Q3 FY 2026 Diluted Earnings Per Share of
Company Announces Quarterly Cash Dividend
Management Commentary
“Our third quarter results reflect the strength of our fully-integrated platform and our ability to capitalize on strong market conditions,” said Gold.com CEO
“Operationally, we remained focused on driving synergies across our business units and maximizing efficiencies at every level. Our acquisition of Monex at the beginning of the quarter is already delivering strong returns, and the addition of Sunshine Mint at the beginning of the fourth quarter will meaningfully expand our production capabilities going forward. The favorable market conditions we experienced this quarter were global, with LPM continuing to build momentum across
“As previously disclosed, on
“Looking ahead, with an expanded portfolio of category-leading brands, improved operational leverage, nearly
| Three Months Ended | ||||||||||
| 2026 | 2025 | |||||||||
| (in thousands, except Earnings (Loss) per Share) | ||||||||||
| Selected Key Financial Statement Metrics: | ||||||||||
| Revenues | $ | 10,350,729 | $ | 3,009,125 | ||||||
| Gross profit | $ | 176,580 | $ | 41,017 | ||||||
| Depreciation and amortization expense | $ | (9,416 | ) | $ | (4,996 | ) | ||||
| Net income (loss) attributable to the Company | $ | 59,487 | $ | (8,546 | ) | |||||
| Earnings (Loss) per Share | ||||||||||
| Basic | $ | 2.17 | $ | (0.36 | ) | |||||
| Diluted | $ | 2.09 | $ | (0.36 | ) | |||||
| Non-GAAP Measures (1): | ||||||||||
| Adjusted net income before provision for income taxes | $ | 87,111 | $ | 5,749 | ||||||
| EBITDA | $ | 103,382 | $ | 1,286 | ||||||
| (1) See Reconciliation of | ||||||||||
| A reconciliation of net income (loss) before provision for income taxes to adjusted net income before provision for income taxes for the three months ended | ||||||||||
| Three Months Ended | ||||||||||
| 2026 | 2025 | |||||||||
| Net income (loss) before provision for income taxes | $ | 81,753 | $ | (9,939 | ) | |||||
| Adjustments: | ||||||||||
| Remeasurement loss on pre-existing equity interest | — | 7,043 | ||||||||
| Contingent consideration fair value adjustment | (4,436 | ) | (1,000 | ) | ||||||
| Acquisition costs | 378 | 4,649 | ||||||||
| Amortization of acquired intangibles | 6,975 | 4,004 | ||||||||
| Depreciation expense | 2,441 | 992 | ||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 87,111 | $ | 5,749 | ||||||
| Three Months Ended | ||||||||||
| (in thousands, except Earnings per Share) | ||||||||||
| Selected Key Financial Statement Metrics: | ||||||||||
| Revenues | $ | 10,350,729 | $ | 6,476,900 | ||||||
| Gross profit | $ | 176,580 | $ | 93,370 | ||||||
| Depreciation and amortization expense | $ | (9,416 | ) | $ | (7,638 | ) | ||||
| Net income attributable to the Company | $ | 59,487 | $ | 11,636 | ||||||
| Earnings per Share: | ||||||||||
| Basic | $ | 2.17 | $ | 0.47 | ||||||
| Diluted | $ | 2.09 | $ | 0.46 | ||||||
| Non-GAAP Measures (1): | ||||||||||
| Adjusted net income before provision for income taxes | $ | 87,111 | $ | 23,216 | ||||||
| EBITDA | $ | 103,382 | $ | 33,879 | ||||||
| (1) See Reconciliation of | ||||||||||
| A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended | ||||||||||
| Three Months Ended | ||||||||||
| Net income before provision for income taxes | $ | 81,753 | $ | 15,777 | ||||||
| Adjustments: | ||||||||||
| Contingent consideration fair value adjustment | (4,436 | ) | (320 | ) | ||||||
| Acquisition costs | 378 | 121 | ||||||||
| Amortization of acquired intangibles | 6,975 | 5,181 | ||||||||
| Depreciation expense | 2,441 | 2,457 | ||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 87,111 | $ | 23,216 | ||||||
Fiscal Third Quarter 2026 Financial Highlights
- Revenues for the three months ended
March 31, 2026 increased 244% to$10.351 billion from$3.009 billion for the three months endedMarch 31, 2025 , and increased 60% from$6.477 billion for the three months endedDecember 31, 2025 - Gross profit for the three months ended
March 31, 2026 increased 331% to$176.6 million from$41.0 million for the three months endedMarch 31, 2025 , and increased 89% from$93.4 million for the three months endedDecember 31, 2025 - Gross profit margin for the three months ended
March 31, 2026 increased to 1.71% of revenue, from 1.36% of revenue for the three months endedMarch 31, 2025 , and increased from 1.44% of revenue for the three months endedDecember 31, 2025 - Net income (loss) attributable to the Company for the three months ended
March 31, 2026 increased 796% to$59.5 million from$(8.5) million for the three months endedMarch 31, 2025 , and increased 411% from net income of$11.6 million for the three months endedDecember 31, 2025 - Diluted earnings (loss) per share totaled
$2.09 for the three months endedMarch 31, 2026 , a 681% increase compared to$(0.36) for the three months endedMarch 31, 2025 , and increased 354% from$0.46 for the three months endedDecember 31, 2025 - Adjusted net income before provision for income taxes, depreciation, amortization, acquisition costs, remeasurement gains or losses, and contingent consideration fair value adjustments (“Adjusted net income before provision for income taxes” or “Adjusted net income”), a non-GAAP financial performance measure, for the three months ended
March 31, 2026 increased 1,415% to$87.1 million from$5.7 million for the three months endedMarch 31, 2025 , and increased 275% from$23.2 million for the three months endedDecember 31, 2025 - Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP liquidity measure, for the three months ended
March 31, 2026 increased 7,939% to$103.4 million from$1.3 million for the three months endedMarch 31, 2025 , and increased 205% from$33.9 million for the three months endedDecember 31, 2025
| Nine Months Ended | ||||||||||
| 2026 | 2025 | |||||||||
| (in thousands, except Earnings per Share) | ||||||||||
| Selected Key Financial Statement Metrics: | ||||||||||
| Revenues | $ | 20,508,395 | $ | 8,466,566 | ||||||
| Gross profit | $ | 342,847 | $ | 129,227 | ||||||
