Q4 2026 Gold.com Inc Earnings Call

September 2, 2026

Speaker #1: Good afternoon, and welcome to Gold.com's conference call for the fiscal fourth quarter ended June 30, 2026. My name is Matthew, and I'll be your operator this afternoon.

Operator: Good afternoon, and welcome to Gold.com's conference call for the fiscal Q4 ended 30 June 2026. My name is Matthew, and I will be your operator this afternoon. Before this call, Gold.com issued its results for the fiscal Q4 and full year 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 in the investor relations section at the top of the homepage. Joining us for today's call are Gold.com CEO, Greg Roberts, President Thor Gjerdrum, and CFO Cary Dickson. Following the remarks, we will open the call for your questions. Then before we conclude the call, I will provide the necessary cautions regarding the forward-looking statements made by management during this call.

Speaker #1: Before this call, Gold.com issued its results for the fiscal fourth quarter and full year 2026 in a press release, which is available in the Investor Relations section of the company's website at www.gold.com.

Speaker #1: You can find the link in the Investor Relations section at the top of the homepage. Joining us for today's call are Gold.com CEO Gregory Roberts, President Thor Gjerdrum, and CFO Cary Dickson.

Speaker #1: Following their remarks, we'll open the call for your questions. Then, before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call.

Speaker #1: I'd like to remind everyone that this call is being recorded and will be available for replay via a link in the Investor Relations section of Gold.com's website.

Operator: I would like to remind everyone that this call is being recorded and will be 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 CEO, Mr. Greg Roberts. Sir, please proceed.

Speaker #1: Now, I'd like to turn the call over to Gold.com CEO, Mr. Greg Roberts. Sir, please proceed.

Speaker #2: Thank you, Matthew, and good afternoon to everyone. Thank you for joining our call today. Our fourth-quarter results reflect our strategic execution and further demonstrate our strong value proposition as we continue leveraging the breadth of our capabilities across our fully integrated platform.

Greg Roberts: Thank you, Matthew, and good afternoon to everyone. Thank you for joining our call today. Our Q4 results reflect our strategic execution and further demonstrate our strong value proposition as we continue leveraging the breadth of our capabilities across our fully integrated platform. Our results are reflective of the economic and geopolitical environment after precious metal prices retreated from the historical high levels we experienced in Q3. Revenues for our quarter nearly doubled to $5 billion compared to the prior year, driven in part by acquisitions, and we are pleased to deliver a 35% increase in gross profit, along with a net income of $12 million and earnings per diluted share of $0.41. In our direct-to-consumer segment, the increase in revenues was driven by higher average order values, as well as our acquisition of Monex in January.

Speaker #2: Our results are reflective of the economic and geopolitical environment after precious metal prices retreated from the historical high levels we experienced in Q3. Revenues for our quarter nearly doubled to $5 billion compared to the prior year.

Speaker #2: Driven in part by acquisitions, we are pleased to deliver a 35% increase in gross profit, along with net income of $12 million and earnings per diluted share of $0.41.

Speaker #2: In our direct-to-consumer segment, the increase in revenues was driven by higher average order values, as well as our acquisition of MonEx in January.

Speaker #2: We continue to be encouraged by the performance of Monex since the acquisition. JM Bullion continues to perform well, and we are also seeing meaningful productivity improvements from key technology initiatives around AI, as well as increasing mobile adoption.

Greg Roberts: We continue to be encouraged by the performance of Monex since the acquisition. JM Bullion continues to perform well, and we are also seeing meaningful productivity improvements from key technology initiatives around AI, as well as increasing mobile adoption. Growth in the wholesale sales and ancillary services segment was broad-based across businesses and geographies, reflecting continued interest in precious metals and an expanding customer base. Our strategic partnership with Tether, now several months into execution, continues to translate into tangible results across the business. We are seeing increased demand for secured lending driven by our marketing efforts and expanded interest by owners in borrowing against their bullion and collectible portfolios. Our secured lending segment delivered improved profitability in the current quarter compared to the prior year.

Speaker #2: Growth in the wholesale sales and ancillary services segment was broad-based across businesses and geographies, reflecting continued interest in precious metals and an expanding customer base.

Speaker #2: Our strategic partnership with Tether, now several months into execution, continues to translate into tangible results across the business. We are seeing increased demand for secured lending, driven by our marketing efforts and expanded interest by owners in borrowing against their bullion and collectible portfolios.

Speaker #2: Our secured lending segment delivered improved profitability in the current quarter compared to the prior year. The growth in our storage and secured lending business enables us to forge deeper, more durable relationships with our customers and drive incremental business across the most complete vertical stack in the industry.

Greg Roberts: The growth in our storage and secured lending business enables us to forge deeper, more durable relationships with our customers and drive incremental business across the most complete vertical stack in the industry. As we continue to leverage the strategic investments we've made to build a vertically integrated model spanning the entire precious metals ecosystem, we are seeing an expanding set of opportunities with major retailers and institutional customers, as well as new potential channels of distribution in numismatics and other collectibles. These new channels represent an opportunity to expand our product portfolio into adjacent alternative asset categories where we are seeing significant interest and growth. Our latest acquisitions are performing well, and we continue to make progress on integration efforts.

Speaker #2: As we continue to leverage the strategic investments we've made to build a vertically integrated model spanning the entire precious metals ecosystem, we are seeing an expanding set of opportunities with major retailers and institutional customers, as well as new potential channels of distribution in numismatics and other collectibles.

Speaker #2: These new channels represent an opportunity to expand our product portfolio into adjacent alternative asset categories, where we are seeing significant interest in growth. Our latest acquisitions are performing well, and we continue to make progress on integration efforts.

Speaker #2: Our Sunshine Mint transaction, which we closed in April, was a major milestone that significantly expands our total production capacity and creates a clear pathway to capturing additional value and market share globally.

Greg Roberts: Our Sunshine Mint transaction we closed in April was a major milestone that significantly expands our total production capacity and creates a clear pathway to capturing additional value and market share globally. With its strong capabilities and capacity, Sunshine Mint is well positioned to serve the growing demand from the United States Mint and other sovereign mints around the world. In addition, we've significantly expanded our capabilities with state-of-the-art facilities, enhancing Gold.com's ability to develop differentiated products for our broader valued customers and own portfolio of brands. As we continue to grow and scale our combined minting business, we expect to realize meaningful operating synergies. Market conditions remain constructive, underlying trends across our business remain strong, and we are well positioned for broad-based growth and delivering long-term value to our shareholders.

Speaker #2: With its strong capabilities and capacity, Sunshine Mint is well positioned to serve the growing demand from the United States Mint and other sovereign mints around the world.

Speaker #2: In addition, we've significantly expanded our capabilities with state-of-the-art facilities, enhancing Gold.com's ability to develop differentiated products for our broader, valued customers and owned portfolio of brands.

Speaker #2: As we continue to grow and scale our combined minting business, we expect to realize meaningful operating synergies. Market conditions remain constructive, underlying trends across our business remain strong, and we are well-positioned for broad-based growth and for delivering long-term value to our shareholders.

Speaker #2: Today, we are pleased to announce a special dividend of $1.00 per share, in addition to maintaining our regular dividend of $0.20 per share. We intend to continue deploying capital efficiently and are excited about what lies ahead for Gold.com.

Greg Roberts: Today, we are pleased to announce a special dividend of $1 per share in addition to maintaining our regular dividend of $0.20 per share. We intend to continue deploying capital efficiently and are excited at what lies ahead for Gold.com. With that, I turn the call over to our Chief Financial Officer, Cary Dickson, who will provide an overview of our financial performance. Then our President, Thor Gjerdrum, will discuss our key operating metrics. I will then provide further insights into our business and growth strategy as well as take your questions. Cary?

