Gold.com, Inc. (GOLD) Q3 2026 Filing Summary
Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended March 31, 2026 (Q3 of Fiscal Year 2026). Gold.com, Inc. (formerly A-Mark Precious Metals, Inc.) operates a vertically integrated platform for precious metals and collectibles through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer (DTC), and Secured Lending. The company changed its name and transferred its listing to the NYSE in December 2025. Significant recent acquisitions include Spectrum Group International (SGI), Pinehurst Coin Exchange, AMS Holding, and Monex Deposit Company.
Key Financial Metrics
| Metric | Q3 2026 (3 Months) | Q3 2025 (3 Months) | YTD 2026 (9 Months) | YTD 2025 (9 Months) |
|---|---|---|---|---|
| Revenue | $10.35 billion | $3.01 billion | $20.51 billion | $8.47 billion |
| Gross Profit | $176.6 million | $41.0 million | $342.8 million | $129.2 million |
| Gross Margin | 1.71% | 1.36% | 1.67% | 1.53% |
| Net Income (Company) | $59.5 million | ($8.5 million) | $70.2 million | $7.0 million |
| Diluted EPS | $2.09 | ($0.36) | $2.65 | $0.29 |
| Cash & Equivalents | $143.6 million | $77.7 million | $143.6 million | $114.3 million |
| Total Assets | $4.17 billion | $2.22 billion | $4.17 billion | $2.22 billion |
| Operating Cash Flow (YTD) | $153.0 million | $85.4 million | $153.0 million | $85.4 million |
Material Changes vs. Prior Period
- Revenue Surge: Revenue increased 244% year-over-year (YoY) for the quarter and 142% YoY for the nine months. This growth is driven by higher average selling prices for gold and silver, increased ounces sold, and the consolidation of recent acquisitions (SGI, Pinehurst, AMS, Monex). A significant portion of the revenue increase is attributed to forward sales contracts used for hedging.
- Profitability: Net income attributable to the Company turned from a loss of $8.5 million in Q3 2025 to a profit of $59.5 million in Q3 2026. Gross profit increased 330% YoY for the quarter.
- Balance Sheet Expansion: Total assets nearly doubled to $4.17 billion, primarily due to a massive increase in inventory ($2.77 billion vs. $1.28 billion) and derivative assets ($434.8 million vs. $134.5 million). Liabilities on borrowed metals increased significantly to $916.7 million from $46.1 million.
- Acquisition Activity: The company completed the acquisition of Monex in January 2026 and acquired the remaining equity interest in Sunshine Minting in April 2026 (subsequent event).
Guidance, Outlook, and Risks
- Management Commentary: Management attributes the strong performance to macroeconomic volatility driving demand, wider premium spreads in the retail market, and the successful integration of new acquisitions. The company maintains a policy of hedging substantially all inventory price risk using forward and futures contracts.
- Dividends: The company maintains a quarterly cash dividend of $0.20 per share. A subsequent dividend of $0.20 per share was declared on May 6, 2026.
- Risks and Contingencies:
- Commodity Price Risk: While hedged, the company is exposed to fluctuations in precious metal prices. Inventory is marked-to-market daily.
- Counterparty Risk: Exposure to default by counterparties in derivative contracts and metal suppliers, though management believes this is mitigated by credit limits and short-term durations.
- Contingent Consideration: The company has significant contingent consideration liabilities related to acquisitions (Monex, Pinehurst, AMS, LPM) totaling approximately $1.9 million in fair value as of March 31, 2026, which are remeasured quarterly and impact earnings.
- Unusual Items: Q3 2025 included a $7.0 million remeasurement loss on pre-existing equity interests related to the Pinehurst acquisition, which is not present in the current period.
Investor Verification Checklist
- Forward Sales Impact: Verify the portion of revenue growth attributable to forward sales contracts versus physical volume, as forward sales inflate revenue without proportional gross profit.
- Inventory Valuation: Confirm the composition of the $2.77 billion inventory balance, specifically the split between bullion (marked-to-market) and collectible coins (lower of cost or net realizable value).
- Acquisition Integration: Assess the contribution of SGI, Pinehurst, AMS, and Monex to the current period's gross profit and operating expenses to determine organic growth rates.
- Contingent Consideration: Monitor the fair value adjustments of contingent consideration liabilities, as changes directly impact "Other income, net" and net income.
- Liquidity Position: Review the utilization of the $427.5 million Trading Credit Facility and the $609.7 million in product financing arrangements to ensure adequate liquidity for working capital needs.