a really good quarter this quarter.
Greg Roberts: You should probably think about that we're gonna have a really good quarter this quarter.
Mike Baker: Fair enough. Okay, a couple more questions, since that was such a quick answer. In the past, and you even alluded to it, I think, in the press release, at times when pricing was really high, there's been a situation where you've been more of a buyer than a seller, as people sort of proverbially empty out their closet and sell you back, you know, the gold or silver that they might have in store. And that hurts you guys, or with your profitability. It seems like... Is that what you're referring to in terms of the trading losses in the December quarter, and how does that play out in the March quarter?
Mike Baker: Fair enough. Okay, a couple more questions, since that was such a quick answer. In the past, and you even alluded to it, I think, in the press release, at times when pricing was really high, there's been a situation where you've been more of a buyer than a seller, as people sort of proverbially empty out their closet and sell you back, you know, the gold or silver that they might have in store. And that hurts you guys, or with your profitability. It seems like... Is that what you're referring to in terms of the trading losses in the December quarter, and how does that play out in the March quarter?
Speaker #2: You probably think about that. We're going to have a really good quarter this quarter.
Speaker #6: Fair enough . Okay . couple more A questions . Since I was such a a quick answer in the past . And and you alluded to it , even release , press a at the times when , when pricing was really high , there's been a situation where you've been more of a a as of proverbially empty out their closet you back , you gold or know , the silver that they might have in , in , in , in , in store .
Speaker #6: And , and that hurts you guys and or your profitability . It seems like , is that what you're referring to in terms of the trading losses in , in the December quarter ?
Gregory Roberts: No, I think they're two separate issues. I think that when we're talking about trading headwinds, we're talking about backwardation specifically. And as we've talked about before, Gold.com has historically enjoyed a short position in silver and gold that hedges our position, and with that trade comes contango income, and it gets carried in our interest income. And when you have backwardation, that turns into an expense, you know, an interest expense. So we with everything that's been going on, particularly in silver and the tightness of the market at an institutional level, and you know, our being net short in backwardation, you know, it created a significant expense in Q2 versus Q2 of 2024. So I think that, you know, that answers that question.
Greg Roberts: No, I think they're two separate issues. I think that when we're talking about trading headwinds, we're talking about backwardation specifically. And as we've talked about before, Gold.com has historically enjoyed a short position in silver and gold that hedges our position, and with that trade comes contango income, and it gets carried in our interest income. And when you have backwardation, that turns into an expense, you know, an interest expense. So we with everything that's been going on, particularly in silver and the tightness of the market at an institutional level, and you know, our being net short in backwardation, you know, it created a significant expense in Q2 versus Q2 of 2024. So I think that, you know, that answers that question.
Speaker #6: And how does that play out, in the March quarter?
Speaker #2: No , I think they're two separate issues . I think that that when we're talking about trading headwinds , we're talking about backwardation specifically .
Speaker #2: And as we've talked about before , this Gold.com has historically enjoyed a a short position in silver and gold that hedges our position .
Speaker #2: And with that trade comes contango , income . And it gets carried interest in our income when . And you have backwardation , that turns an expense , you know , an interest expense .
Speaker #2: So we with everything that's been going on , particularly in silver and the tightness of the market at at an institutional level , and , you know , our , our being net short in backwardation , you know , it it created a significant expense in Q2 versus Q2 of 2024 .
Gregory Roberts: As it relates to the buybacks, you know, buybacks are great when your demand is increasing and you have, you know, a significant increase in demand, which is what we're seeing here, you know, in December and what we're seeing in this quarter. And at that point, when product actually starts to become scarce on the silver side, and we have seen a tightening of supply across the silver market, having those buybacks is actually helping us. And the majority of the buybacks coming in today are going to our own DTC platform, so they're being sold off, as opposed to, maybe last quarter, a lot of the buybacks were going out into the wholesale market.
Greg Roberts: As it relates to the buybacks, you know, buybacks are great when your demand is increasing and you have, you know, a significant increase in demand, which is what we're seeing here, you know, in December and what we're seeing in this quarter. And at that point, when product actually starts to become scarce on the silver side, and we have seen a tightening of supply across the silver market, having those buybacks is actually helping us. And the majority of the buybacks coming in today are going to our own DTC platform, so they're being sold off, as opposed to, maybe last quarter, a lot of the buybacks were going out into the wholesale market.
Speaker #2: So I think that that answers that question as it relates to the buybacks . You know , buybacks are great when you're demand is is increasing and you have , you know , a significant increase in demand , which is what we're seeing here .
Speaker #2: You know , in December and what we're seeing in this quarter . And and at that point when product starts to become scarce on the and , side and we have seen a tightening of supply across the silver market , having those buybacks is actually helping us .
Speaker #2: And the majority of the coming in today are going to our own DTC platform. So they're being sold off as opposed to maybe last quarter.
Gregory Roberts: So when we actually need them and premiums are up, and we can, you know, resell 100% of what we're buying back at a retail level, it's going to improve our performance.
Greg Roberts: So when we actually need them and premiums are up, and we can, you know, resell 100% of what we're buying back at a retail level, it's going to improve our performance.
Speaker #2: A lot of buybacks were going out into the wholesale market . So when we actually need them . And premiums are up and we can , you know , resell 100% of what we're buying back at a retail level .
Mike Baker: Yep. That makes perfect sense. Thanks. If I could ask one more, just help with where-
Mike Baker: Yep. That makes perfect sense. Thanks. If I could ask one more, just help with where-
Speaker #2: It's going to performance .
Gregory Roberts: Mm-hmm.
Mike Baker: And how does the Tether acquisition, where does that show up in the P&L going forward, or the Tether investment, I should say, in terms of storage? How does that impact your profitability? Remind us how big that business is for you guys in terms of profits and what, you know, what that deal could do for that line item.
Mike Baker: And how does the Tether acquisition, where does that show up in the P&L going forward, or the Tether investment, I should say, in terms of storage? How does that impact your profitability? Remind us how big that business is for you guys in terms of profits and what, you know, what that deal could do for that line item.
Speaker #6: Yep . That that makes perfect sense . Thanks . If I could ask one more . Just just help with where and how does the tether acquisition how where does that show up in in the PNL going forward or the tether investment ?
Speaker #6: I should say , in terms of storage ? How does that impact your profitability ? Remind us how big that business is for you guys in terms of what profits you know , what what that that deal could , could do for that line item .
Gregory Roberts: Well, I think, if you look at the fact that we're bringing in $150 million of fresh money, as well as a gold lease, which will provide more liquidity for us, you know, my anticipation is that you're gonna see a significant drop in our interest expense and our dollar borrowings. If you look at our dollar borrowings, we're paying 6% to 7% for our dollar lines. The less we can be reliant right now on those dollar lines, and the more we can utilize gold leases for liquidity, which are at a much lower rate, we're gonna see an immediate impact. So, you know, it's a very good thing.
Greg Roberts: Well, I think, if you look at the fact that we're bringing in $150 million of fresh money, as well as a gold lease, which will provide more liquidity for us, you know, my anticipation is that you're gonna see a significant drop in our interest expense and our dollar borrowings. If you look at our dollar borrowings, we're paying 6% to 7% for our dollar lines. The less we can be reliant right now on those dollar lines, and the more we can utilize gold leases for liquidity, which are at a much lower rate, we're gonna see an immediate impact. So, you know, it's a very good thing.
