巴里克黃金 (GOLD) 2026 Q2 法說會逐字稿

Good afternoon and welcome to Gold.com's conference call for the fiscal second quarter ended December 31, 2025. My name is Paul and I will be your operator this afternoon.

下午好，歡迎參加 Gold.com 截至 2025 年 12 月 31 日的第二財季電話會議。我叫保羅，今天下午我將擔任您的接線生。

Before this call, Gold.com issued its results for the fiscal second quarter 2026 in a press release, which is available in the investor relations section of the company's website at www.gold.com. You can find the link to the investor relations section at the top of the homepage.

在本次電話會議之前，Gold.com發布了一份新聞稿，公佈了2026財年第二季的業績。新聞稿可在本公司網站www.gold.com的投資人關係欄位中查閱。您可以在首頁頂部找到投資者關係欄目的連結。

Joining us for today's call are Gold.com's CEO Greg Roberts, President Thor Gjerdrum and CFO Cary Dickson. Following their remarks, we will open the call for your questions. Then, before we conclude the call, I will provide the necessary cautions regarding the forward-looking statements made by management during this call.

今天參加電話會議的有 Gold.com 的執行長 Greg Roberts、總裁 Thor Gjerdrum 和財務長 Cary Dickson。在他們發言結束後，我們將開放提問環節。然後，在結束本次電話會議之前，我將就管理階層在本次電話會議中所做的前瞻性陳述提出必要的注意事項。

I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the investor relations section of Gold.com's website. Now I would like to turn the call over to Gold.com's CEO, Mr. Greg Roberts. Sir, please proceed.

我想提醒大家，本次電話會議正在錄音，錄音將透過Gold.com網站投資者關係部分的連結提供回放。現在我想把電話交給Gold.com的執行長格雷格·羅伯茨先生。先生，請繼續。

Thank you, Paul, and good afternoon to everyone. Thank you again for joining us today for our first earnings call at Gold.com. This is a truly historic moment for our company and I'm excited to officially address you under our new corporate identity following the successful completion of our rebrand to Gold.com as well as the New York Stock Exchange relisting in December.

謝謝你，保羅，大家下午好。再次感謝各位今天參加Gold.com的首次財報電話會議。這對我們公司來說是一個真正具有歷史意義的時刻，我很高興在成功完成品牌重塑為Gold.com以及12月在紐約證券交易所重新上市後，正式以我們全新的公司形象向各位致辭。

This transition represents far more than a name change. It encapsulates our corporate identity as the most trusted and globally recognized precious metals platform and our commitment to delivering value for our customers, partners, and of course our shareholders. It also represents our evolution as a category leader with a diversified portfolios spanning precious metals, numismatics, wine, and other high value collectibles. As well as alternative assets, and this is all supported by a vertically integrated operating model and a growing global footprint.

這次轉變遠不止是改名那麼簡單。它體現了我們作為最值得信賴和全球公認的貴金屬平台的企業形象，以及我們致力於為客戶、合作夥伴以及股東創造價值的承諾。這也代表了我們作為品類領導者的發展歷程，我們的產品組合多元化，涵蓋貴金屬、硬幣、葡萄酒和其他高價值收藏品。除了其他資產外，這一切都得到了垂直整合的營運模式和不斷擴大的全球業務佈局的支持。

I'm excited to share that we have entered into an agreement with an affiliate of Tether Investments whereby Tether will be purchasing approximately 125 million of Gold.com's common shares at an issue price of $44.50 and they have agreed to purchase approximately $25 million more of our shares at the same price following regulatory clearance.

我很高興地宣布，我們已與 Tether Investments 的一家關聯公司達成協議，Tether 將以每股 44.50 美元的發行價購買 Gold.com 約 1.25 億股普通股，並且在獲得監管部門批准後，他們還同意以同樣的價格再購買我們約 2500 萬美元的股份。

We in Tether are extremely excited to enter into certain other mutually beneficial commercial commitments. I'll touch on the details of the transactions before turning to the quarter. Tether is one of the largest owners of gold globally and sponsors the largest dollar-backed stablecoin, USDT and the largest gold-backed stablecoin XAUT in the world. As part of the transaction. Teather is entitled to nominate a member to the board of directors of Gold.com. It is expected that Tether will provide Gold.com. with a gold leasing facility of no less than $100 million.

我們 Tether 的全體成員都非常高興能夠達成其他一些互惠互利的商業合作。在討論本季業績之前，我將簡要介紹交易細節。Tether 是全球最大的黃金持有者之一，並贊助了全球最大的美元穩定幣 USDT 和最大的黃金穩定幣 XAUT。作為交易的一部分。Tether有權提名一名成員加入Gold.com的董事會。預計Tether將向Gold.com提供不少於1億美元的黃金租賃額度。

The companies are also expected to enter into agreements for Gold.com to provide storage and utilize logistics and for Gold.com to offer Tether stablecoins through its DTC channels. Gold.com has agreed to invest $20 million of the proceeds raised from this investment in Tether's XAUT stablecoin.

預計這些公司還將達成協議，由 Gold.com 提供儲存和物流服務，並透過其 DTC 管道提供 Tether 穩定幣。Gold.com 已同意將此次投資籌集的 2,000 萬美元收益投資於 Tether 的 XAUT 穩定幣。

Heather's minority Investment in Gold.com validates our strategy to be the vertically integrated leader in physical bullying and to offer the industry's most comprehensive precious metals platform. This investment builds upon our 60 plus year legacy and expands our reach beyond traditional bullion into cryptocurrency. The proceeds from this transaction will provide us with increased funding and flexibility to strengthen our balance sheet by further developing our portfolio of category leading brands.

Heather 對 Gold.com 的少數股權投資驗證了我們成為垂直整合的反霸凌領導者並提供業內最全面的貴金屬平台的策略。這項投資建立在我們60多年的歷史傳承之上，並將我們的業務範圍從傳統的貴金屬擴展到了加密貨幣領域。這次交易所得款項將為我們提供更多資金和靈活性，透過進一步發展我們行業領先的品牌組合來加強我們的資產負債表。

We look forward to Tether's continued support and partnering with their team to potentially develop additional innovative mutually beneficial commercial opportunities.

我們期待 Tether 繼續提供支持，並與他們的團隊合作，以期開發更多創新且互惠互利的商業機會。

Now turning to the quarter. Our second quarter results demonstrate our ability to successfully navigate rapidly evolving market conditions. During the quarter, we experienced an increase in consumer demand across our platforms. Premium spreads remain tight through the end of 2025, 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 business model and our disciplined approach to managing market volatility.

現在來看季度部分。我們第二季的業績顯示我們有能力成功應對快速變化的市場環境。本季度，我們旗下各平台的用戶需求均有所成長。到 2025 年底，溢價差仍然很窄，白銀市場的現貨溢價導致交易虧損，並且由於產品融資和貴金屬租賃費率的上漲，利息支出也隨之增加。儘管面臨這些不利因素，我們仍實現了 1,160 萬美元的淨收入和每股攤薄收益 0.46 美元，這證明了我們商業模式的韌性以及我們應對市場波動的嚴謹方法。

As announced last week, we also closed the acquisition of Monex Deposit Company. Monex is large and loyal customer base along with its well-established storage and services platforms strengthens our offerings and expands our ability to serve customers across the full precious metals value chain.

正如上周宣布的那樣，我們也完成了對 Monex Deposit Company 的收購。Monex 擁有龐大且忠實的客戶群，以及完善的儲存和服務平台，這增強了我們的產品和服務，並擴大了我們為整個貴金屬價值鏈上的客戶提供服務的能力。

We are making meaningful progress in optimizing our expense structure as well as unlocking synergies from all of our recent acquisitions. Integration efforts continue to advance with our AMGL facility in Las Vegas operating at increased capacity and delivering the operational leverage we anticipated.

我們在優化費用結構以及釋放近期所有收購帶來的協同效應方面取得了實質進展。整合工作持續推進，我們在拉斯維加斯的 AMGL 工廠產能不斷提升，並實現了我們預期的營運效益。

Internationally, we are seeing encouraging signs of growth and remain committed to expanding our international presence. At the end of the second quarter, we increased our equity interest in UK-based Atkinsons Bullion & Coins with an additional 24.5% investment, bringing our total ownership to 49.5%. Since our initial investment in 2023, we have been very impressed by the Atkinson's team and the businesses sustained success across Europe. Moving on Performance at LPM in Hong Kong and our new location in Singapore also remains incredibly strong, with both retail showroom activity and wholesale trading volumes showing positive momentum.

