Gold.com, Inc. Q3 FY2025 earnings call

• Third quarter results were achieved during volatile market conditions with headwinds like tariffs causing trading losses and higher interest expense. - Delivered $41 million gross profit, $5.7 million non-GAAP adjusted net income, and $1.3 million non-GAAP EBITDA. - Executed three strategic acquisitions: Pinehurst Coin Exchange, Spectrum Group International, and AMS Holding, LLC, strengthening competitive position and expanding into higher-margin luxury segments. - A-Mark Global Logistics facility in Las Vegas is prepared for integration, with hardware upgrade complete creating operational efficiency opportunities. - LPM acquisition launched retail and wholesale trading capabilities, and optimistic about growth in Asian markets across wholesale and e-commerce channels.

Revenues for fiscal Q3 2025 increased 15% to $3 billion from $2.6 billion in the same year-ago quarter. The DTC segment contributed 19% of the consolidated revenue in Q3 2025 compared to 13% in Q3 2024. JMB’s revenue represented 10% of the consolidated revenue in Q3 2025 versus 12% in Q3 2024. Gross profit for Q3 2025 increased 18% to $41 million, or 1.36% of revenue. The DTC segment contributed 61% of the consolidated gross profit in Q3 2025, up from 52% in Q3 2024. JMB contributed 40% of the consolidated gross profit in Q3 2025, down from 45% in Q3 2024.

• Confident in long-term growth trajectory despite current market headwinds. - Anticipate cost efficiencies from integrating acquired businesses, supporting increased transaction volume. - Optimistic about continued growth in Asian markets via wholesale and e-commerce channels.

• Tariffs led to decreased market liquidity, backwardation, trading losses, and higher interest expense. - Challenges in integrating acquired businesses. - Market volatility and uncertainty impacting precious metals prices and demand. - Supply chain issues and increased competition affecting margins.

Q: Andrew Scutt asked about market volatility in April and progress in the collectible space.

A: Greg Roberts mentioned increased activity post April 2, and progress in integrating SGI and Pinehurst with strong auctions in April.

Q: Thomas Forte asked about backwardation impact and earnings power in macroeconomic uncertainty.

A: Greg explained backwardation caused trading losses, but market normalized post April 2; earnings power in gold-dominated market with silver lagging.

Q: Greg Gibas asked about acquisitions stance and post-Liberation Day trends.

A: Greg stated continued interest in acquisitions, seeing elevated customer activity in April with correlation to stock market volatility.

Q: Thomas Forte asked about inventory liquidation impact and Las Vegas facility improvements.

A: Greg discussed impact of liquidations on sales, and automation in Las Vegas facility leading to efficiency and volume potential.

Q: Thomas Forte asked about buybacks.

A: Greg mentioned capital deployment considerations including buybacks, but focusing on integrating acquisitions first.