olivLaw · US equity research
The Marygold Companies, Inc. MGLD
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Marygold Companies is a Nevada holding company headquartered in San Clemente, California, whose main business is managing exchange traded funds through USCF Investments, which generates most of its revenue. Revenue rose to $25.3 million in fiscal 2026 as average assets under management increased, while the group still posted a net loss and exited several non-core activities.
At the close of 04 Nov 2026, The Marygold Companies, Inc. (MGLD) stock was 1.97 USD (+0.00% on the day), with market capitalisation 84.1 m USD, beta 0.51, 52-week range 0.87–2.03 USD. Latest reported quarter (Q4 2026): revenue of 6.9 m USD (+25.7% YoY), net income of -3.7 m USD, diluted EPS -0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 74.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 1.95 – 2.01
- in the lower half of the band · %B 0.35 · band width 2.8%
- SMA 50 / 200
- 1.57 / 1.22
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.09 / 0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.5% | −2.0% | +0.5 pp | — |
| 3 months | +85.8% | −2.2% | +88.0 pp | — |
| 6 months | +71.3% | +4.3% | +67.0 pp | — |
| Year to date | +123.1% | +10.6% | +112.5 pp | — |
| 1 year | +99.0% | +10.5% | +88.5 pp | −48.5% |
| 3 years | +73.0% | +73.7% | −0.7 pp | −74.7% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.9 m | 8.0 m | 5.5 m | 5.5 m | 7.0 m | 7.6 m | 7.2 m | 6.9 m |
| Cost of revenue | 2.1 m | 2.1 m | 648.0 k | 1.0 m | 1.6 m | 2.0 m | 398.0 k | 464.0 k |
| Gross profit | 5.8 m | 5.9 m | 4.9 m | 4.5 m | 5.4 m | 5.7 m | 6.8 m | 6.5 m |
| Operating income | -2.2 m | -1.8 m | -1.6 m | -1.2 m | -1.3 m | -631.0 k | -136.0 k | -3.9 m |
| Depreciation & amortisation | 159.0 k | 142.0 k | 115.0 k | 145.0 k | 94.0 k | 56.0 k | 94.0 k | -44.0 k |
| Interest expense | 31.0 k | 362.0 k | 323.0 k | 485.0 k | 69.0 k | 1.0 k | -3.0 k ≈ | 33.0 k |
| Pre-tax income | -2.1 m | -2.2 m | -1.4 m | -1.8 m | -509.0 k | -564.0 k | 226.0 k | -3.8 m |
| Income tax | -483.0 k | -482.0 k | -307.0 k | -289.0 k | -153.0 k | 12.0 k | -43.0 k | -93.0 k |
| Net income | -1.6 m | -1.7 m | -1.0 m | -1.5 m | -356.0 k | -576.0 k | 222.0 k | -3.7 m |
| Diluted EPS | -0.04 | -0.04 | -0.02 | -0.03 ≈ | -0.01 | -0.01 | 0.01 | -0.09 ≈ |
| Operating cash flow | -893.0 k | -770.0 k ≈ | -1.2 m ≈ | -501.0 k | -533.0 k | -908.0 k ≈ | -1.0 m ≈ | 129.0 k |
| Capex | 47.0 k | 6.0 k ≈ | 0 ≈ | 1.0 k | 29.0 k | 0 ≈ | 0 ≈ | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26.9 m | 26.7 m | 39.9 m | 37.8 m | 34.9 m | 32.8 m | 23.4 m | 25.3 m |
| Revenue YoY | −6.1% | −0.7% | +49.2% | −5.2% | −7.8% | −5.9% | −28.6% | +8.0% |
| Net income | 261.8 k | 1.8 m | 5.8 m | 1.1 m | 1.2 m | -4.1 m | -5.8 m | -4.4 m |
| Net income YoY | −84.9% | +577.3% | +229.8% | −80.4% | +1.7% | −449.3% | unavailable | unavailable |
| Diluted EPS | 0.01 | 0.05 | 0.15 | 0.03 | 0.03 | -0.10 | -0.14 | -0.10 |
| Diluted EPS YoY | −80.0% | +400.0% | +200.0% | −80.0% | 0.0% | −433.3% | unavailable | unavailable |
| net % | 1.0% | 6.6% | 14.7% | 3.0% | 3.3% | -12.4% | -24.8% | -17.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | 1.8 m | -2.0 m | -3.4 m | -2.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 2.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 19.2 m USD
- Total assets
- 24.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.35x
- ROE
