Marygold Companies, Inc. (NYSE: MGLD)

Marygold Companies, Inc. is a holding company that operates through its wholly owned subsidiaries on a multinational scale focused on financial services, exchange traded funds management, and other business activities including food products, beauty products, and security systems. The company manages its subsidiaries on a decentralized basis with executive management responsible for vision, strategy, capital allocation, and oversight while allowing individual business units to establish their own operational functions. Marygold Companies, Inc. employs 104 people across New Zealand, Canada, the United Kingdom, and the United States as of June 30, 2025.

The company generates revenue through multiple streams including management and advisory fees from exchange traded funds and other investment products, sales of baked goods and food wrappers, provision of electronic security systems and monitoring services, retail and wholesale distribution of hair and skin care products, and financial advisory and asset management services in the United States and United Kingdom. Revenue is derived from fees based on assets under management, product sales, service contracts, and advisory fees tied to client assets.

The company operates through the following segments: U. S. Fund Management, Food Products, Security Systems, Beauty Products, and U. S. and U. K. Financial Services.

• U. S. Fund Management: This segment provides fund management services to exchange traded funds and exchange traded products through USCF Investments, Inc. and its subsidiaries United States Commodity Funds, LLC and USCF Advisers, LLC. These subsidiaries manage and service 16 ETFs with a combined total of $2.8 billion in assets under management as of June 30, 2025, including funds such as United States Oil Fund, LP (USO), United States Natural Gas Fund, LP (UNG), and USCF Midstream Energy Income Fund (UMI). The segment earns monthly management and advisory fees based on agreements with each fund, with fees determined by percentage structures multiplied by average assets under management.

• Food Products: This segment involves commercial-scale bakery production of meat pies, sausage rolls, and patisserie cakes through Gourmet Foods, Ltd. and its subsidiary Printstock Products Limited in New Zealand. Products are sold under brand names Ponsonby Pies and Pats Pantry to national grocery chains, convenience stores, petrol stations, independent retailers, and cafes. The segment also includes food wrapper printing services for the New Zealand food industry, with Printstock supplying specialty wrappers to manufacturers including some competitors of Gourmet Foods.

• Security Systems: This segment sold and installed alarm systems, security monitoring hardware, access controls, and comprehensive security systems to commercial and residential customers under the brand name Brigadier Elite in Saskatchewan, Canada. Brigadier specialized in products from manufacturers such as Honeywell Security, Panasonic, Avigilon, and JCI/DSC/Kantech, and was an authorized SecurTek dealer, earning monthly payments for customer service activities performed on behalf of the monitoring company owned by SaskTel. The segment was sold to SKCAL LLC on July 1, 2025 for total consideration of $2.3 million.

• Beauty Products: This segment engages in the retail sales and wholesale distribution of hair and skin care products under the brand name Original Sprout through Kahnalytics, Inc. Products are 100% vegan, tested safe and non-toxic, and distributed globally via online shopping carts, exclusive resellers on Amazon, international and domestic wholesale distributors, professional salons, and retail stores. Original Sprout holds registered trademarks for the names “Original Sprout” and “D’Organiques Original Sprout” with expiration or renewal dates of August 16, 2031 and September 9, 2028, respectively.

• U. S. and U. K. Financial Services: This segment includes Marygold & Co. and its advisory subsidiary in the United States, and Marygold & Co. (UK) Limited with its subsidiaries Marygold & Co. Limited and Step-By-Step Financial Planners Limited in the United Kingdom. Marygold UK had $80.2 million in combined assets under management as of June 30, 2025 and earns advisory fees based on a percentage of those assets. The segment also offers the Marygold UK Fintech app featuring a Piggy Bank function for savings and a Me2Me feature for moving money between accounts through partner bank Griffin Bank Ltd.

Marygold Companies, Inc. holds a niche position in the exchange traded fund management industry through its focus on commodity-based and specialty ETFs, competing with larger, better-financed commodity fund managers while leveraging its ability to create bespoke funds that provide exposure to specific commodity and equity groups. In the food products sector, Gourmet Foods competes with other commercial-scale manufacturers of meat pies in New Zealand, differentiating itself through product innovation such as vegan pies and sausage rolls. Original Sprout differentiates itself in the beauty products market by offering only 100% vegan, safe, and non-toxic hair and skin care products, aligning with growing consumer demand for clean and ethical personal care items.

The company serves national grocery chains, convenience stores, and petrol stations in New Zealand through its food products segment; commercial and residential customers in Saskatchewan, Canada through its former security systems business; individual consumers, salons, resorts, grocery stores, health food stores, e-tail sites, and professional salons globally through its Original Sprout beauty products; and retail and institutional clients in the United States and United Kingdom seeking investment advisory, wealth management, and financial technology solutions through its financial services segments.