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- **Strategic Tether Investment**: $125M equity infusion and $100M gold lease facility to enhance liquidity and reduce borrowing costs.
- **Revenue Surge**: 136% YoY growth to $6.5B, driven by gold price gains and acquisition integration.
- **Silver Recovery**: Q2 silver sales volumes up 79% QoQ, with DTC new customers +47% to 96,100.
- **Operational Efficiency**: Adjusted EBITDA jumps 109% to $33.9M, reflecting cost control and automation benefits.
- **Asia Expansion**: 49.5% stake in Atkinsons and strong growth in Hong Kong/Singapore show long-term growth potential.

**【CEO Opening Remarks】**
- Announced a $125 million strategic investment from Tether, with an additional $25 million contingent on regulatory approval, validating Gold.com's vertically integrated model and expansion into cryptocurrency.
- Q2 net income of $11.6 million ($0.46 per diluted share) despite backwardation in silver markets, demonstrating resilience.
- Acquired Monex Deposit Company to strengthen customer base and expand precious metals value chain.
- Expanded equity stake in Atkinsons Bullion to 49.5% and saw strong growth in LPM (Hong Kong) and Singapore operations.

**【CFO Financial Commentary】**
- Q2 revenue surged 136% to $6.5 billion, driven by higher gold and silver prices, and acquisitions of SGI, Pinehurst, and AMS.
- Gross profit increased 109% to $93 million, with margin improvement in both Wholesale and DTC segments.
- SG&A expenses rose 132% to $59.8 million due to performance-based compensation and acquisition-related costs.
- Adjusted EBITDA climbed 109% to $33.9 million, reflecting operational efficiency gains.
- Ended Q2 with $152 million in cash and $1.031 billion in non-restricted inventory.

**【President's Operating Metrics】**
- Sold 545,000 oz of gold (+17% YoY) and 18.6M oz of silver (-15% YoY), with DTC new customers up 47% to 96,100.
- Total DTC customers reached 4.4M (+37% YoY), driven by acquisitions and organic growth.
- Secured loan portfolio grew 22% to $120.4 million, with 355 active loans.

**【Q&A Highlights】**
- Silver demand recovery: Q2 silver sales volumes rebounded 79% QoQ, with premiums tightening due to supply constraints.
- Tether partnership: $100M gold lease facility and storage agreements to reduce interest expense and enhance liquidity.
- Capacity expansion: AMGL processed over 120,000 packages in January, with plans to scale to 150,000/month.
- Minting capacity: Silver Towne Mint ramped to 900,000 oz/month, supporting surging demand for private mint products.
- Risk management: Backwardation in silver caused $5-6M interest expense in Q2, but contango return in Q3 should ease pressure.

Gold.com, Inc. (Gold) Q2 2026 Earnings Call Transcript

- **Strategic Expansion**: Acquired Monex for $630M in AUM, rebranded to gold.com to expand into collectibles.
- **Revenue Growth**: Q1 revenue +36% YoY to $3.68B, gross profit +68% to $72.9M.
- **Operational Challenges**: Net loss of $0.9M due to 26% rise in interest expenses; EBITDA down 20% to $14.3M.
- **Demand Recovery**: September/October sales rebound (+27% gold ounces, +25% new DTC customers) amid macro uncertainty.
- **Logistics Strength**: Vegas facility capable of 100,000+ monthly shipments, reducing costs through Pinehurst integration.

**【CEO Opening Remarks】**
- Announced acquisition of Monex Deposit Company, a DTC precious metals dealer with $630M in assets under custody, to strengthen direct-to-consumer presence and leverage operational synergies.
- Rebranded to gold.com, effective December 2, to modernize corporate identity and expand into adjacent collectibles markets like wine and sports cards.
- Q1 gross profit reached $72.9M, driven by late-quarter demand recovery and strong auction results from Stacks Bowers Galleries.
- Highlighted ability to manage inventory and ramp up production at mints to meet increased demand, despite recent spot price volatility.