Speaker #2: Well , I think if you look at the fact that we're , we're , we're bringing in $150 million of , of fresh money as well as a gold lease , which will provide more liquidity for us .
Speaker #2: You know , my anticipation is , is you're going that to see a significant drop our in our interest our expense and dollar borrowings .
Speaker #2: If at our you look dollar borrowings , we're paying for our 6 to 7% for dollar lines . The less we can be reliant dollar on those lines we right now and the more utilize can leases gold for liquidity , which are at a much lower .
Gregory Roberts: If you just throw everything else out, and you just take the interest expense, benefits we're gonna see from this transaction, it's a significant amount of money.
Greg Roberts: If you just throw everything else out, and you just take the interest expense, benefits we're gonna see from this transaction, it's a significant amount of money.
Speaker #2: rate going to see an impact . immediate We're , you know , So very good it's a thing . just throw If you everything else out and take just the expense interest you to see from we're going this transaction .
Mike Baker: Perfect. Thank you.
Mike Baker: Perfect. Thank you.
Operator: Thank you. The next question will be from Craig Irwin from Roth Capital. Craig, your line is live.
Operator: Thank you. The next question will be from Craig Irwin from Roth Capital. Craig, your line is live.
Speaker #2: A benefits amount—it's a significant sum of money.
Speaker #2: .
Speaker #6: you
Craig Irwin: Thank you. Good evening. So Greg, you know, over the last number of weeks, a few of your smaller private competitors have talked publicly about challenges keeping some of their most popular SKUs in inventory. Now, I know you deal with, you know, more than 12,000 SKUs, but can you maybe comment on your ability to keep products in inventory as we're seeing this surge in demand? And if you do touch on the captive mint capacity, can you maybe talk a little bit about your combined monthly production capacity in ounces?
Craig Irwin: Thank you. Good evening. So Greg, you know, over the last number of weeks, a few of your smaller private competitors have talked publicly about challenges keeping some of their most popular SKUs in inventory. Now, I know you deal with, you know, more than 12,000 SKUs, but can you maybe comment on your ability to keep products in inventory as we're seeing this surge in demand? And if you do touch on the captive mint capacity, can you maybe talk a little bit about your combined monthly production capacity in ounces?
Speaker #6: .
Speaker #1: you . The question will be from Perfect .
Speaker #1: Craig Thank next Erwin from Greg , Roth Capital . Thank is live .
Speaker #1: your line
Speaker #7: . So , know , Greg , you evening over the last number of Thank weeks , a you . Good few of private smaller your competitors talked publicly about have challenges keeping some of their most SKUs in popular inventory .
Speaker #7: know you deal more Now , I with than 12,000 SKUs , but can comment you maybe on your to keep inventory products and ability as we're seeing in demand if you ?
Speaker #7: do this surge touch on the the captive And capacity , bit maybe talk a little can you your your combined monthly about production capacity announces .
Gregory Roberts: Yeah. I mean, I don't have the exact numbers in front of me, but I can tell you that having our balance sheet and having two mints available to us is going to allow us to sell more products than our competitors. And there's no, there's nobody really even close. You know, probably midsummer last year, we had production at the SilverTowne Mint in the 200,000 ounces a week rate for silver, small silver products. We anticipate we're gonna sell, we're gonna manufacture over 800,000 ounces this week. So, you know, demand creates supply, and we have a, you know, we have an option on supply, so having these mints is very important.
Greg Roberts: Yeah. I mean, I don't have the exact numbers in front of me, but I can tell you that having our balance sheet and having two mints available to us is going to allow us to sell more products than our competitors. And there's no, there's nobody really even close. You know, probably midsummer last year, we had production at the SilverTowne Mint in the 200,000 ounces a week rate for silver, small silver products. We anticipate we're gonna sell, we're gonna manufacture over 800,000 ounces this week. So, you know, demand creates supply, and we have a, you know, we have an option on supply, so having these mints is very important.
Speaker #2: I mean , I don't have the numbers in front of me , but I Yeah , can tell you that exact balance sheet two mints having our available and having to us to is going allow us to more products than our competitors , sell no and there's no there's even close really nobody probably know .
Speaker #2: I mean , I don't have the numbers in front of me , but I Yeah , can tell you that exact balance sheet two mints having our available and having to us to is going allow us to more products than our competitors , sell no and there's no there's even close really nobody probably know . , are mid-summer last year last You production had Silvertown we men in at the the 200,000oz a week rate for silver , small silver products for .
Speaker #2: we're going to going to sell . We're We anticipate manufacture week . over So , you 800,000oz this know , demand creates supply have you know , a an option we have on supply .
Speaker #2: . And we these So having mints is very . Now that important doesn't mean we're not going to Silver Eagles our at our because silver Eagles are on platforms allocation there's .
Gregory Roberts: Now, that doesn't mean we're not gonna run out of Silver Eagles at our platforms, because Silver Eagles are on allocation, and there's only so many being minted right now. But when Silver Eagles do go on allocation and become scarce, customers tend to buy our other private mint products. So, there's a direct correlation, and I believe that, you know, although we're not trying to maintain 12,000 SKUs right now, we're trying to maintain a core group of SKUs that everybody wants, that we can, you know, we can deliver. We have still faced some of the challenges that our competitors have in a small scale, just on delayed delivery.
Greg Roberts: Now, that doesn't mean we're not gonna run out of Silver Eagles at our platforms, because Silver Eagles are on allocation, and there's only so many being minted right now. But when Silver Eagles do go on allocation and become scarce, customers tend to buy our other private mint products. So, there's a direct correlation, and I believe that, you know, although we're not trying to maintain 12,000 SKUs right now, we're trying to maintain a core group of SKUs that everybody wants, that we can, you know, we can deliver. We have still faced some of the challenges that our competitors have in a small scale, just on delayed delivery.
Speaker #2: many only so being minted right And now . but But when silver eagles do go on and allocation become but scarce , customers tend to buy our other mint So private products .
Speaker #2: direct correlation . And there's a I believe that although we're , you know , not trying to maintain 12,000 SKUs right now , we're trying to a maintain group of core everybody wants that can you know , we deliver we can SKUs that .
Speaker #2: still some of the We have competitors have small that our scale , just in a on , on challenges delayed delivery . So we do have a little bit higher now of what percentage right we call pre-orders that that are customers committing and paying for product , that that knowing we , you know , we there will delay be a slight in delivery .
Gregory Roberts: So we do have a little bit higher percentage right now of what we call pre-orders, that are customers committing and paying for product, knowing that we, you know, we disclose to them there'll be a slight delay in delivery. So we're balancing through that. But I do believe we're taking market share right now, and I do believe, you know, I've always believed we're better than everybody else.
Greg Roberts: So we do have a little bit higher percentage right now of what we call pre-orders, that are customers committing and paying for product, knowing that we, you know, we disclose to them there'll be a slight delay in delivery. So we're balancing through that. But I do believe we're taking market share right now, and I do believe, you know, I've always believed we're better than everybody else.