Speaker #2: With that, I turn the call over to our Chief Financial Officer, Cary Dickson, who will provide an overview of our financial performance. Then our President, Thor Gjerdrum, will discuss our key operating metrics. I will then provide further insights into our business and growth strategy, as well as take your questions.

Speaker #2: Cary?

Speaker #3: Thank you, Greg, and good afternoon, everyone. Hope everyone's having a great day. Our revenues for fiscal Q4 increased 99% to $5.0 billion from $2.5 billion in Q4 of last year.

Cary Dickson: Thank you, Greg, and good afternoon, everyone. Hope everyone's having a great day. Our revenues for fiscal Q4 increased 99% to $5 billion from $2.5 billion in Q4 of last year. Excluding an increase of $0.9 billion of forward sales, our revenues increased $1.6 billion or 94%, which is due to higher average selling prices of gold and silver, as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold. Revenues also increased due to the acquisition of Monex in January 2026 and Sunshine Minting, Inc. in April 2026. For the full fiscal year, revenues increased 132% to $25.5 billion from $11 billion in fiscal 2025.

Speaker #3: Excluding an increase of $0.9 billion in forward sales, our revenues increased by $1.6 billion, or 94%, which is due to higher average selling prices of gold and silver, as well as an increase in gold ounces sold.

Speaker #3: Partially offset by a decrease in silver ounces sold. Revenues also increased due to the acquisition of MonEx in January 2026 and SMI in April 2026.

Speaker #3: For the full fiscal year, revenues increased 132% to $25.5 billion from $11 billion in fiscal '25. Excluding an increase of $8.3 billion of forward sales, our revenues increased $6.2 billion, or 95%, due to higher average selling prices of gold and silver, as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold.

Cary Dickson: Excluding an increase of $8.3 billion of forward sales, our revenues increased $6.2 billion or 95% due to higher average selling prices of gold and silver, as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold. Revenues also increased due to the acquisition of Spectrum Group International, Inc., Pinehurst, and Asset Marketing Services Holding, LLC in the last two quarters of fiscal 2025, Monex in the Q3 of fiscal 2026, and Sunshine Minting, Inc. in the Q4 of fiscal 2026. Gross profit for fiscal Q4 increased 35% to $110.3 million, or 2.2% of revenue, from $81.7 million or 3.25% of revenue in Q4 of last year. The increase was due to an increase in gross profits earned by both our wholesale sales and ancillary services segment and our direct-to-consumer segment, including the acquisition of Monex and Sunshine Minting, Inc..

Speaker #3: Revenues also increased due to the acquisition of SGI, Piners, and AMS in the last two quarters of fiscal ’25; MonEx in the third quarter of fiscal ’26; and SMI in the fourth quarter of fiscal ’26.

Speaker #3: Gross profit for fiscal Q4 increased 35% to $110.3 million, or 2.2% of revenue, from $81.7 million, or 3.25% of revenue, in Q4 of last year.

Speaker #3: The increase was due to an increase in gross profits earned by both our wholesale sales and ancillary services segment and our direct-to-consumer segment, including the acquisition of MonEx and SMI.

Speaker #3: For the full fiscal year, gross profit increased 115% to $453.1 million, or 1.78% of revenue, from $210.9 million, or 1.92% of revenue, in fiscal '25.

Cary Dickson: For the full fiscal year, gross profit increased 115% to $453.1 million, or 1.78% of revenue, from $210.9 million or 1.92% of revenue in fiscal 2025. The increase was due to an increase in gross profits earned by both our wholesale sales and ancillary segment and our direct-to-consumer segment, including the acquisition of Monex and Sunshine Minting, Inc., which were not included in the same year-ago period, and Spectrum Group International, Inc., Pinehurst, and Asset Marketing Services Holding, LLC, which were only partially included in the same year-ago period. SG&A expenses for fiscal Q4 increased 46% to $77.9 million from $53.4 million in Q4 of last year. The change is primarily due to an increase in compensation expense, including performance-based accruals of $17.1 million, higher advertising costs of $2.2 million, and an increase in insurance costs of $2.7 million.

Speaker #3: The increase was due to an increase in gross profits earned by both our wholesale sales and ancillary segment and our direct-to-consumer segment, including the acquisition of MonEx and SMI, which were not included in the same year-ago period, and SGI, Piners, and AMS, which were only partially included in the same year-ago period.

Speaker #3: SG&A expenses for fiscal Q4 increased 46% to $77.9 million from $53.4 million in Q4 of last year. The change was primarily due to an increase in compensation expense, including performance-based accruals of $17.1 million, higher advertising costs of $2.2 million, and an increase in insurance costs of $2.7 million.

Speaker #3: SG&A expenses for Q4 2026 included $8.2 million of expenses incurred by MonEx and SMI, which were not included in the same year-ago period.

Cary Dickson: SG&A expenses for Q4 2026 included $8.2 million of expenses incurred by Monex and Sunshine Minting, Inc., which were not included in the same year-ago period. For full fiscal year, SG&A expenses increased 98% to $275.6 million from $139.2 million in fiscal 2025, primarily due to an increase in compensation expense of $85.8 million, higher advertising costs of $20.4 million, an increase in insurance costs of $8.7 million, and an increase in consulting and professional fees of $7.4 million. SG&A expenses for the year included $104.3 million of expenses incurred by Monex and Sunshine Minting, Inc., which were not included in the same year-ago period, and Spectrum Group International, Inc., Pinehurst Coin Exchange, Inc., and Asset Marketing Services Holding, LLC were only partially included in the same year-ago period. Depreciation and amortization expense for fiscal Q4 increased 18% to $10.1 million from $8.6 million in Q4 of last year.

Speaker #3: For the full fiscal year, SG&A expenses increased 98% to $275.6 million from $139.2 million in fiscal '25, primarily due to an increase in compensation expense of $85.8 million, higher advertising costs of $20.4 million, an increase in insurance costs of $8.7 million, and an increase in consulting and professional fees of $7.4 million.

Speaker #3: SG&A expenses for the year included $104.3 million of expenses incurred by MonEx and SMI, which were not included in the same year-ago period, and SGI, Piners, and AMS were only partially included in the same year-ago period.

Speaker #3: Depreciation and amortization expense for fiscal Q4 increased 18% to $10.1 million from $8.6 million in Q4 of last year. The change is primarily due to an increase in depreciation expense of $1.2 million, and an increase in amortization expense of $1.9 million, related to intangible assets acquired through our acquisitions of MonEx and SMI.

Cary Dickson: The change is primarily due to an increase in depreciation expense of $1.2 million and an increase in amortization expense of $1.9 million related to intangible assets acquired through our acquisitions of Monex and Sunshine Minting, Inc., partially offset by a decrease of $1.6 million in Spectrum Group International, Inc., Asset Marketing Services Holding, LLC, and Silver Gold Bull intangible asset amortization. For the full fiscal year, depreciation and amortization expense increased 52% to $34.8 million, $22.9 million in fiscal 2025, due to an increase in amortization expense of $11.6 million related to the intangible assets acquired through our acquisitions of Spectrum Group International, Inc., Pinehurst Coin Exchange, Inc., Asset Marketing Services Holding, LLC, Monex, and Sunshine Minting, Inc., and an increase in depreciation of expense of $5.8 million, partially offset by a decrease of $5.6 million in JM Bullion and Silver Gold Bull intangible asset amortization. Interest income for fiscal Q4 increased 40% to $7.5 million from $5.3 million in Q4 of last year.

Speaker #3: Partially offset by a decrease of $1.6 million in SGI, AMS, and SGB intangible amortization and asset amortization. For the full fiscal year, depreciation and amortization expense increased 52% to $34.8 million from $22.9 million in fiscal '25, due to an increase in amortization expense of $11.6 million related to the intangible assets acquired through our acquisitions of SGI, Piners, AMS, MonEx, and SMI.

