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DATE

Wednesday, May 6, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

  • Chief Executive Officer — Gregory Roberts
  • Chief Financial Officer — Cary Dickson
  • President — Thor Gjerdrum

TAKEAWAYS

  • Revenue -- $10.3 billion, up 244% year over year and driven by increased forward sales, average selling prices, and volumes in gold and silver.
  • Gross Profit -- $176 million, representing a 331% increase and 1.7% of revenue versus 1.3% last year, primarily reflecting improvement in both Wholesale Sales & Ancillary Services and Direct-to-Consumer segments.
  • Net Income -- $60 million, reversing from a net loss of $8 million, with diluted EPS of $2.09 compared to a loss of $0.36 per share in the prior-year period.
  • EBITDA -- $103.4 million, up 7,939% from $1.3 million, reflecting non-GAAP operating leverage and contributions from recent acquisitions.
  • Gold Sales Volume -- 538 thousand ounces sold, up 25% year over year, down 1% sequentially from the prior quarter.
  • Silver Sales Volume -- 34.6 million ounces sold, an increase of 120% year over year and 86% sequentially.
  • New Direct-to-Consumer Customers -- 293 thousand, down 68% year over year but up 205% sequentially, with 58% attributed to the Monnex acquisition.
  • SG&A Expenses -- $78 million, up 134%, with 75% of the increase due to the inclusion of recently acquired subsidiaries.
  • Strategic Equity Investment -- Tether Global Investment Fund purchased 3.37 million shares at $44.50 per share for $150 million in total, completed in two tranches after regulatory approvals.
  • Stablecoin Purchases and Partnerships -- $20 million of XAUT, Tether’s gold-backed stablecoin, was purchased and new storage, leasing, and trading agreements with Tether and affiliates were established.
  • Balance Sheet -- Cash increased to approximately $143 million (from $77.7 million), nonrestricted inventories rose to $1.319 billion, and the loan portfolio value grew 46% to $126 million year over year.
  • Major Acquisition Impact -- Acquisitions including Monnex and Sunshine Mint directly expanded production capabilities and accelerated segment-level profitability.
  • Market Structure Shift -- “The extreme benefit as last quarter’s backwardation has moved more into contango,” resulting in lower hedging costs and normalized financing conditions.
  • Dividend Policy -- The board declared a quarterly cash dividend of $0 per share, consistent with the company’s stated dividend approach.

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RISKS

  • Gregory Roberts said, “Backwardation is highly unusual. And what we saw this quarter was a more normalized contango environment, which did help some of our other businesses, and that has continued in what I would call normalized, in the first month of our Q4 and in March,” but higher lease and repo costs persisted through the first half of the quarter, reflecting lingering volatility in hedging expenses.
  • The number of new Direct-to-Consumer customers fell 68% year over year in Q3 fiscal 2026.
  • Operator’s closing statement highlighted risks including integration challenges with recent acquisitions, exposure to geopolitical and supply chain disruptions, and intense competition that may depress pricing or margins in higher-margin services.

SUMMARY

Management explicitly reported an all-time high quarter for both revenue and profitability, with key drivers including a highly volatile spot metals environment, record retail engagement, and the expanded operational reach from multiple acquisitions. The Tether Global Investment Fund’s equity infusion and concurrent partnership agreements provided additional liquidity and facilitated integration with digital asset markets, with management describing this as a “powerful validation of our vertically integrated model.” The transition from backwardation to contango within precious metals markets materially reduced hedging costs and restored typical financing economics by quarter-end, setting up an improved cost structure for future quarters. Customer growth was primarily acquisition-driven, as organic DTC customer additions lagged, and the storage business doubled value to $2.2 billion by May, materially outpacing earlier projections. Management confirmed no change to dividend policy, referencing active capital allocation evaluation but prioritizing debt reduction and acquisition opportunities for shareholder value creation.

