The Marygold Companies, Inc. (MGLD): Business Model Canvas [Dec-2025 Updated]

You're looking at The Marygold Companies, Inc. (MGLD) and trying to map out a business that's clearly pivoting hard into financial services while still running a global food and beauty operation. Honestly, it's a complex picture: they hit $30.2 million in total revenue for FY2025, but that push into the UK fintech space cost them a $5.8 million net loss last year. The good news is they started Q1 FY2026 debt-free with $4.9 million in cash, giving them runway. It's a fascinating mix of old-school manufacturing and modern finance. Dive into the full Business Model Canvas below to see precisely how The Marygold Companies, Inc. (MGLD) plans to connect its ETP management, its New Zealand bakery, and that new mobile app into one cohesive strategy.

The Marygold Companies, Inc. (MGLD) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps The Marygold Companies, Inc. running across its diverse segments. These aren't just vendors; these are strategic anchors in finance, food, and beauty. Honestly, the structure shows a clear focus on leveraging existing expertise, especially after the strategic pivot announced in 2025.

The financial services arm, managed by USCF Investments, relies heavily on its relationship with the exchange itself. This partnership is critical for product distribution and market access.

• USCF Investments serves as manager, operator, or investment adviser to 16 exchange traded products (ETPs) trading on the NYSE Arca as of the quarter ended September 30, 2025.
• Average Assets Under Management (AUM) for these ETPs in the 2025 third quarter was $2.6 billion.

The strategic investment in Midland Capital Holdings Corporation (MCHC) is a clear signal of The Marygold Companies, Inc.'s commitment to the financial services sector. This partnership provides a tangible link to traditional banking infrastructure.

In the Gourmet Foods segment, the partnership with global suppliers underpins the commercial bakery operations in New Zealand. These relationships ensure the supply chain for their core products, like meat pies and patisserie cakes, remains robust across the distribution network.

• Gourmet Foods, Ltd. manufactures products like meat pies and sausage rolls in Tauranga, New Zealand.
• Distribution channels include national grocery chains, convenience stores, and petrol stations across New Zealand.

For Original Sprout, the beauty products subsidiary, the key partnerships are with the entities that move their goods to market. The company actively engages with these channels to expand reach, as seen by their presence at major industry events.

The expansion of the product line itself is a partnership success, showing development alongside distribution capability.

• Original Sprout showcased its Tahitian Collection to buyers from leading retailers and product distributors at Natural Products Expo West 2025.
• The product line has significantly expanded to offer more than 25 SKUs for the entire family.

The UK financial services operations involve advisory firms that The Marygold Companies, Inc. recently integrated. These firms, now indirect subsidiaries, are part of the strategy to build out the UK fintech offering, which involved significant capital outlay for the mobile app development.

Here's a quick look at the key UK-related advisory partners:

• Step By Step Financial Planners Ltd. is listed as a subsidiary.
• Marygold & Co. (UK), formerly Tiger Financial & Asset Management Limited, is also part of this structure.

The expenses related to the development and marketing of the Marygold mobile fintech app were primarily channeled through the Marygold & Co. subsidiaries in both the U.S. and the U.K., indicating a heavy reliance on these internal and external service providers for that initiative.

Finance: draft 13-week cash view by Friday.

The Marygold Companies, Inc. (MGLD) - Canvas Business Model: Key Activities

You're looking at the core functions The Marygold Companies, Inc. (MGLD) is executing as of late 2025, focusing on where the resources and effort are being spent.

Managing and advising on commodity-focused Exchange Traded Products (ETPs) is anchored by the USCF Investments subsidiary. For the third fiscal quarter ended September 30, 2025, the average Assets Under Management (AUM) stood at $2.6 billion, a decrease from $3.0 billion in the prior year's third quarter.

Developing and marketing the Marygold mobile fintech app in the U.K. is a major current focus. The app was introduced in London, and by April 2025, it was named among the top five "Best Free Budgeting Apps" by Forbes Advisor. The platform uses U.K. app partners including Griffin Bank Ltd and Moneyhub Financial Technology Ltd. To put the shift in focus in perspective, the effort to fund the Marygold & Co. (U.S.) mobile fintech app was stopped because it was costing the Company more than $0.5 million per month.

