Record Revenue Growth
Q3 revenue increased 244% to $10.3 billion from $3.0 billion a year ago; excluding $4.3 billion of forward sales, revenues grew $2.9 billion or 187%. Nine‑month revenue rose 142% to $20.5 billion from $8.4 billion; excluding $7.4 billion of forward sales, nine‑month revenue increased 95%.
Strong Profitability Turnaround
Q3 net income (attributable to company) was $59.5–60.0 million (EPS $2.09) versus a net loss of $8 million (EPS -$0.36) in the year‑ago quarter. Nine‑month net income was $70 million versus $7 million a year ago.
Substantial Gross Profit and Margin Improvement
Q3 gross profit rose 331% to $176 million and gross margin improved to 1.7% of revenue from 1.3% in the prior‑year quarter. Nine‑month gross profit increased 165% to $342 million (1.6% of revenue).
Large EBITDA and Adjusted Earnings Gains
Q3 EBITDA jumped to $103.4 million from $1.3 million a year ago. Adjusted net income before income taxes for Q3 was $87 million versus $5.7 million in the prior‑year quarter. Nine‑month EBITDA was $151.6 million, up 329% year over year.
Volume and Sales Mix Strength
Q3 gold ounces sold totaled 538,000, up 25% year over year (down 1% sequentially). Q3 silver ounces sold were 34.6 million, up 120% year over year and up 86% sequentially. Nine‑month gold ounces sold ~1.5 million (up 17% YTD) and silver 63.6 million (up 10% YTD).
Acquisitions and Strategic Partnerships Driving Growth
Monnex acquisition reported as delivering strong returns; Sunshine Mint acquisition to expand production (moved from ~45% ownership to 100%). Entered securities purchase agreement with Tether (total tranches purchased: 2,840,449 shares for $126.4M and 530,338 shares for $23.6M) and established storage, leasing and trading agreements plus a $20 million XAUT purchase.
Improved Liquidity and Storage Expansion
Cash at quarter end increased to $143.0 million from $77.7 million at fiscal year‑end 2025. Storage under management roughly doubled (from ~$1.1B at 12/31/2025 to roughly ~$2.2B in May), enhancing fee and leasing opportunities.
Customer Base and Platform Scale
Total DTC customers reached ~4.7 million, a 40% increase year over year (driven by acquisitions and organic growth). Q3 new customers were 292,800 (notable sequential recovery: +205% QoQ, though acquisition‑driven).
Operational Execution in Volatile Market
Company scaled mint production and inventory rapidly during an extremely volatile spot environment, translating elevated transaction velocity into record quarterly results and demonstrating platform scalability.