  • Roberts said, “Our acquisition of Monnex during the quarter is already delivering strong returns, and the addition of Sunshine Mint to our portfolio will meaningfully expand our production capabilities going forward.”
  • Diversification into digital assets advanced through the $20 million XAUT stablecoin transaction, with Roberts noting plans for a Gold.com, Inc. wallet and discussing initial onboarding for digital redemption features.
  • Expanded storage capacity connected with the Tether partnership, with Roberts emphasizing that “from 12/31/2025 to 03/31/2026, we have gone from $1.1 billion in storage, and we have doubled that to where I think we are today, in May, at $2.2 billion.”
  • Strategic focus included integration of acquired entities, realization of synergies, operational cost discipline, and broadening geographic reach, with Gregory Roberts “always looking at” SG&A savings and improved scalability as sales volumes accelerate.
  • Management identified market volatility as a persistent headwind, describing January and February as “significantly outperformed what I would call normalized,” but acknowledged a “bit of volume retreat” and moderating activity by the end of the period.

INDUSTRY GLOSSARY

  • Backwardation: A futures market condition where the spot price of a commodity trades above its futures price, increasing hedging and financing costs for inventory holders.
  • Contango: A futures market structure where the futures price is above the spot price, enabling participants to earn carry through normal term hedges and reducing financing costs.
  • XAUT: Tether’s gold-backed stablecoin tied to specific quantities of physical gold, used as a digital asset and settlement instrument in the precious metals ecosystem.

Full Conference Call Transcript

Gregory Roberts: Thank you, Matt, and good afternoon, everyone. Thanks again for joining our call today. Our third quarter results reflect the strength of our fully integrated platform and our ability to capitalize on strong market conditions. As I noted on our last call, we were beginning to see a meaningful shift in market dynamics and that momentum carried over favorably into this quarter. During the quarter, we experienced an unprecedented surge in activity across both our wholesale sales and our ancillary services as well as our direct-to-consumer segments. Market participants across the spectrum—from individual investors to institutional buyers—moved aggressively to increase exposure to precious metals.

This environment created a highly dynamic two-way market with elevated levels of both buying and selling activity, which allowed us to efficiently deploy inventory and capitalize on favorable trading opportunities. The pace and magnitude of the movement was extraordinary. We saw one of the most volatile spot price environments in recent history, which drove significant transaction velocity across our platform. Operationally, our teams executed extremely well under these conditions. The rapid spike in demand challenged systemwide capacity, and we were positioned to respond by quickly scaling inventory and production levels at our mints as we leveraged our balance sheet.

This resulted in record financial performance, including over $10 billion in revenue, over $175 million in gross profit, and $59.5 million in net income for the quarter. Our direct-to-consumer segment led the way during the quarter, reflecting strong customer engagement, higher order values, and increased transactional activity across our platforms. JMB outperformed and did exceptional, reporting record levels of profitability. Our wholesale sales and ancillary services segment also delivered significant quarter-over-quarter improvement following the more challenging market conditions we experienced last fall. The favorable market conditions we experienced this quarter were also global, with LPM continuing to build momentum across Asia and benefiting from heightened regional demand and increased trading activity.

Activity began to moderate toward the end of the quarter, as is typical following periods of heightened volatility. We are now seeing a bit more normalized environment. While geopolitical dynamics remain an important factor influencing demand, overall market conditions remain constructive, and we believe the underlying drivers for precious metals investments remain firmly in place. We have also seen an extreme benefit as last quarter’s backwardation has moved more into contango. We remain focused on driving synergies across our business units and maximizing at every level. Our acquisition of Monnex during the quarter is already delivering strong returns, and the addition of Sunshine Mint to our portfolio will meaningfully expand our production capabilities going forward.

As previously disclosed, in February 2026, we entered into a securities purchase agreement with an affiliate of Tether Global Investment Fund whereby Tether agreed to purchase an aggregate of 3.37 million shares of Gold.com, Inc.’s common stock at a price of $44.50 per share. The first tranche of the shares was purchased on 02/06/2026, corresponding to 2.84 million shares for an aggregate purchase price of $126.4 million. Following receipt of regulatory clearance, the second tranche of 530 thousand shares was purchased on 05/05/2026 for an aggregate purchase price of $23.6 million. This strategic equity investment further enhanced our overall capital and liquidity position. It is a powerful validation of our vertically integrated model.