The company is actively engaged in strategic portfolio optimization, which included the sale of its wholly owned Canadian subsidiary, Brigadier Security Systems Ltd. The stock purchase agreement for Brigadier was for $2.22 million, executed on June 19, 2025. The total consideration was estimated to be approximately US $2.2 million. For the fiscal year ended June 30, 2025, Brigadier contributed $2.5 million in revenue and $250,000 in operating income. The Company recorded a $0.5 million gain on the sale of Brigadier Securities Systems in the first fiscal quarter ended September 30, 2025. Proceeds from the sale are being applied to retire all of the Company's remaining debt.

The Marygold Companies, Inc. maintains operations in manufacturing and distributing meat pies and pastries in New Zealand, and producing and selling natural hair and body care products under the Original Sprout trade name.

Here's a quick look at the financial scale of the primary activities for the latest reported full fiscal year and quarter:

The company's overall financial results for the full fiscal year ended June 30, 2025, showed total revenue of $30.2 million, compared with $32.8 million in fiscal year 2024, with a consolidated net loss of $5.8 million. At the fiscal 2025 year-end, cash and cash equivalents totaled $5.0 million.

The Original Sprout subsidiary, which produces and sells natural hair and body care products, is noted for its focus on vegan, non-toxic, family-oriented specialty products.

The New Zealand food manufacturing operation, Gourmet Foods, is listed as an operating subsidiary, but specific 2025 financial data related to meat pie and pastry sales isn't detailed in the latest reports available.

• Managing ETPs: Average AUM for Q3 2025 was $2.6 billion.
• Fintech App: U.K. app launched, recognized by Forbes Advisor in April 2025.
• Portfolio Optimization: Brigadier Security Systems sold for $2.22 million.
• FY2025 Total Revenue: $30.2 million.

Finance: review the Q1 FY2026 operating loss of $0.4 million against the Q3 2025 operating loss of $1.0 million.

The Marygold Companies, Inc. (MGLD) - Canvas Business Model: Key Resources

You're looking at the core assets The Marygold Companies, Inc. (MGLD) relies on to execute its strategy across its diverse holdings. These aren't just paper assets; they are the operational and intellectual foundations supporting both the financial services and consumer product segments.

The financial foundation is definitely a key resource right now. Following the sale of Brigadier Securities Systems in July 2025 for $2.3 million, the balance sheet strengthened considerably. The Chief Operations Officer confirmed that proceeds were used to retire all remaining debt, making the company debt free as of the first fiscal quarter of 2026.

The intellectual property and expertise tied to USCF Investments remain central to the financial services pillar. USCF Investments serves as the manager, operator, or investment advisor to fifteen exchange traded products (ETPs) trading on the NYSE Arca. This expertise includes pioneering the first oil ETF in 2006. For the first fiscal quarter ended September 30, 2025, USCF Investments maintained an average Assets Under Management (AUM) of approximately $2.9 billion, despite volatility, and remained profitable for the quarter.

The proprietary Marygold mobile fintech app code and platform represent a significant, though currently expensive, internal development asset. The platform was proprietary and internally developed by the team at Marygold & Co. in the U.S. While the U.S. marketing was paused in the fourth quarter of fiscal year 2025, which is expected to save approximately $4 million in annualized expenses, the subsidiary Marygold & Co. (U.K.) launched its adapted version in the U.K. in March 2025. This U.K. app received an accolade in April 2025, being named among the top five "Best Free Budgeting Apps" by Forbes Advisor. The consolidated net loss for Q1 FY2026 reflected significant expenses tied to funding this U.K. app development.

The physical production facilities support the non-financial segments of The Marygold Companies, Inc. These include:

• Gourmet Foods, Ltd. facilities in Tauranga, New Zealand, for commercial-scale bakery production.
• Original Sprout operating from facilities in San Clemente, Calif., for its line of non-toxic hair and skin care products.

Original Sprout has expanded its product offering to more than 25 SKUs as of early 2025.

The experienced management team, in place since the 2015 repositioning, focuses heavily on the financial services sector, as evidenced by the strategic acquisitions in the U.K. and the development of the fintech app. Key personnel include CEO Nicholas Gerber and COO David Neibert, who emphasized cost discipline and debt elimination in late 2025.

The management structure leverages expertise across subsidiaries, including the U.K. team that took leadership after acquiring Tiger Financial & Asset Management Limited. This team is tasked with driving modernization by introducing the Marygold technology platform to legacy businesses.

Finance: draft 13-week cash view by Friday.

