The Marygold Companies Inc (MGLD) delivered QQ3 2025 results that show a clear revenue contraction alongside a notable improvement in gross margin. Revenue for the quarter was USD 7.027 million, down 10.8% year-over-year (YoY) and 12.2% quarter-over-quarter (QoQ). Despite a gross margin of approximately 75.0% (gross profit USD 5.272 million), operating income remained negative at USD -1.504 million and net income was USD -1.012 million, translating to an EPS of -0.02. The company reported EBITDA of USD -0.887 million with an EBITDAR ratio of -0.126, underscoring that profitability remains a work-in-progress while gross discipline has modestly improved the bottom-line rigidity of cost of revenue relative to sales. Cash flow from operations was negative (USD -2.234 million), contributing to negative free cash flow of USD -2.278 million and a net cash decrease of USD -8.916 million for the period. The balance sheet shows a solid equity base (Total stockholders’ equity USD 24.276 million) and modest leverage (Total debt USD 4.924 million; net debt USD 0.603 million) with healthy liquidity metrics (current ratio 2.68, quick ratio 2.42, cash ratio 0.53). While liquidity remains adequate, the ongoing cash burn from operating activities and the lack of near-term profitability warrant a cautious near-term investment stance. The company’s broad diversification across asset management and other segments implies a multi-year path to leverage scale across its businesses, including potential upside from fintech initiatives and cross-segment synergies if cost discipline and revenue recovery take hold.