A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2025 Results
A-Mark Precious Metals (NASDAQ: AMRK) reported its fiscal Q4 and full year 2025 results, demonstrating mixed performance. The company achieved Q4 gross profit of $81.7 million (up 90% YoY) and FY2025 gross profit of $210.9 million (up 22% YoY). Q4 revenues slightly decreased 1% to $2.51 billion, while FY2025 revenues increased 13% to $10.98 billion.
Q4 net income was $10.3 million (down 67% YoY) with diluted EPS of $0.41. The company completed integrating recent acquisitions including Spectrum Group International, AMS Holding, and Pinehurst Coin Exchange, centralizing operations at A-M Global Logistics facility to achieve cost synergies.
The Direct-to-Consumer segment showed growth with 4.2 million total customers and an average order value of $2,443 in Q4 2025.
A-Mark Precious Metals (NASDAQ: AMRK) ha comunicato i risultati del quarto trimestre fiscale e dell'intero esercizio 2025, mostrando performance contrastanti. Il margine lordo del Q4 è stato di $81,7 milioni (in aumento del 90% rispetto all'anno precedente), mentre il margine lordo per l'intero FY2025 è salito a $210,9 milioni (più 22% YoY). I ricavi del trimestre sono leggermente diminuiti dell'1%, attestandosi a $2,51 miliardi, mentre i ricavi annuali sono cresciuti del 13% arrivando a $10,98 miliardi.
Il risultato netto del Q4 è stato di $10,3 milioni (in calo del 67% su base annua) con utili diluiti per azione pari a $0,41. L'azienda ha completato l'integrazione delle più recenti acquisizioni — tra cui Spectrum Group International, AMS Holding e Pinehurst Coin Exchange — centralizzando le attività presso la struttura A-M Global Logistics per ottenere sinergie sui costi.
Il segmento Direct-to-Consumer ha registrato crescita, con 4,2 milioni di clienti complessivi e un valore medio degli ordini di $2.443 nel quarto trimestre 2025.
A-Mark Precious Metals (NASDAQ: AMRK) informó sus resultados del cuarto trimestre fiscal y del año fiscal 2025, mostrando un rendimiento mixto. El beneficio bruto del Q4 fue de $81,7 millones (un aumento del 90% interanual) y el beneficio bruto del FY2025 alcanzó $210,9 millones (un 22% más interanual). Los ingresos del trimestre disminuyeron ligeramente un 1% hasta $2,51 mil millones, mientras que los ingresos anuales aumentaron un 13% hasta $10,98 mil millones.
La utilidad neta del Q4 fue de $10,3 millones (una caída del 67% interanual) con un BPA diluido de $0,41. La compañía completó la integración de adquisiciones recientes, entre ellas Spectrum Group International, AMS Holding y Pinehurst Coin Exchange, centralizando las operaciones en la instalación A-M Global Logistics para lograr sinergias de costos.
El segmento Direct-to-Consumer mostró crecimiento, con 4,2 millones de clientes en total y un valor medio por pedido de $2.443 en el Q4 de 2025.
A-Mark Precious Metals (NASDAQ: AMRK)는 2025 회계연도 4분기 및 연간 실적을 발표했으며, 성과는 엇갈렸습니다. 4분기 매출총이익은 $81.7 million(전년 대비 90% 증가), 2025 회계연도 매출총이익은 $210.9 million(전년 대비 22% 증가)를 기록했습니다. 4분기 매출은 1% 소폭 감소한 $2.51 billion였고, 연간 매출은 13% 증가한 $10.98 billion였습니다.
4분기 순이익은 $10.3 million(전년 대비 67% 감소)이며 희석 주당순이익은 $0.41였습니다. 회사는 Spectrum Group International, AMS Holding, Pinehurst Coin Exchange 등 최근 인수 건의 통합을 완료했으며 비용 시너지를 위해 A-M Global Logistics 시설에 운영을 집중화했습니다.
Direct-to-Consumer 부문은 성장세를 보였으며, 4분기 기준 총 고객 수는 420만 명, 평균 주문 금액은 $2,443였습니다.
A-Mark Precious Metals (NASDAQ: AMRK) a publié ses résultats du quatrième trimestre fiscal et de l'exercice 2025, montrant des performances mitigées. Le bénéfice brut du T4 s'est élevé à 81,7 M$ (en hausse de 90% en glissement annuel) et le bénéfice brut de l'exercice 2025 à 210,9 M$ (en hausse de 22% vs. l'année précédente). Les revenus du trimestre ont légèrement diminué de 1% pour atteindre 2,51 Md$, tandis que les revenus annuels ont augmenté de 13% à 10,98 Md$.
