Gold.com, Inc.

The Company conducts its operations in four reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, (iii) Minting & Refining, and (iv) Secured Lending.

Results of Operations — Wholesale Sales & Ancillary Services Segment

The Company operates its Wholesale Sales & Ancillary Services segment directly under the "A-Mark" brand and through its consolidated subsidiaries Transcontinental Depository Services ("TDS"), A-M Global Logistics, LLC (“AMGL”), AM/LPM Ventures, LLC, which owns a majority interest in LPM Group Limited ("LPM"), Spectrum Group International, LLC, which was formed in February 2025 to acquire all of the stock of Spectrum Group International, Inc. ("SGI"), Pinehurst Coin Exchange, Inc. ("Pinehurst"), and AM Precious Metals Singapore PTE, Ltd. The Wholesale Sales & Ancillary Services segment includes the consolidating eliminations of inter-segment transactions and unallocated segment adjustments.

— Wholesale Sales & Ancillary Services Segment

The operating results of our Wholesale Sales & Ancillary Services segment were as follows (in thousands, except performance metrics data):

(a)

Revenues are presented net of inter-segment transactions; see Note 19 for further information.

Revenues — Wholesale Sales & Ancillary Services

(a)

Revenues are presented net of inter-segment transactions; see Note 19 for further information.

Revenues for the three months ended September 30, 2026 decreased $510.7 million, or 18.1%, to $2.306 billion from $2.817 billion in 2025. Excluding a decrease in forward sales of $1.368 billion, our revenues increased $857.7 million, which was due to higher average selling prices of gold and silver and an increase in gold and silver ounces sold.

Gold ounces sold for the three months ended September 30, 2026 increased 66,000 ounces, or 25.9%, to 321,000 ounces from 255,000 ounces in 2025. Silver ounces sold for the three months ended September 30, 2026 increased 3,172,000 ounces, or 46.8%, to 9,951,000 ounces from 6,779,000 ounces in 2025. On average, selling prices for gold increased by 23.1% and selling prices for silver increased by 54.4% during the three months ended September 30, 2026 as compared to the prior year.

The Wholesale Sales ticket volume for the three months ended September 30, 2026 decreased by 7,943 tickets, or 24.3% to 24,759 tickets from 32,702 tickets in 2025.

Gross Profit — Wholesale Sales & Ancillary Services

Gross profit for the three months ended September 30, 2026 increased $5.3 million, or 24.8%, to $26.5 million from $21.2 million in 2025. The gross profit increase was primarily due to higher premium spreads, partially offset by lower trading profits.

This segment’s profit margin percentage increased by 39.6 basis points to 1.150% from 0.754% in 2025. The increase in gross margin percentage was mainly attributable to the impact of decreased forward sales, partially offset by lower trading profits.

Excluding forward sales that had a negligible impact on the amount of gross profit, this segment's gross margin percentage for the three months ended September 30, 2026 decreased by 68.7 basis points to 1.422% from 2.109% in the prior year. Forward sales increase revenues but are associated with negligible gross profit. The Company enters into forward contracts to hedge its precious metals price risk exposure and not for speculative purposes.

Selling, General and Administrative Expenses — Wholesale Sales & Ancillary Services

Selling, general, and administrative expenses for the three months ended September 30, 2026 increased $1.4 million, or 6.2%, to $23.4 million from $22.1 million in 2025. The change was primarily due to: (i) an increase in compensation expense of $0.7 million and (ii) higher advertising costs of $0.5 million.

Depreciation and Amortization Expense — Wholesale Sales & Ancillary Services

Depreciation and amortization expense for the three months ended September 30, 2026 decreased $0.3 million, or 15.4%, to $1.4 million from $1.6 million in 2025. The change in depreciation and amortization expense was not significant.

