Financial Performance - The Company reported revenues of $9.7 billion for the fiscal year 2024, indicating significant growth in its operations [300]. - Revenues for the three months ended December 31, 2024, were $2,742,345, representing a 31.9% increase from $2,078,815 in 2023 [328]. - Revenues for the six months ended December 31, 2024 increased by $894.0 million, or 19.6%, to $5.457 billion from $4.563 billion in 2023 [340]. - Revenues for the three months ended December 31, 2024 increased by $465.2 million, or 27.2%, to $2.173 billion from $1.708 billion in 2023 [379]. - Revenues for the six months ended December 31, 2024 increased by $533.1 million, or 13.8%, to $4.400 billion from $3.867 billion in 2023 [384]. - Revenues for the Direct-to-Consumer segment increased by 51.8% to $1,057,112,000 for the six months ended December 31, 2024, compared to $696,177,000 in 2023 [411]. - Revenues for the three months ended December 31, 2024 increased by $198.4 million, or 53.5%, to $569.0 million from $370.6 million in 2023 [417]. Profitability - Gross profit decreased to $44,767, or 1.632% of revenue, down from $46,041, or 2.215% of revenue, reflecting a 2.8% decline [328]. - Gross profit for the six months ended December 31, 2024 decreased by $7.2 million, or 7.6%, to $88.2 million from $95.4 million in 2023 [346]. - Gross profit for the three months ended December 31, 2024 decreased by $4.2 million, or 17.4%, to $19.7 million from $23.9 million in 2023, primarily due to lower premium spreads and trading profits [388]. - For the six months ended December 31, 2024, gross profit decreased by $12.5 million, or 23.9%, to $39.7 million from $52.2 million in 2023, attributed to lower premium spreads and trading profits [391]. - The overall gross margin percentage for the six months ended December 31, 2024 decreased by 47.6 basis points to 1.616% from 2.092% in 2023 [347]. - The gross margin percentage for the three months ended December 31, 2024 decreased by 49.0 basis points to 0.908% from 1.398% in 2023 [388]. - The gross margin percentage for the six months ended December 31, 2024 decreased by 73.6 basis points to 1.798% from 2.534% in the prior year [392]. Net Income - Net income attributable to the Company fell by 52.4% to $6,558 compared to $13,766 in the prior year [328]. - Net income attributable to the Company for the six months ended December 31, 2024 was $15.542 million, a decrease of $17.051 million or 52.3% compared to $32.593 million in 2023 [332]. - Net income before provision for income taxes decreased by 21.1% to $11,195,000 for the six months ended December 31, 2024, down from $14,193,000 in 2023 [411]. - Net income for the six months ended December 31, 2024, was $14,392, a decrease of $18,552 or 56.3% compared to $32,944 in 2023 [465]. Customer Metrics - The number of new customers grew by 31.8% to 120,700 in the six months ended December 31, 2024, compared to 91,600 in 2023 [411]. - The total number of customers reached 3,187,500, a 30.6% increase from 2,439,900 in 2023 [411]. - The number of new customers increased by 12,900, or 24.6%, to 65,400, and the total number of customers increased by 747,600, or 30.6%, to 3,187,500 [421]. - The number of active customers increased by 27,200, or 11.2%, to 270,000 from 242,800 in 2023 [428]. Sales Volume - The number of gold ounces sold increased by 3.6% to 466,000, while silver ounces sold decreased by 17.9% to 21,828,000 [329]. - Gold ounces sold for the six months ended December 31, 2024 decreased by 81,000 ounces, or 8.6%, to 864,000 ounces from 945,000 ounces in 2023 [341]. - Silver ounces sold for the six months ended December 31, 2024 decreased by 14,676,000 ounces, or 25.8%, to 42,277,000 ounces from 56,953,000 ounces in 2023 [341]. - Gold ounces sold for the three months ended December 31, 2024 increased by 12,000 ounces, or 3.6%, to 346,000 ounces from 334,000 ounces in 2023 [380]. - Silver ounces sold for the three months ended December 31, 2024 decreased by 5,399,000 ounces, or 23.7%, to 17,410,000 ounces from 22,809,000 ounces in 2023 [380]. - Gold ounces sold for the six months ended December 31, 2024 decreased by 94,000 ounces, or 13.2%, to 618,000 