With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

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Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are diversified, electronics, and food and grocery.

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The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

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Industrials came out on top this year, with 22 companies featured on the list.

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This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

Founded in 1965, the full-service precious metals trading company was the first allowed to make and sell coins from metals recovered in the shipwreck of the British merchant ship the SS Gairsoppa.

This year's Fortune 500 marks the 66th running of the list.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

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This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

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A-Mark Precious Metals is a precious metals trading company that operates as a platform for buying, selling, and distributing gold, silver, platinum, palladium, and copper bullion alongside rare, antique, and collectible coins and products. A-Mark was founded in 1965 and was the first company permitted to sell coins from metals discovered in the British cargo steamship that sank in the Battle of the Atlantic in 1941 and was packed with silver bullion, SS Gairsoppa. The company is an authorized purchaser for the U.S. Mint, and distributes other sovereign mints from Australia, Canada, China, Mexico, and the United Kingdom.

Q1 2027

Q4 2026

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Gold.com (GOLD): Company Profile, Stock Price, News, Rankings

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Gold.com

gold.com

Good afternoon, and welcome to Gold.com's conference call for the fiscal first quarter ended September 30, 2026. My name is Tom, and I will be your operator this afternoon. Before this call, Gold.com issued its results for the fiscal first quarter 2027 in a press release, which is available in the Investor Relations section of the company's website at www.gold.com.

You can find the link to the Investor Relations section at the top of the homepage. Joining us for today's call are Gold.com's CEO, Greg Roberts, and CFO, Jill Van. Following their remarks, we will open the call to your questions. Then, before we conclude the call, I will provide the necessary cautions regarding the forward-looking statements made by management during the call.

I would like to remind everyone that this call is being recorded and will be made available for replay via a link on the Investor Relations section of the Gold.com's website. Now, I would like to turn the call over to Gold.com CEO, Mr. Greg Roberts. Sir, please proceed.

Thank you, and good afternoon to everyone. I appreciate you joining our call today. Our fiscal 2027 first quarter results reflect the resilience of our fully integrated platform in a slower market environment. Following the exceptional levels of activity we experienced during the second half of fiscal 2026, activity moderated from Q4, but was higher than a year ago, and profitability improved materially.

Conditions across the precious metals market were subdued during Q1, reflecting a tough macro backdrop that included rising interest rates, uncertainty ahead of the U.S. midterm elections, geopolitical conflicts, and inflationary concerns stemming from high energy prices. An Activity cooled from the exceptional pace we saw in the first quarter of calendar 2026. Even so, we sold more gold and silver and added more customers than we did a year ago.

Revenues were $3.3 billion, and excluding forward sales we used to hedge, they were up more than 50% from a year ago. Gross profit rose 23%, and we reported net income of $1.6 million, or $0.05 per diluted share, compared with a loss in the year-ago quarter. The improvement reflects the scale and breadth of the platform we have built.

Wholesale trading, direct-to-consumer, lending, storage, and now minting and refining work together, giving us more ways to drive earnings under most conditions. We have seen this market behavior before. A year ago, activity moderated in much the same way, and we reported a small loss.

Within a couple of quarters, precious metals were heading toward historically high levels, and we delivered exceptional results. This year, a similar type of environment produced a profit and a meaningful increase in adjusted earnings.

We cannot predict the next move in the market, but we are positioned to deliver in any environment, and our goal is smoother, more consistent, sustainable profitability through the cycle. In our direct-to-consumer segment, gross profit growth was driven by a larger customer base, including the addition of Monex, and higher average order values at JM Bullion.

In wholesale, gross profit increased on stronger premium spreads and higher ounces sold, reflecting our work with major retailers and institutional customers. Even as transaction volumes were lower, we are continuing to expand at LPM in Hong Kong and Singapore, and through Sunshine Mint's joint venture in Shanghai.

We are seeing continued progress from our partnership with Tether across storage, trading, and metal leasing. Secured lending delivered higher interest income on larger average balances and improved profitability. Alongside storage, lending deepens customer relationships across a platform that spans the precious metals value chain.

Acquisitions remain central to our strategy. This quarter, we began reporting minting and refining as its own segment, combining the SilverTowne Mint with Sunshine Mint, which we acquired in April, enabling greater control over product availability, pricing, and stability across our supply chain.

Together, they give us added capacity, a stronger position with sovereign mint programs such as the US Mint, and modern facilities for developing our own products for our customers and brands. Operations across these businesses are running well, and automation is accelerating, including full automation for several major customers.