Speaker #3: And an increase in depreciation expense of $5.8 million, partially offset by a decrease of $5.6 million in JMB and SGB intangible asset amortization.

Speaker #3: Interest income for fiscal Q4 increased 40% to $7.5 million from $5.3 million in Q4 of last year. The increase was due to higher interest income earned by our Secured Lending segment of $0.8 million, our Direct-to-Consumer segment of $0.7 million, and our Wholesale Sales and Ancillary Services segment of $0.6 million.

Cary Dickson: The increase was due to higher interest income earned by our secured lending segment of $0.8 million, our direct-to-consumer segment of $0.7 million, and our wholesale sales and ancillary services segment of $0.6 million. For the full fiscal year, interest income decreased 1% to $25.6 million from $25.9 million in fiscal 2025 due to a $2.4 million decrease in interest income earned by our wholesale sales and ancillary segment, partially offset by an increase in interest earned by our secured lending segment of $1.0 million and an increase in interest earned by our direct-to-consumer segment of $1.1 million. Interest expense for fiscal Q4 increased 3% to $13.2 million from $12.9 million in Q4 of last year.

Speaker #3: For the full fiscal year, interest income decreased 1% to $25.6 million from $25.9 million in fiscal '25, due to a $2.4 million decrease in interest income earned by our Wholesale Sales and Ancillary segment, partially offset by an increase in interest earned by our Secured Lending segment of $1.0 million, and an increase in interest earned by our Direct-to-Consumer segment of $1.1 million.

Speaker #3: Interest expense for fiscal Q4 increased 3% to $13.2 million from $12.9 million in Q4 of last year. The increase is primarily due to a $5.3 million increase related to precious metal leases, a $0.8 million increase related to product financing arrangements, and a $0.7 million increase related to other interest charges.

Cary Dickson: The increase is primarily due to a $5.3 million increase related to precious metal leases, $0.8 million increase related to product financing arrangements, and $0.7 million increase related to other interest charges, partially offset by a $6.4 million decrease associated with our trading credit facility. For the full fiscal year, interest expense increased 32% to $61 million from $46.2 million in fiscal 2025, primarily due to $11 million increase related to precious metal leases, $8 million increase related to product financing arrangements, partially offset by a $5.4 million decrease associated with our trading credit facility. Earnings from our equity method investments for fiscal Q4 increased 364% to $2 million, from a loss of $0.8 million in Q4 of last year. For the full fiscal year, earnings from equity method investments increased 255% to $4.4 million from a loss of $2.8 million in fiscal 2025.

Speaker #3: Partially offset by a $6.4 million decrease associated with our trading credit facility. For the full fiscal year, interest expense increased 32% to $61 million from $46.2 million in fiscal '25, primarily due to an $11 million increase related to precious metal leases and an $8 million increase related to product financing arrangements, partially offset by a $5.4 million decrease associated with our trading credit facility.

Speaker #3: Earnings from our equity method investments for fiscal Q4 increased 364% to $2 million, compared to a loss of $0.8 million in Q4 of last year.

Speaker #3: For the full fiscal year, earnings from equity method investments increased 255% to $4.4 million from a loss of $2.8 million in fiscal ’25. Net income attributed to the company for fiscal Q4 totaled $12.2 million, or $0.41 per diluted share, compared to net income of $10.3 million, or $0.41 per diluted share, in Q4 of last year.

Cary Dickson: Net income attributable to the company for fiscal Q4 totaled $12.2 million or $0.41 per diluted share compared to net income of $10.3 million or $0.41 per diluted share in Q4 of last year. For the full fiscal year, net income attributable to the company totaled $82.3 million or $3.02 per diluted share compared to $17.3 million or $0.71 per diluted share in fiscal 2025. Adjusted net income before provision for income taxes, a non-GAAP financial measure, which excludes depreciation, amortization, acquisition costs, remeasurement gains or losses in contingent fair value consideration totaled $24.7 million for fiscal Q4, an increase of 29% compared to $19.2 million in Q4 of last year. For the full fiscal year, adjusted net income totaled $139.9 million, an increase of 164% compared to $53.1 million in fiscal 2025.

Speaker #3: For the full fiscal year, net income attributed to the company totaled $82.3 million, or $3.02 per diluted share, compared to $17.3 million, or $0.71 per diluted share, in fiscal '25.

Speaker #3: Adjusted net income before provision for income taxes is a non-GAAP financial measure, which excludes depreciation, amortization, acquisition costs, remeasurement gains or losses, and contingent consideration value. Adjusted net income totaled $24.7 million for fiscal Q4, an increase of 29% compared to $19.2 million in Q4 of last year.

Speaker #3: For the full fiscal year, adjusted net income totaled $139.9 million, an increase of 164% compared to $53.1 million in fiscal '25. EBITDA, a non-GAAP liquidity measure, totaled $28.2 million for fiscal Q4, a decrease of 3% compared to $29.2 million in Q4 of last year.

Cary Dickson: EBITDA, a non-GAAP liquidity measure totaled $28.2 million for fiscal Q4, a decrease of 3% compared to $29.2 million in Q4 of last year. For the full fiscal year, EBITDA totaled $179.8 million, an increase of 179% to $64.4 million in fiscal 2025. Turning to the balance sheet. We have maintained a strong liquidity position and ended the quarter with $578 million in cash compared to $77.7 million at the end of fiscal 2025. Our non-restricted inventories total $1.6 billion as of 30 June 2026, compared to $794.8 million at the end of fiscal 2025. That completes my financial summary. I will now turn the call over to Thor, who will provide an update on our key operating metrics. Thor?

Speaker #3: For the full fiscal year, EBITDA totaled $179.8 million, an increase of 179% to $64.4 million in fiscal '25. Turning to the balance sheet, we maintained a strong liquidity position and ended the quarter with $578 million in cash, compared to $77.7 million at the end of fiscal '25.

Speaker #3: Our non-restricted inventories totaled $1.6 billion as of June 30, 2026, compared to $794.8 million at the end of fiscal 2025. That completes my financial summary.

Speaker #3: I will now turn the call over to Thor, who will provide an update on our key operating metrics. Thor?

Speaker #2: Thank you, Cary. Looking at our key operating metrics for the fiscal fourth quarter and full year 2026, we sold 521,000 ounces of gold in Q4 2026, which is up 51% from Q4 of last year and down 1% from the prior quarter.

Thor Gjerdrum: Thank you, Cary. Looking at our key operating metrics for the fiscal fourth quarter and full year 2026, we sold 521,000 ounces of gold in Q4 2026, which is up 51% from Q4 of last year and down 1% from the prior quarter. For the full fiscal year, we sold 2 million ounces of gold, which was up 24% from last fiscal year. We sold 15.3 million ounces of silver in Q4 2026, which is down 2% from Q4 of last year and down 48% from the prior quarter. For the full fiscal year, we sold 73.6 million ounces of silver, which remained relatively unchanged from last fiscal year. The number of new customers in the DTC segment, which is defined as those who registered, set up a new account, or made a purchase for the first time during the period, was 67,900 in Q4 2026.

Speaker #2: For the full fiscal year, we sold 2 million ounces of gold, which was up 24% from the last fiscal year. We sold 15.3 million ounces of silver in Q4 2026, which was down 2% from Q4 of last year and down 48% from the prior quarter.

Speaker #2: For the full fiscal year, we sold 73.6 million ounces of silver, which remained relatively unchanged from the last fiscal year. The number of new customers in the DTC segment—which is defined as those who registered, set up a new account, or made a purchase for the first time during the period—was 67,900 in Q4 2026.

Speaker #2: This was down 38% from Q4 of last year, and down 77% from the prior quarter. For the three months ended March 31, 2026, approximately 58% of new customers were attributable to the acquisition of Monix.

