GOLD — Gold.com, Inc.

Summary of A-Mark Precious Metals Q1 2026 Earnings Call

1. Key Financial Results and Metrics

• Revenue: Increased 36% to $3.68 billion from $2.72 billion year-over-year. Excluding forward sales, revenue grew by 27.6%.
• Gross Profit: Rose 68% to $72.9 million (1.98% of revenue) compared to $43.4 million (1.6% of revenue) in Q1 2025.
• SG&A Expenses: Increased 125% to $59.8 million, primarily due to higher compensation, advertising, and consulting costs.
• Net Loss: Totaled $0.9 million or $0.04 per diluted share, down from a net income of $9 million or $0.37 per diluted share in Q1 2025.
• Adjusted Net Income: Decreased 67% to $4.9 million from $14.8 million in the prior year.
• EBITDA: Fell 20% to $14.3 million from $17.8 million year-over-year.
• Gold and Silver Sales: Gold ounces sold increased by 10% year-over-year to 439,000 ounces, while silver ounces sold decreased by 49% to 10.4 million ounces.

2. Strategic Updates and Business Highlights

• Acquisition of Monex Deposit Company: Strengthens A-Mark's direct-to-consumer (DTC) presence and adds significant secure storage assets (over $630 million).
• Rebranding to gold.com: Set to enhance corporate identity and operational excellence, with the official exchange transfer scheduled for December 2.
• Operational Improvements: Successful consolidation of operations from recent acquisitions and automation of logistics, particularly in Las Vegas, enhancing shipping capacity.
• Customer Growth: Total DTC customers increased by 37% year-over-year to approximately 4.3 million, driven by acquisitions and organic growth.

3. Forward Guidance and Outlook

• Management expressed cautious optimism for the upcoming quarters, anticipating continued demand for precious metals.
• The company aims to leverage recent acquisitions for operational synergies and improved profitability.
• The transition to gold.com is expected to attract more customers and enhance market presence.

4. Bad News, Challenges, or Points of Concern

• Declining Metrics: Significant drop in net income and adjusted net income raises concerns about profitability despite revenue growth.
• High SG&A Expenses: The sharp increase in expenses is a concern, indicating challenges in managing costs post-acquisition.
• Market Volatility: Fluctuations in gold and silver prices and financing costs pose risks, particularly with the potential for backwardation in the market.
• Customer Behavior: Uncertainty regarding the sustainability of increased demand following a period of subdued activity in July and August.

5. Notable Q&A Insights

• M&A Strategy: CEO Greg Roberts indicated a continued appetite for strategic acquisitions, focusing on opportunities that align with long-term goals.
• Customer Demand Trends: A shift in customer behavior was noted post-Labor Day, with increased interest in gold and silver, attributed to macroeconomic factors and media coverage.
• Logistics Capacity: The upgraded logistics facility in Las Vegas is positioned to handle significant shipping volumes, enhancing competitive advantage.
• Brand Strategy: The decision to maintain multiple DTC brands under the gold.com umbrella was discussed, emphasizing the value of established brands while promoting a unified corporate identity.

This summary captures the essential elements of A-Mark's Q1 2026 earnings call, highlighting both the positive developments and challenges faced by the company.