Speaker #2: So we're balancing through that . But I do believe we're taking market share right now . And I do believe , you know , I've believed we're better always than everybody else .
Craig Irwin: Excellent, excellent. So then I wanted to ask about the throughput capacity at AMGL. So yesterday, I visited the facility with Steve Reiner.
Craig Irwin: Excellent, excellent. So then I wanted to ask about the throughput capacity at AMGL. So yesterday, I visited the facility with Steve Reiner.
Speaker #7: Excellent, excellent. So, wanted to ask about the, then, I throughput at capacity yesterday, Amga. So, I, the, with facility, visited Steve Reiner.
Gregory Roberts: Yep.
Craig Irwin: The last time I had visited that facility, you had actually just hit about 100,000 packages in one month, which is just a mind-blowing number. Now, the level of automation in that facility is something that is kind of like night and day, as far as, you know, how well organized and how precise everything Brian has the whole facility running. You know, with the roughly 25% to 30% capacity increases as far as throughput, you still have a number of initiatives that you're in the process of implementing there that will improve efficiency further. Can you maybe talk about, you know, what your goal is as far as monthly throughput or what your aspirations are?
Greg Roberts: Yep.
Craig Irwin: The last time I had visited that facility, you had actually just hit about 100,000 packages in one month, which is just a mind-blowing number. Now, the level of automation in that facility is something that is kind of like night and day, as far as, you know, how well organized and how precise everything Brian has the whole facility running. You know, with the roughly 25% to 30% capacity increases as far as throughput, you still have a number of initiatives that you're in the process of implementing there that will improve efficiency further. Can you maybe talk about, you know, what your goal is as far as monthly throughput or what your aspirations are?
Speaker #7: last I had time And the facility , visited that you had hit just actually about 100 , 100,000 packages in one just a is month , which mind blowing number now the .
Speaker #7: level of automation that facility something that is kind of And day like night and as is as far you know , how well organized and how precise everything Brian has has the whole , you running facility know , with roughly 25 to 30% capacity increases throughput , as far you number of still have a as you're in the process of implementing .
Speaker #7: There initiatives that that will improve efficiency further you maybe . Can talk about , you know , what your your , is as your goal as , as far monthly or throughput what your aspirations are .
Craig Irwin: What would it take for you to put a similar logistics facility in Europe or in Asia to capture the local production, local shipment synergies that come from what you've developed in Las Vegas?
Craig Irwin: What would it take for you to put a similar logistics facility in Europe or in Asia to capture the local production, local shipment synergies that come from what you've developed in Las Vegas?
Speaker #7: And then what would it take you ? What would it take for you to logistics facility in Europe in or in Asia to capture on the the local production , local shipment synergies that come from what you've developed in Las Vegas ?
Gregory Roberts: Yeah, you know, like I said earlier on this call, you know, we were in excess of 120,000 packages in December. You know, I would anticipate that we'll be in the 275 range for December and January. And I think that, you know, those are gonna be, you know, likely our two busiest months. We still have automation that is coming online. We're still improving software and APIs, and the ability for customers to direct shipments more efficiently. And I think there's room to grow in that facility.
Greg Roberts: Yeah, you know, like I said earlier on this call, you know, we were in excess of 120,000 packages in December. You know, I would anticipate that we'll be in the 275 range for December and January. And I think that, you know, those are gonna be, you know, likely our two busiest months. We still have automation that is coming online. We're still improving software and APIs, and the ability for customers to direct shipments more efficiently. And I think there's room to grow in that facility.
Speaker #2: Yeah , I you know , like I said earlier on this call , you know , I we were in in excess 120,000 packages in of December .
Speaker #2: You know , I would anticipate that we'll be in the 275 range for December and January . And I are going think you know , those to be know that , , you our two busiest months .
Speaker #2: have still We is coming online . automation that We're still improving software and APIs and the ability for customers to direct shipments more efficiently .
Gregory Roberts: I would think that with that, you know, within a few months or 6 months, when everything that we have planned for is online, you know, we should be easily able to ship 150,000 packages a month, which would be a phenomenal number. You know, would be a very impressive accomplishment. As it relates to other facilities, you know, as you can probably imagine walking through this place, it's a very large capital commitment, which we made, and we committed to, and we continued to expand even when things were slow. So, you know, we're hoping we're gonna benefit from that gamble and benefit from the rewards of being committed to that facility.
Greg Roberts: I would think that with that, you know, within a few months or 6 months, when everything that we have planned for is online, you know, we should be easily able to ship 150,000 packages a month, which would be a phenomenal number. You know, would be a very impressive accomplishment. As it relates to other facilities, you know, as you can probably imagine walking through this place, it's a very large capital commitment, which we made, and we committed to, and we continued to expand even when things were slow. So, you know, we're hoping we're gonna benefit from that gamble and benefit from the rewards of being committed to that facility.
Speaker #2: And I think there's there's room to grow in that facility . I would think that with , you know , within a few months or six months when everything is that we have planned for is online , you know , should we be easily able ship to 150,000 packages a month , which would be a phenomenal number .
Speaker #2: And , you know , would be a impressive very accomplishment as relates it other to facilities . You know , probably as you imagine , can place through this walking , it's a very large capital commitment , we which to committed made and we and we expand continue to even when were slow .
Speaker #2: So things hoping , you know , we're we're going to benefit from that gamble . And benefit from the rewards of of being committed to that facility .
Gregory Roberts: But, to stand up another facility like it, in Europe or somewhere else, pretty big capital commitment and a pretty big, you know, it's a pretty big project. And at the moment, I just don't see outside of the US, a real need for small package delivery at these quantities. It is somewhat... You know, although we do ship from Vegas to all parts of the world, I don't know that, at the moment, we would need to tie up inventory and tie up capital in a facility this size, outside of the US.
Greg Roberts: But, to stand up another facility like it, in Europe or somewhere else, pretty big capital commitment and a pretty big, you know, it's a pretty big project. And at the moment, I just don't see outside of the US, a real need for small package delivery at these quantities. It is somewhat... You know, although we do ship from Vegas to all parts of the world, I don't know that, at the moment, we would need to tie up inventory and tie up capital in a facility this size, outside of the US.
Speaker #2: But to stand up another facility like it in Europe or or somewhere else , pretty big capital and a commitment big , you know , it's a pretty , pretty big project .
Speaker #2: And at the moment I just don't see outside of the US a real need for package small delivery at these quantities . It is somewhat , you know , although we do ship from Vegas to all parts of the world .
Speaker #2: I don't know that at the moment. We would need to tie up inventory and tie capital in, in a facility this size, outside of the US.
Craig Irwin: Understood. That makes a lot of sense. And then if I could just slip in another question. So, sometimes GAAP EPS and the one-time items in GAAP EPS ends up being important, and I think that might be the case this quarter. Your non-controlling items in Q2 of -$1.892 million, it's a deviation from what's generally been a, you know, a positive contribution over the last several quarters. You know, was there anything specific at one of your equity investments that you can possibly call out for us so that we can understand, you know, this impact on GAAP earnings, and you know, whether or not this is transitory or something that can repeat?
