FY 2026 Diluted Earnings Per Share of
Company Declares Special Dividend of
Management Commentary
“Fiscal 2026 was a transformational year highlighted by continued growth through both organic expansion and strategic acquisitions, our rebranding to Gold.com, and outstanding financial results that underscored the strength of our vertically integrated model,” said Gold.com CEO
“We saw continued growth in our storage and secured lending businesses during the year. Both businesses carry attractive economics and deepen relationships with customers who may transact across the rest of our platform. We also continued to grow our business with major retailers and institutional customers, as a result of strategic investments in our trading and logistics platforms.
“Completing the acquisition of
“Underlying trends across our business remain strong and we are well positioned for broad-based growth and delivering long-term value to our shareholders.”
| Three Months Ended | |||||||||||
| 2026 | 2025 | ||||||||||
| (in thousands, except Earnings per Share) | |||||||||||
| Selected Key Financial Statement Metrics: | |||||||||||
| Revenues | $ | 5,005,014 | $ | 2,512,048 | |||||||
| Gross profit | $ | 110,297 | $ | 81,689 | |||||||
| Depreciation and amortization expense | $ | (10,115 | ) | $ | (8,576 | ) | |||||
| Net income attributable to the Company | $ | 12,157 | $ | 10,324 | |||||||
| Earnings per Share: | |||||||||||
| Basic | $ | 0.42 | $ | 0.42 | |||||||
| Diluted | $ | 0.41 | $ | 0.41 | |||||||
| Non-GAAP Measures (1): | |||||||||||
| Adjusted net income before provision for income taxes | $ | 24,741 | $ | 19,163 | |||||||
| EBITDA | $ | 28,188 | $ | 29,153 | |||||||
| (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 | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income before provision for income taxes | $ | 12,303 | $ | 13,020 | |||||||
| Adjustments: | |||||||||||
| Remeasurement gain on pre-existing equity interests | (4,136 | ) | (1,900 | ) | |||||||
| Contingent consideration fair value adjustment | 6,327 | (10 | ) | ||||||||
| Acquisition costs | 132 | (523 | ) | ||||||||
| Amortization of acquired intangibles | 7,004 | 6,658 | |||||||||
| Depreciation expense | 3,111 | 1,918 | |||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 24,741 | $ | 19,163 | |||||||
| Three Months Ended | |||||||||||
| (in thousands, except Earnings per Share) | |||||||||||
| Selected Key Financial Statement Metrics: | |||||||||||
| Revenues | $ | 5,005,014 | $ | 10,350,729 | |||||||
| Gross profit | $ | 110,297 | $ | 176,580 | |||||||
| Depreciation and amortization expense | $ | (10,115 | ) | $ | (9,416 | ) | |||||
| Net income attributable to the Company | $ | 12,157 | $ | 59,487 | |||||||
| Earnings per Share: | |||||||||||
| Basic | $ | 0.42 | $ | 2.17 | |||||||
| Diluted | $ | 0.41 | $ | 2.09 | |||||||
| Non-GAAP Measures (1): | |||||||||||
| Adjusted net income before provision for income taxes | $ | 24,741 | $ | 87,111 | |||||||
| EBITDA | $ | 28,188 | $ | 103,382 | |||||||
| (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 | $ | 12,303 | $ | 81,753 | |||||||
| Adjustments: | |||||||||||
| Remeasurement gain on pre-existing equity interests | (4,136 | ) | — | ||||||||
| Contingent consideration fair value adjustment | 6,327 | (4,436 | ) | ||||||||
| Acquisition costs | 132 | 378 | |||||||||
| Amortization of acquired intangibles | 7,004 | 6,975 | |||||||||
| Depreciation expense | 3,111 | 2,441 | |||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 24,741 | $ | 87,111 | |||||||
Fiscal Fourth Quarter 2026 Financial Highlights
- Revenues for the three months ended
June 30, 2026 increased 99% to$5.005 billion from$2.512 billion for the three months endedJune 30, 2025 , and decreased 52% from$10.351 billion for the three months endedMarch 31, 2026 - Gross profit for the three months ended
June 30, 2026 increased 35% to$110.3 million from$81.7 million for the three months endedJune 30, 2025 , and decreased 38% from$176.6 million for the three months endedMarch 31, 2026 - Gross profit margin for the three months ended
June 30, 2026 decreased to 2.20% of revenue, from 3.25% of revenue for the three months endedJune 30, 2025 , and increased from 1.71% of revenue for the three months endedMarch 31, 2026 - Net income attributable to the Company for the three months ended
June 30, 2026 increased 18% to$12.2 million from$10.3 million for the three months endedJune 30, 2025 , and decreased 80% from$59.5 million for the three months endedMarch 31, 2026 - Diluted earnings per share totaled
$0.41 for the three months endedJune 30, 2026 , which was unchanged compared to$0.41 for the three months endedJune 30, 2025 , and decreased 80% from$2.09 for the three months endedMarch 31, 2026 - 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
June 30, 2026 increased 29% to$24.7 million from$19.2 million for the three months endedJune 30, 2025 , and decreased 72% from$87.1 million for the three months endedMarch 31, 2026 - Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP liquidity measure, for the three months ended
