Q2 FY 2026 Diluted Earnings Per Share of $0.46

$11.6 Million in Net Income and $33.9 Million in non-GAAP EBITDA in Q2 FY 2026

Company Announces Quarterly Cash Dividend

Completes Rebrand to Gold.com and Transition to New York Stock Exchange (NYSE:GOLD)

COSTA MESA, Calif., Feb. 05, 2026 (GLOBE NEWSWIRE) -- Gold.com, Inc. (NYSE:GOLD), ("Gold.com" or the "Company"), a fully integrated alternative assets platform that offers an extensive range of precious metals, numismatic coins, and collectibles to consumers, collectors, and institutional clients worldwide, reported results for the fiscal second quarter ended December 31, 2025.

Management Commentary

"Our second quarter results demonstrate our ability to successfully navigate rapidly evolving market conditions," said Gold.com CEO Greg Roberts. "During the quarter, we experienced an increase in consumer demand across our platforms, however, premium spreads remained tight and backwardation in the silver market contributed to trading losses and higher interest expense due to increases in product financing and precious metals lease rates. Despite these headwinds, we delivered $11.6 million in net income and earnings of $0.46 per diluted share, demonstrating the resilience of our diversified platform and disciplined approach to managing market volatility.

"During the quarter, we completed several important strategic initiatives, including our rebranding from A-Mark Precious Metals to Gold.com, the transfer of our stock listing from NASDAQ to the New York Stock Exchange under the ticker symbol "GOLD", and the relocation of our corporate headquarters to Costa Mesa, California. In January 2026, we closed the acquisition of Monex Deposit Company, one of the largest and most established direct-to-consumer precious metal dealers in the United States. These milestones reflect the continued evolution of our business and position us to enhance our visibility, liquidity, and alignment with our long-term strategy. We are also making meaningful progress in optimizing our expense structure and in unlocking synergies from our recent acquisitions as we continue to integrate these businesses and realize additional cost savings. Internationally, performance at LPM in Hong Kong remains strong, with both retail showroom activity and wholesale trading volumes showing positive momentum. Asia continues to represent an attractive long-term growth opportunity, and we remain focused on expanding our presence across the region.

"With an expanded portfolio of brands, improved operational leverage, and continued international focus, we believe Gold.com is well-positioned to capture growth across multiple channels and deliver long-term value for our shareholders."

	Three Months Ended December 31,
	2025			2024
	(in thousands, except Earnings per Share)

Selected Key Financial Statement Metrics:
Revenues	$	6,476,900		$	2,742,345
Gross profit	$	93,370		$	44,767
Depreciation and amortization expense	$	(7,638	)	$	(4,639	)
Net income attributable to the Company	$	11,636		$	6,558

Earnings per Share:
Basic	$	0.47		$	0.28
Diluted	$	0.46		$	0.27

Non-GAAP Measures⁽¹⁾:
Adjusted net income before provision for income taxes	$	23,216		$	13,363
EBITDA	$	33,879		$	16,224

(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25


A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended December 31, 2025 and 2024 follows (in thousands):


	Three Months Ended December 31,
	2025			2024

Net income before provision for income taxes	$	15,777		$	8,016
Adjustments:
Contingent consideration fair value adjustment		(320	)		20
Acquisition costs		121			688
Amortization of acquired intangibles		5,181			3,790
Depreciation expense		2,457			849
Adjusted net income before provision for income taxes (non-GAAP)	$	23,216		$	13,363

	Three Months Ended
	December 31, 2025			September 30, 2025
	(in thousands, except Earnings (Loss) per Share)

Selected Key Financial Statement Metrics:
Revenues	$	6,476,900		$	3,680,766
Gross profit	$	93,370		$	72,897
Depreciation and amortization expense	$	(7,638	)	$	(7,583	)
Net income (loss) attributable to the Company	$	11,636		$	(939	)

Earnings (Loss) per Share:
Basic	$	0.47		$	(0.04	)
Diluted	$	0.46		$	(0.04	)

Non-GAAP Measures⁽¹⁾:
Adjusted net income before provision for income taxes	$	23,216		$	4,872
EBITDA	$	33,879		$	14,301

(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25


A reconciliation of net income (loss) before provision for income taxes to adjusted net income before provision for income taxes for the three months ended December 31, 2025 and September 30, 2025 follows (in thousands):


	Three Months Ended
	December 31, 2025			September 30, 2025

Net income (loss) before provision for income taxes	$	15,777		$	(311	)
Adjustments:
Contingent consideration fair value adjustment		(320	)		(2,461	)
Acquisition costs		121			61
Amortization of acquired intangibles		5,181			5,202
Depreciation expense		2,457			2,381
Adjusted net income before provision for income taxes (non-GAAP)	$	23,216		$	4,872

Fiscal Second Quarter 2026 Financial Highlights

Revenues for the three months ended December 31, 2025 increased 136% to $6.477 billion from $2.742 billion for the three months ended December 31, 2024, and increased 76% from $3.681 billion for the three months ended September 30, 2025
Gross profit for the three months ended December 31, 2025 increased 109% to $93.4 million from $44.8 million for the three months ended December 31, 2024, and increased 28% from $72.9 million for the three months ended September 30, 2025
Gross profit margin for the three months ended December 31, 2025 decreased to 1.44% of revenue, from 1.63% of revenue for the three months ended December 31, 2024, and decreased from 1.98% of revenue for the three months ended September 30, 2025
Net income (loss) attributable to the Company for the three months ended December 31, 2025 increased 77% to $11.6 million from $6.6 million for the three months ended December 31, 2024, and increased 1,339% from a net loss of ($0.9) million for the three months ended September 30, 2025
Diluted earnings (loss) per share totaled $0.46 for the three months ended December 31, 2025, a 70% increase compared to $0.27 for the three months ended December 31, 2024, and increased 1,250% from ($0.04) for the three months ended September 30, 2025
Adjusted net income before provision for income taxes, depreciation, amortization, acquisition costs, and contingent consideration fair value adjustments ("Adjusted net income before provision for income taxes" or "Adjusted net income"), a non-GAAP financial performance measure, for the three months ended December 31, 2025 increased 74% to $23.2 million from $13.4 million for the three months ended December 31, 2024, and increased 377% from $4.9 million for the three months ended September 30, 2025
Earnings before interest, taxes, depreciation and amortization ("EBITDA"), a non-GAAP liquidity measure, for the three months ended December 31, 2025 increased 109% to $33.9 million from $16.2 million for the three months ended December 31, 2024, and increased 137% from $14.3 million for the three months ended September 30, 2025