The Marygold Companies, Inc. (MGLD) - Canvas Business Model: Value Propositions

You're looking at the core strengths The Marygold Companies, Inc. (MGLD) is offering right now, late in 2025, after some significant strategic shifts. It's about what they bring to the table for different stakeholders.

Access to specialized commodity-focused ETPs for institutional and retail investors

The asset management arm, USCF Investments, remains a key value driver, providing access to specialized Exchange Traded Products (ETPs) tracking commodities. While Assets Under Management (AUM) saw volatility, USCF maintained profitability through the end of fiscal year 2025. AUM recovered to approximately $2.9 billion in the first quarter of fiscal year 2026, up from the low of $2.6 billion reported in the third quarter of fiscal year 2025, after being at $3.1 billion in the first quarter of fiscal year 2025.

A diversified global holding structure mitigating single-sector risk

The structure itself is a proposition, blending financial services with consumer products and international operations. This diversification is evident in the performance metrics across subsidiaries, even as the Company focuses its capital allocation. For instance, the New Zealand printing sector showed sequential growth.

• Original Sprout revenue grew 41% Quarter-over-Quarter in Q4 FY2025.
• New Zealand printing revenues increased 13% in Q4 FY2025 versus Q3 FY2025.
• The sale of the Canadian Brigadier Security Systems subsidiary closed post-year-end, which contributed $2.5 million in revenue and $250,000 in operating income for the full 2025 fiscal year.

Fintech solution for integrated spending, investing, and saving (Marygold & Co.)

The fintech offering has seen a strategic pivot. The U.S. app development effort, which was costing the Company more than $0.5 million per month, saw funding halted as of March 31, 2025, and the U.S. app is now in cold storage. However, the subsidiary Marygold & Co. (UK) initiated marketing for its mobile banking fintech app in the U.K. in June 2025, making it available on the Apple App Store and Google Play Store.

High-growth potential in the Beauty segment, with Original Sprout revenue up 41% in Q4 FY2025

The Beauty segment, represented by Original Sprout, demonstrated significant operational momentum late in the fiscal year. This turnaround is a clear value proposition for investors seeking growth outside the volatile commodity space. The 41% sequential revenue increase in the fourth quarter ended June 30, 2025, signals successful repositioning on e-tail and retail platforms.

Stability from a debt-free balance sheet, improving financial flexibility

Financial flexibility has been dramatically enhanced by a recent balance sheet cleanup. The Company executed a plan to retire all remaining debt in the first quarter of fiscal year 2026, using proceeds from the sale of Brigadier, which closed for $2.3 million just after the fiscal year-end. This move follows a fiscal year where the balance sheet saw some contraction due to operational losses and divestitures.

Here's the quick math on the balance sheet as of the fiscal year-end June 30, 2025, before the debt retirement:

The shift to a debt-free status in Q1 FY2026, following the sale of Brigadier for $2.3 million, fundamentally changes the risk profile, even though the full-year 2025 net loss was $5.8 million.

The Marygold Companies, Inc. (MGLD) - Canvas Business Model: Customer Relationships

Automated, self-service model for the mobile fintech app users.

• Further capital contributions to Marygold & Co. stopped in March 2025.
• The net loss for the 12 months ending on June 30, 2025, was negative $5.9 million.
• The Company sustained a net loss of $5.8 million for the fiscal year ended June 30, 2025.
• General U.S. mobile banking penetration reached 72% of adults in 2025.
• Mobile-banking leaders resolve over 80% of routine interactions entirely within the app.

Dedicated investment advisory services for USCF's institutional clients.

Revenue from the three largest funds accounted for 70% of USCF Investments' revenue for the year ended June 30, 2025.

Transactional and retail-focused relationships for the consumer products segments.

• Sales to Brigadier Security Systems' largest customer were 44% of its total revenue for the year ended June 30, 2025.
• The Marygold Companies has operating subsidiaries in food manufacturing, printing, security systems, and beauty products.

High-touch, personalized financial planning through UK advisory subsidiaries.

The Marygold Companies, Inc. acquired two UK-based investment advisory firms with established client bases. The total UK investment management industry AUM reached £10.0 trillion in 2024. Assets managed on behalf of overseas clients made up 51% of that total AUM, or £5.1 trillion. You're looking at how to integrate these smaller, high-touch advisory units with the broader fintech strategy. If onboarding takes 14+ days, churn risk rises.

