Q2 FY 2026 Diluted Earnings Per Share of $0.46
$11.6 Million in Net Income and $33.9 Million in non-GAAP EBITDA in Q2 FY 2026
Company Announces Quarterly Cash Dividend
Completes Rebrand to Gold.com and Transition to New York Stock Exchange $(GOLD)$
COSTA MESA, Calif., Feb. 05, 2026 (GLOBE NEWSWIRE) -- Gold.com, Inc. (NYSE: GOLD), ("Gold.com" or the "Company"), a fully integrated alternative assets platform that offers an extensive range of precious metals, numismatic coins, and collectibles to consumers, collectors, and institutional clients worldwide, reported results for the fiscal second quarter ended December 31, 2025.
Management Commentary
"Our second quarter results demonstrate our ability to successfully navigate rapidly evolving market conditions," said Gold.com CEO Greg Roberts. "During the quarter, we experienced an increase in consumer demand across our platforms, however, premium spreads remained tight and backwardation in the silver market contributed to trading losses and higher interest expense due to increases in product financing and precious metals lease rates. Despite these headwinds, we delivered $11.6 million in net income and earnings of $0.46 per diluted share, demonstrating the resilience of our diversified platform and disciplined approach to managing market volatility.
"During the quarter, we completed several important strategic initiatives, including our rebranding from A-Mark Precious Metals to Gold.com, the transfer of our stock listing from NASDAQ to the New York Stock Exchange under the ticker symbol "GOLD", and the relocation of our corporate headquarters to Costa Mesa, California. In January 2026, we closed the acquisition of Monex Deposit Company, one of the largest and most established direct-to-consumer precious metal dealers in the United States. These milestones reflect the continued evolution of our business and position us to enhance our visibility, liquidity, and alignment with our long-term strategy. We are also making meaningful progress in optimizing our expense structure and in unlocking synergies from our recent acquisitions as we continue to integrate these businesses and realize additional cost savings. Internationally, performance at LPM in Hong Kong remains strong, with both retail showroom activity and wholesale trading volumes showing positive momentum. Asia continues to represent an attractive long-term growth opportunity, and we remain focused on expanding our presence across the region.
"With an expanded portfolio of brands, improved operational leverage, and continued international focus, we believe Gold.com is well-positioned to capture growth across multiple channels and deliver long-term value for our shareholders."
Three Months Ended December 31,
------------------------------------------------
2025 2024
----------------------
(in thousands, except Earnings per Share)
Selected Key
Financial
Statement
Metrics:
Revenues $ 6,476,900 $ 2,742,345
Gross profit $ 93,370 $ 44,767
Depreciation and
amortization
expense $ (7,638) $ (4,639)
Net income
attributable to
the Company $ 11,636 $ 6,558
Earnings per
Share:
Basic $ 0.47 $ 0.28
Diluted $ 0.46 $ 0.27
Non-GAAP
Measures(1) :
Adjusted net
income before
provision for
income taxes $ 23,216 $ 13,363
EBITDA $ 33,879 $ 16,224
(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures
below and on pages 23-25
A reconciliation of net income before provision for
income taxes to adjusted net income before provision
for income taxes for the three months ended December
31, 2025 and 2024 follows (in thousands):
Three Months Ended December 31,
---------------------------------------
2025 2024
--------------------- ----------------
Net income before
provision for income
taxes $ 15,777 $ 8,016
Adjustments:
Contingent
consideration fair
value adjustment (320) 20
Acquisition costs 121 688
Amortization of
acquired intangibles 5,181 3,790
Depreciation expense 2,457 849
--- ------------ ------------
Adjusted net income
before provision for
income taxes (non-GAAP) $ 23,216 $ 13,363
=== ============ ============
Three Months Ended
------------------------------------------------
December 31, 2025 September 30, 2025
-------------------------- --------------------
(in thousands, except Earnings (Loss) per Share)
Selected Key
Financial
Statement
Metrics:
Revenues $ 6,476,900 $ 3,680,766
Gross profit $ 93,370 $ 72,897
Depreciation and
amortization
expense $ (7,638) $ (7,583)
Net income
(loss)
attributable to
the Company $ 11,636 $ (939)
Earnings (Loss)
per Share:
Basic $ 0.47 $ (0.04)
Diluted $ 0.46 $ (0.04)
Non-GAAP
Measures(1) :
Adjusted net
income before
provision for
income taxes $ 23,216 $ 4,872
EBITDA $ 33,879 $ 14,301
(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures
below and on pages 23-25
A reconciliation of net income (loss) before provision
for income taxes to adjusted net income before provision
for income taxes for the three months ended December
31, 2025 and September 30, 2025 follows (in thousands):
Three Months Ended
December 31, 2025 September 30, 2025
--------------------- ----------------------
Net income (loss)
before provision for
income taxes $ 15,777 $ (311)
Adjustments:
Contingent
consideration fair
value adjustment (320) (2,461)
Acquisition costs 121 61
Amortization of
acquired
intangibles 5,181 5,202
Depreciation
expense 2,457 2,381
--- ------------ --- -------------
Adjusted net income
before provision for
income taxes
(non-GAAP) $ 23,216 $ 4,872
=== ============ === =============
Fiscal Second Quarter 2026 Financial Highlights
-- Revenues for the three months ended December 31, 2025 increased 136% to
$6.477 billion from $2.742 billion for the three months ended December
31, 2024, and increased 76% from $3.681 billion for the three months
ended September 30, 2025
-- Gross profit for the three months ended December 31, 2025 increased 109%
to $93.4 million from $44.8 million for the three months ended December
31, 2024, and increased 28% from $72.9 million for the three months ended
September 30, 2025
-- Gross profit margin for the three months ended December 31, 2025
decreased to 1.44% of revenue, from 1.63% of revenue for the three months
ended December 31, 2024, and decreased from 1.98% of revenue for the
three months ended September 30, 2025
-- Net income (loss) attributable to the Company for the three months ended
December 31, 2025 increased 77% to $11.6 million from $6.6 million for
the three months ended December 31, 2024, and increased 1,339% from a net
loss of ($0.9) million for the three months ended September 30, 2025
-- Diluted earnings (loss) per share totaled $0.46 for the three months
ended December 31, 2025, a 70% increase compared to $0.27 for the three
months ended December 31, 2024, and increased 1,250% from ($0.04) for the
three months ended September 30, 2025
-- Adjusted net income before provision for income taxes, depreciation,
amortization, acquisition costs, and contingent consideration fair value
adjustments ("Adjusted net income before provision for income taxes" or
"Adjusted net income"), a non-GAAP financial performance measure, for the
three months ended December 31, 2025 increased 74% to $23.2 million from
$13.4 million for the three months ended December 31, 2024, and increased
377% from $4.9 million for the three months ended September 30, 2025