Craig Irwin: Understood. That makes a lot of sense. And then if I could just slip in another question. So, sometimes GAAP EPS and the one-time items in GAAP EPS ends up being important, and I think that might be the case this quarter. Your non-controlling items in Q2 of -$1.892 million, it's a deviation from what's generally been a, you know, a positive contribution over the last several quarters. You know, was there anything specific at one of your equity investments that you can possibly call out for us so that we can understand, you know, this impact on GAAP earnings, and you know, whether or not this is transitory or something that can repeat?
Speaker #7: Understood that . That makes a lot of sense . I could just And then if slip in another question . So sometimes GAAP EPs and the one time items and GAAP EPs ends up ends up being important .
Speaker #7: And I think that might be the case this quarter . Your items in the second quarter of negative 1.892 million . It's a from what's deviation generally been know , a a , you positive contribution over the last several quarters .
Speaker #7: there You know , any anything specific at one of your equity investments that you can possibly out for us ? call So that we can we can understand , you know , this , this impact on GAAP earnings and , you know , not this whether or transitory or is something that can repeat
Gregory Roberts: Well, probably the key issue that we dealt with in this quarter was Sunshine Mint, which we do have a minority interest in. They shut down their facility in Idaho and consolidated everything in Las Vegas. And, you know, the timing of that, you know, may not have been perfect because they consciously did it when they were slowing down, and then things picked up. So there's been a little bit of a whip saw there for them, but I think that that's probably, you know, the area that I would expect, you know, where these numbers are coming from. I consider it an anomaly. I think Sunshine is, you know, having a very good start to this quarter. A lot of it also has to do with demand at the US Mint.
Greg Roberts: Well, probably the key issue that we dealt with in this quarter was Sunshine Mint, which we do have a minority interest in. They shut down their facility in Idaho and consolidated everything in Las Vegas. And, you know, the timing of that, you know, may not have been perfect because they consciously did it when they were slowing down, and then things picked up. So there's been a little bit of a whip saw there for them, but I think that that's probably, you know, the area that I would expect, you know, where these numbers are coming from. I consider it an anomaly. I think Sunshine is, you know, having a very good start to this quarter. A lot of it also has to do with demand at the US Mint.
Speaker #7: .
Speaker #2: key the probably issue the with that we dealt quarter in this sunshine was Mint , which we do have a minority interest in shut down their .
Speaker #2: facility in everything in Vegas . And know , , you They timing of the may you that , know , may not have been perfect because consciously did it when they were down .
Speaker #2: slowing And then things picked up . So there had been a little bit of a whiplash whipsaw there for them . think that that's But I probably know , , you the area that I would expect , you know , where these numbers are coming from .
Speaker #2: I consider it I anomaly . think sunshine is , you know , having a very good start to this A quarter . it also has to lot of do with demand at the US mint .
Gregory Roberts: And because Sunshine makes blanks for the US Mint, and that is, you know, one of their key businesses, and they're geared for that and reliant on that customer, when the US Mint slows down, they're gonna have some negative results. But I do believe that, you know, we've got most of that behind us, and they're looking better this quarter.
Greg Roberts: And because Sunshine makes blanks for the US Mint, and that is, you know, one of their key businesses, and they're geared for that and reliant on that customer, when the US Mint slows down, they're gonna have some negative results. But I do believe that, you know, we've got most of that behind us, and they're looking better this quarter.
Speaker #2: And because makes blanks for the sunshine US mint , and that is , you know , one of their key businesses and they're geared for that .
Speaker #2: And relying on that customer . When the US mint slows they're going to down have some negative results . But I do that , you got a little know , we've most of we've got that believe behind us .
Craig Irwin: Excellent. Thanks again for taking my questions, and congratulations on this nice, nice, big investment.
Craig Irwin: Excellent. Thanks again for taking my questions, and congratulations on this nice, nice, big investment.
Speaker #2: And looking better this they're quarter .
Gregory Roberts: Thank you.
Greg Roberts: Thank you.
Speaker #7: Thanks again for taking my questions . And Excellent . big nice investment congratulations on this nice ,
Operator: Thank you. As a reminder, once again, it is star one if you wish to ask a question today. The next question is coming from Cy Jacobs, from Jacobs Asset Management. Your line is live.
Operator: Thank you. As a reminder, once again, it is star one if you wish to ask a question today. The next question is coming from Sy Jacobs, from Jacobs Asset Management. Your line is live.
Speaker #7: .
Speaker #1: as a is you . again it And star one . a Thank If you wish to ask question you today , . Thank the next coming from Jacobs Cy from question is Jacobs Management .
Speaker #1: reminder once
Cy Jacobs: Hey, Greg.
Sy Jacobs: Hey, Greg.
Gregory Roberts: Hi, Cy.
Greg Roberts: Hi, Sy.
Cy Jacobs: So I appreciate the rare, and really bullish forward-looking statement in response to the first, questioner about, the swing up in margins. So my question will be really easy because I'm asking for a historical number, which was about when you talked about how the sort of prolonged and protracted, and atypical, backwardation in the silver market, caused hedge losses, but that it's now moved back at least to slight contango. Can you quantify, in dollars, either the Q2 or the past year or whatever time period you want to be, just to give us a sense for how much the backwardation actually cost? And once it goes back to contango, does that swing from a negative number to a positive number?
Sy Jacobs: So I appreciate the rare, and really bullish forward-looking statement in response to the first, questioner about, the swing up in margins. So my question will be really easy because I'm asking for a historical number, which was about when you talked about how the sort of prolonged and protracted, and atypical, backwardation in the silver market, caused hedge losses, but that it's now moved back at least to slight contango. Can you quantify, in dollars, either the Q2 or the past year or whatever time period you want to be, just to give us a sense for how much the backwardation actually cost? And once it goes back to contango, does that swing from a negative number to a positive number?
Speaker #1: Your line is live .
Speaker #8: Greg .
Speaker #2: Cy Hey .
Speaker #8: appreciate the I Hi , rare and really bullish , forward statement in So looking to the response first question about the up swing in margins my be .
Speaker #8: question would because I'm asking really easy for So historical number a , which was about when you talked about how the sort of prolonged and protracted atypical backwardation in silver market caused hedge losses , but that it's moved back at least to a slight contango .
Speaker #8: Can you quantify in dollars either for the either the second quarter or the past year , or whatever time period you want to be ?
Speaker #8: Just to give us a for how much sense the backwardation actually cost . And once it back to goes contango , 20 from a negative number to that a positive does number ?
Gregory Roberts: Yeah, I mean, I think it's a little. It's a good, great question. And it's the numbers are a little bit masked because they get blended with other interest expense or interest income, and they're spread out a little bit. But I think a fair comparison, if you were gonna compare October, November, December, in calendar 2024 versus the quarter we're talking about right now. I think we probably swung just to roughly, I bet we swung from about a $6 million gain from contango in December of 2024 to a $5 or 6 million dollar loss in Q2 of calendar 2025. So it's about a year-over-year, same quarter, it was a ten, probably a $10 to 12 million dollar swing. So obviously, that's pretty material, and it's extremely material when we're slow.
