Part I [Business Description](index=3&type=section&id=ITEM%201.%20DESCRIPTION%20OF%20BUSINESS) A-Mark Precious Metals is a fully integrated company offering products and services across wholesale, direct-to-consumer, and secured lending segments [Overview](index=3&type=section&id=Overview) - A-Mark is a fully integrated precious metals company offering gold, silver, platinum, palladium, and copper bullion, numismatic coins, and related products to wholesale and retail customers[9](index=9&type=chunk) - The company operates through three complementary segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending[9](index=9&type=chunk) - A-Mark serves a global customer base including mints, manufacturers, refiners, dealers, e-commerce retailers, banks, financial institutions, commodity brokerage houses, industrial users, investors, collectors, and retail customers[9](index=9&type=chunk) [History](index=3&type=section&id=History) - Founded in 1965, A-Mark became an authorized purchaser of gold and silver bullion coins from the United States Mint in 1986, expanding relationships with major sovereign mints globally[11](index=11&type=chunk) - The company was spun off and became publicly traded in 2014[11](index=11&type=chunk) - Transitioned to a vertically integrated company with acquisitions like Goldline (2017) and JM Bullion (2021), and expanded international operations organically and through acquisitions in Canada, Europe, and Asia[13](index=13&type=chunk)[14](index=14&type=chunk) - Acquired the successor to Spectrum Group International, Inc. (SGI) in February 2025, expanding into the collectible coin and currency market[15](index=15&type=chunk) [Business Segments Overview](index=3&type=section&id=Business%20Segments%20Overview) - Wholesale Sales & Ancillary Services: Wholesales gold, silver, platinum, palladium bullion and related products, offers financing, secure storage, and logistics, and owns a silver mint and distributes for sovereign/private mints[16](index=16&type=chunk) - Direct-to-Consumer: Sells precious metals to domestic and international retail customers through consumer-facing subsidiaries[16](index=16&type=chunk) - Secured Lending: Provides liquidity by originating and acquiring commercial loans collateralized by bullion, numismatic coins, and graded sports cards[16](index=16&type=chunk) [Competitive Advantages](index=4&type=section&id=Competitive%20Advantages) - Integrated operations spanning trading, distribution, logistics, minting, storage, hedging, financing, and consignment[18](index=18&type=chunk) - Extensive and varied customer base including financial institutions, dealers, collectors, investors, manufacturers, refiners, and mints[18](index=18&type=chunk) - Expertise in e-commerce and marketing, secure storage, and long-standing relationships with major sovereign mints (e.g., U.S. Mint for over 35 years)[18](index=18&type=chunk) - Ability to obtain favorable pricing and financing terms due to size, minting operations for custom products, and global trading systems with experienced traders managing commodity price risk[18](index=18&type=chunk) [Growth Strategy](index=4&type=section&id=Growth%20Strategy) - Continue growing consumer-facing brands and investing in the Direct-to-Consumer segment to acquire and retain customers[18](index=18&type=chunk) - Cross-sell existing products and services (e.g., proprietary minted products, secure storage) to its approximately **4.2 million total retail customers**[18](index=18&type=chunk) - Leverage minting capabilities (SilverTowne, noncontrolling interest in Sunshine Minting) to sell additional proprietary products to wholesale and direct-to-consumer customers[18](index=18&type=chunk) - Expand global footprint in Canada, Europe, and Asia, building on recent acquisitions like LPM (Asia) and SGB (Canada)[26](index=26&type=chunk)[33](index=33&type=chunk) - Leverage technology to deliver new products and increased services, including developing new digital products (e.g., mobile interface for buying/selling/storing physical metal) and improving customer interfaces[26](index=26&type=chunk) - Pursue strategic investments and acquisitions to broaden product offerings, serve existing customers, enter new geographic regions, and target new customer demographics, as evidenced by recent acquisitions of SGI, Pinehurst, and AMS[26](index=26&type=chunk) [Wholesale Sales & Ancillary Services Segment Details](index=5&type=section&id=Wholesale%20Sales%20%26%20Ancillary%20Services%20Segment%20Details) - Sells over 2,000 different products including