Integration is moving forward as these operations come together over the coming quarters. We see meaningful synergies ahead. We remain focused on driving synergies across our business units and maximizing efficiencies at every level.

We are operating from a position of strength, continuing to allocate capital efficiently to build and invest in our platform and open new channels for growth. We remain confident in our direction, the long-term fundamentals of our industry, and creating lasting value for shareholders.

With that, I will turn the call over to our Chief Financial Officer, Jill Van, who will provide an overview of our financial performance. I will then return with some closing remarks and take your questions. Jill?

Thank you, Greg, and good afternoon, everyone. Our revenues for fiscal Q1 2027 decreased 11% to $3.265 billion from $3.681 billion in Q1 of last year. Excluding a decrease of $1.38 billion of forward sales, our revenues increased $952.9 million, or 51%, 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 acquisitions of Monex in January 2026 and Sunshine Minting in April 2026, whose results were not included in the same year-ago period. Gross profit for fiscal Q1 2027 increased 23% to $89.6 million, or 2.74% of revenue, from $72.9 million, or 1.98% of revenue in Q1 of last year.

The increase was due to an increase in gross profits earned by both the wholesale and ancillary services segment and the direct-to-consumer segment, including the acquisitions of Monex and Sunshine Minting, whose results were not included in the same year-ago period. SG&A expenses for fiscal Q1 2027 increased 19% to $71.2 million from $59.8 million in Q1 of last year.

The change was primarily due to an increase in compensation expense of $6.7 million, higher advertising costs of $2.4 million, increased insurance costs of $0.7 million, and an increase in facilities expense of $0.6 million.

SG&A expenses for the three months ended September 30, 2026, included $5.2 million of expenses from Monex and Sunshine Minting, whose results were not included or were not fully included in the same year-ago period. Excluding the increase from these newly acquired subsidiaries, SG&A increased $6.2 million year-over-year.

Depreciation and amortization expense for fiscal Q1 2027 increased 20% to $9.1 million from $7.6 million in the same year-ago quarter. The change was primarily due to a $0.8 million increase in depreciation expense resulting from higher capital expenditures and a $0.7 million increase in amortization expense.

Interest income for fiscal Q1 2027 increased 13% to $6.3 million from $5.6 million in the same year-ago quarter. The increase was primarily due to an increase in interest income earned by our direct-to-consumer segment of $0.7 million. Interest expense for fiscal Q1 2027 decreased 1% to $12.5 million from $12.6 million in Q1 last year.

The decrease was primarily due to a decrease of $5.8 million associated with our trading credit facility due to reduced borrowings and lower interest and fees of $0.5 million related to product financing arrangements, partially offset by an increase of $6.2 million related to precious metals leases driven by higher overall borrowings.

Earnings from equity method investments in Q1 2027 increased $1.4 million to earnings of $0.5 million from a loss of $0.9 million in the same year-ago quarter due to increased earnings of our equity method investees.

Other income and expense net of fiscal Q1 was an expense of $0.7 million compared to income of $2.2 million in Q1 of last year. The change was primarily due to a $4.3 million increase in expenses related to contingent consideration fair value adjustments, partially offset by a $0.7 million unrecognized gain on our holdings of XAUt.

Net income attributable to the company for the first quarter of fiscal 2027 totaled $1.6 million, or $0.05 per diluted share, compared to a net loss of $0.9 million, or $0.04 per diluted share in the same year-ago quarter.

Adjusted net income before provision for income taxes, a non-GAAP financial measure which excludes depreciation, amortization, acquisition costs, and contingent consideration fair value adjustments for Q1 fiscal 2027 totaled $13.2 million, an increase of $8.4 million, or 172%, compared to $4.9 million in the same year-ago quarter. EBITDA, a non-GAAP liquidity measure for Q1 fiscal 2027, totaled $17.4 million, an increase of $3.1 million, or 22%, compared to $14.3 million in the same year-ago quarter. Turning to our balance sheet now.

We continue to maintain strong liquidity position, supported by our product financing arrangements, precious metals lease facilities, and our $250 million uncommitted trading credit facility, which had no outstanding borrowings at quarter end. At quarter end, we had $126.8 million of cash compared to $578 million at the end of fiscal 2026.

The decrease in cash was primarily due to a $700.5 million reduction in deferred revenue and other advances, including precious metal leases, partially offset by a $225.7 million of net product financing and $105.7 million increase in accounts payable and other payables.

We also paid $35.1 million in dividends during the quarter. Our non-restricted inventory totaled $1.348 billion as of September 30th, 2026, compared to $1.562 billion as of the end of fiscal 2026.