在國際市場上，我們看到了令人鼓舞的成長跡象，並將繼續致力於擴大我們的國際業務。在第二季末，我們增持了總部位於英國的 Atkinsons Bullion & Coins 的 24.5% 股權，使我們的總持股比例達到 49.5%。自 2023 年我們首次投資以來，我們對 Atkinson 團隊及其業務在歐洲的持續成功印象深刻。LPM在香港和新加坡的新址的表現也依然非常強勁，零售展廳活動和批發交易量均呈現正面動能。

Asia continues to represent an attractive long-term growth opportunity for Gold.com and we remain focused on expanding our footprint across that region. Looking ahead to the fiscal third quarter, consumer demand remains elevated, and we have experienced an expansion of premium spreads.

亞洲對 Gold.com 而言仍然是一個極具吸引力的長期成長機遇，我們將繼續專注於擴大我們在該地區的業務版圖。展望第三財季，消費者需求依然旺盛，保費利差也隨之擴大。

The problem with backwardation in Q2 has eased, and we're starting to see the markets move back towards contango, which is a positive for our trading business. We continue to benefit from our strong balance sheet and the ability to adjust weekly production levels across our minting operations to manage our inventory levels and to keep up with demand.

第二季現貨溢價問題有所緩解，我們開始看到市場朝著期貨溢價方向發展，這對我們的交易業務來說是一個好消息。我們持續受益於我們強勁的資產負債表，以及調整鑄幣業務每週生產水準的能力，從而管理我們的庫存水準並滿足需求。

I will now turn the call over to our CFO Cary Dickson , who will provide an overview of our financial performance. Then our President Thor Gjerdrum will discuss key operating metrics. I will then provide further insights into the business and growth strategies followed by taking your questions. Cary, jump in.

現在我將把電話交給我們的財務長凱瑞‧迪克森，他將概述我們的財務表現。接下來，我們的總裁托爾·傑德魯姆將討論關鍵營運指標。接下來，我將進一步介紹公司的業務和成長策略，並回答大家的問題。凱瑞，跳進來。

Thank you, Greg and hope everyone's having a great afternoon. Our revenues for fiscal Q2 26 increased 136% to $6.5 billion from $2.7 billion in Q2 of last year. Excluding an increase of $2.5 billion of forward sales, our revenues increased $1.2 billion or 69%, 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.

謝謝你，格雷格，希望大家下午過得愉快。我們2026財年第二季的營收成長了136%，從去年第二季的27億美元增加到65億美元。不計入 25 億美元的遠期銷售額成長，我們的營收成長了 12 億美元，增幅達 69%，這主要是由於黃金和白銀的平均售價上漲，以及黃金銷量增加，但部分被白銀銷量減少所抵消。

For the six-month period, our revenues increased 86% to $10.1 billion from $5.4 billion in the same year ago period. Excluding an increase of $3 billion of foreign sales, our revenues increased $1.6 billion or 50.3%, which is due to higher average selling prices of gold and silver, as well as increase in gold ounces sold, partially offset by a decrease in silver ounces sold.

在過去的六個月裡，我們的營收成長了 86%，從去年同期的 54 億美元增加到 101 億美元。不計入 30 億美元的海外銷售額成長，我們的營收成長了 16 億美元，增幅達 50.3%，這主要歸功於黃金和白銀平均售價的上漲以及黃金銷量的增加，但部分被白銀銷量的下降所抵消。

Revenues also increase in both the three month and the six-month periods due to acquisitions of SGI, Pinehurst, and AMS in the last two quarters of fiscal '25. Gross profit for fiscal Q2 26, increased 109% to $93 million or 1.44% of revenue from $44.8 million or 1.63% of revenue in Q2 of last year.

由於在 2025 財年的最後兩個季度收購了 SGI、Pinehurst 和 AMS，三個月和六個月期間的收入也隨之增加。2026財年第二季毛利成長109%，達到9,300萬美元，佔營收的1.44%，去年同期為4,480萬美元，佔營收的1.63%。

The increase was due to an increase in gross profits earned by both the wholesale, sales and ancillary 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. For the six-month period, gross profit increased 88% to $166.3 million or 1.64% of revenue from$88.2 million or 1.62% of revenue in the same year ago, period.

成長是由於批發、銷售和輔助業務部門以及直接面向消費者業務部門的毛利增加，其中包括收購 SGI、Pinehurst 和 AMS，這些收購在去年同期並未計入，但部分被較低的交易利潤所抵消。上半年，毛利成長88%，達到1.663億美元，佔營收的1.64%，去年同期為8,820萬美元，佔營收的1.62%。

The increase was due to an increase in gross profit earned by both the wholesale, sales and ancillary 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.

成長是由於批發、銷售和輔助業務部門以及直接面向消費者業務部門的毛利潤增加所致，其中包括對 SGI、Pinehurst 和 AMS 的收購，這些收購在去年同期並未計入，但部分被較低的交易利潤所抵消。

SG&A expenses for fiscal Q2 26, increased 132% to $59.8 million from $25.8 million in Q2 of last year. The change is primarily due to an increase in compensation expense, including performance-based accruals of $21 million, higher advertising costs of $5 million, an increase in consulting professional fees of $2.7 million, an increase in facility expense of $1.3 million.

2026財年第二季銷售、一般及行政費用成長132%，從去年第二季的2,580萬美元增至5,980萬美元。這項變更主要是由於薪資支出增加，包括績效工資增加 2,100 萬美元、廣告費用增加 500 萬美元、諮詢專業費用增加 270 萬美元以及設施費用增加 130 萬美元。

SG&A expenses for the three months ended December 31, 25, included $30 million worth of expenses that were incurred related to SGI, Pinehurst, and AMS. So, they accounted for the bulk of the increase, which were not included in the same year ago period as they were not consolidated subsidiaries.

截至 2025 年 12 月 31 日止三個月的銷售、一般及行政費用中，有 3,000 萬美元的費用與 SGI、Pinehurst 和 AMS 有關。因此，它們佔了成長的大部分，而這些成長並未計入去年同期，因為它們不是合併子公司。

For the six-month period, SG&A expenses increased 128% to $120 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 million higher advertising costs of $10 million, an increase in consulting and professional fees of $6.7 million, and an increase in facilities expense of $2.6 million.

上半年，銷售、一般及行政費用成長了 128%，從去年同期的 5,240 萬美元增至 1.2 億美元。這項變更主要是由於薪資支出增加，包括績效工資增加 4,100 萬美元，廣告費用增加 1,000 萬美元，諮詢和專業費用增加 670 萬美元，以及設施費用增加 260 萬美元。

SG&A expenses for the six months ended December 31, 25, included $60 million of expenses incurred by SGI, Pinehurst and AMS, which were not included in the same year ago, period.

截至 2025 年 12 月 31 日的六個月期間的銷售、一般及行政費用包括 SGI、Pinehurst 和 AMS 產生的 6000 萬美元費用，這些費用在上年同期並未計入。

Depreciation and amortization expense for fiscal Q226 increased by 65% to $7.6 million from $4.6 million in the same year ago quarter. The change is primarily due to a $3.2 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst and AMS, and $1.6 million increase in depreciation expense, partially offset by a $1.8 million decrease in intangible asset amortization from JMB and Silver Gold Bull.

2026財年第二季折舊及攤提費用較上年同期成長65%，達760萬美元，而上年同期為460萬美元。這項變更主要是由於收購 SGI、Pinehurst 和 AMS 後獲得的無形資產攤銷費用增加了 320 萬美元，以及折舊費用增加了 160 萬美元，部分被 JMB 和 Silver Gold Bull 的無形資產攤銷費用減少了 180 萬美元所抵銷。

For the six-month period, depreciation and amortization expense increased 63% to $15.2 million from $9.4 million in the same year ago, period. The change is primarily due to a $6.4 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst and AMS, and a $3.1 million increase in depreciation expense, partially offset by 3.7 million decreases in intangible asset amortization from JMB and SGB. Interest income for fiscal to 226% decreased by 15% to $5.8 million from $6.8 million in the same year ago, period. The decrease is due to a 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.

