Core Viewpoint - Gunvor is expanding its precious metals business from trading derivatives to physical metal, hiring specialists in London and Singapore amid a significant rise in gold prices since late 2022 [1][3]. Group 1: Business Expansion - Gunvor is developing the full value chain from gold and silver concentrates to refined bars, with key traders already in place [2]. - The company has been trading precious metals derivatives but is now moving into physical metal trading [3]. - The precious metals business has been growing over the past year, particularly after hiring Oliver Martin from Anglo American in Singapore [4]. Group 2: Market Context - Gold prices have doubled since late 2022, with spot gold reaching a record high of $3,674 per troy ounce [1]. - Global gold market trading volumes averaged $329 billion a day in the first half of 2025, marking the highest semi-annual value since 2018 [1]. Group 3: Financial Performance - Gunvor's net profit for the first half fell 71% year-on-year to $121 million due to oil oversupply and increased competition [5]. Group 4: Competitive Landscape - Other companies, such as Mitsui & Co and Societe Generale, are also expanding their precious metals businesses, indicating a competitive market [5]. - Gunvor's physical bullion business is led by Gregory Frith, who has extensive relationships in the refinery and end-buyer markets [6].

Financial Data and Key Metrics Changes - For fiscal year 2025, the company reported net income of $17.3 million, with non-GAAP adjusted net income before provision for income taxes at $53.1 million and diluted EPS of $0.71/share [3][14] - In Q4 fiscal 2025, net income was $10.3 million, with non-GAAP adjusted net income before provision for income taxes at $19.2 million and diluted EPS of $0.41/share [3][14] - Revenue for Q4 decreased 1% to $2.51 billion, while for the full year, revenue increased 1.3% to $10.98 billion [6][8] - Gross profit for Q4 increased 90% to $81.7 million, and for the full year, gross profit increased 22% to $210.9 million [7][8] - SG&A expenses for Q4 increased 135% to $53.4 million, and for the full year, SG&A expenses increased 55% to $139 million [8][9] - Interest income for Q4 decreased 34% to $5.3 million, while interest expense increased 34% to $12.9 million [11][12] Business Line Data and Key Metrics Changes - The company sold 346,000 oz of gold in Q4, down 23% year-over-year, and 1.6 million oz for the full year, down 11% [16] - Silver sales in Q4 were 15.7 million oz, down 38% year-over-year, and 73.6 million oz for the full year, down 32% [16] - The number of new customers in the DTC segment for Q4 was 108,900, down 81% year-over-year, while for the full year, new customers increased 57% to 1,129,200 [17][18] Market Data and Key Metrics Changes - The company has expanded its operations in Asia, with LPM fully operational in Singapore, enhancing its reach in the Southeast Asian market [5] - The DTC segment's average order value for Q4 was $2,443, down 15% year-over-year, while for the full year, it was $2,886, up 19% [19] Company Strategy and Development Direction - The company is focused on integrating recent acquisitions to optimize expenses and create greater operating leverage [4][21] - The strategic acquisitions are expected to strengthen distribution channels and expand into higher margin collectible and luxury segments [5][21] - The company is exploring further M&A opportunities while balancing capital allocation between inventory and acquisitions [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in the market, including higher carrying costs and premium pressures, but expressed optimism about integration efforts and future growth [24] - The company highlighted the importance of volatility and uncertainty in the equity markets as favorable conditions for its business [33] - Management acknowledged the impact of tariffs on operations, particularly regarding gold imports, and the challenges posed by backwardation in the silver market [37][56] Other Important Information - The company has made significant progress in integrating its acquisitions, with the accounting integration nearly complete [61] - The Las Vegas distribution center is 95% complete, with ongoing software and IT integration [29] Q&A Session Summary Question: Current cycle position - Management indicated that the market has been stable over the last 3-6 months, with some strength in April but slower performance in May and June [24] Question: Strategic M&A opportunities - Management is open to future acquisitions and believes that opportunities may arise in a slower market [25][26] Question: Countercyclical efforts - Management reported success in the rare coin auction market, indicating that the strategy is proving effective [28] Question: Las Vegas distribution center upgrades - Management confirmed that the distribution center is nearly complete, with operational capacity and cost savings meeting expectations [29] Question: Environment for business - Management noted that a favorable environment would include volatility and uncertainty in equity markets, which could drive demand for precious metals [33] Question: Impact of tariffs - Management explained that tariffs have caused disruptions and increased costs related to gold imports [37] Question: Drivers of gross margin - Management attributed improved gross profit margins to the integration of higher margin businesses from acquisitions [40]

