Financial Data and Key Metrics Changes - The meeting confirmed that a quorum was present with approximately 71.32% of shares entitled to vote represented [4][5]. - Preliminary voting results indicated that all nominees for the Board of Directors were elected, and the fiscal 2025 compensation of named executive officers was approved on an advisory basis [8]. Business Line Data and Key Metrics Changes - No specific data regarding individual business lines was provided during the meeting [12]. Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [12]. Company Strategy and Development Direction and Industry Competition - The meeting did not provide detailed insights into the company's strategic direction or competitive landscape [12]. Management's Comments on Operating Environment and Future Outlook - Management did not offer specific comments regarding the operating environment or future outlook during the meeting [12]. Other Important Information - The appointment of Grant Thornton as the company's independent registered public accounting firm for fiscal 2026 was ratified [8]. Q&A Session All Questions and Answers Question: Are there any questions from the attendees? - There were no questions submitted during the Q&A session [12].

Financial Performance - The Company reported revenues of $11.0 billion for fiscal year 2025, indicating significant growth in the bullion and coin markets [312]. - Revenues for the three months ended September 30, 2025 increased by $965.7 million, or 35.6%, to $3.681 billion from $2.715 billion in 2024 [344]. - Revenues for the Wholesale Sales & Ancillary Services segment increased by $589.9 million, or 26.5%, to $2.817 billion in Q3 2025 from $2.227 billion in Q3 2024 [366]. - Revenues for the three months ended September 30, 2025 increased by $375.8 million, or 77.0%, to $863.9 million from $488.1 million in 2024 [384]. - The company completed acquisitions of SGI and Pinehurst in February 2025, and AMS in April 2025, contributing to revenue growth [344]. Customer Metrics - The number of new customers increased by 14,100, or 25.5%, to 69,400 in 2025 from 55,300 in 2024 [386]. - The number of total customers increased by 1,143,300, or 36.6%, to 4,265,400 as of September 30, 2025 from 3,122,100 in 2024 [386]. - Direct-to-Consumer ticket volume related to new customers increased by 13,404 tickets, or 34.8%, to 51,950 tickets in 2025 from 38,546 tickets in 2024 [388]. - Direct-to-Consumer total ticket volume increased by 58,785 tickets, or 35.3%, to 225,363 tickets in 2025 from 166,578 tickets in 2024 [388]. - The Direct-to-Consumer average order value increased by $896, or 30.2%, to $3,863 in 2025 from $2,967 in 2024 [389]. Product and Market Expansion - The Company expanded its product portfolio in February 2025 through the acquisition of Spectrum Group International, which includes Stack's Bowers Galleries, enhancing its presence in the rare coin and currency auction market [294]. - The Company acquired Pinehurst Coin Exchange in February 2025, which is one of the nation's largest e-commerce retailers of modern and numismatic coins [305]. - The Direct-to-Consumer segment includes subsidiaries such as JM Bullion and Goldline, providing a broad array of precious metals products through various e-commerce platforms [298]. - The Wholesale Sales & Ancillary Services segment operates as a full-service precious metals company, offering over 2,000 products in various forms [289]. - The Company operates through three reportable segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending [286]. Financial Position and Assets - The company's cash and receivables accounted for approximately 81% of total assets as of September 30, 2025 [414]. - The company's precious metals inventory was valued at $1,223.1 million as of September 30, 2025, down from $1,279.5 million as of June 30, 2025 [439]. - Open inventory purchase commitments totaled $1,571.9 million as of September 30, 2025, compared to $1,149.6 million as of June 30, 2025 [440]. - The Trading Credit Facility provided access to $422.5 million as of September 30, 2025, with a maturity date of September 30, 2027 [418]. Expenses and Profitability - Gross profit increased by $29.5 million, or 67.8%, to $72.9 million, with a gross margin percentage increase to 1.980% from 1.600% in 2024 [347][348]. - Selling, general, and administrative expenses rose by $33.2 million, or 124.8%, to $59.8 million, primarily due to increased compensation and advertising costs [350]. - Gross profit for the three months ended September 30, 2025 increased by $28.2 million, or 120.2%, to $51.7 million from $23.5 million in 2024 [390]. - The Direct-to-Consumer segment's profit margin percentage increased by 117.4 basis points to 5.979% from 4.805% in 2024 [391]. - Selling, general, and administrative expenses increased by $23.9 million, or 175.7%, to $37.5 million from $13.6 million in 2024, primarily due to increased compensation and advertising costs [392]. Interest and Loans - As of September 30, 2025, CFC had $103.6 million in secured loans outstanding, with 8% acquired from third parties and approximately 92% originated by CFC [309]. - Interest income decreased by $1.5 million, or 21.4%, to $5.6 million, attributed to lower average monthly loan balances and fewer loans outstanding [352][353]. - Interest expense increased by $2.6 million, or 26.2%, to $12.6 million, driven by higher overall borrowings and increased interest rates [354]. - The number of secured loans at period-end decreased by 138, or 24.6%, to 424 from 562 [352]. - Interest income in the Secured Lending segment decreased by $0.5 million, or 15.8%, to $2.5 million from $3.0 million in 2024, due to lower average monthly loan balances [398]. Risk Management - The Company utilizes forward contracts to hedge commodity price risks, which can significantly impact revenues from period to period [319]. - The Company uses various strategies to manage risks associated with fluctuations in commodity prices for precious metals, including forward and futures contracts [434]. - Foreign exchange risk is managed through foreign currency forward contracts, with maturities generally less than one week, mitigating exposure to currency fluctuations [467]. - The Company manages interest rate risks by increasing secured loan interest rates in response to rising interest rates, although exposure to interest rate risk is considered not material [469]. Acquisitions and Investments - The Company formed a joint venture with Stack's Bowers Galleries and Pinehurst to acquire a 10% interest in AMS, later acquiring the remaining 90% in April 2025 [306]. - The Company values intangible assets at estimated fair values at acquisition date, utilizing discounted cash flow analysis which requires significant judgment [454]. - Goodwill and other indefinite-lived intangibles are evaluated for impairment annually, with quantitative tests performed if fair value is determined to be less than carrying value [456]. - Other income, net for Q3 2025 increased by $2.0 million, or 1,016.5%, to $2.2 million from $0.2 million in Q3 2024, primarily due to fair value adjustments related to acquisitions [356]. Taxation - Income tax expense for Q3 2025 was $0.7 million, a decrease of $1.1 million, or 62.4%, from $1.8 million in Q3 2024, with an effective tax rate of approximately -212.2% [357]. - The Company estimates its provision for income taxes based on statutory tax rates and tax planning opportunities, recognizing interest and penalties related to uncertain tax positions [458].

Financial Performance - Revenues for the three months ended September 30, 2025, increased 36% to $3.68 billion from $2.72 billion for the same period in 2024[11] - Gross profit for the three months ended September 30, 2025, increased 68% to $72.9 million from $43.4 million for the same period in 2024[11] - Net income (loss) attributable to the Company for the three months ended September 30, 2025, decreased 110% to $(0.9) million from $9.0 million for the same period in 2024[11] - EBITDA for the three months ended September 30, 2025, decreased 20% to $14.3 million from $17.8 million for the same period in 2024[11] - Revenues increased 36% to $3.68 billion from $2.72 billion in the same year-ago quarter, with a 27.6% increase excluding forward sales[26] - Gross profit increased 68% to $72.9 million, representing 1.98% of revenue, compared to $43.4 million, or 1.60% of revenue, in the same year-ago quarter[27] - Net loss attributable to the Company totaled $0.9 million or $0.04 per diluted share, compared to net income of $9.0 million or $0.37 per diluted share in the same year-ago quarter[32] - EBITDA decreased 20% to $14.3 million compared to $17.8 million in the same year-ago quarter[34] Customer Metrics - Direct-to-Consumer (DTC) number of new customers increased by 25.5% to 69,400 from 55,300 in the same period last year[12] - Direct-to-Consumer new customers increased 25% to 69,400 compared to 55,300 for the same quarter last year[25] - The average order value (AOV) for DTC increased to $3,863 from $2,967 in the same period last year[12] - Direct-to-Consumer average order value increased 30% to $3,863 from $2,967 for the same quarter last year[25] Acquisition Details - The purchase price for the Monex acquisition is $33 million, consisting of $19 million in cash and $14 million in A-Mark common stock[5] - The transaction is expected to close within 60 days, subject to customary closing conditions[5] - The company is in the process of acquiring Monex, which is expected to enhance growth and deliver long-term value[47] Asset and Liability Changes - Total current assets increased to $2,111,302 as of September 30, 2025, up from $1,743,495 