June 30, 2026 decreased 3% to$28.2 million from$29.2 million for the three months endedJune 30, 2025 , and decreased 73% from$103.4 million for the three months endedMarch 31, 2026
| Year Ended | |||||||||||
| 2026 | 2025 | ||||||||||
| (in thousands, except Earnings per Share) | |||||||||||
| Selected Key Financial Statement Metrics: | |||||||||||
| Revenues | $ | 25,513,409 | $ | 10,978,614 | |||||||
| Gross profit | $ | 453,144 | $ | 210,916 | |||||||
| Depreciation and amortization expense | $ | (34,752 | ) | $ | (22,920 | ) | |||||
| Net income attributable to the Company | $ | 82,341 | $ | 17,320 | |||||||
| Earnings per Share: | |||||||||||
| Basic | $ | 3.11 | $ | 0.73 | |||||||
| Diluted | $ | 3.02 | $ | 0.71 | |||||||
| Non-GAAP Measures (1): | |||||||||||
| Adjusted net income before provision for income taxes | $ | 139,940 | $ | 53,059 | |||||||
| EBITDA | $ | 179,750 | $ | 64,445 | |||||||
| (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 years ended | |||||||||||
| Year Ended | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income before provision for income taxes | $ | 109,522 | $ | 21,270 | |||||||
| Adjustments: | |||||||||||
| Remeasurement (gain) loss on pre-existing equity interests | (4,136 | ) | 5,143 | ||||||||
| Contingent consideration fair value adjustment | (890 | ) | (1,140 | ) | |||||||
| Acquisition costs | 692 | 4,866 | |||||||||
| Amortization of acquired intangibles | 24,362 | 18,316 | |||||||||
| Depreciation expense | 10,390 | 4,604 | |||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 139,940 | $ | 53,059 | |||||||
Fiscal Full Year 2026 Financial Highlights
- Revenues for the fiscal year ended
June 30, 2026 increased 132% to$25.513 billion from$10.979 billion for the fiscal year endedJune 30, 2025 - Gross profit for the fiscal year ended
June 30, 2026 increased 115% to$453.1 million from$210.9 million for the fiscal year endedJune 30, 2025 - Gross profit margin for the fiscal year ended
June 30, 2026 decreased to 1.78% of revenue from 1.92% of revenue for the fiscal year endedJune 30, 2025 - Net income attributable to the Company for the fiscal year ended
June 30, 2026 increased 375% to$82.3 million from$17.3 million for the fiscal year endedJune 30, 2025 - Diluted earnings per share totaled
$3.02 for the fiscal year endedJune 30, 2026 , a 325% increase compared to$0.71 for the fiscal year endedJune 30, 2025 - Adjusted net income for the fiscal year ended
June 30, 2026 increased 164% to$139.9 million from$53.1 million for the fiscal year endedJune 30, 2025 - EBITDA for the fiscal year ended
June 30, 2026 increased 179% to$179.8 million from$64.4 million for the fiscal year endedJune 30, 2025
| Three Months Ended | |||||||||||
| 2026 | 2025 | ||||||||||
| Selected Operating and Financial Metrics: | |||||||||||
| Gold ounces sold (1) | 521,000 | 346,000 | |||||||||
| Silver ounces sold (2) | 15,317,500 | 15,664,000 | |||||||||
| Number of secured loans at period end (3) | 367 | 445 | |||||||||
| Secured loans receivable at period end | $ | 115,128,000 | $ | 94,037,000 | |||||||
| Direct-to-Consumer ("DTC") number of new customers (4) | 67,900 | 108,900 | |||||||||
| Direct-to-Consumer number of active customers (5) | 160,700 | 170,600 | |||||||||
| Direct-to-Consumer number of total customers (6) | 4,722,300 | 4,196,000 | |||||||||
| Direct-to-Consumer average order value ("AOV") (7) | $ | 3,556 | $ | 2,443 | |||||||
| $ | 2,716 | $ | 2,415 | ||||||||
| CyberMetals number of new customers (9) | 1,300 | 1,800 | |||||||||
| CyberMetals number of active customers (10) | 1,600 | 1,700 | |||||||||
| CyberMetals number of total customers (11) | 42,600 | 37,000 | |||||||||
| CyberMetals customer assets under management at period end (12) | $ | 16,600,000 | $ | 10,700,000 | |||||||
| (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 | |||||||||||
| (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) | 521,000 | 527,000 | |||||||||
| Silver ounces sold (2) | 15,317,500 | 29,220,000 | |||||||||
| Number of secured loans at period end (3) | 367 | 337 | |||||||||
| Secured loans receivable at period end | $ | 115,128,000 | $ | 126,034,000 | |||||||
| Direct-to-Consumer ("DTC") number of new customers (4) | 67,900 | 292,900 | |||||||||
| Direct-to-Consumer number of active customers (5) | 160,700 | 246,000 | |||||||||
| Direct-to-Consumer number of total customers (6) | 4,722,300 | 4,654,400 | |||||||||
| Direct-to-Consumer average order value ("AOV") (7) | $ | 3,556 | $ | 5,618 | |||||||
| $ | 2,716 | $ | 3,056 | ||||||||
| CyberMetals number of new customers (9) | 1,300 | 1,300 | |||||||||
| CyberMetals number of active customers (10) | 1,600 | 2,200 | |||||||||
| CyberMetals number of total customers (11) | 42,600 | 41,300 | |||||||||
| CyberMetals customer assets under management at period end (12) | $ | 16,600,000 | $ | 20,100,000 | |||||||
| (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 Fourth Quarter 2026 Operational Highlights
- Gold ounces sold in the three months ended
June 30, 2026 increased 51% to 521,000 ounces from 346,000 ounces for the three months endedJune 30, 2025 , and decreased 1% from 527,000 ounces for the three months endedMarch 31, 2026 - Silver ounces sold in the three months ended