-- Earnings before interest, taxes, depreciation and amortization ("EBITDA"),
a non-GAAP liquidity measure, for the three months ended December 31,
2025 increased 109% to $33.9 million from $16.2 million for the three
months ended December 31, 2024, and increased 137% from $14.3 million for
the three months ended September 30, 2025
Six Months Ended December 31,
------------------------------------------------
2025 2024
------------------------- ---------------------
(in thousands, except Earnings per Share)
Selected Key
Financial
Statement
Metrics:
Revenues $ 10,157,666 $ 5,457,441
Gross profit $ 166,267 $ 88,210
Depreciation and
amortization
expense $ (15,221) $ (9,348)
Net income
attributable to
the Company $ 10,697 $ 15,542
Earnings per
Share:
Basic $ 0.43 $ 0.67
Diluted $ 0.42 $ 0.65
Non-GAAP
Measures(1) :
Adjusted net
income before
provision for
income taxes $ 28,088 $ 28,147
EBITDA $ 48,180 $ 34,006
(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures
below and on pages 23-25
A reconciliation of net income before provision for
income taxes to adjusted net income before provision
for income taxes for the six months ended December
31, 2025 and 2024 follows (in thousands):
Six Months Ended December 31,
-------------------------------------
2025 2024
------------------- ----------------
Net income before provision
for income taxes $ 15,466 $ 18,189
Adjustments:
Contingent consideration
fair value adjustment (2,781) (130)
Acquisition costs 182 740
Amortization of acquired
intangibles 10,383 7,654
Depreciation expense 4,838 1,694
----------- -----------
Adjusted net income before
provision for income taxes
(non-GAAP) $ 28,088 $ 28,147
=========== ===========
Fiscal Six Months 2026 Financial Highlights
-- Revenues for the six months ended December 31, 2025 increased 86% to
$10.158 billion from $5.457 billion for the six months ended December 31,
2024
-- Gross profit for the six months ended December 31, 2025 increased 88% to
$166.3 million from $88.2 million for the six months ended December 31,
2024
-- Gross profit margin for the six months ended December 31, 2025 increased
to 1.64% of revenue from 1.62% of revenue for the six months ended
December 31, 2024
-- Net income attributable to the Company for the six months ended December
31, 2025 decreased 31% to $10.7 million from $15.5 million for the six
months ended December 31, 2024
-- Diluted earnings per share totaled $0.42 for the six months ended
December 31, 2025, a 35% decrease compared to $0.65 for the six months
ended December 31, 2024
-- Adjusted net income before provision for income taxes for the six months
ended December 31, 2025 totaled $28.1 million, which was consistent with
$28.1 million for the six months ended December 31, 2024
-- EBITDA for the six months ended December 31, 2025 increased 42% to $48.2
million from $34.0 million for the six months ended December 31, 2024
Three Months Ended December 31,
-----------------------------------
2025 2024
------------------- --------------
Selected Operating and
Financial Metrics:
Gold ounces sold(1) 545,000 466,000
Silver ounces sold(2) 18,635,000 21,828,000
Number of secured loans
at period end(3) 355 518
Secured loans receivable
at period end $ 120,351,000 $ 98,461,000
Direct-to-Consumer
("DTC") number of new
customers(4) 96,100 65,400
Direct-to-Consumer number
of active customers(5) 229,100 140,100
Direct-to-Consumer number
of total customers(6) 4,361,500 3,187,500
Direct-to-Consumer
average order value
("AOV")(7) $ 4,824 $ 3,178
JM Bullion ("JMB")
average order value(8) $ 2,637 $ 2,043
CyberMetals number of new
customers(9) 1,400 2,000
CyberMetals number of
active customers(10) 1,900 1,700
CyberMetals number of
total customers(11) 40,000 33,100
CyberMetals customer
assets under management
at period end(12) $ 18,900,000 $ 8,200,000
(1) Gold ounces sold represents the ounces of gold
product sold and delivered to the customer during
the period, excluding ounces of gold recorded on forward
contracts.
(2) Silver ounces sold represents the ounces of silver
product sold and delivered to the customer during
the period, excluding ounces of silver recorded on
forward contracts.
(3) Number of outstanding secured loans to customers
that are primarily collateralized by precious metals
at the end of the period.
(4) DTC number of new customers represents the number
of customers that have registered or set up a new
account or made a purchase for the first time during
the period within the Direct-to-Consumer segment.
(5) DTC number of active customers represents the
number of customers that have made a purchase during
any month during the period within the Direct-to-Consumer
segment.
(6) DTC number of total customers represents the aggregate
number of customers that have registered or set up
an account or have made a purchase in the past within
the Direct-to-Consumer segment.
(7) DTC AOV represents the average dollar value of
product orders (excluding accumulation program orders)
delivered to the customer during the period within
the Direct-to-Consumer segment.
(8) JMB AOV represents the average dollar value of
product orders delivered to JMB's customers during
the period.
(9) CyberMetals number of new customers represents
the number of customers that have registered or set
up a new account or have made a purchase for the first
time during the period on the CyberMetals platform.
(10) CyberMetals number of active customers represents
the number of customers that have made a purchase
during any month during the period from the CyberMetals
platform.
(11) CyberMetals number of total customers represents
the aggregate number of customers that have registered
or set up an account or have made a purchase in the
past from the CyberMetals platform.
(12) CyberMetals customer assets under management
represents the total value of assets managed by the
Company on behalf of CyberMetals customers.
------------------------------------------------------------------
Three Months Ended
-----------------------------------------
December 31, 2025 September 30, 2025
------------------- --------------------
Selected Operating and
Financial Metrics:
Gold ounces sold(1) 545,000 439,000
Silver ounces sold(2) 18,635,000 10,391,000
Number of secured
loans at period
end(3) 355 424
Secured loans
receivable at period
end $ 120,351,000 $ 103,633,000
Direct-to-Consumer
("DTC") number of
new customers(4) 96,100 69,400
Direct-to-Consumer
number of active
customers(5) 229,100 147,300
Direct-to-Consumer
number of total
customers(6) 4,361,500 4,265,400
Direct-to-Consumer
average order value
("AOV")(7) $ 4,824 $ 3,863
JM Bullion ("JMB")
average order
value(8) $ 2,637 $ 2,544
CyberMetals number of
new customers(9) 1,400 1,700
CyberMetals number of
active
customers(10) 1,900 1,800
CyberMetals number of
total customers(11) 40,000 38,700
CyberMetals customer
assets under
management at period
end(12) $ 18,900,000 $ 13,800,000
(1) Gold ounces sold represents the ounces of gold
product sold and delivered to the customer during
the period, excluding ounces of gold recorded on forward
contracts.
(2) Silver ounces sold represents the ounces of silver
product sold and delivered to the customer during
the period, excluding ounces of silver recorded on
forward contracts.
