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TORTOLA, British Virgin Islands, Feb. 14, 2025 (GLOBE NEWSWIRE) -- Goldmoney Inc. (TSX:XAU) (US:XAUMF) ("Goldmoney” or the "Company”) today announced financial results for the fiscal 2025 third quarter period ended December 31, 2024. All amounts are expressed in Canadian dollars unless otherwise noted.
Financial statements are available online at Sedar+ www.sedarplus.ca.
Financial Highlights
- Group Tangible Capital of $138.8 million, an increase of 2.6% QoQ
- Group Tangible Capital per Share of $10.40, an increase of 1.4% QoQ
- Group Tangible Capital per Share excluding MENE of $9.45 per share, an increase of 1.6% QoQ
- Adjusted Net Income of $3.9 million, a decrease of 11.2% QoQ
Quarterly Performance Metrics Table
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | |||||||
| Key Performance Metrics (Balance Sheet) | ||||||||||||||
| Shares outstanding | 13,348 | 13,182 | 13,060 | 13,137 | 13,449 | 13,777 | 13,926 | 13,996 | ||||||
| Shareholder equity | 152,487 | 149,026 | 147,984 | 141,178 | 173,761 | 172,602 | 173,224 | 172,123 | ||||||
| Tangible equity inclusive of MENE | 138,832 | 135,299 | 133,780 | 126,100 | 147,078 | 143,019 | 143,475 | 142,203 | ||||||
| Tangible equity exclusive of MENE | 126,164 | 122,631 | 113,217 | 105,457 | 113,059 | 108,396 | 108,756 | 107,599 | ||||||
| Tangible equity per share ($CAD) | 10.40 | 10.26 | 10.24 | 9.60 | 10.94 | 10.38 | 10.30 | 10.16 | ||||||
| Tangible equity per share exclusive of MENE | 9.45 | 9.30 | 8.67 | 8.03 | 8.41 | 7.87 | 7.81 | 7.69 | ||||||
| Key Performance Metrics (Operational) | ||||||||||||||
| Net income (loss) | 2,891 | (3,896 | ) | 5,132 | (32,095 | ) | 6,005 | 2,009 | 1,995 | (4,050 | ) | |||
| Total comprehensive income (loss) | 2,628 | 792 | 6,077 | (30,640 | ) | 7,391 | 627 | 1,651 | (4,053 | ) | ||||
| Adjustments for revaluations, FX, stock
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Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy. compensation, and non-cash items | 1,246 | 3,569 | 550 | 34,857 | (1,350 | ) | 2,310 | 1,903 | 7,020 | |||||
| Non-IFRS adjusted net income | 3,874 | 4,361 | 6,627 | 4,217 | 6,040 | 2,937 | 3,554 | 2,966 | ||||||
| Key Performance Metrics (Earnings per Share) | ||||||||||||||
| Basic earnings (loss) per share | 0.22 | (0.29 | ) | 0.39 | (2.42 | ) | 0.44 | 0.15 | 0.14 | (0.27 | ) | |||
| Diluted earnings (loss) per share | 0.22 | (0.29 | ) | 0.38 | (2.42 | ) | 0.44 | 0.14 | 0.14 | (0.27 | ) | |||
| Non-IFRS adjusted net income per share | 0.29 | 0.33 | 0.51 | 0.32 | 0.45 | 0.21 | 0.26 | 0.21 | ||||||
Financial Statement Restatement
Goldmoney also announces the restatement of previously issued financial statements for the years ended March 31, 2024 and 2023 (the "Restatement”).
