Gold.com, Inc. (NYSE:GOLD) Q3 2026 Earnings Call Transcript

Gold.com, Inc. (NYSE:GOLD) Q3 2026 Earnings Call Transcript May 6, 2026

Gold.com, Inc. beats earnings expectations. Reported EPS is $3.07, expectations were $2.17.

Operator: Good afternoon, and welcome to Gold.com, Inc.’s conference call for the fiscal third quarter ended 03/31/2026. My name is Matthew, and I will be your operator this afternoon. Before this call, Gold.com, Inc. issued its results for the fiscal third quarter 2026 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 home page. Joining us for today’s call are Gold.com, Inc. CEO, Gregory Roberts; President, Thor Gjerdrum; and CFO, Cary Dickson. Following their remarks, we will open the call for 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 available in the Investor Relations section of Gold.com, Inc.’s website. I would now like to turn the call over to Gold.com, Inc. CEO, Gregory Roberts. Sir, please proceed.

Gregory Roberts: Thank you, Matt, and good afternoon, everyone. Thanks again for joining our call today. Our third quarter results reflect the strength of our fully integrated platform and our ability to capitalize on strong market conditions. As I noted on our last call, we were beginning to see a meaningful shift in market dynamics, and that momentum carried over favorably into this quarter. During the quarter, we experienced an unprecedented surge in activity across both our wholesale sales and our ancillary services as well as our direct-to-consumer segments. Market participants across the spectrum, from individual investors to institutional buyers, moved aggressively to increase exposure to precious metals. This environment created a highly dynamic two-way market with elevated levels of both buying and selling activity, which allowed us to efficiently deploy inventory and capitalize on favorable trading opportunities.

The pace and magnitude of the movement was extraordinary. We saw one of the most volatile spot price environments in recent history, which drove significant transaction velocity across our platform. Operationally, our teams executed extremely well under these conditions. The rapid spike in demand challenged systemwide capacity, and we were positioned to respond by quickly scaling inventory and production levels at our mints as we leveraged our balance sheet. This resulted in record financial performance, including over $10 billion in revenue, over $175 million in gross profit, and $59.5 million in net income for the quarter. Our direct-to-consumer segment led the way during the quarter, reflecting strong customer engagement, higher order values, and increased transactional activity across our platforms.

JMB outperformed and delivered record profitability. Our wholesale sales and ancillary services segment also delivered significant quarter-over-quarter improvement following the more challenging market conditions we experienced last fall. The favorable market conditions we experienced this quarter were also global, with LPM continuing to build momentum across Asia and benefiting from heightened regional demand and increased trading activity. Activity began to moderate toward the end of the quarter, as is typical following periods of heightened volatility. We are now seeing a more normalized environment. While geopolitical dynamics remain an important factor influencing demand, overall market conditions remain constructive; we believe the underlying drivers for precious metals investments remain firmly in place.

We also benefited as last quarter’s backwardation moved into contango. We remain focused on driving synergies across our business units and maximizing at every level. Our acquisition of Monnex during the quarter is already delivering strong returns, and the addition of Sunshine Mint to our portfolio will meaningfully expand our production capabilities going forward. As previously disclosed, in February 2026 we entered into a securities purchase agreement with an affiliate of Tether Global Investment Fund whereby Tether agreed to purchase an aggregate of 3 million 370 thousand 787 shares of Gold.com, Inc.’s common stock at a price of $44.50 per share. The first tranche of the shares was purchased on 02/06/2026, corresponding to 2 million 840 thousand 449 shares for an aggregate purchase price of $126.4 million.

Following receipt of regulatory clearance, the second tranche of 530 thousand 338 shares was purchased on 05/05/2026 for an aggregate purchase price of $23.6 million. This strategic equity investment further enhanced our overall capital and liquidity position. It is a powerful validation of our vertically integrated model. During the quarter, we also entered into storage, metal leasing, and trading agreements with Tether and their affiliates, and purchased $20 million of Tether’s gold-backed stablecoin XAUT. We believe this partnership represents a meaningful step forward in aligning our physical precious metals platform with emerging digital asset ecosystems, and we are encouraged by the early progress we have made. I will now turn the call over to our CFO, Cary Dickson, who will provide an overview of our financial performance.

Then our President, Thor Gjerdrum, will discuss key operating metrics. After that, I will provide further insights into the business, our growth strategy, and we will take questions. Cary, please proceed. Thank you, and good afternoon to everybody.