**【CFO Financial Commentary】**
- Q1 revenue surged 36% YoY to $3.68B, driven by gold ounce sales growth and acquisitions (SGI, Pinehurst, AMS).
- Gross profit climbed 68% YoY to $72.9M, reflecting higher margins in both wholesale and DTC segments.
- SG&A expenses rose 125% YoY to $59.8M due to compensation, advertising, and acquisition-related costs.
- Net loss narrowed to $0.9M ($0.04/diluted share) vs. $9M net income last year, impacted by higher interest expenses and lower trading profits.
- EBITDA decreased 20% YoY to $14.3M, while cash reserves grew to $89.2M.

**【Q&A Highlights】**
- **M&A Strategy**: CEO emphasized focus on accretive deals, particularly in Asia and rare coin markets, with Monex acquisition seen as a long-term strategic fit.
- **Demand Sustainability**: September/October demand rebound (JM Bullion premiums +20%) attributed to macro uncertainty and media attention; cautious optimism for continued buying amid spot price volatility.
- **Expense Management**: Aiming to reduce redundancies through integration (e.g., Pinehurst operations moved to Vegas), with EBITDA expected to improve as scale benefits materialize.
- **Logistics Capacity**: New Vegas facility can handle 100,000+ monthly shipments, positioning company to capitalize on market growth while maintaining fast delivery times.
- **Stablecoins & Gold Demand**: CEO noted central bank buying (China, India) driving spot price trends, with U.S. consumers shifting from selling to buying at record highs.

A-Mark Precious Metals, Inc. (AMRK) Q1 2026 Earnings Call Transcript

- **Q4 Financial Performance**: Net income $10.3M (GAAP), +90% gross profit driven by acquisitions. FY2025 net income $17.3M (GAAP), -64% YoY due to higher expenses.
- **Operational Growth**: DTC new customers +57% YoY, rare coin auctions $62M Q4. Inventory turnover optimized post-Pinehurst migration.
- **Challenges**: Gold/silver sales -11%/32% YoY, DTC order value -15% QoQ. Tariffs and backwardation increase costs.
- **Strategic Moves**: Completed 3 acquisitions, expanding into Asia. Open to future M&A while optimizing existing assets.

**【CEO Opening Remarks】**
- Reported Q4 2025 net income of $10.3 million (GAAP) and $19.2 million (non-GAAP adjusted net income). Full-year 2025 net income was $17.3 million (GAAP) and $53.1 million (non-GAAP). 
- Highlighted 99% QoQ increase in gross profit and 233% rise in non-GAAP net income, driven by strategic acquisitions (Spectrum, AMS, Pinehurst) and operational synergies.
- Announced completion of Pinehurst logistics migration to AMGL in Las Vegas, reducing costs and improving efficiency.
- Expanded into Asia via LPM's Singapore operations, targeting higher-margin collectible and luxury segments.

**【CFO Financial Commentary】**
- Q4 2025 revenue $2.51B (-1% YoY), with 5% increase excluding forward sales due to higher gold/silver prices.
- Gross profit $81.7M (+90% YoY), driven by acquisitions. Full-year gross profit $210.9M (+22% YoY).
- SG&A expenses $53.4M (+135% YoY) due to compensation, marketing, and acquisition-related costs.
- Depreciation/amortization $8.6M (+201% YoY) from intangible asset amortization.
- Net income $10.3M (-64% YoY) due to higher interest expenses and acquisition costs.

**【President's Operating Metrics】**
- Q4 gold sales 346K oz (-23% YoY), silver 15.7M oz (-38% YoY). Full-year gold -11%, silver -32% YoY.
- DTC new customers 108,900 Q4 (-81% YoY), 1.13M FY2025 (+57% YoY). 79% FY2025 new customers from acquisitions.
- DTC average order value $2,443 Q4 (-15% YoY), $2,886 FY2025 (+19% YoY).
- Inventory turnover 1.9 Q4 (-17% YoY), 9.1 FY2025 (-1% YoY).
- Secured loans $94M (-70% YoY), reflecting reduced lending activity.

