A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2025 Results

Financial Performance - Q4 FY 2025 gross profit was $81.7 million, a 90% increase from $43.0 million in Q4 FY 2024, with a gross profit margin of 3.25% compared to 1.70% in the prior year [11][45] - FY 2025 gross profit totaled $210.9 million, up 22% from $173.3 million in FY 2024, with a gross profit margin of 1.92% compared to 1.79% in the previous year [12][55] - Q4 FY 2025 net income was $10.3 million, down 67% from $30.9 million in Q4 FY 2024, while FY 2025 net income decreased 75% to $17.3 million from $68.5 million in FY 2024 [11][60] - Q4 FY 2025 diluted earnings per share (EPS) was $0.41, a 68% decrease from $1.29 in Q4 FY 2024, and FY 2025 diluted EPS was $0.71, down 75% from $2.84 in FY 2024 [11][60] Operational Highlights - Gold ounces sold in Q4 FY 2025 decreased 23% to 346,000 ounces from 448,000 ounces in Q4 FY 2024, while silver ounces sold decreased 38% to 15.7 million ounces from 25.4 million ounces in the same period [33][43] - Direct-to-Consumer new customers in Q4 FY 2025 decreased 81% to 108,900 from 570,300 in Q4 FY 2024, while active customers increased 49% to 170,600 from 114,600 in the prior year [33][43] - The Direct-to-Consumer segment contributed 63% of consolidated gross profit in Q4 FY 2025, up from 51% in Q4 FY 2024 [45] Strategic Initiatives - The company has made progress in integrating acquisitions, including Spectrum Group International, AMS Holding, and Pinehurst Coin Exchange, which are expected to create cost-saving synergies and optimize expenses [3][4] - The acquisitions are anticipated to strengthen distribution channels and expand into higher-margin collectible and luxury segments, positioning the company for growth in the new fiscal year [5] Non-GAAP Financial Metrics - Q4 FY 2025 adjusted net income before provision for income taxes was $19.2 million, a 5% decrease from $20.1 million in Q4 FY 2024, while EBITDA was $29.2 million, down 24% from $38.4 million in the same period [11][52] - For FY 2025, adjusted net income before provision for income taxes totaled $53.1 million, a 34% decrease from $80.3 million in FY 2024, with EBITDA decreasing 40% to $64.4 million from $106.5 million [21][62]