June 30, 2026 decreased 2% to 15.3 million ounces from 15.7 million ounces for the three months endedJune 30, 2025 , and decreased 48% from 29.2 million ounces for the three months endedMarch 31, 2026 - As of
June 30, 2026 , the number of secured loans decreased 18% to 367 from 445 as ofJune 30, 2025 , and increased 9% from 337 as ofMarch 31, 2026 - Direct-to-Consumer new customers for the three months ended
June 30, 2026 decreased 38% to 67,900 from 108,900 for the three months endedJune 30, 2025 , and decreased 77% from 292,900 for the three months endedMarch 31, 2026 . For the three months endedMarch 31, 2026 , approximately 58% of the new customers were attributable to the acquisition of Monex. For the three months endedJune 30, 2025 , approximately 30% percent of the new customers were attributable to the acquisition of AMS - Direct-to-Consumer active customers for the three months ended
June 30, 2026 decreased 6% to 160,700 from 170,600 for the three months endedJune 30, 2025 , and decreased 35% from 246,000 for the three months endedMarch 31, 2026 - Direct-to-Consumer average order value for the three months ended
June 30, 2026 increased$1,113 , or 46% to$3,556 from$2,443 for the three months endedJune 30, 2025 , and decreased$2,062 , or 37%, from$5,618 for the three months endedMarch 31, 2026 - JM Bullion’s average order value for the three months ended
June 30, 2026 increased$301 , or 12% to$2,716 from$2,415 for the three months endedJune 30, 2025 , and decreased$340 , or 11%, from$3,056 for the three months ended March 31, 2026
| Year Ended | |||||||||||
| 2026 | 2025 | ||||||||||
| Selected Operating and Financial Metrics: | |||||||||||
| Gold ounces sold (1) | 2,032,000 | 1,642,000 | |||||||||
| Silver ounces sold (2) | 73,563,500 | 73,643,000 | |||||||||
| Number of secured loans at period end (3) | 367 | 445 | |||||||||
| Secured loans receivable at period end | $ | 115,128,000 | $ | 94,037,000 | |||||||
| Direct-to-Consumer ("DTC") number of new customers (4) | 526,300 | 1,129,200 | |||||||||
| Direct-to-Consumer number of active customers (5) | 783,100 | 581,300 | |||||||||
| Direct-to-Consumer number of total customers (6) | 4,722,300 | 4,196,000 | |||||||||
| Direct-to-Consumer average order value ("AOV") (7) | $ | 4,642 | $ | 2,866 | |||||||
| $ | 2,794 | $ | 2,156 | ||||||||
| CyberMetals number of new customers (9) | 5,700 | 7,400 | |||||||||
| CyberMetals number of active customers (10) | 7,500 | 6,800 | |||||||||
| CyberMetals number of total customers (11) | 42,600 | 37,000 | |||||||||
| CyberMetals customer assets under management at period end (12) | $ | 16,600,000 | $ | 10,700,000 | |||||||
| (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 Full Year 2026 Operational Highlights
- Gold ounces sold in the fiscal year ended
June 30, 2026 increased 24% to 2,032,000 ounces compared to 1,642,000 ounces in the fiscal year endedJune 30, 2025 - Silver ounces sold in the fiscal year ended
June 30, 2026 remained relatively unchanged at 73.6 million ounces compared to 73.6 million ounces in the fiscal year endedJune 30, 2025 - Direct-to-Consumer new customers for the fiscal year ended
June 30, 2026 decreased 53% to 526,300 from 1,129,200 for the fiscal year endedJune 30, 2025 . Approximately 33% of the new customers for the fiscal year endedJune 30, 2026 were attributable to the acquisition of Monex. Approximately 79% of the new customers for the fiscal year endedJune 30, 2025 were attributable to the acquisitions of SGI, Pinehurst and AMS - Direct-to-Consumer active customers for the fiscal year ended
June 30, 2026 increased 35% to 783,100 from 581,300 for the fiscal year endedJune 30, 2025 - Direct-to-Consumer average order value for the fiscal year ended
June 30, 2026 increased$1,776 , or 62% to$4,642 from$2,866 for the fiscal year endedJune 30, 2025 - JM Bullion’s average order value for the fiscal year ended
June 30, 2026 increased$638 , or 30% to$2,794 from$2,156 for the fiscal year ended June 30, 2025
Fiscal Fourth Quarter 2026 Financial Summary
Revenues increased 99% to
Gross profit increased 35% to
Selling, general and administrative expenses increased 46% to
Depreciation and amortization expense increased 18% to
Interest income increased 40% to
Interest expense increased 3% to
Earnings (losses) from equity method investments increased 364% 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 Full Year 2026 Financial Summary
Revenues increased 132% to
Gross profit increased 115% to
Selling, general and administrative expenses increased 98% to
Depreciation and amortization expense increased 52% to
Interest income decreased 1% to
Interest expense increased 32% to
Earnings (losses) from equity method investments increased 255% to earnings of
Net income attributable to the Company totaled
Adjusted net income before provision for income taxes for the fiscal year ended
EBITDA for fiscal year 2026 totaled
Special Dividend
Gold.com’s Board of Directors has declared a special cash dividend of
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/2867/54373
International number: 1-973-528-0011
Participant Access Code: 327594
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 1-646-277-1260.