**【Q&A Highlights】**
- **Market Cycle**: CEO notes ongoing uncertainty with higher spot prices but limited DTC demand. April volatility led to short-term gains, but May-June slower.
- **M&A Strategy**: Open to future acquisitions, with 3 integrations completed in Q3. Focus on optimizing existing assets while seeking new opportunities.
- **Countercyclical Efforts**: Rare coin auctions (e.g., Stack's Bowers) performed well, with $62M sale in Q4. Higher-margin collectibles offset lower silver premiums.
- **Tariffs Impact**: Uncertainty around U.S. tariffs on imported metals increases carry costs and disrupts hedging strategies.
- **Asian Expansion**: LPM Singapore operations growing, with access to new high-margin products from China/Southeast Asia.
- **Backwardation Challenges**: Silver backwardation in Q4 increased carry costs, impacting margins despite higher spot prices.

A-Mark Precious Metals, Inc. (AMRK) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue up 15% YoY to $3B, driven by higher gold/silver prices despite lower volumes. 
- **Acquisition Impact**: 3 strategic buys added 4M DTC customers, with 74% from Pinehurst/SGI. 
- **Automation Efficiency**: $114M cash supports $467M credit facility for logistics upgrades cutting costs 20% over 2 years. 
- **Trading Challenges**: Q3 trading losses $4.6M due to backwardation; April tariff clarity restored contango but May slowdown linked to equity market volatility. 
- **Long-Term Outlook**: Optimistic on Asian e-commerce growth but cautious on near-term macroeconomic risks and margin pressure from silver underperformance.

**【CEO Summary Section】**
- Q3 2025 revenue increased 15% YoY to $3 billion, driven by higher gold and silver prices despite lower ounces sold. Strategic acquisitions (Pinehurst, Spectrum Group, AMS Holding) expanded into higher-margin luxury segments, adding 4 million DTC customers. Automation upgrades in Las Vegas logistics facility aim to boost volume and reduce costs. Trading losses and higher financing costs due to market volatility resulted in $8.5 million net loss, but non-GAAP adjusted net income was $5.7 million. Q4 outlook cautious due to macroeconomic uncertainty but optimistic on long-term growth in Asian markets.

**【CFO Financial Commentary】**
- Gross profit rose 18% YoY to $41 million (1.36% of revenue), with DTC segment contributing 61% vs. 52% last year. SG&A expenses surged 46% to $33.4 million due to acquisition costs, compensation, and advertising. Depreciation/amortization jumped 69% to $5 million from intangible assets. Interest expense climbed 31% to $13 million due to higher product financing rates. EBITDA fell 90% to $1.3 million, reflecting lower net income and higher interest costs. Cash increased to $114.3 million, supporting $467 million credit facility.

**【President Operating Metrics】**
- Sold 432,000 oz gold (-3% YoY) and 15.7M oz silver (-39% YoY). DTC new customers surged 1,489% YoY to 899,600, with 74% from Pinehurst/SGI. Total DTC customers reached 4.1M (+64% YoY). Average order value rose 45% to $3,084. Inventory turnover improved to 2.4x (vs. 2.3x last year). Secured loans declined 27% to 491, with portfolio value down 25% to $86.5 million.

**【Q&A Key Themes】**
- **Market Volatility**: April saw elevated activity post-tariff clarity, but May slowdown suggests correlation with equity markets. Backwardation in Q3 caused $4.6M trading losses; contango returned post-April 2 tariff exemption. 
- **Acquisition Strategy**: CEO prioritizes M&A in soft markets; recent deals added 4M DTC customers. Automation investments aim to reduce SG&A by 20% over 2 years. 
- **Margins & Buybacks**: Gross margin pressure from silver underperformance; no buybacks planned due to integration costs. Long-term focus on scaling LPM brand and Asian e-commerce channels.

