Gold.com, Inc.

RESULTS OFOPERATIONS

Overview of Results of Operations

Consolidated Results of Operations for the Three Months Ended September 30, 2026 and 2025

The operating results of our business were as follows (in thousands, except per share and performance metrics data):

(1)

See "Segment Results of Operations" for a description of additional metrics not listed above.

Revenues

Revenues for the three months ended September 30, 2026 decreased $415.5 million, or 11.3%, to $3.265 billion from $3.681 billion in 2025. Excluding a decrease of $1.368 billion of forward sales, our revenues increased $952.9 million, or 50.9%, which was due to higher average selling prices of gold and silver as well as an increase in gold and silver ounces sold. Revenues also increased due to the acquisitions of Monex in January 2026 and SMI in April 2026, whose results were not included in the same year-ago period.

Gold ounces sold for the three months ended September 30, 2026 increased 24,000 ounces, or 5.5%, to 463,000 ounces from 439,000 ounces in 2025. Silver ounces sold for the three months ended September 30, 2026 increased 3,587,000 ounces, or 34.5%, to 13,978,000 ounces from 10,391,000 ounces in 2025. On average, selling prices for gold increased by 23.5% and selling prices for silver increased by 52.7% during the three months ended September 30, 2026 as compared to the prior year.

Gross Profit

Gross profit for the three months ended September 30, 2026 increased $16.7 million, or 22.9%, to $89.6 million from $72.9 million in 2025. The overall gross profit increase was primarily 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 Monex and SMI, whose results were not included in the same year-ago period.

The Company’s overall gross margin percentage for the three months ended September 30, 2026 increased by 76.5 basis points to 2.745% from 1.980% in 2025. Excluding forward sales that had a negligible impact on the amount of gross profit, our gross margin percentage for the three months ended September 30, 2026 decreased by 72.3 basis points to 3.173% from 3.896%, which was primarily due to lower premium spreads and lower trading profits.

Our inventory turnover ratio for the three months ended September 30, 2026 decreased by 55.2% to 1.3 from 2.9 in 2025. The decrease in our inventory turnover ratio was primarily due to higher inventory balances and lower cost of sales compared to the prior year period.

Selling, General and Administrative Expense

Selling, general, and administrative expenses for the three months ended September 30, 2026 increased $11.4 million, or 19.0%, to $71.2 million from $59.8 million in 2025. The change was primarily due to: (i) an increase in compensation expense of $6.7 million, (ii) higher advertising costs of $2.4 million, (iii) an increase in insurance costs of $0.7 million, and (iv) an increase in facilities expense of $0.6 million. Selling, general and administrative expenses for the three months ended September 30, 2026 included $5.2 million of expenses incurred by Monex and SMI, whose results were not included, or were not fully included in the same year-ago period. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $6.2 million from the prior year period.

Depreciation and Amortization Expense

Depreciation and amortization expense for the three months ended September 30, 2026 increased $1.5 million, or 19.7%, to $9.1 million from $7.6 million in 2025 primarily due to (i) an increase in depreciation expense of $0.8 million due to an increase in capital expenditures and (ii) an increase in amortization expense of $0.7 million.

Interest Income

Interest income for the three months ended September 30, 2026 increased $0.7 million, or 13.3%, to $6.3 million from $5.6 million in 2025. The increase in interest income was primarily due to an increase in interest income earned by our DTC segment of $0.7 million.

Interest Expense

Interest expense for the three months ended September 30, 2026 decreased $0.1 million, or 1.0%, to $12.5 million from $12.6 million in 2025. The decrease in interest expense was primarily due to: (i) a decrease of $5.8 million associated with our Trading Credit Facility due to reduced borrowings and (ii) lower interest and fees of $0.5 million related to product financing arrangements, partially offset by (iii) an increase of $6.2 million related to precious metals leases driven by higher overall borrowings.

Earnings (Losses) from Equity Method Investments

Earnings (losses) from equity method investments for the three months ended September 30, 2026 increased $1.4 million, or 153.1%, to earnings of $0.5 million from a loss of $0.9 million in 2025 due to increased earnings of our equity method investees.

Other Income and Expense, Net

Other income and expense, net for the three months ended September 30, 2026 decreased $2.9 million, or 130.8%, to expense of $0.7 million from income of $2.2 million in 2025. The change in other income and expense, net was primarily due to increased expense related to changes in our contingent consideration fair value adjustments of $4.3 million partially offset by a $0.7 million unrealized gain on our holdings of XAU₮ stablecoin.

Income Tax Benefit (Expense)

We recorded an income tax benefit of $17,000 and an income tax expense of $0.7 million for the three months ended September 30, 2026 and 2025, respectively. Our effective tax rate was approximately -0.8% and -212.2% for the three months ended September 30, 2026 and 2025, respectively. Our effective tax rate varied from the tax computed at the U.S. federal statutory income tax rate for the three months ended September 30, 2026 primarily due to the excess tax benefit from share-based compensation, partially offset by Section 162(m) executive compensation disallowance and foreign tax effects. Our effective tax rate varied from the federal statutory rate for the three months ended September 30, 2025 primarily due to state taxes (net of federal benefit), non-taxable and non-deductible items, and foreign tax effects.