gold, silver, platinum, and palladium coins and bars from major sovereign and private mints[22](index=22&type=chunk)[23](index=23&type=chunk) - Provides customized financing, secure storage, and turn-key logistics services through subsidiaries like AMGL and TDS[16](index=16&type=chunk)[30](index=30&type=chunk) - Operates SilverTowne Mint for fabricating silver bullion products and holds a noncontrolling interest in Sunshine Minting, Inc[31](index=31&type=chunk) - Engages in commodity hedging to protect inventory from market price fluctuations and offers precious metals price quotes in various foreign currencies[27](index=27&type=chunk) - International operations include offices in Vienna, Austria (AMTAG), Hong Kong (LPM, Asia headquarters), and Singapore (AM Precious Metals Singapore PTE Ltd.)[33](index=33&type=chunk) - Recent acquisitions (SGI, Pinehurst) expanded operations into collectible coin and currency markets, with wholesale activities integrated into this segment[28](index=28&type=chunk)[29](index=29&type=chunk) [Direct-to-Consumer Segment Details](index=7&type=section&id=Direct-to-Consumer%20Segment%20Details) - Operates through subsidiaries like JM Bullion (JMB), Goldline, SGI, Pinehurst, AMS, and an investment in Silver Gold Bull (SGB)[35](index=35&type=chunk) - JMB is a leading internet retailer offering over 7,000 different products (coins, rounds, bars) through various proprietary websites (e.g., JMBullion.com, ProvidentMetals.com, CyberMetals.com)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - CyberMetals platform allows customers to buy/sell fractional shares of digital precious metals, convertible to physical products[40](index=40&type=chunk) - Goldline markets precious metals via television, radio, podcasts, and internet, focusing on the investor community[45](index=45&type=chunk) - SGB is a leading e-commerce precious metals retailer in Canada, with the Company increasing its ownership to **55.4% in June 2024**[49](index=49&type=chunk) - Recent acquisitions (SGI, Pinehurst, AMS) expanded direct-to-consumer offerings, including rare coin auctions and e-commerce retail of modern and numismatic coins[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - JMB and PMPP (joint venture with Goldline and SGB) offer direct-to-consumer purchase programs for precious metals, serving as an inventory source[43](index=43&type=chunk)[47](index=47&type=chunk) [Secured Lending Segment Details](index=8&type=section&id=Secured%20Lending%20Segment%20Details) - Operates through Collateral Finance Corporation, LLC (CFC), a California licensed finance lender[54](index=54&type=chunk)[55](index=55&type=chunk) - Originates and acquires commercial loans secured by bullion, numismatic coins, and graded sports cards[55](index=55&type=chunk) Secured Loans Outstanding (June 30, 2025) | Metric | Amount (approx.) | | :----- | :--------------- | | Total Secured Loans | $94.0 million | | Originated by CFC | 89% | | Acquired from third-parties | 11% | - Loans are typically short-term (approx. six months) with no significant exposure to interest rate fluctuations[57](index=57&type=chunk) - All loans are fully secured with loan-to-value (LTV) ratios between **50% and 85%**, with margin calls if LTV exceeds prescribed maximums (typically **85%**)[58](index=58&type=chunk) - CFC has never experienced losses of principal on its loans[58](index=58&type=chunk) - Finances loan activities primarily through A-Mark's demand line of credit[61](index=61&type=chunk) [Liquidity](index=10&type=section&id=Liquidity) - Business depends substantially on ability to obtain financing for operations[62](index=62&type=chunk) - Sources of cash from operating activities include receipts from precious metals sales and interest payments on secured loans[62](index=62&type=chunk) - Sources of cash from financing activities include an uncommitted line of credit, fixed interest rate notes, and other structured financing products[63](index=63&type=chunk) Uncommitted Line of Credit (June 30, 2025) | Metric | Amount | | :----- | :----- | | Access up to | $467.0 million | | Maturity Date | September 2026 | [Market Making Activity](index=10&type=section&id=Market%20Making%20Activity) - A-Mark acts as a principal market maker, maintaining a two-way market for buying and selling precious metals[65](index=65&type=chunk) [Material Resources](index=11&type=section&id=Material%20Resources) - Maintains substantial inventory of bullion and coins for selection and prompt delivery[66](index=66&type=chunk) - Acquires product from customers, government/private mints, mines, refiners, and commodity exchanges[66](index=66&type=chunk) - Precious metals inventories are marked-to-market daily, except for collectible coin inventory (lower of cost or net realizable value)[67](index=67&type=chunk) - Policy is to remain substantially hedged against commodity price risk using financial derivative instruments (forward and futures contracts)[67](index=67&type=chunk) [Sales and Marketing](index=11&type=section&id=Sales%20and%2

