– Company Reports Profitable Performance, Maintains Strong Balance Sheet –

San Clemente, Calif., September 25, 2023—The Marygold Companies, Inc. (“TMC” or the “Company”) (NYSE American: MGLD) (formerly Concierge Technologies, Inc.), a diversified global holding firm, today reported financial results for the fiscal year ended June 30, 2023.

Net revenues for the 2023 fiscal year amounted to $34.9 million, compared with $37.8 million for the 2022 fiscal year. Net income for fiscal 2023 rose slightly to $1.2 million, equal to $0.03 per fully diluted share, from $1.1 million, also equal to $0.03 per fully diluted share, in the prior fiscal year.

For the fourth quarter ended June 30, 2023, revenues were $8.9 million, compared with $9.9 million for the same period last year. Net income for the most recent fourth quarter was $326 thousand, equal to $.01 per share, compared with $1.1 million, or $0.3 per fully diluted share, for the prior year period.

The Company’s balance sheet remained strong at the close of the 2023 fiscal year. Total stockholders’ equity rose to $30.4 million at June 30, 2023, from $29.0 million a year ago. Total assets at fiscal year-end remained constant at $35.3 million. Cash and cash equivalents at the close of fiscal 2023 were $8.2 million, versus $12.9 million at June 30, 2022, with the decline principally attributable to a movement of cash to short term equity investments, which increased to $11.5 million versus $5.1 million in the prior year, as well as expenses associated with completing the development of the Company’s mobile fintech app, which recently was soft-launched by TMC’s subsidiary, Marygold & Co. TMC again ended the year essentially debt-free.

Lower assets under management (AUM) at TMC’s principal subsidiary, USCF Investments, along with new fund startup costs, impacted USCF’s revenues for fiscal 2023, which amounted to $20.9 million, versus $23.8 million for the prior year. USCF had average AUM of $3.7 billion for fiscal 2023, compared with $4.4 billion last year.

Results for The Marygold Companies’ other principal operating subsidiaries – Gourmet Foods, Brigadier Security Systems, Marygold & Co (UK), and Original Sprout – were impacted by a number of factors during fiscal 2023, including the inflationary pressures that affected the cost of raw materials, along with higher shipping and labor expenses and unfavorable currency translation at the Company’s New Zealand operation.

“Gourmet Foods, Brigadier Security Systems, and Marygold & Co (UK) were all profitable for the year, however Original Sprout sustained an operating loss, as it shifts its business model to address post-COVID-19 changes in consumer buying habits. While Original Sprout faced an erosion of profit margins and a fragmented sales channel during the past year due to online shopping trends effecting its long-standing domestic distribution model, management is in the final stages of correcting this situation and expects a return to growth in the new fiscal year.

“Additionally, we are anticipating moderate growth at Brigadier through new, focused management initiatives and partnering with local telecoms and contractors, and we expect Gourmet Foods to be operating more efficiently, as low margin products are eliminated and new channels to market are established,” Neibert added.

Nicholas Gerber, TMC’s Chief Executive Officer, said, “Fiscal 2023 marked the completion of the initial development stage and the nationwide soft launch of our new mobile fintech app, an innovative digital platform that enables users to spend, invest and save with FDIC-insured accounts. The launch culminated nearly four years of development and more than $9 million of investments by TMC, entirely funded from internal cash flow, while our Company remained debt-free. We look forward to implementing marketing plans for the app in the new fiscal year.”

“As CEO, I appreciate the talent and hard work it has taken for us to reach this product development milestone,” Gerber said. “As well, I wish to thank our shareholders for their patience and express my gratitude to the entire Marygold team throughout the world for their dedication to making our Company a success and for working collaboratively and diligently to position TMC for future growth and to create long-term value for of all of our stakeholders.”

Business Units

The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in December 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, https://gourmetfoodsltd.co.nz/, acquired in August 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 July 2020, Printstock Products Limited https://www.printstocknz.com/, 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, www.brigadiersecurity.com, acquired in June 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.

Acquired at the end of 2017, San Clemente, Calif.-based Original Sprout, www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a “reef safe” sun screen, 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 a fintech mobile banking app., having completed the initial development stage and soft launch in the U.S. in June 2023. https://marygoldandco.com/

Marygold & Co. (UK) Limited, formed in the U.K. during August 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. http://www.tfam.co.uk/

TMC – FY 23-Q4 Financial Results-FINAL

About The Marygold Companies, Inc.

The Marygold Companies, Inc., which changed its name from Concierge Technologies, Inc. in March 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com. 

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to, a return to growth for the Original Sprout subsidiary, growth at Brigadier and implanting marketing plans for the Company’s new fintech mobile banking app, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 25, 2023, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.



Media and investors, for more Information, contact:

Roger S. Pondel

PondelWilkinson Inc.




Contact the Company:

David Neibert, Chief Operations Officer