Interest Income — Wholesale Sales & Ancillary Services

Interest income for the three months ended September 30, 2026 decreased $0.4 million, or 14.9%, to $2.6 million from $3.0 million in 2025. The overall decrease was primarily due to: (i) a $0.7 million decrease in interest income earned from margin orders partially offset by (ii) a $0.2 million increase in interest earned from repurchase arrangements with customers.

Interest Expense — Wholesale Sales & Ancillary Services

Interest expense for the three months ended September 30, 2026 decreased $3.5 million, or 32.7%, to $7.3 million from $10.8 million in 2025. The overall decrease was primarily due to: (i) a decrease of $5.4 million in connection with our Trading Credit Facility due to reduced borrowings and (ii) lower interest and fees of $3.4 million related to product financing arrangements due to lower borrowings, partially offset by (iii) an increase of $5.4 million from precious metals leases driven by higher overall borrowings.

Earnings (Losses) from Equity Method Investments— Wholesale Sales & Ancillary Services

Earnings (losses) from equity method investments for the three months ended September 30, 2026 increased $1.4 million, or 147.1%, to earnings of $0.4 million from a loss of $0.9 million in 2025 due to increased earnings of our equity method investees.

Results of Operations — Direct-to-Consumer Segment

The Company operates its Direct-to-Consumer segment through its subsidiaries JM Bullion, Inc. (“JMB”), Goldline, Inc. (“Goldline”), Precious Metals Purchasing Partners, LLC ("PMPP"), AM/LPM Ventures, LLC, which owns a majority interest in LPM Group Limited ("LPM"), Spectrum Group International, LLC ("SGI"), Pinehurst Coin Exchange, Inc. ("Pinehurst"), AMS Holding, LLC ("AMS"), AM LPM Singapore PTE Ltd., Monex Deposit Company ("Monex"), and through its investment in Silver Gold Bull, Inc. ("SGB").

— Direct-to-Consumer Segment

The operating results of our Direct-to-Consumer ("DTC") segment were as follows (in thousands, except performance metrics data):

(a)

Includes inter-segment sales; see Note 19 for further information.

Revenues — Direct-to-Consumer

Revenues for the three months ended September 30, 2026 increased $86.2 million, or 10.0%, to $950.1 million from $863.9 million in 2025. The increase in revenue was due to an increase in silver ounces sold and higher average selling prices of gold and silver, partially offset by a decrease in gold ounces sold. Revenues also increased due to the acquisition of Monex in January 2026, whose results were not included in the same year-ago period.

Gold ounces sold for the three months ended September 30, 2026 decreased 42,000 ounces, or 22.8%, to 142,000 ounces from 184,000 ounces in 2025. Silver ounces sold for the three months ended September 30, 2026 increased 415,000 ounces, or 11.5%, to 4,027,000 ounces from 3,612,000 ounces in 2025.

On average, selling prices for gold increased by 26.6% and selling prices for silver increased by 53.1% during the three months ended September 30, 2026 as compared to the prior year.

The number of new customers for the three months ended September 30, 2026 increased 26,700, or 38.5%, to 96,100 from 69,400 in 2025. The number of active customers for the three months ended September 30, 2026 increased 1,300, or 0.9%, to 148,600 from 147,300 in 2025. The number of total customers as of September 30, 2026 increased 553,000, or 13.0%, to 4,818,400 from 4,265,400 as of September 30, 2025. These changes in customer-based metrics were primarily due to the acquisition of Monex in January 2026, as well as JMB's activity.

As of September 30, 2026, the number of total CyberMetals customers was 43,300, and CyberMetals customer assets under management were $17.0 million.

For the three months ended September 30, 2026, the Direct-to-Consumer ticket volume related to new customers increased by 6,842 tickets, or 13.2%, to 58,792 tickets from 51,950 tickets in 2025. For the three months ended September 30, 2026, Direct-to-Consumer ticket volume related to pre-existing customers increased by 41,367 tickets, or 23.9%, to 214,780 tickets from 173,413 tickets in 2025. For the three months ended September 30, 2026, the Direct-to-Consumer total ticket volume increased by 48,209 tickets, or 21.4%, to 273,572 tickets from 225,363 tickets in 2025. These changes in ticket volumes were primarily due to increases from SGI and SGB, partially offset by decreases in JMB and AMS.