ounces from 712,000 ounces in 2023 [385]. - Silver ounces sold for the six months ended December 31, 2024 decreased by 16,796,000 ounces, or 33.5%, to 33,370,000 ounces from 50,166,000 ounces in 2023 [385]. Expenses - Selling, general, and administrative expenses for the three months ended December 31, 2024 increased by $3.4 million, or 15.0%, to $25.8 million from $22.4 million in 2023 [349]. - Selling, general, and administrative expenses for the six months ended December 31, 2024 increased by $8.1 million, or 18.4%, to $52.4 million from $44.2 million in 2023 [350]. - Selling, general, and administrative expenses for the three months ended December 31, 2024 increased by $0.8 million, or 7.9%, to $11.4 million from $10.6 million in 2023 [393]. - Selling, general, and administrative expenses for the six months ended December 31, 2024 increased by $5.3 million, or 23.9%, to $27.6 million from $22.3 million in 2023 [438]. Interest Income and Expense - Interest income increased by 7.7% to $6,794, while interest expense rose by 1.9% to $10,363 [328]. - Interest income for the six months ended December 31, 2024 was $13.881 million, an increase of $1.468 million or 11.8% compared to $12.413 million in 2023 [332]. - Interest income for the three months ended December 31, 2024 increased by $0.6 million, or 15.4%, to $4.1 million from $3.6 million in 2023 [397]. - Interest expense for the three months ended December 31, 2024 increased by $1.1 million, or 16.0%, to $8.1 million from $7.0 million in 2023, primarily due to increased borrowings [399]. - Interest expense for the six months ended December 31, 2024 increased by $0.4 million, or 1.8%, to $20.4 million from $20.0 million in 2023 [359]. - Interest expense for the six months ended December 31, 2024 decreased by $0.7 million, or 37.7%, to $1.2 million from $1.9 million in 2023 [442]. Inventory and Turnover - The inventory turnover ratio improved to 2.2, up 15.8% from 1.9 [329]. - The inventory turnover ratio for the six months ended December 31, 2024 increased by 9.3% to 4.7 from 4.3 in 2023 [348]. Strategic Initiatives - The Company acquired LPM, one of Asia's largest precious metals dealers, in February 2024, enhancing its global reach [287]. - The Company focuses on growth through strategic acquisitions and expanding its geographic presence and product offerings [300]. - The Company operates in three reportable segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending [280]. Market Conditions - The Company operates in a high volume/low margin industry, with revenues significantly impacted by product volume, market prices, and market volatility [308]. - The Company utilizes forward contracts for selling precious metals, which are included in revenues, impacting revenue recognition significantly [306]. Non-GAAP Measures - The Company utilizes non-GAAP measures such as adjusted net income before provision for income taxes and EBITDA to evaluate financial performance [323]. - Adjusted net income before provision for income taxes for the three months ended December 31, 2024 was $13.4 million, a decrease of $8.4 million or 38.5% from $21.7 million in 2023 [456]. - Adjusted net income before provision for income taxes for the six months ended December 31, 2024 was $28.1 million, a decrease of $20.4 million or 42.0% from $48.5 million in 2023 [456]. Cash Flow - Net cash provided by operating activities for the three months ended December 31, 2024 was $110.1 million, an increase of $167.5 million or 291.7% from $(57.4) million in 2023 [463]. - Net cash used in operating activities improved significantly, decreasing by $84,209 or 82.8%, from $(101,667) in 2023 to $(17,458) in 2024 [465]. Assets and Liabilities - As of December 31, 2024, approximately 79% of the company's assets were liquid, including cash and receivables [467]. - The Trading Credit Facility provides access to $422.5 million, with a maturity date of September 30, 2026 [471]. - Product financing arrangements increased by $34,193, from $517,744 in June 2024 to $551,937 in December 2024 [475]. - Liabilities on borrowed metals rose by $1,895, from $31,993 in June 2024 to $33,888 in December 2024 [474].