A replay of the call will be available after
Toll-free replay number: 1-877-481-4010
International replay number: 1-919-882-2331
Participant Access Code: 54373
About
Gold.com builds on gold’s storied history and heritage to define the future of alternative asset 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, increasing market share and the delivery of long-term value. 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:
646-277-1260
reed.anderson@icrinc.com
GOLD@icrinc.com
CONSOLIDATED BALANCE SHEETS (in thousands, except for share data) | ||||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 577,976 | $ | 77,741 | ||||
| Receivables, net | 196,037 | 137,723 | ||||||
| Derivative assets | 317,976 | 134,515 | ||||||
| Secured loans receivable | 115,128 | 94,037 | ||||||
| Inventories: | ||||||||
| Inventories | 1,561,851 | 794,812 | ||||||
| Restricted inventories | 798,485 | 484,733 | ||||||
| 2,360,336 | 1,279,545 | |||||||
| Income tax receivable | 2,148 | 4,575 | ||||||
| Prepaid expenses and other assets | 34,750 | 15,359 | ||||||
| Total current assets | 3,604,351 | 1,743,495 | ||||||
| Operating lease right of use assets | 31,659 | 22,843 | ||||||
| Property, plant, and equipment, net | 71,064 | 45,509 | ||||||
| 250,803 | 228,650 | |||||||
| Intangibles, net | 146,318 | 137,314 | ||||||
| Long-term investments | 26,986 | 33,015 | ||||||
| Other long-term assets | 5,738 | 4,605 | ||||||
| Total assets | $ | 4,136,919 | $ | 2,215,431 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Liabilities on borrowed metals | $ | 776,061 | $ | 46,051 | ||||
| Product financing arrangements | 89,249 | 484,733 | ||||||
| Accounts payable and other payables | 38,778 | 22,248 | ||||||
| Deferred revenue and other advances | 2,139,974 | 426,904 | ||||||
| Derivative liabilities | 39,918 | 96,177 | ||||||
| Accrued liabilities | 58,789 | 34,021 | ||||||
| Notes payable | 4,000 | 3,994 | ||||||
| Total current liabilities | 3,146,769 | 1,114,128 | ||||||
| Lines of credit | — | 345,000 | ||||||
| Notes payable | 206 | 3,349 | ||||||
| Deferred tax liabilities | 14,615 | 18,335 | ||||||
| Other liabilities | 36,963 | 31,948 | ||||||
| Total liabilities | 3,198,553 | 1,512,760 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, par value | 292 | 247 | ||||||
| Additional paid-in capital | 351,545 | 184,998 | ||||||
| Accumulated other comprehensive income | 140 | 212 | ||||||
| Retained earnings | 523,736 | 464,059 | ||||||
| Total | 875,713 | 649,516 | ||||||
| Noncontrolling interests | 62,653 | 53,155 | ||||||
| Total stockholders’ equity | 938,366 | 702,671 | ||||||
| Total liabilities and stockholders’ equity | $ | 4,136,919 | $ | 2,215,431 | ||||
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share and per share data; unaudited) | ||||||||||||
| Year Ended | ||||||||||||
| 2026 | 2025 | 2024 | ||||||||||
| Revenues | $ | 25,513,409 | $ | 10,978,614 | $ | 9,699,039 | ||||||
| Cost of sales | 25,060,265 | 10,767,698 | 9,525,784 | |||||||||
| Gross profit | 453,144 | 210,916 | 173,255 | |||||||||
| Selling, general, and administrative expenses | (275,582 | ) | (139,193 | ) | (89,800 | ) | ||||||
| Depreciation and amortization expense | (34,752 | ) | (22,920 | ) | (11,397 | ) | ||||||
| Interest income | 25,634 | 25,948 | 27,168 | |||||||||
| Interest expense | (61,110 | ) | (46,203 | ) | (39,531 | ) | ||||||
| Earnings (losses) from equity method investments | 4,391 | (2,825 | ) | 4,044 | ||||||||
| Other (expense) income, net | (1,927 | ) | 2,031 | 2,071 | ||||||||
| Remeasurement gain (loss) on pre-existing equity interests | 4,136 | (5,143 | ) | 16,669 | ||||||||
| Gains (losses) on foreign exchange | (4,412 | ) | (1,341 | ) | 299 | |||||||
| Net income before provision for income taxes | 109,522 | 21,270 | 82,778 | |||||||||
| Income tax expense | (20,907 | ) | (5,426 | ) | (13,745 | ) | ||||||
| Net income | 88,615 | 15,844 | 69,033 | |||||||||
| Net (loss) income attributable to noncontrolling interests | 6,274 | (1,476 | ) | 487 | ||||||||
| Net income attributable to the Company | $ | 82,341 | $ | 17,320 | $ | 68,546 | ||||||
| Basic and diluted net income per share attributable to | ||||||||||||
| Basic | $ | 3.11 | $ | 0.73 | $ | 2.97 | ||||||
| Diluted | $ | 3.02 | $ | 0.71 | $ | 2.84 | ||||||
| Weighted-average shares outstanding: | ||||||||||||
| Basic | 26,435,700 | 23,625,900 | 23,091,700 | |||||||||
| Diluted | 27,262,600 | 24,441,500 | 24,120,800 | |||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited) | ||||||||||||
| Year Ended | ||||||||||||
| 2026 | 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 88,615 | $ | 15,844 | $ | 69,033 | ||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||
