A-Mark Precious Metals(AMRK) - 2026 Q1 - Quarterly Results

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]