Greg Roberts: Yeah, I mean, I think it's a little. It's a good, great question. And it's the numbers are a little bit masked because they get blended with other interest expense or interest income, and they're spread out a little bit. But I think a fair comparison, if you were gonna compare October, November, December, in calendar 2024 versus the quarter we're talking about right now. I think we probably swung just to roughly, I bet we swung from about a $6 million gain from contango in December of 2024 to a $5 or 6 million dollar loss in Q2 of calendar 2025. So it's about a year-over-year, same quarter, it was a ten, probably a $10 to 12 million dollar swing. So obviously, that's pretty material, and it's extremely material when we're slow.
Speaker #2: Yeah . I mean , I a little a great it's And question . it's the numbers are a little bit masked because other interest blended with they get interest income .
Speaker #2: And they're spread out a little bit . But I think a fair comparison , if you were going to compare . October , November , December calendar in 2024 versus the quarter , we're talking about right now , I think we probably swung just I bet roughly .
Speaker #2: from about a from $6 million gain contango in December of 24 to a in 5 or $6 million loss of calendar 25 . So it's about a year over year , same quarter .
Speaker #2: It was a probably a 10 to $12 million swing . So obviously that's pretty material . And it's material . When we're slow .
Gregory Roberts: And to have that swing back to—I mean, it's not back to where the contango was in 2024, but at this point, we were just happy to see, you know, it, it, it's swinging back towards a positive. So, you know, we're, we're hoping that, that that continues. But, you know, when you have this kind of volatility in silver and, you know, we've had two kind of black swan events in the last week and a half, where silver was down $20 in one session, and then it was up $10, and it was back down $10, you know, in the last 24 hours.
Greg Roberts: And to have that swing back to—I mean, it's not back to where the contango was in 2024, but at this point, we were just happy to see, you know, it, it, it's swinging back towards a positive. So, you know, we're, we're hoping that, that that continues. But, you know, when you have this kind of volatility in silver and, you know, we've had two kind of black swan events in the last week and a half, where silver was down $20 in one session, and then it was up $10, and it was back down $10, you know, in the last 24 hours.
Speaker #2: have And to swing back I mean , to it's the to where contango was in 24 , but at this point just happy to you know , it's back towards a positive .
Speaker #2: So swinging , you know , we're hoping that that that continues . But you know , when you have this kind of volatility in silver and you know we've had two kind of black swan in the events last week half where and a down $20 in one session .
Speaker #2: And silver was then it was up $10 and it was back down $10 . know , You in the 24 hours , last the silver market is very volatile right now .
Gregory Roberts: The silver market is very volatile right now, and the lending of silver, which is critical to us, which is silver leasing, you know, at these higher numbers, you know, it can be a big deal. And to be quite honest, you know, silver at $100 and gold at $5,000, as we've talked about before, it causes us a significant increase in the amount of dollars we need to manage those positions. To this point, we have been successful, and we've been able to move capital around, and we've been able to, you know, manage through these numbers.
Greg Roberts: The silver market is very volatile right now, and the lending of silver, which is critical to us, which is silver leasing, you know, at these higher numbers, you know, it can be a big deal. And to be quite honest, you know, silver at $100 and gold at $5,000, as we've talked about before, it causes us a significant increase in the amount of dollars we need to manage those positions. To this point, we have been successful, and we've been able to move capital around, and we've been able to, you know, manage through these numbers.
Speaker #2: And the lending of silver , which is critical to us , which is silver leasing , you know , at these higher numbers , you know , it can be a big deal .
Speaker #2: And to be quite honest , you know , silver at $100 5000 , as we've at about it before , causes us a significant increase in the amount of dollars we need to manage those positions this .
Speaker #2: To point , we have been successful and we've been able to move capital around , and we've been able to , you know , manage through these numbers .
Gregory Roberts: But it is a bit of a stress when the numbers are this big, which, you know, to be quite honest, this relationship with Tether, and what we're going to benefit with them from the investment and the gold lease, it's gonna really give us a lot more liquidity and be prepared, you know, in the event gold goes to $7,000 or silver goes to, you know, $150. I'm not saying that's gonna happen, but, you know, in my world, you really have to be prepared for anything because, you know, every morning you wake up not knowing which direction it's going right now. So, I think, the strategic investment from Tether was important in this area also.
Greg Roberts: But it is a bit of a stress when the numbers are this big, which, you know, to be quite honest, this relationship with Tether, and what we're going to benefit with them from the investment and the gold lease, it's gonna really give us a lot more liquidity and be prepared, you know, in the event gold goes to $7,000 or silver goes to, you know, $150. I'm not saying that's gonna happen, but, you know, in my world, you really have to be prepared for anything because, you know, every morning you wake up not knowing which direction it's going right now. So, I think, the strategic investment from Tether was important in this area also.
Speaker #2: But it is a bit of a stress when the numbers are this big , which you know , to be quite honest , this relationship with tether and what we're going to with benefit them from the investment and the gold lease , it's going to really give us a lot more liquidity and be prepared , you know , in the event gold to goes 7000 or silver goes to 150 , I'm not saying that's going to happen , but you know , in my world , you really have to be prepared for anything because you know , every morning you wake up not knowing which direction it's going So right now .
Speaker #2: think strategic the the from tether was , was important this investment in area . Also .
Cy Jacobs: Thank you, Greg. And then one follow-up question. You've talked about the Tether agreement helping in one area, as in that they're gonna become a storage customer, in another area, the $150 million of equity capital and $100 million of lines, which will replace other expensive lines. What are some of the other commercial opportunities here? It strikes me that they're, you know, a buyer and inevitable seller at times of gold to back their stable coin. Is Gold.com in a position to be their agent, broker, dealer in any way that's gonna help your volumes?
Sy Jacobs: Thank you, Greg. And then one follow-up question. You've talked about the Tether agreement helping in one area, as in that they're gonna become a storage customer, in another area, the $150 million of equity capital and $100 million of lines, which will replace other expensive lines. What are some of the other commercial opportunities here? It strikes me that they're, you know, a buyer and inevitable seller at times of gold to back their stable coin. Is Gold.com in a position to be their agent, broker, dealer in any way that's gonna help your volumes?
Speaker #8: And then one And then one follow up question you've about talked the tether agreement helping in one area , as that in to be a storage customer in another area .
Speaker #8: The $150 million of equity and capital lines , $100 million of which will replace other expensive lines . Are there any what are some of the other commercial opportunities here ?
Speaker #8: It that they're strikes me buyer a and inevitably seller at times of of gold to back their stablecoin is Gold.com in a position to be there agent , broker , dealer in any going to help your way that's volumes .
Gregory Roberts: I see a lot of opportunity in areas that you can imagine we can help them with or they can help us with. I think that the beauty of this relationship is, from every discussion I've had with them, it's been a real two-way street. I think there's things they can help us with. I think there's things we can help them with. You know, they're a huge, huge company, you know, everybody knows this, you know, this business, and the size of the gold, the size of the treasuries, and just the performance of Tether that's, you know, been published out there.
Greg Roberts: I see a lot of opportunity in areas that you can imagine we can help them with or they can help us with. I think that the beauty of this relationship is, from every discussion I've had with them, it's been a real two-way street. I think there's things they can help us with. I think there's things we can help them with. You know, they're a huge, huge company, you know, everybody knows this, you know, this business, and the size of the gold, the size of the treasuries, and just the performance of Tether that's, you know, been published out there.