Cary Dickson: Our revenues for fiscal Q3 2026 increased 244% to $10.3 billion from $3.0 billion in Q3 of last year. Excluding an increase of $4.3 billion of forward sales, our revenues increased $2.9 billion, or 187%, due to higher average selling prices of gold and silver as well as increased gold and silver ounces sold. For the nine-month period, our revenues increased 142% to $20.5 billion from $8.4 billion in the same year-ago period. Excluding an increase of $7.4 billion of forward sales, our revenues increased $4.6 billion, or 95%, due to higher average selling prices of gold and silver as well as increased gold and silver ounces sold. Revenues also increased in both the three- and nine-month periods due to the acquisitions of SGI, Pinehurst, and AMS in late fiscal 2025 and Monnex in fiscal 2026.

Gross profit for Q3 2026 increased 331% to $176 million, or 1.7% of revenue, from $41 million, or 1.3% of revenue, in Q3 of last year. The increase was due to higher gross profit in both our wholesale sales and ancillary services segment and our direct-to-consumer segment, including the acquisitions of SGI, Pinehurst, AMS, and Monnex, which were not fully included in the same year-ago period. For the nine-month period, gross profit increased 165% to $342 million, or 1.6% of revenue, from $129.2 million, or 1.53% of revenue, in the same year-ago period. The increase was due to higher gross profit in both our wholesale sales and ancillary services segment and the direct-to-consumer segment, including the acquisitions of SGI, Pinehurst, AMS, and Monnex, which were not fully included in the same year-ago period.

SG&A expenses for fiscal Q3 2026 increased 134% to $78 million from $33 million in Q3 of last year. The change was primarily due to an increase in compensation expense, including performance-based accruals; higher advertising costs of $7 million; increased insurance costs of $4 million; higher bank service and credit card fees of $1.9 million; and an increase in facilities expense of a little over $1 million. SG&A expense for the three months ended 03/31/2026 included $33 million of expenses from SGI, Pinehurst, AMS, and Monnex, which were not included in the same year-ago period as they were not consolidated subsidiaries for the full year. Excluding the increase from these newly acquired subsidiaries, SG&A increased $11.6 million. In essence, 75% of our overall increase in SG&A period over period related to the acquisitions of our new subsidiaries.

For the nine-month period, SG&A expense increased 130% to $197 million from $85 million in the same year-ago period. The increase was primarily driven by higher compensation expense, including performance-based accruals of $68 million, higher advertising costs of $17 million, an increase in consulting and professional fees to $7 million, an increase in insurance cost of $6.1 million, and an increase in banking service and credit card fees of $4.5 million. SG&A expenses for the nine months ended 03/31/2026 included $93 million of expenses from SGI, Pinehurst, AMS, and Monnex, which were not included in the same year-ago period as they were not consolidated for the full period. Excluding the increase from these newly acquired subsidiaries, SG&A increased $18 million year over year.

In essence, 84% of our overall increase in SG&A period over period related to the acquisition of these new subsidiaries. Depreciation and amortization expense for fiscal Q3 2026 increased 88% to $9.4 million from $5.0 million in the same year-ago period. The change was predominantly due to a $4.6 million increase in amortization expense relating to intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and Monnex, and a $1.5 million increase in depreciation expense, partially offset by a $1.6 million decrease in intangible asset amortization from JMB and Silver Gold Bull. For the nine-month period, depreciation and amortization expense increased 72% to $24.6 million from $14.3 million in the same year-ago period. The change was primarily due to a $10 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and Monnex, and a 600 thousand dollar increase in depreciation expense, partially offset by a $5 million decrease in intangible asset amortization from JMB and SGB.

Interest income for Q3 2026 increased 1% to $6.8 million from $6.7 million in the same year-ago period. The aggregate increase in interest income was due to an increase in interest income earned by our secured lending segment of 500 thousand dollars, partially offset by a decrease of the same amount in our finance product income category. For the nine-month period, interest income decreased 12% to $18.2 million from $20.6 million in the same year-ago period. The aggregate decrease in interest income was due to a decrease in other financing income of $2.6 million, offset by an increase in interest income earned by our secured lending segment of 200 thousand dollars. Interest expense for fiscal Q3 2026 increased 47% to $19 million from $13 million in Q3 of last year.

