Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Independent Director Andres Finkielsztain was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jul 28
Goldmoney Inc., Annual General Meeting, Sep 30, 2025 Goldmoney Inc., Annual General Meeting, Sep 30, 2025. Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Independent Director Andres Finkielsztain was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 13
Second quarter 2025 earnings released: CA$0.29 loss per share (vs CA$0.15 profit in 2Q 2024) Second quarter 2025 results: CA$0.29 loss per share (down from CA$0.15 profit in 2Q 2024). Revenue: CA$15.2m (up 30% from 2Q 2024). Net loss: CA$3.90m (down 292% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Nov 12
Now 21% undervalued Over the last 90 days, the stock has risen 18% to €6.28. The fair value is estimated to be €7.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 73% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 27
Now 21% undervalued Over the last 90 days, the stock has risen 22% to €6.14. The fair value is estimated to be €7.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 73% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Aug 08
Co-Founder recently bought €54k worth of stock On the 6th of August, Roy Sebag bought around 10k shares on-market at roughly €5.36 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €348k. Roy has been a buyer over the last 12 months, purchasing a net total of €1.9m worth in shares. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 31% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€74.1m market cap, or US$81.3m). Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: CA$0.39 (vs CA$0.14 in 1Q 2024) First quarter 2025 results: EPS: CA$0.39 (up from CA$0.14 in 1Q 2024). Revenue: CA$27.2m (up 65% from 1Q 2024). Net income: CA$5.13m (up 157% from 1Q 2024). Profit margin: 19% (up from 12% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 18% per year. Announcement • Jul 26
Goldmoney Inc., Annual General Meeting, Sep 16, 2024 Goldmoney Inc., Annual General Meeting, Sep 16, 2024. Recent Insider Transactions • Jun 26
Co-Founder recently bought €348k worth of stock On the 24th of June, Roy Sebag bought around 77k shares on-market at roughly €4.54 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Roy has been a buyer over the last 12 months, purchasing a net total of €944k worth in shares. Reported Earnings • Jun 20
Full year 2024 earnings released: CA$1.61 loss per share (vs CA$0.46 profit in FY 2023) Full year 2024 results: CA$1.61 loss per share (down from CA$0.46 profit in FY 2023). Revenue: CA$68.2m (down 79% from FY 2023). Net loss: CA$22.0m (down 424% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Announcement • Mar 27
Goldmoney Inc. Announces Chief Financial Officer Changes, Effective March 31, 2024 Goldmoney Inc. announced the appointment of Sean Ty as Chief Financial Officer, effective March 31, 2024. Mr. Ty will succeed Mr. Mark Olson, following his retirement as CFO. Mr. Olson will remain in advisory capacity with the company for an appropriate period to ensure a smooth transition in CFO roles. Mr. Ty will report to Goldmoney's CEO, Roy Sebag, and will oversee the company's financial operations. Mr. Ty most recently served as founder and CEO of Ty Consulting Inc. which provided financial reporting, and accounting services to TSX and TSXV listed companies. Prior to that, Mr. Ty was a manager at Ernst and Young LLP in Vancouver within the commercial real estate, technology, and financial services audit team. Mr. Ty holds a Bachelor of Science Degree from the University of British Columbia and is a Chartered Accountant. Recent Insider Transactions • Feb 23
Co-Founder recently bought €54k worth of stock On the 20th of February, Roy Sebag bought around 10k shares on-market at roughly €5.38 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €158k. Roy has been a buyer over the last 12 months, purchasing a net total of €580k worth in shares. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings have declined by 25% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 25% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€72.1m market cap, or US$77.7m). Recent Insider Transactions • Feb 11
Co-Founder recently bought €54k worth of stock On the 7th of February, Roy Sebag bought around 10k shares on-market at roughly €5.40 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €158k. Roy has been a buyer over the last 12 months, purchasing a net total of €446k worth in shares. Recent Insider Transactions • Dec 22
