Marygold Companies, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
MGLD$1.97-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001493152-26-021973
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001493152-26-050461
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 87 previous paragraphs and 49 current paragraphs.
21 unchanged; 14 reworded; 14 added; 43 removed; 9 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
The Marygold Companies To Be Acquired
Current report
On September 25, 2026, The Marygold Companies, Inc. entered into a definitive merger agreement pursuant to which funds managed by Madison Dearborn Partners will acquire all of the outstanding shares of the Company for $2.00 per share. Outstanding stock options will be converted into the right to receive cash equal to the product of the number of option shares and the excess of the $2.00 per share purchase price over the exercise price per share. The transaction is expected to close during the first half of 2027 or earlier, upon satisfaction of customary closing conditions, including the approval of Marygold stockholders, regulatory approvals and certain change-of-control approvals. The Company’s Board has voted unanimously to approve the transaction. Certain stockholders of the Company, including Nicholas Gerber, who collectively beneficially own approximately 75% of the Company’s outstanding shares, have entered into voting and support agreements pursuant to which they have agreed to vote their shares in favor of the transaction subject to customary exceptions. In certain circumstances, the Company would be required to pay the acquiring company a termination fee of $2.6 million. Upon completion of the transaction, the Company will become a privately held company and its common stock will no longer be listed on the NYSE American LLC.
Current report
Discontinued Operations Classification for Food Products Segment
Current report
On March 31, 2026, the Company committed to a plan to dispose of its Food Products segment which is a distinct reporting segment and includes all operations conducted in New Zealand. The Food Products segment consists of two legal entities: Gourmet Foods, Ltd. which is a bakery business and Printstock Products Limited which is a printing business for the food industry and wholly-owned subsidiary of Gourmet Foods, Ltd. The Company expects to dispose of these two entities either collectively or separately through a sale or sales to a third party. The decision to divest the Food Products segment was driven by management’s strategic initiative to focus on its Fund Management and Financial Services related businesses. The disposal represents a strategic shift that will have a significant impact on the Company’s operations and financial results, including the exit from New Zealand and the Food Products segment. The Company is actively marketing the Food Products segment and expects the transaction to be completed within twelve months of the classification date. There can be no assurance the Company will be successful in divesting this business upon terms acceptable to the Company or as to the timing or terms of the final transaction or series of transactions.
Current report
Printstock Products Limited
Current report
In September 2026, we entered into a definitive agreement to sell our Printstock Products Limited (“Printstock”) business unit to TAG Investments Limited, a New Zealand-based private investment firm, in a cash transaction valued at a minimum of NZ$2,450,000 with final cash proceeds to be determined at closing. The proposed transaction is structured as an asset sale. Based in Napier, New Zealand, Printstock is a digital printer of custom food packaging products for brands predominantly distributed in New Zealand. The proposed transaction is expected to be completed on or about November 20, 2026. It is subject to customary closing conditions, including, but not limited to, due diligence, assignment of the lease and closing inventory valuations.
Current report
Quarter Ended September 30, 2026 Compared with Quarter Ended September 30, 2025
Current report
Revenue increased by $4.1 million or 80% for the quarter ended September 30, 2026 driven by increased revenue of $4.1 million at our fund management segment resulting from higher average Assets Under Management (“AUM”). The increase in U.S. fund management revenue was driven by an increase in average AUM. Average AUM for the quarter ended September 30, 2026 was $5.5 billion compared to $2.9 billion for the quarter ended September 30, 2025. The increase in average AUM in the quarter ended September 30, 2026 was due to commodity price fluctuations, along with geopolitical and economic uncertainty.
Current report
Operating expenses increased by $0.8 million or 13% driven by an increase of $1.4 million at our fund management segment primarily as a result of the higher variable fees tied to the increased average AUM; and partially offset by a $0.3 million reduction in costs in our financial services segment driven by the pause of further development of the Fintech app in the UK and a reduction of $0.3 million in expenses primarily related to compensation in our corporate headquarters segment.
Current report
Income taxes went from a tax benefit in the first quarter of the prior year due to the taxable loss during that period to a tax provision in the first quarter of the current year due to the taxable income as described above.