| Depreciation and amortization expense | $ | (24,637 | ) | $ | (14,344 | ) | ||||
| Net income attributable to the Company | $ | 70,184 | $ | 6,996 | ||||||
| Earnings per Share: | ||||||||||
| Basic | $ | 2.74 | $ | 0.30 | ||||||
| Diluted | $ | 2.65 | $ | 0.29 | ||||||
| Non-GAAP Measures (1): | ||||||||||
| Adjusted net income before provision for income taxes | $ | 115,199 | $ | 33,896 | ||||||
| EBITDA | $ | 151,562 | $ | 35,292 | ||||||
| (1) See Reconciliation of | ||||||||||
| A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the nine months ended | ||||||||||
| Nine Months Ended | ||||||||||
| 2026 | 2025 | |||||||||
| Net income before provision for income taxes | $ | 97,219 | $ | 8,250 | ||||||
| Adjustments: | ||||||||||
| Remeasurement gain on pre-existing equity interests | — | 7,043 | ||||||||
| Contingent consideration fair value adjustment | (7,217 | ) | (1,130 | ) | ||||||
| Acquisition costs | 560 | 5,389 | ||||||||
| Amortization of acquired intangibles | 17,358 | 11,658 | ||||||||
| Depreciation expense | 7,279 | 2,686 | ||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 115,199 | $ | 33,896 | ||||||
Fiscal Nine Months 2026 Financial Highlights
- Revenues for the nine months ended
March 31, 2026 increased 142% to$20.508 billion from$8.467 billion for the nine months endedMarch 31, 2025 - Gross profit for the nine months ended
March 31, 2026 increased 165% to$342.8 million from$129.2 million for the nine months endedMarch 31, 2025 - Gross profit margin for the nine months ended
March 31, 2026 increased to 1.67% of revenue from 1.53% of revenue for the nine months endedMarch 31, 2025 - Net income attributable to the Company for the nine months ended
March 31, 2026 increased 903% to$70.2 million from$7.0 million for the nine months endedMarch 31, 2025 - Diluted earnings per share totaled
$2.65 for the nine months endedMarch 31, 2026 , a 814% increase compared to$0.29 for the nine months endedMarch 31, 2025 - Adjusted net income before provision for income taxes for the nine months ended
March 31, 2026 totaled$115.2 million , a 240% increase from$33.9 million for the nine months endedMarch 31, 2025 - EBITDA for the nine months ended
March 31, 2026 increased 329% to$151.6 million from$35.3 million for the nine months endedMarch 31, 2025
| Three Months Ended | ||||||||||
| 2026 | 2025 | |||||||||
| Selected Operating and Financial Metrics: | ||||||||||
| Gold ounces sold (1) | 527,000 | 432,000 | ||||||||
| Silver ounces sold (2) | 29,220,000 | 15,702,000 | ||||||||
| Number of secured loans at period end (3) | 337 | 491 | ||||||||
| Secured loans receivable at period end | $ | 126,034,000 | $ | 86,512,000 | ||||||
| Direct-to-Consumer ("DTC") number of new customers (4) | 292,900 | 899,600 | ||||||||
| Direct-to-Consumer number of active customers (5) | 246,000 | 140,700 | ||||||||
| Direct-to-Consumer number of total customers (6) | 4,654,400 | 4,087,100 | ||||||||
| Direct-to-Consumer average order value ("AOV") (7) | $ | 5,618 | $ | 3,084 | ||||||
| $ | 3,056 | $ | 1,994 | |||||||
| CyberMetals number of new customers (9) | 1,300 | 2,100 | ||||||||
| CyberMetals number of active customers (10) | 2,200 | 1,700 | ||||||||
| CyberMetals number of total customers (11) | 41,300 | 35,100 | ||||||||
| CyberMetals customer assets under management at period end (12) | $ | 20,100,000 | $ | 9,700,000 | ||||||
| (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. Metrics from SGI and Pinehurst are included from | ||||||||||
| (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. Metrics from SGI and Pinehurst are included from | ||||||||||
| (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | ||||||||||
| (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | ||||||||||
| (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | ||||||||||
| (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | ||||||||||
| (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | ||||||||||
| (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | ||||||||||
| Three Months Ended | ||||||||||
| Selected Operating and Financial Metrics: | ||||||||||
| Gold ounces sold (1) | 527,000 | 545,000 | ||||||||
| Silver ounces sold (2) | 29,220,000 | 18,635,000 | ||||||||
| Number of secured loans at period end (3) | 337 | 355 | ||||||||
| Secured loans receivable at period end | $ | 126,034,000 | $ | 120,351,000 | ||||||
| Direct-to-Consumer ("DTC") number of new customers (4) | 292,900 | 96,100 | ||||||||
| Direct-to-Consumer number of active customers (5) | 246,000 | 229,100 | ||||||||
| Direct-to-Consumer number of total customers (6) | 4,654,400 | 4,361,500 | ||||||||
| Direct-to-Consumer average order value ("AOV") (7) | $ | 5,618 | $ | 4,824 | ||||||
| $ | 3,056 | $ | 2,637 | |||||||
| CyberMetals number of new customers (9) | 1,300 | 1,400 | ||||||||
| CyberMetals number of active customers (10) | 2,200 | 1,900 | ||||||||
| CyberMetals number of total customers (11) | 41,300 | 40,000 | ||||||||
| CyberMetals customer assets under management at period end (12) | $ | 20,100,000 | $ | 18,900,000 | ||||||
| (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. Metrics from SGI and Pinehurst are included from | ||||||||||
| (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. Metrics from SGI and Pinehurst are included from | ||||||||||
| (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | ||||||||||
| (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | ||||||||||
| (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | ||||||||||
| (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | ||||||||||
| (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | ||||||||||
| (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | ||||||||||
Fiscal Third Quarter 2026 Operational Highlights
- Gold ounces sold in the three months ended
March 31, 2026 increased 22% to 527,000 ounces from 432,000 ounces for the three months endedMarch 31, 2025 , and decreased 3% from 545,000 ounces for the three months endedDecember 31, 2025
