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This information is disseminated on behalf of Goldgroup Mining Inc. 
Goldgroup Mining’s (NYSE: GORO) transformation is no longer just a story on paper. Following the July 17 completion of its combination with Gold Resource, GORO now controls a significantly larger precious-metals portfolio spanning two producing mines, a formerly producing operation being advanced toward a potential restart, and the Back Forty development project in Michigan. The combined company also entered this next phase with a pro forma US$59 million in cash and no material debt, while its two producing operations generated 27,425 gold-equivalent ounces of sales in the first half of 2026. At Don David in Oaxaca, the company is pushing an aggressive exploration program across a roughly 55-kilometer mineralized corridor, with 25,726 meters of drilling completed through July 31 and multiple known gold-silver and polymetallic targets still to be unlocked. Meanwhile, San Francisco is undergoing a 26,000-meter drill program and technical work aimed at evaluating a potential 2027 restart, while Back Forty provides another major long-term development opportunity with exposure to gold, silver, copper and zinc. And then there’s Eric Sprott — a name that gets attention across the mining sector. Sprott is building a substantial position in Goldgroup, and his continued ownership gives investors another reason to keep GORO on the radar. The company has also installed Javier Reyes as permanent CEO, bringing more than 25 years of experience across natural resources and finance, while Research Capital has initiated coverage. The bigger picture is becoming increasingly clear: GORO is moving from a smaller gold story into a diversified platform combining current production, aggressive exploration, potential near-term production growth and longer-term development scale. With the merger complete, the portfolio expanded and capital available to advance multiple opportunities, the next question is whether execution and exploration results can begin translating that expanded asset base into greater market attention. See Why GORO Could Be One of the More Interesting Multi-Asset Precious-Metals Stories to Watch as its New Growth Strategy Takes Shape!
Wednesday's Featured News
Gold.com's Q4 Results Show Why This Stock Is More Than a Gold BetWritten by Chris Markoch. Posted: 9/9/2026. 
Key Points
- Gold.com's fiscal Q4 2026 EPS fell 80% sequentially to 41 cents and EBITDA dropped 73% from the prior quarter, despite 99% year-over-year revenue growth.
- New direct-to-consumer customer growth fell 38% year-over-year and 77% sequentially, raising concerns about a core engine of the company's compounder narrative.
- Despite strong full-year fiscal 2026 results, including 179% EBITDA growth and a special dividend, the sharp quarterly deceleration challenges the thesis that Gold.com outpaces gold price gains.
- Special Report: KDA ran 17,556%... my next under-$1 pick (inside)
The spot price of physical gold is up approximately 25% over the 12 months ending Sept. 3, 2026. That's the data point many investors use when considering an investment in Gold.com (NYSE: GOLD). It's a passive, macro-driven thesis that treats the company as little more than a leveraged bet on the metal itself.
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But the real bull case is something different altogether. Specifically, Gold.com can convert favorable precious-metals conditions into earnings growth that outpaces gold itself. The company's fiscal Q4 2026 results, covering the quarter ended June 30 and released Sept. 2, are the freshest test of that thesis. Revenue nearly doubled year over year (YOY) to $5.01 billion, up 99%. That sounds like continued acceleration. Sequentially, however, revenue fell 52% from the prior quarter. Diluted earnings per share (EPS) came in at 41 cents, flat compared with the year-ago quarter but down a sharp 80% from $2.09 just three months earlier. Why Q4’s Sequential Slowdown Matters Despite 99% YOY Revenue GrowthQuarter-over-quarter swings are normal in a business tied to precious-metals trading, where volatile spot prices and volumes create lumpy results. But the magnitude here shouldn't be quickly dismissed. In addition to the headline numbers, profitability also shifted sharply:
EBITDA totaled $28.2 million for the quarter, down 3% YOY and roughly 73% from the $103.4 million generated in the prior quarter. Gross profit margin slipped to just 2.2% of revenue—thin even by this business's standards—down from 3.25% a year earlier but up from 1.71% in the prior quarter. On the other hand, bulls will point to the fact that gold ounces sold rose 51% YOY to 521,000. However, a closer look shows that ounces sold actually declined 1% from the prior quarter. That suggests volume growth is plateauing rather than accelerating. Silver ounces sold fell 2% YOY, with management citing narrower silver premiums as a specific margin drag during the quarter. Customer Acquisition Weakness Raises a Bigger Growth QuestionThe sharpest warning sign sits in customer acquisition. New direct-to-consumer customers fell 38% YOY during the quarter and 77% sequentially. That sequential decline was amplified by the Monex acquisition, which accounted for 58% of new customers in Q3. Management said the slowdown began in mid-March and continued through the first two months of fiscal 2027, meaning it isn't isolated to one unusual month. That matters because retail customer growth has been a core engine behind Gold.com's story, not just metal prices. A business supposedly compounding through operating leverage needs that engine running. Full-year new customer counts fell 53% from the prior year. Acquisitions contributed heavily to both periods: Monex accounted for approximately 33% of fiscal 2026 new customers, while SGI, Pinehurst and AMS accounted for approximately 79% of fiscal 2025 new customers. SG&A expenses climbed 46% YOY to $77.9 million for the quarter, although that figure was essentially flat from the prior quarter. The YOY increase included $8.2 million in expenses from Monex and Sunshine Minting that were not present in the year-ago period. Even excluding expenses from newly acquired subsidiaries, SG&A expenses still rose $16.3 million from the prior-year quarter. The Bright Spots in Gold.com's Fiscal 2026 ResultsNone of this erases the full-year numbers entirely. Fiscal 2026 EBITDA grew 179% to $179.8 million, and full-year diluted EPS reached $3.02. The company also completed its Sunshine Minting acquisition, adding capacity to serve sovereign mints, and ended the quarter with a much stronger cash position than a year earlier. Management declared a special $1-per-share dividend alongside its regular payout, signaling confidence in near-term liquidity. Those full-year figures are backward-looking by definition. That's the problem with leaning on them right now. They capture a stretch that included exceptionally strong quarters earlier in the fiscal year, including the $2.09-per-share quarter that was followed by an 80% sequential drop. Citing the annual total to argue that the compounder thesis remains intact risks missing the deceleration this specific quarter is showing analysts and investors right now. Gold.com’s Growth Thesis Faces Its Next TestThe original bull case rested on Gold.com converting metal-price gains into disproportionate earnings growth. That was true earlier in fiscal 2026. It's a harder case to make using this specific quarter, when earnings, ounces sold and new customer growth all decelerated at the same time, even as gold prices remained elevated. The quarter weakens the simplest version of the operating-leverage thesis: elevated gold prices alone were not enough to keep earnings near Q3 levels. Gold.com's results also depend on customer activity, trading volumes, product premiums, acquisitions and financing conditions. The stock's own trading history this year underscores how much optimism has been baked in. Shares have traded well off their 52-week high earlier in the year, and analyst price targets have moved around substantially as the growth narrative shifted from quarter to quarter. That kind of volatility in sentiment usually means the market hasn't settled on which growth rate to underwrite, and this report gives skeptics real ammunition. The next quarter, covering the start of fiscal 2027, will be the real test. If new customer growth stabilizes and EBITDA reaccelerates, the compounder story gets its confirmation. If the deceleration continues, this quarter will look less like a blip and more like the moment the thesis started cracking. For now, the honest read is caution: The freshest numbers argue against the story the stock has been priced for. |