Since the Company's wholly owned subsidiary Goldmoney.com was founded, client cash and client precious metals had been treated as an off-balance sheet item and clearly disclosed as such in the Notes to the Company's audited annual financial statements. The Restatement recognizes and presents client cash within Goldmoney.com on the Company's consolidated balance sheet with a corresponding liability. This has been presented in prior years as a line item separate from the Company's cash and cash equivalents. Consequently, the March 31, 2024, audited consolidated financial statements have been restated to capture this change in presentation, along with the related management's discussion and analysis, and the 2024 Annual Information Form (collectively, the "Restatement Package”). This restated accounting presentation for client cash has also been reflected in the Company's December 31, 2024, unaudited interim financial statements. There has been no impact to the Company's financial statement presentation of historic equity or earnings as a result of this restatement.
The Restatement has been approved by the Board of Directors on the recommendation of the Audit Committee and management in connection with a review of its historic accounting treatment of client cash as off-balance sheet assets. Management considers these restatements to result from a material weakness in internal controls over financial reporting, and accordingly has implemented measures to address this weakness. As described in the restated annual information form and other public disclosure, Goldmoney Inc.'s wholly owned subsidiary Goldmoney.com operates an online platform which provides clients with access to purchase and sell precious metals, and to arrange for custody and storage in accordance with the terms of a standard-form client agreement available on the Goldmoney website (the "Client Agreement”). Cash balances used to settle purchases and sales are held in Company bank accounts.
Shareholders and users of Goldmoney's financial statements should note that the Restatement is not a result of any change to its operations, business or financial operating performance for the restated periods. The Company continues to hold customer cash on behalf of its clients in accordance with and in full compliance with all of the terms of the Client Agreement.
The Restatement Documents have been filed at Sedar+ www.sedarplus.ca with the unaudited interim financial statements for the three- and nine-month period ended December 31, 2024, with restated unaudited comparative interim financial statements the three- and nine-month period ended December 31, 2023.
The effect of the restatement on the condensed consolidated interim statement of financial position and condensed consolidated interim statements of cash flows for the periods ended June 30, 2024 and September 30, 2024 are as follows:
| Effect on Condensed Consolidated Interim Statements of Financial Position | ||||||||
| As at June 30, 2024 | Previously
Reported ($) | Adjustment
($) | Restated
($) | |||||
| Client cash | - | 61,472,682 | 61,472,682 | |||||
| Total assets | 193,484,934 | 61,472,682 | 254,957,616 | |||||
| Client liabilities | - | 61,472,682 | 61,472,682 | |||||
| Total liabilities | 45,500,586 | 61,472,682 | 106,973,268 | |||||
| Total liabilities and shareholders' equity | 193,484,934 | 61,472,682 | 254,957,616 | |||||
| As at September 30, 2024 | Previously Reported ($) | Adjustment
($) | Restated ($) | |||||
| Client cash | - | 67,446,073 | 67,446,073 | |||||
| Total assets | 195,538,391 | 67,446,073 | 262,984,464 | |||||
| Client liabilities | - | 67,446,073 | 67,446,073 | |||||
| Total liabilities | 46,512,066 | 67,446,073 | 113,958,139 | |||||
| Total liabilities and shareholders' equity | 195,538,391 | 67,446,073 | 262,984,464 | |||||
| Effect on Condensed Consolidated Interim Statements of Cash Flows | ||||||||
| For the three month period ended June 30, 2024 | Previously Reported ($) | Adjustment
($) | Restated ($) | |||||
| Net cash provided by operating activities | 7,683,278 | 2,859,508 | 10,542,786 | |||||
| Net cash used in investing activities | (6,963,178 | ) | - | (6,963,178 | ) | |||
| Net cash used in financing activities | (1,328,262 | ) | - | (1,328,262 | ) | |||
| Decrease in cash and cash equivalents and client cash | (608,162 | ) | 2,859,508 | 2,251,346 | ||||
| For the three month period ended September 30, 2024 | Previously Reported ($) | Adjustment
($) | Restated ($) | |||||
| Net cash provided by operating activities | 4,726,457 | 5,973,391 | 10,699,848 | |||||
| Net cash used in investing activities | (6,793,363 | ) | - | (6,793,363 | ) | |||
| Net cash used in financing activities | (1,640,059 | ) | - |
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