(3) Number of outstanding secured loans to customers
that are primarily collateralized by precious metals
at the end of the period.
(4) DTC number of new customers represents the number
of customers that have registered or set up a new
account or made a purchase for the first time during
the period within the Direct-to-Consumer segment.
(5) DTC number of active customers represents the
number of customers that have made a purchase during
any month during the period within the Direct-to-Consumer
segment.
(6) DTC number of total customers represents the aggregate
number of customers that have registered or set up
an account or have made a purchase in the past within
the Direct-to-Consumer segment.
(7) DTC AOV represents the average dollar value of
product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. --------------------------------------------------------------------
Fiscal Second Quarter 2026 Operational Highlights
-- Gold ounces sold in the three months ended December 31, 2025 increased
17% to 545,000 ounces from 466,000 ounces for the three months ended
December 31, 2024, and increased 24% from 439,000 ounces for the three
months ended September 30, 2025
-- Silver ounces sold in the three months ended December 31, 2025 decreased
15% to 18.6 million ounces from 21.8 million ounces for the three months
ended December 31, 2024, and increased 79% from 10.4 million ounces for
the three months ended September 30, 2025
-- As of December 31, 2025, the number of secured loans decreased 31% to 355
from 518 as of December 31, 2024, and decreased 16% from 424 as of
September 30, 2025
-- Direct-to-Consumer new customers for the three months ended December 31,
2025 increased 47% to 96,100 from 65,400 for the three months ended
December 31, 2024, and increased 38% from 69,400 for the three months
ended September 30, 2025
-- Direct-to-Consumer active customers for the three months ended December
31, 2025 increased 64% to 229,100 from 140,100 for the three months ended
December 31, 2024, and increased 56% from 147,300 for the three months
ended September 30, 2025
-- Direct-to-Consumer average order value for the three months ended
December 31, 2025 increased $1,646, or 52% to $4,824 from $3,178 for the
three months ended December 31, 2024, and increased $961, or 25% from
$3,863 for the three months ended September 30, 2025
-- JM Bullion's average order value for the three months ended December 31,
2025 increased $594, or 29% to $2,637 from $2,043 for the three months
ended December 31, 2024, and increased $93, or 4% from $2,544 for the
three months ended September 30, 2025
Six Months Ended December 31,
---------------------------------
2025 2024
------------------ -------------
Selected Operating and
Financial Metrics:
Gold ounces sold(1) 984,000 864,000
Silver ounces sold(2) 29,026,000 42,277,000
Number of secured loans at
period end(3) 355 518
Secured loans receivable at
period end $ 120,351,000 $ 98,461,000
Direct-to-Consumer ("DTC")
number of new
customers(4) 165,500 120,700
Direct-to-Consumer number
of active customers(5) 376,400 270,000
Direct-to-Consumer number
of total customers(6) 4,361,500 3,187,500
Direct-to-Consumer average
order value ("AOV")(7) $ 4,435 $ 3,077
JM Bullion ("JMB") average
order value(8) $ 2,602 $ 2,117
CyberMetals number of new
customers(9) 3,100 3,500
CyberMetals number of
active customers(10) 3,700 3,400
CyberMetals number of total
customers(11) 40,000 33,100
CyberMetals customer assets
under management at period
end(12) $ 18,900,000 $ 8,200,000
(1) Gold ounces sold represents the ounces of gold
product sold and delivered to the customer during
the period, excluding ounces of gold recorded on forward
contracts.
(2) Silver ounces sold represents the ounces of silver
product sold and delivered to the customer during
the period, excluding ounces of silver recorded on
forward contracts.
(3) Number of outstanding secured loans to customers
that are primarily collateralized by precious metals
at the end of the period.
(4) DTC number of new customers represents the number
of customers that have registered or set up a new
account or made a purchase for the first time during
the period within the Direct-to-Consumer segment.
(5) DTC number of active customers represents the
number of customers that have made a purchase during
any month during the period within the Direct-to-Consumer
segment.
(6) DTC number of total customers represents the aggregate
number of customers that have registered or set up
an account or have made a purchase in the past within
the Direct-to-Consumer segment.
(7) DTC AOV represents the average dollar value of
product orders (excluding accumulation program orders)
delivered to the customer during the period within
the Direct-to-Consumer segment.
(8) JMB AOV represents the average dollar value of
product orders delivered to JMB's customers during
the period.
(9) CyberMetals number of new customers represents
the number of customers that have registered or set
up a new account or have made a purchase for the first
time during the period on the CyberMetals platform.
(10) CyberMetals number of active customers represents
the number of customers that have made a purchase
during any month during the period from the CyberMetals
platform.
(11) CyberMetals number of total customers represents
the aggregate number of customers that have registered
or set up an account or have made a purchase in the
past from the CyberMetals platform.
(12) CyberMetals customer assets under management
represents the total value of assets managed by the
Company on behalf of CyberMetals customers.
------------------------------------------------------------------
Fiscal Six Months 2026 Operational Highlights
-- Gold ounces sold in the six months ended December 31, 2025 increased 14%
to 984,000 ounces from 864,000 ounces for the six months ended December
31, 2024
-- Silver ounces sold in the six months ended December 31, 2025 decreased
31% to 29.0 million ounces from 42.3 million ounces for the six months
ended December 31, 2024
-- Direct-to-Consumer new customers for the six months ended December 31,
2025 increased 37% to 165,500 from 120,700 for the six months ended
December 31, 2024
-- Direct-to-Consumer active customers for the six months ended December 31,
2025 increased 39% to 376,400 from 270,000 for the six months ended
December 31, 2024
-- Direct-to-Consumer average order value for the six months ended December
31, 2025 increased $1,358, or 44% to $4,435 from $3,077 for the six
months ended December 31, 2024
-- JM Bullion's average order value for the six months ended December 31,
2025 increased $485, or 23% to $2,602 from $2,117 for the six months
ended December 31, 2024
Fiscal Second Quarter 2026 Financial Summary
Revenues increased 136% to $6.477 billion from $2.742 billion in the same year-ago quarter. Excluding an increase of $2.494 billion of forward sales, our revenues increased $1.241 billion, or 69.0%, which was due to higher average selling prices of gold and silver as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025 and AMS in April 2025.
Gross profit increased 109% to $93.4 million (1.44% of revenue) from $44.8 million (1.63% of revenue) in the same year-ago quarter. The overall gross profit increase was due to an increase in gross profits earned by both the Wholesale Sales & Ancillary Services segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst, and AMS which were not included in the same year-ago period, partially offset by lower trading profits. The Direct-to-Consumer segment contributed 77% and 56% of the consolidated gross profit in the fiscal second quarters of 2026 and 2025, respectively. Gross profit contributed by JMB represented 29% of the consolidated gross profit in the fiscal second quarter of 2026 and 38% of the consolidated gross profit for the prior year fiscal second quarter.