- Silver ounces sold in the three months ended
March 31, 2026 increased 86% to 29.2 million ounces from 15.7 million ounces for the three months endedMarch 31, 2025 , and increased 57% from 18.6 million ounces for the three months endedDecember 31, 2025 - As of
March 31, 2026 , the number of secured loans decreased 31% to 337 from 491 as ofMarch 31, 2025 , and decreased 5% from 355 as ofDecember 31, 2025 - Direct-to-Consumer new customers for the three months ended
March 31, 2026 decreased 67% to 292,900 from 899,600 for the three months endedMarch 31, 2025 , and increased 205% from 96,100 for the three months endedDecember 31, 2025 . For the three months endedMarch 31, 2026 , approximately 58% of the new customers were attributable to the acquisition of Monex. For the three months endedMarch 31, 2025 , approximately 93% of the new customers were attributable to the acquisitions of Pinehurst and SGI - Direct-to-Consumer active customers for the three months ended
March 31, 2026 increased 75% to 246,000 from 140,700 for the three months endedMarch 31, 2025 , and increased 7% from 229,100 for the three months endedDecember 31, 2025 - Direct-to-Consumer average order value for the three months ended
March 31, 2026 increased$2,534 , or 82% to$5,618 from$3,084 for the three months endedMarch 31, 2025 , and increased$794 , or 16% from$4,824 for the three months endedDecember 31, 2025 - JM Bullion’s average order value for the three months ended
March 31, 2026 increased$1,062 , or 53% to$3,056 from$1,994 for the three months endedMarch 31, 2025 , and increased$419 , or 16% from$2,637 for the three months endedDecember 31, 2025
| Nine Months Ended | ||||||||||
| 2026 | 2025 | |||||||||
| Selected Operating and Financial Metrics: | ||||||||||
| Gold ounces sold (1) | 1,511,000 | 1,296,000 | ||||||||
| Silver ounces sold (2) | 58,246,000 | 57,979,000 | ||||||||
| Number of secured loans at period end (3) | 337 | 491 | ||||||||
| Secured loans receivable at period end | $ | 126,034,000 | $ | 86,512,000 | ||||||
| Direct-to-Consumer ("DTC") number of new customers (4) | 458,400 | 1,020,300 | ||||||||
| Direct-to-Consumer number of active customers (5) | 622,400 | 410,700 | ||||||||
| Direct-to-Consumer number of total customers (6) | 4,654,400 | 4,087,100 | ||||||||
| Direct-to-Consumer average order value ("AOV") (7) | $ | 4,970 | $ | 3,080 | ||||||
| $ | 2,811 | $ | 2,077 | |||||||
| CyberMetals number of new customers (9) | 4,400 | 5,600 | ||||||||
| CyberMetals number of active customers (10) | 5,916 | 5,100 | ||||||||
| CyberMetals number of total customers (11) | 41,300 | 35,100 | ||||||||
| CyberMetals customer assets under management at period end (12) | $ | 20,100,000 | $ | 9,700,000 | ||||||
| (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. Metrics from SGI and Pinehurst are included from | ||||||||||
| (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. Metrics from SGI and Pinehurst are included from | ||||||||||
| (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | ||||||||||
| (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from | ||||||||||
| (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | ||||||||||
| (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | ||||||||||
| (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | ||||||||||
| (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | ||||||||||
| (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | ||||||||||
Fiscal Nine Months 2026 Operational Highlights
- Gold ounces sold in the nine months ended
March 31, 2026 increased 17% to 1.5 million ounces from 1.3 million ounces for the nine months endedMarch 31, 2025 - Silver ounces sold in the nine months ended
March 31, 2026 increased 0.5% to 58.2 million ounces from 58.0 million ounces for the nine months endedMarch 31, 2025 - Direct-to-Consumer new customers for the nine months ended
March 31, 2026 decreased 55% to 458,400 from 1,020,300 for the nine months endedMarch 31, 2025 . Approximately 37% of the new customers for the nine months endedMarch 31, 2026 were attributable to the acquisition of Monex. Approximately 82% of the new customers for the nine months endedMarch 31, 2025 were attributable to the acquisitions of SGI and Pinehurst - Direct-to-Consumer active customers for the nine months ended
March 31, 2026 increased 52% to 622,400 from 410,700 for the nine months endedMarch 31, 2025 - Direct-to-Consumer average order value for the nine months ended
March 31, 2026 increased$1,890 , or 61% to$4,970 from$3,080 for the nine months endedMarch 31, 2025 - JM Bullion’s average order value for the nine months ended
March 31, 2026 increased$734 , or 35% to$2,811 from$2,077 for the nine months endedMarch 31, 2025
Fiscal Third Quarter 2026 Financial Summary
Revenues increased 244% to
Gross profit increased 331% to
Selling, general and administrative expenses increased 134% to
Depreciation and amortization expense increased 88% to
Interest income increased 1% to
Interest expense increased 47% to
Earnings (losses) from equity method investments increased 1,115% to earnings of
Net income attributable to the Company totaled
Adjusted net income before provision for income taxes for the three months ended
EBITDA for the three months ended
Fiscal Nine Months 2026 Financial Summary
Revenues increased 142% to
Gross profit increased 165% to
Selling, general and administrative expenses increased 130% to
Depreciation and amortization expense increased 72% to
Interest income decreased 12% to
Interest expense increased 44% to
Earnings (losses) from equity method investments increased 215% to earnings of
Net income attributable to the Company totaled
Adjusted net income before provision for income taxes for the nine months ended
EBITDA for the nine months ended
Quarterly Cash Dividend
Gold.com’s Board of Directors has declared a quarterly cash dividend of
Conference Call
Gold.com will hold a conference call today (
To participate, please call the conference telephone number 10 minutes before the start time and ask for the Gold.com conference call.
