Gold.com Inc (GOLD) is a precious metals distribution company that sells physical gold and silver through two primary channels: a wholesale business serving institutional and dealer customers, and a Direct-to-Consumer business selling to individual buyers. Revenue is transactional, earned on the spread between buying and selling prices of physical metal, with gross margins running below 1.1% of revenue given the commodity nature of the business. Total consolidated revenues were $8.70 billion for the year ended June 30, 2025, up 5.4% from $8.25 billion in FY2024. The Direct-to-Consumer segment generated $2.28 billion in revenue for FY2025, up 57.3% from $1.45 billion in FY2024. The company also operates a Secured Lending segment. As of June 30, 2025, the Direct-to-Consumer customer base totaled 4,196,000, with 581,300 active customers and 1,129,200 new customers added during FY2025. The company sold 1,642,000 gold ounces and 73,643,000 silver ounces in FY2025. Net income attributable to the company was $17.3 million for FY2025, down 74.7% from $68.5 million in FY2024.

Revenue model

Transactional spread revenue on physical gold and silver sales across wholesale and Direct-to-Consumer channels, plus interest income from a secured lending segment ($15.1 million in FY2025). Gross margin on the wholesale segment was approximately 0.99% of revenue in FY2025. Direct-to-Consumer gross margin was approximately 5.48% of segment revenue in FY2025.

Products and services

Physical gold and silver bullion sold through wholesale and Direct-to-Consumer channels. The Direct-to-Consumer platform includes brands acquired through purchases of Pinehurst (February 2025), JMB, SGB (controlling interest, June 2024), SGI (February 2025), and AMS (April 2025). CyberMetals, a digital precious metals platform, had 37,000 customers with $10.7 million in assets under management as of June 30, 2025. The company also provides secured loans collateralized by precious metals inventory, with 445 loans outstanding at June 30, 2025.

Customers and end markets

Two distinct customer segments: institutional and dealer counterparties served through the wholesale channel, and individual retail buyers served through the Direct-to-Consumer channel. As of June 30, 2025, total Direct-to-Consumer customers numbered 4,196,000, with 581,300 active customers. End market demand is driven by investor appetite for physical precious metals as a store of value, influenced by macroeconomic uncertainty and precious metal price levels. Average gold selling prices increased 26.4% and silver selling prices increased 26.3% for the year ended June 30, 2025 versus the prior year.

Value-chain role

Precious metals distributor and retailer positioned between refiners and mints on the supply side and institutional dealers or individual investors on the demand side. Operates warehouses in Santa Ana, California and Newport Beach, California, as well as retail offices and support centers across Philadelphia, San Francisco, New York, Boston, Wolfboro (New Hampshire), Paris, Copenhagen, and Singapore.

Geographic exposure

Primary operations in the United States. International presence includes a marketing support operation in Austria, significant business in Germany and other parts of Europe, and offices in Paris, Copenhagen, and Singapore. The company may be subject to EU Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive requirements given European revenue levels.

Source: SEC 10-K, filed 2025-09-11

Industry: Wholesale-Jewelry, Watches, Precious Stones & Metals Peers: Acacia Research Corp California First Leasing Corp FlexShopper, Inc. GWG Holdings, Inc. Sundance Strategies Inc SWK Holdings Corp LM Funding America Inc SUI Group Holdings Ltd