Selling, general and administrative expenses increased 132% to $59.8 million from $25.8 million in the same year-ago quarter. The change was primarily due to an increase in compensation expense, including performance-based accruals, of $21.6 million, higher advertising costs of $4.8 million, an increase in consulting and professional fees of $2.7 million, an increase in facilities expense of $1.3 million, an increase in bank service and credit card fees of $1.4 million, and an increase in insurance costs of $1.0 million. Selling, general and administrative expenses for the three months ended December 31, 2025 included $29.6 million of expenses incurred by SGI, Pinehurst, and AMS, which were not included in the same year-ago period, as they were not yet consolidated subsidiaries. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $4.4 million from the prior year period.
Depreciation and amortization expense increased 65% to $7.6 million from $4.6 million in the same year-ago quarter. The change was primarily due to an increase in amortization expense of $3.2 million relating to an increase in intangible asset amortization from intangible assets acquired through our acquisitions of SGI, Pinehurst, and AMS and an increase in depreciation expense of $1.6 million due to an increase in capital expenditures, partially offset by a decrease of $1.8 million in JMB and Silver Gold Bull, Inc. ("SGB") intangible asset amortization.
Interest income decreased 15% to $5.8 million from $6.8 million in the same year-ago quarter. The aggregate decrease in interest income was due to an decrease in other finance product income of $1.1 million, partially offset by an increase in interest income earned by our Secured Lending segment of $0.1 million.
Interest expense increased 57% to $16.3 million from $10.4 million in the same year-ago quarter. The increase in interest expense was primarily due to an increase of $3.7 million related to product financing arrangements due to higher interest rates, partially offset by reduced borrowings, an increase of $1.9 million related to precious metals leases driven by higher overall borrowings and an increase in weighted-average interest rates, and an increase of $0.1 million associated with our Trading Credit Facility due to increased borrowings, partially offset by a decrease in interest rates.
Earnings (losses) from equity method investments increased 142% to earnings of $1.0 million from a loss of $2.4 million in the same year-ago quarter. The increase was due to increased earnings of our equity method investees.
Net income attributable to the Company totaled $11.6 million or $0.46 per diluted share, compared to net income of $6.6 million or $0.27 per diluted share in the same year-ago quarter.
Adjusted net income before provision for income taxes for the three months ended December 31, 2025 totaled $23.2 million, an increase of $9.9 million or 74% compared to $13.4 million in the same year-ago quarter. The increase was due to higher net income before provision for income taxes of $7.8 million, higher depreciation expense of $1.6 million, higher amortization of acquired intangibles of $1.4 million, partially offset by lower acquisition costs of $0.6 million and higher contingent consideration fair value adjustment of $0.3 million.
EBITDA for the three months ended December 31, 2025 totaled $33.9 million, an increase of $17.7 million or 109% compared to $16.2 million in the same year-ago quarter. The increase was primarily due to higher net income of $7.6 million, higher interest expense of $5.9 million, higher depreciation expense of $1.6 million, higher amortization of acquired intangibles of $1.4 million, and lower interest income of $1.0 million.
Fiscal Six Months 2026 Financial Summary
Revenues increased 86% to $10.158 billion from $5.457 billion in the same year-ago period. Excluding an increase of $3.056 billion of forward sales, our revenues increased $1.644 billion, or 50.3%, which was due to higher average selling prices of gold and silver as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025 and AMS in April 2025.
Gross profit increased 88% to $166.3 million (1.64% of revenue) from $88.2 million (1.62% of revenue) in the same year-ago period. The overall gross profit increase was due to an increase in gross profits earned by both the Wholesale Sales & Ancillary Services segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst, and AMS which were not included in the same year-ago period, partially offset by lower trading profits. The Direct-to-Consumer segment contributed 74% and 55% of the consolidated gross profit for the six months ended December 31, 2025 and 2024, respectively. Gross profit contributed by JMB represented 25% and 37% of the consolidated gross profit for the six months ended December 31, 2025 and 2024, respectively.
Selling, general and administrative expenses increased 128% to $119.6 million from $52.4 million in the same year-ago period. The change was primarily due to an increase in compensation expense, including performance-based accruals, of $41.1 million, higher advertising costs of $10.0 million, an increase in consulting and professional fees of $6.7 million, an increase in facilities expense of $2.6 million, an increase in bank service and credit card fees of $2.6 million, and an increase in insurance costs of $1.5 million. Selling, general and administrative expenses for the six months ended December 31, 2025 included $60.0 million of expenses incurred by SGI, and Pinehurst, and AMS which were not included in the same year-ago period as these were not consolidated subsidiaries. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $7.2 million from the prior year period.
Depreciation and amortization expense increased 63% to $15.2 million from $9.4 million in the same year-ago period. The change was primarily due to an increase in amortization expense of $6.4 million relating to an increase in intangible asset amortization from intangible assets acquired through our acquisitions of SGI, Pinehurst, and AMS and an increase in depreciation expense of $3.1 million due to an increase in capital expenditures, partially offset by a decrease of $3.7 million in JMB and SGB intangible asset amortization.
Interest income decreased 18% to $11.4 million from $13.9 million in the same year-ago period. The aggregate decrease in interest income was due to a decrease in other finance product income of $2.2 million and a decrease in interest income earned by our Secured Lending segment of $0.3 million.
Interest expense increased 42% to $28.9 million from $20.4 million in the same year-ago period. The increase in interest expense was primarily due to an increase of $4.2 million related to product financing arrangements due to higher interest rates, partially offset by reduced borrowings, an increase of $3.2 million related to precious metals leases driven by higher overall borrowings and an increase in weighted-average interest rates, and an increase of $0.7 million associated with our Trading Credit Facility due to increased borrowings.
Earnings (losses) from equity method investments increased 106% to earnings of $0.1 million from a loss of $1.8 million in the same year-ago period. The increase was due to increased earnings of our equity method investees.
Net income attributable to the Company totaled $10.7 million or $0.42 per diluted share, compared to net income of $15.5 million or $0.65 per diluted share in the same year-ago period.
Adjusted net income before provision for income taxes for the six months ended December 31, 2025 totaled $28.1 million, which was consistent with $28.1 million in the same year-ago period.
EBITDA for the six months ended December 31, 2025 totaled $48.2 million, an increase of $14.2 million or 42% compared to $34.0 million in the same year-ago period. The increase was primarily due to higher interest expense of $8.5 million, higher depreciation expense of $3.1 million, higher amortization of acquired intangibles of $2.7 million, and lower interest income of $2.5 million, partially offset by lower net income of $1.8 million.
Quarterly Cash Dividend
Gold.com's Board of Directors has declared a quarterly cash dividend of $0.20 per share, maintaining the company's current dividend program. The dividend is payable on March 4, 2026 to stockholders of record as of February 20, 2026.
