The Marygold Companies, Inc. (“TMC” or the “Company”) (NYSE American: MGLD), a global diversified holding firm, announced its financial results for the first fiscal quarter of 2025, which ended on September 30, 2024. For the three-month period, revenue totaled $7.9 million, compared to $8.2 million for the same period last year. The Company reported a net loss of $1.6 million, or $0.04 per share, for the quarter, compared to a net loss of $0.5 million, or $0.01 per share, in the first quarter of fiscal 2024.
TMC’s balance sheet remained robust as of September 30, 2024. Cash and cash equivalents increased to $6.7 million, up from $5.5 million at the end of the previous fiscal year. Total assets grew to $35.9 million, compared to $32.9 million at year-end. Total stockholders’ equity saw a slight decline, standing at $25.5 million at the close of the first quarter, down from $26.6 million at the fiscal year-end.
“As anticipated, the first-quarter loss was primarily due to continued investments and expenses related to our financial services division, particularly in our proprietary mobile fintech app,” said David Neibert, TMC’s Chief Operations Officer. “Additionally, our largest operating unit, UCSF Investments, saw a slight decline in average assets under management (AUM). AUM for the quarter stood at $3.1 billion, down from $3.5 billion a year ago, which we attribute to commodity price fluctuations, high interest rates, and ongoing geopolitical and economic uncertainty. As we move into fiscal 2025, further investments in TMC’s strategic transformation and focus on financial services are expected to continue to pressure our bottom line.”
Nicholas Gerber, TMC’s Chief Executive Officer, commented, “We remain focused on establishing the foundations for TMC’s shift towards financial services, with plans for the launch of our mobile fintech app in the U.K. Additionally, we recently acquired an approximately eight percent stake in Midland Capital Holdings Corporation, whose primary asset is Midland Federal Savings and Loan Association, which operates four branch offices in the greater Chicago area. This acquisition follows our earlier purchases of UK-based investment advisory firms Tiger Financial & Asset Management and Step By Step Financial Planners.”
Gerber added, “While these investments are impacting our current and near-term financial results, we are confident that they will drive long-term growth, providing greater value for our stakeholders.”
