Business Context and Reporting Period
Company: Gold.com, Inc. (formerly A-Mark Precious Metals, Inc.)
Filing Type: Form 10-Q (Quarterly Report)
Reporting Period: Three and six months ended December 31, 2025
Business Overview: The Company operates in three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer (DTC), and Secured Lending. It trades precious metals (gold, silver, platinum, palladium) and numismatic coins globally. Effective December 2, 2025, the Company changed its name to Gold.com, Inc. and transferred its listing to the NYSE under the symbol "GOLD".
Key Financial Metrics
| Metric (in thousands) | Three Months Ended Dec 31, 2025 | Six Months Ended Dec 31, 2025 |
|---|---|---|
| Revenues | $6,476,900 | $10,157,666 |
| Gross Profit | $93,370 | $166,267 |
| Gross Margin | 1.44% | 1.64% |
| Net Income (GAAP) | $13,528 | $12,557 |
| Net Income Attributable to Company | $11,636 | $10,697 |
| Diluted EPS | $0.46 | $0.42 |
| Operating Cash Flow | N/A | $152,795 |
| Total Assets | $3,811,885 | $3,811,885 |
| Total Liabilities | $3,103,060 | $3,103,060 |
| Cash and Cash Equivalents | $152,050 | $152,050 |
| Debt (Lines of Credit) | $300,000 | $300,000 |
Material Changes vs. Prior Period
- Revenue Growth: Revenues increased 136.2% year-over-year (YoY) for the quarter and 86.1% for the six-month period. This surge was driven by higher average selling prices for gold and silver, increased forward sales volume, and the consolidation of recent acquisitions (SGI, Pinehurst, and AMS).
- Profitability: Net income attributable to the Company increased 77.4% for the quarter but decreased 31.2% for the six-month period compared to the prior year. The six-month decline was primarily due to higher selling, general, and administrative (SG&A) expenses related to new acquisitions and increased interest expense.
- Segment Performance:
- Wholesale Sales: Revenue increased 124.9% (quarter) and 75.1% (six months), though the segment reported a net loss before taxes due to high interest costs and lower trading profits.
- Direct-to-Consumer: Revenue increased 179.2% (quarter) and 132.0% (six months), with net income before taxes rising 377.7% (quarter) and 218.7% (six months), driven by strong retail activity and acquisitions.
- Secured Lending: Interest income remained relatively flat, with a decrease in the number of outstanding loans (31.5% decline) offset by higher average loan balances.
- Balance Sheet: Total assets grew significantly from $2.2 billion to $3.8 billion, largely due to increases in receivables, derivative assets, and inventory. Deferred revenue and other advances increased to $1.7 billion, reflecting higher customer advances.
Guidance, Outlook, and Risks
- Acquisitions: The Company completed the acquisition of Monex Deposit Company in January 2026 for approximately $33.0 million. It also entered into an agreement with Tether Investments to purchase $126.4 million of common stock and secure a $100.0 million gold leasing facility.
- Dividends: The Board declared a quarterly cash dividend of $0.20 per share, payable March 4, 2026.
- Risks:
- Commodity Price Volatility: While the Company hedges substantially all inventory price risk, unhedgeable premiums and collectible coin inventory remain exposed to market fluctuations.
- Counterparty Risk: Significant exposure exists through derivative contracts and open sale/purchase commitments, though the Company mitigates this via master netting arrangements and credit limits.
- Interest Rate Risk: The Company has variable-rate debt (Trading Credit Facility and product financing arrangements). Rising rates increase interest expense, which impacted margins in the current period.
- Unusual Items: The financial results include significant non-cash adjustments related to contingent consideration fair value changes from recent acquisitions and amortization of acquired intangible assets.
Investor Verification Checklist
- Forward Sales Impact: Verify the proportion of revenue derived from forward sales contracts, which inflate top-line revenue but contribute negligible gross profit.
- Acquisition Integration: Assess the ongoing impact of SG&A expenses from the SGI, Pinehurst, and AMS acquisitions on future profitability.
- Debt Covenants: Review the Trading Credit Facility terms ($422.5 million capacity) and borrowing base calculations to ensure continued liquidity access.
- Inventory Valuation: Confirm the valuation of collectible coin inventory (held at lower of cost or net realizable value) versus bullion inventory (marked-to-market).
- Contingent Consideration: Monitor the fair value adjustments of contingent consideration liabilities, which can cause volatility in "Other income/expense."