During the quarter, we paid our regular quarterly cash dividend of $0.20 per share, along with a non-recurring special dividend of $1 per share, totaling $35.1 million. Gold.com's board of directors has also declared a quarterly cash dividend of $0.20 per share, maintaining the company's current dividend program.

The dividend is payable on December 2nd, 2026, to stockholders of record as of November 19th, 2026. This completes my financial summary. I will now turn the call over to Greg, who is presenting for Thor today. He will provide an update on our key operating metrics. Greg?

Thank you, Jill. As Jill said, Thor is traveling this week, and he will return to cover this section next quarter. I will take over for here and go over a few of the key operating metrics for our fiscal first quarter 2027. In the quarter, we sold 463,000 ounces of gold, which was up 5% from Q1 of last year, but down 11% from the prior quarter.

We sold 14 million ounces of silver in Q1 2027, which was up 35% from Q1 of last year, but down 9% from the prior quarter. In our minting and refining segment, we began reporting separately this fiscal year. We minted approximately 9 million ounces of silver and 26,000 ounces of gold during the quarter, and our refining capacity utilization was approximately 65%.

The number of new customers in our DTC segment, which is defined as those who registered, set up a new account, or made a purchase for the first time during the period, was 96,100. This was up 38% from Q1 of last year and up 42% from the prior quarter. This year-over-year change in new customers was primarily due to the acquisition of Monex in January 2026, as well as increased JMB activity.

Total DTC ticket volume was approximately 273,000 in Q1 of 2027, up 21% from Q1 of last year, primarily due to increases from SGI and Silver Gold Bull, partially offset by decreases at JMB and AMS. The DTC average order value was $3,482, down 10% from Q1 of last year, while JM Bullion's average order value increased 16% to $2,943.

The number of total customers in the DTC segment at the end of the first quarter was approximately 4.8 million, which was a 13% increase from the prior year. These changes in customer base metrics were primarily due to the acquisition of Monex in January 2026, as well as activity at JM Bullion.

Finally, the number of secured loans at the end of September totaled 372, a decrease of 12% from September 30, 2025, and up 1% from the end of June 2026. The dollar value of our loan portfolio as of September 30, 2026, totaled $107 million, up 4% from September 30, 2025, and a decrease of 7% from June 30, 2026. Now for my closing remarks. This quarter demonstrated the resilience of our fully integrated platform in a slow market environment.

We grew gross profit and ounces sold year-over-year, expanded our customer base, and began reporting our minting and refining segment, which further strengthens our vertically integrated model.

Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions, expanding both our domestic and geographic reach, as well as further diversifying our customer base with an expanded portfolio of category-leading brands and improved operational leverage.

I believe Gold.com is positioned to capture growth across multiple markets and to continue to deliver long-term value for our shareholders. This concludes my prepared remarks. Operator, we can now open the line for questions.

Thank you. Ladies and gentlemen, the floor is now open for questions. If you wish to join the queue to ask a question at this time, please press star one on your telephone keypad. We do ask if listening on speakerphone this afternoon that you pick up your handset while asking your question to provide optimal sound quality.

Once again, please press star one on your keypad at this time if you wish to join the queue to ask a question. Please hold a moment while we poll for questions. And our first question today is coming from Thomas Forte from Maxim Group. Thomas, your line is live. Please go ahead.

Great. So first off, Jill, welcome to the call. Greg, I have two questions, and I apologize. The first one is not perfectly worded, but hopefully you will understand what I am asking.

Hopefully the answer will be better worded than you asking the question.

Thank you. At a high level, should we think of your ability to generate a profit in a slow operating environment versus prior periods due to not experiencing backwardation, and that ex-backwardation, you should have a GAAP profit in every quarter?

Yeah, I mean, my goal is to have a GAAP profit in every quarter, of course. I think the business is growing very quickly. We're very pleased with the acquisitions that we've made. As I said before, we're integrating, we're getting synergies. The last three months have been probably about as slow as I've seen, and I've been doing this a very long time.

I thought this Q1 of last fiscal year, I commented then that I thought it was very slow. This seems slower to me. The performance that we had was, I thought we achieved and got what we could out of it. I think that going forward, I believe we're building a company that has more diversified income streams, and I believe we're growing the business and taking market share.

But to be quite honest, in this last quarter, the market share of the overall business shrunk considerably. There was less volume overall, and our segments, although we likely maintained market share, there was just less margin to get, and some of the sales that we did, we needed to cut margin to get the sales. But to answer your question, the answer is yes.