Financial Performance - Q4 FY 2025 revenues decreased 1% to $2.51 billion from $2.52 billion in Q4 FY 2024 and decreased 17% from $3.00 billion in Q3 FY 2025[10] - Q4 FY 2025 gross profit increased 90% to $81.7 million from $43.0 million in Q4 FY 2024 and increased 99% from $41.0 million in Q3 FY 2025[10] - Q4 FY 2025 net income decreased 67% to $10.3 million from $30.9 million in Q4 FY 2024, but increased 221% from a net loss of $8.5 million in Q3 FY 2025[10] - FY 2025 revenues increased 13% to $10.98 billion from $9.70 billion in FY 2024, with a 15% increase excluding forward sales[12] - FY 2025 gross profit increased 22% to $210.9 million from $173.3 million in FY 2024[12] - FY 2025 net income decreased 75% to $17.3 million from $68.5 million in FY 2024[12] - FY 2025 diluted earnings per share totaled $0.71, a 75% decrease compared to $2.84 in FY 2024[12] - Adjusted net income for FY 2025 decreased 34% to $53.1 million from $80.3 million in FY 2024[12] - EBITDA for FY 2025 decreased 40% to $64.4 million from $106.5 million in FY 2024[12] - Revenues for the fiscal fourth quarter 2025 decreased 1% to $2.51 billion, but increased 5% excluding a $94 million decrease in forward sales[37] - Gross profit increased 90% to $81.7 million, representing 3.25% of revenue, primarily due to acquisitions made in 2024 and 2025[38] - Revenues for the year ended June 30, 2025, increased to $10,978,614, representing a 13.2% growth from $9,699,039 in 2024[79] - Gross profit for the same period was $210,916, up from $173,255 in 2024, indicating a significant improvement in profitability[79] - Net income attributable to the Company decreased to $17,320 from $68,546 in 2024, reflecting a decline of 74.7%[79] - Revenues for the three months ended June 30, 2025, were $2,512,048, a decrease of 0.5% from $2,524,955 in the same period of 2024[82] - Gross profit for the three months ended June 30, 2025, was $81,689, representing a 90.1% increase from $42,971 in 2024[82] - Net income attributable to the Company for the three months ended June 30, 2025, was $10,324, a decrease of 66.6% from $30,940 in 2024[82] - Basic net income per share for the three months ended June 30, 2025, was $0.42, down 68.9% from $1.35 in 2024[82] - Net income before provision for income taxes decreased by 74.3% from $82,778,000 in 2024 to $21,270,000 in 2025[87] Customer Metrics - Gold ounces sold decreased 23% to 346,000 ounces from 448,000 ounces for the same period last year[28] - Silver ounces sold decreased 38% to 15.7 million ounces from 25.4 million ounces for the same period last year[28] - Direct-to-Consumer new customers decreased 81% to 108,900 from 570,300 for the same period last year[28] - Direct-to-Consumer active customers increased 49% to 170,600 from 114,600 for the same period last year[28] - Direct-to-Consumer average order value decreased 15% to $2,443 from $2,890 for the same period last year[28] - JM Bullion's average order value decreased 8% to $2,415 from $2,639 for the same period last year[28] - Direct-to-Consumer total customers increased to 4,196,000 from 3,066,800 for the same period last year[29] - The number of CyberMetals total customers increased to 37,000 from 29,600 for the same period last year[29] - Direct-to-Consumer new customers increased 57% to 1,129,200, with 79% attributed to recent acquisitions[40] Expenses and Liabilities - Selling, general, and administrative expenses rose 135% to $53.4 million, driven by increased compensation and advertising costs[39] - Interest expense increased 17% to $46.2 million, primarily due to increased borrowings and product financing arrangements[53] - Current liabilities rose to $1,114,128, compared to $883,770 in 2024, marking a 26.1% increase[77] - The Company reported a net cash used in investing activities of $104,665 for the year ended June 30, 2025, compared to $63,597 in 2024[81] - Interest expense increased by 33.9% to $12,902 for the three months ended June 30, 2025, compared to $9,633 in 2024[85] Cash Flow and Assets - Cash reserves increased to $77,741 from $48,636 in 2024, showing a growth of 