Thor Gjerdrum: This was down 38% from Q4 of last year, and down 77% from the prior quarter. For the three months ended 31 March 2026, approximately 58% of the new customers were attributable to the acquisition of Monex. For the three months ended 30 June 2025, approximately 30% of the new customers were attributable to the acquisition of AMS. For the full fiscal year, the number of new customers in the DTC segment was 526,300, which was down 53% from prior fiscal year. Approximately 33% of the new customers for fiscal year 2026 were attributable to the acquisition of Monex. Approximately 79% of the new customers in fiscal 2025 were attributable to the acquisitions of SGI, Pinehurst, and AMS. The number of total customers in the DTC segment at the end of the fourth quarter was approximately 4.7 million, which is a 13% increase from the prior year.

Speaker #2: For the three months ended June 30, 2025, approximately 30% of the new customers were attributable to the acquisition of AMS. For the full fiscal year, the number of new customers in the DTC segment was 526,300, which was down 53% from the prior fiscal year. Approximately 33% of the new customers for fiscal year 2026 were attributable to the acquisition of Monix, and approximately 79% of the new customers in fiscal 2025 were attributable to the acquisitions of SGI, Pinehurst, and AMS.

Speaker #2: The number of total customers in the DTC segment at the end of the fourth quarter was approximately 4.7 million, which was a 13% increase from the prior year. The year-over-year increase in total customers was due to the acquisition of Monix, as well as organic growth of our DTC customer base.

Thor Gjerdrum: The year-over-year increase in total customers was due to the acquisition of Monex, as well as organic growth of our DTC customer base. Finally, the number of secured loans as of 30 June 2026 totaled 367, a 9% increase from 31 March 2026, and an 18% decrease from 30 June 2025. The dollar value of our loan portfolio at the end of fiscal year totaled $115.1 million, a 9% decrease from 31 March 2026, and a 22% increase from 30 June 2025. That concludes my prepared remarks. I now turn it back over to Greg for closing remarks. Greg?

Speaker #2: Finally, the number of secured loans as of June 30, 2026, totaled 367—a 9% increase from March 31, 2026, and an 18% decrease from June 30, 2025.

Speaker #2: The dollar value of our loan portfolio at the end of the fiscal year totaled $115.1 million, a 9% decrease from March 31, 2026, and a 22% increase from June 30, 2025.

Speaker #2: That concludes my prepared remarks. I now turn it back over to Greg for closing remarks. Greg?

Speaker #1: Thank you, Thor. Thank you, Cary. Fiscal '26 was a transformational year, highlighted by continued growth through both organic expansion and strategic acquisitions, our rebranding to Gold.com, and outstanding financial results that underscored the strength of our vertically integrated model.

Greg Roberts: Thank you, Thor. Thank you, Cary. Fiscal 2026 was a transformational year highlighted by continued growth through both organic expansion and strategic acquisitions. Our rebranding to Gold.com and outstanding financial results that underscored the strength of our vertically integrated model. Looking ahead to fiscal 2027 with our expanded brand portfolio and ongoing focus on integration and optimization opportunities, we remain confident in Gold.com's long-term growth strategy and our continuing ability to deliver shareholder value.

Speaker #1: Looking ahead to fiscal 2027, with our expanded brand portfolio and ongoing focus on integration and optimization opportunities, we remain confident in Gold.com's long-term growth strategy and our continuing ability to deliver shareholder value.

Speaker #3: Thank you. We will now be conducting a question-and-answer session. If you have any questions or comments, please press star 1 on your phone at this time.

Operator: Thank you. Everyone at this time, we will be conducting a question and answer session. If you have any questions or comments, please press star one on your phone at this time. We do ask that while posing your question, please pick up your handset if you are listening on speakerphone to provide optimum sound quality. Once again, if you have any questions or comments, please press star one on your phone. Please hold while we poll for questions. Thank you. Your first question is coming from Mike Baker from D.A. Davidson. Your line is live.

Speaker #3: We do ask that, while posing your question, you please pick up your handset if you're listening on speakerphone to provide optimum sound quality. And once again, if you have any questions or comments, please press star 1 on your phone.

Speaker #3: Please hold while we poll for questions. Thank you. Your first question is coming from Mike Baker from D.A. Davidson. Your line is live.

Speaker #1: Great, thank you. Sorry, and congratulations on a great year. As it relates to this quarter, you said the environment softened a little bit. Can you just describe the environment, I guess, in the June quarter? And if you wouldn't mind, now that we're two months into the September quarter, how are things looking now?

Mike Baker: Great. Thank you. Sorry, congratulations on a great year. As it relates to this quarter, you said the environment softened a little bit. Can you just describe the environment, I guess, in the June quarter? If you would not mind, now that we are two months into the September quarter, how things are looking now. One measure is that EBITDA in the June quarter was flat year over year, yet at least the way we look at it, we get prices have come down, but spreads have really widened quite a bit versus last year. Maybe not where they were in December, but widened versus last year. I guess I am wondering why you would not be more profitable, in this June quarter versus the same quarter last year. Thanks.

Speaker #1: One measure is that EBITDA in the June quarter was flat year over year. Yet, at least the way we look at it, we get that prices have come down, but spreads have really widened quite a bit versus last year—maybe not where they were in December, but definitely widened versus last year.

Speaker #1: So I guess I'm wondering why you wouldn't be more profitable in this June quarter versus the same quarter last year. Thanks.

Greg Roberts: Well, actually, I think that silver premiums have actually narrowed, so I am not exactly sure what numbers you are looking at, but definitely in this last quarter, we have seen less demand. So even if the premiums are up, if we are selling less ounces, we are going to make less money. So I do think that it sounds simple to just look at spreads on certain products, but we deal in thousands and thousands of products, and premiums are different across all of those products. So it is a little broader than that. As it relates to the first question, I think we started to see a slowdown at mid-March to the beginning of April, and that continued through Q4 and has continued for the first 2 months of Q1 2027.

Speaker #4: Well, actually, I think that silver premiums have actually narrowed, so I'm not exactly sure what numbers you're looking at, but definitely in this last quarter we've seen less demand.

Speaker #4: So, even if the premiums are up, if we're selling fewer ounces, we're going to make less money. So, I do think that it sounds simple to just look at spreads on certain products, but we deal in thousands and thousands of products, and premiums are different across all of those products.

Speaker #4: So, it's a little broader than that. As it relates to the first question, I think we started to see a slowdown mid-March to the beginning of April, and that continued through Q4 and has continued for the first two months of Q1 '27.

Speaker #4: As I've said many times before, this on-again, off-again war situation is just—it's just not—it's not great for a lot of things, but in particular, our customers tend to, I think, sit on their hands a little bit more. And I've said this before.

Greg Roberts: As I have said many times before, this on-again, off-again war situation it is not great for a lot of things, but in particular, our customers tend to, I think, sit on their hands a little bit more, and I have said this before. So it is the nature of our business that everybody by now should know we can make our entire year in one quarter, which is we just did that. So when the environment sets up, we are going to take advantage of it, and we are going to have an incredible year like we did this year. But that does not mean that it is going to be even across 4 quarters, nor does it mean that each quarter is going to compare positively or negatively to the previous year. So, I think we are in great shape.

Speaker #4: So, it is the nature of our business that everybody by now should know we can make our entire year in one quarter, which is—we just did that.

Speaker #4: So, when the environment sets up, we're going to take advantage of it, and we're going to have an incredible year like we did this year.

Speaker #4: But that doesn't mean it's going to be even across the four quarters, nor does it mean that each quarter is going to compare positively or negatively to the previous year.

Speaker #4: So I think we're in great shape. I think we believe that we're focused on everything that I've talked about in the opening statements, and the business is very healthy, and we're getting as much out of the environment as we're able to.

Greg Roberts: I think we believe that we are focused on everything that I have talked about in the opening statements, and the business is very healthy, and we are getting as much out of the environment as we are able to.