| Depreciation and amortization | 34,752 | 22,920 | 11,397 | |||||||||
| Amortization of loan cost | 4,267 | 4,092 | 2,447 | |||||||||
| Share-based compensation | 2,407 | 1,594 | 1,923 | |||||||||
| Remeasurement (gain) loss on pre-existing equity interests | (4,136 | ) | 5,143 | (16,669 | ) | |||||||
| Losses (earnings) from equity method investments | (4,391 | ) | 2,825 | (4,044 | ) | |||||||
| Other | 181 | (3,960 | ) | (2,214 | ) | |||||||
| Changes in assets and liabilities: | ||||||||||||
| Receivables, net | (32,126 | ) | (57,604 | ) | 16,754 | |||||||
| Secured loans made to affiliates | — | 16 | 56 | |||||||||
| Derivative assets | (181,458 | ) | (18,992 | ) | (36,243 | ) | ||||||
| Income tax receivable | 2,427 | (606 | ) | — | ||||||||
| Precious metals held under financing arrangements | — | — | 3,464 | |||||||||
| Inventories | (158,855 | ) | (22,072 | ) | (52,758 | ) | ||||||
| Prepaid expenses and other assets | (923 | ) | (3,386 | ) | (1,168 | ) | ||||||
| Accounts payable and other payables | 5,661 | (17,354 | ) | (16,285 | ) | |||||||
| Deferred revenue and other advances (including amounts from related parties of | 1,583,854 | 150,156 | 65,180 | |||||||||
| Derivative liabilities | (56,259 | ) | 69,109 | 18,265 | ||||||||
| Liabilities on borrowed metals | (71,011 | ) | 14,058 | 9,878 | ||||||||
| Accrued liabilities | 9,779 | (9,436 | ) | (7,097 | ) | |||||||
| Income tax payable | — | — | (985 | ) | ||||||||
| Net cash provided by operating activities | 1,222,784 | 152,347 | 60,934 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Capital expenditures for property, plant, and equipment | (12,708 | ) | (10,678 | ) | (7,256 | ) | ||||||
| Acquisition of businesses, net of cash acquired | (35,074 | ) | (114,609 | ) | (31,871 | ) | ||||||
| Purchase of long-term investments | (6,400 | ) | — | (2,113 | ) | |||||||
| Purchase of stablecoin | (20,000 | ) | — | — | ||||||||
| Purchase of intangible assets | (1,720 | ) | — | (8,515 | ) | |||||||
| Secured loans receivable, net | (21,081 | ) | 19,035 | (12,489 | ) | |||||||
| Purchase of marketable securities | — | (2,549 | ) | — | ||||||||
| Proceeds from sale of marketable securities | — | 4,213 | — | |||||||||
| Other | 6,905 | (77 | ) | (1,353 | ) | |||||||
| Net cash used in investing activities | (90,078 | ) | (104,665 | ) | (63,597 | ) | ||||||
| Cash flows from financing activities: | ||||||||||||
| Product financing arrangements, net | (395,484 | ) | (85,031 | ) | 157,541 | |||||||
| Dividends paid | (22,504 | ) | (18,804 | ) | (41,845 | ) | ||||||
| Borrowings under lines of credit | 3,472,500 | 1,960,000 | 1,893,000 | |||||||||
| Repayments under lines of credit | (3,817,500 | ) | (1,860,000 | ) | (1,883,000 | ) | ||||||
| Repayment of notes | — | (197 | ) | (95,000 | ) | |||||||
| Proceeds from notes payable to related party | — | — | 3,448 | |||||||||
| Repayments on notes payable to related party | — | (8,367 | ) | — | ||||||||
| Net proceeds from the issuance of common stock | 140,038 | — | — | |||||||||
| Repurchases of common stock | — | (901 | ) | (22,307 | ) | |||||||
| Repurchases of common stock from a related party | — | (4,219 | ) | — | ||||||||
| Debt funding issuance costs | (2,641 | ) | (4,186 | ) | (3,323 | ) | ||||||
| Proceeds from the exercise of share-based awards | 3,712 | 3,305 | 1,962 | |||||||||
| Payments for tax withholding related to net settlement of share-based awards | (785 | ) | (177 | ) | (546 | ) | ||||||
| Other | (9,807 | ) | — | 2,051 | ||||||||
| Net cash (used in) provided by financing activities | (632,471 | ) | (18,577 | ) | 11,981 | |||||||
| Net increase in cash | 500,235 | 29,105 | 9,318 | |||||||||
| Cash, beginning of period | 77,741 | 48,636 | 39,318 | |||||||||
| Cash, end of period | $ | 577,976 | $ | 77,741 | $ | 48,636 | ||||||
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 | $ | 5,005,014 | 100.000 | % | $ | 2,512,048 | 100.000 | % | $ | 2,492,966 | 99.2 | % | |||||||||
| Gross profit | 110,297 | 2.204 | % | 81,689 | 3.252 | % | $ | 28,608 | 35.0 | % | |||||||||||
| Selling, general, and administrative expenses | (77,941 | ) | (1.557 | %) | (53,418 | ) | (2.126 | %) | $ | 24,523 | 45.9 | % | |||||||||
| Depreciation and amortization expense | (10,115 | ) | (0.202 | %) | (8,576 | ) | (0.341 | %) | $ | 1,539 | 17.9 | % | |||||||||
| Interest income | 7,457 | 0.149 | % | 5,345 | 0.213 | % | $ | 2,112 | 39.5 | % | |||||||||||
| Interest expense | (13,227 | ) | (0.264 | %) | (12,902 | ) | (0.514 | %) | $ | 325 | 2.5 | % | |||||||||
| Earnings (losses) from equity method investments | 2,037 | 0.041 | % | (771 | ) | (0.031 | %) | $ | 2,808 | 364.2 | % | ||||||||||