Speaker #2: I see a lot of opportunity in areas that you can imagine . We we can help them with , or they can help with .
Speaker #2: us I think beauty of this that the relationship is from every discussion I've with them , had it's been a real two way street .
Speaker #2: think there's things they can help us I there's with . I think things can we with help them know , . You they're a huge company .
Speaker #2: As you know , huge , knows this . You this know , this , business . And the the size of the size of the treasuries .
Speaker #2: As you know , huge , knows this . You this know , this , business . And the the size of the size of the treasuries gold , the And the just the performance of tether .
Gregory Roberts: I'm very excited about this relationship, and I do think there's another number of opportunities that have been discussed but not yet formalized that I think will be very beneficial for Gold.com as well as for Tether.
Greg Roberts: I'm very excited about this relationship, and I do think there's another number of opportunities that have been discussed but not yet formalized that I think will be very beneficial for Gold.com as well as for Tether.
Speaker #2: It's , you know , been there out . I'm very published excited about this relationship . And I do there's think number of number of a opportunities been discussed , but not yet that have formalized , that I think will be beneficial for for very Gold.com as well as for tether .
Cy Jacobs: Okay. Thank you.
Sy Jacobs: Okay. Thank you.
Gregory Roberts: Thank you.
Greg Roberts: Thank you.
Operator: Thank you. The next question is coming from Greg Gibbs, from Northern Trust Securities. Greg, your line is live.
Operator: Thank you. The next question is coming from Greg Gibbs, from Northern Trust Securities. Greg, your line is live.
Speaker #8: Okay . you Thank .
Speaker #2: you
Speaker #1: question Gibbs from next is coming . Thank Thank Ireland Securities . Northern Greg , live .
Greg Gibbs: Hey, thanks, Greg, for taking the questions. Congrats on the Tether announcement. And wanted to kind of follow up on that strategic investment by Tether. You know, wondering where you see that relationship going, going forward. You know, do you see it expanding further by chance?
Greg Gibbs: Hey, thanks, Greg, for taking the questions. Congrats on the Tether announcement. And wanted to kind of follow up on that strategic investment by Tether. You know, wondering where you see that relationship going, going forward. You know, do you see it expanding further by chance?
Speaker #1: from Greg
Speaker #1: is
Speaker #8: questions for taking the Greg , thanks , on the Hey , wanted to announcement . And tether up on . Congrats that strategic kind of follow tether investment by wondering where you see that .
Speaker #8: relationship You know , going going Do you see it expanding further chance by ?
Gregory Roberts: Yeah, I mean, I think, you know, we put out in the press release that we believe the gold leasing, storage, and utilizing the Tether stablecoins as a currency on our retail platforms is a great opportunity. You know, we've previously announced a Gold.com credit card that we're developing. I think there may be some opportunity there with Tether. And I think that, you know, we have been trading gold for 40 years, and I think that, you know, Tether will be looking for opportunities where, you know, they can expand their business, and they can grow what they're doing.
Greg Roberts: Yeah, I mean, I think, you know, we put out in the press release that we believe the gold leasing, storage, and utilizing the Tether stablecoins as a currency on our retail platforms is a great opportunity. You know, we've previously announced a Gold.com credit card that we're developing. I think there may be some opportunity there with Tether. And I think that, you know, we have been trading gold for 40 years, and I think that, you know, Tether will be looking for opportunities where, you know, they can expand their business, and they can grow what they're doing.
Speaker #2: Yeah , you know , think , we put we out in the I mean , I press release that we believe the , the gold leasing storage and and , utilizing the stablecoins tether retail as a currency on our platforms is a great is opportunity .
Speaker #2: You know, we've previously announced a Gold.com credit card that we're developing. I think there may be some opportunity there with Tether.
Speaker #2: And I think that , you know , have been we trading gold 40 for years , and I think that , you know , tether will be looking for opportunities where , you know , they can expand their business and can grow what they're they doing .
Gregory Roberts: I think they identified Gold.com, you know, when they approached us. I think they identified us as a great partner that, you know, there's plenty of opportunity, and I agree with that.
Greg Roberts: I think they identified Gold.com, you know, when they approached us. I think they identified us as a great partner that, you know, there's plenty of opportunity, and I agree with that.
Speaker #2: And I think they identified Gold.com , you know , when they approached us , I think they identified us as a great partner that , you know , there's plenty of opportunity .
Greg Gibbs: ... Got it. That's helpful. And you know, wondering if you could kind of speak to or elaborate on your mint production volume and all the investments there, and the ability to ramp that up. You know, how kind of that's positioned to meet demand, and what we're seeing in terms of the increase in demand for silver?
Greg Gibbs: ... Got it. That's helpful. And you know, wondering if you could kind of speak to or elaborate on your mint production volume and all the investments there, and the ability to ramp that up. You know, how kind of that's positioned to meet demand, and what we're seeing in terms of the increase in demand for silver?
Speaker #2: And I agree with that .
Speaker #8: it . That's Got helpful . And could kind of wondering if you speak elaborate to or mint on your production volume . You know , all the investments there and the ability to ramp that up .
Speaker #8: You know . How kind of that's positioned to meet demand and what we're seeing in terms of the increase in silver .
Gregory Roberts: Yeah, I mean, you know, it's a feast or famine business, the silver minting business. You know, we intentionally, and we had, it was necessary for us back in July, August, and September, that we had to really pull back. We had to cut some costs. We had to, unfortunately, let some people go, and we got down to really, you know, barely utilizing 1 shift a day. In the past, we've been 3 shifts a day at SilverTowne, 24/7. You know, you can imagine in today's labor market, it just is a little bit tougher to snap on and off talent that you need, that has any experience in minting 1-ounce silver rounds.
Greg Roberts: Yeah, I mean, you know, it's a feast or famine business, the silver minting business. You know, we intentionally, and we had, it was necessary for us back in July, August, and September, that we had to really pull back. We had to cut some costs. We had to, unfortunately, let some people go, and we got down to really, you know, barely utilizing 1 shift a day. In the past, we've been 3 shifts a day at SilverTowne, 24/7. You know, you can imagine in today's labor market, it just is a little bit tougher to snap on and off talent that you need, that has any experience in minting 1-ounce silver rounds.
Speaker #2: Yeah , I mean , you a know , it's it's a feast or business . The silver minting business famine , you know , we we intentionally and , we we it was necessary for in August we had to and July and September that pull back .
Speaker #2: had to We we had costs . to cut some We had to . some Unfortunately , let people go and we we got to , down to really , you know , barely utilizing one shift a day in the past , we've been three shifts a day at Silvertown , 24 over seven , you know , you can imagine in today's labor market , it just is a little bit tougher to snap on and off talent that you need has .
Gregory Roberts: So I think Jamie Meadows, who runs SilverTowne Mint, has done a fantastic job. He's ramped up very quickly. I think our liquidity and our ability to provide feedstock to the SilverTowne Mint has been exceptional, and I think we're getting him enough silver to make. But there are a lot of factors in what that top-line number comes out to. I think it depends a bit on whether or not this demand we're seeing right now continues. Again, I said it, we should be having a very good quarter this quarter, but we're only, you know, 35 days into it. And we've seen before where these bull markets or these hot markets can turn very quickly.