上半年，折舊和攤提費用較上年同期成長 63%，從 940 萬美元增至 1,520 萬美元。這項變更主要是由於收購 SGI、Pinehurst 和 AMS 後獲得的無形資產攤銷費用增加了 640 萬美元，以及折舊費用增加了 310 萬美元，部分被 JMB 和 SGB 無形資產攤銷費用減少 370 萬美元所抵銷。本財年利息收入為 226%，較上年同期的 680 萬美元下降 15%，至 580 萬美元。該下降是由於其他金融產品收入減少了 110 萬美元，部分被擔保貸款業務利息收入增加 10 萬美元所抵消。

For the six-month period, interest income decreased 18% to $11.4 million from $13.9 million the same year ago, period. The decrease is due to a decrease in other financing product income of $2.2 million and a decrease in interest income earned by our secured lending segment of $0.3 million. Interest expense for fiscal Q2 26 increased 57% to$ 116.3 million from $10.4 million in Q2 of last year. The increase is primarily due to an increase of $3.7 million related to product financing arrangements, an increase of $1.9 million related to precious metal leases, an increase of $0.1 million associated with our trading credit facility.

上半年，利息收入年減 18%，從去年同期的 1,390 萬美元降至 1,140 萬美元。下降的原因是其他融資產品收入減少了 220 萬美元，以及擔保貸款部門獲得的利息收入減少了 30 萬美元。2026財年第二季利息支出較上年同期成長57%，達1.163億美元，而上年同期為1,040萬美元。此次成長主要歸因於產品融資安排增加 370 萬美元，貴金屬租賃增加 190 萬美元，以及貿易信貸額度增加 10 萬美元。

For the six-month period, the interest expense increased 42% to $28.9 million from $20.4 million in the same year ago, period. The increase is primarily due to an increase of $4.2 million related to private financing arrangements, an increase of $3.2 million related to precious metal leases, an increase of $0.7 million associated with our trading credit facility. Earnings from equity method investments in Q2 26 increased 142% to earnings of $1.0 million from a loss of $2.4 million in the same year-ago period.

在過去六個月中，利息支出從去年同期的 2,040 萬美元增加了 42%，達到 2,890 萬美元。此次成長主要歸因於私人融資安排增加 420 萬美元，貴金屬租賃增加 320 萬美元，以及貿易信貸額度增加 70 萬美元。2026 年第二季權益法投資收益成長 142%，去年同期虧損 240 萬美元轉為獲利 100 萬美元。

For the six-month period, earnings from equity method investments increased 106% to earning, to earnings of $1.1 million from a loss of $1.8 million the same year-ago period. The increase in both periods was due to increased earnings of our equity method investees. Net income attributable to the company for the second quarter of fiscal '26 total $11.6 million, or $0.46 per diluted share compared to net income of $6.6 million or 27% diluted share in the same year ago quarter.

在過去的六個月裡，權益法投資的收益成長了 106%，從去年同期的虧損 180 萬美元轉為獲利 110 萬美元。兩個時期的成長均歸因於我們採用權益法投資的被投資企業的獲利增加。2026 財年第二季歸屬於公司的淨利總計 1,160 萬美元，即每股攤薄收益 0.46 美元，而去年同期淨利為 660 萬美元，即每股攤薄收益 27%。

For the six-month period, the 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 65% per diluted share in the same year ago, period.

上半年，歸屬於公司的淨利潤總計 1,070 萬美元，即每股攤薄收益 0.42 美元，而去年同期淨利潤為 1,550 萬美元，即每股攤薄收益 65%。

Adjusted net income before provision for income taxes, a non-GAAP financial measure which excludes depreciation, amortization, acquisition costs, and contingent consideration, fair value adjustments for Q2 total $23.2 million, increase of $9.9 million, or 74% compared to 30, $13.4 million in the same year ago quarter. Adjusted net income before provision for income taxes for the six-month period, total of $28.1 million, which is consistent with the same year ago, period.

調整後的淨收入（扣除所得稅準備金前，非GAAP財務指標不包括折舊、攤提、收購成本和或有對價、公允價值調整）第二季總計2,320萬美元，比去年同期的1,340萬美元增加了990萬美元，增幅達74%。經調整後，上半年淨利（扣除所得稅準備金前）總計 2,810 萬美元，與去年同期持平。

EBITDA, a non-GAAP liquidity measure for Q2 fiscal 26, total $33.9 million, increased to $17.7 million, or 190% compared to the $16.2 million in the same year ago quarter. EBITDA for the six-month period, total of $48.2 million, an increase of $14.2 million or 42% compared to 34 million in the same year ago, period.

2026財年第二季的非GAAP流動性指標EBITDA總計3,390萬美元，增至1,770萬美元，比去年同期的1,620萬美元成長了190%。上半年 EBITDA 總計 4,820 萬美元，比去年同期的 3,400 萬美元增加了 1,420 萬美元，增幅達 42%。

Turning to our balance sheet, at quarter end we had $152 million worth of cash compared to $78 million at the end of fiscal '25. Our non-restricted inventories totaled over a billion dollars, $131 as of December 31, 25 compared to $795 million as of the end of fiscal '25.

從資產負債表來看，截至季末，我們的現金為 1.52 億美元，而 2025 財年末的現金為 7,800 萬美元。截至 2025 年 12 月 31 日，我們的非限制性庫存總額超過 10 億美元，為 1.31 億美元，而截至 2025 財年末，金額為 7.95 億美元。

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 1, 2026, to stockholders and Records as of February 20, 2026. That completes my financial summary.

Gold.com 董事會宣布派發每股 0.20 美元的季度現金股息，維持公司目前的股息計畫。股利將於 2026 年 3 月 1 日支付給截至 2026 年 2 月 20 日的股東及登記在冊的股東。我的財務總結就到這裡。

Now we will turn the call over to Thor, who will provide an update on our key operating metrics. Thor.

現在我們將把電話交給 Thor，他將介紹我們的關鍵營運指標的最新情況。雷神。

Thank you, Cary. Looking at our key operating metrics for the second quarter of fiscal 2026, we sold 545,000 ounces of gold in Q2 fiscal 26, which was up 17% from Q2 of last year and up 24% from the prior quarter. For the six-month period, we sold 984,000 ounces of gold, which is up 14% from the same year-ago period.

謝謝你，凱瑞。從我們 2026 財年第二季的關鍵營運指標來看，我們在 2026 財年第二季售出了 545,000 盎司黃金，比去年同期成長了 17%，比上一季成長了 24%。在過去的六個月裡，我們售出了 984,000 盎司黃金，比去年同期成長了 14%。

We sold 18.6 million ounces of silver in Q2 fiscal 2026, which was down 15% from Q2 of last year and up 79% from last quarter. For the six-month period, we sold 29 million ounces of silver, which was down 31% from the same year ago period.

我們在 2026 財年第二季售出了 1,860 萬盎司白銀，比去年第二季下降了 15%，比上一季成長了 79%。在過去的六個月裡，我們售出了 2,900 萬盎司白銀，比去年同期下降了 31%。

The number of new customers in the DTC segment, which is defined as the number of customers that have registered or set up a new account or made a purchase for the first time during the period, was 96,100 in Q2 fiscal 2026, which is up 47% from Q2 of last year and increased 38% from last quarter. For the six month period, the number of new customers in the DTC segment was up 165,500, which increased increased 37% from 120,700 new customers in the same year ago period.

2026 財年第二季度，DTC 細分市場的新客戶數量為 96,100 人，定義為在特定期間註冊或設定新帳戶或首次購買的客戶數量，比去年同期增長 47%，比上一季增長 38%。在過去的六個月裡，DTC 領域的新客戶數量增加了 165,500 人，比去年同期的 12 萬人增加了 37%。

The number of total customers in the DTC segment at the end of the second quarter was approximately 4.4 million, which is a 37% increase in the prior year. These changes in customer base metrics were primarily due to the acquisitions of SGI, Pinehurst, and AMS, which were not included in the same year ago period, as well as organic growth from our JMB customer base.

第二季末，DTC 領域的客戶總數約為 440 萬，比上年同期成長 37%。客戶群指標的這些變化主要是由於收購了 SGI、Pinehurst 和 AMS，而這些收購並未計入去年同期，此外，JMB 客戶群的自然成長也是造成這些變化的原因。

Finally, the number of secured loans at the end of December totaled 355, a decrease of 31% from December 31, 2024, and a decrease of 16% from the end of September. The dollar value of our loan portfolio as of December 31, 2025 totaled $120.4 million. An increase of 22% from December 31, 2024, and an increase of 16% from September 30, 2025.

最後，截至 12 月底，擔保貸款總數為 355 筆，比 2024 年 12 月 31 日減少了 31%，比 9 月底減少了 16%。截至 2025 年 12 月 31 日，我們的貸款組合總價值為 1.204 億美元。與 2024 年 12 月 31 日相比成長 22%，與 2025 年 9 月 30 日相比成長 16%。

That concludes my prepared remarks. I'll now turn it back over to Greg for closing remarks. Greg?