	Six Months Ended December 31,
	2025			2024
	(in thousands, except Earnings per Share)

Selected Key Financial Statement Metrics:
Revenues	$	10,157,666		$	5,457,441
Gross profit	$	166,267		$	88,210
Depreciation and amortization expense	$	(15,221	)	$	(9,348	)
Net income attributable to the Company	$	10,697		$	15,542

Earnings per Share:
Basic	$	0.43		$	0.67
Diluted	$	0.42		$	0.65

Non-GAAP Measures⁽¹⁾:
Adjusted net income before provision for income taxes	$	28,088		$	28,147
EBITDA	$	48,180		$	34,006

(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25


A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the six months ended December 31, 2025 and 2024 follows (in thousands):


	Six Months Ended December 31,
	2025			2024

Net income before provision for income taxes	$	15,466		$	18,189
Adjustments:
Contingent consideration fair value adjustment		(2,781	)		(130	)
Acquisition costs		182			740
Amortization of acquired intangibles		10,383			7,654
Depreciation expense		4,838			1,694
Adjusted net income before provision for income taxes (non-GAAP)	$	28,088		$	28,147

Fiscal Six Months 2026 Financial Highlights

Revenues for the six months ended December 31, 2025 increased 86% to $10.158 billion from $5.457 billion for the six months ended December 31, 2024
Gross profit for the six months ended December 31, 2025 increased 88% to $166.3 million from $88.2 million for the six months ended December 31, 2024
Gross profit margin for the six months ended December 31, 2025 increased to 1.64% of revenue from 1.62% of revenue for the six months ended December 31, 2024
Net income attributable to the Company for the six months ended December 31, 2025 decreased 31% to $10.7 million from $15.5 million for the six months ended December 31, 2024
Diluted earnings per share totaled $0.42 for the six months ended December 31, 2025, a 35% decrease compared to $0.65 for the six months ended December 31, 2024
Adjusted net income before provision for income taxes for the six months ended December 31, 2025 totaled $28.1 million, which was consistent with $28.1 million for the six months ended December 31, 2024
EBITDA for the six months ended December 31, 2025 increased 42% to $48.2 million from $34.0 million for the six months ended December 31, 2024


	Three Months Ended December 31,
	2025		2024
Selected Operating and Financial Metrics:
Gold ounces sold⁽¹⁾		545,000		466,000
Silver ounces sold⁽²⁾		18,635,000		21,828,000
Number of secured loans at period end⁽³⁾		355		518
Secured loans receivable at period end	$	120,351,000	$	98,461,000
Direct-to-Consumer ("DTC") number of new customers⁽⁴⁾		96,100		65,400
Direct-to-Consumer number of active customers⁽⁵⁾		229,100		140,100
Direct-to-Consumer number of total customers⁽⁶⁾		4,361,500		3,187,500
Direct-to-Consumer average order value ("AOV")⁽⁷⁾	$	4,824	$	3,178
JM Bullion ("JMB") average order value⁽⁸⁾	$	2,637	$	2,043
CyberMetals number of new customers⁽⁹⁾		1,400		2,000
CyberMetals number of active customers⁽¹⁰⁾		1,900		1,700
CyberMetals number of total customers⁽¹¹⁾		40,000		33,100
CyberMetals customer assets under management at period end⁽¹²⁾	$	18,900,000	$	8,200,000


(1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts.
(2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts.
(3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period.
(4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment.
(5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment.
(6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment.
(7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment.
(8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period.
(9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform.
(10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform.
(11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform.
(12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers.

	Three Months Ended
	December 31, 2025		September 30, 2025
Selected Operating and Financial Metrics:
Gold ounces sold⁽¹⁾		545,000		439,000
Silver ounces sold⁽²⁾		18,635,000		10,391,000
Number of secured loans at period end⁽³⁾		355		424
Secured loans receivable at period end	$	120,351,000	$	103,633,000
Direct-to-Consumer ("DTC") number of new customers⁽⁴⁾		96,100		69,400
Direct-to-Consumer number of active customers⁽⁵⁾		229,100		147,300
Direct-to-Consumer number of total customers⁽⁶⁾		4,361,500		4,265,400
Direct-to-Consumer average order value ("AOV")⁽⁷⁾	$	4,824	$	3,863
JM Bullion ("JMB") average order value⁽⁸⁾	$	2,637	$	2,544
CyberMetals number of new customers⁽⁹⁾		1,400		1,700
CyberMetals number of active customers⁽¹⁰⁾		1,900		1,800
CyberMetals number of total customers⁽¹¹⁾		40,000		38,700
CyberMetals customer assets under management at period end⁽¹²⁾	$	18,900,000	$	13,800,000


(1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts.
(2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts.
(3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period.
(4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment.
(5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment.
(6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment.
(7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment.
(8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period.
(9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform.
(10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform.
(11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform.
(12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers.