During the quarter, we also entered into storage, metal leasing, and trading agreements with Tether and their affiliates and purchased $20 million of Tether’s gold-backed stablecoin XAUT. We believe this partnership represents a meaningful step forward in aligning our physical precious metals platform with emerging digital asset ecosystems, and we are encouraged by the early progress we have made. I will now turn the call over to our CFO, Cary Dickson, who will provide an overview of our financial performance. Then our president, Thor Gjerdrum, will discuss key operating metrics. After that, I will provide further insights into the business, our growth strategy, and I will take questions. Cary? Please proceed.

Cary Dickson: Thank you, and good afternoon to everybody. Our revenues for fiscal Q3 2026 increased 244% to $10.3 billion from $3 billion in Q3 of last year. Excluding an increase of $4.3 billion of forward sales, our revenues increased $2.9 billion, or 187%, which was due to higher average selling prices of gold and silver as well as increased gold and silver ounces sold. For the nine-month period, our revenues increased 142% to $20.5 billion from $8.4 billion in the same year-ago period.

Excluding an increase of $7.4 billion of forward sales, our revenues increased $4.6 billion, or 95%, which is due to higher average selling prices of gold and silver as well as an increase in gold and silver ounces sold. Revenues also increased in both the three- and nine-month periods due to the acquisitions of SGI, Pinehurst, and AMS in late February 2025 and Monnex in 2026. Gross profits for Q3 2026 increased 331% to $176 million, or 1.7% of revenue, from $41 million, or 1.3% of revenue, in Q3 of last year.

The increase was due to an increase in gross profits earned by both our wholesale sales and ancillary services segment and our direct-to-consumer segment, including the acquisition of SGI, Pinehurst, AMS, and Monnex, which were not fully included in the same year-ago period. For the nine-month period, gross profit increased 165% to $342 million, or 1.6% of revenue, from $129.2 million, or 1.53% of revenue, in the same year-ago period. The increase was due to an increase in gross profits earned by both our wholesale sales and ancillary services segment and the direct-to-consumer segment, including the acquisitions of SGI, Pinehurst, AMS, and Monnex, which were not fully included in the same year-ago period.

SG&A expenses for fiscal Q3 2026 increased 134% to $78 million from $33 million in Q3 of last year. The change was primarily due to an increase in compensation expense from performance-based accruals of $22.7 million, higher advertising costs of $7 million, increased insurance costs of $4 million, higher bank service and credit card fees of $1.9 million, and an increase in facilities expense of a little over $1 million. SG&A expenses for the three months ended 03/31/2026 included $33 million of expenses from SGI, Pinehurst, AMS, and Monnex, which were not included in the same year-ago period as they were not consolidated subsidiaries for the full year. Excluding the increase from these newly acquired subsidiaries, SG&A increased $11.6 million.

In essence, 75% of our overall increase in SG&A period over period related to the acquisitions of our new subsidiaries that we have acquired recently. For the nine-month period, SG&A increased 130% to $197 million from $85 million in the same year-ago period. The increase was primarily driven by higher compensation expense, including performance-based accruals of $68 million, higher advertising costs of $17 million, an increase in consulting and professional fees to $7 million, an increase in insurance costs of $6.1 million, and an increase in banking service and credit card fees of $4.5 million.

SG&A expenses for the nine months ended 03/31/2026 included $93 million of expenses from SGI, Pinehurst, AMS, and Monnex, which were not included in the same year-ago period as they were not consolidated for the full period. Excluding the increase from these newly acquired subsidiaries, SG&A increased $18 million year over year. In essence, 84% of our overall increase in SG&A period over period related to the acquisition of these new subsidiaries. Depreciation and amortization expense for fiscal Q3 2026 increased 88% to $9.4 million from $5 million in the same year-ago period.

The change was predominantly due to a $4.6 million increase in amortization expense relating to the intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and Monnex, and a $1.5 million increase in depreciation expense, partially offset by a $1.6 million decrease in intangible asset amortization from JMB and Silver Gold Bull. For the nine-month period, depreciation and amortization expense increased 72% to $24.6 million from $14.3 million in the same year-ago period.

The change was primarily due to a $10 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and Monnex and a 600 thousand dollar increase in depreciation expense, partially offset by a $5 million decrease in intangible asset amortization from JMB and SGB. Interest income for Q3 2026 increased 1% to $6.8 million from $6.7 million in the same year-ago period. The aggregate increase in interest income was due to an increase in interest income earned by our secured lending segment of 500 thousand dollars, partially offset by the same amount in our finance product income category.

