Gold.com (GOLD) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 net income was $66.2 million and diluted EPS $2.75; excluding a $14.4 million remeasurement gain, EPS was $2.15.

• Fiscal year 2024 revenue reached $9.7 billion, up 4% year-over-year, but gross profit and net income declined sharply due to lower sales volumes and margins.

• Q4 results improved sequentially, with gross profit up 23% and EPS (ex-remeasurement) at $0.60, up from $0.21 in Q3, though year-over-year declines persisted.

• Strategic accomplishments included expansion into Asia via LPM acquisition, increased investment in SGB, and digital growth through JMB's acquisition of Gold.com.

• Over 3 million direct-to-consumer (DTC) customers at year-end, reflecting strong customer acquisition.

Financial highlights

• Q4 revenue fell 19% year-over-year to $2.52 billion; full-year revenue rose 4% to $9.7 billion, but excluding forward sales, full-year revenue declined 17%.

• Q4 gross profit dropped 45% year-over-year to $43 million (1.7% of revenue); full-year gross profit down 41% to $173.3 million (1.79% of revenue).

• Q4 net income was $28.6 million ($1.20 per share); excluding remeasurement gain, EPS was $0.60.

• Full-year adjusted EBITDA (ex-remeasurement) was $89.9 million; EBITDA margin was 1.07% (down from 2.42% in FY23).

• SG&A expenses for the year increased 5% to $89.8 million.

• Interest income rose 22% to $27.2 million; interest expense up 25% to $39.5 million.

• Earnings from equity method investments fell 68% to $4 million for the year.

Outlook and guidance

• Management remains optimistic for sustained profitability and value creation, with ongoing investments in logistics automation and Asian market expansion, including a planned trading hub in Singapore.

• Fiscal 2025 began with elevated gold prices, softened demand, and premium compression; volatility in early August led to increased activity.