The Marygold Companies, Inc.

What they do

Marygold operates decentralized wholly owned subsidiaries across ETF management, U.S. and U.K. financial services, beauty products, and, until recently, food products and security systems. Its largest unit, USCF Investments, manages 16 exchange traded products from Walnut Creek, California. The company employed 104 people worldwide as of the fiscal year ended June 30, 2025, and is headquartered in San Clemente, California.

Revenue drivers

• USCF Investments (U.S. fund management) — Manages 16 exchange traded products through USCF LLC and USCF Advisers, earning management fees tied to AUM. Quarterly revenue rose 55% to $6.3 million, and it is the largest operating unit.
• Marygold & Co. U.S. and U.K. financial services — Includes Marygold & Co. and its advisory subsidiary plus U.K. entities Marygold & Co. Limited (fka Tiger Financial), Step-By-Step Financial Planners, and a mobile fintech app. Management said fintech costs were significantly reduced during the quarter.
• Original Sprout (beauty products) — Kahnalytics, Inc., doing business as Original Sprout, produces hair and skin care products sold in the U.S. and internationally.
• Gourmet Foods / Printstock (food products) — New Zealand bakery and food-wrapper printing operations, reported as discontinued operations as of March 31, 2026, and being marketed for sale.

Recent performance

For the quarter ended March 31, 2026, revenue rose 30.2% to $7.2 million from $5.5 million a year earlier, and net income was $222,000, or $0.01 per share, versus a $1.0 million loss. The prior-year quarter included $0.6 million from the Canadian subsidiary sold in July 2025. For the nine months ended March 31, 2026, revenue was $18.4 million versus $17.9 million, and the net loss narrowed to $0.7 million from $4.3 million, helped by a $0.5 million gain on the Canadian sale. Fiscal 2025 full-year revenue fell to $30.2 million with a net loss of $5.8 million, extending a multi-year decline in revenue and operating cash flow.

Strategy

Management is pursuing a transformation strategy to concentrate resources on ETF fund management and financial services, selling non-core units. Brigadier Security Systems was sold in July 2025 for $2.3 million, and the New Zealand food businesses were classified as discontinued operations with a goal of sale within 12 months. The company is also cutting fintech labor and other expenses that previously prevented consolidated profitability.

Risks

• Litigation at USCF — USCF LLC, an indirect wholly owned subsidiary, is subject to class action litigation, and management says it cannot predict the outcome or reasonably estimate possible losses.
• Commodity and geopolitical exposure — USCF revenue depends on commodity-linked AUM, and management notes conflicts in the Middle East and Eastern Europe, tariffs, and energy-price volatility can affect the value and liquidity of fund assets.
• Declining core financials — Annual revenue fell from $39.9 million in fiscal 2021 to $30.2 million in fiscal 2025, with net losses in fiscals 2024 and 2025 and negative operating cash flow in four of the last five years.
• Decentralized holding-company structure — Subsidiaries operate without centralized marketing or professional functions, leaving performance dependent on individual unit management and making execution of divestitures and cost cuts key.

Outlook

Management says it will continue supporting non-core subsidiaries, including the New Zealand food businesses, until a sale is completed, targeting a transaction within 12 months. It aims to concentrate resources on ETF fund management and financial services and to sustain the cost reductions that produced third-quarter profitability.