Conference Call
Gold.com will hold a conference call today (February 5, 2026) to discuss these financial results. Gold.com management will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) followed by a question-and-answer period.
To participate, please call the conference telephone number 10 minutes before the start time and ask for the Gold.com conference call.
Webcast: https://www.webcaster5.com/Webcast/Page/2867/53463
U.S. dial-in number: 1-888-506-0062
International number: 1-973-528-0011
Participant Access Code: 118433
The call will also be broadcast live and available for replay on the Investor Relations section of Gold.com's website at ir.gold.com. If you have any difficulty connecting with the conference call or webcast, please contact Gold.com's investor relations team at 1-949-574-3860.
A replay of the call will be available after 7:30 p.m. Eastern time through February 19, 2026.
Toll-free replay number: 1-877-481-4010
International replay number: 1-919-882-2331
Participant Access Code: 53463
About Gold.com, Inc.
Gold.com builds on gold's storied history and heritage to define the future of alternative asset management. Founded in 1965, Gold.com offers a comprehensive solution for all aspects of the precious metals and collectibles value chain. Its vertically integrated platform combines market expertise in gold, silver, platinum, and palladium and collectibles that include rare coins and currency with state-of-the-art logistics, financing, and minting capabilities to serve consumers, collectors, and institutional clients globally.
Gold.com's direct-to-consumer marketplace, anchored by flagship brands JMBullion.com, Stack's Bowers Galleries, GovMint.com, Monex Precious Metals, and Goldline, has served millions of customers. The Company's trading and wholesale sales platform, which operates under A-Mark Precious Metals, maintains distribution and finance focused relationships with a network of sovereign and private mints and has been an "authorized purchaser" of the United States Mint since 1986. Gold.com's Collateral Finance Corporation secured lending subsidiary, CFCGoldLoans.com, extends bullion, numismatic, and sports card loans while A-Mark Global Logistics supports the Company's operations with airport-adjacent distribution centers and IRA-approved storage depositories.
Gold.com is based in Costa Mesa, California, and operates across the United States, Canada, and in the United Kingdom, Europe, Hong Kong, and Singapore. Learn more at www.gold.com
Important Cautions Regarding Forward-Looking Statements
Statements in this press release that relate to 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 our long-term strategy and growth opportunities, expense structure, synergies and cost savings, and shareholder value. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results or circumstances to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the inability to continue to successfully integrate recently acquired businesses; government regulations that might impede growth, particularly in Asia, including with respect to tariff policy; changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals markets but also has posed certain risks and uncertainties for the Company, particularly in recent periods; the failure of the Company's business model to respond to changes in the market environment as anticipated; premium spreads and futures pricing affecting our Wholesale segment; changes in consumer demand and preferences for precious metal products generally, particularly as this affects the strength of our Direct-to-Consumer segment; the failure of our investee companies to maintain, or address the preferences of, their customer bases; general risks of doing business in the commodity markets; and the strategic, business, economic, financial, political and governmental risks and other Risk Factors described in 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. Readers are cautioned not to place undue reliance on these forward-looking statements.
Use and Reconciliation of Non-GAAP Measures
In addition to presenting the Company's financial results determined in accordance with U.S. GAAP, management believes the following non-GAAP measures are useful in evaluating the Company's operating performance: "adjusted net income before provision for income taxes" and "earnings before interest, taxes, depreciation and amortization" ("EBITDA"). Management believes the "adjusted net income before provision for income taxes" non-GAAP financial performance measure assists investors and analysts by facilitating comparison of period-to-period operational performance on a consistent basis by excluding items that management does not believe are indicative of the Company's core operating performance. The items excluded from this financial measure may have a material impact on the Company's financial results. Certain of those items are non-recurring, while others are non-cash in nature. Management believes the EBITDA non-GAAP liquidity measure assists investors and analysts by facilitating comparison of our business operations before investing activities, interest, and income taxes with other publicly traded companies. Non-GAAP measures do not have standardized definitions and should be considered in addition to, and not as a substitute for or superior to, the comparable measures prepared in accordance with U.S. GAAP, and should be read in conjunction with the financial statements included in the Company's Quarterly Report on Form 10-Q to be filed with the SEC. Management encourages investors and others to review the Company's financial information in its entirety and not to rely on any single financial or liquidity measure.
In the Company's reconciliation from its reported U.S. GAAP "net income before provision for income taxes" to its non-GAAP "adjusted net income before provision for income taxes", the Company eliminates the impact of the following four amounts: acquisition costs; amortization expenses related to intangible assets acquired; depreciation expense; and contingent consideration fair value adjustments. The Company's reconciliations from its reported U.S. GAAP "net income before provision for income taxes" to its non-GAAP "adjusted net income before provision for income taxes", and "net income" and "net cash provided by (used in) operating activities" to its non-GAAP "EBITDA" are provided below and are also included in the Company's Quarterly Report on Form 10-Q to be filed with the SEC for the quarterly period ended December 31, 2025.
Company Contact:
Steve Reiner, Executive Vice President, Capital Markets & Investor Relations
Gold.com, Inc.
1-310-587-1410
sreiner@gold.com
Investor Relations Contact:
Matt Glover or Greg Bradbury
Gateway Group, Inc.
1-949-574-3860
GOLD@gateway-grp.com
Media Relations Contact
ICR for Gold.com
GOLD@icrinc.com
GOLD.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share data)
December 31, 2025 June 30, 2025
------------------- -----------------
(unaudited)
ASSETS
Current assets
Cash $ 152,050 $ 77,741
Receivables, net 558,816 137,723
Derivative assets 947,661 134,515
Secured loans receivable 120,351 94,037
Inventories:
Inventories 1,031,156 794,812
Restricted inventories 504,593 484,733
--------------- -----------
1,535,749 1,279,545
Income tax receivable 7,515 4,575
Prepaid expenses and other
assets 19,525 15,359
--------------- -----------
Total current assets 3,341,667 1,743,495
Operating lease right of use
assets 20,521 22,843
Property, plant, and
equipment, net 46,672 45,509
Goodwill 228,696 228,650
Intangibles, net 128,802 137,314
Long-term investments 38,437 33,015
Other long-term assets 7,090 4,605
--------------- -----------
Total assets $ 3,811,885 $ 2,215,431
=============== ===========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Liabilities on borrowed metals $ 85,606 $ 46,051
Product financing arrangements 504,593 484,733
Accounts payable and other
payables 88,600 22,248
Deferred revenue and other
advances 1,701,887 426,904
Derivative liabilities 338,223 96,177
Accrued liabilities 31,332 34,021
Notes payable 4,000 3,994
Total current liabilities 2,754,241 1,114,128
Lines of credit 300,000 345,000
Notes payable 3,328 3,349
Deferred tax liabilities 18,302 18,335
Other liabilities 27,189 31,948
--------------- -----------
Total liabilities 3,103,060 1,512,760
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par
value, authorized 10,000,000
shares; issued and
outstanding: none as of
December 31, 2025 or June 30,
2025 -- --
Common stock, par value $0.01;
40,000,000 shares authorized;
24,896,992 and 24,639,386
shares issued and outstanding
as of December 31, 2025 and
June 30, 2025, respectively 249 247
Additional paid-in capital 188,549 184,998
Accumulated other
comprehensive income 224 212
Retained earnings 464,788 464,059
--------------- -----------
Total Gold.com, Inc.