Financial Performance - Q2 FY 2025 revenues increased 32% to $2.742 billion from $2.079 billion in Q2 FY 2024[10] - Q2 FY 2025 net income attributable to the company decreased 52% to $6.6 million from $13.8 million in Q2 FY 2024[10] - Q2 FY 2025 diluted earnings per share totaled $0.27, a 53% decrease compared to $0.57 in Q2 FY 2024[10] - Adjusted net income before provision for income taxes for Q2 FY 2025 decreased 38% to $13.4 million from $21.7 million in Q2 FY 2024[10] - EBITDA for Q2 FY 2025 decreased 35% to $16.2 million from $25.1 million in Q2 FY 2024[10] - Revenues increased 32% to $2.742 billion from $2.079 billion in the same year-ago quarter[44] - Net income attributable to the Company totaled $6.6 million or $0.27 per diluted share, compared to net income of $13.8 million or $0.57 per diluted share in the same year-ago quarter[50] - Adjusted net income before provision for income taxes for the three months ended December 31, 2024 totaled $13.4 million, a decrease of $8.4 million or 38% compared to $21.7 million in the same year-ago quarter[51] - EBITDA for the three months ended December 31, 2024 totaled $16.2 million, a decrease of $8.9 million or 35% compared to $25.1 million in the same year-ago quarter[52] - Revenues for the three months ended December 31, 2024, were $2,742,345, an increase of 32% compared to $2,078,815 for the same period in 2023[82] - Net income attributable to the Company for the three months ended December 31, 2024, was $6,558, a decrease of 52.3% from $13,766 in 2023[82] - Net income for the six months ended December 31, 2024 was $14,392,000, down 56.3% from $32,944,000 in the same period of 2023[91] Revenue and Sales Metrics - Gold ounces sold for the three months ended December 31, 2024 increased 4% to 466,000 ounces from 450,000 ounces for the same period in 2023[33] - Silver ounces sold for the three months ended December 31, 2024 decreased 18% to 21.8 million ounces from 26.6 million ounces for the same period in 2023[33] - Direct-to-Consumer new customers for the three months ended December 31, 2024 increased 25% to 65,400 from 52,500 for the same period in 2023[33] - Direct-to-Consumer average order value for the three months ended December 31, 2024 increased $960, or 43% to $3,178 from $2,218 for the same period in 2023[33] - Direct-to-Consumer segment contributed 21% of the consolidated revenue in the fiscal second quarter of 2025[44] - Direct-to-Consumer active customers for the six months ended December 31, 2024 increased 11% to 270,000 from 242,800 for the same period in 2023[47] Expenses and Costs - Selling, general and administrative expenses increased 15% to $25.8 million from $22.4 million in the same year-ago quarter[46] - Selling, general and administrative expenses increased 18% to $52.4 million from $44.2 million in the same year-ago period[55] - Depreciation and amortization expense increased 67% to $9.3 million from $5.6 million in the same year-ago period[56] - Acquisition costs increased by 40.7% to $688,000 in Q4 2024 from $489,000 in Q4 2023[89] - Amortization of acquired intangibles rose by 75.1% to $3,790,000 in Q4 2024 compared to $2,165,000 in Q4 2023[89] Cash Flow and Assets - Cash and cash equivalents decreased to $37,768 as of December 31, 2024, from $48,636 as of June 30, 2024[80] - The Company reported a net cash used in operating activities of $17,458 for the six months ended December 31, 2024, compared to $101,667 in 2023[85] - Net cash provided by operating activities increased by 291.7% to $110,071,000 in Q4 2024 from a cash outflow of $57,405,000 in Q4 2023[89] - Total assets as of December 31, 2024, were $1,869,302, an increase from $1,827,820 as of June 30, 2024[80] - Total liabilities increased to $1,203,511 as of December 31, 2024, compared to $1,165,964 as of June 30, 2024[80] - The Company’s inventories increased to $642,259 as of December 31, 2024, from $579,400 as of June 30, 2024[80] Strategic Initiatives - The company is nearing completion of the A-Mark Global Logistics facility expansion and logistics initiatives[3] - A-Mark entered into a definitive agreement to acquire Spectrum Group International, expanding its presence in the premium collectible markets[4] - The company amended its Trading Credit Facility to increase the revolving commitment to $457 million from $422.5 million[5] - The Company plans to continue focusing on product financing arrangements and market expansion strategies in the upcoming quarters[79] Other Financial Metrics - Interest income increased 8% to $6.8 million from $6.3 million in the same year-ago quarter[48] - Interest income for the six months ended December 31, 2024, rose to $13,881, an 11.8% increase from $12,413 in 2023[88] - Net income before provision for income taxes for the three months ended December 31, 2024, was $8,016, a decrease of 56.5% from $18,428 in 2023[86] - Adjusted net income before provision for income taxes (non-GAAP) fell by 38.5% to $13,363,000 in Q4 2024 compared to $21,728,000 in Q4 2023[89] - Adjusted net income before provision for income taxes (non-GAAP) for the six months ended December 31, 2024 decreased by 42.0% to $28,147,000 compared to $48,507,000 in 2023[91] - Earnings before interest, taxes, depreciation, and amortization (non-GAAP) for the six months ended December 31, 2024 was $34,006,000, a decline of 38.8% from $55,544,000 in 2023[91] - Unrealized losses on foreign exchange for the three months ended December 31, 2024, were $840, compared to gains of $105 in 2023, a change of 900.0%[86] - The Company reported a net loss from equity method investments of $2,410 for the three months ended December 31, 2024, compared to earnings of $777 in 2023, a decline of 410.2%[86]