For the nine-month period, interest income decreased 12% to $18.2 million from $20.6 million in the same year-ago period. The aggregate decrease in interest income was due to a decrease in other financing income of $2.6 million, offset by an increase in interest income earned by our secured lending segment of 200 thousand dollars. Interest expense for fiscal Q3 2026 increased 47% to $19 million from $13 million in Q3 of last year. The increase is primarily due to higher interest and fees of $3 million related to product financing arrangements, an increase of $2.6 million related to precious metal leases, and an increase of 300 thousand dollars associated with our trading credit facility.

For the nine-month period, interest expense increased 44% to $47.9 million from $33 million in the same year-ago period. The increase is primarily due to higher interest and fees of $7.2 million related to product financing arrangements, an increase of $5.8 million related to precious metal leases, and an increase of $1 million associated with our trading credit facility. Earnings from equity method investments in Q3 increased 1,115% to $2.3 million from a loss of 200 thousand dollars in the same year-ago quarter. For the nine-month period, earnings from equity method investments increased 2,515% to earnings of $2.4 million from a loss of $2.1 million in the same year-ago period.

The increase in both periods was due to increased earnings of our equity method investees. Net income attributable to the company for Q3 2026 totaled $60 million, or $2.09 per diluted share, compared to a net loss of $8 million, or $0.36 per diluted share, in the same year-ago quarter. For the nine-month period, net income attributable to the company totaled $70 million, or $2.65 per diluted share, compared to $7 million, or $0.29 per diluted share, in the same year-ago period.

Adjusted net income before provision for income taxes, a non-GAAP financial measure which excludes depreciation, amortization, acquisition costs, and contingent consideration fair value adjustments, for Q3 totaled $87 million, an increase of $81 million, or 1,415%, compared to $5.7 million in the same year-ago quarter. Adjusted net income before provision for income taxes for the nine-month period totaled $115 million, an increase of $81 million, or 240%, compared to $33.9 million in the same year-ago period. EBITDA, another non-GAAP liquidity measure, for Q3 2026 totaled $103.4 million, an increase of $102 million, or 7,939%, compared to $1.3 million in the same year-ago quarter.

EBITDA for the nine-month period totaled $151.6 million, an increase of $116 million, or 329%, compared to $35 million in the same year-ago period. Now turning to our balance sheet. We maintain a strong liquidity position supported by expanding financing capacity, including increased precious metal lease facilities and the recently completed Tether equity and financing investments to date. At quarter-end, we had approximately $143 million of cash compared to $77.7 million at the end of fiscal 2025. Our nonrestricted inventories totaled $1.319 billion as of 03/31/2026 compared to $794 million as of the end of fiscal 2025. Gold.com, Inc.’s board of directors has declared a quarterly cash dividend of $0 per share, maintaining the company’s current dividend program.

The dividend is payable in June to stockholders of record as of 05/20/2026. That completes my financial summary. I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor? Thank you.

Thor Gjerdrum: Looking at our key operating metrics for 2026, we sold 538 thousand ounces of gold in Q3 fiscal 2026, which is up 25% from Q3 of last year and down 1% from the prior quarter. For the nine-month period, we sold approximately 1.5 million ounces of gold, which is up 17% from the same year-ago period. We sold 34.6 million ounces of silver in Q3 fiscal 2026, which is up 120% from Q3 of last year and up 86% from the prior quarter. For the nine-month period, we sold 63.6 million ounces of silver, which is up 10% from the same year-ago period.

The number of new customers in the DTC segment, which is defined as the number of customers that have registered, set up a new account, or made a purchase for the first time during the period, was 293 thousand in Q3 fiscal 2026, which is down 68% from Q3 of last year and increased 205% from last quarter. For the three months ended 03/31/2026, approximately 58% of the new customers were attributable to the acquisition of Monnex. For the three months ended 03/31/2025, approximately 93% of the new customers were attributable to the acquisitions of Pinehurst and SGI.