Current report
Net income from discontinued operations was flat at $0.1 million for both quarterly periods in fiscal 2027 and 2026.
Current report
Quarter Ended September 30, 2026 Compared with Quarter Ended September 30, 2025
Current report
Operating income was flat at $0.1 million for the quarter ended September 30, 2026, as compared to the prior year quarter.
Current report
Our total Financial Services revenue, derived entirely from Marygold UK, was $0.2 million in both quarters ended September 30, 2026 and 2025. Marygold UK had developed a fintech app designed specifically for use by Marygold UK clients. The app was launched in the U.K. in March 2025, earned only de minimis revenue, was removed from the market in April 2026, its offering, development and marketing were paused effective June 30, 2026. The consolidated operating loss for financial services was $0.1 million in the quarter ended September 30, 2026, compared with a loss of $0.4 million in the prior year quarter.
Removed paragraphs (43)
Previous report
As discussed in the Notes to the Condensed Consolidated Financial Statements, the results and related assets and liabilities of the Food Products business are reported as discontinued operations. As a result, unless specifically stated, all discussions included below reflect continuing operations for all periods presented.
Previous report
Food Products – Gourmet Foods, Ltd., a registered New Zealand company located in Tauranga, New Zealand and its wholly-owned subsidiary, Printstock Products Limited, a registered New Zealand company, with its principal manufacturing facility in Napier, New Zealand qualified for discontinued operations on March 31, 2026 (see Note 3. Discontinued Operations).
Previous report
Security Systems – Brigadier Security Systems (2000) Ltd., a Canadian registered corporation, with locations in Regina and Saskatoon, Saskatchewan, Canada was included in our continuing operations until it was sold to a related party on July 1, 2025 (see Note 7. Sale of Brigadier).
Previous report
Geopolitical Conflict
Previous report
Ongoing geopolitical conflict, including war and armed conflicts (such as the Russia-Ukraine war, military conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities such as crude oil and the value, pricing, and liquidity of the investments or other assets held by the Company’s indirect wholly owned subsidiaries. These armed conflicts have created disruptions in global energy supplies, supply chain issues, increased volatility in global energy prices, including the prices for oil and petroleum and shipping costs on a global basis. We are continuing to evaluate the evolving macroeconomic environment and our ability to mitigate the impact on our businesses, consolidated results of operations and financial condition.
Previous report
Three Months Ended March 31, 2026 Compared with Three Months Ended March 31, 2025
Previous report
Revenue increased by $1.7 million or 30% for the three months ended March 31, 2026 due to an increase in revenue in our US fund management segment of $2.2 million driven by an increase in average Assets Under Management (“AUM”) partially offset by a reduction in revenue of $0.6 million from our security systems segment as a result of the sale of Brigadier to a related party on July 1, 2025. Average AUM in our US fund management segment for the three months ended March 31, 2026 was $4.7 billion compared to $2.6 billion for the three months ended March 31, 2025. The increase in average AUM in the three months ended March 31, 2026 was due to oil and other commodity price increases and as a result of the geopolitical conflicts in the Middle East and Eastern Europe, along with other geopolitical and economic uncertainty.
Previous report
Operating expenses increased by $0.5 million or 7% driven by increased costs associated with our US fund management segment due to increased variable and sub-adviser fees related to higher AUM offset by a reduction in costs at our Marygold & Co. subsidiary as they paused further development of the Fintech app in the US as well as a reduction of $0.3 million of operating expenses incurred by Brigadier in the three months ended March 31, 2025 as a result of the sale of Brigadier on July 1, 2025.
Previous report
Total other income, net increased by $0.2 million or 103% for the three months ended March 31, 2026 compared to the prior year three months driven by the reduction in interest expense as a result of the payoff of the Streeterville note payable in September 2025.
Previous report
The benefit from income taxes decreased by $0.3 million or 86% in the three months ended March 31, 2026 compared to the prior year three months as a result of the income (loss) from continuing operations before income taxes went from a loss of $1.4 million in the three months ended March 31, 2025 to a profit of $0.2 million in the three months ended March 31, 2026 for the reasons described above.
