Sep 2, 2026 earnings call — Q4 results and strategic acquisitions
Revenues nearly doubled to $5 billion in Q4, driven by acquisitions and higher selling prices.
Revenue $5.0B (est $5.7B) · EPS $0.41 (est $0.96)
Key quotes
"Our Sunshine Mint transaction we closed in April was a major milestone that significantly expands our total production capacity and creates a clear pathway to capturing additional value and market share globally."
"We are seeing increased demand for secured lending, driven by our marketing efforts and expanded interest by owners in borrowing against their bullion and collectible portfolios."
"The number of new customers in the DTC segment, which is defined as those who registered, set up a new account or made a purchase for the first time during the period, was 67,900 in Q4 2026."
Analyst Q&A 5
June quarter demand and retail channels
Q (Michael Baker · D.A. Davidson): He asked how the market looked in the June quarter and two months into September. He also asked why EBITDA was flat despite wider spreads and asked for an update on Costco and new retail channels.
A: Management said demand fell, which reduced sales and profit even if some premiums rose. They said a slowdown began mid-March into April and continued through Q4 and the first 2 months of Q1 '27. They also said the Costco relationship is strong and digital/social retail platforms are bringing younger customers.
"As it relates to the first question, I think we started to see a slowdown mid-March to the beginning of April, and that continued through Q4 and has continued for the first 2 months of Q1 '27." — Gregory Roberts (CEO)
Interest rates and capital allocation
Q (Thomas Forte · Maxim Group): He asked how higher-for-longer interest rates affect demand for gold and silver. He also asked about capital allocation: one-time dividends, quarterly dividends, buybacks and M&A.
A: Management said higher interest rates are reducing momentum in gold and silver and that in this cycle gold is acting more like an asset class than a hedge. On capital allocation, they said they will keep the quarterly dividend, pay special dividends in very good years, consider buybacks if the stock trades below book value, and continue to pursue M&A when deals make sense.
"I have never seen in my 50 years of being in this business, I've never really seen a situation where gold is behaving much more as an asset class than a hedge." — Gregory Roberts (CEO)
Tether partnership and Sunshine ownership
Q (Andrew Scutt · ROTH Capital): He asked how the Tether partnership contributed in the quarter and what has been started. He also asked whether owning Sunshine Minting changes relations with sovereign mints.
A: Management said Q4 was a digesting period and the Tether work has been storage, trading and leases with high dollar amounts. They described the Tether business as lower margin but higher volume, and said Sunshine supplying blanks to mints has been unchanged and long-standing.
"The business that we're currently doing with Tether is lower margin, higher volume numbers." — Gregory Roberts (CEO)
Size and timing of Tether leases; collectibles
Q (Brian McNamara · Canaccord): He asked for more detail on the size of the Tether gold leases and how long the feeling-out period would last. He also asked about opportunities in numismatics and collectibles.
A: Management said "multiples" is the most they would disclose about the lease size and that the relationship is a win-win they expect to grow. On collectibles, they said the market is very robust, noted a large Stack's Bowers auction exceeding $50 million over 5–6 days, and said sports cards and lending give growth opportunities.
"Yes. I think multiples is as far as I want to go right now." — Gregory Roberts (CEO)
Retail buying patterns and lease financing impact
Q (Gregory Gibas · Northland): He asked about shifts in DTC customer behavior and product preferences. He also asked about the cost impact from backwardation and how Tether affects financing costs.
A: Management said Q3 saw heavy retail buying and higher premiums, but new customer acquisition slowed in the following quarter and older silver trades at a discount which pressures new silver products. On backwardation and financing, they said the market is now in contango, they've not yet realized Tether-related savings, leases are cheaper than dollar facilities, and it may take a couple of quarters to see the benefits.
"As it relates to backwardation and contango right now, we are back in a contango situation." — Gregory Roberts (CEO)