For the nine-month period, the number of new customers in the DTC segment was 458.3 thousand, which decreased 55% from 1.02 million new customers in the same year-ago period. Approximately 37% of the new customers for the nine months ended 03/31/2026 were attributable to the acquisition of Monnex. Approximately 82% of the new customers for the nine months ended 03/31/2025 were attributable to the acquisitions of SGI and Pinehurst. The number of total customers in the DTC segment at the end of the third quarter was approximately 4.7 million, which is a 40% increase from the prior year.

Changes in customer-based metrics were primarily due to the acquisitions of AMS and Monnex, which were not included in the same year-ago period, as well as organic growth of our JMB customer base. Finally, the number of secured loans at March totaled 337, a decrease of 31% from 03/31/2025 and a decrease of 5% from December. The dollar value of our loan portfolio as of 03/31/2026 totaled $126 million, an increase of 46% from 03/31/2025 and an increase of 5% from 12/31/2025. That concludes my prepared remarks. I will now turn it over to Greg for closing remarks. Greg, you may be muted.

Operator: Apologies. Greg.

Gregory Roberts: Thanks, Thor and Cary. This quarter was a clear demonstration of the strength and scalability of our fully integrated platform. We capitalized on a highly dynamic market environment, delivered solid financial results, and further strengthened our strategic and financial positioning. Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions, expanding both our domestic and geographic reach, as well as further diversifying our customer base. With an expanded portfolio of category-leading brands and improved operational leverage, we believe Gold.com, Inc. is positioned to capture growth across multiple markets and continue to deliver long-term value for our shareholders. This concludes my prepared remarks. We will now open the call for questions.

Operator: Certainly. Everyone, at this time we will be conducting a question-and-answer session. If you have any questions or comments, please press 1 on your phone at this time. We do ask that while posing your question, please pick up your handset if you are listening on speakerphone to provide optimum sound quality. Once again, if you have any questions or comments, please press 1 on your phone. Your first question is coming from Michael Baker from DA Davidson. Your line is live.

Michael Baker: Great. Thanks. A couple of questions. Unbelievable quarter. But Greg, you said something about business as “normalized.” What does “normalized” mean to you? I mean, we track spreads and, sure, we see they have come down so far in the June quarter versus the March quarter, but still way above where they were for much of calendar 2025. So we would not consider 2025 to be normal, I guess, or I am asking you if you would consider that normal.

And then, sort of related to that, put it all in the context of there is much, because of all the acquisitions, even a normal—quote-unquote, normal—earnings power for the company should be a lot higher than it was in the past. Is there any way to sort of quantify what normal earnings power would be? Thanks.

Gregory Roberts: Yeah, that is a lot. I think that first and foremost, as we have always said, the environment is going to drive the profitability. And combine that with the acquisitions that we do, clearly, we are going to get different revenue streams, and the revenue streams are going to vary a bit between the different divisions and the different parts of the company. I think last year was below par—was below normalized—for most of calendar 2025. As we talked about on our last call, things really started to improve toward October and November, and December was pretty strong.

I think when I said normalized, what I meant was just reflecting on how crazy and active January and February were and how March became what I would call a bit more normalized for the environment. I think January and February of this quarter, we significantly outperformed what I would call normalized. And I think there was a question on the last call—if these conditions continue, what is going to happen? And I said, if these conditions continue, we are going to have a great quarter. And clearly, we had a great quarter.

I would say that a lot of the headwinds that we had through the fall of last year that were attributed to the backwardation issues that we had—and I think we highlighted that quite a bit—that was a major headwind on performance as it related to our cost of financing and our ability to collect contango, which—collecting contango—is a more normalized environment. Backwardation is highly unusual. And what we saw this quarter was a more normalized contango environment, which did help some of our other businesses, and that has continued in what I would call normalized, in the first month of our Q4 and in March. So I think we are still very active.

I think that certainly the war in Iran has caused a lot of change and disruption in the overall volumes in the financial markets. And I think although our premiums are still quite nice, we have had a bit of volume retreat from where we were in January and February.

Michael Baker: Okay. That is very clear. Thanks. I will let someone else ask a question.

Operator: Thank you. Your next question is coming from Thomas Forte from Maxim Group. Your line is live.

Thomas Forte: Great. So first off, Greg, Cary, Thor, and Steve—wow. Three questions, one at a time. So, Greg, high level, how did the M&A enable you to capitalize on the demand versus previous spikes?