Previous report
Nine Months Ended March 31, 2026 Compared with Nine Months Ended March 31, 2025
Previous report
Summary Results of Operations
Previous report
Revenue increased by $0.5 million or 3% for the nine months ended March 31, 2026 due to an increase in revenue in our US fund management segment of $1.9 million driven by an increase in average Assets Under Management (“AUM”) and an increase in revenue of $0.5 million from our beauty products segment, partially offset by a reduction in revenue of $1.8 million from our security systems segment as a result of the sale of Brigadier to a related party on July 1, 2025. Average AUM in our US fund management segment for the nine months ended March 31, 2026 was $3.6 billion compared to $3.0 billion for the nine months ended March 31, 2025. The increase in average AUM in the nine months ended March 31, 2026 was due to oil and other commodity price increases and as a result of the geopolitical conflicts in the Middle East and Eastern Europe, along with other geopolitical and economic uncertainty.
Previous report
Gross profit increased by $1.2 million or 8% driven by the increase in revenue generated by our US fund management segment as described above.
Previous report
Operating expenses decreased by $2.2 million or 10% driven by a reduction of costs associated with our Marygold & Co. subsidiary as, effective April 1, 2025, it paused further development of the Marygold Fintech app for the US market as well as a reduction of $0.9 million of operating expenses as a result of the sale of Brigadier on July 1, 2025.
Previous report
Loss from continuing operations decreased by $3.5 million or 62% compared to the prior year nine months as a net result of: the decrease in financial services loss by $3.7 million from pausing the Marygold Fintech app in the US; improved profitability of our beauty products segment by $0.6 million; a reduction in stock based compensation charges of $0.5 million, partially offset by reduced profit of $0.6 million in the fund management segment and the elimination of $0.3 million profit in our security systems segment as a result of the sale of Brigadier on July 1, 2025.
Previous report
The benefit from income taxes decreased by $1.1 million or 86% in the nine months ended March 31, 2026 compared to the prior year nine months as a result of the loss from continuing operations before income taxes decreasing by $4.8 million for the reasons described above.
Previous report
Three Months Ended March 31, 2026 Compared with Three Months Ended March 31, 2025
Previous report
Operating loss decreased by $0.1 million or 57% for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 as a result of increased revenues of $0.1 million. The operating loss of less than $0.1 million was driven by an inability to ship ordered product to customers in the Middle East due to the conflict in Iran.
Previous report
Security Systems – Brigadier
Previous report
Brigadier was sold to a related party on July 1, 2025 (see Note 7. Sale of Brigadier).
Previous report
Our total Financial Services revenue, derived entirely from Marygold UK, for the three months ended March 31, 2026, decreased by $0.1 million compared to the three months ended March 31, 2025. The decrease in revenue was due to lower assets under management at the Marygold & Co. Limited subsidiary. Marygold UK continued development of its fintech app designed specifically for use in the UK. Operating loss increased from $0.2 million for the three months ended March 31, 2025 to $0.4 million for the three months ended March 31, 2026 due to the Fintech app development costs coupled with the lower revenue for the U.K. market. The consolidated operating loss for financial services was $0.4 million for the three months ended March 31, 2026 as compared to a loss of $1.5 million for the three months ended March 31, 2025, a decrease of $1.1 million or 74%.
Previous report
Net (loss) income from discontinued Food Products (Gourmet Foods) Segment
Previous report
Gourmet Foods has two distinct operating divisions: 1) a commercial-scale bakery producing iconic Kiwi pies, sausage rolls, and other pastry products and 2) a digital printing business (Printstock Products Limited) which prints specialty food wrappers. Total food products revenue was relatively flat at $1.6 million for the three months ended March 31, 2026 as compared to 2025 with the bakery division being slightly lower and the printing division slightly higher.
Previous report
The net loss from discontinued operations was less than $0.1 million for the three months ended March 31, 2026 as compared to net income from discontinued operations of less than $0.1 million for the three months ended March 31, 2025. The bakery division posted a loss of less than $0.1 million due in part to price resistance at major grocery chains, a slowing in consumer discretionary spending across New Zealand in general, and higher shipping charges. The printing division posted a profit of less than $0.1 million as it increased production efficiencies and improved its sales outreach efforts. Printing revenue and operating profit were slightly lower due to machinery maintenance shut-downs causing temporary delays in production deliveries.