Financial Data and Key Metrics Changes - For fiscal year 2025, the company reported net income of $17.3 million, with non-GAAP adjusted net income before provision for income taxes at $53.1 million and diluted EPS of $0.71 per share [3][14] - In Q4 fiscal 2025, net income was $10.3 million, with non-GAAP adjusted net income before provision for income taxes at $19.2 million and diluted EPS of $0.41 per share [3][14] - Revenue for Q4 decreased by 1% to $2.51 billion, while for the full year, revenue increased by 1.3% to $10.98 billion [6][7] - Gross profit for Q4 increased by 90% to $81.7 million, while for the full year, it increased by 22% to $210.9 million [7][8] - SG&A expenses for Q4 increased by 135% to $53.4 million, and for the full year, they increased by 55% to $139 million [8][9] - Interest income for Q4 decreased by 34% to $5.3 million, while for the full year, it decreased by 4% to $25.9 million [11][13] - EBITDA for Q4 totaled $29.2 million, a 24% decrease compared to the previous year, while for the full year, it totaled $64.4 million, a 40% decrease [15] Business Line Data and Key Metrics Changes - The company sold 346,000 ounces of gold in Q4, down 23% year-over-year, and 1.6 million ounces for the full year, down 11% [16] - Silver sales in Q4 totaled 15.7 million ounces, down 38% year-over-year, and 73.6 million ounces for the full year, down 32% [16] - The number of new customers in the DTC segment for Q4 was 108,900, down 81% year-over-year, while for the full year, it increased by 57% to 1,129,200 [17][18] - The DTC segment average order value for Q4 was $2,443, down 15% year-over-year, while for the full year, it was $2,886, up 19% [19] Market Data and Key Metrics Changes - The company has made significant progress in expanding into Asia, with LPM Group Limited fully operational in Singapore [5] - The total number of customers in the DTC segment at the end of Q4 was approximately 4.2 million, a 37% increase from the prior year [18] Company Strategy and Development Direction - The company aims to optimize expenses and create greater operating leverage through recent acquisitions and integration initiatives [4][5] - The focus is on expanding into higher margin collectible and luxury segments while strengthening distribution channels [5] - The company is open to future acquisitions while balancing capital allocation between inventory and acquisitions [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in the market, including higher spot prices and premium spreads, but expressed optimism about integration efforts and cost reductions [24] - The company is positioned to capture growth across multiple channels in the upcoming fiscal year [5] - Management highlighted the importance of volatility and uncertainty in the equity markets as favorable conditions for their business [34] Other Important Information - The company has completed significant upgrades to its Las Vegas distribution center, with 95% completion on infrastructure and ongoing software integration [29] - The company is actively managing inventory levels and carrying costs in response to market conditions [35] Q&A Session Summary Question: Current cycle position - Management indicated that the market has shown strength in April but slowed down in May and June, with ongoing challenges related to higher carrying costs and premium spreads [24] Question: Strategic M&A opportunities - Management is always looking for opportunities and believes they are ready to digest more acquisitions if suitable opportunities arise [25][26] Question: Countercyclical efforts - Management reported success in the rare coin auction market, indicating that the strategy is proving beneficial [28] Question: Las Vegas distribution center upgrades - Management confirmed that the distribution center is 95% complete, with operational capacity and cost savings meeting expectations [29] Question: Environment for business - Management noted that a good environment includes volatility and uncertainty in equity markets, which drives demand for precious metals [34] Question: Impact of tariffs - Management explained that tariffs have caused disruptions and increased costs related to sourcing metals from abroad [37][38] Question: Gross margin drivers - Management attributed improved gross profit margins to the integration of higher margin businesses from recent acquisitions [40] Question: International market exposure - Management expressed optimism about growth opportunities in Asia, particularly through the LPM Group Limited acquisition [46][47]

Financial Performance - American Outdoor Brands, Inc. reported a quarterly loss of $0.26 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.16, and compared to earnings of $0.06 per share a year ago, indicating a significant decline [1] - The company posted revenues of $29.7 million for the quarter ended July 2025, missing the Zacks Consensus Estimate by 19.29%, and down from $41.64 million in the same quarter last year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times, but has underperformed the market with shares losing about 32.8% since the beginning of the year [2][3] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.38 on revenues of $61 million, and for the current fiscal year, it is $0.41 on revenues of $212.9 million [7] - The estimate revisions trend for American Outdoor Brands was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Leisure and Recreation Products industry, to which American Outdoor Brands belongs, is currently in the bottom 35% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment and stock performance [5]

Group 1: Gold Market Dynamics - Gold prices surged to a record above $3,500 an ounce, driven by expectations of Federal Reserve interest rate cuts [1][4] - Spot gold briefly exceeded $3,508 in New York trading, marking a significant increase of approximately one-third in 2025, outperforming most major assets [1][16] - UBS strategist Joni Teves indicated that the rise in gold prices is linked to increased allocations by investors anticipating Fed rate cuts [2] Group 2: Market Influences - Fed Chair Jerome Powell's remarks at Jackson Hole hinted at potential rate cuts, reinforcing market expectations [3] - A cooler labor market has further solidified the case for easier monetary policy, with the upcoming jobs report expected to provide clearer direction [3] - Wall Street experienced a decline in stock prices, with the Dow Jones Industrial Average dropping 441 points, contributing to increased demand for safe-haven assets like gold [7] Group 3: Silver Market Performance - Silver prices also rose, surpassing $40 an ounce for the first time since 2011, with nearly 40% gains year-to-date [3][6] - The demand for silver is bolstered by its dual role as a safe-haven asset and its industrial applications, particularly in clean energy [6] Group 4: Investor Behavior - ETF buying has increased for seven consecutive months, leading to a reduction in available inventories in London and elevated lease rates [6] - Seasonal trends indicate September is historically a weak month for equities, with the S&P 500 averaging a 4.2% decline over the past five years, prompting a shift towards gold [16]