The Marygold Companies, Inc. (MGLD) - Canvas Business Model: Channels

The Marygold Companies, Inc. utilizes distinct channels tailored to each operating segment across its global footprint.

The Fund Management channel, through USCF Investments, relies on the established infrastructure of the NYSE Arca for trading its products.

• USCF LLC and USCF Advisers collectively manage and service 16 ETFs.
• The combined total assets under management (AUM) for these ETFs was $2.8 billion as of June 30, 2025.
• Average AUM for the quarter ended September 30, 2024, was $3.1 billion.

For the Financial Services segment in the U.K., the primary channel is the proprietary mobile fintech app, available on mobile app stores.

• The Marygold & Co. (UK) subsidiary initiated marketing for the app after its commercial launch in March 2025.
• The app is available on the Apple App Store and Google Play Store.
• The platform was adapted from the U.S. platform, which previously averaged approximately $3 billion in assets under management.

The New Zealand Food Products segment, operated by Gourmet Foods, Ltd., uses established retail grocery and food service distribution networks.

The New Zealand organic sector overall reached a record value of NZ$1.18 billion in 2024. Domestic consumption reached NZ$572 million in 2024.

The Beauty Products segment, Kahnalytics, Inc. doing business as Original Sprout, relies on specialty retail stores and e-commerce platforms for its wholesale distribution.

The U.K. investment advisory business utilizes direct sales and established financial advisor networks, including the acquired firms.

• The advisory units include Marygold & Co. Limited and Step-By-Step Financial Planners Limited.
• Step-By-Step Financial Planners had approximately £27 million in assets under advice when acquired in May 2024.

The Marygold Companies, Inc. (MGLD) - Canvas Business Model: Customer Segments

You're looking at the distinct groups The Marygold Companies, Inc. (MGLD) targets across its diverse portfolio as of late 2025. It's a mix of institutional money managers, UK digital banking hopefuls, and established food/beauty product consumers.

The Fund Management side, primarily through USCF LLC and USCF Advisers, targets institutional and sophisticated retail investors seeking commodity exposure via Exchange Traded Products (ETPs). As of June 30, 2025, these entities collectively managed 16 ETFs listed on NYSE Arca, Inc. ("NYSE Arca"). The combined Assets Under Management (AUM) for these ETFs stood at $2.8 billion at the fiscal year-end June 30, 2025. For the third fiscal quarter of 2025, the Average AUM decreased to $2.6 billion from $3.0 billion in the prior year's third quarter.

For the UK consumers targeted by the Marygold mobile fintech app, the subsidiary Marygold & Co. (UK) soft-launched the app in England during April 2025. However, you should note that further capital contributions to the Marygold & Co. subsidiary stopped in March 2025, and ultimately, the subsidiary couldn't sustain operational expenses, leading to a halt in operations. The app was designed to offer features like Digital "piggy banks" and a "Time-lock" feature.

Retail consumers in New Zealand are the target for the iconic meat pies and pastries segment, managed via Gourmet Foods and Printstock Products. While specific sales volume for MGLD's products isn't isolated, the broader New Zealand grocery retail sector reached USD $17 billion in sales value in 2023. For the June 2025 quarter, total volume of seasonally adjusted retail sales in New Zealand was $25 billion, up 0.5 percent compared to the March 2025 quarter.

Parents and consumers seeking natural, high-quality beauty and personal care products are served through the Original Sprout brand, which The Marygold Companies, Inc. acquired in 2017.

High-net-worth individuals requiring UK-based financial planning services are addressed by the UK subsidiary, which owns Step-by-Step Financial Planners, acquired in 2024. The UK subsidiary also holds an investment advisory business, Tiger Financial and Asset Management, which had an AUM of £43M (approximately US $42.0 million) at the time of acquisition.

Here's a quick look at the overall financial context for The Marygold Companies, Inc. for the fiscal year ended June 30, 2025, which impacts all segments:

The company's approach to these segments involves specific feature sets or market positioning:

• Institutional Investors: Focus on commodity ETPs and 16 managed funds.
• UK Fintech App: Features include Time-Lock Protection and Digital Piggy Banks.
• New Zealand Food: Operates in a market where the two largest retailers represent just under 83 percent of total retail revenues.
• UK Financial Planning: Utilizes advisory firms like Step-by-Step Financial Planners.