Previous report
Nine Months Ended March 31, 2026 Compared with Nine Months Ended March 31, 2025
Previous report
SEGMENT RESULTS OF OPERATIONS
Previous report
Operating income decreased to $2.1 million from $2.6 million for the nine months ended March 31, 2026 compared to the same nine months in 2025 driven by increases in sub-advisor fees (related to growth in newer funds), marketing and distribution expenses, new fund development costs, and variable operating expenses that are tied to average AUM.
Previous report
Beauty Products – Original Sprout
Previous report
Original Sprout derives its revenues from the sale of proprietary hair and skin care products marketed to domestic and international distributors, grocery stores, hair salons and direct-to-consumers via online platforms. Revenue for the nine months ended March 31, 2026 was $2.5 million as compared to $2.1 million for the comparable prior year period, an increase of $0.4 million or 23% driven by (1) continued success in controlling its brand and pricing on e-commerce platforms and (2) an increase in international distribution channels to include other countries in Asia.
Previous report
Operating income increased to $0.2 million for the nine months ended March 31, 2026, as compared to an operating loss of $0.4 million for the nine months ended March 31, 2025, or 158% improvement, as a result of increased revenue, the reduction of certain expenses including the elimination of third-party marketing consultants, and a reduction of unused warehouse space.
Previous report
Security Systems – Brigadier
Previous report
Brigadier was sold to a related party on July 1, 2025 (see Note 7. Sale of Brigadier).
Previous report
Marygold US
Previous report
Marygold UK
Previous report
Our total Financial Services revenue, derived entirely from Marygold UK, for the nine months ended March 31, 2026, was flat at $0.6 million for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. Marygold UK continued development of a scaled down version of its fintech app designed specifically for use in the UK by clients of Marygold UK. Operating loss increased by $0.5 million due to increased costs incurred in connection with the implementation of the Marygold UK mobile Fintech app in the U.K. market. The consolidated operating loss for financial services was $1.1 million for the current nine months as compared to a loss of $4.8 million for the nine months ended March 31, 2025.
Previous report
Corporate Headquarters
Previous report
Net income from discontinued Food Products (Gourmet Foods) Segment
Previous report
Gourmet Foods has two distinct operating divisions: 1) a commercial-scale bakery producing iconic Kiwi pies, sausage rolls, and other bakery products and 2) a digital printing business (Printstock Products Limited) which prints specialty food wrappers. Total food products revenue was relatively flat at $5.0 million for the nine months ended March 31, 2026 and March 31, 2025.
Previous report
The net income from discontinued operations for the nine months ended March 31, 2026 was slightly less than $0.1 million as compared to a little over $0.1 million for the nine months ended March 31, 2025.
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Reworded paragraphs (14)
Previous wording
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying notes thereto included in this Report and is qualified in its entirety by the foregoing and by more detailed financial information appearing elsewhere in this Report. See “Item 1 - Financial Statements.” In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Some of the numbers included herein have been rounded for the convenience of presentation. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed in the “Special Note Regarding Forward Looking Statements” above.
Current wording
The following discussion and analysis should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included in this Report and is qualified in its entirety by the foregoing and by more detailed financial information appearing elsewhere in this Report. See “Item 1 - Financial Statements.” In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Some of the numbers included herein have been rounded for the convenience of presentation. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed in the “Special Note Regarding Forward Looking Statements” above.
Previous wording
The Marygold Companies, Inc., a Nevada corporation (together with its subsidiaries, “Company,” “The Marygold Companies,” “we,” “our,” or “us”), is a holding company which operates through its wholly owned subsidiaries on a multinational scale that is focused upon exchange traded funds management, financial services, and certain other business activities listed below:
Current wording
The Marygold Companies, Inc., a Nevada corporation (“Company,” “The Marygold Companies,” “we,” “our,” or “us”), is a holding company which operates through its wholly owned subsidiaries on a multinational scale that is focused upon financial services, exchange traded funds management and certain other business activities listed below:
Previous wording
Gross profit increased by $1.9 million or 39% driven by the increase in revenue generated by our US fund management segment as described above.