Fiscal Second Quarter 2026 Operational Highlights

Gold ounces sold in the three months ended December 31, 2025 increased 17% to 545,000 ounces from 466,000 ounces for the three months ended December 31, 2024, and increased 24% from 439,000 ounces for the three months ended September 30, 2025
Silver ounces sold in the three months ended December 31, 2025 decreased 15% to 18.6 million ounces from 21.8 million ounces for the three months ended December 31, 2024, and increased 79% from 10.4 million ounces for the three months ended September 30, 2025
As of December 31, 2025, the number of secured loans decreased 31% to 355 from 518 as of December 31, 2024, and decreased 16% from 424 as of September 30, 2025
Direct-to-Consumer new customers for the three months ended December 31, 2025 increased 47% to 96,100 from 65,400 for the three months ended December 31, 2024, and increased 38% from 69,400 for the three months ended September 30, 2025
Direct-to-Consumer active customers for the three months ended December 31, 2025 increased 64% to 229,100 from 140,100 for the three months ended December 31, 2024, and increased 56% from 147,300 for the three months ended September 30, 2025
Direct-to-Consumer average order value for the three months ended December 31, 2025 increased $1,646, or 52% to $4,824 from $3,178 for the three months ended December 31, 2024, and increased $961, or 25% from $3,863 for the three months ended September 30, 2025
JM Bullion's average order value for the three months ended December 31, 2025 increased $594, or 29% to $2,637 from $2,043 for the three months ended December 31, 2024, and increased $93, or 4% from $2,544 for the three months ended September 30, 2025


	Six Months Ended December 31,
	2025		2024
Selected Operating and Financial Metrics:
Gold ounces sold⁽¹⁾		984,000		864,000
Silver ounces sold⁽²⁾		29,026,000		42,277,000
Number of secured loans at period end⁽³⁾		355		518
Secured loans receivable at period end	$	120,351,000	$	98,461,000
Direct-to-Consumer ("DTC") number of new customers⁽⁴⁾		165,500		120,700
Direct-to-Consumer number of active customers⁽⁵⁾		376,400		270,000
Direct-to-Consumer number of total customers⁽⁶⁾		4,361,500		3,187,500
Direct-to-Consumer average order value ("AOV")⁽⁷⁾	$	4,435	$	3,077
JM Bullion ("JMB") average order value⁽⁸⁾	$	2,602	$	2,117
CyberMetals number of new customers⁽⁹⁾		3,100		3,500
CyberMetals number of active customers⁽¹⁰⁾		3,700		3,400
CyberMetals number of total customers⁽¹¹⁾		40,000		33,100
CyberMetals customer assets under management at period end⁽¹²⁾	$	18,900,000	$	8,200,000


(1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts.
(2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts.
(3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period.
(4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment.
(5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment.
(6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment.
(7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment.
(8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period.
(9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform.
(10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform.
(11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform.
(12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers.

Fiscal Six Months 2026 Operational Highlights

Gold ounces sold in the six months ended December 31, 2025 increased 14% to 984,000 ounces from 864,000 ounces for the six months ended December 31, 2024
Silver ounces sold in the six months ended December 31, 2025 decreased 31% to 29.0 million ounces from 42.3 million ounces for the six months ended December 31, 2024
Direct-to-Consumer new customers for the six months ended December 31, 2025 increased 37% to 165,500 from 120,700 for the six months ended December 31, 2024
Direct-to-Consumer active customers for the six months ended December 31, 2025 increased 39% to 376,400 from 270,000 for the six months ended December 31, 2024
Direct-to-Consumer average order value for the six months ended December 31, 2025 increased $1,358, or 44% to $4,435 from $3,077 for the six months ended December 31, 2024
JM Bullion's average order value for the six months ended December 31, 2025 increased $485, or 23% to $2,602 from $2,117 for the six months ended December 31, 2024

Fiscal Second Quarter 2026 Financial Summary

Revenues increased 136% to $6.477 billion from $2.742 billion in the same year-ago quarter. Excluding an increase of $2.494 billion of forward sales, our revenues increased $1.241 billion, or 69.0%, which was due to higher average selling prices of gold and silver as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025 and AMS in April 2025.

Gross profit increased 109% to $93.4 million (1.44% of revenue) from $44.8 million (1.63% of revenue) in the same year-ago quarter. The overall gross profit increase was due to an increase in gross profits earned by both the Wholesale Sales & Ancillary Services segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst, and AMS which were not included in the same year-ago period, partially offset by lower trading profits. The Direct-to-Consumer segment contributed 77% and 56% of the consolidated gross profit in the fiscal second quarters of 2026 and 2025, respectively. Gross profit contributed by JMB represented 29% of the consolidated gross profit in the fiscal second quarter of 2026 and 38% of the consolidated gross profit for the prior year fiscal second quarter.

Selling, general and administrative expenses increased 132% to $59.8 million from $25.8 million in the same year-ago quarter. The change was primarily due to an increase in compensation expense, including performance-based accruals, of $21.6 million, higher advertising costs of $4.8 million, an increase in consulting and professional fees of $2.7 million, an increase in facilities expense of $1.3 million, an increase in bank service and credit card fees of $1.4 million, and an increase in insurance costs of $1.0 million. Selling, general and administrative expenses for the three months ended December 31, 2025 included $29.6 million of expenses incurred by SGI, Pinehurst, and AMS, which were not included in the same year-ago period, as they were not yet consolidated subsidiaries. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $4.4 million from the prior year period.

Depreciation and amortization expense increased 65% to $7.6 million from $4.6 million in the same year-ago quarter. The change was primarily due to an increase in amortization expense of $3.2 million relating to an increase in intangible asset amortization from intangible assets acquired through our acquisitions of SGI, Pinehurst, and AMS and an increase in depreciation expense of $1.6 million due to an increase in capital expenditures, partially offset by a decrease of $1.8 million in JMB and Silver Gold Bull, Inc. ("SGB") intangible asset amortization.

Interest income decreased 15% to $5.8 million from $6.8 million in the same year-ago quarter. The aggregate decrease in interest income was due to an decrease in other finance product income of $1.1 million, partially offset by an increase in interest income earned by our Secured Lending segment of $0.1 million.

Interest expense increased 57% to $16.3 million from $10.4 million in the same year-ago quarter. The increase in interest expense was primarily due to an increase of $3.7 million related to product financing arrangements due to higher interest rates, partially offset by reduced borrowings, an increase of $1.9 million related to precious metals leases driven by higher overall borrowings and an increase in weighted-average interest rates, and an increase of $0.1 million associated with our Trading Credit Facility due to increased borrowings, partially offset by a decrease in interest rates.

Earnings (losses) from equity method investments increased 142% to earnings of $1.0 million from a loss of $2.4 million in the same year-ago quarter. The increase was due to increased earnings of our equity method investees.