Speaker #1: Great, fair enough. If I could ask one follow-up, I was intrigued by some of the comments you made about some of the business you're doing with major retailers.

Mike Baker: Great. Fair enough. If I could ask one follow-up. I was intrigued by some of the comments you made about some of the business you do with major retailers. Do you mean Costco? If you could update us on that, as well as some of the new channels that you are thinking about, collectibles perhaps, things along those lines.

Speaker #1: Do you mean Costco? If you could update us on that, as well as some of the new channels that you're thinking about—collectibles, perhaps—things along those lines.

Speaker #4: Yeah, I think the Costco business for us is very good right now, and that's spearheaded by Bobby Bellandis and our Silver Gold Bull Calgary office.

Greg Roberts: Yeah, I think, the Costco business for us is very good right now, and that is spearheaded by Bobby Belandis in our Silver Gold Bull Calgary office. We continue to see good results, and I believe that we are the right vendor for Costco. We are able to service them with our mints, our logistics, our trading, and Bobby is doing a great job there. As it relates to some of the other retailers or retail platforms that we are looking at, there are a number of new digital platforms out there that are selling both bullion and collectible products in a little bit different way, a little bit younger demographic. There has been a bit of gamification to some of the retailers that are selling products that we are supplying.

Speaker #4: We continue to see good results, and I believe that we're the right customer for the right vendor for Costco. We are able to service them with our mints, our logistics, our trading, and Bobby's doing a great job there.

Speaker #4: As it relates to some of the other retailers,

Speaker #1: Or retail platforms that that we're looking at We we are . There are a number of new digital platforms out there that are selling both bullion and collectible products .

Speaker #1: And a little . Bit different way , a little bit , a little bit younger demographic . There's there's been a bit of gamification to some of the retailers that are selling products that we're supplying .

Speaker #1: And we've , we feel feel good that this is a , you know , social media type retail platforms are a great opportunity for us to find new clients .

Greg Roberts: We feel good that this is a social media type retail platforms are a great opportunity for us to find new clients, and also achieve a younger demographic.

Speaker #1: and also achieve a younger demographic.

Speaker #2: Thank you

Mike Baker: Thank you.

Speaker #3: Thank you. Your next question comes from Thomas Forte from Maxim Group. Your line is live.

Operator: Thank you. Your next question is coming from Thomas Forte from Maxim Group. Your line is live.

Speaker #4: Great . So congratulations , Greg Carey and Thor . I have one question , one follow up . I'll go one at a time So Greg , it's always fun to ask you questions .

Thomas Forte: Great. So congratulations, Greg, Cary, and Thor. I have one question, one follow-up. I will go one at a time. Greg, it is always fun to ask you questions where I do not know the answer, whereas when I have a suspicion. So how should we think about the implications of higher for longer interest rate environment, and the short-term impact of rising rates on consumer and investors' interest in precious metals?

Speaker #4: So I don't know the answer. Whereas, in cases where I have a suspicion. So how should we think about the implications of a higher-for-longer interest rate environment?

Speaker #4: And then, the short-term impact of rising rates on consumer and investor interest in precious metals.

Speaker #1: Yeah . That's a that's a great question . You know , I , I , I have never seen , you know , in my 50 years of being in this business , I've never really seen a situation where gold , you know , is behaving much more as an asset class than a hedge .

Greg Roberts: Yeah, that is a great question. In my 50 years of being in this business, I have never really seen a situation where gold is behaving much more as an asset class than a hedge. It is pretty clear right now that higher interest rates are sapping the momentum of gold spot prices as well as silver prices. Gold and silver tend to perform better historically in lower interest rate environments. As it relates to the spot prices of gold and silver right now, I think they are directly tied to interest rates. I think the other factor that is pretty apparent to me now is that when the war is on, both gold and silver spot prices decrease and our business tends to flatten a bit.

Speaker #1: And it's pretty clear right now that , you know , interest , higher interest rates are sapping the momentum of gold spot prices as well as silver prices and gold and silver tend to perform better historically .

Speaker #1: You know , in lower interest rate environments . So I as it relates to the spot prices of gold and silver right now , I think I think they are directly tied to interest rates .

Speaker #1: I think the other the other factor that is , is , is , is pretty apparent to me now is that , you know , when the war is on , both gold and silver spot prices decrease .

Speaker #1: And , you know , our business tends to flatten a bit and we just , you know , over the last 3 or 4 months , we've seen some dips in , in , in metal prices , which which I think are related , at least in some part to interest rates .

Greg Roberts: Over the last three or four months, we have seen some dips in metal prices, which I think are related, at least in some part, to interest rates. But we have not seen a dip buying or dip enthusiasm with our retail customers. Our institutional and wholesale business has been pretty good. But as everybody knows, that business is a little bit lower margin business. So every day is a new day for us. Once I think there is a trend or there is a way to kind of figure out what is going on, you wake up and something is different or something is changed in the macro environment, and we just adapt to that every hour of every day, 24/7, and that is what we do here.

Speaker #1: But we haven't seen , you know , a dip buying or dip enthusiasm with our retail customers , our , our institutional and wholesale business has been pretty good .

Speaker #1: But as everybody knows , that business is a little bit lower margin business . So I , you know , it's every day is a new day for us Once I think there's a trend or there's a , there's a way to kind of figure out what's going on .

Speaker #1: You wake up and something something's different or something's changed in the macro environment . And we just , we just adapt to that every hour of every day .

Speaker #1: Twenty-four over seven. And that's what we do here.

Speaker #4: Excellent . And then I apologize , my second one's more boring . Can you , since you're paying a one time dividend , congratulations for that .

Thomas Forte: Excellent. I apologize, my second one is more boring. Since you are paying a one-time dividend, congratulations for that. Can you give us your high-level thoughts on capital allocation, including strategic M&A, quarterly dividends, one-time dividends, and buybacks? I think you did all four this fiscal. I have to double-check the buyback, but I feel like you did everything this year.

Speaker #4: Can you give us your high level thoughts on capital allocation , including strategic M&A , quarterly dividends , one time dividends and buybacks ?

Speaker #4: I think you did all four of those this fiscal year. I have to double-check the buyback, but I feel like you did everything this year.

Speaker #1: Yep . Yeah . I mean I think I've I've said for the last ten years that when we have a great year , we're going to try to , you know , give back to the shareholders with a special dividend this year was a perfect example of that .

Greg Roberts: Yep. I think I have said for the last 10 years that when we have a great year, we are going to try to give back to the shareholders with a special dividend. This year was a perfect example of that. I think we continue to be committed to our quarterly dividend. But when we have exceptional quarters or exceptional years, we will likely give back a little bit of that. I think as it relates to buybacks, I think with a nearly billion-dollar book value in our company, I always try to project that I view the business based as a multiple of our book. If the price gives us a chance or an opportunity to buy back at a discount to our book value, we are going to take a long, hard look at that.

Speaker #1: I think , you know , we continue to be committed to our quarterly dividend , but when we when we have exceptional quarters or exceptional years , we will likely , you know , give back a little bit of that .

Speaker #1: I think as it relates to buybacks , you know , I think with a nearly billion dollar book value in our company , I think I always , you know , try to project that , that I view the business based as a multiple of our book .

Speaker #1: And , you know , if , if the price gives us a chance or an opportunity to buy back at a discount to our book value , we're going to take a long , hard look at that related to M&A as many longtime listeners to this conference and shareholders know , we've been very active in M&A , and I don't think that's going to slow down .

Greg Roberts: Related to M&A, as many longtime listeners to this conference and shareholders know, we have been very active in M&A, and I do not think that is going to slow down. The problem with M&A is there has to be a deal, there has to be a price, and then it takes a while to diligence and close a deal. I try not to fixate on any one of the different capital allocation silos or pillars that we look at. But I think that what we have found historically is when you have short-term slowdowns in the marketplace, which as you can tell by this quarter, although I thought it was a good quarter, we did slow down a little bit. It does tend to create opportunities in M&A where sellers are maybe a little less enthusiastic about their performance.

