San Clemente, Calif., February 14, 2024—The Marygold Companies, Inc. (“TMC,” or the “Company”) (NYSE American: MGLD), a diversified global holding firm, today reported financial results for the three and six months ended December 31, 2023.

Revenue for the three months ended December 31, 2023 was $8.5 million, compared with $8.8 million, last year. The Company registered a net loss of $1.2 million, equal to a loss of $0.03 per share, for the fiscal 2024 second quarter, principally reflecting continued investment in the Marygold & Co. fintech app. TMC reported net income of $0.2 million, or approximately breakeven per share, for the same quarter a year ago.

For the six-month period ended December 31, 2023, revenue was $16.7 million, versus $17.7 million for the comparable period last year. A net loss of $1.7 million, or $0.04 per share, was recorded for the six months ended December 31, 2023, versus net income of $0.7 million, equal to $0.02 per fully diluted share, for the same period a year ago.
TMC’s balance sheet remained strong at December 31, 2023. Cash and cash equivalents amounted to $6.2 million and investments totaled $12.4 million at the end of the quarter, and the Company has essentially no debt. Total assets at December 31, 2023, were $35 million, and total stockholders’ equity at quarter’s end was $29 million.

“Operating results are within the range of expectations,” said David Neibert, TMC’s Chief Operations Officer. “Our core businesses are all operating efficiently and producing cash, which is being used to build our fintech business under the Marygold & Co. brand. The more we earn at our other divisions, the more we can invest in growing the fintech app. As we are seeing, those investments will continue to negatively impact TMC’s income statement over the near term until our mobile banking app gains traction. While we are not showing profits at the consolidated level, the fundamentals of our Company remain on solid footing, and we are building what we believe to be a highly valued business and doing so without any dilutive effects of equity or debt funding from outside sources.”

Nicholas Gerber, TMC’s Chief Executive Officer, added, “We have started the marketing of our innovative fintech app, a unique mobile app with a debit card feature that enables account holders to invest in Money Pools, send money to anyone in the U.S., monitor spending habits and budgets, and to transact business at retailers throughout the world. In the background, we are readying even more features to be incorporated into the app, as daily onboarding of new accountholders increases. Following our successful soft launch in the second half of 2023, we are excited as ever that Marygold & Co. is gaining attention. I strongly believe that the strategy of using of our capital reserves to develop this app, versus borrowing or diluting our shareholders, will prove to be a sound investment as the true value is realized in the coming years.”

Business Units

The Company’s USCF Investments subsidiary,, acquired in 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 15 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.

Gourmet Foods,, acquired in 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pat’s Pantry and Ponsonby Pies. Acquired by Gourmet Foods in 2020, Printstock Products Limited, is a printer of specialized food wrappers and is located in Napier, New Zealand. Its operations are consolidated with those of Gourmet Foods.

Brigadier Security Systems,, acquired in 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province under the brands Brigadier Security Systems in Saskatoon and Elite Security in Regina, Canada.

Original Sprout, acquired in 2017, with warehouse and office facilities located in San Clemente, California, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, distributed in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Mexico, South America, Singapore, Hong Kong, Malaysia, New Zealand, Australia and Canada among other areas.

Marygold & Co., formed in the U.S. during 2019 and operating from offices in Denver, CO, together with its wholly owned subsidiary, Marygold & Co. Advisory Services, LLC, was established to explore opportunities in the financial technology sector. The company continues further development of its mobile banking app, having completed the initial development stage and soft launch in the U.S. in June 2023.

Marygold & Co. (UK) Limited, formed in the U.K. during 2021, operates through its subsidiary acquired in 2022, Tiger Financial & Asset Management Limited (“Tiger”), a U.K. based investment adviser. Tiger’s core business is managing clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles.

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