Net income attributable to the Company totaled $11.6 million or $0.46 per diluted share, compared to net income of $6.6 million or $0.27 per diluted share in the same year-ago quarter.

Adjusted net income before provision for income taxes for the three months ended December 31, 2025 totaled $23.2 million, an increase of $9.9 million or 74% compared to $13.4 million in the same year-ago quarter. The increase was due to higher net income before provision for income taxes of $7.8 million, higher depreciation expense of $1.6 million, higher amortization of acquired intangibles of $1.4 million, partially offset by lower acquisition costs of $0.6 million and higher contingent consideration fair value adjustment of $0.3 million.

EBITDA for the three months ended December 31, 2025 totaled $33.9 million, an increase of $17.7 million or 109% compared to $16.2 million in the same year-ago quarter. The increase was primarily due to higher net income of $7.6 million, higher interest expense of $5.9 million, higher depreciation expense of $1.6 million, higher amortization of acquired intangibles of $1.4 million, and lower interest income of $1.0 million.

Fiscal Six Months 2026 Financial Summary

Revenues increased 86% to $10.158 billion from $5.457 billion in the same year-ago period. Excluding an increase of $3.056 billion of forward sales, our revenues increased $1.644 billion, or 50.3%, which was due to higher average selling prices of gold and silver as well as an increase in gold ounces sold, partially offset by a decrease in silver ounces sold. Revenues also increased due to the acquisitions of SGI and Pinehurst in February 2025 and AMS in April 2025.

Gross profit increased 88% to $166.3 million (1.64% of revenue) from $88.2 million (1.62% of revenue) in the same year-ago period. The overall gross profit increase was due to an increase in gross profits earned by both the Wholesale Sales & Ancillary Services segment and the Direct-to-Consumer segment, including the acquisitions of SGI, Pinehurst, and AMS which were not included in the same year-ago period, partially offset by lower trading profits. The Direct-to-Consumer segment contributed 74% and 55% of the consolidated gross profit for the six months ended December 31, 2025 and 2024, respectively. Gross profit contributed by JMB represented 25% and 37% of the consolidated gross profit for the six months ended December 31, 2025 and 2024, respectively.

Selling, general and administrative expenses increased 128% to $119.6 million from $52.4 million in the same year-ago period. The change was primarily due to an increase in compensation expense, including performance-based accruals, of $41.1 million, higher advertising costs of $10.0 million, an increase in consulting and professional fees of $6.7 million, an increase in facilities expense of $2.6 million, an increase in bank service and credit card fees of $2.6 million, and an increase in insurance costs of $1.5 million. Selling, general and administrative expenses for the six months ended December 31, 2025 included $60.0 million of expenses incurred by SGI, and Pinehurst, and AMS which were not included in the same year-ago period as these were not consolidated subsidiaries. Excluding the increase from newly acquired subsidiaries, our selling, general and administrative expenses increased $7.2 million from the prior year period.

Depreciation and amortization expense increased 63% to $15.2 million from $9.4 million in the same year-ago period. The change was primarily due to an increase in amortization expense of $6.4 million relating to an increase in intangible asset amortization from intangible assets acquired through our acquisitions of SGI, Pinehurst, and AMS and an increase in depreciation expense of $3.1 million due to an increase in capital expenditures, partially offset by a decrease of $3.7 million in JMB and SGB intangible asset amortization.

Interest income decreased 18% to $11.4 million from $13.9 million in the same year-ago period. The aggregate decrease in interest income was due to a decrease in other finance product income of $2.2 million and a decrease in interest income earned by our Secured Lending segment of $0.3 million.

Interest expense increased 42% to $28.9 million from $20.4 million in the same year-ago period. The increase in interest expense was primarily due to an increase of $4.2 million related to product financing arrangements due to higher interest rates, partially offset by reduced borrowings, an increase of $3.2 million related to precious metals leases driven by higher overall borrowings and an increase in weighted-average interest rates, and an increase of $0.7 million associated with our Trading Credit Facility due to increased borrowings.

Earnings (losses) from equity method investments increased 106% to earnings of $0.1 million from a loss of $1.8 million in the same year-ago period. The increase was due to increased earnings of our equity method investees.

Net income attributable to the Company totaled $10.7 million or $0.42 per diluted share, compared to net income of $15.5 million or $0.65 per diluted share in the same year-ago period.

Adjusted net income before provision for income taxes for the six months ended December 31, 2025 totaled $28.1 million, which was consistent with $28.1 million in the same year-ago period.

EBITDA for the six months ended December 31, 2025 totaled $48.2 million, an increase of $14.2 million or 42% compared to $34.0 million in the same year-ago period. The increase was primarily due to higher interest expense of $8.5 million, higher depreciation expense of $3.1 million, higher amortization of acquired intangibles of $2.7 million, and lower interest income of $2.5 million, partially offset by lower net income of $1.8 million.

Quarterly Cash Dividend

Gold.com's Board of Directors has declared a quarterly cash dividend of $0.20 per share, maintaining the company's current dividend program. The dividend is payable on March 4, 2026 to stockholders of record as of February 20, 2026.

Conference Call

Gold.com will hold a conference call today (February 5, 2026) to discuss these financial results. Gold.com management will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) followed by a question-and-answer period.

To participate, please call the conference telephone number 10 minutes before the start time and ask for the Gold.com conference call.

Webcast: https://www.webcaster5.com/Webcast/Page/2867/53463

U.S. dial-in number: 1-888-506-0062

International number: 1-973-528-0011

Participant Access Code: 118433

The call will also be broadcast live and available for replay on the Investor Relations section of Gold.com's website at ir.gold.com. If you have any difficulty connecting with the conference call or webcast, please contact Gold.com's investor relations team at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time through February 19, 2026.

Toll-free replay number: 1-877-481-4010

International replay number: 1-919-882-2331

Participant Access Code: 53463

About Gold.com, Inc.