Current wording
Gross profit increased by $4.0 million or 82% driven by an increase in revenue of $4.1 million at our fund management segment from the higher average AUM as described above.
Previous wording
Loss from continuing operations decreased by $1.4 million or 91% compared to the prior year three months as a net result of: the increased profit of $0.4 million in the fund management segment due to higher average AUM and a decrease in financial services loss by $1.1 million from pausing the Marygold Fintech app in the US.
Current wording
Income (loss) from continuing operations improved by $3.2 million or 236% compared to the prior year quarter as a result of: the increase in profit of $2.6 million in the fund management segment due to the higher average AUM during the quarter; the decrease in financial services loss by $0.3 million from pausing the Marygold Fintech app in the UK in June 2026; and the decrease in loss from of our corporate headquarters segment by $0.4 million.
Previous wording
Total other income (expense), net increased by $1.3 million or 970% for the nine months ended March 31, 2026 compared to the prior year nine months driven by the $0.5 million gain on sale of Brigadier in July 2025 and a reduction in interest expense of $0.6 million from paying off the Streeterville note payable in September 2025.
Current wording
Other income, net decreased by $0.5 million or 62% for the quarter ended September 30, 2026 compared to the prior year quarter as a result of the $0.5 million gain on sale of Brigadier in the quarter ended September 30, 2025.
Previous wording
Net income (loss) increased by $1.2 million or 122% and was driven by the net effect of the changes discussed above.
Current wording
Net income improved by $2.1 million from a net loss of $0.4 million in the prior year quarter and was driven by the net effect of the changes discussed above.
Previous wording
USCF Investments earns monthly management and advisory fees based on an investment management or advisory agreement with each ETF or ETP that it manages. The management fees are determined on the basis of a contractual basis point management fee multiplied by the average AUM over the given period. Average AUM for the three months ended March 31, 2026 was $4.7 billion compared to $2.6 billion for the three months ended March 31, 2025. As a result of higher average AUM for the current three months when compared to the three months ended March 31, 2025, revenue increased by $2.2 million or 55%. The increase in average AUM in the three months ended March 31, 2026 was due to oil and other commodity price increases and as a result of the geopolitical conflicts in the Middle East and Eastern Europe, along with other geopolitical and economic uncertainty.
Current wording
USCF Investments earns monthly management and advisory fees based on an investment management or advisory agreement with each ETF or ETP that it manages. The management fees are determined on the basis of a contractual basis point management fee multiplied by the average AUM over the given period. Average AUM for the quarter ended September 30, 2026 was $5.5 billion compared to $2.9 billion for the quarter ended September 30, 2025. As a result of higher average AUM for the current quarter when compared to the quarter ended September 30, 2025, revenue increased by $4.1 million or 94%. The increase in average AUM in the quarter ended September 30, 2026 was due to commodity price fluctuations, including energy price volatility associated with geopolitical events in the Middle East and Eastern Europe, as well as other geopolitical and economic uncertainty affecting inventory and demand.
Previous wording
Operating income increased to $1.2 million from $0.8 million for the three months ended March 31, 2026 compared to the same three months in 2025 driven by higher revenue offset by increases in sub-advisor fees (related to AUM growth in sub-advised funds), marketing and distribution expenses, new fund development costs, and variable operating expenses that are tied to average AUM.
Current wording
Operating income increased by $2.6 million or 693% for the quarter ended September 30, 2026 compared to the same quarter in 2025 driven by higher revenue and partially offset by increases in sub-advisor fees (related to growth in newer funds) and by variable operating expenses that are tied to higher average AUM from other funds.
Previous wording
Original Sprout derives its revenues from the sale of proprietary hair and skin care products marketed to domestic and international distributors, grocery stores, hair salons and direct-to-consumers via online platforms. Revenue for the three months ended March 31, 2026 increased to $0.7 million from $0.6 million in the comparable prior year period. The increase of $0.1 million or 10% was driven by (1) continued success in controlling its brand and pricing on e-commerce platforms and (2) an increase in international distribution channels to include other countries in Asia.