我的發言稿到此結束。現在我將把發言權交還給格雷格，請他作總結發言。格雷格？

Thanks Thor and Cary. With Tether Strategic Investment in Gold.com and our expanded portfolio of category leading brands, we believe Gold.com is well positioned to capture growth across multiple channels and to deliver long-term value for our shareholders. Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions. Expanding both our domestic and geographic reach as well as further diversifying our customer base, we are pleased with our recent accomplishments and remain committed to exploring additional opportunities to deliver value to our shareholders over the long-term.

謝謝Thor和Cary。憑藉 Tether 對 Gold.com 的策略性投資以及我們不斷擴大的行業領導品牌組合，我們相信 Gold.com 已做好充分準備，在多個管道中實現成長，並為我們的股東創造長期價值。我們的策略重點仍然是整合並實現成本節約以及近期收購帶來的綜效。我們擴大了國內和全球業務範圍，並進一步多元化了客戶群，對近期的成就感到滿意，並將繼續致力於探索更多機會，為股東創造長期價值。

This concludes my remarks. Operator, we can now open the line for questions.

我的發言到此結束。接線員，現在可以開始接受提問了。

Thank you. (Operator Instructions) Tom Forte, Maxim Group.

謝謝。（操作說明）湯姆福特，馬克西姆集團。

Great. First off, Greg, congratulations, especially on the announcement with Tether. I'm going to ask both my questions at the same time. So, the big difference between, this quarter and quarter to date and recent quarters is that silver is starting to run.

偉大的。首先，格雷格，恭喜你，特別是關於Tether的公告。我打算同時問這兩個問題。因此，本季與最近幾季最大的區別在於，白銀價格開始上漲。

So I was hoping that you could compare and contrast the performance of gold and silver in the December quarter and then the second question I had was. You invested in expanding your facility in Las Vegas and then you also have the Dallas facility which I think you got with the JMB acquisition with the tether investment, how should we think about your capacity and if you need to further expand your fulfillment center and logistics efforts.

所以我希望您能對黃金和白銀在 12 月季度的表現進行比較和對比，然後我的第二個問題是：您投資擴大了拉斯維加斯的工廠，此外，您還有達拉斯的工廠（我認為您是透過收購 JMB 並進行 Tether 投資獲得的），我們應該如何看待您的產能，以及您是否需要進一步擴大您的履行中心和物流工作。

Yeah, so we have expanded in Vegas and I'm happy to say that we really, tested the ceiling on Vegas in January. We were excited and over 120,000 packages in January alone, and, a similar number, not quite that high in December. So the facility is operating and you know it's built to do more but it it was it was great to test the limits.

是的，我們在拉斯維加斯進行了擴張，我很高興地說，我們在一月確實測試了拉斯維加斯的市場極限。我們非常興奮，僅一月份就收到了超過 12 萬個包裹，十二月份的包裹數量也與之相近，雖然沒有那麼高。所以這個設施正在運行，你知道它的設計用途遠不止於此，但測試它的極限也是一件很棒的事情。

Over the last couple months, I think that we're ready to do more. One of the challenges right now is this uptick and this swing up in volume, really happened very quickly. November was a very slow month for us, for whatever reason, and then, things started to pick up in December, but really it was craziness through the last three weeks of December and then into January and you know we did need at that point to hire some more actual, humans.

過去幾個月，我認為我們已經準備好做更多的事情了。目前面臨的挑戰之一是交易量的激增和大幅上漲，這真的發生得非常快。不知何故，11 月對我們來說是一個非常清閒的月份，然後，12 月情況開始好轉，但 12 月最後三週以及之後的 1 月都非常忙碌，你知道，那時我們確實需要雇用一些真正的人。

Even though we have been using and testing our automation, we did need more actual employees so the fact that we were able to scale up and get the packages we did out in January, is a real testament to everything Thor and Brian have been doing there and to see it all work was very exciting for us as it relates to Tether.

儘管我們一直在使用和測試我們的自動化系統，但我們確實需要更多的實際員工，因此，我們能夠在 1 月份擴大規模並推出我們所做的軟體包，這真正證明了 Thor 和 Brian 在那裡所做的一切，看到這一切運轉起來，對於我們 Tether 來說非常令人興奮。

And what we're going to do for them. I mean, it's no surprise that they are the what I believe to be the largest holder of gold in the world outside of central banks, and they need to store that metal and the, you know the conversations we've had and within our press release storage is a big component for us to assist with and you know time will tell if we need to build another facility or expand the facilities we have but you know these guys have a lot of gold and that gold takes up a lot of space so we're hoping to be able to help them with storage solutions.

以及我們將為他們做些什麼。我的意思是，他們是除中央銀行之外全球最大的黃金持有者，這並不令人意外。他們需要儲存這些黃金，而且，正如我們之前討論過的，以及我們在新聞稿中提到的，儲存是我們能夠提供的重要幫助。至於我們是否需要建造新的設施或擴大現有設施，時間會給出答案。但你知道，他們擁有大量的黃金，這些黃金佔用了大量的空間，所以我們希望能夠為他們提供儲存解決方案。

And then the gold versus silver performance in the December quarter?

那麼，12 月當季黃金兌白銀的表現如何？

Yeah, I mean, I think we talked a little bit about it in Q1 and probably a little bit in last fiscal year, we had seen, throughout the slower times that we were dealing with earlier in 2025, we saw a much higher gold ratio to silver, at the DTC brands, you know what we've seen in the last, let's call it. eight weeks is a shift back to silver and a I would say, silver could be either side of 50% right now as it relates to total volume.

是的，我的意思是，我想我們在第一季和上個財年都稍微討論過這個問題。在2025年初的低迷時期，我們看到DTC品牌黃金與白銀的比例高出許多。但在過去八周里，我們看到市場開始回暖，白銀的佔比有所回升。我認為，目前白銀在總交易量中的佔比可能在50%左右。

And as we expect and what we have seen in the past is when you get that increased demand, you're going to see, premiums go up and anybody that's on the call and I know there's many of you that track the premiums at JM Bullion. You know the premiums are significantly higher for one ounce silver products than they were three months ago, so the demand has, the demand in silver is as we've always talked about silver is good to us and volatility is good and we've seen a lot of that so, silver is our friend.

正如我們所預期的，而且我們過去也看到，當需求增加時，溢價就會上漲。我知道在場的各位，尤其是那些關注 JM Bullion 溢價的人，都會注意到這一點。你知道，一盎司白銀產品的溢價比三個月前高得多，所以需求，正如我們一直所說的，白銀對我們有利，波動性對我們有利，我們已經看到了很多這樣的情況，所以，白銀是我們的朋友。

Thank you, Greg. I'll get back in the queue.

謝謝你，格雷格。我重新排隊。

From Mike Baker, D.A. Davidson.

來自 Mike Baker，D.A. Davidson。

Great, thanks. So yeah, everyone has seen the craziness, and I guess your words craziness and silver pricing and gold pricing and volatility, the last, couple months or so.

太好了，謝謝。是的，大家都看到了最近幾個月的瘋狂行情，我想你也提到了白銀價格、黃金價格和波動性這些瘋狂的行情。

You seem to indicate that, well, you said that premiums are wider now in the current quarter than they were for at least the beginning of last quarter. Remind us how that impacts profitability. I know you don't give any kind of guidance or anything along those lines, but how should we think about the impact of profitability from widening spreads in the March quarter versus December quarter?

你似乎暗示，嗯，你說本季的保費比上個季度初的保費高。請提醒我們這會如何影響獲利能力。我知道您不會給出任何指導意見或類似建議，但我們應該如何看待 3 月份季度與 12 月份季度相比，價差擴大對盈利能力的影響？

You should probably think about that we're going to have a really good quarter this quarter.

你應該考慮到，我們這個季度業績會非常好。

Fair enough. Okay, a couple more questions, since that was such a quick answer in the past, and you even alluded to it, I think in the press release, at times when pricing was really high, there's been a situation where you've been more of a buyer than a seller as people sort of. Proverbially empty out their closet and sell you back, the gold or silver that they might have in store, and that hurts you guys or with your profitability. It seems like is that what you're referring to in terms of the trading losses in the December quarter and how does that play out in the March quarter?

