Gold.com, Inc. (Gold) Q2 2026 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call reveals mixed results: a decrease in silver sales but a significant increase in new customers and loan portfolio value, indicating strong demand and growth potential. The Q&A highlights increased demand for silver, improved profitability from wider premiums, and financial benefits from the Tether investment. While there are concerns about backwardation and inventory management, the overall sentiment is positive due to strategic partnerships and growth in customer base, suggesting a positive stock price movement.
Key Financial Performance
Revenue for fiscal Q2 '26 $6.5 billion, a 136% increase year-over-year. Excluding an increase of $2.5 billion of forward sales, revenue increased by $1.2 billion or 69%, driven by higher average selling prices of gold and silver and an increase in gold ounces sold, partially offset by a decrease in silver ounces sold.
Revenue for the 6-month period $10.1 billion, an 86% increase year-over-year. Excluding an increase of $3 billion of forward sales, revenue increased by $1.6 billion or 50.3%, due to higher average selling prices of gold and silver and an increase in gold ounces sold, partially offset by a decrease in silver ounces sold.
Gross profit for fiscal Q2 '26 $93 million, a 109% increase year-over-year. This was driven by both the Wholesale Sales & Ancillary segment and the Direct-to-Consumer segment, including acquisitions of SGI, Pinehurst, and AMS, partially offset by lower trading profits.
Gross profit for the 6-month period $166.3 million, an 88% increase year-over-year. The increase was driven by both the Wholesale Sales & Ancillary segment and the Direct-to-Consumer segment, including acquisitions of SGI, Pinehurst, and AMS, partially offset by lower trading profits.
SG&A expenses for fiscal Q2 '26 $59.8 million, a 132% increase year-over-year. The increase was primarily due to higher compensation expenses, advertising costs, consulting and professional fees, and facility expenses, with $30 million of the increase attributed to SGI, Pinehurst, and AMS acquisitions.
SG&A expenses for the 6-month period $120 million, a 128% increase year-over-year. The increase was due to higher compensation expenses, advertising costs, consulting and professional fees, and facility expenses, with $60 million of the increase attributed to SGI, Pinehurst, and AMS acquisitions.
Depreciation and amortization for fiscal Q2 '26 $7.6 million, a 65% increase year-over-year. The increase was due to higher amortization expenses related to acquisitions of SGI, Pinehurst, and AMS, partially offset by a decrease in intangible asset amortization from JMB and Silver Gold Bull.
Depreciation and amortization for the 6-month period $15.2 million, a 63% increase year-over-year. The increase was due to higher amortization expenses related to acquisitions of SGI, Pinehurst, and AMS, partially offset by a decrease in intangible asset amortization from JMB and Silver Gold Bull.
Interest income for fiscal Q2 '26 $5.8 million, a 15% decrease year-over-year. The decrease was due to lower other finance product income, partially offset by a slight increase in interest income from the Secured Lending segment.
Interest income for the 6-month period $11.4 million, an 18% decrease year-over-year. The decrease was due to lower other finance product income and a slight decrease in interest income from the Secured Lending segment.
Interest expense for fiscal Q2 '26 $16.3 million, a 57% increase year-over-year. The increase was due to higher costs related to product financing arrangements, precious metal leases, and the trading credit facility.
Interest expense for the 6-month period $28.9 million, a 42% increase year-over-year. The increase was due to higher costs related to product financing arrangements, precious metal leases, and the trading credit facility.
Earnings from equity method investments for fiscal Q2 '26 $1.0 million, a 142% increase year-over-year. The increase was due to improved earnings from equity method investees.
Earnings from equity method investments for the 6-month period $0.1 million, a 106% increase year-over-year. The increase was due to improved earnings from equity method investees.
Net income for fiscal Q2 '26 $11.6 million or $0.46 per diluted share, compared to $6.6 million or $0.27 per diluted share in the same year-ago quarter. This reflects the resilience of the business model despite market volatility.
Net income for the 6-month period $10.7 million or $0.42 per diluted share, compared to $15.5 million or $0.65 per diluted share in the same year-ago period. The decrease was not elaborated upon.
Adjusted net income before provision for income taxes for fiscal Q2 '26 $23.2 million, a 74% increase year-over-year. This excludes depreciation, amortization, acquisition costs, and contingent consideration fair value adjustments.
Adjusted net income before provision for income taxes for the 6-month period $28.1 million, consistent with the same year-ago period.
EBITDA for fiscal Q2 '26 $33.9 million, a 109% increase year-over-year. This reflects improved operational performance and synergies from acquisitions.
EBITDA for the 6-month period $48.2 million, a 42% increase year-over-year. This reflects improved operational performance and synergies from acquisitions.
Cash balance at quarter end $152 million, compared to $78 million at the end of fiscal '25. This reflects improved liquidity.
Nonrestricted inventories at quarter end $1.031 billion, compared to $795 million at the end of fiscal '25. This reflects increased inventory levels.