| Other (expense) income, net | (9,033 | ) | (0.180 | %) | 199 | 0.008 | % | $ | (9,232 | ) | (4,639.2 | %) | |||||||||
| Remeasurement gain on pre-existing equity interests | 4,136 | 0.083 | % | 1,900 | 0.076 | % | $ | 2,236 | 117.7 | % | |||||||||||
| Losses on foreign exchange | (1,308 | ) | (0.026 | %) | (446 | ) | (0.018 | %) | $ | 862 | 193.3 | % | |||||||||
| Net income before provision for income taxes | 12,303 | 0.246 | % | 13,020 | 0.518 | % | $ | (717 | ) | (5.5 | %) | ||||||||||
| Income tax expense | (282 | ) | (0.006 | %) | (2,860 | ) | (0.114 | %) | $ | (2,578 | ) | (90.1 | %) | ||||||||
| Net income | 12,021 | 0.240 | % | 10,160 | 0.404 | % | $ | 1,861 | 18.3 | % | |||||||||||
| Net loss attributable to noncontrolling interests | (136 | ) | (0.003 | %) | (164 | ) | (0.007 | %) | $ | (28 | ) | (17.1 | %) | ||||||||
| Net income attributable to the Company | $ | 12,157 | 0.243 | % | $ | 10,324 | 0.411 | % | $ | 1,833 | 17.8 | % | |||||||||
| Basic and diluted net income per share attributable to | |||||||||||||||||||||
| Per Share Data: | |||||||||||||||||||||
| Basic | $ | 0.42 | $ | 0.42 | $ | — | — | % | |||||||||||||
| Diluted | $ | 0.41 | $ | 0.41 | $ | — | — | % | |||||||||||||
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 | $ | 5,005,014 | 100.000 | % | $ | 10,350,729 | 100.000 | % | $ | (5,345,715 | ) | (51.6 | %) | ||||||||
| Gross profit | 110,297 | 2.204 | % | 176,580 | 1.706 | % | $ | (66,283 | ) | (37.5 | %) | ||||||||||
| Selling, general, and administrative expenses | (77,941 | ) | (1.557 | %) | (78,035 | ) | (0.754 | %) | $ | (94 | ) | (0.1 | %) | ||||||||
| Depreciation and amortization expense | (10,115 | ) | (0.202 | %) | (9,416 | ) | (0.091 | %) | $ | 699 | 7.4 | % | |||||||||
| Interest income | 7,457 | 0.149 | % | 6,817 | 0.066 | % | $ | 640 | 9.4 | % | |||||||||||
| Interest expense | (13,227 | ) | (0.264 | %) | (19,030 | ) | (0.184 | %) | $ | (5,803 | ) | (30.5 | %) | ||||||||
| Earnings from equity method investments | 2,037 | 0.041 | % | 2,253 | 0.022 | % | $ | (216 | ) | (9.6 | %) | ||||||||||
| Other (expense) income, net | (9,033 | ) | (0.180 | %) | 4,623 | 0.045 | % | $ | (13,656 | ) | (295.4 | %) | |||||||||
| Remeasurement gain on pre-existing equity interests | 4,136 | 0.083 | % | — | — | % | $ | 4,136 | — | % | |||||||||||
| Losses on foreign exchange | (1,308 | ) | (0.026 | %) | (2,039 | ) | (0.020 | %) | $ | (731 | ) | (35.9 | %) | ||||||||
| Net income before provision for income taxes | 12,303 | 0.246 | % | 81,753 | 0.790 | % | $ | (69,450 | ) | (85.0 | %) | ||||||||||
| Income tax expense | (282 | ) | (0.006 | %) | (17,716 | ) | (0.171 | %) | $ | (17,434 | ) | (98.4 | %) | ||||||||
| Net income | 12,021 | 0.240 | % | 64,037 | 0.619 | % | $ | (52,016 | ) | (81.2 | %) | ||||||||||
| Net (loss) income attributable to noncontrolling interests | (136 | ) | (0.003 | %) | 4,550 | 0.044 | % | $ | (4,686 | ) | (103.0 | %) | |||||||||
| Net income attributable to the Company | $ | 12,157 | 0.243 | % | $ | 59,487 | 0.575 | % | $ | (47,330 | ) | (79.6 | %) | ||||||||
| Basic and diluted net income per share attributable to Gold.com, Inc.: | |||||||||||||||||||||
| Per Share Data: | |||||||||||||||||||||
| Basic | $ | 0.42 | $ | 2.17 | $ | (1.75 | ) | (80.6 | %) | ||||||||||||
| Diluted | $ | 0.41 | $ | 2.09 | $ | (1.68 | ) | (80.4 | %) | ||||||||||||
Overview of Results of Operations for the Years Ended
Consolidated Results of Operations
The operating results for the years ended
| Year Ended | 2026 | 2025 | Change | ||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % | ||||||||||||||||
| Revenues | $ | 25,513,409 | 100.000 | % | $ | 10,978,614 | 100.000 | % | $ | 14,534,795 | 132.4 | % | |||||||||
| Gross profit | 453,144 | 1.776 | % | 210,916 | 1.921 | % | $ | 242,228 | 114.8 | % | |||||||||||
| Selling, general, and administrative expenses | (275,582 | ) | (1.080 | %) | (139,193 | ) | (1.268 | %) | $ | 136,389 | 98.0 | % | |||||||||
| Depreciation and amortization expense | (34,752 | ) | (0.136 | %) | (22,920 | ) | (0.209 | %) | $ | 11,832 | 51.6 | % | |||||||||
| Interest income | 25,634 | 0.100 | % | 25,948 | 0.236 | % | $ | (314 | ) | (1.2 | %) | ||||||||||
| Interest expense | (61,110 | ) | (0.240 | %) | (46,203 | ) | (0.421 | %) | $ | 14,907 | 32.3 | % | |||||||||
| Earnings (losses) from equity method investments | 4,391 | 0.017 | % | (2,825 | ) | (0.026 | %) | $ | 7,216 | 255.4 | % | ||||||||||
| Other (expense) income, net | (1,927 | ) | (0.008 | %) | 2,031 | 0.018 | % | $ | (3,958 | ) | (194.9 | %) | |||||||||
| Remeasurement gain (loss) on pre-existing equity interests | 4,136 | 0.016 | % | (5,143 | ) | (0.047 | %) | $ | 9,279 | 180.4 | % | ||||||||||