Co-Founder recently bought €158k worth of stock On the 20th of December, Roy Sebag bought around 30k shares on-market at roughly €5.31 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Roy has been a buyer over the last 12 months, purchasing a net total of €346k worth in shares. Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: CA$0.15 (vs CA$0.27 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.15 (down from CA$0.27 in 2Q 2023). Revenue: CA$11.7m (down 82% from 2Q 2023). Net income: CA$2.03m (down 50% from 2Q 2023). Profit margin: 17% (up from 6.2% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Sep 28
PDS Family Hycet Trust signed a binding term sheet to acquire Schiff Gold, LLC from Goldmoney Inc. (TSX:XAU). PDS Family Hycet Trust signed a binding term sheet to acquire Schiff Gold, LLC from Goldmoney Inc. (TSX:XAU) on September 26, 2023. PDS Family Hycet Trust will exchange 212,600 common shares of Goldmoney and 280,000 common share purchase warrants of Goldmoney in consideration for all of Goldmoney's membership interests in SGL. The Goldmoney Shares shall have a deemed value of approximately CAD 1,798,596. The Goldmoney Warrants were issued in tranches of 140,000, 70,000 and 70,000, with exercise prices of CAD 25.00, CAD 27.50 and CAD 33.75, respectively, and an expiry date of November 14, 2026. The Goldmoney Securities are currently held by the Purchaser and were issued when Goldmoney acquired SGL in 2016. The transaction and the cancellation are subject to all applicable regulatory approvals, including that of the Toronto Stock Exchange. Reported Earnings • Aug 13
First quarter 2024 earnings released: EPS: CA$0.18 (vs CA$0.29 loss in 1Q 2023) First quarter 2024 results: EPS: CA$0.18 (up from CA$0.29 loss in 1Q 2023). Revenue: CA$96.0m (up 23% from 1Q 2023). Net income: CA$2.55m (up CA$6.91m from 1Q 2023). Profit margin: 2.7% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €6.64, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 26x in the Diversified Financial industry in Germany. Total loss to shareholders of 7.6% over the past three years. Recent Insider Transactions • Jul 03
Co-Founder recently bought €83k worth of stock On the 30th of June, Roy Sebag bought around 14k shares on-market at roughly €5.95 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Roy has been a buyer over the last 12 months, purchasing a net total of €98k worth in shares. Announcement • Jun 30
Goldmoney Inc., Annual General Meeting, Sep 12, 2023 Goldmoney Inc., Annual General Meeting, Sep 12, 2023. Reported Earnings • Jun 14
Full year 2023 earnings released: EPS: CA$0.092 (vs CA$0.076 loss in FY 2022) Full year 2023 results: EPS: CA$0.092 (up from CA$0.076 loss in FY 2022). Revenue: CA$318.7m (down 11% from FY 2022). Net income: CA$6.80m (up CA$12.6m from FY 2022). Profit margin: 2.1% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 5% per year. Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: CA$0.14 (vs CA$0.035 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.14 (up from CA$0.035 in 3Q 2022). Revenue: CA$60.4m (down 12% from 3Q 2022). Net income: CA$10.5m (up 300% from 3Q 2022). Profit margin: 17% (up from 3.8% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Andres Finkielsztain was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: CA$0.054 (vs CA$0.043 loss in 2Q 2022) Second quarter 2023 results: EPS: CA$0.054 (up from CA$0.043 loss in 2Q 2022). Revenue: CA$65.5m (down 7.2% from 2Q 2022). Net income: CA$4.06m (up CA$7.34m from 2Q 2022). Profit margin: 6.2% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 16
First quarter 2023 earnings released: CA$0.058 loss per share (vs CA$0.013 profit in 1Q 2022) First quarter 2023 results: CA$0.058 loss per share (down from CA$0.013 profit in 1Q 2022). Revenue: CA$77.9m (down 19% from 1Q 2022). Net loss: CA$4.35m (down CA$5.30m from profit in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 22
Full year 2022 earnings released: CA$0.076 loss per share (vs CA$0.15 profit in FY 2021) Full year 2022 results: CA$0.076 loss per share (down from CA$0.15 profit in FY 2021). Revenue: CA$358.6m (down 46% from FY 2021). Net loss: CA$5.75m (down 149% from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Director Andres Finkielsztain was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Apr 05