Webcast: https://www.webcaster5.com/Webcast/Page/2867/53877
International number: 1-973-528-0011
Participant Access Code: 159685
The call will also be broadcast live and available for replay on the Investor Relations section of Gold.com’s website at ir.gold.com. If you have any difficulty connecting with the conference call or webcast, please contact Gold.com’s investor relations team at 1-949-574-3860.
A replay of the call will be available after
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International replay number: 1-919-882-2331
Participant Access Code: 53877
About
Gold.com builds on gold’s storied history and heritage to define the future of alternative asst management. Founded in 1965, Gold.com offers comprehensive solutions for all aspects of the precious metals (gold, silver, platinum, and palladium) and collectibles (including rare coins and currency) value chains. Its vertically integrated platform combines market expertise with state-of-the-art logistics, financing, and minting capabilities to serve customers, collectors, and institutional clients globally.
Gold.com’s direct-to-consumer marketplace, anchored by flagship brands JMBullion.com, Stack’s Bowers Galleries, GovMint.com, Monex Precious Metals, and Goldline, has served millions of customers. The Company’s trading and wholesale sales platform, which operates as
Gold.com is headquartered in
Gold.com periodically provides information for investors on its corporate website, www.gold.com and its investor relations website, ir.gold.com. This includes press releases and other information about financial performance, reports filed or furnished with the
Important Cautions Regarding Forward-Looking Statements
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to growth, the delivery of long-term value, expense optimization, cost containment and operating leverage. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results or circumstances to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: The failure to execute the Company’s growth strategy, including the inability to identify suitable or available acquisition or investment opportunities; greater than anticipated costs incurred to execute this strategy; our inability to execute on our cost containment and expense reduction programs; government regulations that might impede growth, particularly in
The Company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Use and Reconciliation of Non-GAAP Measures
In addition to presenting the Company’s financial results determined in accordance with
In the Company’s reconciliation from its reported
Company Contact:
1-310-587-1410
sreiner@gold.com
Investor Relations Contact:
1-949-574-3860
GOLD@gateway-grp.com
Media Relations Contact
ICR for Gold.com
GOLD@icrinc.com
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for share data) | ||||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 143,607 | $ | 77,741 | ||||
| Receivables, net | 168,362 | 137,723 | ||||||
| Derivative assets | 434,798 | 134,515 | ||||||
| Secured loans receivable | 126,034 | 94,037 | ||||||
| Inventories: | ||||||||
| Inventories | 1,319,449 | 794,812 | ||||||
| Restricted inventories | 1,447,112 | 484,733 | ||||||
| 2,766,561 | 1,279,545 | |||||||
| Income tax receivable | 1,759 | 4,575 | ||||||
| Prepaid expenses and other assets | 27,213 | 15,359 | ||||||
| Total current assets | 3,668,334 | 1,743,495 | ||||||
| Operating lease right of use assets | 21,527 | 22,843 | ||||||
| Property, plant, and equipment, net | 47,191 | 45,509 | ||||||
| 243,735 | 228,650 | |||||||
| Intangibles, net | 147,677 | 137,314 | ||||||
| Long-term investments | 39,487 | 33,015 | ||||||
| Other long-term assets | 6,122 | 4,605 | ||||||
| Total assets | $ | 4,174,073 | $ | 2,215,431 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Liabilities on borrowed metals | $ | 916,696 | $ | 46,051 | ||||
| Product financing arrangements | 609,732 | 484,733 | ||||||
| Accounts payable and other payables | 86,569 | 22,248 | ||||||
| Deferred revenue and other advances | 1,404,036 | 426,904 | ||||||
| Derivative liabilities | 47,166 | 96,177 | ||||||
| Accrued liabilities | 51,130 | 34,021 | ||||||
| Notes payable | 4,000 | 3,994 | ||||||
| Total current liabilities | 3,119,329 | 1,114,128 | ||||||
| Lines of credit | 98,000 | 345,000 | ||||||
| Notes payable | 3,317 | 3,349 | ||||||
| Deferred tax liabilities | 18,188 | 18,335 | ||||||
| Other liabilities | 28,358 | 31,948 | ||||||
| Total liabilities | 3,267,192 | 1,512,760 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, par value | 285 | 247 | ||||||
| Additional paid-in capital | 328,356 | 184,998 | ||||||
| Accumulated other comprehensive income | 125 | 212 | ||||||
| Retained earnings | 518,550 | 464,059 | ||||||
| 847,316 | 649,516 | |||||||
| Noncontrolling interests | 59,565 | 53,155 | ||||||
| Total stockholders’ equity | 906,881 | 702,671 | ||||||
| Total liabilities and stockholders’ equity | $ | 4,174,073 | $ | 2,215,431 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share and per share data; unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | $ | 10,350,729 | $ | 3,009,125 | $ | 20,508,395 | $ | 8,466,566 | ||||||||
