Gold.com (A-Mark) Earnings Call Signals Growth Momentum

A-Mark Precious Metals Inc ((GOLD)) has held its Q2 earnings call. Read on for the main highlights of the call.

A-Mark Precious Metals Inc, now operating under the Gold.com brand, struck an upbeat tone on its latest earnings call as explosive top-line growth and stronger EBITDA overshadowed temporary trading and cost headwinds. Management emphasized that expanded liquidity, a transformative strategic deal with Tether, and rapid scaling of fulfillment and minting capacity position the company for continued growth despite recent market volatility.

Strategic Rebrand and NYSE Relisting

Gold.com completed its rebrand and relisted on the New York Stock Exchange in December 2025, a move aimed at cementing its identity as a global precious metals platform rather than a niche dealer. Executives framed the new name and listing as brand assets that should support broader investor awareness, institutional partnerships, and long-term strategic positioning.

Major Strategic Investment from Tether

A highlight of the call was the announcement that a Tether affiliate will invest about $125 million in common shares at $44.50, with roughly $25 million more pending regulatory clearance. The partnership extends beyond equity, adding a gold-leasing facility of at least $100 million, commercial logistics and storage agreements, stablecoin offerings to Gold.com customers, and a $20 million investment into Tether’s gold-backed XAUT.

Revenue Growth — Q2 and Year-to-Date

Gold.com reported Q2 fiscal 2026 revenues of $6.5 billion, a 136% jump from $2.7 billion in the prior-year period, fueled by higher volumes and notable forward sales activity. Even excluding $2.5 billion of forward sales, revenue still surged about 69% to roughly $1.2 billion, while six-month revenues climbed 86% to $10.1 billion, underscoring robust underlying demand.

Profitability and Cash Strength

Reported Q2 net income rose to $11.6 million, or $0.46 per share, compared with $6.6 million and $0.27 per share a year earlier, reflecting improved operating leverage despite margin pressure. The balance sheet also strengthened, with cash on hand doubling to $152 million from $78 million at fiscal year-end, giving the company more firepower to manage volatility and fund growth.

Strong Non-GAAP and EBITDA Performance

On a non-GAAP basis, adjusted net income before income taxes jumped 74% in Q2 to $23.2 million, highlighting earnings power once one-off items are stripped out. EBITDA was even more striking, climbing 109% to $33.9 million in Q2 and 42% year-to-date to $48.2 million, as higher volumes and acquisitions fed through the income statement.

Inventory and Balance Sheet Resources

Nonrestricted inventories rose to $1.031 billion from $795 million, a sizable increase that management says supports both current sales and the ability to fulfill future spikes in demand. While high inventory carries financing costs, the company framed this build as strategic, giving Gold.com flexibility to capitalize quickly on market opportunities and customer preorders.

Customer and Volume Growth

Direct-to-consumer momentum remained strong, with 96,100 new DTC customers added in Q2, up 47% year-over-year and 38% sequentially, bringing the total base to about 4.4 million, a 37% annual increase. On the physical side, gold ounces sold reached 545,000 in Q2, up 17% from a year ago and 24% from the prior quarter, reflecting solid investor appetite for the metal.

Acquisitions and Expansion

Gold.com continued its consolidation strategy by closing the acquisition of Monex Deposit Company and lifting its stake in U.K.-based Atkinsons Bullion & Coins to 49.5%. Management noted that recent deals, including SGI, Pinehurst, and AMS, materially boosted revenue and customer growth, while also broadening geographic reach and product diversity.

Operational Scale and Fulfillment Throughput

The AMGL Las Vegas fulfillment hub is rapidly scaling, having processed more than 120,000 packages in both December and January combined to roughly 275,000 shipments. The company’s near-term goal is to push toward about 150,000 packages per month once automation and software enhancements are completed, creating headroom for further DTC expansion.

Improved Gold Minting and Manufacturing Capacity

Management highlighted significant progress in minting and manufacturing capacity, citing historical peaks and current ramp-up plans at facilities such as Silver Towne as benchmarks. With the ability to materially increase weekly gold and silver output, Gold.com believes it is well positioned to supply rising demand and improve internal sourcing versus relying solely on third parties.