60.0%[77] - Total assets as of June 30, 2025, reached $2,215,431, a 21.2% increase from $1,827,820 in 2024[77] - Net cash provided by operating activities for the year ended June 30, 2025, was $152,347, compared to $60,934 in 2024[81] - The Company had a net increase in cash of $29,105 for the year ended June 30, 2025, compared to $9,318 in 2024[81] - Net cash provided by operating activities decreased by 19.2% to $66,966, compared to $82,850 in the same period last year[86] Strategic Focus - The company is focused on integrating recent acquisitions to optimize expenses and enhance operational leverage[4] - The Company is focused on optimizing expenses and enhancing operating leverage to drive future growth[70] - A-Mark continues to explore acquisition opportunities to expand its market presence and enhance its service offerings[70]

分组1 - A-Mark Precious Metals (AMRK) reported quarterly earnings of $0.76 per share, exceeding the Zacks Consensus Estimate of $0.57 per share, but down from $0.85 per share a year ago, resulting in an earnings surprise of +33.33% [1] - The company posted revenues of $2.51 billion for the quarter ended June 2025, missing the Zacks Consensus Estimate by 15.9%, and compared to year-ago revenues of $2.52 billion [2] - A-Mark shares have underperformed the market, losing about 10.3% since the beginning of the year, while the S&P 500 gained 10.4% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.59 on revenues of $2.99 billion, and for the current fiscal year, it is $2.72 on revenues of $12.02 billion [7] - The Precious Metals and Jewels industry, to which A-Mark belongs, is currently in the top 39% of the Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - For fiscal year 2025, the company reported net income of $17.3 million, with non-GAAP adjusted net income before provision for income taxes at $53.1 million and diluted EPS of $0.71 per share [3][14] - In Q4 fiscal 2025, net income was $10.3 million, with non-GAAP adjusted net income before provision for income taxes at $19.2 million and diluted EPS of $0.41 per share [3][14] - Revenue for Q4 decreased by 1% to $2.51 billion, while for the full year, revenue increased by 1.3% to $10.98 billion [6][7] - Gross profit for Q4 increased by 90% to $81.7 million, while for the full year, it increased by 22% to $210.9 million [7][8] - SG&A expenses for Q4 increased by 135% to $53.4 million, and for the full year, they increased by 55% to $139 million [8][9] - Interest income for Q4 decreased by 34% to $5.3 million, while for the full year, it decreased by 4% to $25.9 million [11][13] - EBITDA for Q4 totaled $29.2 million, a 24% decrease compared to the previous year, while for the full year, it totaled $64.4 million, a 40% decrease [15] Business Line Data and Key Metrics Changes - The company sold 346,000 ounces of gold in Q4, down 23% year-over-year, and 1.6 million ounces for the full year, down 11% [16] - Silver sales in Q4 totaled 15.7 million ounces, down 38% year-over-year, and 73.6 million ounces for the full year, down 32% [16] - The number of new customers in the DTC segment for Q4 was 108,900, down 81% year-over-year, while for the full year, it increased by 57% to 1,129,200 [17][18] - The DTC segment average order value for Q4 was $2,443, down 15% year-over-year, while for the full year, it was $2,886, up 19% [19] Market Data and Key Metrics Changes - The company has made significant progress in expanding into Asia, with LPM Group Limited fully operational in Singapore [5] - The total number of customers in the DTC segment at the end of Q4 was approximately 4.2 million, a 37% increase from the prior year [18] Company Strategy and Development Direction - The company aims to optimize expenses and create greater operating leverage through recent acquisitions and integration initiatives [4][5] - The focus is on expanding into higher margin collectible and luxury segments while strengthening distribution channels [5] - The company is open to future acquisitions while balancing capital allocation between inventory and acquisitions [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in the market, including higher spot prices and premium spreads, but expressed optimism about integration efforts and cost reductions [24] - The company is positioned to capture growth across multiple channels in the upcoming fiscal year [5] - Management highlighted the importance of volatility and uncertainty in the equity markets as favorable conditions for their business [34] Other Important Information - The company has completed significant