Speaker #1: So , you know , the problem with M&A is there has to be a deal . There has to be a price . And then , you know , it takes a while to diligence and close a deal .

Speaker #1: And and so you , you know , you don't want to I try not to fixate on any one of the , you know , the different capital allocation silos or pillars that we look at .

Speaker #1: But , but I think that what we have found historically is when you have short term , short term slowdowns in the marketplace , which , you know , as you can tell by this quarter , although I thought it was a good quarter , we did slow down a little bit .

Speaker #1: It does tend to create opportunities in M&A , where sellers are maybe a little less enthusiastic about their performance . So , you know , right now is a point in time where where I'm working very hard to assess and look at any potential opportunities .

Greg Roberts: Right now is a point in time where I am working very hard to assess and look at any potential opportunities.

Speaker #4: Thank you so much, Greg.

Thomas Forte: Thank you so much, Greg.

Speaker #3: Thank you. Your next question is coming from Craig Irwin from Roth Capital. Your line is live.

Operator: Thank you. Your next question is coming from Craig Irwin from Roth Capital. Your line is live.

Speaker #5: Hey guys . It's Andrew on for Craig . Congrats on the strong year . And thank you for taking my questions . First one from me .

[Analyst] (Roth Capital): Hey, guys. It is Andrew on for Craig. Congrats on the strong year, and thanks for taking my questions. First one from me, can you just kind of help us further understand how the Tether partnership contributed in the quarter and maybe what areas you guys have hit the ground running and what you guys are looking at to further develop over the near term?

Andrew Scutt: Hey, guys. It is Andrew on for Craig. Congrats on the strong year, and thanks for taking my questions. First one from me, can you just kind of help us further understand how the Tether partnership contributed in the quarter and maybe what areas you guys have hit the ground running and what you guys are looking at to further develop over the near term?

Speaker #5: Can you just kind of help us further understand how the Tethered partnership contributed in the quarter, and maybe, you know, what areas you guys have hit the ground running in, and, you know, what?

Speaker #5: You guys are looking at to , to further develop over , over the near term .

Speaker #1: Yep . I would say that , you know , Q4 was a little bit of a get to know you digesting period with tether .

Greg Roberts: Yep. I would say that Q4 was a little bit of a get-to-know-you digesting period with Tether. I think that we have found a very good opportunity that is a win-win for both sides, where we have been able to help Tether with their storage, their trading. We have a very high dollar amount of gold leases and silver leases from them. Our storage with them has been very good. I think you can see some of that in our top-line numbers for the quarter. The business that we are currently doing with Tether is lower margin, higher volume numbers. I do not think you could say that it is going to make or break a quarter right now. I think we continue, as you can see from our Q3 results, we do very well in our DTC businesses and our retail customers are active in buying physical metal.

Speaker #1: And I think that , you know , we have found a very good opportunity . That's a win win for both sides where we've been able to help tether with their storage , their trading .

Speaker #1: We have a very high amount of high dollar amount of gold leases and silver leases from them . And our storage with them has been been very good .

Speaker #1: And so I think you can see some of that in our top line numbers for the quarter . You know , the the businesses , the business that we're currently doing with tether is , is lower margin .

Speaker #1: You know , higher , higher volume numbers . And so I don't think , you know , you could say that it's going to make or break a quarter right now .

Speaker #1: I think , you know , we continue , as you can see from our Q3 results , you know , we we do very well in our DTC businesses and our retail customers are active and buying physical metal .

Speaker #1: But but so far , the , the opportunities and , you know , results that we're seeing with tether have been particularly exciting .

Greg Roberts: So far the opportunities and results that we are seeing with Tether have been particularly exciting, and I am looking forward to the future. I think the sky is the limit as it relates to what we can do with Tether. So continuing to find opportunities where we can bring value to them as well as their bringing value to us. I will say that based on the disclosures and the transaction details that we put out with Tether as it related to the gross position of leases and the size of their storage, we are currently at multiples of the numbers that we put out. So it is certainly moving in the right direction, which is somewhat reflected in our liquidity and our opportunities that are being given to us.

Speaker #1: And I'm looking forward to the future, and I think the sky's the limit as it relates to what we can do with Tether.

Speaker #1: So continuing to get you to find opportunities where we can bring value to them, as well as, you know, they're bringing value to us.

Speaker #1: But I will say that based on the , the disclosures and the transaction details that we put out with tether as it related to the gross position of leases and the size of their storage , you know , we're we're currently at at multiples of the numbers that we put out .

Speaker #1: So it's certainly moving in the right direction , which is somewhat reflected in , in our liquidity and our opportunities that that are being given to us .

Speaker #5: Great . Really appreciate the color there . And second , for me , a little unrelated , now that you guys have SMI is a fully owned asset .

[Analyst] (Roth Capital): Great. Really appreciate the color there. Second for me, a little unrelated. Now that you guys have Sunshine Minting, Inc. as a fully owned asset, with them being a supplier of blanks to the United States Mint and other sovereigns, is there any way this kind of deepens the relationship you guys have with the sovereigns and can kind of support the business here?

Andrew Scutt: Great. Really appreciate the color there. Second for me, a little unrelated. Now that you guys have Sunshine Minting, Inc. as a fully owned asset, with them being a supplier of blanks to the United States Mint and other sovereigns, is there any way this kind of deepens the relationship you guys have with the sovereigns and can kind of support the business here?

Speaker #5: And with them being , you know , a supplier of blanks to the US mint and other sovereign mints , is there any way this kind of , you know , deepens the relationship you guys have with the with the Sovereign Mints and can kind of , you know , support the business here .

Speaker #1: Yeah , I don't I don't that as , you know , a big change . I think we've been supplying whether we own zero , 48% or 100% of sunshine , we've been supplying sunshine has been supplying blanks to the mint for 20 years .

Greg Roberts: Yeah, I don't see that as a big change. I think we've been supplying, whether we own zero, 48%, or 100% of Sunshine has been supplying blanks to the Mint for 20 years. So that hasn't really changed. I think that as it relates to the other sovereign mints, certainly at the moment, the on-again, off-again tariffs create some potential opportunities for us with the sovereign mints. But at the moment, the tariffs are causing headwinds as it relates to sovereign mints selling to us and then having us redistribute in the United States. I think our Singapore and Hong Kong offices are benefiting from our relationship with the sovereign mints, so I think that's a good thing. But I don't think that our ownership percentage, particularly with Sunshine, it changes anything with the sovereign mints. They are strong relationships that have been there for quite some time.

Speaker #1: So that that hasn't really changed . I think that as it relates to the other Sovereign Mints , certainly at the moment , you know , the on again , off again tariffs create some potential opportunities for us with the Sovereign Mints .

Speaker #1: But but at the moment the tariffs are you know , are are causing headwinds as it relates to sovereign mints Selling to us and then having us redistribute in the United States .

Speaker #1: You know I think our our Singapore and Hong Kong offices are you know , benefiting from some from our relationship with the Sovereign Mints .

Speaker #1: So I think that's a good thing . But I don't I don't think that our ownership percentage , particularly with sunshine , it changes anything with with the Sovereign Mints .

Speaker #1: They're strong relationships that have been there for quite some time.

Speaker #5: Understood. Well, thanks for taking my questions, and congrats again on the strong year.

[Analyst] (Roth Capital): Understood. Well, thanks for taking my questions, and congrats again on the strong year.

Andrew Scutt: Understood. Well, thanks for taking my questions, and congrats again on the strong year.

Speaker #1: Thank you .

Greg Roberts: Thank you.

Speaker #3: Thank you. Your next question is coming from Brian McNamara from Canaccord. Your line is live.

