Gold.com, Inc. (GOLD) - 10-K Summary for Fiscal Year Ended June 30, 2026
Business Context and Reporting Period
Company: Gold.com, Inc. (formerly A-Mark Precious Metals, Inc.)
Reporting Period: Fiscal Year Ended June 30, 2026
Business Model: A fully integrated precious metals company operating through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer (DTC), and Secured Lending. The company trades gold, silver, platinum, palladium, and copper bullion, numismatic coins, and collectibles globally.
Key Developments: The company changed its name to Gold.com, Inc. in December 2025 and transferred its listing to the NYSE. Significant acquisitions during the period included Monex Deposit Company (January 2026), Sunshine Minting, Inc. (April 2026), and full ownership stakes in Spectrum Group International (SGI) and Pinehurst (acquired in FY2025 but fully integrated in FY2026).
Key Financial Metrics
| Metric | FY 2026 | FY 2025 | Change |
|---|---|---|---|
| Revenues | $25.51 Billion | $10.98 Billion | +132.4% |
| Gross Profit | $453.1 Million | $210.9 Million | +114.8% |
| Gross Margin | 1.78% | 1.92% | -14.5 bps |
| Net Income (GAAP) | $88.6 Million | $15.8 Million | +459.3% |
| Net Income Attributable to Company | $82.3 Million | $17.3 Million | +375.4% |
| Diluted EPS | $3.02 | $0.71 | +325.4% |
| EBITDA (Non-GAAP) | $179.8 Million | $64.4 Million | +178.9% |
| Operating Cash Flow | $1.22 Billion | $152.3 Million | +702.6% |
| Total Assets | $4.14 Billion | $2.22 Billion | +86.5% |
| Secured Loans Outstanding | $115.1 Million | $94.0 Million | +22.4% |
Material Changes vs. Prior Period
- Revenue Surge: Revenue more than doubled, driven by a $8.3 billion increase in forward sales (hedging activity), higher average selling prices for gold (+51.1%) and silver (+112.5%), and the inclusion of new acquisitions (Monex, SMI, SGI, Pinehurst, AMS).
- Volume Trends: Gold ounces sold increased 23.8% to 2.03 million, while silver ounces sold remained flat (-0.1%).
- Margin Compression: Reported gross margin decreased to 1.78% from 1.92%. However, excluding the dilutive effect of forward sales, the adjusted gross margin increased to 3.55% from 3.22%, driven by wider retail premium spreads.
- Expense Growth: Selling, General, and Administrative (SG&A) expenses nearly doubled to $275.6 million, primarily due to $104.3 million in expenses from newly acquired subsidiaries and increased compensation and advertising costs.
- Liquidity Shift: The company significantly reduced reliance on its Trading Credit Facility (drawdowns decreased) and increased usage of precious metals leases and liabilities on borrowed metals, which grew from $46.1 million to $776.1 million.
Guidance, Outlook, and Risks
Management Commentary: Management attributes growth to strategic acquisitions, vertical integration, and a favorable macroeconomic environment characterized by volatility. The company continues to invest in AI technologies for customer service and marketing. The board maintains a quarterly dividend policy of $0.20 per share.
Key Risks:
- Financing Dependency: Operations are heavily dependent on access to credit facilities and precious metals leases. Failure to renew these could limit business conduct.
- Geopolitical Instability: Ongoing conflicts (e.g., Middle East, Russia-Ukraine) and trade tariffs create uncertainty in global supply chains and commodity prices.
- Regulatory Environment: Subject to evolving regulations regarding environmental reporting (California SB 253/261), data privacy (GDPR, CCPA), and potential CFTC jurisdiction over retail commodity transactions.
- Counterparty Risk: Exposure to default by counterparties in derivative hedging contracts and the stability of the Tether partnership (related party).
Investor Verification Checklist
- Forward Sales Impact: Verify the proportion of revenue derived from forward sales ($8.3B increase) versus physical sales to understand the true volume growth versus accounting effects.
- Acquisition Integration: Assess the profitability contribution of recent acquisitions (Monex, SMI, SGI) and the status of contingent consideration liabilities ($7.95M outstanding).
- Liquidity Sources: Confirm the terms and renewal status of the $427.5M Trading Credit Facility and the stability of the precious metals lease arrangements with Tether.
- Inventory Hedging: Review the effectiveness of hedging strategies, noting the net precious metals inventory subject to commodity price risk was minimal ($4.9M) as of June 30, 2026.
- Regulatory Compliance: Monitor progress on California climate disclosure requirements and potential impacts on operating expenses.