The increase is primarily due to higher interest and fees of $3 million related to product financing arrangements, an increase of $2.6 million related to precious metal leases, and an increase of 300 thousand dollars associated with our trading credit facility. For the nine-month period, interest expense increased 44% to $47.9 million from $33 million in the same year-ago period. The increase is primarily due to higher interest and fees of $7.2 million related to product financing arrangements, an increase of $5.8 million related to precious metal leases, and an increase of $1 million associated with our trading credit facility. Earnings from equity method investments in Q3 increased to $2.3 million from a loss of 200 thousand dollars in the same year-ago quarter.

For the nine-month period, earnings from equity method investments increased to $2.4 million from a loss of $2.1 million in the same year-ago period. The increase in both periods was due to increased earnings of our equity method investees. Net income attributable to the company for Q3 2026 totaled $60 million, or $2.09 per diluted share, compared to a net loss of $8 million, or $0.36 per diluted share, in the same year-ago quarter. For the nine-month period, net income attributable to the company totaled $70 million, or $2.65 per diluted share, compared to $7 million, or $0.29 per diluted share, in the same year-ago period. 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 Q3 totaled $87 million, an increase of $81 million compared to $5.7 million in the same year-ago quarter.

Adjusted net income before provision for income taxes for the nine-month period totaled $115 million, an increase of $81 million, or 240%, compared to $33.9 million in the same year-ago period. EBITDA, another non-GAAP liquidity measure, for Q3 2026 totaled $103.4 million, an increase of $102 million compared to $1.3 million in the same year-ago quarter. EBITDA for the nine-month period totaled $151.6 million, an increase of $116 million, or 329%, compared to $35 million in the same year-ago period. Now turning to our balance sheet. We maintain a strong liquidity position supported by expanding financing capacity, including increased precious metal lease facilities and the recently completed Tether equity and financing investments to date. At quarter end, we had $143.0 million of cash compared to $77.7 million at the end of fiscal 2025.

Our non-restricted inventories totaled $1.319 billion as of 03/31/2026 compared to $794 million as of the end of fiscal 2025. Gold.com, Inc.’s board of directors has declared a quarterly cash dividend of $0.00 per share, maintaining the company’s current dividend program. The dividend is payable in June to stockholders of record as of 05/20/2026. That completes my financial summary. I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor, thank you.

Thor Gjerdrum: Looking at our key operating metrics for 2026, we sold 538 thousand ounces of gold in Q3 fiscal 2026, which is up 25% from Q3 of last year and down 1% from the prior quarter. For the nine-month period, we sold approximately 1.5 million ounces of gold, which is up 17% from the same year-ago period. We sold 34.6 million ounces of silver in Q3 fiscal 2026, which is up 120% from Q3 of last year and up 86% from the prior quarter. For the nine-month period, we sold 63.6 million ounces of silver, which is up 10% from the same year-ago period. The number of new customers in the DTC segment—which is defined as the number of customers that have registered, set up a new account, or made a purchase for the first time during the period—was 292 thousand 800 in Q3 fiscal 2026, which is down 68% from Q3 of last year and up 205% from last quarter.

For the three months ended 03/31/2026, approximately 58% of the new customers were attributable to the acquisition of Monnex. For the three months ended 03/31/2025, approximately 93% of the new customers were attributable to the acquisitions of Pinehurst and SGI. For the nine-month period, the number of new customers in the DTC segment was 458 thousand 300, which decreased 55% from 1 million 20 thousand 300 new customers in the same year-ago period. Approximately 37% of the new customers for the nine months ended 03/31/2026 were attributable to the acquisition of Monnex. Approximately 82% of the new customers for the nine months ended 03/31/2025 were attributable to the acquisitions of SGI and Pinehurst. The number of total customers in the DTC segment at the end of the third quarter was approximately 4.7 million, which is a 40% increase from the prior year.

Changes in customer base metrics were primarily due to the acquisitions of AMS and Monnex, which were not included in the same year-ago period, as well as organic growth of our JMB customer base. Finally, the number of secured loans at March totaled 337, a decrease of 31% from 03/31/2025 and a decrease of 5% from December. The dollar value of our loan portfolio as of 03/31/2026 totaled $126 million, an increase of 46% from 03/31/2025 and an increase of 5% from 12/31/2025. That concludes my prepared remarks. I will now turn it over to Greg for closing remarks. Greg, you may be muted.