Gold ounces sold in fiscal Q2 '26 545,000 ounces, a 17% increase year-over-year. This was driven by higher consumer demand.
Gold ounces sold for the 6-month period 984,000 ounces, a 14% increase year-over-year. This was driven by higher consumer demand.
Silver ounces sold in fiscal Q2 '26 18.6 million ounces, a 15% decrease year-over-year. This was due to market conditions.
Silver ounces sold for the 6-month period 29 million ounces, a 31% decrease year-over-year. This was due to market conditions.
New customers in the DTC segment for fiscal Q2 '26 96,100, a 47% increase year-over-year. This was driven by acquisitions and organic growth.
New customers in the DTC segment for the 6-month period 165,500, a 37% increase year-over-year. This was driven by acquisitions and organic growth.
Total customers in the DTC segment at quarter end 4.4 million, a 37% increase year-over-year. This was driven by acquisitions and organic growth.
Secured loans at quarter end 355, a 31% decrease year-over-year. This reflects a reduction in the number of loans.
Loan portfolio value at quarter end $120.4 million, a 22% increase year-over-year. This reflects higher loan values.
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Operating Highlights
Rebranding to Gold.com: The company has successfully rebranded to Gold.com and relisted on the New York Stock Exchange, emphasizing its identity as a trusted global precious metals platform.
Tether Investment: Gold.com entered into an agreement with Tether Investments, involving a $125 million purchase of common shares and an additional $25 million pending regulatory clearance. Tether will also provide a $100 million gold leasing facility and collaborate on stablecoin offerings.
Acquisition of Monex Deposit Company: Gold.com acquired Monex Deposit Company, enhancing its customer base and storage services.
International Expansion: Gold.com increased its equity interest in U.K.-based Atkinsons Bullion & Coins to 49.5% and reported strong performance in Hong Kong and Singapore, with plans to expand further in Asia.
Operational Efficiencies: Integration of recent acquisitions (SGI, Pinehurst, AMS) is progressing, with the AMGL facility in Las Vegas operating at increased capacity.
Revenue Growth: Revenues for Q2 fiscal 2026 increased 136% to $6.5 billion, driven by higher gold prices, increased gold sales, and acquisitions.
Strategic Partnership with Tether: The partnership with Tether validates Gold.com's strategy to integrate physical bullion with cryptocurrency and expand its offerings.
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Risk or Challenges
Market Volatility: Backwardation in the silver market contributed to trading losses and higher interest expenses due to increases in product financing and precious metals lease rates.
Interest Expense: Interest expense increased significantly (57% in Q2) due to higher costs associated with product financing arrangements, precious metal leases, and trading credit facilities.
SG&A Expenses: SG&A expenses increased by 132% in Q2, driven by higher compensation expenses, advertising costs, consulting fees, and facility expenses, which could strain profitability.
Silver Sales Decline: Silver ounces sold decreased by 15% in Q2 and 31% for the 6-month period, which could impact revenue growth.
Integration Challenges: Ongoing integration efforts for recent acquisitions (SGI, Pinehurst, AMS) and optimization of expense structures may pose operational risks.
Geopolitical and Regional Risks: Expansion in Asia, including Hong Kong and Singapore, exposes the company to geopolitical and regional risks.
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Guidance & Outlook
Consumer Demand and Market Conditions: Looking ahead to fiscal third quarter, consumer demand remains elevated, and the company has experienced an expansion of premium spreads. The backwardation issue in Q2 has eased, and markets are moving back towards contango, which is positive for the trading business.
Production and Inventory Management: The company continues to benefit from a strong balance sheet and the ability to adjust weekly production levels across minting operations to manage inventory levels and meet demand.
Geographic Expansion: Asia is identified as an attractive long-term growth opportunity, with strong performance in Hong Kong and Singapore. The company remains focused on expanding its footprint in the region.
Strategic Investments and Partnerships: Tether's strategic investment in Gold.com is expected to provide increased funding and flexibility to strengthen the balance sheet and develop the portfolio of category-leading brands. The partnership may also lead to additional innovative, mutually-beneficial commercial opportunities.
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Shareholder Return Plan
Quarterly Cash Dividend: 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 March 4, 2026, to stockholders of record as of February 20, 2026.
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Key Q&A
Q:Can you compare and contrast the performance of gold and silver in the December quarter?
A:Silver has seen a shift back in demand over the last 8 weeks, with silver now accounting for around 50% of total volume. Premiums for 1-ounce silver products have significantly increased compared to 3 months ago, reflecting heightened demand and volatility.
Q:How should we think about your capacity and the need to expand your fulfillment center and logistics efforts with the Tether investment?
A:The Las Vegas facility has been tested to its limits, handling over 120,000 packages in January. While the facility is built to handle more, the recent surge in volume required hiring additional staff. The Tether investment may necessitate further expansion as they are a significant holder of gold, requiring storage solutions.
Q:How do wider premiums in the current quarter impact profitability compared to the December quarter?