很公平。好的，還有幾個問題，因為之前的回答非常簡短，而且您甚至在新聞稿中也提到過，在價格非常高的時候，您似乎更多地扮演了買家的角色，而不是賣家的角色。俗話說，把他們的儲藏室清空，然後把裡面的金銀賣給你，這會損害你們的利益或影響你們的盈利能力。看來你指的是12月季度的交易虧損，那麼這種情況在3月季度又會如何發展呢？

No, I think they're two separate issues. I think that when we're talking about trading headwinds, we're talking about backwardation specifically and as we've talked about before this Gold.com has historically enjoyed a short position in silver and gold that hedges our position and with that trade comes contango income and it gets carried in our interest income.

不，我認為這是兩個不同的問題。我認為，當我們談論交易逆風時，我們具體指的是現貨溢價，正如我們之前討論過的，Gold.com 歷來持有白銀和黃金的空頭頭寸，以對沖我們的頭寸，而這種交易會帶來期貨溢價收入，併計入我們的利息收入。

And when you have backwardation that turns into an expense, an interest expense, so we, with everything that's been going on, particularly in silver and the tightness of the market at an institutional level and our being net short and backwardation. It created a significant expense in Q2 versus Q2 of 2024. So, I think that answers that question, as it relates to the buybacks are great when your demand is increasing and you have, a significant increase in demand, which is what we're seeing here in December and what we're seeing in this quarter.

當出現現貨溢價時，就會變成支出，利息支出。因此，鑑於目前發生的一切，特別是白銀市場和機構層面的市場緊張，以及我們淨做空和現貨溢價的情況，我們面臨這種情況。與 2024 年第二季相比，這造成了第二季的重大支出。所以，我認為這回答了這個問題，因為當需求增加時，股票回購是非常好的，而需求確實大幅成長，這正是我們在 12 月和本季看到的情況。

And at that point when product actually starts to become scarce on the silver side and we have seen a tightening of supply across the silver market, having those buybacks is actually helping us and the majority of the buybacks coming in today are going to our own DTC platform, so they're being sold off as opposed to, maybe last quarter a lot of the buybacks were going out into the wholesale market. So when we actually need them and premiums are up and we can, resell 100% of what we're buying back at a retail level, it's going to improve our performance.

當白銀產品開始真正變得稀缺，我們看到整個白銀市場供應趨緊時，這些回購實際上對我們有所幫助，而且今天大部分回購產品都進入了我們自己的 DTC 平台，所以它們正在被出售，而不是像上個季度那樣，很多回購產品都流向了批發市場。所以，當我們真正需要它們，而保費上漲，並且我們可以將我們購買的 100% 的產品以零售價轉售出去時，這將提高我們的業績。

Yeah, that makes perfect sense. Thanks. If I could ask one more, just help with, where and how does the tether acquisition, how, where does that show up in the P&L going forward or the tether investment I should say in terms of storage, how does that impact your profitability? Remind us how big that business is for you guys in terms of profits and what that deal could do for that line item.

是的，這完全說得通。謝謝。如果我能再問一個問題，請幫忙解答一下，Tether 的收購在損益表中會如何反映？或者說，就儲存而言，Tether 的投資會如何影響你們的獲利能力？請提醒我們一下，這項業務對你們的利潤有多大，以及這筆交易能為這項預算帶來什麼影響。

Well, I think if you look at the fact that we're bringing in $150 million of fresh money as well as a gold lease which will provide more liquidity for us. My anticipation is that you're going to see a significant drop in our interest expense and our dollar borrowings. If you look at our dollar borrowings, we're paying 6% to 7% for our dollar lines.

我認為，考慮到我們引入了 1.5 億美元的新資金以及一份黃金租賃合同，這將為我們提供更多流動性。我預計我們的利息支出和美元借款將大幅下降。如果看一下我們的美元借款，我們為美元貸款支付的利率為 6% 至 7%。

The less we can be reliant right now on those dollar lines and the more we can utilize, gold leases for liquidity which are at a much lower rate. We're going to see an immediate impact. So, it's a very good thing if you just throw everything else out and you just take the interest expense, benefits we're going to see from this transaction, it's a significant amount of money.

我們現在越少依賴美元，就越能利用利率低得多的黃金租約來獲取流動性。我們將立即看到影響。所以，如果把其他一切都拋開，只考慮利息支出，那麼我們將從這筆交易中獲得的收益將是一筆相當可觀的金額。

Perfect, thank you.

太好了，謝謝。

Thank you. Craig Irwin, Roth Capital.

謝謝。Craig Irwin，羅斯資本。

Thank you. Good evening. So, Greg, over the last number of weeks, a few of your smaller private competitors have talked publicly about challenges, keeping some of their most, popular SKUs in inventory. Now I know you deal with, more than 12,000 SKUs, but can you maybe comment on, your ability to keep products and inventory as we're seeing this surging demand? And if you do touch on the captive mint capacity, can you maybe talk a little bit about your combined monthly production capacity in ounces?

謝謝。晚安.格雷格，在過去的幾周里，你的一些規模較小的私人競爭對手公開談論了他們在保持一些最受歡迎的 SKU 庫存方面面臨的挑戰。我知道你們經營超過 12,000 個 SKU，但鑑於目前需求激增，你們能否談談維持產品和庫存的能力？如果您談到自有鑄幣廠的產能，能否簡單介紹一下您每個月的總產能（以盎司為單位）？

Yeah, I mean, I don't have the exact numbers in front of me, but I can tell you that having our balance sheet and having two mints available to us is going to allow us to sell more products than our competitors, and there's no, nobody really even close. At probably midsummer last year, we had production at the Silver Towne Mint in the 200,000 ounces a week rate for silver, small silver products.

是的，我的意思是，我手頭上沒有確切的數字，但我可以告訴你，憑藉我們良好的資產負債表和兩家造幣廠，我們將能夠比競爭對手銷售更多的產品，而且目前還沒有人能真正接近我們。去年盛夏時節，銀城造幣廠的白銀產量約為每週 20 萬盎司，主要生產小型白銀製品。

We anticipate we're gonna sell, we're gonna manufacture over 800,000 ounces this week, so, demand creates supply, and we have a, we have an option on supply, so having these mints, is very important. Now that doesn't mean we're not going to run out of Silver Eagles, at our platforms because Silver Eagles are on allocation and there's only so many being minted right now.

我們預計本週將生產超過 80 萬盎司的薄荷糖，因此，需求創造供應，而且我們有供應選擇權，所以擁有這些薄荷糖非常重要。但這並不意味著我們的平台上不會出現銀鷹幣短缺的情況，因為銀鷹幣是按配額分配的，目前鑄造的數量有限。

But it, but when Silver Eagles do go on allocation and become scarce, customers tend to buy our other private mint products. So, there's a direct correlation, and I believe that. Although we're not trying to maintain 12,000 SKUs right now, we're trying to maintain a core group of SKUs that everybody wants that we can deliver, we have still faced some of the challenges, that our competitors have in a small scale just on delayed delivery, so we do have a little bit higher percentage right now of what we call preorders, that our customers committing and paying for product knowing that we disclosed to them there'll be a slight delay in delivery so we we're balancing through that but I do believe we're taking market share right now, and I do believe you know. I've always believed we're better than everybody else.

但是，當銀鷹幣實施配給制並變得稀缺時，顧客往往會購買我們其他私人鑄幣廠的產品。所以，這兩者之間有直接關聯，我相信這一點。雖然我們目前並沒有試圖維持 12,000 個 SKU，而是努力維持一個核心 SKU 群體，這個群體是每個人都想要並且我們能夠交付的。但我們仍然面臨一些挑戰，我們的競爭對手也面臨類似的挑戰，只是規模較小，主要是交貨延遲。因此，我們目前的預購比例略高，客戶在知悉交貨會略有延遲的情況下，仍承諾並支付產品費用。我們正在努力平衡這些因素，但我相信我們目前正在搶佔市場份額，而且我相信你知道。我一直認為我們比其他人都強。

Excellent. So, then I wanted to ask about the throughput capacity at AMGL. So yesterday I visited the facility with Steve Reiner, and the last time I had visited that facility, you had actually just hit about 100,000 packages in one month, which is just a mind-blowing number, and now the level of automation in that facility is something that is kind of like night and day.

出色的。所以，我想詢問一下AMGL的吞吐量能力。昨天我和史蒂夫雷納一起參觀了這家工廠。我上次參觀這家工廠的時候，你們一個月的包裹量剛好達到 10 萬件左右，這真是一個驚人的數字。而現在，這家工廠的自動化程度簡直是天壤之別。

As far as, how well organized and how precise everything Brian has the whole facility running, with the roughly 25% to 30% capacity increases as far as throughput, you still have a number of initiatives that you're in the process of implementing there that will improve efficiency further.