Current wording
Original Sprout derives its revenues from the sale of proprietary hair and skin care products marketed to domestic and international distributors, grocery stores, hair salons and direct-to-consumers via online platforms. Revenue increased by $0.1 million or 18% driven by improved performance by its distribution channels.
Previous wording
Marygold US developed and launched a mobile banking fintech app which earned revenue in the form of management fees based on a percentage of the amount of account holder funds invested in various curated ETF portfolios offered on the app (“Money Pools”), and from transaction fees when account holders used a debit card. The app was soft-launched in June 2023 as a proof of concept. Since that time, the app earned only de minimis revenues. As a result, the offering of the app in the US was paused by Marygold US effective April 1, 2025. For the three months ended March 31, 2026, Marygold US had no revenue and nominal expenses as compared with an operating loss of $1.3 million for the three months ended March 31, 2025.
Current wording
Marygold US developed and launched a mobile banking fintech app which earned revenue in the form of management fees based on a percentage of the amount of account holder funds invested in various curated ETF portfolios offered on the app (“Money Pools”), and from transaction fees when account holders used a debit card. The app was soft-launched in June 2023 as a proof of concept. Since that time, the app earned only de minimis revenues. As a result, the offering of the app in the US was paused by Marygold US effective March 31, 2025. For the quarters ended September 30, 2026 and 2025, Marygold US had no revenue and minimal expenses.
Previous wording
The Marygold Companies as a holding company has no significant revenue, however, it does have operating expenses such as, but not limited to, salaries, audit and legal fees, NYSE American listing fees and expenses, expenses related to compliance with its SEC periodic reporting requirements, insurance, interest expense, and investor relations which produce operating losses. Operating loss for the corporate headquarters was relatively flat at $0.9 million for the three months ended March 31, 2026 as compared to $0.8 million for the same period in 2025.
Current wording
The Marygold Companies as a holding company has no significant revenue, however, it does have operating expenses such as, but not limited to, salaries, audit and legal fees, NYSE American listing fees and expenses, expenses related to compliance with its SEC periodic reporting requirements, insurance, and investor relations which produce operating losses. Operating loss for the corporate headquarters decreased by $0.4 million for the quarter ended September 30, 2026 as compared to the same period in 2025 driven by higher compensation related expenses in the prior year quarter.
Previous wording
As of March 31, 2026, we had $3.0 million of cash and cash equivalents on a consolidated basis as compared to $5.0 million as of June 30, 2025, a decrease of $2.0 million or 41%. Our cash used in operating activities for the nine months ended March 31, 2026 was $2.4 million. During the nine months ended March 31, 2026, we made principal payments of $1.3 million to pay off our Streeterville note payable and we received net proceeds of $1.1 million from the sale of Brigadier. For the nine months ended March 31, 2026, the Company spent money at Marygold UK for the development and marketing of the mobile Fintech app. We have invested a total of $19.5 million overall in the Fintech app since the project was implemented in 2019. Over the coming 12 months we currently expect to generate proceeds from the sale of our Food Products segment and we plan to further curtail funding on our fintech-based subsidiary operations. Our working capital position remains strong at $12.6 million as of March 31, 2026.
Current wording
As of September 30, 2026, we had $4.5 million of cash and cash equivalents on a consolidated basis as compared to $2.9 million as of June 30, 2026, an increase of $1.6 million or 56%. Our cash provided by operating activities for the quarter ended September 30, 2026 was $1.8 million. Effective June 30, 2026 we paused the offering, development and marketing of the mobile Fintech app in the U.K which has reduced our expenses related to our Fintech app during the quarter ended September 30, 2026. We have expensed a total of $19.5 million overall in the Fintech app since the project was implemented in 2019. Over the coming 12 months we currently expect to generate proceeds from the sale of our Food Products segment and plan to further curtail funding for our fintech-based subsidiary operations. Our working capital position remains strong at $15.7 million as of September 30, 2026.
Previous wording
The Company has various leases for offices, warehouses and manufacturing facilities. The total amount due under these obligations was $0.6 million as of March 31, 2026. The obligations will reduce over the passage of time through periodic lease payments. See Note 11 to our consolidated financial statements for further analysis of these obligations.