A:Wider premiums are expected to result in a strong quarter. The company anticipates improved profitability due to increased demand and higher premiums for silver products.
Q:Did trading losses in the December quarter relate to high pricing and buybacks?
A:No, trading losses were due to backwardation, which turned contango income into an interest expense. However, buybacks have been beneficial in the current quarter as they help meet increased demand and improve performance.
Q:How does the Tether investment impact profitability and the P&L?
A:The $150 million investment and gold lease from Tether will reduce interest expenses by replacing higher-cost dollar borrowings with lower-rate gold leases, providing significant financial benefits.
Q:Can you comment on your ability to keep products in inventory during the surge in demand?
A:The company has maintained strong inventory levels due to its balance sheet and two mints. Production capacity has ramped up significantly, with weekly silver production increasing from 200,000 ounces to 800,000 ounces. However, some delays in delivery and preorders are being managed.
Q:What is the goal for monthly throughput at the Las Vegas facility, and is there a plan for similar facilities in Europe or Asia?
A:The goal is to reach 150,000 packages per month within 6 months. While the Las Vegas facility is a significant capital commitment, there are no immediate plans for similar facilities outside the U.S. due to limited demand for small package delivery internationally.
Q:What caused the negative noncontrolling items in GAAP EPS this quarter?
A:The negative noncontrolling items were primarily due to Sunshine Mint consolidating its operations, which caused temporary disruptions. This is considered an anomaly, and Sunshine Mint is performing better this quarter.
Q:Can you quantify the impact of backwardation on financials, and how does it change with contango?
A:Backwardation caused a swing from a $6 million gain in December 2024 to a $5-6 million loss in Q2 of 2025, resulting in a $10-12 million year-over-year swing. The return to contango is expected to positively impact financials.
Q:Does the Tether relationship provide additional commercial opportunities?
A:Yes, the relationship with Tether is expected to create opportunities for Gold.com to assist with their gold trading and storage needs, as well as potential collaborations on retail platforms and credit card initiatives.
Q:Does the Tether partnership change your strategic M&A efforts?
A:No, the partnership does not change strategic M&A efforts but provides the opportunity to engage in larger transactions and grow the company further.
Q:Review of Unclear Management Responses
A:Management avoided providing specific details on the exact numbers for mint production capacity and the financial impact of backwardation, as well as the precise commercial opportunities with Tether. Additionally, they did not provide a clear timeline or specifics for potential international expansion of logistics facilities.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
AMS period
DTC segment
Goldcom
Investor Relations
JMB
Pinehurst AMS
Relations section
SGA
SGI Pinehurst
acquisition SGI
amortization expense
change increase
customer base
depreciation
equity method
income share
increase period
increase product
interest income
metal lease
month period
number DTC
period increase
period number
period ounce
platform
product financing
remark
revenue
silver
trading
GOLD Transcript
Gold.com, Inc. (Gold) Q2 2026 Earnings Call Transcript
Positive2-5
The earnings call reveals mixed results: a decrease in silver sales but a significant increase in new customers and loan portfolio value, indicating strong demand and growth potential. The Q&A highlights increased demand for silver, improved profitability from wider premiums, and financial benefits from the Tether investment. While there are concerns about backwardation and inventory management, the overall sentiment is positive due to strategic partnerships and growth in customer base, suggesting a positive stock price movement.
Barrick Gold Corporation (NYSE:GOLD) Q1 2025 Earnings Call Transcript
Unknown5-8
The earnings report presents a mixed picture. Positive factors include EPS growth, strong cash flow, and a maintained dividend, suggesting operational strength. However, regulatory issues in Mali, supply chain challenges, and lower production at key sites pose risks. The Q&A reveals management's evasiveness on critical issues, hinting at uncertainties. Despite these challenges, the company's strategic expansions and cost-saving measures provide a balanced outlook. Given these factors, the stock price is likely to remain stable, resulting in a neutral sentiment.
Barrick Gold Corporation (GOLD) Q1 2025 Earnings Call Transcript
Unknown5-7
The earnings call presents a mixed picture: strong financial performance with significant growth in operating cash flow and free cash flow, stable dividends, and reduced debt, which are positive indicators. However, regulatory issues in Mali, supply chain challenges, and operational risks in Nevada pose significant concerns. The Q&A section highlights management's avoidance of direct answers on critical issues, adding uncertainty. The stable dividend and share buyback program provide some support. Overall, the positive financials are offset by operational and regulatory risks, leading to a neutral stock price prediction.
Barrick Gold Corporation (NYSE:GOLD) Q4 2024 Earnings Call Transcript
Positive2-13
Barrick has shown strong financial performance with increased free cash flow, EBITDA, and operating cash flow. The company is maintaining its dividend and has a robust share buyback program. Despite operational risks and fatalities, the management's strategic focus on safety and project financing is reassuring. The Q&A section highlighted confidence in managing costs and maintaining growth, with no significant risks identified. Overall, the combination of positive financial metrics, strategic investments, and proactive management responses suggests a positive stock price movement.
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