### At a GlanceQ4 results met expectations, but growth slowed as precious metal prices retreated from historical highs and consumer demand weakened.

Revenue increased 99% YoY to $5 billion, primarily driven by the acquisitions of Monex and Sunshine Mint; adjusted net income rose 29% YoY to $24.7 million; full-year net income surged 376% YoY to $82.3 million.

Business developments in the quarter included: completion of the Sunshine Mint acquisition, significantly expanding capacity and serving the U.S. Mint; continued deepening of the Tether partnership, with gold leasing scale already several times the disclosed data; improved profitability in the Secured Lending business, with loan portfolio value up 22% YoY; the DTC business was impacted by market cooling, with new customer numbers down 38% YoY, though total customer count still increased 13%.

Management remains cautious on the outlook for fiscal 2027, expecting continued market volatility, but emphasizing that the vertically integrated model will support long-term growth. A special dividend of $1 per share was announced, with the regular dividend maintained.

Positive signals: Management highlighted that the Tether partnership has "unlimited potential" and that M&A opportunities are increasing due to the market slowdown. Negative signals: The CEO noted that "repeated war situations" have led consumers to adopt a wait-and-see approach, with demand remaining weak in the first two months of Q1 2027.