stockholders' equity 653,810 649,516
Noncontrolling interests 55,015 53,155
--------------- -----------
Total stockholders' equity 708,825 702,671
--------------- -----------
Total liabilities and
stockholders' equity $ 3,811,885 $ 2,215,431
=============== ===========
GOLD.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except for share and per share data;
unaudited)
Three Months Ended December Six Months Ended December
31, 31,
----------------------------- --------------------------
2025 2024 2025 2024
--------------- ------------ ------------ ------------
Revenues $ 6,476,900 $ 2,742,345 $10,157,666 $ 5,457,441
Cost of sales 6,383,530 2,697,578 9,991,399 5,369,231
---------- ---------- ---------- ----------
Gross profit 93,370 44,767 166,267 88,210
Selling, general,
and
administrative
expenses (59,784) (25,754) (119,606) (52,371)
Depreciation and
amortization
expense (7,638) (4,639) (15,221) (9,348)
Interest income 5,789 6,794 11,360 13,881
Interest expense (16,253) (10,363) (28,853) (20,350)
Earnings (losses)
from equity
method
investments 1,009 (2,410) 101 (1,832)
Other income, net 250 461 2,483 661
Unrealized losses
on foreign
exchange (966) (840) (1,065) (662)
---------- ---------- ---------- ----------
Net income before
provision for
income taxes 15,777 8,016 15,466 18,189
Income tax
expense (2,249) (2,042) (2,909) (3,797)
---------- ---------- ---------- ----------
Net income 13,528 5,974 12,557 14,392
Net income
(loss)
attributable to
noncontrolling
interests 1,892 (584) 1,860 (1,150)
---------- ---------- ---------- ----------
Net income
attributable to
the Company $ 11,636 $ 6,558 $ 10,697 $ 15,542
========== ========== ========== ==========
Basic and diluted
net income per
share
attributable to
Gold.com, Inc.:
Basic $ 0.47 $ 0.28 $ 0.43 $ 0.67
========== ========== ========== ==========
Diluted $ 0.46 $ 0.27 $ 0.42 $ 0.65
========== ========== ========== ==========
Weighted-average
shares
outstanding:
Basic 24,810,500 23,158,300 24,753,600 23,093,400
========== ========== ========== ==========
Diluted 25,536,500 23,966,400 25,489,100 23,972,900
========== ========== ========== ==========
GOLD.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands; unaudited)
Six Months Ended December 31,
-----------------------------------
2025 2024
------------------- --------------
Cash flows from operating
activities:
Net income $ 12,557 $ 14,392
Adjustments to reconcile net
income to net cash flows from
operating activities:
Depreciation and amortization 15,221 9,348
Amortization of loan cost 2,763 1,680
Share-based compensation 838 627
Losses (earnings) from equity
method investments (101) 1,832
Other 153 (206)
Changes in assets and
liabilities:
Receivables, net (424,214) 2,449
Secured loans made to
affiliates -- 17
Derivative assets (813,146) 21,880
Income tax receivable (2,940) (3,065)
Precious metals held under
financing arrangements -- 2,646
Inventories (256,204) (97,052)
Prepaid expenses and other
assets (4,195) (309)
Accounts payable and other
payables 65,600 (3,941)
Deferred revenue and other
advances 1,274,983 54,870
Derivative liabilities 242,046 (20,942)
Liabilities on borrowed
metals 39,555 1,895
Accrued liabilities (121) (3,579)
Net cash provided by (used in)
operating activities 152,795 (17,458)
Cash flows from investing
activities:
Capital expenditures for
property, plant, and
equipment (5,972) (4,308)
Purchase of long-term
investments (6,400) --
Purchase of intangible assets -- (100)
Secured loans receivable, net (26,303) 14,599
Purchase of marketable
securities -- (2,550)
Proceeds from sale of
marketable securities -- 2,835
Other (881) 23
-------------- ----------
Net cash (used in) provided by
investing activities (39,556) 10,499
Cash flows from financing
activities:
Product financing arrangements,
net 19,860 34,193
Dividends paid (9,926) (9,275)
Borrowings under lines of
credit 1,443,000 971,000
Repayments under lines of
credit (1,488,000) (991,000)
Repayments on notes payable to
related party -- (4,347)
Repurchases of common stock -- (901)
Repurchases of common stock
from a related party -- (4,219)
Debt funding issuance costs (2,641) (2,641)
Proceeds from the exercise of
share-based awards 1,844 3,281
Other (3,067) --
-------------- ----------
Net cash used in financing
activities (38,930) (3,909)
Net increase (decrease) in cash 74,309 (10,868)
Cash, beginning of period 77,741 48,636
-------------- ----------
Cash, end of period $ 152,050 $ 37,768
============== ==========
Overview of Results of Operations for the Three Months Ended December 31, 2025 and 2024
Consolidated Results of Operations
The operating results for the three months ended December 31, 2025 and 2024 were as follows (in thousands, except per share data):
Three Months Ended
December 31, 2025 2024 Change
------------------------ ------------------------ ----------------------
% of % of
$ revenue $ revenue $ %
----------- ----------- ----------- ----------- ----------- ---------
Revenues $6,476,900 100.000% $2,742,345 100.000% $3,734,555 136.2%
--------- ---------
Gross profit 93,370 1.442% 44,767 1.632% $ 48,603 108.6%
Selling, general,
and administrative
expenses (59,784) (0.923%) (25,754) (0.939%) $ 34,030 132.1%
Depreciation and
amortization
expense (7,638) (0.118%) (4,639) (0.169%) $ 2,999 64.6%
Interest income 5,789 0.089% 6,794 0.248% $ (1,005) (14.8%)
Interest expense (16,253) (0.251%) (10,363) (0.378%) $ 5,890 56.8%
Earnings (losses)
from equity method
investments 1,009 0.016% (2,410) (0.088%) $ 3,419 141.9%
Other income, net 250 0.004% 461 0.017% $ (211) (45.8%)
Unrealized losses on
foreign exchange (966) (0.015%) (840) (0.031%) $ 126 15.0%
--------- ---------
Net income before
provision for
income taxes 15,777 0.244% 8,016 0.292% $ 7,761 96.8%