Operator: Apologies. Greg, thanks, Thor and Cary.

Gregory Roberts: This quarter was a clear demonstration of the strength and scalability of our fully integrated platform. We capitalized on a highly dynamic market environment, delivered solid financial results, and further strengthened our strategic and financial positioning. Our strategic focus remains on integrating and realizing cost savings and synergies from our recent acquisitions, expanding both our domestic and geographic reach, and further diversifying our customer base. With an expanded portfolio of category-leading brands and improved operational leverage, we believe Gold.com, Inc. is positioned to capture growth across multiple markets and continue to deliver long-term value for our shareholders. This concludes my prepared remarks. Operator, we can now open the line for questions.

Q&A Session

Operator: Certainly. Everyone, at this time we will be conducting a question-and-answer session. If you have any questions or comments, please press 1 on your phone at this time. We do ask that while posing your question, please pick up your handset if you are listening on speakerphone to provide optimum sound quality. Once again, if you have any questions or comments, please press 1 on your phone. Your first question is coming from Michael Baker from DA Davidson. Your line is live.

Michael Baker: Great, thanks. A couple of questions. Unbelievable quarter. But Gregory, you said something about business as “normalized.” What does “normalized” mean to you? We track spreads and see they have come down so far in the June quarter versus the March quarter, but still well above where they were for much of calendar 2025. We would not consider 2025 to be normal—would you? Related to that, with the much larger platform because of all the acquisitions, even a “normal” earnings power for the company should be a lot higher than it was in the past. Is there any way to quantify what normal earnings power would be?

Gregory Roberts: That is a lot. First and foremost, as we have always said, the environment is going to drive the profitability. Combined with the acquisitions that we do, clearly we are going to get different revenue streams, and the revenue streams are going to vary between the different divisions and parts of the company. I think last year was below par—below normalized—for most of calendar 2025. As we talked about on our last call, things really started to improve toward October and November, and December was pretty strong. When I said normalized, I was reflecting on how crazy and active January and February were and how March became what I would call a bit more normalized for the environment. In January and February of this quarter, we significantly outperformed what I would call normalized.

There was a question on the last call—if these conditions continue, what is going to happen? I said if these conditions continue, we are going to have a great quarter. Clearly, we had a great quarter. A lot of the headwinds that we had through the fall of last year were attributed to the backwardation issues we had. We highlighted that as a major headwind on performance as it related to our cost of financing and our ability to collect contango, which is a more normalized environment. Backwardation is highly unusual. What we saw this quarter was a more normalized contango environment, which did help some of our other businesses, and that has continued in what I would call normalized conditions in March and into April, the first month of our Q4.

We are still very active. Certainly, the war in Iran has caused a lot of change and disruption in overall volumes in the financial markets. Although our premiums are still quite nice, we have had a bit of volume retreat from where we were in January and February.

Operator: Thank you. Your next question is coming from Thomas Forte from Maxim Group. Your line is live.

Thomas Forte: Great. First off, Gregory, Cary, Thor—wow. Three questions, one at a time. First, how did the M&A enable you to capitalize on the demand versus previous spikes?

Gregory Roberts: In January and February, we saw an environment where the tide rose for all of our businesses, which was great to see. Within DTC, we had a couple of overachievers, and as I mentioned earlier, JMB had a great quarter—great customer counts and premium spreads. We also saw a big uptick in our LPM business in Hong Kong and Singapore. That was new for us because we were able to see what customers in a geography we had not previously operated in were capable of. We were able to benefit from that this quarter. There were days or weeks where China in particular seemed to outperform our domestic businesses, and vice versa. It was great data for us, and we are enthusiastic about what we were able to accomplish there with that new acquisition. On the other side, the bullion business was an overachiever. Collectibles were strong in the quarter, but given the nature of that business, it did not benefit as much as bullion.

Thomas Forte: Second, how, if at all, did your strategic partnership with Tether contribute to your performance?

Gregory Roberts: In this particular quarter, it did contribute, but I would not say it was greatly significant. As we have onboarded Tether as a trading partner, one of the most exciting things you will see in our numbers is our storage business. With Tether’s help as well as Monnex, from 12/31/2025 to 03/31/2026 we have gone from $1.1 billion in storage to roughly double that, and where I think we are today in May is about $2.2 billion. As we said in our release related to Tether, storage is a big part of our strategic relationship with them, along with the gold leasing arrangements we have with them, which are now above what we had projected in the release. We are getting those benefits now, including in the current quarter.