Greg Roberts: So I think Jamie Meadows, who runs SilverTowne Mint, has done a fantastic job. He's ramped up very quickly. I think our liquidity and our ability to provide feedstock to the SilverTowne Mint has been exceptional, and I think we're getting him enough silver to make. But there are a lot of factors in what that top-line number comes out to. I think it depends a bit on whether or not this demand we're seeing right now continues. Again, I said it, we should be having a very good quarter this quarter, but we're only, you know, 35 days into it. And we've seen before where these bull markets or these hot markets can turn very quickly.
Speaker #2: any That experience in minting one ounce silver rounds . So I think we Jamie Meadows , who runs Silvertown Men , has done a fantastic job .
Speaker #2: He's ramped up very quickly. I think our liquidity and our ability to feed stock to the Silvertown Mint has been exceptional, and I think we're getting him enough silver to make.
Speaker #2: But there are a lot of factors in what that top line out number I to . think it depends a on bit whether or not this demand now seeing right we're continues .
Speaker #2: Again , I , I we're going to we should be having a very good quarter this quarter . But we're only , you know , 35 days into it .
Speaker #2: And we've seen before where these bull markets or hot markets—these can turn very quickly. So I think we're being careful and we're being very cautious as we ramp back up at Silvertown.
Gregory Roberts: So I think we're careful, and we're being very cautious as we ramp back up at SilverTowne and Sunshine. But I think there was a week, a year or a year and a half ago, where they turned out a million and three ounces in a week, and I think that was kind of the peak. So we're not there yet, and we're trying to get back to 900. But as you can imagine, it's going from 200 or 250 a week to even just 900, you know, there's a lot of juggling.
Greg Roberts: So I think we're careful, and we're being very cautious as we ramp back up at SilverTowne and Sunshine. But I think there was a week, a year or a year and a half ago, where they turned out a million and three ounces in a week, and I think that was kind of the peak. So we're not there yet, and we're trying to get back to 900. But as you can imagine, it's going from 200 or 250 a week to even just 900, you know, there's a lot of juggling.
Speaker #2: And Sunshine . But I think there was a I think there was a week a year or year and a half ago where they , they , they turned out a million , a million , week .
Speaker #2: three ounces in a And I think that was kind of the that was kind of the peak . So we're not there yet .
Speaker #2: We're trying to get back to 900 . But as you can imagine , it's a going from 200 or 250 a week to even just 900 , you know , there's a lot of .
Greg Gibbs: That makes sense, and good to hear. Thanks, Greg.
Greg Gibbs: That makes sense, and good to hear. Thanks, Greg.
Speaker #2: juggling
Operator: Thank you. And we have a follow-up coming from Thomas Forte from Maxim Group. Thomas, your line is live.
Operator: Thank you. And we have a follow-up coming from Thomas Forte from Maxim Group. Thomas, your line is live.
Speaker #8: good to hear . sense . That make Thanks , Greg .
Speaker #1: Thank you . And we have a follow up coming from Thomas Forte from Maxim Group . Thomas , your line is live .
Thomas Forte: Sure. So Greg, I'm gonna control myself and limit myself to one statement and one follow-on question. So, having had more time to think about this, as the call has progressed, I think the strategic partnership with Tether is the most significant announcement in the history of the company. And then my question is, does working with Tether change your strategic M&A efforts, including your ability to engage in larger transactions?
Thomas Forte: Sure. So Greg, I'm gonna control myself and limit myself to one statement and one follow-on question. So, having had more time to think about this, as the call has progressed, I think the strategic partnership with Tether is the most significant announcement in the history of the company. And then my question is, does working with Tether change your strategic M&A efforts, including your ability to engage in larger transactions?
Speaker #5: Greg , Sure . So , I'm going to control myself and limit myself to one statement and one follow on question . So having had to think about more time this calls progressed the , I think strategic partnership with tether is the most significant in the history of the company .
Speaker #5: My question is, does working with And Then Tether change your M&A strategic efforts, including your ability to engage in larger transactions?
Gregory Roberts: It doesn't change a thing, and I think it gives us the opportunity to grow the company with bigger transactions, yes. And I think that from my conversations with Tether, they're very supportive of carefully and cautiously continuing to grow Gold.com in the physical gold markets. And I think they're gonna be great partners for that. But you know, we're, you can just look at our top-line numbers for Q2 and the amount of metal and the amount of top-line volume that we're moving through. I mean, this is, this is...
Greg Roberts: It doesn't change a thing, and I think it gives us the opportunity to grow the company with bigger transactions, yes. And I think that from my conversations with Tether, they're very supportive of carefully and cautiously continuing to grow Gold.com in the physical gold markets. And I think they're gonna be great partners for that. But you know, we're, you can just look at our top-line numbers for Q2 and the amount of metal and the amount of top-line volume that we're moving through. I mean, this is, this is...
Speaker #2: It doesn't change a thing . And I think it gives us the opportunity to grow the company with bigger transactions . Yes . And I think that from my conversations with tether , they're very supportive of carefully and cautiously continuing to grow in Gold.com the physical gold markets .
Speaker #2: And I think they're going to be great partners for that . But but you know , we're you look at can just our top line numbers for , for Q2 and the amount of metal and the of line volume that we're top through moving .
Gregory Roberts: You know, these are big numbers, and I think, you know, having somebody that, you know, is the size of Tether and some of the great ideas that Tether has, what they're going to be doing with their business going forward, and the, you know, their very, very large customer base. And I think it's going to back up, and we will continue with the plan that we've had since, you know, the day I met you.
Greg Roberts: You know, these are big numbers, and I think, you know, having somebody that, you know, is the size of Tether and some of the great ideas that Tether has, what they're going to be doing with their business going forward, and the, you know, their very, very large customer base. And I think it's going to back up, and we will continue with the plan that we've had since, you know, the day I met you.
Speaker #2: I mean , this is this amount know , these are big numbers . And I think , you know , having having somebody that , you know , is the size of tether and the some of great ideas that tether has , what they're going to be doing with their business going forward .
Speaker #2: And the , you know , the , their , they're very , very large customer base . And I going it's to back up and we will continue plan with the we've had that since , you know , the day I you met .
Thomas Forte: Excellent. I'm so thrilled. So thank you.
Thomas Forte: Excellent. I'm so thrilled. So thank you.
Gregory Roberts: Well, all right.
Greg Roberts: Well, all right.
Speaker #5: I'm Excellent . so thrilled thank you . . So .
Operator: Thank you. At this time, this concludes our question and answer session. I'd now like to turn the call back over to Mr. Roberts for his closing remarks.
Operator: Thank you. At this time, this concludes our question and answer session. I'd now like to turn the call back over to Mr. Roberts for his closing remarks.
Speaker #2: right All .
Speaker #1: Thank you . At time , this concludes our question and answer session . I'd now like to turn the call back over to Mr. Roberts for his closing remarks .
Gregory Roberts: Thanks, everybody. As Tom Forte just said, you know, we view this as a really big day in our evolution and where we started and where we're going with Gold.com. Continuing, as every quarter, I thank you for the loyalty, for our shareholders, for being with us, you know, and letting us invest your money and put it to good use. Thank you for joining the call today. Continuing, as always, to thank all of our employees and the many contributions they make to getting us to where we are right now and the commitment to our success. You know, we see exciting times moving forward, and we look forward to updating you on our progress. So thank you very much.
