A-Mark Precious Metals(AMRK) - 2026 Q2 - Quarterly Results

Financial Performance - Q2 FY 2026 revenues increased 136% to $6.477 billion from $2.742 billion in Q2 FY 2025[8] - Q2 FY 2026 net income reached $11.6 million, a 77% increase from $6.6 million in Q2 FY 2025[8] - Diluted earnings per share for Q2 FY 2026 were $0.46, a 70% increase compared to $0.27 in Q2 FY 2025[8] - Adjusted net income before provision for income taxes for Q2 FY 2026 was $23.2 million, up 74% from $13.4 million in Q2 FY 2025[8] - EBITDA for Q2 FY 2026 increased 109% to $33.9 million from $16.2 million in Q2 FY 2025[8] - Revenues increased 136% to $6.477 billion from $2.742 billion year-over-year, with a 69% increase excluding forward sales[34] - Gross profit increased 109% to $93.4 million, representing 1.44% of revenue, compared to 1.63% of revenue in the prior year[35] - Net income attributable to the Company totaled $11.6 million or $0.46 per diluted share, compared to $6.6 million or $0.27 per diluted share in the prior year[40] - Revenues for the first six months of fiscal 2026 increased by 86% to $10.158 billion from $5.457 billion in the same period last year[43] - Gross profit for the first six months of fiscal 2026 rose 88% to $166.3 million, representing 1.64% of revenue, compared to 1.62% in the prior year[44] - Net income attributable to the Company for the six months ended December 31, 2025, was $10,697, a decrease of 31.2% from $15,542 in 2024[72] Customer Metrics - Direct-to-Consumer segment saw a 47% increase in active customers, reaching 229,100 compared to 140,100 in the previous year[12] - Direct-to-Consumer new customers increased 47% to 96,100 year-over-year, and increased 38% from 69,400 quarter-over-quarter[25] - Direct-to-Consumer active customers increased 64% to 229,100 year-over-year, and increased 56% from 147,300 quarter-over-quarter[25] - Direct-to-Consumer average order value increased 52% to $4,824 year-over-year, and increased 25% from $3,863 quarter-over-quarter[25] Sales Performance - Gold ounces sold increased to 545,000 in Q2 FY 2026 from 466,000 in Q2 FY 2025, while silver ounces sold decreased to 18.6 million from 21.8 million[12] - Gold ounces sold increased 17% to 545,000 ounces from 466,000 ounces year-over-year, and increased 24% from 439,000 ounces quarter-over-quarter[25] - Silver ounces sold decreased 15% to 18.6 million ounces year-over-year, but increased 79% from 10.4 million ounces quarter-over-quarter[25] Corporate Developments - The company completed the acquisition of Monex Deposit Company in January 2026, enhancing its market position[3] - The company relocated its corporate headquarters to Costa Mesa, California, and rebranded from A-Mark Precious Metals to Gold.com[3] - International performance, particularly in Hong Kong, showed strong momentum with positive retail and wholesale trading activity[3] Expenses and Liabilities - Selling, general and administrative expenses increased 132% to $59.8 million, primarily due to increased compensation and advertising costs[36] - Total liabilities increased to $3,103.1 million as of December 31, 2025, from $1,512.8 million as of June 30, 2025, representing a growth of 104.1%[64] - Selling, general, and administrative expenses for the three months ended December 31, 2025, were $59,784, a 132.1% increase from $25,754 in 2024[70] - Interest expense increased 42% to $28.9 million, mainly due to higher interest rates on product financing arrangements[48] Cash Flow and Assets - Cash flows from operating activities for the six months ended December 31, 2025, were $152.8 million, compared to a cash outflow of $17.5 million in 2024[69] - The company reported a net increase in cash of $74.3 million for the six months ended December 31, 2025, compared to a decrease of $10.9 million in the same period of 2024[69] - Total current assets as of December 31, 2025, amounted to $3,341.7 million, compared to $1,743.5 million as of June 30, 2025, an increase of 91.4%[64] - The company reported a significant increase in deferred revenue and other advances, which rose to $1,701.9 million as of December 31, 2025, from $426.9 million as of June 30, 2025, an increase of 298.5%[64] Dividends and Shareholder Equity - A quarterly cash dividend of $0.20 per share has been declared, maintaining the current dividend program[52] - Total stockholders' equity as of December 31, 2025, was $708.8 million, up from $702.7 million as of June 30, 2025, a slight increase of 0.3%[64]