| Cost of sales | 10,174,149 | 2,968,108 | 20,165,548 | 8,337,339 | ||||||||||||
| Gross profit | 176,580 | 41,017 | 342,847 | 129,227 | ||||||||||||
| Selling, general, and administrative expenses | (78,035 | ) | (33,404 | ) | (197,641 | ) | (85,775 | ) | ||||||||
| Depreciation and amortization expense | (9,416 | ) | (4,996 | ) | (24,637 | ) | (14,344 | ) | ||||||||
| Interest income | 6,817 | 6,722 | 18,177 | 20,603 | ||||||||||||
| Interest expense | (19,030 | ) | (12,951 | ) | (47,883 | ) | (33,301 | ) | ||||||||
| Earnings (losses) from equity method investments | 2,253 | (222 | ) | 2,354 | (2,054 | ) | ||||||||||
| Other income, net | 4,623 | 1,171 | 7,106 | 1,832 | ||||||||||||
| Remeasurement loss on pre-existing equity interests | — | (7,043 | ) | — | (7,043 | ) | ||||||||||
| Unrealized losses on foreign exchange | (2,039 | ) | (233 | ) | (3,104 | ) | (895 | ) | ||||||||
| Net income (loss) before provision for income taxes | 81,753 | (9,939 | ) | 97,219 | 8,250 | |||||||||||
| Income tax (expense) benefit | (17,716 | ) | 1,231 | (20,625 | ) | (2,566 | ) | |||||||||
| Net income (loss) | 64,037 | (8,708 | ) | 76,594 | 5,684 | |||||||||||
| Net income (loss) attributable to noncontrolling interests | 4,550 | (162 | ) | 6,410 | (1,312 | ) | ||||||||||
| Net income (loss) attributable to the Company | $ | 59,487 | $ | (8,546 | ) | $ | 70,184 | $ | 6,996 | |||||||
| Basic and diluted net income (loss) per share attributable to | ||||||||||||||||
| Basic | $ | 2.17 | $ | (0.36 | ) | $ | 2.74 | $ | 0.30 | |||||||
| Diluted | $ | 2.09 | $ | (0.36 | ) | $ | 2.65 | $ | 0.29 | |||||||
| Weighted-average shares outstanding: | ||||||||||||||||
| Basic | 27,360,200 | 23,646,100 | 25,609,800 | 23,275,000 | ||||||||||||
| Diluted | 28,404,400 | 23,646,100 | 26,446,600 | 24,118,100 | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited) | ||||||||
| Nine Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 76,594 | $ | 5,684 | ||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||
| Depreciation and amortization | 24,637 | 14,344 | ||||||
| Amortization of loan cost | 3,891 | 2,846 | ||||||
| Share-based compensation | 1,343 | 976 | ||||||
| Remeasurement loss on pre-existing equity interests | — | 7,043 | ||||||
| Losses (earnings) from equity method investments | (2,354 | ) | 2,054 | |||||
| Other | (1,842 | ) | (1,790 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Receivables, net | (20,632 | ) | (55,625 | ) | ||||
| Secured loans made to affiliates | — | 16 | ||||||
| Derivative assets | (286,696 | ) | 23,121 | |||||
| Income tax receivable | 2,816 | (5,335 | ) | |||||
| Inventories | (615,471 | ) | (76,234 | ) | ||||
| Prepaid expenses and other assets | (11,795 | ) | (3,622 | ) | ||||
| Accounts payable and other payables | 61,671 | (2,262 | ) | |||||
| Deferred revenue and other advances | 966,756 | 106,588 | ||||||
| Derivative liabilities | (49,011 | ) | 59,410 | |||||
| Liabilities on borrowed metals | 108,443 | 12,231 | ||||||
| Accrued liabilities | (105,320 | ) | (4,064 | ) | ||||
| Net cash provided by operating activities | 153,030 | 85,381 | ||||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures for property, plant, and equipment | (9,208 | ) | (6,780 | ) | ||||
| Acquisition of businesses, net of cash acquired | (15,169 | ) | (64,823 | ) | ||||
| Purchase of long-term investments | (6,400 | ) | — | |||||
| Purchase of intangible assets | — | (100 | ) | |||||
| Secured loans receivable, net | (31,987 | ) | 26,555 | |||||
| Purchase of marketable securities | — | (2,549 | ) | |||||
| Proceeds from sale of marketable securities | — | 4,213 | ||||||
| Other | (881 | ) | 23 | |||||
| Net cash used in investing activities | (63,645 | ) | (43,461 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Product financing arrangements, net | 124,999 | (12,936 | ) | |||||
| Dividends paid | (15,602 | ) | (13,883 | ) | ||||
| Borrowings under lines of credit | 2,992,500 | 1,483,000 | ||||||
| Repayments under lines of credit | (3,239,500 | ) | (1,418,000 | ) | ||||
| Repayments on notes payable to related party | — | (8,367 | ) | |||||
| Net proceeds from the issuance of common stock | 117,624 | — | ||||||
| Repurchases of common stock | — | (901 | ) | |||||
| Repurchases of common stock from a related party | — | (4,219 | ) | |||||
| Debt funding issuance costs | (2,641 | ) | (4,186 | ) | ||||
| Proceeds from the exercise of share-based awards | 3,547 | 3,281 | ||||||
| Payments for tax withholding related to net settlement of share-based awards | (342 | ) | — | |||||
| Other | (4,104 | ) | — | |||||
| Net cash (used in) provided by financing activities | (23,519 | ) | 23,789 | |||||
| Net increase in cash | 65,866 | 65,709 | ||||||
| Cash, beginning of period | 77,741 | 48,636 | ||||||
| Cash, end of period | $ | 143,607 | $ | 114,345 | ||||
Overview of Results of Operations for the Three Months Ended
Consolidated Results of Operations