Excellent. All right, and then historically, in slow periods, you've taken advantage of opportunities on the strategic M&A side. I'd appreciate, I know you've talked about, you just said that you're pleased with the deals you've done and integrating them, but I'd appreciate an update on your thoughts on strategic M&A.

Yeah. I mean, I've been saying this for 10 years. When the market slows down, it gives us opportunity, and deals that we may have felt were too pricey in the past during a more active market, those tend to become either cheaper or they become easier to negotiate terms, and sellers lose a little bit of their leverage.

I don't think that's a surprise. I think that's pretty common in all businesses, that when they slow down, change happens and opportunity is there. We have what I believe is a very good pipeline right now for M&A and deals that we're looking at. I'm optimistic that we're going to continue the trend that we did last fiscal year.

I'm excited about the prospects of the businesses we own, and I'm excited about the prospects of adding new businesses that lift the entire ship, which is my goal.

So, in the strategic M&A front, you've broadened your aperture a little, to the extent you've gone into wine on a collection basis or numismatics on a collection basis. So, when you talk high level about your strategic M&A, are you talking about the broader aperture or just the historical precious metals focus?

I would say the broader Gold.com business. I mean, on the collectibles side at the moment, as I look forward maybe the next couple quarters, I don't think there's a material acquisition out there for us.

I think that we are progressing very positively on some organic growth items that we've been able to take our platform and create some new income streams that I think are very promising and have good potential. But at the moment, and as I look out the next couple quarters, I would say the M&A activity would likely be more focused on the macro Gold.com business.

Thank you. Your next question is coming from Craig Irwin from Roth Capital. Craig, your line is live. Please go ahead.

Hey, guys. It's Andrew on for Craig. Thank you for taking the questions. First one for me, I know a lot of this might be answered when the Q comes out, but as you begin to report the minting business separately, are there any operating metrics or anything we should focus on to gauge its performance? Then just kind of over the next couple months, is there any milestones we should kind of look out for to see if you're capturing the benefits of the integration?

Yeah. I mean, we added a metric, I believe, this quarter that talks about our capacity and the percentage of capacity that we're operating at. So I think that's a metric you should watch. I think premiums, again, like all of our shareholders are focused on premiums, and when premiums are higher for sovereign mint products, it's going to raise premiums for private mint products.

So I think the premiums are key to a number of parts of our business. Then, as always, the premiums, are the premiums higher, and are the premiums higher because there's demand that is increasing, which is increasing those premiums, or is demand flat, and the premiums are just holding because there's a bit of an equilibrium?

But I think the minting is important, and I think we're very enthusiastic about the as we've been able to combine both Sunshine Mint, the SilverTowne Mint under common management.

We're excited about the prospects of Sunshine Mint, the Sunshine Mint that we have in Shanghai, and that mint is picking up some important customers, likely due to some management changes, and as well as just the Gold.com backing of the business seems to be opening some doors for us in Shanghai. And that is trickling and coming over to our LPM business in Hong Kong. So I think the minting business has a lot of momentum at the moment.

It is a volume-based business, and the profitability of the minting business is a lot to do with what level your percentage of your capacity you're operating at, because you can't just flip a switch and turn the mints on and off. You have to maintain a level of activity, even if you're not producing at a high percentage of your capacity.

We do our best in the minting business when they're running 24/7, and if we get to an environment again where we're running 24/7 at all three or four of our mints, that profitability is going to be material.

The other new item that was mentioned earlier, through our controlling acquisition of Sunshine Mint, we've picked up a small refining business in Idaho, which is giving us some flexibility, particularly on some of the buybacks that we experienced heavy volume in buybacks last fiscal year.

Having a little bit of extra refining capacity is going to help us in that segment, as we buy back product from the marketplace that needs to be melted, refined, and then turned into some other type of more desirable product.

Understood. Really appreciate the color, and good segue into my next question. Just was curious, just two parts kind of on customer behavior recently. As you said, you guys were experiencing a bunch of buybacks last fiscal year. Was just curious how that trended in the quarter. And then, was also just curious if you had any comments, we are past the election, any color on what you have seen-

Yeah. Over the last 60 days, we have experienced a reasonably orderly decline in silver and gold spot prices. You have seen gold come off of its highs in January, February. We settled at around 4,400 on gold, around $75 on silver, $70 on silver.

In the last two weeks, as we have approached the election and as interest rates have continued to be volatile, but mostly to the upside, we saw a fairly significant drop down to the 3,900 level on gold and down to $49, $50 on silver.