upgrades to its Las Vegas distribution center, with 95% completion on infrastructure and ongoing software integration [29] - The company is actively managing inventory levels and carrying costs in response to market conditions [35] Q&A Session Summary Question: Current cycle position - Management indicated that the market has shown strength in April but slowed down in May and June, with ongoing challenges related to higher carrying costs and premium spreads [24] Question: Strategic M&A opportunities - Management is always looking for opportunities and believes they are ready to digest more acquisitions if suitable opportunities arise [25][26] Question: Countercyclical efforts - Management reported success in the rare coin auction market, indicating that the strategy is proving beneficial [28] Question: Las Vegas distribution center upgrades - Management confirmed that the distribution center is 95% complete, with operational capacity and cost savings meeting expectations [29] Question: Environment for business - Management noted that a good environment includes volatility and uncertainty in equity markets, which drives demand for precious metals [34] Question: Impact of tariffs - Management explained that tariffs have caused disruptions and increased costs related to sourcing metals from abroad [37][38] Question: Gross margin drivers - Management attributed improved gross profit margins to the integration of higher margin businesses from recent acquisitions [40] Question: International market exposure - Management expressed optimism about growth opportunities in Asia, particularly through the LPM Group Limited acquisition [46][47]

Financial Data and Key Metrics Changes - For fiscal year 2025, the company reported net income of $17.3 million, with non-GAAP adjusted net income before provision for income taxes at $53.1 million and diluted EPS of $0.71/share [3][14] - In Q4 fiscal 2025, net income was $10.3 million, with non-GAAP adjusted net income before provision for income taxes at $19.2 million and diluted EPS of $0.41/share [3][14] - Revenue for Q4 decreased 1% to $2.51 billion, while for the full year, revenue increased 1.3% to $10.98 billion [6][8] - Gross profit for Q4 increased 90% to $81.7 million, and for the full year, gross profit increased 22% to $210.9 million [7][8] - SG&A expenses for Q4 increased 135% to $53.4 million, and for the full year, SG&A expenses increased 55% to $139 million [8][9] - Interest income for Q4 decreased 34% to $5.3 million, while interest expense increased 34% to $12.9 million [11][12] Business Line Data and Key Metrics Changes - The company sold 346,000 oz of gold in Q4, down 23% year-over-year, and 1.6 million oz for the full year, down 11% [16] - Silver sales in Q4 were 15.7 million oz, down 38% year-over-year, and 73.6 million oz for the full year, down 32% [16] - The number of new customers in the DTC segment for Q4 was 108,900, down 81% year-over-year, while for the full year, new customers increased 57% to 1,129,200 [17][18] Market Data and Key Metrics Changes - The company has expanded its operations in Asia, with LPM fully operational in Singapore, enhancing its reach in the Southeast Asian market [5] - The DTC segment's average order value for Q4 was $2,443, down 15% year-over-year, while for the full year, it was $2,886, up 19% [19] Company Strategy and Development Direction - The company is focused on integrating recent acquisitions to optimize expenses and create greater operating leverage [4][21] - The strategic acquisitions are expected to strengthen distribution channels and expand into higher margin collectible and luxury segments [5][21] - The company is exploring further M&A opportunities while balancing capital allocation between inventory and acquisitions [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in the market, including higher carrying costs and premium pressures, but expressed optimism about integration efforts and future growth [24] - The company highlighted the importance of volatility and uncertainty in the equity markets as favorable conditions for its business [33] - Management acknowledged the impact of tariffs on operations, particularly regarding gold imports, and the challenges posed by backwardation in the silver market [37][56] Other Important Information - The company has made significant progress in integrating its acquisitions, with the accounting integration nearly complete [61] - The Las Vegas distribution center is 95% complete, with ongoing software and IT integration [29] Q&A Session Summary Question: Current cycle position - Management indicated that the market has been stable over the last 3-6 months, with some strength in April but slower performance in May and June [24] Question: Strategic M&A opportunities - Management is open to future acquisitions and believes that opportunities may arise in a slower market [25][26] Question: Countercyclical efforts - Management reported success in the rare coin auction market, indicating that the strategy is proving effective [28] Question: Las Vegas distribution center upgrades - Management confirmed that the distribution center is nearly complete, with operational capacity and cost savings meeting expectations [29] Question: Environment for business - Management noted that a favorable environment would include volatility and uncertainty in equity markets, which could drive demand for precious metals [33] Question: Impact of tariffs - Management explained that tariffs have caused disruptions and increased costs related to gold imports [37] Question: Drivers of gross margin - Management attributed improved gross profit margins to the integration of higher margin businesses from acquisitions [40]

Financial Data and Key Metrics Changes - For fiscal year 2025, the company reported net income of $17.3 million, with non-GAAP adjusted net income before provision for income taxes of $53.1 million, and diluted EPS of $0.71 per share [3][14] - In Q4 2025, net income was $10.3 million, with non-GAAP adjusted net income before provision for income taxes of $19.2 million, and diluted EPS of $0.41 per share [3][14] - Revenue for Q4 2025 decreased 1% to $2.51 billion, while for the full year, revenue increased 1.3% to $10.98 billion [6][7] - Gross profit for Q4 increased 90% to $81.7 million, and for the full year, gross profit increased 22% to $210.9 million [8][9] - SG&A expenses for Q4 increased 135% to $53.4 million, and for the full year, SG&A expenses increased 55% to $139 million [9][10] - Interest income for Q4 decreased 34% to $5.3 million, while interest expense increased 34% to $12.9 million [12][13] - EBITDA for Q4 totaled $29.2 million, a 24% decrease compared to the previous year, and for the full year, EBITDA totaled $64.4 million, a 40% decrease [15] Business Line Data and Key Metrics Changes - The company sold 346,000 ounces of gold in Q4 2025, down 23% from the previous year, and 1.6 million ounces for the full year, down 11% [16] - Silver sales in Q4 totaled 15.7 million ounces, down 38% from the previous year, and 73.6 million ounces for the full year, down 32% [16] - The number of new customers in the DTC segment for Q4 was 108,900, down 81% from the previous year, while for the full year, new customers increased 57% to 1,129,200 [17][18] Market Data and Key Metrics Changes - The company has expanded its operations into Asia, with LPM Group Limited fully operational in Singapore, enhancing its reach into the Southeast Asian market [5] - The DTC segment average order value for Q4 was $2,443, down 15% from the previous year, while for the full year, it was $2,886, up 19% [19] Company Strategy and Development Direction - The company is focused on integrating recent acquisitions to optimize expenses and create greater operating leverage [4][21] - The strategic acquisitions are expected to strengthen distribution channels and expand into higher margin collectible and luxury segments [5] - The company is exploring further M&A opportunities while balancing capital allocation between inventory and acquisitions [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in the market, including higher carrying costs and premium pressures, but expressed optimism about integration efforts and future growth [24] - The company highlighted the importance of volatility and uncertainty in the equity markets as favorable conditions for its business [34] - Management indicated that the recent acquisitions have positioned the company well for future growth despite current market conditions [21][45] Other Important Information - The company has made significant progress in integrating its acquisitions, with a focus on reducing redundancies and optimizing operations [57] - The Las Vegas distribution center is nearly fully upgraded, enhancing capacity and cost savings [29] Q&A Session Summary Question: Current cycle position - Management observed strength in April but noted a slowdown in May and June, with ongoing challenges related to higher spot prices and premium spreads [24] Question: Strategic M&A opportunities - Management is always looking for opportunities and