The operating results for the three months ended
| Three Months Ended | 2026 | 2025 | Change | |||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % | |||||||||||||||||||
| Revenues | $ | 10,350,729 | 100.000 | % | $ | 3,009,125 | 100.000 | % | $ | 7,341,604 | 244.0 | % | ||||||||||||
| Gross profit | 176,580 | 1.706 | % | 41,017 | 1.363 | % | $ | 135,563 | 330.5 | % | ||||||||||||||
| Selling, general, and administrative expenses | (78,035 | ) | (0.754 | %) | (33,404 | ) | (1.110 | %) | $ | 44,631 | 133.6 | % | ||||||||||||
| Depreciation and amortization expense | (9,416 | ) | (0.091 | %) | (4,996 | ) | (0.166 | %) | $ | 4,420 | 88.5 | % | ||||||||||||
| Interest income | 6,817 | 0.066 | % | 6,722 | 0.223 | % | $ | 95 | 1.4 | % | ||||||||||||||
| Interest expense | (19,030 | ) | (0.184 | %) | (12,951 | ) | (0.430 | %) | $ | 6,079 | 46.9 | % | ||||||||||||
| Earnings (losses) from equity method investments | 2,253 | 0.022 | % | (222 | ) | (0.007 | %) | $ | 2,475 | 1,114.9 | % | |||||||||||||
| Other income, net | 4,623 | 0.045 | % | 1,171 | 0.039 | % | $ | 3,452 | 294.8 | % | ||||||||||||||
| Remeasurement loss on pre-existing equity interests | — | — | % | (7,043 | ) | (0.234 | %) | $ | (7,043 | ) | (100.0 | %) | ||||||||||||
| Unrealized losses on foreign exchange | (2,039 | ) | (0.020 | %) | (233 | ) | (0.008 | %) | $ | 1,806 | 775.1 | % | ||||||||||||
| Net income (loss) before provision for income taxes | 81,753 | 0.790 | % | (9,939 | ) | (0.330 | %) | $ | 91,692 | 922.5 | % | |||||||||||||
| Income tax (expense) benefit | (17,716 | ) | (0.171 | %) | 1,231 | 0.041 | % | $ | (18,947 | ) | (1,539.2 | %) | ||||||||||||
| Net income (loss) | 64,037 | 0.619 | % | (8,708 | ) | (0.289 | %) | $ | 72,745 | 835.4 | % | |||||||||||||
| Net income (loss) attributable to noncontrolling interests | 4,550 | 0.044 | % | (162 | ) | (0.005 | %) | $ | 4,712 | 2,908.6 | % | |||||||||||||
| Net income (loss) attributable to the Company | $ | 59,487 | 0.575 | % | $ | (8,546 | ) | (0.284 | %) | $ | 68,033 | 796.1 | % | |||||||||||
| Basic and diluted net income (loss) per share attributable to | ||||||||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||
| Basic | $ | 2.17 | $ | (0.36 | ) | $ | 2.53 | 702.8 | % | |||||||||||||||
| Diluted | $ | 2.09 | $ | (0.36 | ) | $ | 2.45 | 680.6 | % | |||||||||||||||
Overview of Results of Operations for the Three Months Ended
Consolidated Results of Operations
The operating results for the three months ended
| Three Months Ended | Change | |||||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % | |||||||||||||||||||
| Revenues | $ | 10,350,729 | 100.000 | % | $ | 6,476,900 | 100.000 | % | $ | 3,873,829 | 59.8 | % | ||||||||||||
| Gross profit | 176,580 | 1.706 | % | 93,370 | 1.442 | % | $ | 83,210 | 89.1 | % | ||||||||||||||
| Selling, general, and administrative expenses | (78,035 | ) | (0.754 | %) | (59,784 | ) | (0.923 | %) | $ | 18,251 | 30.5 | % | ||||||||||||
| Depreciation and amortization expense | (9,416 | ) | (0.091 | %) | (7,638 | ) | (0.118 | %) | $ | 1,778 | 23.3 | % | ||||||||||||
| Interest income | 6,817 | 0.066 | % | 5,789 | 0.089 | % | $ | 1,028 | 17.8 | % | ||||||||||||||
| Interest expense | (19,030 | ) | (0.184 | %) | (16,253 | ) | (0.251 | %) | $ | 2,777 | 17.1 | % | ||||||||||||
| Earnings from equity method investments | 2,253 | 0.022 | % | 1,009 | 0.016 | % | $ | 1,244 | 123.3 | % | ||||||||||||||
| Other income, net | 4,623 | 0.045 | % | 250 | 0.004 | % | $ | 4,373 | 1,749.2 | % | ||||||||||||||
| Unrealized losses on foreign exchange | (2,039 | ) | (0.020 | %) | (966 | ) | (0.015 | %) | $ | 1,073 | 111.1 | % | ||||||||||||
| Net income before provision for income taxes | 81,753 | 0.790 | % | 15,777 | 0.244 | % | $ | 65,976 | 418.2 | % | ||||||||||||||
| Income tax expense | (17,716 | ) | (0.171 | %) | (2,249 | ) | (0.035 | %) | $ | 15,467 | 687.7 | % | ||||||||||||
| Net income | 64,037 | 0.619 | % | 13,528 | 0.209 | % | $ | 50,509 | 373.4 | % | ||||||||||||||
| Net income attributable to noncontrolling interests | 4,550 | 0.044 | % | 1,892 | 0.029 | % | $ | 2,658 | 140.5 | % | ||||||||||||||
| Net income attributable to the Company | $ | 59,487 | 0.575 | % | $ | 11,636 | 0.180 | % | $ | 47,851 | 411.2 | % | ||||||||||||
| Basic and diluted net income per share attributable to Gold.com, Inc.: | ||||||||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||
| Basic | $ | 2.17 | $ | 0.47 | $ | 1.70 | 361.7 | % | ||||||||||||||||
| Diluted | $ | 2.09 | $ | 0.46 | $ | 1.63 | 354.3 | % | ||||||||||||||||
Overview of Results of Operations for the Nine Months Ended
Consolidated Results of Operations
The operating results for the nine months ended
| Nine Months Ended | 2026 | 2025 | Change | |||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % | |||||||||||||||||||
| Revenues | $ | 20,508,395 | 100.000 | % | $ | 8,466,566 | 100.000 | % | $ | 12,041,829 | 142.2 | % | ||||||||||||
| Gross profit | 342,847 | 1.672 | % | 129,227 | 1.526 | % | $ | 213,620 | 165.3 | % | ||||||||||||||