Income tax expense (2,249) (0.035%) (2,042) (0.074%) $ 207 10.1%
--------- ---------
Net income 13,528 0.209% 5,974 0.218% $ 7,554 126.4%
Net income
(loss)
attributable to
noncontrolling
interests 1,892 0.029% (584) (0.021%) $ 2,476 424.0%
--------- ---------
Net income
attributable to the
Company $ 11,636 0.180% $ 6,558 0.239% $ 5,078 77.4%
========= =========
Basic and diluted net income per
share attributable to Gold.com,
Inc.:
Per Share Data:
-------------------
Basic $ 0.47 $ 0.28 $ 0.19 67.9%
========= =========
Diluted $ 0.46 $ 0.27 $ 0.19 70.4%
========= =========
Overview of Results of Operations for the Three Months Ended December 31, 2025 and September 30, 2025
Consolidated Results of Operations
The operating results for the three months ended December 31, 2025 and September 30, 2025 were as follows (in thousands, except per share data):
Three Months Ended December 31, 2025 September 30, 2025 Change
------------------------ ------------------------
% of % of
$ revenue $ revenue $ %
----------- ----------- ----------- ----------- ----------- -----------
Revenues $6,476,900 100.000% $3,680,766 100.000% $2,796,134 76.0%
--------- ---------
Gross profit 93,370 1.442% 72,897 1.980% $ 20,473 28.1%
Selling, general,
and administrative
expenses (59,784) (0.923%) (59,822) (1.625%) $ (38) (0.1%)
Depreciation and
amortization
expense (7,638) (0.118%) (7,583) (0.206%) $ 55 0.7%
Interest income 5,789 0.089% 5,571 0.151% $ 218 3.9%
Interest expense (16,253) (0.251%) (12,600) (0.342%) $ 3,653 29.0%
Earnings (losses)
from equity method
investments 1,009 0.016% (908) (0.025%) $ 1,917 211.1%
Other income, net 250 0.004% 2,233 0.061% $ (1,983) (88.8%)
Unrealized losses on
foreign exchange (966) (0.015%) (99) (0.003%) $ 867 875.8%
--------- ---------
Net income (loss)
before provision
for income taxes 15,777 0.244% (311) (0.008%) $ 16,088 5,173.0%
Income tax expense (2,249) (0.035%) (660) (0.018%) $ 1,589 240.8%
--------- ---------
Net income (loss) 13,528 0.209% (971) (0.026%) $ 14,499 1,493.2%
Net income
(loss)
attributable to
noncontrolling
interests 1,892 0.029% (32) (0.001%) $ 1,924 6,012.5%
--------- ---------
Net income (loss)
attributable to the
Company $ 11,636 0.180% $ (939) (0.026%) $ 12,575 1,339.2%
========= =========
Basic and diluted
net (loss) income
per share
attributable to
Gold.com, Inc.:
Per Share Data:
-------------------
Basic $ 0.47 $ (0.04) $ 0.51 1,275.0%
========= =========
Diluted $ 0.46 $ (0.04) $ 0.50 1,250.0%
========= =========
Overview of Results of Operations for the Six Months Ended December 31, 2025 and 2024
Consolidated Results of Operations
The operating results for the six months ended December 31, 2025 and 2024 were as follows (in thousands, except per share data):
Six Months Ended
December 31, 2025 2024 Change
------------------------- ------------------------ ----------------------
% of % of
$ revenue $ revenue $ %
------------ ----------- ----------- ----------- ----------- ---------
Revenues $10,157,666 100.000% $5,457,441 100.000% $4,700,225 86.1%
---------- ---------
Gross profit 166,267 1.637% 88,210 1.616% $ 78,057 88.5%
Selling, general,
and administrative
expenses (119,606) (1.177%) (52,371) (0.960%) $ 67,235 128.4%
Depreciation and
amortization
expense (15,221) (0.150%) (9,348) (0.171%) $ 5,873 62.8%
Interest income 11,360 0.112% 13,881 0.254% $ (2,521) (18.2%)
Interest expense (28,853) (0.284%) (20,350) (0.373%) $ 8,503 41.8%
Earnings (losses)
from equity method
investments 101 0.001% (1,832) (0.034%) $ 1,933 105.5%
Other income, net 2,483 0.024% 661 0.012% $ 1,822 275.6%
Unrealized losses on
foreign exchange (1,065) (0.010%) (662) (0.012%) $ 403 60.9%
---------- ---------
Net income before
provision for
income taxes 15,466 0.152% 18,189 0.333% $ (2,723) (15.0%)
Income tax expense (2,909) (0.029%) (3,797) (0.070%) $ (888) (23.4%)
---------- ---------
Net income 12,557 0.124% 14,392 0.264% $ (1,835) (12.8%)
Net income
(loss)
attributable to
noncontrolling
interests 1,860 0.018% (1,150) (0.021%) $ 3,010 261.7%
---------- ---------
Net income
attributable to the
Company $ 10,697 0.105% $ 15,542 0.285% $ (4,845) (31.2%)
========== =========
Basic and diluted net income per
share attributable to Gold.com,
Inc.:
Per Share Data:
-------------------
Basic $ 0.43 $ 0.67 $ (0.24) (35.8%)
========== =========
Diluted $ 0.42 $ 0.65 $ (0.23) (35.4%)
========== =========
Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended December 31, 2025 and 2024
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended December 31, 2025 and 2024 follows (in thousands):
Three Months
Ended December
31, 2025 2024 Change
-------- ------- ------------------------
$ $ $ %
-------- ------- ---------- ------------
Net income before
provision for
income taxes $15,777 $ 8,016 $ 7,761 96.8%
Adjustments:
Contingent
consideration
fair value
adjustment (320) 20 $ (340) (1,700.0%)
Acquisition
costs 121 688 $ (567) (82.4%)
Amortization of
acquired
intangibles 5,181 3,790 $ 1,391 36.7%
Depreciation
expense 2,457 849 $ 1,608 189.4%
------ ------
Adjusted net
income before
provision for
income taxes
(non-GAAP) $23,216 $13,363 $ 9,853 73.7%
====== ======
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended December 31, 2025 and 2024 follows (in thousands):
Three Months
Ended December
31, 2025 2024 Change
--------- --------- ----------------------
Reconciliation
of Net Income
to EBITDA: $ $ $ %
--------- --------- ---------- ----------
Net income $ 13,528 $ 5,974 $ 7,554 126.4%
Adjustments:
Interest
income (5,789) (6,794) $ (1,005) (14.8%)
Interest
expense 16,253 10,363 $ 5,890 56.8%
Amortization
of acquired
intangibles 5,181 3,790 $ 1,391 36.7%
Depreciation
expense 2,457 849 $ 1,608 189.4%
Income tax
expense 2,249 2,042 $ 207 10.1%
