Financial Performance Update The Marygold Companies’ Second Quarter and First Half Fiscal 2024 Results Unveiled

The Marygold Companies, Inc. (“TMC” or the “Company”) (NYSE American: MGLD), a globally diversified holding firm, released its financial results for the three and six months ending December 31, 2023. In the three months concluded on December 31, 2023, the Company recorded revenue of $8.5 million, compared to $8.8 million the previous year. The fiscal 2024 second quarter saw a net loss of $1.2 million, translating to a loss of $0.03 per share. This loss primarily reflects ongoing investments in the Marygold & Co. fintech app. In contrast, the same quarter a year ago showed a net income of $0.2 million, or approximately breakeven per share.

For the six months ending December 31, 2023, TMC reported revenue of $16.7 million, down from $17.7 million in the corresponding period the prior year. A net loss of $1.7 million, equivalent to $0.04 per share, was registered for the six months ending December 31, 2023, in contrast to a net income of $0.7 million, or $0.02 per fully diluted share, for the same period a year ago.

As of December 31, 2023, TMC maintained a robust balance sheet, with $6.2 million in cash and cash equivalents, $12.4 million in investments, and no significant debt. Total assets amounted to $35 million, and total stockholders’ equity at the end of the quarter stood at $29 million.

David Neibert, TMC’s Chief Operations Officer, commented, “Operating results are within the range of expectations.” He emphasized that the core businesses are generating cash, which is being utilized to develop the Marygold & Co. fintech app. Neibert acknowledged that these investments are impacting TMC’s income statement in the short term, but he highlighted the company’s solid fundamentals.

Nicholas Gerber, TMC’s Chief Executive Officer, expressed optimism about the Marygold & Co. fintech app. He mentioned the successful soft launch in the second half of 2023 and the app’s unique features, such as the debit card feature enabling investment in Money Pools, money transfers, spending monitoring, and global retail transactions. Gerber believes that using capital reserves to develop the app, instead of borrowing or diluting shares, will prove to be a sound long-term investment.

The article also provides an overview of TMC’s various business units, including USCF Investments, Gourmet Foods, Printstock Products Limited, Brigadier Security Systems, and Original Sprout, detailing their respective operations and acquisitions.

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