Greg Roberts: Thanks, everybody. As Tom Forte just said, you know, we view this as a really big day in our evolution and where we started and where we're going with Gold.com. Continuing, as every quarter, I thank you for the loyalty, for our shareholders, for being with us, you know, and letting us invest your money and put it to good use. Thank you for joining the call today. Continuing, as always, to thank all of our employees and the many contributions they make to getting us to where we are right now and the commitment to our success. You know, we see exciting times moving forward, and we look forward to updating you on our progress. So thank you very much.
Speaker #2: Thanks , everybody . As Tom Forte just know , said , you we view this as a really big day in in our evolution .
Speaker #2: And where we where we're going with Gold.com continued . As every quarter , I thank thank you for the for our loyalty shareholders for , for for being with us .
Speaker #2: You know, and letting you invest your US money and put it to good use. Thank you for joining the call today.
Speaker #2: Continuing , as always , to thank many of all of our employees and the many contributions they make to to where we getting us to are right now and and the commitment to our success .
Speaker #2: you know , we see And , exciting times moving forward . And we look forward to updating you progress . So thank on our you very much .
Operator: Thank you. Before we conclude today's call, I would like to provide Gold.com's safe harbor statement that includes important cautions regarding forward-looking statements made during this call. During today's call, there are forward-looking statements made regarding future events. Statements that relate to Gold.com's future plans, objectives, expectations, performance, events, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements, and the amount and timing of any future dividends. Future events, risks, and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements.
Operator: Thank you. Before we conclude today's call, I would like to provide Gold.com's safe harbor statement that includes important cautions regarding forward-looking statements made during this call. During today's call, there are forward-looking statements made regarding future events. Statements that relate to Gold.com's future plans, objectives, expectations, performance, events, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements, and the amount and timing of any future dividends. Future events, risks, and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements.
Speaker #1: Thank we conclude you . Before today's call , I would like to provide Gold.com safe harbor statement that includes regarding forward cautions looking statements made important call this .
Speaker #1: During today's call , there are statements made forward looking regarding future relate to , statements that events Gold.com future plans , , expectations objectives events and , performance the like are forward statements looking within the meaning of the private Litigation Securities Reform Act of 1995 and the Securities Exchange Act of 1934 .
Speaker #1: These include regarding expectations with respect to future profitability and growth . International expansion , operational enhancements , and the amount of of any timing future dividends .
Speaker #1: events , risks and Future individually uncertainties or in the cause aggregate could results actual from those materially implied expressed or in these to differ statements .
Operator: These include the following: With respect to the proposed transactions with Spectrum Group International, the failure of the parties to agree on definitive transaction documents, the failure of the parties to complete the contemplated transactions within the current expected timeline, or at all, the failure to obtain necessary third-party consents or approvals, and greater than anticipated costs incurred to consummate the transactions.
Operator: These include the following: With respect to the proposed transactions with Spectrum Group International, the failure of the parties to agree on definitive transaction documents, the failure of the parties to complete the contemplated transactions within the current expected timeline, or at all, the failure to obtain necessary third-party consents or approvals, and greater than anticipated costs incurred to consummate the transactions.
Speaker #1: include the With respect These to the proposed following . transactions spectrum Group with international , the failure parties to agree on definitive documents .
Speaker #1: The transaction failure of the parties to contemplated transactions within the current expected timeline or at all . obtain The failure to necessary third party approvals , and greater than anticipated costs incurred to consummate the transactions .
Operator: Other factors that could cause actual results to differ include the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities, greater than anticipated costs incurred to execute this strategy, government regulations that might impede growth, particularly in Asia, the inability to successfully integrate recently acquired businesses, changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals market, but also has posed certain risks and uncertainties for the company, particularly in recent periods.
Operator: Other factors that could cause actual results to differ include the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities, greater than anticipated costs incurred to execute this strategy, government regulations that might impede growth, particularly in Asia, the inability to successfully integrate recently acquired businesses, changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals market, but also has posed certain risks and uncertainties for the company, particularly in recent periods.
Speaker #1: factors cause that could actual results to differ include the failure to execute the company's growth strategy , including inability to identify the suitable or available acquisition or investment opportunities greater than anticipated costs incurred to execute the strategy .
Speaker #1: regulations Government that might impede growth , particularly in Asia . The inability to successfully integrate recently acquired businesses . Changes in the current international political climate , which historically has favorably , favorably contributed to demand and volatility in the precious metals but also certain has posed risks and uncertainties for the company , particularly in recent periods .
Operator: Potential adverse effects of the current problems in the national and global supply chains, increased competition for the company's higher margin services, which could depress pricing, the failure of the company's business model to respond to changes in the market environment as anticipated, changes in consumer demand and preferences for precious metals products generally, potential negative effects that inflationary pressure may have on our business, the inability of the company to expand capacity at SilverTowne Mint, the failure of our investee companies to maintain or address the preferences of their customer bases, general risks of doing business in the commodity markets, and the strategic, business, economic, financial, political, and governmental risks and other risk factors described in the company's public filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements.
Operator: Potential adverse effects of the current problems in the national and global supply chains, increased competition for the company's higher margin services, which could depress pricing, the failure of the company's business model to respond to changes in the market environment as anticipated, changes in consumer demand and preferences for precious metals products generally, potential negative effects that inflationary pressure may have on our business, the inability of the company to expand capacity at SilverTowne Mint, the failure of our investee companies to maintain or address the preferences of their customer bases, general risks of doing business in the commodity markets, and the strategic, business, economic, financial, political, and governmental risks and other risk factors described in the company's public filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements.
Speaker #1: Potential adverse effects of the current problems in the national and global supply chains. Competition increased for the company's higher margin services, which could depress pricing.
Speaker #1: The failure of the company's business to model business model to respond to changes in the market environment as anticipated , changes in consumer demand and preferences for metals precious products generally , negative effects potential inflationary that pressure may have on our business .
Speaker #1: The inability of the company to expand capacity at Silvertown mine , the failure of our investee companies to maintain or address the preferences of their bases , general risks of doing business in the commodity markets and the strategic business , economic , financial , political and governmental and other risk risks factors described company's public in the with filings the and Exchange Securities Commission .
Speaker #1: The company undertakes no obligation to publicly update or revise any forward looking statements . Listeners are cautioned not to place undue reliance on these forward looking Finally , statements .
Operator: Listeners are cautioned not to place undue reliance on these forward-looking statements. Finally, I would like to remind everyone that a recording of today's call will be available for replay via a link in the Investors section of the company's website. Thank you for joining us today for Gold.com's earnings call. You may now disconnect.
Operator: Listeners are cautioned not to place undue reliance on these forward-looking statements. Finally, I would like to remind everyone that a recording of today's call will be available for replay via a link in the Investors section of the company's website. Thank you for joining us today for Gold.com's earnings call. You may now disconnect.
Speaker #1: I would like to remind everyone that a recording of today's call will be available for replay via a link in the section of the company's website .