Gold.com builds on gold's storied history and heritage to define the future of alternative asset management. Founded in 1965, Gold.com offers a comprehensive solution for all aspects of the precious metals and collectibles value chain. Its vertically integrated platform combines market expertise in gold, silver, platinum, and palladium and collectibles that include rare coins and currency with state-of-the-art logistics, financing, and minting capabilities to serve consumers, collectors, and institutional clients globally.

Gold.com's direct-to-consumer marketplace, anchored by flagship brands JMBullion.com, Stack's Bowers Galleries, GovMint.com, Monex Precious Metals, and Goldline, has served millions of customers. The Company's trading and wholesale sales platform, which operates under A-Mark Precious Metals, maintains distribution and finance focused relationships with a network of sovereign and private mints and has been an "authorized purchaser" of the United States Mint since 1986. Gold.com's Collateral Finance Corporation secured lending subsidiary, CFCGoldLoans.com, extends bullion, numismatic, and sports card loans while A-Mark Global Logistics supports the Company's operations with airport-adjacent distribution centers and IRA-approved storage depositories.

Gold.com is based in Costa Mesa, California, and operates across the United States, Canada, and in the United Kingdom, Europe, Hong Kong, and Singapore. Learn more at www.gold.com

Important Cautions Regarding Forward-Looking Statements

Statements in this press release that relate to 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 our long-term strategy and growth opportunities, expense structure, synergies and cost savings, and shareholder value. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results or circumstances to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the inability to continue to successfully integrate recently acquired businesses; government regulations that might impede growth, particularly in Asia, including with respect to tariff policy; changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals markets but also has posed certain risks and uncertainties for the Company, particularly in recent periods; the failure of the Company's business model to respond to changes in the market environment as anticipated; premium spreads and futures pricing affecting our Wholesale segment; changes in consumer demand and preferences for precious metal products generally, particularly as this affects the strength of our Direct-to-Consumer segment; the failure of our investee companies to maintain, or address the preferences of, their customer bases; general risks of doing business in the commodity markets; and the strategic, business, economic, financial, political and governmental risks and other Risk Factors described in 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. Readers are cautioned not to place undue reliance on these forward-looking statements.

Use and Reconciliation of Non-GAAP Measures

In addition to presenting the Company's financial results determined in accordance with U.S. GAAP, management believes the following non-GAAP measures are useful in evaluating the Company's operating performance: "adjusted net income before provision for income taxes" and "earnings before interest, taxes, depreciation and amortization" ("EBITDA"). Management believes the "adjusted net income before provision for income taxes" non-GAAP financial performance measure assists investors and analysts by facilitating comparison of period-to-period operational performance on a consistent basis by excluding items that management does not believe are indicative of the Company's core operating performance. The items excluded from this financial measure may have a material impact on the Company's financial results. Certain of those items are non-recurring, while others are non-cash in nature. Management believes the EBITDA non-GAAP liquidity measure assists investors and analysts by facilitating comparison of our business operations before investing activities, interest, and income taxes with other publicly traded companies. Non-GAAP measures do not have standardized definitions and should be considered in addition to, and not as a substitute for or superior to, the comparable measures prepared in accordance with U.S. GAAP, and should be read in conjunction with the financial statements included in the Company's Quarterly Report on Form 10-Q to be filed with the SEC. Management encourages investors and others to review the Company's financial information in its entirety and not to rely on any single financial or liquidity measure.

In the Company's reconciliation from its reported U.S. GAAP "net income before provision for income taxes" to its non-GAAP "adjusted net income before provision for income taxes", the Company eliminates the impact of the following four amounts: acquisition costs; amortization expenses related to intangible assets acquired; depreciation expense; and contingent consideration fair value adjustments. The Company's reconciliations from its reported U.S. GAAP "net income before provision for income taxes" to its non-GAAP "adjusted net income before provision for income taxes", and "net income" and "net cash provided by (used in) operating activities" to its non-GAAP "EBITDA" are provided below and are also included in the Company's Quarterly Report on Form 10-Q to be filed with the SEC for the quarterly period ended December 31, 2025.

Company Contact:

Steve Reiner, Executive Vice President, Capital Markets & Investor Relations

Gold.com, Inc.

1-310-587-1410

sreiner@gold.com

Investor Relations Contact:

Matt Glover or Greg Bradbury

Gateway Group, Inc.

1-949-574-3860

GOLD@gateway-grp.com

Media Relations Contact

ICR for Gold.com

GOLD@icrinc.com


GOLD.COM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for share data)

	December 31, 2025		June 30, 2025
	(unaudited)
ASSETS
Current assets
Cash	$	152,050	$	77,741
Receivables, net		558,816		137,723
Derivative assets		947,661		134,515
Secured loans receivable		120,351		94,037
Inventories:
Inventories		1,031,156		794,812
Restricted inventories		504,593		484,733
		1,535,749		1,279,545
Income tax receivable		7,515		4,575
Prepaid expenses and other assets		19,525		15,359
Total current assets		3,341,667		1,743,495
Operating lease right of use assets		20,521		22,843
Property, plant, and equipment, net		46,672		45,509
Goodwill		228,696		228,650
Intangibles, net		128,802		137,314
Long-term investments		38,437		33,015
Other long-term assets		7,090		4,605
Total assets	$	3,811,885	$	2,215,431
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Liabilities on borrowed metals	$	85,606	$	46,051
Product financing arrangements		504,593		484,733
Accounts payable and other payables		88,600		22,248
Deferred revenue and other advances		1,701,887		426,904
Derivative liabilities		338,223		96,177
Accrued liabilities		31,332		34,021
Notes payable		4,000		3,994
Total current liabilities		2,754,241		1,114,128
Lines of credit		300,000		345,000
Notes payable		3,328		3,349
Deferred tax liabilities		18,302		18,335
Other liabilities		27,189		31,948
Total liabilities		3,103,060		1,512,760
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of December 31, 2025 or June 30, 2025		—		—
Common stock, par value $0.01; 40,000,000 shares authorized; 24,896,992 and 24,639,386 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively		249		247
Additional paid-in capital		188,549		184,998
Accumulated other comprehensive income		224		212
Retained earnings		464,788		464,059
Total Gold.com, Inc. stockholders' equity		653,810		649,516
Noncontrolling interests		55,015		53,155
Total stockholders' equity		708,825		702,671
Total liabilities and stockholders' equity	$	3,811,885	$	2,215,431