Operator: Thank you. Your next question is coming from Brian McNamara from Canaccord. Your line is live.

Speaker #6: Hey good afternoon guys . Thanks for taking the questions . Sure . Kind of a follow a follow up here on tether . I think in May , you mentioned the gold leaf line was was higher than you had projected in the release .

Brian McNamara: Hey, good afternoon, guys. Thanks for taking the questions.

Greg Roberts: Sure.

Operator 2: Kind of a follow-up here on Tether. I think in May you mentioned that gold leasing was higher than you had projected in the release. Then I think you just said earlier in the answer to the couple of questions ago that it was multiples of what was in the release. Can we get any more granular on the sizing of that and kind of where that can potentially get to, and kind of is this kind of I guess, as you mentioned the first quarter was kind of a feeling out period. How long of that time period would you expect that to take? Thanks.

Brian McNamara: Kind of a follow-up here on Tether. I think in May you mentioned that gold leasing was higher than you had projected in the release. Then I think you just said earlier in the answer to the couple of questions ago that it was multiples of what was in the release. Can we get any more granular on the sizing of that and kind of where that can potentially get to, and kind of is this kind of I guess, as you mentioned the first quarter was kind of a feeling out period. How long of that time period would you expect that to take? Thanks.

Speaker #6: And then I think you just said earlier in the answer to a couple of questions ago that it was multiples of what was in the release.

Speaker #6: Can we get any more granular on the sizing of that and kind of where that can potentially get to and kind of is this kind of , I guess you mentioned , you know , the first quarter was kind of a feeling out period , like , how long was that of that time period ?

Speaker #6: Would you expect that to take? Thanks.

Speaker #1: Yeah , I think multiples is , is as far as I want to go right now . But I would say that , you know , we have we have our developing and have a good relationship with tether and it appears that what we are doing with them so far has been a win win .

Greg Roberts: Yeah, I think multiples is as far as I want to go right now. I would say that we are developing and have a good relationship with Tether, and it appears that what we are doing with them so far has been a win-win. Hearing from their side, we are providing some opportunities for them that they are not able to take advantage of with other trading partners. I think we are going to continue to look at opportunities with Tether, and I expect us to learn a lot from them. I expect that they are going to bring their expertise and know-how on some other particularly digital products that we might work on. Like I said earlier, I think the sky is the limit, and we are very happy with the relationship. We are happy with the investment, and we look to grow the relationship with them.

Speaker #1: You know , hearing from their side , we're providing some opportunities for them that they they aren't able to take advantage of with , you know , with other trading partners .

Speaker #1: So I think we're going to continue to , to look at opportunities with tether . And , you know , I expect us to learn a lot from them .

Speaker #1: And I expect that they're going to bring their expertise and know-how on some other particularly digital products that we might work on.

Speaker #1: So I , like I said earlier , I think the sky's the limit . And , you know , we're very , very happy with the relationship .

Speaker #1: We're happy with the investment, and we look to grow the relationship with them.

Speaker #6: And then, secondly, numismatics seems like a business that's really seeing robust structural growth. I think Dick's Sporting Goods last week called out its trading cards and collectibles business as being quite strong in an otherwise weak quarter.

Brian McNamara: Secondly, numismatic seems like a business that is really seeing robust structural growth. Dick's Sporting Goods last week called out its trading cards and collectibles business as being quite strong in an otherwise weak quarter. What are the opportunities there for you guys, both organically and inorganically?

Speaker #6: What are the opportunities there for you guys, both organically and inorganically?

Speaker #1: Yeah , I mean , I think all the hard asset classes right now are repricing and are seeing growth across all , all of the hard asset classes .

Greg Roberts: Yeah. I think all the hard asset classes right now are repricing and are seeing growth across all of the hard asset classes. I think collectibles falls into that. We are having one of our largest auction weeks of the year right now is going on with Stack's Bowers, and it looks like we are going to sell in excess of $50 million worth of products over the five- to six-day period at Stack's. The prices thus far over the last two days have been very strong. I think that the collectibles market is very robust. I think that particularly in the sports card area that you just mentioned, I do think there is opportunity. Now the prices are very much up from three or four years ago, so be a little bit cautious there.

Speaker #1: So I think collectibles falls into that . You know , we're we're having a one of our largest auction weeks of the year right now is going on with , with Stack's Bowers and , you know , it looks like we're going to sell , you know , in excess of $50 million worth of products over the 5 to 6 day period at stacks .

Speaker #1: And the prices thus far over the last two days have been have been very strong . So I think that the collectibles market in , you know , is , is very robust .

Speaker #1: And I , you know , I think that particularly in the sports card area that you have , you know , you just mentioned , I do think there's opportunity now , the , the prices have been , you know , our are very , very much up from 3 or 4 years ago .

Speaker #1: So that , you know , to be a little bit of cautious there . But we , we do our lending business , CFC does lend on , on sports cards .

Greg Roberts: Our lending business, CFC, does lend on sports cards, and we have had a good deal of success getting to know the market through providing liquidity and being a lender. I think sports cards is an area that we can look to grow in in the future at the Stack's Bowers level.

Speaker #1: And we've , we've had a good deal of success getting to know the market through providing liquidity and being a lender and , you know , I think sports cards is an area that we can look to grow in in the future at , at the Stack's Bowers level

Speaker #6: Great. I'll pass it on. Thanks a lot.

Brian McNamara: Great. I will pass it on. Thanks a lot.

Speaker #3: Thank you. Your next question is coming from Greg Gibbs from Northland Securities. Your line is live.

Operator: Thank you. Your next question is coming from Greg Gibas from Northland Securities. Your line is live.

Speaker #7: Hey , thanks for taking the questions , Greg . And congrats on the strong year . You know , I wanted to maybe just dive a little bit deeper on kind of any shifts within your DTC segment or , you know , I guess in terms of trends you're seeing with consumer buying behavior .

Greg Gibas: Hey, thanks for taking the questions, Greg, and congrats on the strong year. I wanted to maybe just dive a little bit deeper on any shifts within your D2C segment or I guess in terms of trends you are seeing with consumer buying behavior. I know you touched on purchasing patterns and those being tied to war-related developments, but perhaps product preferences or, I am sorry, product category preferences, or anything you can share there?

Speaker #7: And I know you touched on purchasing patterns and those being kind of , you know , tied to war related developments , but , you know , perhaps product preferences or product category preferences or anything you can share there

Speaker #1: Yeah , you know , just , just to start , I mean , in our Q3 , as I've said . I said earlier , our customer base was , you know , was just going crazy buying product .

Greg Roberts: Yeah. Just to start, in our Q3, as I said earlier, our customer base was just going crazy buying product, and the premiums were higher, and you had USD 120 silver and you had USD 5,000-plus gold, and it was in the news every day. I think from my perspective, I was thrilled that we were able to perform and deliver product quickly to customers when they asked for it. I think our infrastructure and all of our DTC brands outperformed what I would have expected, as well as our distribution business, A-M Global Logistics. So I think that in that quarter in particular, all of the retail customers across all of our platforms were in buy mode. At the same time, they were also in sell mode, which we have talked about before. So longer-term buyers were liquidating some of their material at the higher spot prices.

Speaker #1: And the premiums were higher . And there was just a , you know , you had $120 silver and you had 5000 plus gold .

Speaker #1: And it was in the news every day . And I think , you know , from my perspective , I was thrilled that we were able to perform and deliver product quickly to customers when they asked for it .

Speaker #1: And , you know , I think our , our infrastructure and all of our DTC brands outperformed , you know what I would have expected ?

Speaker #1: And , you know , as well as our distribution business , AML , so , so I think that that in , in that quarter in particular , all of you know , the retail customers across all of our platforms were in buy mode at the same time they were also in sell mode , which we've talked about before .

Speaker #1: So longer term buyers , you know , were , were liquidating some of their material at the higher spot prices . So it was , it was a very good environment for us .