至於布萊恩對整個工廠的組織和運作的精準程度，以及吞吐量大約增長了 25% 到 30%，你們仍然有一些正在實施的舉措，這些舉措將進一步提高效率。

Can you maybe talk about, what your goal is as far as monthly throughput or what your aspirations are, and then what would it take you, what would it take for you to put a similar logistics facility in Europe or in Asia to capture on the local production, local shipment, synergies that come from what you've developed in Las Vegas?

您能否談談您的目標，例如每月吞吐量或您的願景是什麼？然後，為了在歐洲或亞洲建立類似的物流設施，以利用您在拉斯維加斯所開發的本地生產、本地運輸和協同效應，您需要做些什麼？

Yeah, like I said earlier on this call, I, we were in in excess of 120,000 packages in December, I would anticipate that we'll be in the 275 range for December and January, and I think that you know those are going to be you know likely our two busiest months we still have automation that is coming online we're still improving software and APIs and the ability for customers to direct shipments more efficiently.

是的，就像我之前在電話會議上說的那樣，12 月我們處理了超過 12 萬個包裹，我預計 12 月和 1 月的包裹量將在 27.5 萬左右，而且我認為這兩個月很可能是我們最忙碌的兩個月。我們還有一些自動化系統正在上線，我們仍在改進軟體和 API，以及客戶更有效率地指導出貨的能力。

And I think there's room to grow in that facility. I would think that with that, within a few months or six months when everything is that we have planned for is online, we should be easily able to ship 150,000 packages a month, which would be a phenomenal number, and would be a very impressive accomplishment.

我認為該設施還有發展空間。我認為，有了這些，在幾個月或六個月內，當我們計劃的一切都上線後，我們應該能夠輕鬆地每月發貨 15 萬個包裹，這將是一個驚人的數字，也是一項非常了不起的成就。

As it relates to other facilities, as you can probably imagine walking through this place, it's a very large capital commitment which we made and we committed to and we continue to expand even when things were slow, so you know we're hoping we're going to benefit from that gamble and benefit from the rewards of being committed to that facility, but to stand up another facility like it, in Europe or somewhere else, pretty big capital commitment and a pretty big. You know it's a pretty big project and at the moment I just don't see outside of the US.

至於其他設施，正如您參觀這裡時可能想像的那樣，我們投入了巨額資金，並且即使在經濟不景氣的時候，我們也一直在繼續擴張。所以，我們知道，我們希望能夠從這項投資中受益，並從對該設施的投入中獲得回報。但是，在歐洲或其他地方再建一個類似的設施，需要相當大的資金投入和相當大的成本。你知道這是一個相當大的項目，目前我看不到它在美國以外的前景。

A real need for small package delivery at these quantities it is somewhat you know although we do ship from Vegas to all parts of the world, I don't know that at the moment we would need to tie up inventory and tie up capital in in in a facility this size outside of the US.

確實存在對這種數量的小包裹遞送的迫切需求。你知道，雖然我們確實從拉斯維加斯向世界各地發貨，但目前我不知道我們是否需要在美國以外的地方建立一個如此規模的設施，從而佔用庫存和資金。

Understood. That makes a lot of sense. And then if I could just slip in another question, so sometimes GAAP EPS and the one-time items and GAAP EPS ends up being important, and I think that might be the case this quarter. Your, non-controlling, items in the second quarter of negative $1.892 million, it's a deviation from what's generally been a positive contribution over the last several quarters. Was there any, anything specific at one of your equity investments that you can possibly call out for us so that we can understand, this impact on GAAP earnings, and, whether or not this is transitory or something that can repeat.

明白了。這很有道理。然後，如果我可以再問一個問題，那就是，有時 GAAP EPS 和一次性項目以及 GAAP EPS 最終會變得很重要，我認為本季可能就是這種情況。第二季非控股項目虧損 189.2 萬美元，這與過去幾季通常為正貢獻的情況有所不同。在您的某項股權投資中，是否有任何具體情況可以指出，以便我們了解這對 GAAP 收益的影響，以及這是否是暫時的，或者是否會重演？

Well, probably the key issue that we dealt with in this quarter was, Sunshine Mint which we do have a minority interest in, they shut down their facility in Idaho and consolidated everything in Las Vegas and, the timing of that, may not have been perfect because they consciously did it when they were slowing down. And then things picked up.

嗯，我們本季處理的關鍵問題可能是，我們持有少數股權的 Sunshine Mint 公司關閉了位於愛達荷州的工廠，並將所有業務整合到了拉斯維加斯。這樣做的時機可能並不完美，因為他們是在有意放慢發展速度的時候這麼做的。然後情況開始好轉。

So, there's been a little bit of a whipsaw there for them, but I think that that's probably, the area that I would expect, you know where these numbers are coming from, I consider it an anomaly. I think Sunshine is, having a very good start to this quarter. A lot of it also has to do with demand at the US Mint, and because Sunshine makes blanks for the US Mint, and that is, one of their key businesses. And they're geared for that and relying on that customer when the US mint slows down, they're going to have some negative results, but I do believe that, we've got a little, we've got most of that behind us and they're looking better this quarter.

所以，他們那邊經歷了一些波動，但我認為，這大概就是我預期的領域，你知道這些數字是從哪裡來的，我認為這是一種異常現象。我認為Sunshine本季開局非常不錯。這很大程度上也與美國造幣廠的需求有關，因為 Sunshine 公司為美國造幣廠生產坯餅，而這正是其主要業務之一。他們正為此做好準備，並且依賴美國鑄幣局放緩生產時的客戶，他們將會面臨一些負面影響，但我相信，我們已經克服了一部分，大部分困難，他們本季度的業績看起來會好轉。

Excellent. Thanks again for taking my questions and congratulations on this nice big investment.

出色的。再次感謝您解答我的問題，並祝賀您完成了一筆漂亮的大投資。

Okay. Thank you.

好的。謝謝。

Thank you. Sy Jacobs, Jacobs Asset Management.

謝謝。Sy Jacobs，Jacobs資產管理公司。

Hey, Greg. So, I appreciate the rare, and really bullish forward-looking statement in response to the first questioner about, the swing up in margins. So, my question would be really easy because I'm asking for a historical number, which was about when you talk about how the sort of prolonged and protracted, and atypical backwardation in the silver market, cause hedge losses, but that it's now moved back at least to slight contango.

嘿，格雷格。因此，我很欣賞您在回答第一個提問者關於利潤率上升的問題時所作出的罕見且非常樂觀的前瞻性表態。所以，我的問題其實很簡單，因為我問的是一個歷史數據，也就是關於白銀市場長期、持續且非典型的現貨溢價如何導致對沖損失，但現在至少已經恢復到輕微的期貨溢價水準。

Can you quantify in dollars either the second quarter or the past year or whatever time period you want to be just to give us a sense for how much the backwardation actually cost and once it goes back to come tango, does that swing from a negative number to a positive number?

您能否用美元量化第二季、過去一年或任何您想要的時間段，以便我們了解現貨溢價的實際成本是多少？一旦它恢復正常，成本是否會從負數變成正數？

Yeah, I mean I think it's a little, it's a great question and it's it the numbers are a little bit masked because they get blended with other interest expense or interest income and they're spread out a little bit but I think a fair comparison if you were going to compare, October, November, December in calendar 2024 versus the quarter we're talking about right now, I think we probably swung just roughly, I bet we swung from about a $6 million dollar gain from contango in December of 24 to a $5 or $6 million-dollar loss in Q2 of calendar 25, so it's about a year over year same quarter it was a 10 probably a $10 to $12 million dollar swing.

是的，我的意思是，我認為這有點……這是一個很好的問題，而且這些數字確實有點被掩蓋了，因為它們與其他利息支出或利息收入混在一起，而且它們分散在不同的時間段。但我認為，如果你要比較2024年10月、11月和12月與我們現在討論的這個季度，我認為比較公平的比較是，我們可能大致經歷了波動，我估計我們從2024年1 2月的期貨溢價收益約600萬美元，轉變為2025年第二季的500萬或600萬美元虧損，所以與去年同期相比，波動幅度大約在1000萬到1200萬美元之間。

So obviously that's pretty material and it's extremely material when we're slow, and to have that, swing back to, I mean, it's not back to where the contango was in 24, but at this point we were just happy to see, it's, it, it's swinging back towards the positive. So, we're hoping that continues, but, when you have this kind of volatility in silver and we've had two kind of black swan events in the last week and a half where silver was down $20 in one session and then it was up $10 and it was back down $10 in the last 24 hours the silver market is very volatile right now and the lending of silver which is critical to us which is silver leasing.