Core Viewpoint - Goldmoney Inc. has changed its auditor from KPMG LLP to BDO Canada LLP, with the transition effective from August 19, 2025 [1][2]. Auditor Change Details - The former auditor, KPMG LLP, resigned at the request of the company effective August 14, 2025 [2]. - The new auditor, BDO Canada LLP, has been appointed to hold the position until the next annual meeting of shareholders [2]. - There were no modified opinions or reportable events from the former auditor regarding the financial statements for the last two fiscal years or the period up to the resignation date [3]. Compliance and Documentation - The company has filed a Change of Auditor Notice on SEDAR+, along with letters from both the former and successor auditors confirming their agreement with the information in the notice [4]. Company Overview - Goldmoney Inc. specializes in the investment and custody of enduring real assets, offering precious metals trading services, secure custody, and storage solutions [5]. - The company also has diversified interests in property investment and jewelry manufacturing [5].

"We see U.S. macro-related risks, questions over Fed independence, worries about fiscal sustainability, and geopolitics underpinning de-dollarization trends and more central bank buying. In our view, these factors will drive gold prices even higher," UBS said in a note. Also Read: Here's The Share of Gold or Crypto Ray Dalio Says Investors Should Hold The bank expects ETF demand to reach nearly 600 metric tons in 2025, the strongest inflows since 2010, and forecasts total gold demand will rise 3% to 4,760 t ...

Financial Performance - GoPro reported a quarterly loss of $0.08 per share, slightly worse than the Zacks Consensus Estimate of a loss of $0.07, but an improvement from a loss of $0.24 per share a year ago [1] - The company posted revenues of $152.64 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 3.45%, but down from $186.22 million year-over-year [2] - Over the last four quarters, GoPro has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - GoPro shares have increased approximately 29.4% since the beginning of the year, outperforming the S&P 500's gain of 8.6% [3] - The current Zacks Rank for GoPro is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.08 on revenues of $209.73 million, and for the current fiscal year, it is $0.01 on revenues of $703.26 million [7] - The estimate revisions trend for GoPro was mixed ahead of the earnings release, which could change following the recent report [6] Industry Context - The Audio Video Production industry, to which GoPro belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Core Viewpoint - Goldmoney Inc. reported its financial results for the first quarter of fiscal 2026, highlighting significant growth in key performance metrics compared to the previous year and quarter [1][2]. Financial Highlights - Total operating income for Q1 2026 was CAD 13.233 million, an increase from CAD 9.209 million in Q1 2025 [3]. - Net income for Q1 2026 was CAD 9.496 million, compared to CAD 5.132 million in Q1 2025 [3]. - Non-IFRS adjusted net income for Q1 2026 was CAD 9.585 million, up 24.5% from CAD 6.627 million in Q1 2025 [3][8]. Key Performance Metrics - Shares outstanding decreased to 12,602 from 13,060 in Q1 2025 [3]. - Tangible equity exclusive of MENE was CAD 145.218 million, up from CAD 113.217 million in Q1 2025 [3]. - Tangible equity per share exclusive of MENE increased to CAD 11.52, compared to CAD 8.67 in Q1 2025 [3][8]. Share Repurchase - The company repurchased and cancelled a total of 323,400 shares at an average price of CAD 8.11 during the first quarter [8]. Company Overview - Goldmoney Inc. specializes in the investment and custody of real assets, offering precious metals trading services and maintaining interests in property investment and jewelry manufacturing [4].

Industry Overview - The gold market has entered a strong upward cycle driven by both technical and fundamental factors, with significant net inflows into global gold ETFs and central bank purchases exceeding 1,000 tons for the fourth consecutive year [1] - By mid-July 2025, various technical indicators have shown positive signals for gold prices [1] Company Performance - Blue Hat acquired 1 ton of gold in August 2024 at approximately $1,990 per ounce, totaling around $64 million, and has since generated unrealized gains of approximately $42 million, representing a 65% gain [2] - The company completed 123 kilograms in gold trading volume in the first half of the year, aiming to generate cash flow through trading activities and related services [2] - Blue Hat has established a gold trading network across Hong Kong and Southeast Asia, benefiting from increased liquidity due to central bank purchases [2] Strategic Focus - The company's strategy combines physical precious metals holdings with trading operations, designed to support business objectives while managing volatility through diversified activities [3] - Management is exploring opportunities in the gold trading sector, subject to market conditions, regulatory requirements, and board approval [3]