Greg Roberts: It was a very good environment for us. I think we continue to see buybacks be a big part of our trading businesses. Older silver products in particular are trading at a discount, which puts a bit of a headwind on newer silver products that we manufacture. Now we have augmented our production with a number of higher premium specialty products at our mints. But the higher margin specialty products just do not sell in the volume as the straight 1-ounce silver round or the 1-ounce gold bar. So it is a little bit of a mixed bag. But I am very happy with our retail base. You can probably see from the numbers that our new client acquisition has slowed a little bit over the last quarter, and we are working on new marketing. We are working on new ways to attract new customers.

Speaker #1: I think , you know , we continue to see buybacks be a big part of , of our trading businesses . And , you know , older silver products in particular are trading at a discount , which puts a bit of a headwind on newer silver products that we manufacture .

Speaker #1: Now we've , you know , we've augmented our production with a number of higher premium specialty products at our mints . But the but the higher margin specialty products just don't sell in the volume as the straight one ounce silver round or the one ounce gold bar .

Speaker #1: So it's a little bit of a mixed bag , but I , you know , I'm very , very happy with , with our retail base , you know , you can probably see from the numbers that our new client acquisition has slowed a little bit over the last quarter .

Speaker #1: And , you know , we're we're working on new marketing . We're working on new ways to attract new customers and , you know , I think we have some great opportunities and some great initiatives , but , but as you'll see , if you go back and you see when we're very busy and the markets are are really on fire , we're going to get 2 or 3 times as many new customers in a month and maybe we're going to get in a slower period .

Greg Roberts: I think we have some great opportunities and some great initiatives, but if you go back and you see when we are very busy and the markets are really on fire, we are going to get 2 or 3 times as many new customers in a month than maybe we are going to get in a slower period. Again, thrilled and excited about how we perform and how we are performing both in a little bit slower quarter in Q4, but more importantly, how we are able to really take advantage quickly when the market gives us an opportunity.

Speaker #1: So again , thrilled and excited about about how we perform and how we're performing , you know , both in , in a little bit slower quarter in Q4 .

Speaker #1: But more importantly, how we're able to really take advantage quickly when the market gives us an opportunity.

Speaker #7: Got it. That's helpful and unrelated here, but could you maybe remind us of the impact of costs associated with backwardation in the March quarter?

Greg Gibas: Got it. That is helpful. Unrelated here, but could you maybe remind us of the impact of costs associated with backwardation in the March quarter? I was trying to get a better sense of maybe the uplift you saw in Q4 as it related to just those non-normalized headwinds and perhaps just how financing costs trended when taking into account or accounting for the benefit from savings from Tether on the financing side.

Speaker #7: I was trying to get a better sense of maybe the uplift you saw in Q4 as it related to just those non-normalized headwinds and perhaps just how financing costs trended , you know , when taking into account or accounting for the benefit from from savings , from tether on the financing side ?

Speaker #1: Yeah , yeah . You know , we haven't really been able to recognize some of those savings yet . I think that what you can see from our filings is going to be a decrease in our credit facility as it relates to our dollar facility .

Greg Roberts: Yeah. We have not really been able to recognize some of those savings yet. I think that what you can see from our filings is going to be a decrease in our credit facility as it relates to our dollar facility, and you are going to see an increase, which we have just talked about, related to our leases that we have disclosed that Tether is booking with us. The leases are very important as it relates to backwardation and contango. Right now, we are back in a contango situation. The backwardation eased off as the market slowed down and spot prices came down in March and April. Our big job right now is the gold leases for us are great if we have inventory that we need to hedge using the gold leases.

Speaker #1: And you're going to see an increase , which we've just talked about related to our leases that we we've disclosed that we are getting that tether is booking with us .

Speaker #1: So the leases are very important as it relates to to backwardation and contango . Right now , we are we are back in a contango situation .

Speaker #1: We the backwardation eased off as the market slowed down and spot prices came down in February . And I'm sorry , in March and April .

Speaker #1: So our our big job right now is , you know , the gold lease is for us are great if we have inventory that we need to hedge using the gold leases .

Speaker #1: If we if we have excess leases and we don't have inventory to hedge , you know , we're going to we're going to pay the lease fee .

Greg Roberts: If we have excess leases and we do not have inventory to hedge, we are going to pay the lease fee, plus we are going to have to pay the contango. That can be a bit of a headwind. I think our job over the next 6 to 9 months is to make sure we deploy the gold leases that we are getting from Tether and making sure that we are using that liquidity to put it to good use and get a return in excess of what we are paying for the leases. So, it is a great opportunity for us. It is cheaper liquidity than our dollar facilities, but I think it is going to take probably a couple of quarters for us to really see those benefits.

Speaker #1: Plus we're going to have to pay the contango so that can be a bit of a headwind . I think our job , you know , over the next 6 to 9 months is to is to make sure we deploy the gold leases that we're getting from tether and making sure that we're using that liquidity to , to put it to good use and get a , get a return in excess of what we're , what we're paying , paying for the leases .

Speaker #1: So , I mean , it's a great opportunity for us . It's , it's cheaper liquidity than our dollar facilities . But I think it's going to take , you know , probably a couple of quarters for us to , to , to really see those benefits

Speaker #7: Okay . Thanks very much

Greg Gibas: Okay, thanks very much.

Speaker #3: 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 would now like to turn the call back over to Mr. Roberts for his closing remarks.

Speaker #1: I'd like to thank all of our shareholders. We have many new ones, as well as our longstanding ones, for joining the call today and for your continued interest and support.

Greg Roberts: I would like to thank all of our shareholders, we have many new ones, and all of our old ones for joining the call today and for your continued interest and support. All of our employees, I thank them for all they do day in and day out, and we look forward to keeping you updated on our continued progress. Thank you all for joining today.

Speaker #1: All of our employees, you know, I thank them for all they do, day in and day out. And we look forward to keeping you updated on our continued progress.

Speaker #1: Thank you all for joining today.

Speaker #3: Thank you. Before we conclude today's call, I'd like to provide Gold.com’s Safe Harbor statement, which includes important cautions regarding forward-looking statements made during this call.

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 were 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 meanings 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, internal expansion, operational enhancements, and the amount or 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. Factors that could cause actual results to differ include the following.

Speaker #3: During today's call , there were forward looking statements made regarding future events , statements that relate to gold dot 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 .

Speaker #3: These include statements regarding expectations with respect to future profitability and growth , internal expansion , operational enhancements and the amount or 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 #3: Factors that could cause actual results to differ include the following: 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 during the execution of the strategy.

Operator: 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 during the execution of the strategy. Our inability to execute on our cost containment and expense reduction programs. Government regulations that might impede growth, particularly in Asia, including with respect to tariff policy. The inability to successfully integrate our recently acquired businesses. Changes in the current international political climate, which historically has favorably contributed to the demand and volatility in the precious metals market, but has also posed certain risks and uncertainties for the company. 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.

Speaker #3: Our inability to execute on our cost containment and expense reduction programs, and government regulations that might impede growth, particularly in Asia—including with respect to tariff policy.

Speaker #3: The inability to successfully integrate our recently acquired businesses, and changes in the current international political climate—which historically has favorably contributed to the demand and volatility in the precious metals market, but has also posed certain risks and uncertainties for the company.

Speaker #3: 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 metal products generally , potential negative effects that inflationary pressure may have on our business .

Operator: Potential negative effects that inflationary pressure may have on our business. 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. 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. Listeners are cautioned not to place undue reliance on these forward-looking statements. Finally, I'd like to remind everyone that a recording of today's call will be available for the replay via a link on 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 #3: 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 .

Speaker #3: 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 statements. Finally, I'd like to remind everyone that a recording of today's call will be available for replay via a link on the Investors section of the company's website. Thank you for joining us today for Gold.