- -20.7%
- ROA
- -16.1%
- FCF margin
- -9.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 39.9 m | 37.8 m | 34.9 m | 32.8 m | 23.4 m | 25.3 m | SEC (XBRL)· 18 Sept 2026verified |
| Cost of revenue | 9.3 m | 9.2 m | 8.8 m | 8.7 m | 3.2 m | 1.9 m | SEC (XBRL)· 18 Sept 2026verified |
| Gross profit | 30.6 m | 28.6 m | 26.1 m | 24.1 m | 20.3 m | 23.4 m | SEC (XBRL)· 18 Sept 2026verified |
| Operating income | 7.4 m | 2.4 m | 1.4 m | -6.3 m | -6.8 m | -6.0 m | SEC (XBRL)· 18 Sept 2026verified |
| Depreciation & amortisation | 600.0 k | 561.0 k | 577.0 k | 585.0 k | 590.0 k | 238.0 k | SEC (XBRL)· 18 Sept 2026verified |
| EBITDA | 8.0 m ≈ | 2.9 m ≈ | 2.0 m ≈ | -5.7 m ≈ | -6.2 m ≈ | -5.8 m ≈ | SEC (XBRL)· 18 Sept 2026derived |
| Interest expense | 40.4 k | 31.5 k | 19.9 k | 16.0 k | 1.2 m | 100.0 k | SEC (XBRL)· 18 Sept 2026verified |
| Pre-tax income | 7.6 m | 2.4 m | 1.6 m | -5.4 m | -7.6 m | -4.8 m | SEC (XBRL)· 18 Sept 2026verified |
| Income tax | 1.8 m | 1.2 m | 429.0 k | -1.4 m | -1.6 m | -277.0 k | SEC (XBRL)· 18 Sept 2026verified |
| Net income | 5.8 m | 1.1 m | 1.2 m | -4.1 m | -5.8 m | -4.4 m | SEC (XBRL)· 18 Sept 2026verified |
| Diluted EPS | 0.15 | 0.03 | 0.03 | -0.10 | -0.14 | -0.10 | SEC (XBRL)· 18 Sept 2026verified |
| Weighted average diluted shares | — | 39.0 m | 40.4 m | 40.4 m | 41.7 m | 43.0 m | SEC (XBRL)· 18 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 16.1 m | 12.9 m | 8.2 m | 5.5 m | 5.0 m | 2.9 m | SEC (XBRL)· 18 Sept 2026verified |
| Receivables | 1.1 m | 959.4 k | 3.0 m | 2.7 m | 1.8 m | 2.9 m | SEC (XBRL)· 18 Sept 2026verified |
| Inventories | 2.0 m | 2.2 m | 2.3 m | 2.2 m | 928.0 k | 1.1 m | SEC (XBRL)· 18 Sept 2026verified |
| Current assets | 24.1 m | 25.2 m | 26.8 m | 24.3 m | 17.4 m | 16.0 m | SEC (XBRL)· 18 Sept 2026verified |
| Property, plant & equipment, net | 1.6 m | — | 1.3 m | 1.2 m | 609.0 k | 22.0 k | SEC (XBRL)· 18 Sept 2026verified |
| Goodwill | 1.0 m | 2.3 m | 2.3 m | 2.2 m | 2.2 m | — | SEC (XBRL)· 08 May 2026verified |
| Intangibles (excl. goodwill) | 2.3 m | 2.7 m | 2.3 m | 1.4 m | 937.0 k | — | SEC (XBRL)· 08 May 2026verified |
| Total assets | 31.5 m | 35.3 m | 35.3 m | 32.9 m | 30.4 m | 24.0 m | SEC (XBRL)· 18 Sept 2026verified |
| Accounts payable | 1.7 m | 2.0 m | 1.3 m | 2.0 m | 1.8 m | 2.1 m | SEC (XBRL)· 18 Sept 2026verified |
| Current liabilities | 5.1 m | 4.8 m | 4.2 m | 5.2 m | 5.8 m | 3.7 m | SEC (XBRL)· 18 Sept 2026verified |
| Total liabilities | 6.2 m | 6.3 m | 4.9 m | 6.3 m | 7.4 m | 4.8 m | SEC (XBRL)· 18 Sept 2026verified |
| Equity | 25.3 m † | 29.0 m † | 30.4 m † | 26.6 m † | 23.0 m † | 19.2 m † | SEC (XBRL)· 18 Sept 2026verified |
| Shares outstanding at year end | — | — | — | 40.1 m | 42.8 m | 42.7 m | SEC (XBRL)· 18 Sept 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 7.2 m | -580.3 k | 1.9 m | -1.9 m | -3.3 m | -2.3 m | SEC (XBRL)· 18 Sept 2026verified |
| Capex | — | — | 95.0 k | 54.0 k | 54.0 k | 29.0 k | SEC (XBRL)· 18 Sept 2026verified |
| Free cash flow | — | — | 1.8 m ≈ | -2.0 m ≈ | -3.4 m ≈ | -2.3 m ≈ | SEC (XBRL)· 18 Sept 2026derived |
| Investing cash flow | -1.2 m | -3.7 m | -7.3 m | -926.0 k | 1.2 m | 1.1 m | SEC (XBRL)· 18 Sept 2026verified |