Le résultat net du T4 s'est établi à 10,3 M$ (en baisse de 67% en glissement annuel) avec un BPA dilué de 0,41 $. La société a finalisé l'intégration des acquisitions récentes, notamment Spectrum Group International, AMS Holding et Pinehurst Coin Exchange, en centralisant les opérations au sein des installations A-M Global Logistics pour réaliser des synergies de coûts.
Le segment Direct-to-Consumer a progressé, avec 4,2 millions de clients au total et une valeur moyenne de commande de 2 443 $ au T4 2025.
A-Mark Precious Metals (NASDAQ: AMRK) legte die Ergebnisse für das vierte Fiskalquartal und das Gesamtjahr 2025 vor und verzeichnete gemischte Entwicklungen. Der Bruttogewinn im Q4 belief sich auf $81,7 Millionen (plus 90% gegenüber dem Vorjahr), der Bruttogewinn für FY2025 lag bei $210,9 Millionen (plus 22% YoY). Die Quartalsumsätze gingen leicht um 1% auf $2,51 Milliarden zurück, während die Jahresumsätze um 13% auf $10,98 Milliarden zunahmen.
Der Nettogewinn im Q4 betrug $10,3 Millionen (Rückgang um 67% im Jahresvergleich) bei einem verwässerten Ergebnis je Aktie von $0,41. Das Unternehmen schloss die Integration jüngster Akquisitionen, darunter Spectrum Group International, AMS Holding und Pinehurst Coin Exchange, ab und zentralisiert die Abläufe in der A-M Global Logistics-Anlage, um Kostensynergien zu realisieren.
Das Direct-to-Consumer-Segment wies Wachstum auf: Im Q4 2025 gab es 4,2 Millionen Gesamtkunden bei einem durchschnittlichen Bestellwert von $2.443.
- Gross profit increased 90% YoY to $81.7 million in Q4 2025
- Gross profit margin improved to 3.25% in Q4 2025 from 1.70% in Q4 2024
- Full year 2025 revenues grew 13% to $10.98 billion
- Direct-to-Consumer total customer base expanded to 4.2 million
- Successful integration of multiple acquisitions with cost synergies being realized
- Q4 net income decreased 67% YoY to $10.3 million
- Q4 diluted EPS declined 68% YoY to $0.41
- Full year net income dropped 75% to $17.3 million
- Gold ounces sold decreased to 346,000 from 448,000 YoY in Q4
- Silver ounces sold declined to 15.7 million from 25.4 million YoY in Q4
Insights
A-Mark's Q4 shows gross profit up 90% YoY despite challenging market, but net income down 67% to $10.3M amid significant acquisition integration costs.
A-Mark Precious Metals has delivered a 90% year-over-year increase in gross profit for Q4 FY2025, reaching
The company's net income declined by 67% to
A-Mark's full-year results show revenue growth of 13% to
The company has made strategic moves by acquiring Spectrum Group International, AMS Holding, and Pinehurst Coin Exchange, which appear to be yielding synergies. The migration of Pinehurst's logistics to their A-M Global Logistics facility demonstrates operational consolidation efforts aimed at cost reduction.
Direct-to-Consumer metrics show mixed results with total customers up
The decline in gold ounces sold (
Q4 FY 2025 Gross Profit of $81.7 Million and FY 2025 Gross Profit of
Q4 FY 2025 Net Income of
Q4 FY 2025 Diluted Earnings per Share of
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 Commentary
“Our fourth quarter results underscore the resilience of our business during a challenging market, characterized by increased supply and range bound premium spreads, generating GAAP net income of
We’ve made steady progress bringing Spectrum Group International, LLC (“SGI”), AMS Holding LLC (“AMS”), and Pinehurst Coin Exchange (“Pinehurst”) under the A-Mark umbrella, managing inventory levels, and completing automation upgrades at our A-M Global Logistics (“AMGL”) facility, with centralized operations now in place.
Further, we completed the migration of Pinehurst’s logistics operations from their North Carolina location to AMGL, one example of the key cost saving synergies we expect to achieve from our recent acquisitions. As we continue to progress our integration initiatives, the scale and efficiencies we’re achieving will help to optimize expenses, create greater operating leverage and maintain costs at more optimal levels going forward.
We believe these acquisitions, combined with our growing international presence, strengthen our distribution channels and expand our reach into higher margin collectible and luxury segments. With a broader and more diversified platform, improved operational leverage, and a strong balance sheet, we enter the new fiscal year well-positioned to capture growth across multiple channels.