------- -------
20,351 10,250 $ 10,101 98.5%
Earnings before
interest,
taxes,
depreciation,
and
amortization
(non-GAAP) $ 33,879 $ 16,224 $ 17,655 108.8%
======= =======
Reconciliation
of Operating
Cash Flows to
EBITDA:
Net cash (used
in) provided by
operating
activities $(42,622) $110,071 $(152,693) (138.7%)
Changes in
operating
working
capital 66,319 (97,186) $ 163,505 168.2%
Interest
expense 16,253 10,363 $ 5,890 56.8%
Interest
income (5,789) (6,794) $ (1,005) (14.8%)
Income tax
expense 2,249 2,042 $ 207 10.1%
Earnings
(losses) from
equity method
investments 1,009 (2,410) $ 3,419 141.9%
Share-based
compensation (463) (307) $ 156 50.8%
Amortization
of loan cost (1,128) (1,015) $ 113 11.1%
Other (1,949) 1,460 $ (3,409) (233.5%)
------- -------
Earnings before
interest,
taxes,
depreciation,
and
amortization
(non-GAAP) $ 33,879 $ 16,224 $ 17,655 108.8%
======= =======
Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended December 31, 2025 and September 30, 2025
A reconciliation of net income (loss) before provision for income taxes to adjusted net income before provision for income taxes for the three months ended December 31, 2025 and September 30, 2025 follows (in thousands):
Three Months December September
Ended 31, 2025 30, 2025 Change
----------- ----------- ---------------------
$ $ $ %
----------- ----------- -------- -----------
Net income (loss)
before provision
for income
taxes $15,777 (311) $16,088 5,173.0%
Adjustments:
Contingent
consideration
fair value
adjustment (320) (2,461) $(2,141) (87.0%)
Acquisition
costs 121 61 $ 60 98.4%
Amortization of
acquired
intangibles 5,181 5,202 $ (21) (0.4%)
Depreciation
expense 2,457 2,381 $ 76 3.2%
------ ------
Adjusted net
income before
provision for
income taxes
(non-GAAP) $23,216 $ 4,872 $18,344 376.5%
====== ======
A reconciliation of net income (loss) to EBITDA, and operating cash flows to EBITDA for the three months ended December 31, 2025 and September 30, 2025 follows (in thousands):
Three Months December September
Ended 31, 2025 30, 2025 Change
--------- ---------- -----------------------
Reconciliation
of Net Income
(Loss) to
EBITDA: $ $ $ %
--------- ---------- ---------- -----------
Net income
(loss) $ 13,528 $ (971) $ 14,499 1,493.2%
Adjustments:
Interest
income (5,789) (5,571) $ 218 3.9%
Interest
expense 16,253 12,600 $ 3,653 29.0%
Amortization
of acquired
intangibles 5,181 5,202 $ (21) (0.4%)
Depreciation
expense 2,457 2,381 $ 76 3.2%
Income tax
expense 2,249 660 $ 1,589 240.8%
------- --------
20,351 15,272 $ 5,079 33.3%
Earnings before
interest,
taxes,
depreciation,
and
amortization
(non-GAAP) $ 33,879 $ 14,301 $ 19,578 136.9%
======= ========
Reconciliation
of Operating
Cash Flows to
EBITDA:
Net cash (used
in) provided by
operating
activities $(42,622) $ 195,417 $(238,039) (121.8%)
Changes in
operating
working
capital 66,319 (187,683) $ 254,002 135.3%
Interest
expense 16,253 12,600 $ 3,653 29.0%
Interest
income (5,789) (5,571) $ 218 3.9%
Income tax
expense 2,249 660 $ 1,589 240.8%
Earnings
(losses) from
equity method
investments 1,009 (908) $ 1,917 211.1%
Share-based
compensation (463) (375) $ 88 23.5%
Amortization
of loan cost (1,128) (1,635) $ (507) (31.0%)
Other (1,949) 1,796 $ (3,745) (208.5%)
------- --------
Earnings before
interest,
taxes,
depreciation,
and
amortization
(non-GAAP) $ 33,879 $ 14,301 $ 19,578 136.9%
======= ========
Reconciliation of U.S. GAAP to Non-GAAP Measures for the Six Months Ended December 31, 2025 and 2024
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the six months ended December 31, 2025 and 2024 follows (in thousands):
Six Months Ended
December 31, 2025 2024 Change
-------- -------- ---------------------
$ $ $ %
-------- -------- -------- -----------
Net income before
provision for
income taxes $15,466 $18,189 $(2,723) (15.0%)
Adjustments:
Contingent
consideration
fair value
adjustment (2,781) (130) $ 2,651 2,039.2%
Acquisition
costs 182 740 $ (558) (75.4%)
Amortization of
acquired
intangibles 10,383 7,654 $ 2,729 35.7%
Depreciation
expense 4,838 1,694 $ 3,144 185.6%
------ ------
Adjusted net
income before
provision for
income taxes
(non-GAAP) $28,088 $28,147 $ (59) (0.2%)
====== ======
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the six months ended December 31, 2025 and 2024 follows (in thousands):
Six Months
Ended December
31, 2025 2024 Change
---------- --------- ----------------------
Reconciliation
of Net Income
to EBITDA: $ $ $ %
---------- --------- ---------- ----------
Net income $ 12,557 $ 14,392 $ (1,835) (12.8%)
Adjustments:
Interest
income (11,360) (13,881) $ (2,521) (18.2%)
Interest
expense 28,853 20,350 $ 8,503 41.8%
Amortization
of acquired
intangibles 10,383 7,654 $ 2,729 35.7%
Depreciation
expense 4,838 1,694 $ 3,144 185.6%
Income tax
expense 2,909 3,797 $ (888) (23.4%)
-------- -------
35,623 19,614 $ 16,009 81.6%
Earnings before
interest,
taxes,
depreciation,
and
amortization
(non-GAAP) $ 48,180 $ 34,006 $ 14,174 41.7%
======== =======
Reconciliation
of Operating
Cash Flows to
EBITDA:
Net cash
provided by
(used in)
operating
activities $ 152,795 $(17,458) $ 170,253 975.2%
Changes in
operating
working
capital (121,364) 45,131 $(166,495) (368.9%)
Interest
expense 28,853 20,350 $ 8,503 41.8%
Interest
income (11,360) (13,881) $ (2,521) (18.2%)
Income tax
expense 2,909 3,797 $ (888) (23.4%)
Earnings
(losses) from
equity method
investments 101 (1,832) $ 1,933 105.5%
Share-based
compensation (838) (627) $ 211 33.7%
Amortization
of loan cost (2,763) (1,680) $ 1,083 64.5%
Other (153) 206 $ (359) (174.3%)
-------- -------
Earnings before
interest,
taxes,
depreciation,
and
amortization
(non-GAAP) $ 48,180 $ 34,006 $ 14,174 41.7%
======== =======
(END) Dow Jones Newswires
February 05, 2026 16:05 ET (21:05 GMT)