Those were yearly lows likely, or at least 9-10 month lows. That has affected the buybacks. When you get dropping prices, we are going to buy back less from the public, as opposed to when you have record spot prices, and the record spot prices are in the news every day. I would say that in this quarter, your question related to this quarter is that our buybacks as a percentage of our new sales has dropped significantly.

Understood. Thanks for the color, and thanks for taking my question.

Back to the election, I mean, the election question, it's a little early to tell. I think we did see towards the end of October, and the first few days of November leading up to the election, we have seen a noticeable increase in activity and volumes. It's a very small sample size. We're talking maybe a week or 10 days.

But I do think that if you look back historically, the type of results that we saw last night in this election has historically led to more activity in our customer base. Obviously, past performance is no indication of what's going to happen in the future.

But I can say just from a historical perspective, whether it was the war or the interest rates or the other headwinds that we talked about last quarter, there's going to be change. I don't know what that change will be.

I don't know how it will motivate or not motivate our customer base. I can just say historically, what I see setting up in Congress and what I see setting up in the White House has historically been probably a bit more positive than what we saw the last three to six months.

Great. Thanks again for taking the questions.

Thank you. As a reminder, if you wish to join the queue to ask a question at this time, please press star one on your keypad. Once again, you may press star one on your telephone keypad at this time if you wish to join the queue to ask a question. Your next question today is coming from Mike Baker from D.A. Davidson. Mike, your line is live. Please go ahead.

Okay. Thanks. A couple. First, could I just follow up, Greg, on what you just said about what you're seeing? Not to make this too much about the election, but I'm just curious, what is it specifically that you're seeing? Is it flipping?

Is it when the Senate or the House flips that historically is positive? Is it when you have gridlock, in other words, the Congress and the President from different parties? Or is it just Democrats taking over? I'm just curious, with your benefit of history, what specifically makes you encouraged about what we saw last night?

That's not an easy question to answer, but I'll give it my best shot. Our older precious metals customers, whether they're our customers or somebody else's customers, the older ones tend to lean a bit more to the right, a bit more conservative, and a bit more Trump-friendly.

That's not to say that that carries on to our younger customers at this point, but that's kind of what it's been historically. I think that, like a lot of investments and like a lot of decisions that are made in life, many of them are fear-based.

I would say that historically, when this type of big change happens, it's likely to lead to, as you mentioned, gridlock. It's likely to put the unknown going forward of this environment is likely to put some fear in our customers.

We tended to do better when Trump was out of office than we did when he was in office in his first term. I just think it's a little bit of a fear-based decision tree. There's a lot of unknowns out there right now. I try not to be too political. I think the business is set up for any environment. I see change happening, and I feel like there's a good possibility it'll be positive for us.

Yeah. Fair enough. Let's not get political. Let me ask you about premiums. Volumes were down, but the gross margin did widen nicely on a year-over-year basis. Last quarter, I think it was actually down. What are you seeing in premiums?

In the last 60 days, premiums have edged up a bit and/or held. We don't see the panic buying yet. We don't see the rush to buy product. I am positive in that the premiums at the moment are trending towards higher and stability, even when volumes are down a little bit. That's a key element.

When volumes are racing and volumes are very high, it's a supply and demand thing. That's more demand than supply, and you see an increase in premiums. The fact that we're seeing some relative stability in premiums, if not rising a little bit right now, while we're in a little bit more tepid demand environment, I think is positive as we look to start the next quarter, or as we've started the next quarter.

Yeah. Agreed. Okay. Let me ask you one more, if I could. Can you talk a little bit about what's going on with your leasing, the economic impact of some of the leasing agreements you have with Tether? Are you borrowing more? This was a topic that came up into quarter, and just wondering if you guys had any comments on that.

Yeah. If you look into the release and when you see the Q, you are going to see our leases have dropped significantly. We had a little bit of a timing situation at the end of last quarter. It has been called out both in a news article as well as in our filings that we had a very high level of leases with Tether, and we have adjusted those, and we have adjusted them, and they have come down.

I think they are currently, at the end of September, I think the number that I looked at on the balance sheet is they are probably down in the $800 million range. We have adjusted that. As I discussed on the last call, there is a little bit of a Goldilocks moment with getting it just right.

When we have too many leases and we do not have enough inventory to use the leases to hedge, we have a lot of cash, and we have what, in essence, is an unused line fee on the leases because the leases are not being used as a pure hedge, which is where leases are most optimal.

Gold.com (GOLD) Q1 2027 Earnings Call Transcript

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