| Losses on foreign exchange | (4,412 | ) | (0.017 | %) | (1,341 | ) | (0.012 | %) | $ | 3,071 | 229.0 | % | |||||||||
| Net income before provision for income taxes | 109,522 | 0.429 | % | 21,270 | 0.194 | % | $ | 88,252 | 414.9 | % | |||||||||||
| Income tax expense | (20,907 | ) | (0.082 | %) | (5,426 | ) | (0.049 | %) | $ | 15,481 | 285.3 | % | |||||||||
| Net income | 88,615 | 0.347 | % | 15,844 | 0.144 | % | $ | 72,771 | 459.3 | % | |||||||||||
| Net income (loss) attributable to noncontrolling interests | 6,274 | 0.025 | % | (1,476 | ) | (0.013 | %) | $ | 7,750 | 525.1 | % | ||||||||||
| Net income attributable to the Company | $ | 82,341 | 0.323 | % | $ | 17,320 | 0.158 | % | $ | 65,021 | 375.4 | % | |||||||||
| Basic and diluted net income per share attributable to | |||||||||||||||||||||
| Per Share Data: | |||||||||||||||||||||
| Basic | $ | 3.11 | $ | 0.73 | $ | 2.38 | 326.0 | % | |||||||||||||
| Diluted | $ | 3.02 | $ | 0.71 | $ | 2.31 | 325.4 | % | |||||||||||||
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 | 2026 | 2025 | Change | |||||||||||||
| $ | $ | $ | % | |||||||||||||
| Net income before provision for income taxes | $ | 12,303 | $ | 13,020 | $ | (717 | ) | (5.5 | %) | |||||||
| Adjustments: | ||||||||||||||||
| Remeasurement gain on pre-existing equity interests | (4,136 | ) | (1,900 | ) | $ | 2,236 | 117.7 | % | ||||||||
| Contingent consideration fair value adjustment | 6,327 | (10 | ) | $ | 6,337 | 63,370.0 | % | |||||||||
| Acquisition costs | 132 | (523 | ) | $ | 655 | 125.2 | % | |||||||||
| Amortization of acquired intangibles | 7,004 | 6,658 | $ | 346 | 5.2 | % | ||||||||||
| Depreciation expense | 3,111 | 1,918 | $ | 1,193 | 62.2 | % | ||||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 24,741 | $ | 19,163 | $ | 5,578 | 29.1 | % | ||||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended
| Three Months Ended | 2026 | 2025 | Change | |||||||||||||
| Reconciliation of Net Income to EBITDA: | $ | $ | $ | % | ||||||||||||
| Net income | $ | 12,021 | $ | 10,160 | $ | 1,861 | 18.3 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Interest income | (7,457 | ) | (5,345 | ) | $ | 2,112 | 39.5 | % | ||||||||
| Interest expense | 13,227 | 12,902 | $ | 325 | 2.5 | % | ||||||||||
| Amortization of acquired intangibles | 7,004 | 6,658 | $ | 346 | 5.2 | % | ||||||||||
| Depreciation expense | 3,111 | 1,918 | $ | 1,193 | 62.2 | % | ||||||||||
| Income tax expense | 282 | 2,860 | $ | (2,578 | ) | (90.1 | %) | |||||||||
| 16,167 | 18,993 | $ | (2,826 | ) | (14.9 | %) | ||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 28,188 | $ | 29,153 | $ | (965 | ) | (3.3 | %) | |||||||
| Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||
| Net cash provided by operating activities | $ | 1,069,754 | $ | 66,966 | $ | 1,002,788 | 1,497.5 | % | ||||||||
| Changes in operating working capital | (1,050,328 | ) | (49,665 | ) | $ | 1,000,663 | 2,014.8 | % | ||||||||
| Interest expense | 13,227 | 12,902 | $ | 325 | 2.5 | % | ||||||||||
| Interest income | (7,457 | ) | (5,345 | ) | $ | 2,112 | 39.5 | % | ||||||||
| Income tax expense | 282 | 2,860 | $ | (2,578 | ) | (90.1 | %) | |||||||||
| Earnings (losses) from equity method investments | 2,037 | (771 | ) | $ | 2,808 | 364.2 | % | |||||||||
| Remeasurement gain on pre-existing equity interests | 4,136 | 1,900 | $ | 2,236 | 117.7 | % | ||||||||||
| Share-based compensation | (1,064 | ) | (618 | ) | $ | 446 | 72.2 | % | ||||||||
| Amortization of loan cost | (376 | ) | (1,246 | ) | $ | (870 | ) | (69.8 | %) | |||||||
| Other | (2,023 | ) | 2,170 | $ | (4,193 | ) | (193.2 | %) | ||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 28,188 | $ | 29,153 | $ | (965 | ) | (3.3 | %) | |||||||
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 | 2026 | 2026 | Change | |||||||||||||
| $ | $ | $ | % | |||||||||||||
| Net income before provision for income taxes | $ | 12,303 | 81,753 | $ | (69,450 | ) | (85.0 | %) | ||||||||
| Adjustments: | ||||||||||||||||
| Remeasurement gain on pre-existing equity interests | (4,136 | ) | — | $ | (4,136 | ) | — | % | ||||||||
| Contingent consideration fair value adjustment | 6,327 | (4,436 | ) | $ | 10,763 | 242.6 | % | |||||||||
| Acquisition costs | 132 | 378 | $ | (246 | ) | (65.1 | %) | |||||||||
| Amortization of acquired intangibles | 7,004 | 6,975 | $ | 29 | 0.4 | % | ||||||||||
| Depreciation expense | 3,111 | 2,441 | $ | 670 | 27.4 | % | ||||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 24,741 | $ | 87,111 | $ | (62,370 | ) | (71.6 | %) | |||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended
| Three Months Ended | 2026 | 2026 | Change | |||||||||||||