Financial Data and Key Metrics Changes - Revenues for fiscal Q2 2025 increased 32% to $2.742 billion from $2.079 billion in Q2 of last year, with a 38% increase when excluding forward sales [9][10] - Net income attributable to the company for Q2 2025 totaled $6.6 million or $0.27 per diluted share, compared to $13.8 million or $0.57 per diluted share in the same period last year [23] - Adjusted net income before provision for income taxes decreased 38% to $13.4 million compared to $21.7 million in the same year-ago quarter [23] - EBITDA for Q2 fiscal 2025 totaled $16.2 million, a 35% decrease compared to $25.1 million in Q2 fiscal 2024 [24] Business Line Data and Key Metrics Changes - The DTC segment contributed 21% of consolidated revenue in Q2 2025, up from 18% in Q2 2024 [10] - JMB's revenue represented 11% of consolidated revenue for Q2 2025, down from 16% in Q2 2024 [10] - Gross profit for fiscal Q2 2025 decreased 3% to $44.8 million, representing 1.63% of revenue, compared to 2.22% in Q2 of last year [12] Market Data and Key Metrics Changes - Gold ounces sold in Q2 fiscal 2025 increased 4% year-over-year to 466,000 ounces, while silver ounces sold decreased 18% to 21.8 million ounces [28][29] - The number of new customers in the DTC segment increased 25% year-over-year to 65,400 in Q2 fiscal 2025 [30] Company Strategy and Development Direction - The company is focused on expanding its domestic and geographic reach, diversifying its customer base, and enhancing its DTC customer base [34] - A-Mark Precious Metals, Inc. entered into a definitive agreement to acquire Spectrum Group International, which will expand its presence in the premium collectible market [6][7] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market conditions are challenging due to elevated precious metal prices and subdued demand, but the company is managing well [4][5] - The management expressed optimism about the strategic acquisition of Stacks Bowers Galleries, highlighting potential synergies and cross-selling opportunities [6][45] Other Important Information - SG&A expenses for fiscal Q2 2025 increased 15% to $25.8 million, primarily due to higher consulting and professional fees [14] - The company returned capital to shareholders through the repurchase of $5.1 million of common stock during the quarter [26] Q&A Session Summary Question: Insights on comparable periods of low volatility and elevated gold prices - Management indicated that current conditions are unprecedented, with gold prices reaching new highs, and compared the situation to historical trends from 1980 [36][39] Question: Counter-cyclicality of the numismatics effort and wine collection - Management highlighted the potential for cross-selling between Stacks' customer base and A-Mark's DTC brands, emphasizing the strategic fit of the acquisition [42][45] Question: Performance of Stacks and profitability drivers - Management noted that Stacks had a strong first half of the fiscal year, driven by significant auction events, but cautioned about cyclicality in their business [50][52] Question: Marketing efforts to increase DTC volume - Management confirmed ongoing marketing strategies aimed at increasing active customer numbers and re-engaging previous customers, with positive results [53][55] Question: Timing and synergies of the SGI acquisition - Management explained that the acquisition timing was strategic, allowing access to A-Mark's balance sheet and inventory, which would enhance Stacks' growth potential [61][64] Question: Accretiveness of the SGI deal - Management expressed confidence in the deal being accretive, estimating significant EBITDA contributions post-acquisition [76] Question: Balancing capital allocation for dividends, buybacks, and M&A - Management discussed the importance of balancing capital allocation strategies, emphasizing the need for accretive deals while maintaining shareholder returns [93][96]