所以很明顯，這非常重要，尤其是在市場低迷的時候，而現在，市場回暖了，我的意思是，雖然還沒有回到24年期貨溢價的水平，但我們很高興看到它正在向正值回升。所以，我們希望這種情況能夠持續下去，但是，當白銀出現這種波動時，在過去一周半的時間裡，我們經歷了兩次黑天鵝事件，白銀在一個交易日內下跌了 20 美元，然後又上漲了 10 美元，之後又在過去 24 小時內下跌了 10 美元，白銀市場目前非常波動，而白銀租賃（對我們來說至關重要）也受到了影響。

You know at these higher numbers, you know it can be a big deal and to be quite honest, silver at $100 and gold at $5000 as we've talked about before it causes us a significant increase in the amount of dollars we need to manage those positions to this point we have been successful and we've been able to move capital around and we've been able to you know manage through these numbers but it is a bit of a stress when the numbers are this big which you know to be quite honest, this relationship with Tether and what we're going to benefit with them from the investment and the gold lease.

你知道，當價格達到如此高位時，情況就變得非常複雜了。坦白說，正如我們之前討論過的，白銀價格達到 100 美元，黃金價格達到 5000 美元，這將導致我們管理這些倉位所需的資金大幅增加。到目前為止，我們一直做得很好，能夠靈活調配資金，也能夠應付這些數字。但是，當數字如此龐大時，確實會帶來一些壓力。坦白說，我們與 Tether 的合作關係，以及我們將從投資和黃金租賃中獲得的收益，都讓我們感到擔憂。

It's going to really give us a lot more liquidity and be prepared, in the event gold goes to $7,000 or silver goes to$150. I'm not saying that's going to happen, but, in my world, you really have to be prepared for anything because, every morning you wake up not knowing which direction it's going right now. So, I think, the strategic investment from Tether was important on in this area also.

這將真正為我們帶來更多的流動性，讓我們做好準備，以防黃金價格漲到 7,000 美元或白銀價格漲到 150 美元。我不是說這一定會發生，但在我的世界裡，你真的必須做好應對任何情況的準備，因為每天早上醒來你都不知道事情會朝著哪個方向發展。所以，我認為，Tether 的策略投資在這個領域也非常重要。

And then one, thank you Greg, and then one follow-up question, you've talked about the Tether agreement helping, in one area in that they're going to become a storage customer in another area, the $150 million of equity capital and $100 million of lines which will replace, other expensive lines. Are there any, what are some of the other commercial opportunities here. It strikes me that they're, a buyer and inevitably seller at times of gold, to back their stablecoin. Is Gold.com in a position to be their agent, broker, dealer in any way that's going to help your volumes.

然後，謝謝 Greg，還有一個後續問題，您提到 Tether 協議在一個方面有所幫助，因為他們將成為存儲客戶；在另一個方面，1.5 億美元的股權資本和 1 億美元的線路將取代其他昂貴的線路。這裡還有哪些其他的商業機會？我覺得他們是黃金的買家，在黃金價格波動時也必然會成為賣家，以支撐他們的穩定幣。Gold.com 是否有可能成為他們的代理商、經紀人或交易商，以任何方式幫助他們提升交易量？

I see a lot of opportunity in areas that you can imagine we can help them with, or they can help us with. I think that the beauty of this relationship is from every discussion I've had with them, it's been a real two-way. I think there's things they can help us with. I think there's things we can help them with, they're a huge company, as everybody knows this business, and the size of the gold, the size of the treasuries, and just the performance of Tether that's, been published out there. I'm very excited about this relationship, and I do think there's a number of opportunities that have been discussed but not yet formalized that I think will be very beneficial for Gold.com as well as for Tether.

我看到了很多機會，你可以想像我們可以幫助他們，或者他們可以幫助我們。我認為這段關係的妙處在於，我和他們之間的每一次討論都是真正的雙向溝通。我認為他們能幫我們解決一些問題。我認為我們可以幫助他們，他們是一家規模龐大的公司，眾所周知，在這個行業，他們的黃金儲備規模龐大，國債規模龐大，而且 Tether 的表現也已經公佈在外。我對這種合作關係感到非常興奮，而且我認為有很多機會已經討論過，但尚未正式確定，這些機會對 Gold.com 和 Tether 都非常有利。

Okay, thank you.

好的，謝謝。

Thank you. Greg Gibas, Northern Ireland Securities.

謝謝。格雷格·吉巴斯，北愛爾蘭證券公司。

Hey, thanks, Greg, for taking the questions. Congrats on the Tether announcement and wanted to kind of follow-up on that strategic investment by Tether. Wondering where you see that relationship going forward, do you see it expanding further by chance?

嘿，謝謝格雷格回答這些問題。恭喜 Tether 宣布投資，我想就 Tether 的這項策略投資做一些後續跟進。想知道你如何看待這段關係的未來發展，你覺得它會有進一步發展的可能性嗎？

Yeah, I mean I think you know we put out in the press release that we believe the gold leasing storage and utilizing the tether stable coins as a currency on our retail platforms, is a great opportunity, we've previously announced, a gold.com credit card that we're developing. I think there may be some opportunity there with Tether, and I think that, we have been trading gold for four years, and I think that, you know.

是的，我的意思是，我想你知道，我們在新聞稿中已經表明，我們認為黃金租賃存儲以及在我們的零售平台上使用 Tether 穩定幣作為貨幣是一個絕佳的機會。我們之前也宣布過，我們正在開發 gold.com 信用卡。我認為 Tether 可能存在一些機會，而且，我們已經交易黃金四年了，我認為，你知道的。

Teather will be looking for opportunities where you know they can expand their business and they can grow what they're doing and I think they identified Gold.com, you know when they approached us I think they identified us as a great partner that you know there there's plenty of opportunity and I agree with that.

Teather 將會尋找能夠拓展業務、成長的機會，我認為他們已經找到了 Gold.com。當他們聯繫我們時，我認為他們把我們視為一個優秀的合作夥伴，認為這裡有很多機會，我同意這一點。

Got it. That's helpful. And, wondering if you could kind of speak to or elaborate on your mint production volume and all the investments there and the ability to ramp that up, how kind of that's positioned to meet demand, and what we're seeing in terms of the increase in demand for silver.

知道了。那很有幫助。我想知道您能否談談貴公司造幣廠的產量、所有投資以及提高產量的能力，以及貴公司如何滿足市場需求，以及我們目前看到的白銀需求成長情況。

Yeah, I mean it's a it's a feast or famine business, the silver minting business, we intentionally and we had we it was necessary for us back in July and August and September that we had to really pull back we had to cut some costs we had to unfortunately let some people go and we got down to really barely utilizing one shift a day. In the past we've been three shifts a day at Silver Town 24/7.

是的，我的意思是，白銀鑄造業是一個時好時壞的行業。在七月、八月和九月，我們不得不刻意縮減規模，削減成本，很遺憾地解雇了一些人，最後每天只勉強安排一個班次。過去，我們在銀城實行的是一天三班倒，24/7 全天候運作。

You can imagine in today's labor market, it just is a little bit tougher to snap on and off talent that you need that is, has any experience in minting one ounce silver rounds. So, I think, we, Jamie Meadows, who runs Silver Town Mint has done a fantastic job. He's ramped up very quickly. I think our liquidity and our ability to provide feedstock to the Silver Town Mint, has been exceptional, and I think we're getting him enough silver to make, but there are a lot of factors in what that top-line number comes out to.

你可以想像，在當今的勞動市場中，要找到並聘用有鑄造一盎司銀幣經驗的人才是多麼困難。所以，我認為，我們，也就是經營銀城鑄幣廠的傑米‧梅多斯，做得非常好。他進步神速。我認為我們的流動性和向銀城鑄幣廠提供原料的能力非常出色，我認為我們能為他提供足夠的白銀來生產，但最終的利潤總額取決於許多因素。

I think it depends a bit on whether or not this demand we're seeing right now continues again. said it we're going to we should be having a very good quarter this quarter but we're only you know 35 days into it and we've seen before where these bull markets or these hot markets can turn very quickly. So I think we're careful and we're being very cautious as we ramp back up at Silver Town and Sunshine, but I think there was a, I think there was a week. A year and a half ago where they turned out, a million, 1.3 ounces in a week and I think that was kind of the peak so we're not there yet and we're trying to get back to 900 but as you can imagine it's going from 200 or 250 a week to even just 900, there's a lot of juggling.