as of June 30, 2025[53] - Total assets reached $2,579,371 as of September 30, 2025, compared to $2,215,431 as of June 30, 2025, indicating growth in the company's asset base[53] - Total liabilities increased to $1,882,276 as of September 30, 2025, from $1,512,760 as of June 30, 2025[53] Cash Flow and Working Capital - Net cash provided by operating activities was $195,417 for the three months ended September 30, 2025, compared to a net cash used of $(127,529) in the same period of 2024[57] - Net cash provided by operating activities was $195,417, an increase of $322,946 or 253.2% compared to $(127,529) in 2024[60] - Net cash provided by operating activities increased to $195,417,000, representing a growth of $128,451,000 or 191.8% compared to $66,966,000 in the previous quarter[61] - Changes in operating working capital resulted in a decrease of $(187,683), a decline of $330,000 or 231.9% compared to $142,317 in 2024[60] - Changes in operating working capital showed a significant decrease of $(138,018,000) or 277.9%, from $(49,665,000) in June 30, 2025[61] Interest and Other Income - Interest income decreased 21% to $5.6 million from $7.1 million in the same year-ago quarter[30] - Interest income decreased by $1,516 or 21.4% to $5,571 compared to $7,087 in 2024[60] - Interest expense increased by $2,613 or 26.2% to $(12,600) compared to $(9,987) in 2024[60] - Other income, net increased significantly by $2,033 or 1,016.5% to $2,233 compared to $200 in 2024[58] Non-GAAP Measures - Management emphasizes the importance of non-GAAP measures, such as adjusted net income and EBITDA, for evaluating operational performance[49] - Adjusted net income before provision for income taxes (non-GAAP) was $4,872, a decrease of $9,912 or 67.0% from $14,784 in 2024[60] - Adjusted net income before provision for income taxes (non-GAAP) for September 30, 2025, was $4,872,000, down $(14,291,000) or (74.6%) from $19,163,000 in June 30, 2025[61] - Earnings before interest, taxes, depreciation, and amortization (non-GAAP) for September 30, 2025, was $14,301,000, a decline of $(14,852,000) or (50.9%) from $29,153,000 in the previous quarter[61] Depreciation and Amortization - Amortization of acquired intangibles decreased by $(1,456,000) or (21.9%) to $5,202,000 compared to $6,658,000 in June 30, 2025[61] - Depreciation expense increased to $2,381,000, an increase of $463,000 or 24.1% from $1,918,000 in the previous quarter[61] Remeasurement Gains - The company reported a remeasurement gain on pre-existing equity interest of $1,900,000, a change of 100.0% from $(1,900,000) in the previous quarter[61]

分组1 - A-Mark Precious Metals (AMRK) reported quarterly earnings of $0.20 per share, missing the Zacks Consensus Estimate of $0.86 per share, and down from $0.61 per share a year ago, representing an earnings surprise of -76.74% [1] - The company posted revenues of $3.68 billion for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 40.23%, compared to $2.72 billion in the same quarter last year [2] - A-Mark has surpassed consensus revenue estimates three times over the last four quarters, while it has only exceeded EPS estimates once in the same period [2] 分组2 - A-Mark shares have declined approximately 9.3% since the beginning of the year, contrasting with the S&P 500's gain of 15.6% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.86 on revenues of $2.64 billion, and for the current fiscal year, it is $3.43 on revenues of $10.64 billion [7] 分组3 - The Precious Metals and Jewels industry, to which A-Mark belongs, is currently ranked in the top 1% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5] - A-Mark currently holds a Zacks Rank 1 (Strong Buy), indicating expectations for the stock to outperform the market in the near future [6]

Financial Data and Key Metrics Changes - Revenues for Q1 fiscal 2026 increased 36% to $3.68 billion from $2.72 billion in Q1 of last year, with a 27.6% increase excluding forward sales [8] - Gross profit for Q1 fiscal 2026 increased 68% to $72.9 million, or 1.98% of revenue, compared to $43.4 million, or 1.6% of revenue in Q1 of last year [8] - SG&A expenses for Q1 fiscal 2026 increased 125% to $59.8 million from $26.6 million in Q1 of last year [9] - Net loss attributable to the company for Q1 fiscal 2026 totaled $900,000, or $0.04 per diluted share, compared to net income of $9 million, or $0.37 per diluted share in Q1 of last year [11] - EBITDA for Q1 fiscal 2026 totaled $14.3 million, a 20% decrease compared to $17.8 million in the same quarter last year [12] Business Line Data and Key Metrics Changes - The number of gold ounces sold in Q1 fiscal 2026 was 439, up 10% from Q1 of last year and up 27% from the prior quarter [12] - Silver ounces sold in Q1 fiscal 2026 totaled 10.4 million, down 49% from Q1 of last year and down 34% from the prior quarter [13] - The number of new