Gold.com's Growth Thesis Faces Its Next Test
The Q4 results of Gold.com show that despite gold prices being up approximately 25% in the 12 months ending Sept. 3, 2026, the company's growth is not as straightforward as it seems.
The spot price of physical gold has indeed risen by this margin, but this is not reflected in Gold.com's revenue, which nearly doubled year-over-year (YOY) to $5.01 billion, up 99%, but fell 52% sequentially from the prior quarter.
Diluted earnings per share (EPS) came in at 41 cents, flat against the year-ago quarter, but down a sharp 80% from $2.09 just three months earlier. EBITDA totaled $28.2 million for the quarter, down 3% YOY and down roughly 73% from the $103.4 million generated in the prior quarter.
The company's customer acquisition has also shown weakness, with new direct-to-consumer customers falling 38% YOY in the quarter and 77% sequentially. The sequential decline was amplified by the Monex acquisition, which accounted for 58% of new customers in Q3.