| Financing cash flow | -28.4 k | 2.3 m | -20.0 k | -30.0 k | 1.8 m | -1.3 m | SEC (XBRL)· 18 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 84.1 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -17.3% | 67 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -10.1% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -60.1x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 4.3x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.8% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial67/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
THE MARYGOLD COMPANIES, INC. (MGLD). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 25.3 m USD in 2026; YoY growth 8.0%; net margin -17.3%; ROE -20.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.3x
What contradicts it
- Revenue CAGR 3Y: -10.1%
- Interest coverage: -60.1x
- FCF yield: -2.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| IRENIREN Limited | 7.8 bn | — | -23.4% | -99.4% | +41.1% | −55% / +340% |
| HUTHut 8 Corp. | 6.0 bn | — | -44.3% | -188.6% | +44.8% | +9% / +415% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| AMBRAmber International Holding Limited | 865.0 m | — | -116.1% | -88.7% | −9.0% | −27% / −51% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| ABTCAmerican Bitcoin Corp. | 516.7 m | — | -38.5% | -71.7% | +158.8% | −90% / −99% |
| ORBSEightco Holdings Inc. | 340.9 m | — | -157.0% | -1,260.9% | −16.8% | −70% / −74% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| DGXXDigi Power X Inc. | 217.0 m | — | -24.7% | -114.8% | −7.6% | −48% / +50% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| MGLDThe Marygold Companies, Inc. | 84.1 m | — | -20.7% | -17.3% | +8.0% | +99% / +73% |
1- and 3-year price returns: for MGLD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Marygold Companies is a Nevada holding company headquartered in San Clemente, California, whose main business is managing exchange traded funds through USCF Investments, which generates most of its revenue. Revenue rose to $25.3 million in fiscal 2026 as average assets under management increased, while the group still posted a net loss and exited several non-core activities.
SWOT
Strengths
- Rising revenue in ETF fund management and a consolidated market position through funds that are first to market 12.
- Decentralized structure in which each subsidiary has its own leadership, allowing quick local decisions 1.
- Return to profitability in the beauty products subsidiary, showing the new sales strategy is working 2.
Weaknesses
Opportunities
Risks
- Litigationhigh
Subsidiary USCF LLC is the subject of a class action, and an adverse result could materially affect the financial position 1.
- Trade execution errorsmedium
A recent error in a fund's trades required full reimbursement, and future errors could have similar effects 2.
- Dependence on large fundshigh
Revenue is linked to a few funds, so withdrawals from these funds could quickly reduce revenue 1.
- Dependence on subsidiary cash flowmedium
The holding company relies on distributions from subsidiaries, which may be restricted by contracts or regulation 1.
- Loss of key personnelmedium
Major decisions are made by the chief executive, and his departure could affect operations 1.
Investment thesis
What would need to be true (bull case)
- If assets under management in energy-related funds stay high, USCF Investments revenue could keep growing and support the return to profit 12.
- Cost reductions after pausing the Fintech app and selling non-core activities could put the group on a path to profitability 2.
- The return to profit at Original Sprout could show that the new sales strategy can be extended 2.