What this estimate hides is the segment-specific revenue breakdown, as the reported revenue of $30.2 million is consolidated. Finance: draft segment revenue allocation based on prior year filings by Monday.

The Marygold Companies, Inc. (MGLD) - Canvas Business Model: Cost Structure

You're looking at the cost side of The Marygold Companies, Inc. (MGLD) as they pivot hard into financial services. The cost structure in late 2025 is dominated by the strategic investment in technology and the subsequent, necessary cost-cutting measures.

Significant investment in fintech development and U.K. marketing, driving a $5.8 million net loss in FY2025. The consolidated net loss for the fiscal year ended June 30, 2025, reached $5.8 million, a significant increase from the prior year's net loss of $4.1 million. This loss was primarily driven by the expenses tied to funding Marygold & Co. (U.S.) for the development and marketing of its mobile fintech app. The company was spending over $0.5 million per month on the U.S. effort before deciding to halt funding.

The cost structure is heavily weighted toward technology build-out and market entry, though a major shift occurred mid-year:

• The Company halted funding to the U.S. fintech unit as of March 31, 2025.
• This action is expected to save the Company approximately $4 million in annualized expenses following the pause of U.S. app marketing in the fourth quarter of fiscal year 2025.
• The strategic focus shifted to the U.K. launch, which ramped up marketing in March 2025.

Personnel costs, including salaries for fund managers and software developers. Personnel expenses were a key component of the operating costs that were subject to reduction. Salaries were among the expenses curtailed significantly after the U.S. fintech funding was stopped. While the total personnel cost is not explicitly itemized, the company has 104 employees across its operations.

Regulatory and compliance expenses for financial services and ETP management. Specific figures for regulatory and compliance costs related to ETP (Exchange Traded Product) management and the broader financial services segment are not broken out in the available year-end reports. However, these costs are inherent to the Fund Management segment, which remained the largest revenue contributor at $4.09 million in Q3 FY2025.

Cost of goods sold (COGS) for the Food and Beauty product segments. Direct cost figures (COGS) for the consumer product lines are not explicitly detailed. However, the scale of these segments in terms of revenue for the third fiscal quarter ended March 31, 2025, provides context for their associated costs:

For perspective on the overall operating expense base before the major cost-cutting actions took full effect, total operating expenses for the third quarter of fiscal year 2025 were $6.78 million, against revenue of $7.03 million.

General and administrative expenses, which were significantly curtailed after March 2025. General and administrative expenses, alongside marketing expenses and salaries, were 'curtailed significantly' for the fourth quarter ended June 30, 2025, directly following the decision to stop funding the U.S. fintech subsidiary on March 31, 2025. The management team reaffirmed a focus on expense reduction to return the consolidated company to profitability.

Finance: draft 13-week cash view by Friday.

The Marygold Companies, Inc. (MGLD) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for The Marygold Companies, Inc. (MGLD) as of late 2025, focusing strictly on the hard numbers reported for the fiscal year ended June 30, 2025. The overall top line shows a slight contraction from the prior year, but the underlying business mix is clearly shifting toward financial services.

The Total consolidated revenue for FY2025 was $30.2 million, which is down from $32.8 million in fiscal year 2024. This figure includes revenue from all operating units before the July 2025 sale of Brigadier Security Systems.

Here is a breakdown of the key revenue components and related financial data points that define the streams:

You should note that the Brigadier Security Systems subsidiary, which was formerly wholly owned, contributed $2.5 million in revenue for the full 2025 fiscal year before its sale shortly after the year-end in July 2025.

Regarding the fintech stream, the decision to pause the U.S. app marketing in Q4 FY2025 was a cost-control measure, as the effort was costing the Company more than $0.5 million per month. The focus has shifted to the U.K. operation, Marygold & Co. (U.K.), which is still incurring significant expenses as it develops and markets its mobile fintech app there.

The management and advisory fees from USCF Investments are directly tied to Assets Under Management (AUM). For context on the fee base, the average AUM for the three months ended March 31, 2025, was down to ~$2.6 billion. The management fee structure is based on contractual basis points multiplied by the average AUM over the period.

The consumer-facing segments show positive momentum heading into the next fiscal year, which should translate to higher sales revenue streams:

• Original Sprout Q4 revenue growth: 41% quarter-over-quarter.
• New Zealand operations Q4 revenue growth: 13% quarter-over-quarter.

Finance: draft 13-week cash view by Friday.