GOLD.COM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share and per share data; unaudited)

	Three Months Ended December 31,						Six Months Ended December 31,
	2025			2024			2025			2024
Revenues	$	6,476,900		$	2,742,345		$	10,157,666		$	5,457,441
Cost of sales		6,383,530			2,697,578			9,991,399			5,369,231
Gross profit		93,370			44,767			166,267			88,210
Selling, general, and administrative expenses		(59,784	)		(25,754	)		(119,606	)		(52,371	)
Depreciation and amortization expense		(7,638	)		(4,639	)		(15,221	)		(9,348	)
Interest income		5,789			6,794			11,360			13,881
Interest expense		(16,253	)		(10,363	)		(28,853	)		(20,350	)
Earnings (losses) from equity method investments		1,009			(2,410	)		101			(1,832	)
Other income, net		250			461			2,483			661
Unrealized losses on foreign exchange		(966	)		(840	)		(1,065	)		(662	)
Net income before provision for income taxes		15,777			8,016			15,466			18,189
Income tax expense		(2,249	)		(2,042	)		(2,909	)		(3,797	)
Net income		13,528			5,974			12,557			14,392
Net income (loss) attributable to noncontrolling interests		1,892			(584	)		1,860			(1,150	)
Net income attributable to the Company	$	11,636		$	6,558		$	10,697		$	15,542
Basic and diluted net income per share attributable to Gold.com, Inc.:
Basic	$	0.47		$	0.28		$	0.43		$	0.67
Diluted	$	0.46		$	0.27		$	0.42		$	0.65

Weighted-average shares outstanding:
Basic		24,810,500			23,158,300			24,753,600			23,093,400
Diluted		25,536,500			23,966,400			25,489,100			23,972,900


GOLD.COM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited)

	Six Months Ended December 31,
	2025			2024
Cash flows from operating activities:
Net income	$	12,557		$	14,392
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		15,221			9,348
Amortization of loan cost		2,763			1,680
Share-based compensation		838			627
Losses (earnings) from equity method investments		(101	)		1,832
Other		153			(206	)
Changes in assets and liabilities:
Receivables, net		(424,214	)		2,449
Secured loans made to affiliates		—			17
Derivative assets		(813,146	)		21,880
Income tax receivable		(2,940	)		(3,065	)
Precious metals held under financing arrangements		—			2,646
Inventories		(256,204	)		(97,052	)
Prepaid expenses and other assets		(4,195	)		(309	)
Accounts payable and other payables		65,600			(3,941	)
Deferred revenue and other advances		1,274,983			54,870
Derivative liabilities		242,046			(20,942	)
Liabilities on borrowed metals		39,555			1,895
Accrued liabilities		(121	)		(3,579	)
Net cash provided by (used in) operating activities		152,795			(17,458	)
Cash flows from investing activities:
Capital expenditures for property, plant, and equipment		(5,972	)		(4,308	)
Purchase of long-term investments		(6,400	)		—
Purchase of intangible assets		—			(100	)
Secured loans receivable, net		(26,303	)		14,599
Purchase of marketable securities		—			(2,550	)
Proceeds from sale of marketable securities		—			2,835
Other		(881	)		23
Net cash (used in) provided by investing activities		(39,556	)		10,499
Cash flows from financing activities:
Product financing arrangements, net		19,860			34,193
Dividends paid		(9,926	)		(9,275	)
Borrowings under lines of credit		1,443,000			971,000
Repayments under lines of credit		(1,488,000	)		(991,000	)
Repayments on notes payable to related party		—			(4,347	)
Repurchases of common stock		—			(901	)
Repurchases of common stock from a related party		—			(4,219	)
Debt funding issuance costs		(2,641	)		(2,641	)
Proceeds from the exercise of share-based awards		1,844			3,281
Other		(3,067	)		—
Net cash used in financing activities		(38,930	)		(3,909	)
Net increase (decrease) in cash		74,309			(10,868	)
Cash, beginning of period		77,741			48,636
Cash, end of period	$	152,050		$	37,768

Overview of Results of Operations for the Three Months Ended December 31, 2025 and 2024

Consolidated Results of Operations

The operating results for the three months ended December 31, 2025 and 2024 were as follows (in thousands, except per share data):


Three Months Ended December 31,	2025						2024						Change
	$			% of revenue			$			% of revenue			$			%
Revenues	$	6,476,900			100.000	%	$	2,742,345			100.000	%	$	3,734,555			136.2	%
Gross profit		93,370			1.442	%		44,767			1.632	%	$	48,603			108.6	%
Selling, general, and administrative expenses		(59,784	)		(0.923	%)		(25,754	)		(0.939	%)	$	34,030			132.1	%
Depreciation and amortization expense		(7,638	)		(0.118	%)		(4,639	)		(0.169	%)	$	2,999			64.6	%
Interest income		5,789			0.089	%		6,794			0.248	%	$	(1,005	)		(14.8	%)
Interest expense		(16,253	)		(0.251	%)		(10,363	)		(0.378	%)	$	5,890			56.8	%
Earnings (losses) from equity method investments		1,009			0.016	%		(2,410	)		(0.088	%)	$	3,419			141.9	%
Other income, net		250			0.004	%		461			0.017	%	$	(211	)		(45.8	%)
Unrealized losses on foreign exchange		(966	)		(0.015	%)		(840	)		(0.031	%)	$	126			15.0	%
Net income before provision for income taxes		15,777			0.244	%		8,016			0.292	%	$	7,761			96.8	%
Income tax expense		(2,249	)		(0.035	%)		(2,042	)		(0.074	%)	$	207			10.1	%
Net income		13,528			0.209	%		5,974			0.218	%	$	7,554			126.4	%
Net income (loss) attributable to noncontrolling interests		1,892			0.029	%		(584	)		(0.021	%)	$	2,476			424.0	%
Net income attributable to the Company	$	11,636			0.180	%	$	6,558			0.239	%	$	5,078			77.4	%