Trading Losses from Silver Backwardation

Not all trends were favorable, as unusual backwardation in the silver market drove trading losses and higher financing costs in Q2, reversing prior-year benefits from contango. Executives estimated that the year-over-year swing in comparable trading results was roughly $10 million to $12 million, underscoring how market structure can significantly affect results.

Rising Interest Expense

Interest expense climbed 57% year-over-year to $16.3 million in Q2, driven by heavier use of product financing arrangements, metal leases, and trading credit lines to support larger inventory and sales volumes. For the first six months, interest costs rose 42% to $28.9 million, illustrating the burden of funding growth through relatively expensive dollar-based borrowing.

SG&A and Acquisition-Related Cost Increases

Selling, general, and administrative expenses jumped 132% to $59.8 million in Q2, with about $30 million linked to recently acquired businesses, as integration and scaling efforts ramped up. Additional cost drivers included higher compensation and performance accruals of about $21 million, plus increased advertising, consulting, and facility expenses to support the expanding platform.

Compression in Gross Margin Percentage

Gross profit in absolute dollars soared 109% to $93 million, but the gross margin rate slipped to 1.44% of revenue from 1.63% a year earlier, reflecting thinner trading profits and changes in sales mix. Management framed this as a trade-off between volume-driven growth and percentage margins, noting that overall profits still advanced meaningfully.

Silver Volume Weakness Year over Year

Silver volumes lagged gold on a year-over-year basis, with Q2 silver sales of 18.6 million ounces down 15% and six-month volumes of 29 million ounces off 31%, pointing to softer sustained demand earlier in the fiscal year. However, the trend improved quarter-on-quarter, as silver ounces sold rebounded 79% sequentially, suggesting momentum may be turning.

Increased Depreciation and Amortization

Depreciation and amortization expenses rose 65% to $7.6 million in Q2, primarily from amortization of intangible assets tied to the recent string of acquisitions. While non-cash, these charges will continue to weigh on reported GAAP earnings and highlight the long-tail accounting impact of the company’s M&A-led expansion strategy.

Operational Strain and Preorder Delays

Rapid demand spikes in December and January created operational strain, forcing Gold.com to hire aggressively and rely more heavily on preorders, which contributed to some delayed deliveries. Popular items such as U.S. Silver Eagles remain on allocation and can be scarce, indicating that supply-chain tightness is still a challenge even as capacity ramps.

Minority Investment Shortfall Impacting GAAP

Noncontrolling interests were negative by roughly $1.9 million in the quarter, partly reflecting the timing of Sunshine Mint consolidation and swings in demand from key clients like the U.S. Mint. Management portrayed this drag as temporary and tied to specific partner dynamics rather than a structural issue with the underlying investment portfolio.

Revenue Volatility from Forward Sales and Markets

The quarter featured about $2.5 billion of forward sales, or $3 billion year-to-date, which can inflate reported revenue and complicate year-over-year comparisons for investors. Executives also pointed to sharp intraday moves in silver as a source of operational and liquidity stress, making capital management and hedging strategy central to protecting margins.

Forward-Looking Guidance and Strategic Outlook

Looking ahead to fiscal Q3, management said demand remains strong, premiums are widening, and silver backwardation is easing toward contango, which they expect to aid trading performance. Operationally, Gold.com plans to scale logistics to roughly 150,000 packages per month and ramp mint output toward historic peak rates, while the Tether funding and gold-leasing facility are expected to lower interest costs and support growth alongside a declared quarterly dividend.

Gold.com’s earnings call painted the picture of a company in aggressive growth mode, leveraging acquisitions, a powerful new strategic partner, and expanding manufacturing infrastructure to capture rising precious metals demand. While trading losses, higher interest expense, and short-term operational bottlenecks remain watchpoints, management’s message was that these are largely transitory, and that the upgraded balance sheet and scaled platform should support continued earnings momentum for investors tracking the stock.