Gregory Roberts: I mean, in what we saw in January and February, we saw an environment where the tide rose for all of our businesses. So that was really quite nice to see. I would say that within our DTC, we had a couple of overachievers, and as I mentioned earlier, JMB had a great quarter—great customer counts, great premium spreads—so that was great. I think the other thing that I highlighted was we saw a big uptick in our LPM business in Hong Kong and Singapore. And again, that was new for us because we were able to see what customers in an area of the market—geographically—that we had not been able to experience, what they were capable of before.

So we were able to benefit from that this quarter, and what we saw were there were days or weeks where China in particular seemed to outperform our domestic businesses and a little bit vice versa. But it was great data for us to see, and we are just very enthusiastic about what we were able to accomplish down there with that new acquisition. On the other side of things, certainly the bullion business would be an overachiever. I think collectibles were strong in the quarter, but they did not—because of the nature of the collectibles business—benefit as much as the bullion business did.

Thomas Forte: Excellent. And then, second of three questions. How, if at all, did your strategic partnership with Tether contribute to your performance?

Gregory Roberts: Well, in this particular quarter, I think it did contribute. I would not say it was greatly significant. But as we have onboarded Tether as a trading partner, I think one of the most exciting things that you will see in our numbers is one part of our business that I have highlighted that is super important for us right now—our storage business. And with Tether’s help as well as Monnex, from 12/31/2025 to 03/31/2026, we have gone from $1.1 billion in storage, and we have doubled that to where I think we are today, in May, at $2.2 billion.

As we said in our release as it related to Tether, storage is a big part of our strategic relationship with them, along with the leasing arrangements—the gold leasing arrangements—we have with them, which are now currently above what we had projected in the release. So we are getting those benefits now, and in this current quarter.

Thomas Forte: Alright, last one, Greg. Can you give us your current thoughts on your one-time dividend philosophy?

Gregory Roberts: Sure. I think we have explored the special dividend in the past. We have rewarded shareholders when we have had a great year. I think that we are very active right now, and we have a lot of opportunities still in front of us. So, as I have said before, there are five things that I really look at as it relates to deployment of capital: paying down debt, strategic inventory increases, acquisitions, share buyback, and dividends. And based on the performance that we are seeing from our acquisitions right now, I would continue to probably put that near the top of the list as things we are looking at.

And I think we are doing a good job right now in a number of ways cutting debt, paying down debt, and lowering our interest expense. And then dividends and share buyback will continue. But I would like to see how the fourth quarter shapes up here before we get too far down the road on a special dividend.

Thomas Forte: Thank you, Greg.

Operator: Thank you. Your next question is coming from Andrew Scutt from ROTH Capital Partners. Your line is live.

Andrew Scutt: Hey, guys. Congrats on the really strong results, and thanks for taking my questions. First one for me: can you just help us understand the little bit over $1 billion increase in restricted inventory, and then, in the same vein, with the addition of Sunshine Mint, how that will help you manage your inventory moving forward?

Gregory Roberts: I think they are two different things. I think the inventory—as we have talked about before—you had a situation in January and February where you had record spot prices. So you had days where silver was $120, and gold was $5.5 thousand. That is going to just naturally increase our restricted inventory or our total inventory, because the spot price affects—if we have the same amount of ounces—we are going to have higher inventories. I think, as I said earlier, we pivoted very quickly from November and early December where we had some headwinds, and holding more inventory cost us a significant amount more because of the backwardation issue.

By the time we got to mid-December or January, we could see the environment was demanding more inventory from us to accomplish these numbers that we are reporting. So we were able to pivot very quickly. I think that our SilverTowne Mint, first and foremost, was able to ramp up and get us product again when there were periods where our competition did not have product, and we were able to satisfy that demand. As it relates to moving from an approximate 45% ownership interest to 100%, we thank Tom Power, the founder, for all that he did, and we made the decision—which started toward the end of calendar 2025—that Tom was ready to retire.

It was great timing for us as we moved into the very active period. And I think we did benefit from our minority interest in Sunshine, and now, owning 100%, we will be able to have greater control over what products Sunshine is making. I just want to give a shout out to Jamie Meadows, our new president of minting, and Jason, the president of Sunshine. As Tom has retired, those two are going to really lead our minting operations, and I am very confident and very much looking forward to what they are going to be able to do together, having SilverTowne and Sunshine with a slightly closer relationship.