Current wording
The Company has various leases for offices, warehouses and manufacturing facilities. The total amount due under these obligations was $0.3 million as of September 30, 2026. The obligations will reduce over the passage of time through periodic lease payments. See Note 9. for further analysis of this obligation.
Previous wording
USCF Investments, from time to time, provides initial investments in the creation of ETF and ETP funds that USCF Investments manages. USCF Investments classifies these investments as current assets as these investments are generally sold within one year from the balance sheet date. As of March 31, 2026, USCF Investments held investment positions in four of its exchange traded funds registered under the Investment Company Act of 1940, as amended, ZSB, USE and ZSC of $0.2 million, $0.9 million and $0.6 million, respectively. These investment positions along with other investments, as applicable, are described further in Note 6. to our Financial Statements.
Current wording
USCF Investments, from time to time, provides initial investments in the creation of ETP funds that USCF Investments manages. USCF Investments classifies these investments as current assets as these investments are generally sold within one year from the balance sheet date. As of September 30, 2026, USCF Investments held investment positions in two of its exchange traded funds registered under the Investment Company Act of 1940, as amended, ZSB and USE of $0.2 million and $0.7 million, respectively. These investment positions along with other investments, as applicable, are described further in Note 6. to our Financial Statements.
Rearranged previous paragraphs (9)
Previous report — wording carried elsewhere
Refer to*“Liquidity and Capital Resources” below.*
Previous report — wording carried elsewhere
Net loss decreased by $3.6 million or 84% and was driven by the net effect of the changes discussed above.
Previous report — wording carried elsewhere
U.S. Fund Management – Related Party - USCF Investments
Previous report — wording carried elsewhere
Our U.S. Fund Management is comprised of USCF Investments, and its wholly owned subsidiaries. USCF Investments earns monthly management and advisory fees based on an investment management or advisory agreement with each ETF or ETP that it manages. The management fees are determined on the basis of a contractual basis point management fee multiplied by the average AUM over the given period. Average AUM for the nine months ended March 31, 2026 was $3.6 billion compared to $3.0 billion for the nine months ended March 31, 2025. As a result of higher average AUM for the current nine months when compared to the nine months ended March 31, 2025, revenue increased by $1.9 million or 14%. The increase in average AUM in the nine months ended March 31, 2026 was due to oil and other commodity price increases and as a result of the geopolitical conflicts in the Middle East and Eastern Europe, along with other geopolitical and economic uncertainty.
Previous report — wording carried elsewhere
U.S. and U.K. Financial Services – Marygold US and Marygold UK
Previous report — wording carried elsewhere
Our U.S. and U.K. Financial Services segment is comprised of Marygold US and Marygold UK, which are distinct operating entities with differing revenue streams.
Previous report — wording carried elsewhere
Marygold US developed and launched a mobile banking fintech app which earned revenue in the form of management fees based on a percentage of the amount of account holder funds invested in various curated ETF portfolios offered on the app (“Money Pools”), and from transaction fees when account holders used a debit card. The app was soft-launched in June 2023 as a proof of concept. Since that time, the app earned only de minimis revenues. As a result, the offering of the app in the US was paused by Marygold US effective April 1, 2025. For the nine months ended March 31, 2026, Marygold US had no revenue and minimal expenses as compared with an operating loss of $4.2 million for the nine months ended March 31, 2025. Losses and negative cash flows from Marygold US are expected to be significantly reduced for the remainder of this fiscal year.
Previous report — wording carried elsewhere
Marygold UK is a U.K. holding company which operates through its two wholly-owned subsidiaries Marygold & Co. Limited f/k/a Tiger Financial and Asset Management Limited and Step By Step Financial Planners, both of which are registered investment advisors which earn revenues based on the amount of AUM and from the sale of financial products, including insurance, to customers in the U.K.
Previous report — wording carried elsewhere
The Marygold Companies as a holding company has no significant revenue, however, it does have operating expenses such as, but not limited to, salaries, audit and legal fees, NYSE American listing fees and expenses, expenses related to compliance with its SEC periodic reporting requirements, insurance, interest expense, and investor relations which produce operating losses. Operating loss for the corporate headquarters was relatively flat at $3.3 million for both the nine months ended March 31, 2026 and the same period in 2025.