Thomas Forte: Lastly, can you give us your current thoughts on your one-time dividend philosophy?

Gregory Roberts: We have explored special dividends in the past and rewarded shareholders when we have had a great year. We are very active right now and have a lot of opportunities in front of us. As I have said before, there are five things I look at for capital deployment: paying down debt, strategic inventory increases, acquisitions, share buybacks, and dividends. Based on the performance we are seeing from our acquisitions right now, I would continue to put acquisitions near the top of the list. We are doing a good job paying down debt and lowering interest expense. Dividends and share buybacks will continue, but I would like to see how the fourth quarter shapes up before we get too far down the road on a special dividend.

Operator: Your next question is coming from Andrew Scutt from ROTH Capital Partners. Your line is live.

Andrew Scutt: Hey, congrats on the really strong results, and thanks for taking my questions. First, can you help us understand the little bit over $1 billion increase in restricted inventory? And in the same vein, with the addition of Sunshine Mint, how will that help you manage your inventory going forward?

Gregory Roberts: They are two different things. Regarding inventory, in January and February we had record spot prices. You had days where silver was $120 and gold was $5,500. That will naturally increase our restricted and total inventory because the spot price affects valuation—if we have the same number of ounces, we will have higher inventory dollars. We pivoted very quickly from November and early December, when holding more inventory cost us significantly due to backwardation. By mid-December and January, the environment was demanding more inventory from us to accomplish these numbers, and we pivoted. Our SilverTowne Mint ramped up and got us product when there were periods where competitors did not have product, allowing us to satisfy demand.

As it relates to Sunshine, we moved from an approximate 45% ownership interest to 100%. We thank Tom Power, the founder, who has retired. It was great timing for us as we moved into a very active period. We benefited from our minority interest, and now, owning 100%, we will have greater control over what products Sunshine is making. A shout out to Jamie Meadows, our new president of minting, and Jason, the president of Sunshine. As Tom has retired, those two are going to really lead our minting operations. I am confident and looking forward to what they will do together having SilverTowne and Sunshine working with a closer relationship.

Andrew Scutt: Thanks. Second, you have demonstrated an ability in the past to extract SG&A synergies from JMB and other acquisitions. As we look at recent acquisitions like Monnex and Sunshine, can you help us understand potential SG&A synergies over the next couple of quarters?

Gregory Roberts: Everyone on our team is looking for SG&A synergies. We are also looking for synergies that create more gross profit across the companies. A quarter like this really throws some comparison numbers out of whack because to do $10 billion in sales, we are going to spend more money doing it. Not long ago a $5 billion year was good for us, and now we have achieved a $10 billion quarter. The variable parts of our SG&A will increase. The market environment over the next six months will dictate where we can find cost savings and optimize SG&A. We are always focused on it. Investors should recognize—and we are proud of—our ability to pivot when the market shifts to a strong tailwind, as it did this quarter. Our earnings potential, which I get asked about a lot, was illustrated by this quarter—given the environment, our acquisitions, and our ability to access capital very quickly.

Operator: Thank you. Once again, everyone, if you have questions or comments, please press star then 1 on your phone. Your next question is coming from Seymour Jacobs from Jam Partners. Your line is live.

Seymour Jacobs: Hey, Gregory. I have two questions. First, digging into the shift in hedging costs from negative to positive as silver went from backwardation to contango. I remember it was still really bad at the end of the year and into January—badly in backwardation and costing you money—and on the last call you quantified, generally, how much it was costing you. On this call, you are talking as if the return to contango really benefited you, but it seems to me that happened during the quarter, maybe halfway through. Is the coming quarter—the April through June quarter—effectively going to be the first full quarter where you are benefiting, or did you see the full benefit in the first quarter?

Gregory Roberts: Definitely not the full benefit in Q3. You are correct that we experienced backwardation and higher lease and repo costs through the first half of the quarter. When we hit record spot prices, our transactional business was extraordinary, but we still had higher expense and the backwardation issue. Things normalized in March and definitely in April. The investment from Tether, both in the stock purchase and the leases we are transacting with them, has had a positive effect on our interest expense, our carry costs, and our ability to pay down our dollar lines. So Q4 will be the first full quarter in a while without those headwinds.

