OUNZHIGH SIGNALFINANCIAL10-K

OUNZ experienced exceptional growth with net income surging 249% to $1.1B, share value increasing 72% to $46.56, and total assets/equity more than doubling to $2.9B.

This represents a massive expansion of the gold trust driven by both strong gold price appreciation and significant investor inflows, as evidenced by outstanding shares growing from 48.7M to 62.4M. The dramatic reduction in liabilities from $13.8M to just $108K (-99.2%) alongside the asset growth indicates exceptionally strong operational efficiency and trust performance.

Comparing 2026-03-27 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

OUNZ delivered extraordinary financial performance with net income exploding 249% to $1.1B while total assets and stockholders' equity both more than doubled to $2.9B, reflecting both gold price appreciation and substantial new investor capital inflows. Operating expenses remained minimal with only a modest increase to -$1.0M, while total liabilities virtually disappeared with a 99.2% decline to just $108K. This combination of massive asset growth, surging profitability, and minimal liabilities signals exceptional trust performance that should be highly attractive to investors seeking gold exposure.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+249%
$313.1M$1.1B

Net income grew 249% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+120.8%
$1.3B$2.9B

Equity base grew 120.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+118.6%
$1.3B$2.9B

Asset base grew 118.6% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
-99.2%
$13.8M$108K

Liabilities reduced 99.2% — deleveraging improves balance sheet strength and financial flexibility.

Operating Income
P&L
-53.5%
-$660K-$1.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-03-28
ADDED
The redeemable per share value of the Shares increased from $27.01 at January 31, 2025 to $46.56 at January 31, 2026, the Trust s fiscal year end.
Outstanding Shares in the Trust increased from 48,664,686 Shares at January 31, 2025 to 62,358,853 Shares outstanding at January 31, 2026.
At the end of 2025, the estimated total existing above-ground stock of gold amounted to 7.1 billion Ounces 1 , and 44% of the estimated total has been used in jewelry.
Gold jewelry demand on average has been around 69.2 million Ounces per year from the period of 2010 to 2025.
Total annual jewelry demand amounted to 52.7 million Ounces in 2025.
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REMOVED
The redeemable per share value of the Shares increased from $19.69 at January 31, 2024 to $27.01 at January 31, 2025, the Trust s fiscal year end.
Outstanding Shares in the Trust increased from 39,626,030 Shares at January 31, 2024 to 48,664,686 Shares outstanding at January 31, 2025.
At the end of 2017, the estimated total existing above-ground stock of gold amounted to 6.1 billion Ounces 1 , and about half of the estimated total has been used in jewelry.
Gold jewelry demand on average has been around 70.1 million Ounces per year from the period of 2010 to 2024.
Total annual jewelry demand amounted to 64.4 million Ounces in 2024.
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