| Selling, general, and administrative expenses | (197,641 | ) | (0.964 | %) | (85,775 | ) | (1.013 | %) | $ | 111,866 | 130.4 | % | ||||||||||||
| Depreciation and amortization expense | (24,637 | ) | (0.120 | %) | (14,344 | ) | (0.169 | %) | $ | 10,293 | 71.8 | % | ||||||||||||
| Interest income | 18,177 | 0.089 | % | 20,603 | 0.243 | % | $ | (2,426 | ) | (11.8 | %) | |||||||||||||
| Interest expense | (47,883 | ) | (0.233 | %) | (33,301 | ) | (0.393 | %) | $ | 14,582 | 43.8 | % | ||||||||||||
| Earnings (losses) from equity method investments | 2,354 | 0.011 | % | (2,054 | ) | (0.024 | %) | $ | 4,408 | 214.6 | % | |||||||||||||
| Other income, net | 7,106 | 0.035 | % | 1,832 | 0.022 | % | $ | 5,274 | 287.9 | % | ||||||||||||||
| Remeasurement loss on pre-existing equity interests | — | — | % | (7,043 | ) | (0.083 | %) | $ | (7,043 | ) | (100.0 | %) | ||||||||||||
| Unrealized losses on foreign exchange | (3,104 | ) | (0.015 | %) | (895 | ) | (0.011 | %) | $ | 2,209 | 246.8 | % | ||||||||||||
| Net income before provision for income taxes | 97,219 | 0.474 | % | 8,250 | 0.097 | % | $ | 88,969 | 1,078.4 | % | ||||||||||||||
| Income tax expense | (20,625 | ) | (0.101 | %) | (2,566 | ) | (0.030 | %) | $ | 18,059 | 703.8 | % | ||||||||||||
| Net income | 76,594 | 0.373 | % | 5,684 | 0.067 | % | $ | 70,910 | 1,247.5 | % | ||||||||||||||
| Net income (loss) attributable to noncontrolling interests | 6,410 | 0.031 | % | (1,312 | ) | (0.015 | %) | $ | 7,722 | 588.6 | % | |||||||||||||
| Net income attributable to the Company | $ | 70,184 | 0.342 | % | $ | 6,996 | 0.083 | % | $ | 63,188 | 903.2 | % | ||||||||||||
| Basic and diluted net income per share attributable to | ||||||||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||
| Basic | $ | 2.74 | $ | 0.30 | $ | 2.44 | 813.3 | % | ||||||||||||||||
| Diluted | $ | 2.65 | $ | 0.29 | $ | 2.36 | 813.8 | % | ||||||||||||||||
Reconciliation of
A reconciliation of net income (loss) before provision for income taxes to adjusted net income before provision for income taxes for the three months ended
| Three Months Ended | 2026 | 2025 | Change | ||||||||||||||
| $ | $ | $ | % | ||||||||||||||
| Net income (loss) before provision for income taxes | $ | 81,753 | $ | (9,939 | ) | $ | 91,692 | 922.5 | % | ||||||||
| Adjustments: | |||||||||||||||||
| Remeasurement loss on pre-existing equity interests | — | 7,043 | $ | (7,043 | ) | (100.0 | %) | ||||||||||
| Contingent consideration fair value adjustment | (4,436 | ) | (1,000 | ) | $ | 3,436 | 343.6 | % | |||||||||
| Acquisition costs | 378 | 4,649 | $ | (4,271 | ) | (91.9 | %) | ||||||||||
| Amortization of acquired intangibles | 6,975 | 4,004 | $ | 2,971 | 74.2 | % | |||||||||||
| Depreciation expense | 2,441 | 992 | $ | 1,449 | 146.1 | % | |||||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 87,111 | $ | 5,749 | $ | 81,362 | 1,415.2 | % | |||||||||
A reconciliation of net income (loss) to EBITDA, and operating cash flows to EBITDA for the three months ended
| Three Months Ended | 2026 | 2025 | Change | |||||||||||||
| Reconciliation of Net Income (Loss) to EBITDA: | $ | $ | $ | % | ||||||||||||
| Net income (loss) | $ | 64,037 | $ | (8,708 | ) | $ | 72,745 | 835.4 | % | |||||||
| Adjustments: | ||||||||||||||||
| Interest income | (6,817 | ) | (6,722 | ) | $ | 95 | 1.4 | % | ||||||||
| Interest expense | 19,030 | 12,951 | $ | 6,079 | 46.9 | % | ||||||||||
| Amortization of acquired intangibles | 6,975 | 4,004 | $ | 2,971 | 74.2 | % | ||||||||||
| Depreciation expense | 2,441 | 992 | $ | 1,449 | 146.1 | % | ||||||||||
| Income tax expense (benefit) | 17,716 | (1,231 | ) | $ | 18,947 | 1,539.2 | % | |||||||||
| 39,345 | 9,994 | $ | 29,351 | 293.7 | % | |||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 103,382 | $ | 1,286 | $ | 102,096 | 7,939.0 | % | ||||||||
| Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||
| Net cash provided by operating activities | $ | 235 | $ | 102,839 | $ | (102,604 | ) | (99.8 | %) | |||||||
| Changes in operating working capital | 70,603 | (99,355 | ) | $ | 169,958 | 171.1 | % | |||||||||
| Interest expense | 19,030 | 12,951 | $ | 6,079 | 46.9 | % | ||||||||||
| Interest income | (6,817 | ) | (6,722 | ) | $ | 95 | 1.4 | % | ||||||||
| Income tax expense (benefit) | 17,716 | (1,231 | ) | $ | 18,947 | 1,539.2 | % | |||||||||
| Earnings (losses) from equity method investments | 2,253 | (222 | ) | $ | 2,475 | 1,114.9 | % | |||||||||
| Remeasurement loss on pre-existing equity interests | — | (7,043 | ) | $ | (7,043 | ) | (100.0 | %) | ||||||||
| Share-based compensation | (505 | ) | (349 | ) | $ | 156 | 44.7 | % | ||||||||
| Amortization of loan cost | (1,128 | ) | (1,166 | ) | $ | (38 | ) | (3.3 | %) | |||||||
| Other | 1,995 | 1,584 | $ | 411 | 25.9 | % | ||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 103,382 | $ | 1,286 | $ | 102,096 | 7,939.0 | % | ||||||||
Reconciliation of
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended
| Three Months Ended | Change | |||||||||||||||
| $ | $ | $ | % | |||||||||||||
| Net income before provision for income taxes | $ | 81,753 | 15,777 | $ | 65,976 | 418.2 | % | |||||||||
