Executive Summary

Q3 FY2025 revenue was $7.03M, down 10.8% y/y from $7.88M, with a net loss of $1.01M (−$0.02 per share) vs. −$0.53M (−$0.01) a year ago; management cited continued fintech (Marygold & Co.) spend and lower average AUM at USCF Investments as key drivers .
Segment mix: Fund management (USCF) remained the largest contributor at $4.09M; Food $1.51M; Beauty $0.64M; Security Systems $0.57M; Financial Services $0.22M .
Management emphasized ongoing expense reduction and capital actions (completed a ~$2.26M gross equity raise Jan 28) to support fintech launch in the U.K. and debt reduction; average AUM at USCF fell to $2.6B vs $3.0B y/y, pressuring fees .
No Wall Street consensus estimates were available via S&P Global for Q3 FY2025; no earnings call transcript was available, so estimate comparisons and Q&A color are unavailable (S&P Global estimates unavailable; no transcript listed) [GetEstimates: Q3 2025 empty] [ListDocuments: earnings-call-transcript = 0].

What Went Well and What Went Wrong

What Went Well
- Equity financing closed Jan 28 (~$2.26M gross), providing liquidity for debt reduction and fintech initiatives .
- Strategic progress toward U.K. launch: marketing ramp announced Mar 17; app available in U.K. app stores, supporting longer‑term services pivot .
- Management reaffirmed cost control and capital allocation focus: “we are reducing expenses throughout the Company and seeking to monetize our earlier investments in order to return the consolidated company to profitability” .
What Went Wrong
- Revenue decline and wider y/y loss: revenue $7.03M vs $7.88M; net loss −$1.01M (−$0.02) vs −$0.53M (−$0.01) in Q3 FY2024, reflecting lower management fees and fintech spend .
- USCF average AUM fell to $2.6B from $3.0B y/y, pressuring fee revenues tied to commodity market volatility .
- Operating loss expanded y/y (−$1.50M vs −$1.47M), with total operating expenses $6.78M vs $7.03M; savings not enough to offset revenue/AUM headwinds in the quarter .

Financial Results

Headline financials vs prior periods and estimates

Metric	Q3 2024	Q2 2025	Q3 2025	Notes
Revenue ($M)	$7.88	$8.00	$7.03
Cost of Revenue ($M)	$2.32	$2.08	$1.76
Gross Profit ($M)	$5.56	$5.93	$5.27
Loss from Operations ($M)	−$1.47	−$1.83	−$1.50
Net Income ($M)	−$0.53	−$1.75	−$1.01
EPS (Basic & Diluted)	−$0.01	−$0.04	−$0.02
Consensus Revenue	n/a (no S&P data)	n/a (no S&P data)	n/a (no S&P data)	S&P Global consensus unavailable [GetEstimates]
Consensus EPS	n/a (no S&P data)	n/a (no S&P data)	n/a (no S&P data)	S&P Global consensus unavailable [GetEstimates]

Segment revenue mix

Segment ($M)	Q3 2024	Q2 2025	Q3 2025
Fund management – related party	$4.41	$4.69	$4.09
Food products	$1.84	$1.69	$1.51
Beauty products	$0.86	$0.83	$0.64
Security systems	$0.65	$0.59	$0.57
Financial services	$0.13	$0.21	$0.22
Total Revenue	$7.88	$8.00	$7.03

KPIs and balance sheet snapshots

KPI	Q3 2024	Q3 2025
USCF average AUM	~$3.0B	~$2.6B
Cash & Cash Equivalents (period end)	$6.67M (9/30/24)	$4.32M (3/31/25)
Investments (period end)	$10.81M (9/30/24)	$11.30M (3/31/25)

Guidance Changes

No formal quantitative guidance (revenue, margins, OpEx, tax rate, segment targets) was provided in the Q3 FY2025 materials. Management reiterated plans to reduce expenses, refocus on financial services, and support the U.K. app rollout, but did not issue numerical ranges .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2025	n/a	n/a	—
Operating expenses	FY2025	n/a	Qualitative: expense reduction focus	—
Fintech investments	FY2025	n/a	Continued but moderating as U.K. launch progresses	—
Tax rate	FY2025	n/a	n/a	—