customers in the DTC segment was 69,400 in Q1 fiscal 2026, up 25% from Q1 of last year but down 36% from the previous quarter [13] - Total customers in the DTC segment at the end of Q1 were approximately 4.3 million, a 37% increase from the prior year [13] Market Data and Key Metrics Changes - International operations, particularly in Asia with LPM, delivered sizable contributions this quarter, indicating strong future potential [7] - Demand for gold and silver has increased significantly in September and October, reversing a trend of subdued demand in July and August [6][24] Company Strategy and Development Direction - The acquisition of Monex Deposit Company is expected to strengthen the company's DTC presence and operational synergies [3][4] - The rebranding to Gold.com aims to modernize the corporate identity and enhance operational excellence while expanding into adjacent categories [4][5] - The company is focused on integrating recent acquisitions and optimizing operations to capture economies of scale [6][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the year ahead, citing momentum from recent acquisitions and a strong balance sheet [15] - The company is well-positioned to capitalize on heightened volatility in the market and is focused on creating lasting value for shareholders [15] Other Important Information - The company has seen a significant increase in investor interest in gold and silver, which has influenced recent demand trends [4][24] - The transition to Gold.com is set to take place on December 2nd, marking a significant milestone for the company [5] Q&A Session Summary Question: Current thoughts on strategic M&A - Management is always looking for opportunities that align with overall goals and is open to expanding both domestically and internationally [17][18] Question: Thoughts on stablecoins and gold demand - Gold demand has been strong, driven by central bank buying and increased consumer interest, particularly in September and October [22][23] Question: Sustainability of recent demand trends - Management noted that customer behavior can change rapidly, and while recent demand has been strong, it remains to be seen if it will continue [29][30] Question: When will expenses start to synergize with acquisitions? - Management is focused on reducing costs and improving efficiency while integrating acquisitions, with a goal of increasing EBITDA in line with gross profit [35][36] Question: Factors behind the decision to acquire Monex - The long-standing relationship with Monex and the alignment of business models were key factors in the decision to acquire the company outright [41][42] Question: Combining DTC brands under one umbrella - Management believes in the value of maintaining distinct brands while promoting a unified corporate identity through Gold.com [45][46] Question: Logistics capacity post-M&A - The company has significantly upgraded logistics capacity and is well-positioned to handle increased demand, with the ability to ship a high volume of packages efficiently [52][53]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - A-Mark Precious Metals is rebranding to "Gold.com" and will transfer its shares from Nasdaq to NYSE, effective December 2, 2025, with the new ticker symbol "GOLD" [1][2][3] - The company reported $11.9 billion in revenues for the 12 months ending September 30, 2025, and aims to enhance its operational excellence and long-term success through this rebranding initiative [1][2][3] Business Segments - **Direct-to-Consumer (DTC)**: The DTC segment operates as an omni-channel retailer with flagship brands like JM Bullion and Stack's Bowers Galleries, serving a total of 4.3 million customers since inception, including 147,000 in the most recent quarter [4][5] - **Wholesale Sales & Ancillary Services**: This segment sources and distributes over 200 products from major mints globally, maintaining trading desks in multiple international locations [11] - **Secured Lending**: The secured lending segment, through Collateral Finance Corporation, offers commercial loans and inventory financing solutions collateralized by various collectibles [11] Strategic Initiatives - The rebranding is part of a broader strategy to fortify category leadership in precious metals and collectibles, with plans to expand into high-growth adjacent categories like fine wines and sports cards [2][3] - A new corporate website, www.Gold.com, will launch on December 2, 2025, featuring enhanced investor resources and educational content [7] - The company will also design a range of gold and silver bullion bars featuring the new name and logo, available for purchase starting December 2, 2025 [3]