| Adjustments: | ||||||||||||||||
| Contingent consideration fair value adjustment | (4,436 | ) | (320 | ) | $ | 4,116 | 1,286.3 | % | ||||||||
| Acquisition costs | 378 | 121 | $ | 257 | 212.4 | % | ||||||||||
| Amortization of acquired intangibles | 6,975 | 5,181 | $ | 1,794 | 34.6 | % | ||||||||||
| Depreciation expense | 2,441 | 2,457 | $ | (16 | ) | (0.7 | %) | |||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 87,111 | $ | 23,216 | $ | 63,895 | 275.2 | % | ||||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended
| Three Months Ended | Change | |||||||||||||||
| Reconciliation of Net Income to EBITDA: | $ | $ | $ | % | ||||||||||||
| Net income | $ | 64,037 | $ | 13,528 | $ | 50,509 | 373.4 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Interest income | (6,817 | ) | (5,789 | ) | $ | 1,028 | 17.8 | % | ||||||||
| Interest expense | 19,030 | 16,253 | $ | 2,777 | 17.1 | % | ||||||||||
| Amortization of acquired intangibles | 6,975 | 5,181 | $ | 1,794 | 34.6 | % | ||||||||||
| Depreciation expense | 2,441 | 2,457 | $ | (16 | ) | (0.7 | %) | |||||||||
| Income tax expense | 17,716 | 2,249 | $ | 15,467 | 687.7 | % | ||||||||||
| 39,345 | 20,351 | $ | 18,994 | 93.3 | % | |||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 103,382 | $ | 33,879 | $ | 69,503 | 205.2 | % | ||||||||
| Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 235 | $ | (42,622 | ) | $ | 42,857 | 100.6 | % | |||||||
| Changes in operating working capital | 70,603 | 66,319 | $ | 4,284 | 6.5 | % | ||||||||||
| Interest expense | 19,030 | 16,253 | $ | 2,777 | 17.1 | % | ||||||||||
| Interest income | (6,817 | ) | (5,789 | ) | $ | 1,028 | 17.8 | % | ||||||||
| Income tax expense | 17,716 | 2,249 | $ | 15,467 | 687.7 | % | ||||||||||
| Earnings from equity method investments | 2,253 | 1,009 | $ | 1,244 | 123.3 | % | ||||||||||
| Share-based compensation | (505 | ) | (463 | ) | $ | 42 | 9.1 | % | ||||||||
| Amortization of loan cost | (1,128 | ) | (1,128 | ) | — | — | % | |||||||||
| Other | 1,995 | (1,949 | ) | $ | 3,944 | 202.4 | % | |||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 103,382 | $ | 33,879 | $ | 69,503 | 205.2 | % | ||||||||
Reconciliation of
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the nine months ended
| Nine Months Ended | 2026 | 2025 | Change | |||||||||||||
| $ | $ | $ | % | |||||||||||||
| Net income before provision for income taxes | $ | 97,219 | $ | 8,250 | $ | 88,969 | 1,078.4 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Remeasurement loss on pre-existing equity interests | — | 7,043 | $ | (7,043 | ) | (100.0 | %) | |||||||||
| Contingent consideration fair value adjustment | (7,217 | ) | (1,130 | ) | $ | 6,087 | 538.7 | % | ||||||||
| Acquisition costs | 560 | 5,389 | $ | (4,829 | ) | (89.6 | %) | |||||||||
| Amortization of acquired intangibles | 17,358 | 11,658 | $ | 5,700 | 48.9 | % | ||||||||||
| Depreciation expense | 7,279 | 2,686 | $ | 4,593 | 171.0 | % | ||||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 115,199 | $ | 33,896 | $ | 81,303 | 239.9 | % | ||||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the nine months ended
| Nine Months Ended | 2026 | 2025 | Change | |||||||||||||
| Reconciliation of Net Income to EBITDA: | $ | $ | $ | % | ||||||||||||
| Net income | $ | 76,594 | $ | 5,684 | $ | 70,910 | 1,247.5 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Interest income | (18,177 | ) | (20,603 | ) | $ | (2,426 | ) | (11.8 | %) | |||||||
| Interest expense | 47,883 | 33,301 | $ | 14,582 | 43.8 | % | ||||||||||
| Amortization of acquired intangibles | 17,358 | 11,658 | $ | 5,700 | 48.9 | % | ||||||||||
| Depreciation expense | 7,279 | 2,686 | $ | 4,593 | 171.0 | % | ||||||||||
| Income tax expense | 20,625 | 2,566 | $ | 18,059 | 703.8 | % | ||||||||||
| 74,968 | 29,608 | $ | 45,360 | 153.2 | % | |||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 151,562 | $ | 35,292 | $ | 116,270 | 329.5 | % | ||||||||
| Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||
| Net cash provided by operating activities | $ | 153,030 | $ | 85,381 | $ | 67,649 | 79.2 | % | ||||||||
| Changes in operating working capital | (50,761 | ) | (54,224 | ) | $ | (3,463 | ) | (6.4 | %) | |||||||
| Interest expense | 47,883 | 33,301 | $ | 14,582 | 43.8 | % | ||||||||||
| Interest income | (18,177 | ) | (20,603 | ) | $ | (2,426 | ) | (11.8 | %) | |||||||
| Income tax expense | 20,625 | 2,566 | $ | 18,059 | 703.8 | % | ||||||||||
| Earnings (losses) from equity method investments | 2,354 | (2,054 | ) | $ | 4,408 | 214.6 | % | |||||||||
| Remeasurement loss on pre-existing equity interests | — | (7,043 | ) | $ | (7,043 | ) | (100.0 | %) | ||||||||
| Share-based compensation | (1,343 | ) | (976 | ) | $ | 367 | 37.6 | % | ||||||||
| Amortization of loan cost | (3,891 | ) | (2,846 | ) | $ | 1,045 | 36.7 | % | ||||||||
| Other | 1,842 | 1,790 | $ | 52 | 2.9 | % | ||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 151,562 | $ | 35,292 | $ | 116,270 | 329.5 | % | ||||||||
Source: Gold.com