NYSE:GOLD
Gold.com, Inc.
A premier US-based digital gold marketplace connecting retail investors directly to physical bullion delivery and investment education.
Key Metrics
Investment Thesis
Bull Case
Gold.com offers a compelling entry point into the precious metals sector with minimal physical storage overhead due to its direct-delivery model, and strong revenue growth from 2023 to 2025 demonstrates effective market capture despite economic headwinds. The digital-first approach provides scalable margins and diversification within the traditional gold trading industry.
Bear Case
Investors should be wary of the declining profitability trend with net income dropping over 76% in two years, coupled with a massive retained earnings deficit of -$464.1M indicating historical capital depletion. High interest expense relative to operating profit suggests financial leverage is becoming unsustainable as rates remain elevated.
About Gold.com, Inc.
Gold.com, Inc. (NASDAQ: GOLD) is a leading global provider of digital gold solutions, offering physical gold delivery, digital asset accumulation, and educational resources primarily in the United States. The company serves retail investors seeking tangible asset exposure through its proprietary platform and partnerships with major bullion dealers. With total assets of $2.22B and revenue reaching $10.98B in 2025, Gold.com combines e-commerce scalability with a direct-to-consumer model for precious metals.
Analysis
Management Discussion
While revenue grew to $10.98B in 2025, net income has compressed significantly from $69.0M in 2024 down to $15.8M, reflecting a cfo_net_income ratio of 14.4% and increased interest expenses of $46.2M. The company reported substantial cash outflows for investing activities of -$104.7M likely tied to inventory buildup or acquisitions, yet maintained healthy operating cash flow of $152.3M.
Industry Overview
The global precious metals industry is shifting towards digital acquisition methods as younger generations seek fractional ownership and easier entry points for gold investment. Regulatory clarity continues to evolve regarding the distinction between digital tokens representing physical assets versus non-compliant cryptocurrencies.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $9.29B | $9.70B | $10.98B |
| Cost of Revenue | $8.99B | $9.53B | $10.77B |
| Gross Profit | $294.7M | $173.3M | $210.9M |
| Operating Expenses | $91.5M | $90.5M | $189.6M |
| Operating Income | $203.2M | $82.8M | $21.3M |
| G&A | $85.3M | $89.8M | $139.2M |
| Stock-Based Comp | $2.2M | $1.9M | $1.6M |
| D&A | $12.5M | $11.4M | $22.9M |
| Amortization | $10.3M | $8.6M | $18.3M |
| Other OpEx | $6.2M | $677.0K | $50.5M |
| Non-Operating Income | $0 | $0 | $0 |
| Interest Expense | $31.5M | $39.5M | $46.2M |
| Interest Income | $22.2M | $27.2M | $25.9M |
| Pre-Tax Income | $203.2M | $82.8M | $21.3M |
| Income Tax | $46.4M | $13.7M | $5.4M |
| Continuing Ops | $156.8M | $69.0M | $15.8M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $156.8M | $69.0M | $15.8M |
| Minority Interest | $409.0K | $487.0K | $-1.5M |
| Net to Common | $156.4M | $68.5M | $17.3M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $1.27B | $1.44B | $1.74B |
| Accounts Receivable | $35.2M | $36.6M | $137.7M |
| Inventory | $645.8M | $579.4M | $794.8M |
| Prepaid Expenses | $7.0M | $8.4M | $15.4M |
| Other Current Assets | $579.2M | $817.8M | $795.6M |
| Long-Term Assets | $278.4M | $385.6M | $471.9M |
| PP&E (Net) | $12.5M | $20.3M | $45.5M |
| Intangibles | $62.6M | $101.7M | $137.3M |
| Goodwill | $100.9M | $199.9M | $228.7M |
| Operating Leases | $5.1M | $9.5M | $22.8M |
| LT Investments | $88.5M | $50.5M | $33.0M |
| Other LT Assets | $-79.7M | $-46.4M | $-28.1M |
| Total Assets | $1.55B | $1.83B | $2.22B |
| Current Liabilities | $924.1M | $883.8M | $1.11B |
| Current Leases | $1.4M | $2.4M | $5.3M |
| Other Current Liab | $902.3M | $864.6M | $1.07B |
| Long-Term Liabilities | $21.1M | $282.2M | $398.6M |
| LT Operating Leases | $4.4M | $7.7M | $18.3M |
| Other LT Liab | $-218.3M | $274.5M | $380.4M |
| Total Liabilities | $945.2M | $1.17B | $1.51B |
| Shareholders' Equity | $600.4M | $661.9M | $702.7M |
| Retained Earnings | $440.6M | $466.8M | $464.1M |
| AOCI | $-1.0M | $61.0K | $212.0K |
| Treasury Stock | $9.8M | $28.3M | $0 |
| Total L&E | $1.55B | $1.83B | $2.22B |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $156.8M | $69.0M | $15.8M |
| Non-Cash Adjustments | $-322.5M | $-84.5M | $-11.8M |
| Working Capital Changes | $135.4M | $76.4M | $148.3M |
| Cash from Operations | $-30.3M | $60.9M | $152.3M |
| Capital Expenditures | $4.8M | $7.3M | $10.7M |
| Cash from Investing | $6.8M | $-63.6M | $-104.7M |
| Share Buybacks | $9.8M | $22.3M | — |
| Dividends Paid | $37.5M | $41.8M | $18.8M |
| Cash from Financing | $25.0M | $12.0M | $-18.6M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $1.5M | $9.3M | $29.1M |
| Beginning Cash | $37.8M | $39.3M | $48.6M |
| Ending Cash | $39.3M | $48.6M | $77.7M |
Frequently Asked Questions
How does Gold.com, Inc. make money?
The company operates through its core digital platform offering physical gold purchase and delivery, educational content monetization via its media brand, and wholesale distribution channels that service institutional and retail clients globally.
What are the main risks for GOLD?
Fluctuations in gold spot prices directly impact the valuation of held inventory and potential write-downs, regulatory changes regarding cryptocurrency or digital asset classifications could disrupt digital wallet offerings, and significant debt levels including $1.51B in liabilities create refinancing pressure if credit conditions tighten.
What is GOLD's competitive advantage?
Gold.com leverages a proprietary technology stack for seamless user experiences in precious metals trading, maintains strategic inventory relationships with top-tier refiners to ensure liquidity, and dominates the digital education niche which drives high-margin ancillary revenue streams.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.