believes they can digest more acquisitions if they arise, while balancing capital allocation [25][26] Question: Countercyclical efforts - Management reported success in the rare coin auction market, indicating that the strategy is sound and benefiting from higher margins [28] Question: Las Vegas distribution center upgrades - Management stated that the upgrades are 95% complete, with operational capacity and cost savings meeting expectations [29] Question: Environment for business - Management indicated that a good environment includes volatility and uncertainty in equity markets, which drives demand for precious metals [34] Question: Tariff impacts - Management explained that tariffs have caused disruptions and increased costs, particularly for gold imports [36] Question: Gross margin drivers - Management attributed improved gross profit margins to acquisitions and integration of higher margin businesses [40] Question: International market exposure - Management expressed optimism about growth opportunities in Asia, particularly through the LPM Group Limited acquisition [44]

Q4 FY 2025 Gross Profit of $81.7 Million and FY 2025 Gross Profit of $210.9 Million Q4 FY 2025 Net Income of $10.3 Million and FY 2025 Net Income of $17.3 Million Q4 FY 2025 Diluted Earnings per Share of $0.41 and FY 2025 Diluted Earnings per Share of $0.71 EL SEGUNDO, Calif., Sept. 09, 2025 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading fully integrated precious metals platform, reported results for the fiscal fourth quarter and full year ended June 30, 2025. Management Commenta ...

Core Viewpoint - A-Mark Precious Metals, Inc. will hold a conference call on September 9, 2025, to discuss its fiscal fourth quarter and full year results for the period ending June 30, 2025 [1] Company Overview - A-Mark Precious Metals, Inc. is a fully integrated precious metals platform founded in 1965, offering a variety of bullion and numismatic products to wholesale and retail customers [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 also provides managed storage options and logistics services for precious metals [6] Direct-to-Consumer Segment - A-Mark operates as an omni-channel retailer through subsidiaries like JM Bullion and Goldline, targeting specific niches within the precious metals market [10] - The company utilizes various marketing channels, including television and online platforms, to reach investors and collectors [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 through specific toll-free and international numbers [3]

Company Overview - A-Mark is a leading fully integrated precious metals platform[2, 82] - The company operates an integrated platform including wholesale, minting, storage & logistics, and secured lending[12] - Insider ownership accounts for approximately 23% of outstanding shares as of Q3 FY25[13] Financial Performance - For the nine months ended March 31, 2025, gross profit was $129.2 million[24] - EBITDA for the nine months ended March 31, 2025, was $35.3 million[24] - Diluted EPS for the nine months ended March 31, 2025, was $0.29[24] - Secured loan portfolio value was $86.512 million as of Q3 FY25[67] Direct to Consumer (DTC) Segment - The company added 1,020,300 new DTC customers in the nine months ended March 31, 2025[24] - The number of active DTC customers was 410,700 for the nine months ended March 31, 2025[24] - The average order value (AOV) for the DTC segment was $3,080 for the nine months ended March 31, 2025[24] Wholesale Segment - Gold ounces sold in the wholesale segment were 916,000 for the nine months ended March 31, 2025[24] - Silver ounces sold in the wholesale segment were 43,301,000 for the nine months ended March 31, 2025[24]

Company Overview - A-Mark is a leading full-service dealer of precious metals, including gold and silver bullion[8,46] - The company is the largest North American physical metal merchant[8,46] - A-Mark is an official distributor for all major sovereign mints and the largest distributor of bullion for the U S and Royal Canadian mints[8,46] Financial Performance - Total revenues (TTM) are $7.40 billion[5,41] - Gross profit (TTM) is $32.8 million[5,41] - Net income (TTM) is $6.9 million[5,41] - The company's cash position is $6.4 million[5,42] - Total assets amount to $523.0 million[5,42] Key Strategies and Opportunities - A-Mark hedges its price exposure and is not directly affected by changes in metals prices[25] - The company is focused on growing through business volume, geographic presence, and scope of complementary products and services[39]