A-Mark Precious Metals, Inc.

Gold.com reported Q3 fiscal 2026 revenue of $10.3 billion, up 244% from $3 billion a year ago. Gross profit was $176 million, up 331% from $41 million, and gross margin was 1.7% of revenue versus 1.36% last year. Net income attributable to the company was $60 million, or $2.09 per diluted share, versus a net loss of $8 million, or $0.36 per diluted share, in Q3 of last year. For the first nine months, revenue was $20.5 billion, gross profit was $342 million, and net income attributable to the company was $70 million, or $2.65 per diluted share. Looking ahead, management did not give formal numeric guidance, but said March and April were more normalized, Q4 should be the first full quarter without backwardation headwinds, and operating results should continue to benefit from Tether-related financing and leases, acquisitions, and ongoing demand; they also said they are still evaluating a special dividend.

Greg Roberts framed the quarter as proof that Gold.com’s vertically integrated platform can scale quickly when markets become highly volatile. He said January and February were exceptionally strong, March was more normalized, and the company benefited from a return to contango after last fall’s backwardation hurt performance. His tone was confident and constructive, with repeated emphasis on synergy capture, expanded production capacity, global reach, and new digital-asset-linked opportunities through Tether and XAUT.

Cary Dickson highlighted the hard numbers: Q3 revenue of $10.3 billion, gross profit of $176 million, SG&A of $78 million, interest expense of $19 million, net income of $60 million, EBITDA of $103.4 million, and cash above $143 million at quarter end. He said nonrestricted inventories totaled $1.319 billion versus $794 million at the end of fiscal 2025, and the board declared a quarterly cash dividend of $0.20 per share payable June 1, 2026. He also broke out acquisition-related costs, saying 75% of the Q3 SG&A increase and 84% of the 9-month SG&A increase were tied to recent acquisitions.

Analysts focused on what management meant by a “normalized” market, whether the quarter fully reflected the move from backwardation to contango, and how to think about earnings power after acquisitions. Roberts said January and February were well above normalized levels, March was more normalized, and the first full quarter without backwardation headwinds should be Q4. Questions also centered on the Tether relationship, XAUT, and the rebrand; management said Tether contributed some benefit this quarter, more meaningful benefits are showing up in storage and leasing, and XAUT is helping them learn the plumbing for future trading and wallet-based offerings, likely with more international than U.S. opportunity at present.