What would break the thesis
- If energy prices fall, managed assets could drop quickly and group revenue would be affected 1.
- The group posted net losses and impaired significant assets, which could limit its capacity to finance new projects 2.
- An adverse outcome in the class action could have a significant financial impact on a central subsidiary 1.
What to watch
- Completion of the sale of the New Zealand subsidiariesnext 12 months
- Trend in average assets under management in ETF fundsQ1 2027
- Whether the group returns to profit in the following fiscal yearfiscal 2027
- Outcome of the class action against USCF LLCnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Marygold Companies, Inc. is a Nevada holding company operating through subsidiaries in financial services, ETF fund management, beauty products, food and security services. Management runs the subsidiaries on a decentralized basis, with few central marketing, sales or legal functions, each subsidiary having its own leadership 1. The company had 81 employees through June 30, 2026 1.
According to its filings, the group's primary focus is the financial services industry, including ETF management, and it intends to keep developing these segments 1. In March 2026 it decided to dispose of the New Zealand food products segment, now presented as discontinued operations, and in July 2025 it sold its Canadian security business to a related party 1.
On September 18, 2026 the company reported results for the year ended June 30, 2026, stating that it is focusing on fund management and expects to return to profitability in the following fiscal year 2. Management described these changes as a transformation to strengthen the group's foundation 2.
Segments
ETF fund management (USCF Investments)
This is the largest segment, earning management fees based on assets under management. In fiscal 2026 related-party fund management revenue was 21,126 thousand USD, and average assets under management rose to 4.1 billion USD from 2.9 billion USD a year earlier 12. The three largest funds accounted for 47% of this segment's revenue in 2026 1.
Beauty products (Original Sprout)
Original Sprout sells vegan hair and skin care products through online channels, distributors and salons. Segment revenue reached 3,367 thousand USD in fiscal 2026 12. Management reported a return to profitability after changing its sales strategy 2.
Financial services (Marygold & Co., UK)
This segment, covering investment advisory and financial planning in the UK, contributed only 820 thousand USD of revenue in 2026 1. In the same year the group recorded impairments of 2.7 million USD on goodwill and intangible assets, driven by losses in the wealth management business 12. The Fintech app has been paused, after a total investment exceeding 19.5 million USD 1.
Market context
The group's revenue depends heavily on assets under management in its ETFs listed on NYSE Arca, which rose in fiscal 2026 on higher energy prices and geopolitical tensions 12. At June 30, 2026 the funds managed by the group totalled 5.1 billion USD 1.
The commodity ETF market remains concentrated among a few large managers with greater financial and human resources, and launching new products requires available capital 1. If managed assets fell because of market values or outflows, group revenue would be directly affected 1.
Trends
- High energy and commodity pricestailwind
Rising oil and other commodity prices, linked to conflicts in the Middle East and Eastern Europe, lifted assets under management in the group's funds 12.
- Revenue concentration in a few fundsheadwind
Dependence on a few large funds and on investor sentiment toward them makes revenue sensitive to changes in demand 1.
- Recovery of the beauty products businesstailwind
Original Sprout moved from wholesale distribution to direct sales and achieved better margins and rising revenue 12.
- Shipping and raw material costsheadwind
Higher shipping and raw material costs weighed on margins at the consumer-facing subsidiaries 2.
Competitive position
USCF Investments competes with larger, better-financed commodity fund managers that can launch new ETFs more readily and have greater research and development experience 1. The company presents itself as a boutique manager that is first to market with some of its products 1.
In beauty products, Original Sprout differentiates itself through 100% vegan, lab-tested products, while other established brands are increasingly launching competing products 1.
- Other large commodity fund managers
Larger competitors with greater financial and human resources that can launch new ETFs more quickly 1.
- Other boutique ETF sponsors
Offer ETFs similar to those of USCF Investments and compete in the same commodity segments 1.
- Established vegan care brands
Established brands developing products that compete directly with Original Sprout 1.
- Large financial institutions
Compete with the UK wealth management business and have far greater resources 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Sept 2026Material agreement · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report24 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement23 Sept 2026
- Current report21 Sept 2026Results of operations · Financial statements and exhibits
- Annual report18 Sept 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report10 Feb 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / The Marygold Companies, Inc. · 18 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / The Marygold Companies, Inc. · 21 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.