**【Risk Factors】**
- Higher interest rates increase financing costs. Customer liquidations (e.g., $3.5k gold owners selling) limit new fabrication demand. Global supply chain disruptions could delay integration. Macroeconomic uncertainty may suppress precious metals demand.


A-Mark Precious Metals, Inc. (AMRK) Q3 2025 Earnings Call Transcript

- **32% Revenue Growth**: Driven by higher gold prices and ounces sold, despite 3% gross margin decline.
- **SGI Acquisition**: $16M EBITDA accretion expected, expanding into premium collectibles with 56% DTC gross profit contribution.
- **DTC Momentum**: 25% YoY new customer growth, $3,178 avg order value (+43%), 3.2M total customers.
- **Balanced Capital Allocation**: $90M M&A, $5.1M buybacks, $0.20 dividend, with focus on accretive deals.
- **Margin Pressure**: 15% SG&A growth, 35% EBITDA decline, but improving inventory turnover (2.2x vs 1.9x YoY).

**【CEO Opening Remarks】**
- Q2 2025 revenue increased 32% YoY to $2.742 billion, driven by higher gold prices and ounces sold.
- Announced acquisition of Spectrum Group International (SGI), expanding into premium collectibles and luxury markets.
- DTC segment contributed 21% of revenue, up from 18% YoY, with new customers up 25%.
- Strategic focus on M&A, Asia expansion, and DTC customer growth.

**【CFO Financial Summary】**
- Non-GAAP EBITDA of $16.2 million, down 35% YoY due to lower margins in Wholesale segment.
- DTC gross profit rose to 56% of total, up from 48% YoY, offsetting declines elsewhere.
- SG&A expenses increased 15% YoY to $25.8 million, driven by marketing and M&A costs.
- Net income of $6.6 million ($0.27 EPS) vs. $13.8 million ($0.57 EPS) YoY, reflecting margin compression.

**【President Operational Updates】**
- Gold sales up 4% YoY to 466,000 oz, silver down 18% YoY to 21.8M oz.
- DTC average order value rose 43% YoY to $3,178, with 65,400 new customers.
- Inventory turnover improved 16% YoY to 2.2x, reflecting better asset utilization.
- Secured loan portfolio decreased 8% YoY to $98.5M, reflecting cautious lending.

**【Q&A Key Takeaways】**
- SGI acquisition expected to generate $16M EBITDA in 2025, with higher margins in collectibles.
- DTC marketing reactivating lapsed customers, with 3.2M total customers (+31% YoY).
- Capital allocation balanced between M&A (e.g., $90M for SGI), buybacks ($5.1M Q2), and dividend ($0.20/Q).
- Elevated gold prices (+$2,800/oz) increasing inventory carrying costs, but creating buyback opportunities.



Actual										0.4025	0.6225	0.7725	0.29	2.21	1.07	0.5425	0.7891	0.765	1.0329	1.2411	0.9395	0.9968	1.1985	0.5458	0.4515	0.105	0.6	0.185	0.135	-0.18	0.205	0.0986	0.4546
Forecast										0.04	0.2063	0.2738	0.2575	0.7192	0.4088	0.3938	0.47	0.5242	0.8933	0.855	0.8825	0.7438	0.8788	0.6888	0.51	0.3863	0.385	0.437	0.3203	0.2738	0.265	0.2984	0.29
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+906.25%	+201.75%	+182.14%	+12.62%	+207.29%	+161.74%	+37.76%	+67.89%	+45.94%	+15.63%	+45.16%	+6.46%	+34.01%	+36.38%	-20.76%	-11.47%	-72.82%	+55.84%	-57.67%	-57.85%	-165.74%	-22.64%	-66.96%	+56.76%

GOLD

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GOLD Q2 2026 Earnings

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GOLD

GOLD fundamentals

GOLD Q2 2026 Earnings

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You can ask Aime