Gold.com, Inc.

Fiscal Q4 revenue increased 99% year over year to $5 billion from $2.5 billion, or up $1.6 billion/94% excluding $0.9 billion of forward sales. Q4 gross profit rose 35% to $110.3 million, or 2.2% of revenue, from $81.7 million or 3.25% of revenue a year ago. Q4 net income attributable to the company was $12.2 million, or $0.41 per diluted share, versus $10.3 million, or $0.41 per diluted share, last year; EBITDA was $28.2 million, down 3% from $29.2 million. For the full fiscal year, revenue increased 132% to $25.5 billion from $11 billion, gross profit rose 115% to $453.1 million, net income attributable to the company was $82.3 million, or $3.02 per diluted share, and EBITDA was $179.8 million, up 179% from $64.4 million. Cash ended the year at $578 million versus $77.7 million at the end of fiscal 2025, and nonrestricted inventories were $1.6 billion versus $794.8 million. The company did not provide numerical next-quarter or full-year guidance; instead, management said Q1 2027 has started softer and that it remains focused on integration, optimization, and long-term growth.

Greg Roberts framed fiscal 2026 as a transformational year, crediting organic growth plus acquisitions, the Gold.com rebrand, and the company’s vertically integrated model. He emphasized that the business is highly responsive to market conditions and said slower demand in Q4 and early Q1 2027 reflects broader macro/geopolitical uncertainty, but that the company is positioned to capitalize when conditions improve. He was upbeat on Costco, new digital retail channels, collectibles, and the long-term potential of the Tether relationship, calling the outlook for that partnership and the broader business exciting.

Cary Dickson focused on the scale effect from acquisitions and precious-metals pricing, noting Q4 revenue of $5 billion and full-year revenue of $25.5 billion. He called out Q4 gross profit of $110.3 million, full-year gross profit of $453.1 million, Q4 SG&A of $77.9 million, and full-year SG&A of $275.6 million, with the increases tied largely to compensation, advertising, insurance, and acquired businesses. He also highlighted strong liquidity, ending with $578 million in cash and $1.6 billion in nonrestricted inventories, while interest expense rose to $13.2 million in Q4 and $61 million for the year.

Analysts pressed on why Q4 profitability was not stronger despite wider spreads and lower metal prices; management responded that premiums vary by product, demand softened mid-March and stayed weak through Q4 and early Q1 2027, and lower ounces sold outweighed any spread benefit. Questions also focused on the Tether partnership, where management said Q4 was a getting-to-know-you period, the business is currently lower-margin but higher-volume, and the size of gold leases and storage is already running at multiples of the originally disclosed figures. Another theme was capital allocation, and Greg Roberts said the company intends to keep paying the regular dividend, give special dividends in strong years, consider buybacks when the stock trades below book value, and remain active in M&A.