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €1.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Mar 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 5.7%. The fair value is estimated to be CA$1.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% per annum over the last 3 years. The company became loss making over the last year. Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: CA$0.035 (down from CA$0.054 in 3Q 2021). Revenue: CA$68.6m (down 32% from 3Q 2021). Net income: CA$2.62m (down 35% from 3Q 2021). Profit margin: 3.8% (down from 4.0% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 49%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Buying Opportunity • Feb 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be CA$1.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% per annum over the last 3 years. The company became loss making over the last year. Reported Earnings • Nov 10
Second quarter 2022 earnings released: CA$0.041 loss per share (vs CA$0.099 profit in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2022 results: Revenue: CA$70.6m (down 71% from 2Q 2021). Net loss: CA$3.07m (down 141% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 16% share price gain to €1.78, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 14x in the Diversified Financial industry in Germany. Total returns to shareholders of 5.1% over the past three years. Executive Departure • Aug 18
Chief Financial Officer Steve Fray has left the company During their tenure, earnings grew by 14% annually compared to the industry average, which went down by 7.9%. On the 15th of August, Steve Fray left the company after 3.5 in the role. As of June 2021, Steve still personally held 50.47k shares (€91k worth at the time). Steve is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.54 years. Reported Earnings • Aug 12
First quarter 2022 earnings released: EPS CA$0.013 (vs CA$0.078 in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: CA$96.1m (down 45% from 1Q 2021). Net income: CA$950.9k (down 84% from 1Q 2021). Profit margin: 1.0% (down from 3.4% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improved over the past week After last week's 24% share price gain to CA$2.04, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 22x in the Diversified Financial industry in Germany. Total returns to shareholders of 3.4% over the past three years. Reported Earnings • Jun 25
Full year 2021 earnings released: EPS CA$0.15 (vs CA$0.13 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: CA$663.3m (up 43% from FY 2020). Net income: CA$11.7m (up CA$21.4m from FY 2020). Profit margin: 1.8% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Feb 20
Chief Financial Officer recently sold €49k worth of stock On the 11th of February, Steve Fray sold around 20k shares on-market at roughly €2.44 per share. In the last 3 months, there was an even bigger sale from another insider worth €66k. Steve has been a seller over the last 12 months, reducing personal holdings by €137k. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS CA$0.054 (vs CA$0.038 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: CA$100.5m (down 7.7% from 3Q 2020). Net income: CA$4.04m (up CA$7.00m from 3Q 2020). Profit margin: 4.0% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 10
New 90-day high: €2.71 The company is up 88% from its price of €1.44 on 11 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 16% over the same period. Recent Insider Transactions • Jan 17
Chief Technology Officer recently sold €66k worth of stock On the 15th of January, Alessandro Premoli sold around 30k shares on-market at roughly €2.19 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €258k more than they bought in the last 12 months. Is New 90 Day High Low • Jan 06
New 90-day high: €1.84 The company is up 32% from its price of €1.39 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 4.0% over the same period. Is New 90 Day High Low • Dec 20
New 90-day high: €1.66 The company is up 2.0% from its price of €1.62 on 21 September 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 9.0% over the same period. Reported Earnings • Nov 11
Second quarter 2021 earnings released: EPS CA$0.099 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$245.4m (up 92% from 2Q 2020). Net income: CA$7.51m (up CA$6.46m from 2Q 2020). Profit margin: 3.1% (up from 0.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. 