Earnings Call Themes & Trends

No earnings call transcript was available for Q3 FY2025 (no transcript found). Thematic trajectory based on Q1–Q3 press releases:

Topic	Previous Mentions (Q1 FY2025 and Q2 FY2025)	Current Period (Q3 FY2025)	Trend
Fintech (Marygold & Co.) spend and rollout	Continued investment; U.K. launch planning; expense headwind	Losses as expected due to app spend; U.K. rollout progressed	Stabilizing; shifting from build to rollout
USCF AUM/commodities backdrop	AUM ~$3.1B in Q1; $3.5B prior year; pressure from commodity volatility	Avg AUM $2.6B vs $3.0B y/y; continued volatility	Slightly worsening y/y
Capital actions/liquidity	Filed/closed equity offering Jan 24–28 (~$2.26M gross)	Capital used for debt reduction and fintech support reiterated	Supportive
Cost control	Intent to reduce expenses and monetize investments	Expense discipline reiterated; returning to profitability emphasized	Improving focus
Geographic expansion (U.K. app)	U.K. app launched; marketing ramp planned	Continued emphasis on U.K. rollout benefits	Positive execution

Management Commentary

Strategic focus and profitability path: “we are reducing expenses throughout the Company and seeking to monetize our earlier investments in order to return the consolidated company to profitability” .
AUM and external market dynamics: “Average AUM for the 2025 third quarter decreased to $2.6 billion from $3.0 billion in the prior year third quarter” (commodities volatility) .
U.K. fintech rollout: “We… believe the vast majority of our development expenses are now behind us” as U.K. app launched and marketing steps up .

Q&A Highlights

No earnings call transcript was available; therefore, Q&A themes, clarifications, and tone shifts cannot be assessed (no transcript found in company documents) [ListDocuments: earnings-call-transcript = 0].

Estimates Context

No S&P Global Wall Street consensus was available for Q3 FY2025 (revenue, EPS, EBITDA), so beats/misses versus estimates cannot be determined (S&P Global consensus unavailable for the specified period) [GetEstimates].

Key Takeaways for Investors

Near-term: Revenue pressure persists given lower USCF average AUM and a still loss‑making fintech ramp; however, sequentially, Q3 operating and net losses improved vs Q2 as spend moderated and mix held (Net loss: −$1.01M vs −$1.75M in Q2) .
Liquidity and capital allocation: January equity raise (~$2.26M gross) added flexibility to reduce debt and fund U.K. rollout; watch for further balance sheet optimization and expense run-rate reductions .
Execution pivot: Transition from U.S. app spend to U.K. launch with targeted marketing should gradually lower cash burn; monitor U.K. adoption metrics and any disclosed deposit growth/MAU KPIs in coming quarters .
Fee sensitivity: AUM at USCF remains the primary driver of consolidated revenue; commodities/tariff headlines and rate backdrop will continue to influence fee trajectory .
Lack of coverage: With no S&P Global consensus and no call transcript, stock may trade more on company prints and macro ETF flows; catalysts include U.K. app traction updates, further cost cuts, and AUM recovery [GetEstimates] .
Medium-term thesis: If expense reductions continue and U.K. fintech gains traction, consolidated losses can narrow; sale of non-core assets and debt reduction (executed post-fiscal year) further de‑risk the story .

Supporting detail and sources:

Q3 FY2025 financials (three months ended March 31, 2025): revenue, expenses, EPS, and segment mix .
Q2 FY2025 financials (three months ended Dec 31, 2024) and segment mix .
Q1 FY2025 prior-year comparables (three months ended Sep 30, 2024) and segment mix .
Management commentary on AUM, expense strategy, and fintech rollout .
Capital actions: equity offering pricing and closing .
No transcript available; no S&P Global consensus available for Q3 FY2025 [ListDocuments: no transcript] [GetEstimates].

Marygold Companies, Inc. (MGLD)·Q3 2025 Earnings Summary