For the three months ended September 30, 2026, the Direct-to-Consumer average order value decreased by $381, or 9.9%, to $3,482 from $3,863 in 2025.

Gross Profit — Direct-to-Consumer

Gross profit for the three months ended September 30, 2026 increased by $10.9 million, or 21.0%, to $62.5 million from $51.7 million in 2025. The increase in gross profit was primarily driven by AMS, JMB, SGB, and Monex. The results from Monex were not included in the same year-ago period.

For the three months ended September 30, 2026, the Direct-to-Consumer segment's profit margin percentage increased by 60.2 basis points to 6.581% from 5.979% in 2025. The increase in the gross profit margin percentage was primarily due to higher gross profit margins from SGB and Monex.

Selling, General and Administrative Expense — Direct-to-Consumer

Selling, general, and administrative expenses for the three months ended September 30, 2026 increased $7.8 million, or 20.7%, to $45.2 million from $37.5 million in 2025. The change was primarily due to: (i) an increase in compensation expense of $4.8 million, (ii) an increase in advertising costs of $1.8 million, and (iii) an increase in insurance costs of $0.5 million. Selling, general and administrative expenses for the three months ended September 30, 2026 included $3.3 million of expenses incurred by Monex whose results were not included in the same year-ago period. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $4.5 million from the prior year period.

Depreciation and Amortization Expense — Direct-to-Consumer

Depreciation and amortization expense for the three months ended September 30, 2026, increased $0.9 million, or 15.3%, to $6.9 million from $6.0 million in 2025 primarily due to an increase in amortization expense of $0.6 million.

Interest expense — Direct-to-Consumer

Interest expense for the three months ended September 30, 2026 increased $3.1 million to $3.5 million from $0.4 million in 2025. The increase was primarily related to higher interest and fees related to product financing arrangements.

Other Income, Net— Direct-to-Consumer

Other income, net for the three months ended September 30, 2026 decreased $2.3 million to $0.0 million from $2.3 million in 2025. The decrease was primarily due to contingent consideration fair value adjustments related to our acquisitions of Monex and AMS.

Results of Operations — Minting & Refining Segment

The Company operates its Minting & Refining segment through its consolidated subsidiaries AM&ST Associates, LLC ("AMST" or the "Silver Towne Mint") and Sunshine Minting, Inc. ("SMI"). In fiscal year 2027, the Company began separately presenting its Minting & Refining segment; in fiscal year 2026 and prior, the Company's Minting & Refining operations were included within its Wholesale Sales & Ancillary Services segment and not presented separately below.

Overview of Results of Operations for the Three Months Ended September 30, 2026

— Minting & Refining Segment

The operating results of our Minting & Refining segment were as follows (in thousands, except performance metrics data):

Results of Operations — Secured Lending Segment

The Company operates its Secured Lending segment through its wholly-owned subsidiaries, Collateral Finance Corporation, LLC ("CFC") and CFC Alternative Investments (“CAI”).

— Secured Lending Segment

The operating results of our Secured Lending segment were as follows (in thousands, except performance metrics data):

Interest Income — Secured Lending

Interest income for the three months ended September 30, 2026 increased $0.4 million, or 17.3%, to $3.0 million from $2.5 million in 2025. The increase in interest income earned from the segment’s secured loan portfolio was primarily due to higher average monthly loan balances, partially offset by fewer loans outstanding. The number of secured loans outstanding decreased by 52, or 12.3% to 372 from 424 as of September 30, 2025.

Interest Expense — Secured Lending

Interest expense for the three months ended September 30, 2026 increased $0.3 million, or 18.7%, to $1.6 million from $1.4 million in 2025. The change in interest expense was not significant.