我認為這在一定程度上取決於我們目前看到的這種需求是否會持續下去。正如之前所說，我們本季應該會表現得非常好，但現在才過了35天，我們以前也看到過，牛市或火熱的市場可能會很快逆轉。所以我覺得我們在銀城和陽光樂園逐步恢復運作時，會非常謹慎小心，但我覺得大概有一週的時間吧。一年半前，他們一周的產量達到了 100 萬盎司 1.3 盎司，我認為那算是巔峰了，所以我們還沒有達到那個水平，我們正在努力恢復到每週 900 盎司，但你可以想像，從每週 200 或 250 盎司到哪怕只是 900 盎司，這其中有很多需要權衡的地方。

That makes sense. And, good to hear. Thanks, Greg.

這很有道理。很高興聽到這個消息。謝謝你，格雷格。

Thank you. Tom Forte, Maxim Group.

謝謝。Tom Forte，Maxim集團。

Sure. So Greg, I'm going to control myself and limit myself to one statement and one follow-on question. So, having had more time to think about this, as the calls progressed, I think the strategic partnership with Tether is the most significant announcement in the history of the company. And then my question is, does working with Tether change your strategic M&A efforts, including your ability to engage in larger transactions?

當然。所以格雷格，我要控制自己，只說一句話，再問一個後續問題。所以，經過更多時間的思考，隨著電話會議的進行，我認為與 Tether 的策略夥伴關係是公司史上最重要的公告。那麼我的問題是，與 Tether 合作是否會改變您的策略併購工作，包括您參與更大規模交易的能力？

It doesn't change a thing and I think it gives us the opportunity to grow the company with bigger transactions, yes, and I think that from my conversations with Teather they're very supportive of carefully and cautiously and continuing to grow Gold.com in the physical gold markets and I think they're going to be great partners for that, but you know we're, you can just look at our top-line numbers for Q2 and the amount of metal and the amount of top-line volume that we're moving through.

這不會改變任何事情，我認為這給了我們透過更大規模的交易發展公司的機會，是的，而且我認為，從我與 Teather 的談話來看，他們非常支持謹慎地繼續發展 Gold.com 在實物黃金市場的業務，我認為他們將是很好的合作夥伴，但是你知道，你可以看看我們第二季度的營收數據，以及我們處理的金屬數量和營收規模。

I mean this is, these are big numbers and I think having somebody that you know is the size of Tether and some of the great ideas that Tether has what they're going to be doing with their business going forward, and the you know they're very large customer base, and I think it's going to, back up and we will continue with the plan that we've had since, the day I met you.

我的意思是，這些都是很大的數字，而且考慮到 Tether 這樣規模的公司，以及 Tether 的一些偉大構想和他們未來的業務發展方向，再加上他們龐大的客戶群，我認為情況會好轉，我們將繼續執行自從我認識你那天起就制定的計劃。

Excellent. I'm so thrilled. So thank you.

出色的。我太激動了。所以，謝謝你。

All right. Thank you. At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Roberts for his closing remarks.

好的。謝謝。問答環節到此結束。現在我謹將電話交還給羅伯茲先生，請他作總結發言。

Thanks everybody. As Tom Forte just said, we view this as a really big day, in our, evolution and where we started and where we're going with Gold.com, continued as every quarter. I thank you for the loyalty for our shareholders, for being with us, and letting us invest your money and put it to good use.

謝謝大家。正如 Tom Forte 剛才所說，我們認為今天是意義非凡的一天，它標誌著 Gold.com 的發展歷程，以及我們從哪裡起步，我們將如何繼續發展下去，就像每個季度一樣。感謝您對我們股東的忠誠，感謝您與我們攜手共進，讓我們有機會投資並善用您的資金。

Thank you for joining the call today. Continuing as always to thank many of all of our employees, and the many contributions they make to getting us to where we are right now and the commitment to our success and, we see exciting times moving forward and we look forward to updating you on our progress so thank you very much.

感謝您今天參加電話會議。一如既往，我們要感謝所有員工，感謝他們為我們在今天的成就所做的貢獻，感謝他們對我們的成功所做的貢獻。我們看到了令人振奮的未來，期待著向大家報告我們的進展，非常感謝。

Thank you. Before we conclude today's call, I would like to provide Gold.com's Safe Harbor statement that includes important cautions regarding forward-looking statements made during this call.

謝謝。在今天的電話會議結束之前，我想提供 Gold.com 的安全港聲明，其中包含有關本次電話會議中作出的前瞻性陳述的重要注意事項。

During today's call, there are forward-looking statements made regarding future events. Statements that relate to Gold.com's 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.

在今天的電話會議中，有人對未來事件做出了前瞻性陳述。與 Gold.com 的未來計畫、目標、預期、績效、事件等相關的聲明，屬於 1995 年《私人證券訴訟改革法案》和 1934 年《證券交易法案》所界定的前瞻性聲明。

These include statements regarding expectations with respect to future profitability and growth, international expansion. Operational enhancements and the amount of timing of any future dividends, future events, risks, and uncertainties individually or in the aggregate could cause actual results to differ materially from those expressed or implied in these statements.

其中包括有關未來獲利能力和成長預期以及國際擴張的聲明。營運改善以及未來任何股利的發放時間、未來事件、風險和不確定性（單獨或綜合來看）都可能導致實際結果與這些聲明中明示或暗示的結果有重大差異。

These include the following with respect to the proposed transactions with Spectrum Group International. The failure of the parties to agree on definitive transaction documents, the failure of the parties to complete the contemplative transactions within the current expected timeline, or at all, the failure to obtain necessary third-party consents or approvals, and greater than anticipated costs incurred to consummate the transactions.

其中包括與 Spectrum Group International 擬議交易相關的以下內容。雙方未能就最終交易文件達成一致，雙方未能按預期時間表完成擬進行的交易，或者根本未能完成交易，未能獲得必要的第三方同意或批准，以及完成交易所產生的費用超出預期。

Other factors that could cause actual results to differ include the failure to execute the company's growth strategy. Including the inability to identify suitable or available acquisition or investment opportunities, greater than anticipated costs incurred to execute this strategy, government regulations that might impede growth, particularly in Asia, the inability to successfully integrate recently acquired businesses, changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals market.

導致實際結果差異的其他因素包括未能執行公司的成長策略。其中包括無法找到合適的或可用的收購或投資機會、執行該策略所產生的成本超出預期、政府法規可能阻礙成長（尤其是在亞洲）、無法成功整合最近收購的業務、當前國際政治環境的變化（歷史上，這種變化有利於貴金屬市場的需求和波動）。

But also has posed certain risks and uncertainties for the company, particularly in recent periods, potential adverse effects of the current problems in the national and global supply chains, increased competition for the company's higher margin services, which could depress pricing, the failure of the company's business model to respond to changes in the market environment as anticipated, changes in consumer demand and preferences for precious metals products generally, potential negative effects that inflationary pressure may have on our business, the inability of the company to expand capacity at Silver Towne Mine, 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 the company's public filings with the Securities and Exchange Commission.

但同時也為公司帶來了一些風險和不確定性，尤其是在最近一段時間，例如：當前國內和全球供應鏈問題可能帶來的不利影響；公司高利潤率服務的競爭加劇，可能導致價格下跌；公司商業模式未能如預期般應對市場環境的變化；消費者對貴金屬產品的需求和偏好普遍發生變化；通膨壓力可能對我們的業務產生潛在的負面影響；公司無法擴大銀城礦的產能；我們投資的公司未能維持或滿足其客戶群的偏好；在商品市場開展業務的一般風險；以及公司向美國證券交易委員會提交的公開文件中描述的戰略業務、經濟、金融、政治和政府風險及其他風險因素。

The company undertakes no obligation to publicly update or revise any forward-looking statements. Listeners are cautioned not to place undue reliance on these forward-looking statements.

本公司不承擔公開更新或修改任何前瞻性聲明的義務。聽眾請注意，不要過度依賴這些前瞻性陳述。

Finally, I would like to remind everyone that a recording of today's call will be available for replay via a link in the investors section of the company's website.

最後，我想提醒大家，今天電話會議的錄音將透過公司網站投資者關係部分的連結提供回放。

Thank you for joining us today for Gold.com's earnings call. You may now disconnect.

感謝您今天參加Gold.com的財報電話會議。您現在可以斷開連線了。