| Reconciliation of Net Income to EBITDA: | $ | $ | $ | % | ||||||||||||
| Net income | $ | 12,021 | $ | 64,037 | $ | (52,016 | ) | (81.2 | %) | |||||||
| Adjustments: | ||||||||||||||||
| Interest income | (7,457 | ) | (6,817 | ) | $ | 640 | 9.4 | % | ||||||||
| Interest expense | 13,227 | 19,030 | $ | (5,803 | ) | (30.5 | %) | |||||||||
| Amortization of acquired intangibles | 7,004 | 6,975 | $ | 29 | 0.4 | % | ||||||||||
| Depreciation expense | 3,111 | 2,441 | $ | 670 | 27.4 | % | ||||||||||
| Income tax expense | 282 | 17,716 | $ | (17,434 | ) | (98.4 | %) | |||||||||
| 16,167 | 39,345 | $ | (23,178 | ) | (58.9 | %) | ||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 28,188 | $ | 103,382 | $ | (75,194 | ) | (72.7 | %) | |||||||
| Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||
| Net cash provided by operating activities | $ | 1,069,754 | $ | 235 | $ | 1,069,519 | 455,114.5 | % | ||||||||
| Changes in operating working capital | (1,050,328 | ) | 70,603 | $ | (1,120,931 | ) | (1,587.7 | %) | ||||||||
| Interest expense | 13,227 | 19,030 | $ | (5,803 | ) | (30.5 | %) | |||||||||
| Interest income | (7,457 | ) | (6,817 | ) | $ | 640 | 9.4 | % | ||||||||
| Income tax expense | 282 | 17,716 | $ | (17,434 | ) | (98.4 | %) | |||||||||
| Earnings from equity method investments | 2,037 | 2,253 | $ | (216 | ) | (9.6 | %) | |||||||||
| Remeasurement gain on pre-existing equity interests | 4,136 | — | $ | 4,136 | — | % | ||||||||||
| Share-based compensation | (1,064 | ) | (505 | ) | $ | 559 | 110.7 | % | ||||||||
| Amortization of loan cost | (376 | ) | (1,128 | ) | $ | (752 | ) | (66.7 | %) | |||||||
| Other | (2,023 | ) | 1,995 | $ | (4,018 | ) | (201.4 | %) | ||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 28,188 | $ | 103,382 | $ | (75,194 | ) | (72.7 | %) | |||||||
Reconciliation of
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the years ended
| Year Ended | 2026 | 2025 | Change | |||||||||||||
| $ | $ | $ | % | |||||||||||||
| Net income before provision for income taxes | $ | 109,522 | $ | 21,270 | $ | 88,252 | 414.9 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Remeasurement (gain) loss on pre-existing equity interests | (4,136 | ) | 5,143 | $ | (9,279 | ) | (180.4 | %) | ||||||||
| Contingent consideration fair value adjustment | (890 | ) | (1,140 | ) | $ | (250 | ) | (21.9 | %) | |||||||
| Acquisition costs | 692 | 4,866 | $ | (4,174 | ) | (85.8 | %) | |||||||||
| Amortization of acquired intangibles | 24,362 | 18,316 | $ | 6,046 | 33.0 | % | ||||||||||
| Depreciation expense | 10,390 | 4,604 | $ | 5,786 | 125.7 | % | ||||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 139,940 | $ | 53,059 | $ | 86,881 | 163.7 | % | ||||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the years ended
| Year Ended | 2026 | 2025 | Change | |||||||||||||
| Reconciliation of Net Income to EBITDA: | $ | $ | $ | % | ||||||||||||
| Net income | $ | 88,615 | $ | 15,844 | $ | 72,771 | 459.3 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Interest income | (25,634 | ) | (25,948 | ) | $ | (314 | ) | (1.2 | %) | |||||||
| Interest expense | 61,110 | 46,203 | $ | 14,907 | 32.3 | % | ||||||||||
| Amortization of acquired intangibles | 24,362 | 18,316 | $ | 6,046 | 33.0 | % | ||||||||||
| Depreciation expense | 10,390 | 4,604 | $ | 5,786 | 125.7 | % | ||||||||||
| Income tax expense | 20,907 | 5,426 | $ | 15,481 | 285.3 | % | ||||||||||
| 91,135 | 48,601 | $ | 42,534 | 87.5 | % | |||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 179,750 | $ | 64,445 | $ | 115,305 | 178.9 | % | ||||||||
| Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||
| Net cash provided by operating activities | $ | 1,222,784 | $ | 152,347 | $ | 1,070,437 | 702.6 | % | ||||||||
| Changes in operating working capital | (1,101,089 | ) | (103,889 | ) | $ | 997,200 | 959.9 | % | ||||||||
| Interest expense | 61,110 | 46,203 | $ | 14,907 | 32.3 | % | ||||||||||
| Interest income | (25,634 | ) | (25,948 | ) | $ | (314 | ) | (1.2 | %) | |||||||
| Income tax expense | 20,907 | 5,426 | $ | 15,481 | 285.3 | % | ||||||||||
| Earnings (losses) from equity method investments | 4,391 | (2,825 | ) | $ | 7,216 | 255.4 | % | |||||||||
| Remeasurement gain (loss) on pre-existing equity interests | 4,136 | (5,143 | ) | $ | 9,279 | 180.4 | % | |||||||||
| Share-based compensation | (2,407 | ) | (1,594 | ) | $ | 813 | 51.0 | % | ||||||||
| Amortization of loan cost | (4,267 | ) | (4,092 | ) | $ | 175 | 4.3 | % | ||||||||
| Other | (181 | ) | 3,960 | $ | (4,141 | ) | (104.6 | %) | ||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 179,750 | $ | 64,445 | $ | 115,305 | 178.9 | % | ||||||||
Source: Gold.com