Core Insights - A-Mark Precious Metals, Inc. reported its fiscal first quarter results for the period ending September 30, 2025, and announced a definitive agreement to acquire Monex Deposit Company, a major direct-to-consumer precious metals dealer in the U.S. [1][3] Acquisition Details - The acquisition of Monex is valued at $33 million, comprising $19 million in cash and $14 million in A-Mark common stock, with a holdback of 29% of the common stock for potential indemnification claims. An additional deferred purchase price of up to $20 million is contingent on achieving specified pre-tax income levels [5][3]. - Monex generated total revenue of $835 million in 2024 and held $630 million in assets under custody as of September 30, 2025, enhancing A-Mark's direct-to-consumer presence and operational synergies [2][3]. Financial Performance - A-Mark's revenues for the first quarter of fiscal 2026 increased by 36% to $3.68 billion compared to $2.72 billion in the same quarter of the previous year, and by 47% from $2.51 billion in the prior quarter [11][26]. - Gross profit rose 68% to $72.9 million, with a gross profit margin of 1.98%, up from 1.60% in the same quarter last year [11][27]. - The company reported a net loss of $0.9 million, a significant decrease from a net income of $9.0 million in the same quarter of the previous year [17][33]. Operational Highlights - Gold ounces sold increased by 10% to 439,000 ounces, while silver ounces sold decreased by 49% to 10.4 million ounces compared to the same quarter last year [29][11]. - The Direct-to-Consumer segment contributed 23% of consolidated revenue in the first quarter of fiscal 2026, up from 18% in the same quarter of the previous year [26][27]. Cost Management - Selling, general and administrative expenses surged by 125% to $59.8 million, primarily due to increased compensation, advertising, and consulting costs, reflecting the integration of recent acquisitions [28][27]. - Depreciation and amortization expenses increased by 61% to $7.6 million, driven by amortization related to acquired intangible assets [30][11]. Market Position - A-Mark operates through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending, with a diverse customer base including mints, manufacturers, and retail customers [38][40]. - The company is well-positioned to leverage its integrated platform and expand its market share in the precious metals industry following the acquisition of Monex [3][4].

Core Viewpoint - A-Mark Precious Metals, Inc. will hold a conference call on November 6, 2025, to discuss its fiscal first quarter results for the period ending September 30, 2025 [1] Company Overview - A-Mark Precious Metals, Inc. is a fully integrated precious metals platform founded in 1965, offering a range of products including gold, silver, platinum, palladium, and copper bullion, as well as numismatic coins [4] - The company operates through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending [4] Wholesale Sales & Ancillary Services - This segment distributes and purchases precious metal products from various mints, including the U.S. Mint, and sells over 200 different products to various customers [5] - A-Mark provides managed storage options and logistics services for precious metals, including inventory management and secure shipping [6] Direct-to-Consumer Segment - A-Mark operates as an omni-channel retailer through subsidiaries like JM Bullion and Goldline, targeting specific niches in the precious metals market [10] - The company markets products through various channels, including television and online platforms [10] Secured Lending Segment - The Secured Lending segment is operated through Collateral Finance Corporation, which provides loans secured by bullion and numismatic coins [11] Conference Call Details - The conference call will take place at 4:30 p.m. Eastern time, with access available via a U.S. dial-in number and an international number [2] - A replay of the call will be available after the event until November 20, 2025 [3]

Group 1: Company Overview - A-Mark Precious Metals (AMRK) is part of the Consumer Discretionary group, which consists of 264 companies and currently ranks 7 within the Zacks Sector Rank [2] - AMRK has a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperforming the market in the near term [3] Group 2: Performance Metrics - Over the past three months, the Zacks Consensus Estimate for AMRK's full-year earnings has increased by 26.1%, reflecting improved analyst sentiment [4] - Year-to-date, AMRK has gained approximately 8.4%, outperforming the Consumer Discretionary sector's average return of 5.2% [4] Group 3: Industry Context - A-Mark Precious Metals belongs to the Precious Metals and Jewels industry, which is currently ranked 1 in the Zacks Industry Rank, with stocks in this group also gaining about 8.4% year-to-date [6] - In contrast, Ralph Lauren, another Consumer Discretionary stock, belongs to the Textile - Apparel industry, which is ranked 205 and has declined by 28.6% year-to-date [6]