Andrew Scutt: Great. Appreciate the color there. Second one for me: you have demonstrated an ability in the past to extract some SG&A synergies from JMB and other acquisitions. As we look at recent acquisitions like Monnex and the rest, including Atkinson’s or Sunshine, can you help us understand if there are some SG&A synergies you can reap over the next couple of quarters?

Gregory Roberts: Yeah. I mean, I think everybody on our side and on our team is looking for synergies from an SG&A perspective. I think we also are looking for synergies where we create more gross profit between all the companies. A quarter like this really throws a lot of the comparison numbers a little bit out of whack because, to do $10 billion in sales, we are going to spend more money doing it. This number is quite astounding—to really think that it was not that long ago where a $5 billion year was good for us, and now we have achieved a $10 billion quarter—which is going to cause the variable parts of our SG&A to increase.

The market environment over the next six months is really going to dictate where we can find those cost savings and where we can look at our overall SG&A and find places where we can work on it. We are focused on it, and we are always looking at it. But I do think that investors should recognize—and we are very proud of our ability—that when the market shifts to what was a very strong tailwind in this quarter, we were able to pivot, and our earnings potential—which is a question I get asked a lot: what is that earnings potential?—well, this was one of those examples.

In the current environment, with our acquisitions and with our ability to access capital very quickly, this really illustrated what that earnings potential is.

Operator: Thank you. And once again, everyone, if you have questions or comments, please press star then 1 on your phone. Your next question is coming from Seymour Jacobs from Jam Partners. Your line is live.

Seymour Jacobs: Hey, Greg. Hi. Just wanted to ask two questions. First, I am digging down into the discussion earlier that we discussed last quarter—the shift in hedging costs from negative to positive, especially as silver went from backwardation to contango. The way I remember it is that it was still really bad at the end of the year and January—badly in backwardation and costing you money—and on the last call, you quantified, not exactly but generally, how much it was costing you in hedging costs.

Was this quarter—you seem to be talking about this quarter on this call as if it really benefited from a return to contango, but it seems to me that happened during the quarter, maybe halfway through the quarter. So is this coming quarter—the April through June quarter—effectively going to be the first full quarter where you are benefiting, or did you see the full benefit in the first half?

Gregory Roberts: Definitely not. You are correct that we experienced backwardation and higher lease costs and higher repo costs—those definitely continued through the first half of the quarter, I would say. And when we hit the record spot prices, our transactional business was extraordinary, but we still had higher expense and we still had the backwardation issue. I would say you are correct that things have normalized in March and definitely in April. And then, obviously, the investment from Tether—both in the stock purchase as well as the leases that we are currently transacting with them—those have had a positive effect on our interest expense, our carry costs, and our ability to pay down our dollar lines.

So, yes, this current Q4 will be the first full quarter in a while that we have not had those headwinds.

Seymour Jacobs: Okay. Great. And then I wanted to shift gears. You mentioned earlier and in the release that as part of the Tether transaction, you bought $20 million of XAUT stablecoin. I would love to know what the strategy is there—what that lays the groundwork for. I think you mentioned—or I heard elsewhere—XAUT, or Tether Gold stablecoin, is not fully tradable or it is really an overseas, offshore thing. There are restrictions in owning it or redeeming it in the United States. So I am guessing the $20 million investment is not because you want to be $20 million more long gold.

There is some sort of business—laying the groundwork to be able to do something in the future that you are not able to do now? Can you expand on what the strategy is?

Gregory Roberts: I will expand a little bit, but I am not trying to give away all of our launch codes here. To start, we invested $20 million in XAUT. I believe our average cost is around $4.7 thousand spot—about where it is right now. We are unhedged on that, as we have disclosed before. So we are long $20 million worth of gold. The exercise of opening the account that we have now opened, and the plumbing or the way that we have handled these transactions and understanding what it really means to buy XAUT and hold it in a wallet—we are now familiar with that, and we have completed the onboarding process that we needed to.

