San Clemente, Calif., May 13, 2024—The Marygold Companies, Inc. (“TMC,” or the “Company”) (NYSE American: MGLD), a diversified global holding firm with a focus on financial services, today reported financial results for the three and nine months ended March 31, 2024.

Revenue for the three months ended March 31, 2024 was $7.9 million, compared with $8.3 million, last year. The Company recorded a net loss of $0.5 million, equal to a loss of $0.01 per share, for the fiscal 2024 third quarter, reflecting continued investment in the Marygold & Co. fintech app. The total amount expensed in the three months ended March 31, 2024 for Marygold & Co. was $1.3 million, bringing the total amount invested in the fintech app by TMC to $13.5 million since Marygold & Co.’s inception. TMC reported net income of $0.2 million, or approximately breakeven per share, for the same quarter a year ago.

For the nine-month period ended March 31, 2024, revenue was $24.6 million, versus $26 million for the comparable period last year. A net loss of $2.2 million, or $0.05 per share, was recorded for the nine months ended March 31, 2024, versus net income of $0.8 million, equal to $0.02 per fully diluted share, for the same period a year ago.

TMC’s balance sheet remained strong at March 31, 2024. Cash and cash equivalents amounted to $4.5 million, and investments totaled $11.6 million at the end of the quarter, and the Company has essentially no debt. Total assets at March 31, 2024, were $33.7 million, and total stockholders’ equity at quarter’s end was $28.4 million.

“Operations overall remained on budget, with increased revenues this quarter over the prior year for our non-financial services subsidiaries,” said David Neibert, TMC’s Chief Operations Officer. “Revenues were up slightly for our foreign subsidiaries as well, despite an unfavorable trend in currency translation rates this quarter as compared with the same period last year. However, our largest subsidiary, USCF Investments, closed out the quarter with an average of $3.0 billion in assets under management, and thus lower revenues, as compared with the quarter ended March 31, 2023, when assets under management averaged $3.7 billion.

“We anticipate a continued steady flow of revenues from our core business units in the coming quarter and using those cash flows to continue the development and marketing of our newest offering, Marygold & Co.’s mobile fintech banking app. Use of capital from segment operations toward the furtherance of Marygold & Co.’s business plan is expected to produce modest consolidated net losses for the balance of this fiscal year,” Neibert added.

Nicholas Gerber, TMC’s Chief Executive Officer, said, “Even though TMC has recorded losses on a consolidated basis due to our continued investment in the fintech space, we are still basically debt-free and building long-term value in our Company. I am also pleased to report we are making good progress toward launching our proprietary mobile banking app in the U.K.

“Subsequent to the close of the quarter, we finalized the acquisition of yet another investment advisory firm in the U.K., Step-by-Step Financial Planners Limited (“SBS”). This new addition joins Tiger Financial and Asset Management as a business unit of our wholly owned subsidiary, Marygold & Co. (UK) Limited, and brings our total assets under management in the U.K. to approximately $75 million. With the client base of these two advisory firms as a starting point, we hope to launch our Marygold mobile banking app with an in-place potential user base in the UK within the coming months,” Gerber said. 

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 16 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.

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 and Elite Security.

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 many regions throughout the world.

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 soft launch in the U.S. in 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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