Basic and diluted net income per share attributable to Gold.com, Inc.:

Per Share Data:
Basic	$	0.47					$	0.28					$	0.19			67.9	%
Diluted	$	0.46					$	0.27					$	0.19			70.4	%

Overview of Results of Operations for the Three Months Ended December 31, 2025 and September 30, 2025

Consolidated Results of Operations

The operating results for the three months ended December 31, 2025 and September 30, 2025 were as follows (in thousands, except per share data):


Three Months Ended	December 31, 2025						September 30, 2025						Change
	$			% of revenue			$			% of revenue			$			%
Revenues	$	6,476,900			100.000	%	$	3,680,766			100.000	%	$	2,796,134			76.0	%
Gross profit		93,370			1.442	%		72,897			1.980	%	$	20,473			28.1	%
Selling, general, and administrative expenses		(59,784	)		(0.923	%)		(59,822	)		(1.625	%)	$	(38	)		(0.1	%)
Depreciation and amortization expense		(7,638	)		(0.118	%)		(7,583	)		(0.206	%)	$	55			0.7	%
Interest income		5,789			0.089	%		5,571			0.151	%	$	218			3.9	%
Interest expense		(16,253	)		(0.251	%)		(12,600	)		(0.342	%)	$	3,653			29.0	%
Earnings (losses) from equity method investments		1,009			0.016	%		(908	)		(0.025	%)	$	1,917			211.1	%
Other income, net		250			0.004	%		2,233			0.061	%	$	(1,983	)		(88.8	%)
Unrealized losses on foreign exchange		(966	)		(0.015	%)		(99	)		(0.003	%)	$	867			875.8	%
Net income (loss) before provision for income taxes		15,777			0.244	%		(311	)		(0.008	%)	$	16,088			5,173.0	%
Income tax expense		(2,249	)		(0.035	%)		(660	)		(0.018	%)	$	1,589			240.8	%
Net income (loss)		13,528			0.209	%		(971	)		(0.026	%)	$	14,499			1,493.2	%
Net income (loss) attributable to noncontrolling interests		1,892			0.029	%		(32	)		(0.001	%)	$	1,924			6,012.5	%
Net income (loss) attributable to the Company	$	11,636			0.180	%	$	(939	)		(0.026	%)	$	12,575			1,339.2	%

Basic and diluted net (loss) income per share attributable to Gold.com, Inc.:

Per Share Data:
Basic	$	0.47					$	(0.04	)				$	0.51			1,275.0	%
Diluted	$	0.46					$	(0.04	)				$	0.50			1,250.0	%

Overview of Results of Operations for the Six Months Ended December 31, 2025 and 2024

Consolidated Results of Operations

The operating results for the six months ended December 31, 2025 and 2024 were as follows (in thousands, except per share data):

Six Months Ended December 31,	2025						2024						Change
	$			% of revenue			$			% of revenue			$			%
Revenues	$	10,157,666			100.000	%	$	5,457,441			100.000	%	$	4,700,225			86.1	%
Gross profit		166,267			1.637	%		88,210			1.616	%	$	78,057			88.5	%
Selling, general, and administrative expenses		(119,606	)		(1.177	%)		(52,371	)		(0.960	%)	$	67,235			128.4	%
Depreciation and amortization expense		(15,221	)		(0.150	%)		(9,348	)		(0.171	%)	$	5,873			62.8	%
Interest income		11,360			0.112	%		13,881			0.254	%	$	(2,521	)		(18.2	%)
Interest expense		(28,853	)		(0.284	%)		(20,350	)		(0.373	%)	$	8,503			41.8	%
Earnings (losses) from equity method investments		101			0.001	%		(1,832	)		(0.034	%)	$	1,933			105.5	%
Other income, net		2,483			0.024	%		661			0.012	%	$	1,822			275.6	%
Unrealized losses on foreign exchange		(1,065	)		(0.010	%)		(662	)		(0.012	%)	$	403			60.9	%
Net income before provision for income taxes		15,466			0.152	%		18,189			0.333	%	$	(2,723	)		(15.0	%)
Income tax expense		(2,909	)		(0.029	%)		(3,797	)		(0.070	%)	$	(888	)		(23.4	%)
Net income		12,557			0.124	%		14,392			0.264	%	$	(1,835	)		(12.8	%)
Net income (loss) attributable to noncontrolling interests		1,860			0.018	%		(1,150	)		(0.021	%)	$	3,010			261.7	%
Net income attributable to the Company	$	10,697			0.105	%	$	15,542			0.285	%	$	(4,845	)		(31.2	%)

Basic and diluted net income per share attributable to Gold.com, Inc.:

Per Share Data:
Basic	$	0.43					$	0.67					$	(0.24	)		(35.8	%)
Diluted	$	0.42					$	0.65					$	(0.23	)		(35.4	%)

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended December 31, 2025 and 2024

A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended December 31, 2025 and 2024 follows (in thousands):

Three Months Ended December 31,	2025			2024		Change
	$			$		$			%
Net income before provision for income taxes	$	15,777		$	8,016	$	7,761			96.8	%
Adjustments:
Contingent consideration fair value adjustment		(320	)		20	$	(340	)		(1,700.0	%)
Acquisition costs		121			688	$	(567	)		(82.4	%)
Amortization of acquired intangibles		5,181			3,790	$	1,391			36.7	%
Depreciation expense		2,457			849	$	1,608			189.4	%
Adjusted net income before provision for income taxes (non-GAAP)	$	23,216		$	13,363	$	9,853			73.7	%

A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended December 31, 2025 and 2024 follows (in thousands):

Three Months Ended December 31,	2025			2024			Change
Reconciliation of Net Income to EBITDA:	$			$			$			%
Net income	$	13,528		$	5,974		$	7,554			126.4	%
Adjustments:
Interest income		(5,789	)		(6,794	)	$	(1,005	)		(14.8	%)
Interest expense		16,253			10,363		$	5,890			56.8	%
Amortization of acquired intangibles		5,181			3,790		$	1,391			36.7	%
Depreciation expense		2,457			849		$	1,608			189.4	%
Income tax expense		2,249			2,042		$	207			10.1	%
		20,351			10,250		$	10,101			98.5	%

Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	33,879		$	16,224		$	17,655			108.8	%

Reconciliation of Operating Cash Flows to EBITDA:
Net cash (used in) provided by operating activities	$	(42,622	)	$	110,071		$	(152,693	)		(138.7	%)
Changes in operating working capital		66,319			(97,186	)	$	163,505			168.2	%
Interest expense		16,253			10,363		$	5,890			56.8	%
Interest income		(5,789	)		(6,794	)	$	(1,005	)		(14.8	%)
Income tax expense		2,249			2,042		$	207			10.1	%
Earnings (losses) from equity method investments		1,009			(2,410	)	$	3,419			141.9	%
Share-based compensation		(463	)		(307	)	$	156			50.8	%
Amortization of loan cost		(1,128	)		(1,015	)	$	113			11.1	%
Other		(1,949	)		1,460		$	(3,409	)		(233.5	%)
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	33,879		$	16,224		$	17,655			108.8	%

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended December 31, 2025 and September 30, 2025

A reconciliation of net income (loss) before provision for income taxes to adjusted net income before provision for income taxes for the three months ended December 31, 2025 and September 30, 2025 follows (in thousands):

Three Months Ended	December 31, 2025			September 30, 2025			Change
	$			$			$			%
Net income (loss) before provision for income taxes	$	15,777			(311	)	$	16,088			5,173.0	%
Adjustments:
Contingent consideration fair value adjustment		(320	)		(2,461	)	$	(2,141	)		(87.0	%)
Acquisition costs		121			61		$	60			98.4	%
Amortization of acquired intangibles		5,181			5,202		$	(21	)		(0.4	%)
Depreciation expense		2,457			2,381		$	76			3.2	%
Adjusted net income before provision for income taxes (non-GAAP)	$	23,216		$	4,872		$	18,344			376.5	%

A reconciliation of net income (loss) to EBITDA, and operating cash flows to EBITDA for the three months ended December 31, 2025 and September 30, 2025 follows (in thousands):

Three Months Ended	December 31, 2025			September 30, 2025			Change
Reconciliation of Net Income (Loss) to EBITDA:	$			$			$			%
Net income (loss)	$	13,528		$	(971	)	$	14,499			1,493.2	%
Adjustments:
Interest income		(5,789	)		(5,571	)	$	218			3.9	%
Interest expense		16,253			12,600		$	3,653			29.0	%
Amortization of acquired intangibles		5,181			5,202		$	(21	)		(0.4	%)
Depreciation expense		2,457			2,381		$	76			3.2	%
Income tax expense		2,249			660		$	1,589			240.8	%
		20,351			15,272		$	5,079			33.3	%

Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	33,879		$	14,301		$	19,578			136.9	%

Reconciliation of Operating Cash Flows to EBITDA:
Net cash (used in) provided by operating activities	$	(42,622	)	$	195,417		$	(238,039	)		(121.8	%)
Changes in operating working capital		66,319			(187,683	)	$	254,002			135.3	%
Interest expense		16,253			12,600		$	3,653			29.0	%
Interest income		(5,789	)		(5,571	)	$	218			3.9	%
Income tax expense		2,249			660		$	1,589			240.8	%
Earnings (losses) from equity method investments		1,009			(908	)	$	1,917			211.1	%
Share-based compensation		(463	)		(375	)	$	88			23.5	%
Amortization of loan cost		(1,128	)		(1,635	)	$	(507	)		(31.0	%)
Other		(1,949	)		1,796		$	(3,745	)		(208.5	%)
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	33,879		$	14,301		$	19,578			136.9	%

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Six Months Ended December 31, 2025 and 2024

A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the six months ended December 31, 2025 and 2024 follows (in thousands):

Six Months Ended December 31,	2025			2024			Change
	$			$			$			%
Net income before provision for income taxes	$	15,466		$	18,189		$	(2,723	)		(15.0	%)
Adjustments:
Contingent consideration fair value adjustment		(2,781	)		(130	)	$	2,651			2,039.2	%
Acquisition costs		182			740		$	(558	)		(75.4	%)
Amortization of acquired intangibles		10,383			7,654		$	2,729			35.7	%
Depreciation expense		4,838			1,694		$	3,144			185.6	%
Adjusted net income before provision for income taxes (non-GAAP)	$	28,088		$	28,147		$	(59	)		(0.2	%)

A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the six months ended December 31, 2025 and 2024 follows (in thousands):

Six Months Ended December 31,	2025			2024			Change
Reconciliation of Net Income to EBITDA:	$			$			$			%
Net income	$	12,557		$	14,392		$	(1,835	)		(12.8	%)
Adjustments:
Interest income		(11,360	)		(13,881	)	$	(2,521	)		(18.2	%)
Interest expense		28,853			20,350		$	8,503			41.8	%
Amortization of acquired intangibles		10,383			7,654		$	2,729			35.7	%
Depreciation expense		4,838			1,694		$	3,144			185.6	%
Income tax expense		2,909			3,797		$	(888	)		(23.4	%)
		35,623			19,614		$	16,009			81.6	%

Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	48,180		$	34,006		$	14,174			41.7	%

Reconciliation of Operating Cash Flows to EBITDA:
Net cash provided by (used in) operating activities	$	152,795		$	(17,458	)	$	170,253			975.2	%
Changes in operating working capital		(121,364	)		45,131		$	(166,495	)		(368.9	%)
Interest expense		28,853			20,350		$	8,503			41.8	%
Interest income		(11,360	)		(13,881	)	$	(2,521	)		(18.2	%)
Income tax expense		2,909			3,797		$	(888	)		(23.4	%)
Earnings (losses) from equity method investments		101			(1,832	)	$	1,933			105.5	%
Share-based compensation		(838	)		(627	)	$	211			33.7	%
Amortization of loan cost		(2,763	)		(1,680	)	$	1,083			64.5	%
Other		(153	)		206		$	(359	)		(174.3	%)
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	48,180		$	34,006		$	14,174			41.7	%