Seymour Jacobs: Great. Second, on the $20 million of XAUT tied to the Tether transaction—what is the strategy and what does it lay the groundwork for? My understanding is XAUT is largely offshore with restrictions in the U.S., so I am guessing the $20 million is not just to be more long gold. Can you expand on the strategy?

Gregory Roberts: I will expand a bit without giving away our launch codes. We invested $20 million in XAUT. I believe our average cost is around $4,700 spot, about where it is right now. We are unhedged on that, so we are long $20 million of gold. The exercise of opening the account and putting the plumbing in place—buying XAUT, holding it in a wallet—has been completed. We have completed onboarding with a digital bank and are working on onboarding with Tether directly. I believe there is an opportunity for us to get further involved in XAUT as part of our DTC network. There will likely be trading opportunities. The ability to trade Tether truly 24/7 at good volumes, and trade XAUT and Tether, is going to be valuable for us.

We have seen the volumes and what we can expect in XAUT over weekends; there could be opportunities there. We are going down the path of a Gold.com, Inc. wallet. Giving our customers the ability to access XAUT and redeem XAUT for physical is important. The redemption feature—which is not currently in place for XAUT holders—I think is going to be a good opportunity for Gold.com, Inc. As to whether this is outside or inside the U.S. for holders of XAUT, we are still researching. At the moment, it looks like more of an international opportunity than domestic, but we are still vetting that.

Seymour Jacobs: Lastly, on the rebranding to Gold.com, Inc.—we saw the launch of the unified website that feeds into all your different brands. What benefits have you seen so far on the marketing front, and what is the update on potential Gold.com, Inc.-branded financial services like a credit card?

Gregory Roberts: So far, the rebranding has gone great. I am speaking to new shareholders all the time. In hindsight, it was an exceptional move and it is good for the company to get everything under one umbrella brand. We continue to work on a Gold.com, Inc. credit card to give our DTC customers an opportunity to connect even better with Gold.com, Inc. That is on the to-do list. We are not in the red zone yet, but we are on the other side of the 50. I am looking forward to that and exploring how the Gold.com, Inc. credit card may connect with other opportunities on the digital side.

Operator: At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Roberts for his closing remarks.

Gregory Roberts: Thank you, Matt. Once again, as I do every quarter, I would like to thank our many shareholders and our employees. We look forward to keeping you updated on our future progress and everyone’s dedication and commitment to Gold.com, Inc.’s success. Thank you all for joining today.

Operator: Thank you. Before we conclude today’s call, I would like to provide Gold.com, Inc.’s safe harbor statement that includes important cautions regarding forward-looking statements made during this call. During today’s call, there were forward-looking statements made regarding future events. Statements that relate to Gold.com, Inc.’s future plans, objectives, expectations, performance, events, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements, and the amount or timing of any future dividends.

Future events, risks, and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. These include the following. With respect to proposed transactions with Spectrum Group International, the failure of parties to agree on definitive transaction documents, the failure of parties to complete the contemplated transactions within the currently expected timeline or at all, the failure to obtain necessary third-party consents or approvals, and greater-than-anticipated costs incurred to consummate the transactions. Other factors that could cause actual results to differ include the failure to execute the company’s growth strategy, including the inability to identify suitable acquisition or investment opportunities, greater-than-anticipated costs incurred to execute the strategy, government regulations that might impede growth, particularly in Asia, the inability to successfully integrate recently acquired businesses, changes in the current international political climate—which historically has favorably contributed to demand in the precious metals market but has also posed certain risks and uncertainties for the company—potential adverse effects of current problems in national and global supply chains, increased competition for the company’s higher-margin services which could depress pricing, the failure of the company’s business model to respond to changes in the market environment as anticipated, changes in consumer demand and preferences for precious metal products generally, potentially negative effects that inflationary price pressures may have on our business, the inability of the company to expand capacity at SilverTowne Mint, the failure of our investee companies to maintain or address preferences of our customer bases, general risks of doing business in the commodity markets, and the strategic business, economic, financial, political, and government risks and other risk factors described in the company’s public filings with the Securities and Exchange Commission.

The company undertakes no obligation to publicly update or revise any forward-looking statements. Listeners are cautioned not to place undue reliance on these forward-looking statements. Finally, I would like to remind everyone that a recording of today’s call will be available for replay via a link in the Investors section of the company’s website. Thank you for joining us today for Gold.com, Inc.’s earnings call. You may now disconnect.