There is onboarding with a digital bank as well, and we are working on some onboarding with Tether directly. I do believe there is an opportunity for us to get further involved in XAUT as part of our DTC network. I think there are probably going to be some trading opportunities for us—the ability to trade Tether truly 24/7 at some pretty good volumes, and trade XAUT and Tether, I think, is going to be valuable for us. We have seen the volumes and what we can expect in XAUT over the weekend. I think there could be some opportunities there. I think we are going to go down the path of a Gold.com, Inc. wallet.

It is something that we are working on, and I believe that giving our customers the ability to have access to XAUT and the ability to redeem XAUT for physical—as I said on the last call, I think that redemption feature, which is not currently in place for XAUT holders—I think is going to be a good opportunity for Gold.com, Inc. As it relates to whether it is outside the U.S. or inside the U.S. as it relates to holders of XAUT, we are still researching that. At the moment, it looks like that will be more of an international opportunity for us than it is a domestic opportunity, but we are still vetting that.

Seymour Jacobs: Okay. And then last question on the rebranding to Gold.com, Inc. We saw the launch of the kind of unified website that feeds into all your different brands. Can you talk a little bit about what benefits you have seen so far on the marketing front? I think there was discussion about offering Gold.com, Inc.-branded services, financial services, all that stuff. What is the update on the rebranding, the benefits you see, and what is maybe still to come?

Gregory Roberts: So far, the rebranding has gone great. I am speaking to new shareholders all the time. I think that, in hindsight, it was an exceptional move, and I think it has been good for the company to get everything under one umbrella brand. As we go forward, we continue to work on a Gold.com, Inc. credit card, which is something that we feel is important to give our DTC customers an opportunity to connect even better with Gold.com, Inc. That is on the to-do list. I will not say we are in the red zone yet, but we are probably on the other side of the 50.

So I am looking forward to that and exploring how that Gold.com, Inc. credit card may connect with other opportunities on the digital side.

Operator: At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Roberts for his closing remarks.

Gregory Roberts: Thank you, Matt. Once again, as I do every quarter, I would like to thank our many shareholders and our employees, and we look forward to keeping you updated on our future progress and everybody’s dedication and commitment to Gold.com, Inc.’s success. I thank everybody very much. Thank you all for joining today.

Operator: Thank you. Before we conclude today’s call, I would like to provide Gold.com, Inc.’s safe harbor statement that includes important cautions regarding forward-looking statements made during this call. During today’s call, there were forward-looking statements made regarding future events. Statements that relate to Gold.com, Inc.’s 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 future profitability and growth, international expansion, operational enhancements, and the amount or timing of any future dividends.

Future events, risks, and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. These include the following: with respect to proposed transactions with Spectrum Group International, the failure of parties to agree on definitive transaction documents, the failure of parties to complete the contemplated transactions within the currently expected timeline or at all, the failure to obtain necessary third-party consents or approvals, and greater-than-anticipated costs incurred to consummate the transactions.

Other factors that could cause actual results to differ include the failure to execute the company’s growth strategy, including the inability to identify suitable acquisition or investment opportunities; greater-than-anticipated costs incurred to execute the strategy; government regulations that might impede growth, particularly in Asia; the inability to successfully integrate recently acquired businesses; changes in the current international political climate, which historically has favorably contributed to demand in the precious metals market but has also posed certain risks and uncertainties for the company, particularly in recent periods; potential adverse effects of current problems in national and global supply chains; increased competition for the company’s higher-margin services, which could depress pricing; the failure of the company’s business model to respond to changes in the market environment as anticipated; changes in consumer demand and preferences for precious metal products generally; potentially negative effects that inflationary price pressures may have on our business; the inability of the company to expand capacity at SilverTowne Mint; the failure of our investee companies to maintain or address preferences of our customer bases; general risks of doing business in the commodity markets; and the strategic business, economic, financial, political, and government risks and other risk factors described in the company’s public filings with the Securities and Exchange Commission.

The company undertakes no obligation to publicly update or revise any forward-looking statements. Listeners are cautioned not to place undue reliance on these forward-looking statements. Finally, I would like to remind everyone that a recording of today’s call will be available for replay via a link in the Investors section of the company’s website. Thank you for joining us today for Gold.com, Inc.’s earnings call. You may now disconnect.