Financial Data and Key Metrics Changes - Revenues for Q1 fiscal 2026 increased 36% to $3.68 billion from $2.72 billion in Q1 of last year, with a 27.6% increase excluding forward sales [8] - Gross profit for Q1 fiscal 2026 increased 68% to $72.9 million, or 1.98% of revenue, compared to $43.4 million, or 1.6% of revenue in Q1 of last year [8] - SG&A expenses for Q1 fiscal 2026 increased 125% to $59.8 million from $26.6 million in Q1 of last year [9] - Net loss attributable to the company for Q1 fiscal 2026 totaled $900,000, or $0.04 per diluted share, compared to net income of $9 million, or $0.37 per diluted share in Q1 of last year [11] - EBITDA for Q1 fiscal 2026 totaled $14.3 million, a 20% decrease compared to $17.8 million in the same quarter last year [12] Business Line Data and Key Metrics Changes - The number of gold ounces sold in Q1 fiscal 2026 was 439, up 10% from Q1 of last year and up 27% from the prior quarter [12] - Silver ounces sold in Q1 fiscal 2026 totaled 10.4 million, down 49% from Q1 of last year and down 34% from the prior quarter [13] - The number of new customers in the DTC segment was 69,400 in Q1 fiscal 2026, up 25% from Q1 of last year but down 36% from the previous quarter [13] - Total customers in the DTC segment at the end of Q1 were approximately 4.3 million, a 37% increase from the prior year [13] Market Data and Key Metrics Changes - International operations, particularly in Asia with LPM, delivered sizable contributions this quarter, indicating strong future potential [7] - Demand for gold and silver has increased significantly in September and October, reversing a trend of subdued demand in July and August [6][24] Company Strategy and Development Direction - The acquisition of Monex Deposit Company is expected to strengthen the company's DTC presence and operational synergies [3][4] - The rebranding to Gold.com aims to modernize the corporate identity and enhance operational excellence while expanding into adjacent categories [4][5] - The company is focused on integrating recent acquisitions and optimizing operations to capture economies of scale [6][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the year ahead, citing momentum from recent acquisitions and a strong balance sheet [15] - The company is well-positioned to capitalize on heightened volatility in the market and is focused on creating lasting value for shareholders [15] Other Important Information - The company has seen a significant increase in investor interest in gold and silver, which has influenced recent demand trends [4][24] - The transition to Gold.com is set to take place on December 2nd, marking a significant milestone for the company [5] Q&A Session Summary Question: Current thoughts on strategic M&A - Management is always looking for opportunities that align with overall goals and is open to expanding both domestically and internationally [17][18] Question: Thoughts on stablecoins and gold demand - Gold demand has been strong, driven by central bank buying and increased consumer interest, particularly in September and October [22][23] Question: Sustainability of recent demand trends - Management noted that customer behavior can change rapidly, and while recent demand has been strong, it remains to be seen if it will continue [29][30] Question: When will expenses start to synergize with acquisitions? - Management is focused on reducing costs and improving efficiency while integrating acquisitions, with a goal of increasing EBITDA in line with gross profit [35][36] Question: Factors behind the decision to acquire Monex - The long-standing relationship with Monex and the alignment of business models were key factors in the decision to acquire the company outright [41][42] Question: Combining DTC brands under one umbrella - Management believes in the value of maintaining distinct brands while promoting a unified corporate identity through Gold.com [45][46] Question: Logistics capacity post-M&A - The company has significantly upgraded logistics capacity and is well-positioned to handle increased demand, with the ability to ship a high volume of packages efficiently [52][53]

Vietnam ended its decades-long monopoly on bullion trade and production, the first major liberalization of the market in more than a decade https://t.co/FZZdQX9cId ...