Core Insights - A-Mark Precious Metals (AMRK) reported quarterly earnings of $0.55 per share, missing the Zacks Consensus Estimate of $0.86 per share, and down from $0.90 per share a year ago, representing an earnings surprise of -36.05% [1] - The company posted revenues of $2.74 billion for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 3.07%, and up from $2.08 billion year-over-year [2] - A-Mark has not surpassed consensus EPS estimates over the last four quarters, but has topped consensus revenue estimates three times during the same period [2] Earnings Outlook - The future performance of A-Mark's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [3][4] - Current consensus EPS estimate for the upcoming quarter is $0.97 on revenues of $2.85 billion, and for the current fiscal year, it is $3.54 on revenues of $11.26 billion [7] Industry Context - The Precious Metals and Jewels industry, to which A-Mark belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - A-Mark Precious Metals reported diluted earnings per share of $0.27 for Q2 FY 2025, with net income of $6.6 million and non-GAAP EBITDA of $16.2 million [1][2][10] - Revenues for the three months ended December 31, 2024, increased by 32% to $2.742 billion compared to $2.079 billion for the same period in 2023 [10][43] - Gross profit for the same period decreased by 3% to $44.8 million, resulting in a gross profit margin of 1.63% [10][44] - Net income attributable to the company decreased by 52% to $6.6 million from $13.8 million in the prior year [10][50] - Adjusted net income before provision for income taxes decreased by 38% to $13.4 million from $21.7 million in the same year-ago quarter [10][51] - EBITDA for the quarter decreased by 35% to $16.2 million from $25.1 million in the same year-ago quarter [10][52] Operational Highlights - Gold ounces sold increased by 4% to 466,000 ounces compared to 450,000 ounces for the same period in 2023, while silver ounces sold decreased by 18% to 21.8 million ounces [32][39] - The number of secured loans at period end decreased by 28% to 518 from 715 as of December 31, 2023 [39][33] - Direct-to-Consumer new customers increased by 25% to 65,400 from 52,500 in the same year-ago quarter [39][32] - Direct-to-Consumer average order value increased by 43% to $3,178 from $2,218 in the same year-ago quarter [39][32] Strategic Developments - A-Mark is nearing the completion of the A-Mark Global Logistics facility expansion and is executing plans to enhance its presence in Asia and Singapore [3][4] - The company has entered into a definitive agreement to acquire Spectrum Group International, which will expand its presence in the premium collectible markets [4][5] - A-Mark amended its Trading Credit Facility to increase its revolving commitment to $457 million from $422.5 million [5] Shareholder Returns - The company reaffirmed its regular quarterly cash dividend policy of $0.20 per share, with the latest dividend paid on January 28, 2025 [1][63] - A-Mark repurchased 169,512 common shares for $5.1 million during the quarter [1][5] Market Position - A-Mark operates through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending, serving a diverse global customer base [67][68] - The Direct-to-Consumer segment contributed 21% of consolidated revenue in Q2 FY 2025, up from 18% in the same quarter of the previous year [43] - The company is a U.S. Mint-authorized purchaser and has longstanding distributorships with various sovereign mints [68]

EL SEGUNDO, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK) (A-Mark or the Company), a leading fully integrated precious metals platform, has entered into a definitive agreement to acquire 100% of the stock of Spectrum Group International, Inc. (SGI), the parent of Stack's Bowers Galleries (SBG), one of the world's largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products, and the majority owne ...

EL SEGUNDO, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark or the Company), a leading fully integrated precious metals platform, has entered into a definitive agreement to acquire 100% of the stock of Spectrum Group International, Inc. (SGI), the parent of Stack’s Bowers Galleries (SBG), one of the world’s largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products, and the majority own ...

EL SEGUNDO, Calif., Jan. 21, 2025 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark), a leading fully integrated precious metals platform, will hold a conference call on Thursday, February 6, 2025, at 4:30 p.m. Eastern time to discuss results for the fiscal second quarter ended December 31, 2024. Financial results will be issued in a press release prior to the call. A-Mark management will host the presentation, followed by a question-and-answer period. The revised earnings call date re ...

EL SEGUNDO, Calif., Jan. 17, 2025 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark), a leading fully integrated precious metals platform, will hold a conference call on Friday, February 7, 2025 at 4:30 p.m. Eastern time to discuss results for the fiscal second quarter ended December 31, 2024. Financial results will be issued in a press release prior to the call. A-Mark management will host the presentation, followed by a question-and-answer period. A-Mark’s conference call can be acce ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-36347 A-MARK PRECIOUS METALS, INC. (Exact name of registrant as specified in its charter) Delaware (State of Incorpo ...