On a non-GAAP basis for the fourth quarter, adjusted net income before provision for income taxes was
| Three Months Ended June 30, | ||||||||||
| 2025 | 2024 | |||||||||
| (in thousands, except Earnings per Share) | ||||||||||
| Selected Key Financial Statement Metrics: | ||||||||||
| Revenues | $ | 2,512,048 | $ | 2,524,955 | ||||||
| Gross profit | $ | 81,689 | $ | 42,971 | ||||||
| Depreciation and amortization expense | $ | (8,576 | ) | $ | (2,845 | ) | ||||
| Net income attributable to the Company | $ | 10,324 | $ | 30,940 | ||||||
| Earnings per Share: | ||||||||||
| Basic | $ | 0.42 | $ | 1.35 | ||||||
| Diluted | $ | 0.41 | $ | 1.29 | ||||||
| Non-GAAP Measures(1): | ||||||||||
| Adjusted net income before provision for income taxes | $ | 19,163 | $ | 20,144 | ||||||
| EBITDA | $ | 29,153 | $ | 38,380 | ||||||
| (1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25 | ||||||||||
| A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended June 30, 2025 and 2024 follows (in thousands): | ||||||||||
| Three Months Ended June 30, | ||||||||||
| 2025 | 2024 | |||||||||
| Net income before provision for income taxes | $ | 13,020 | $ | 33,975 | ||||||
| Adjustments: | ||||||||||
| Remeasurement gain on pre-existing equity interests | (1,900 | ) | (16,669 | ) | ||||||
| Contingent consideration fair value adjustment | (10 | ) | (370 | ) | ||||||
| Acquisition costs | (523 | ) | 363 | |||||||
| Amortization of acquired intangibles | 6,658 | 2,066 | ||||||||
| Depreciation expense | 1,918 | 779 | ||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 19,163 | $ | 20,144 | ||||||
| Three Months Ended | ||||||||||
| June 30, 2025 | March 31, 2025 | |||||||||
| (in thousands, except Earnings (Loss) per Share) | ||||||||||
| Selected Key Financial Statement Metrics: | ||||||||||
| Revenues | $ | 2,512,048 | $ | 3,009,125 | ||||||
| Gross profit | $ | 81,689 | $ | 41,017 | ||||||
| Depreciation and amortization expense | $ | (8,576 | ) | $ | (4,996 | ) | ||||
| Net income (loss) attributable to the Company | $ | 10,324 | $ | (8,546 | ) | |||||
| Earnings (Loss) per Share: | ||||||||||
| Basic | $ | 0.42 | $ | (0.36 | ) | |||||
| Diluted | $ | 0.41 | $ | (0.36 | ) | |||||
| Non-GAAP Measures(1): | ||||||||||
| Adjusted net income before provision for income taxes | $ | 19,163 | $ | 5,749 | ||||||
| EBITDA | $ | 29,153 | $ | 1,286 | ||||||
| (1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25 | ||||||||||
| A reconciliation of net income (loss) before provision for income taxes to adjusted net income before provision for income taxes for the three months ended June 30, 2025 and March 31, 2025 follows (in thousands): | ||||||||||
| Three Months Ended | ||||||||||
| June 30, 2025 | March 31, 2025 | |||||||||
| Net income (loss) before provision for income taxes | $ | 13,020 | $ | (9,939 | ) | |||||
| Adjustments: | ||||||||||
| Remeasurement (gain) loss on pre-existing equity interests | (1,900 | ) | 7,043 | |||||||
| Contingent consideration fair value adjustment | (10 | ) | (1,000 | ) | ||||||
| Acquisition costs | (523 | ) | 4,649 | |||||||
| Amortization of acquired intangibles | 6,658 | 4,004 | ||||||||
| Depreciation expense | 1,918 | 992 | ||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 19,163 | $ | 5,749 | ||||||
Fiscal Fourth Quarter 2025 Financial Highlights
- Revenues for the three months ended June 30, 2025 decreased
1% to$2.51 billion from$2.52 billion for the three months ended June 30, 2024 and decreased17% from$3.00 billion for the three months ended March 31, 2025 - Gross profit for the three months ended June 30, 2025 increased
90% to$81.7 million from$43.0 million for the three months ended June 30, 2024 and increased99% from$41.0 million for the three months ended March 31, 2025 - Gross profit margin for the three months ended June 30, 2025 increased to
3.25% of revenue from1.70% of revenue for the three months ended June 30, 2024, and increased from1.36% of revenue for the three months ended March 31, 2025 - Net income (loss) attributable to the Company for the three months ended June 30, 2025 decreased
67% to$10.3 million from$30.9 million for the three months ended June 30, 2024, and increased221% from$(8.5) million for the three months ended March 31, 2025 - Diluted earnings (loss) per share totaled
$0.41 for the three months ended June 30, 2025, a68% decrease compared to$1.29 for the three months ended June 30, 2024, and increased214% from$(0.36) for the three months ended March 31, 2025 - Adjusted net income before provision for income taxes, depreciation, amortization, acquisition costs, remeasurement gains or losses, and contingent consideration fair value adjustments (“Adjusted net income before provision for income taxes” or “Adjusted net income”), a non-GAAP financial performance measure, for the three months ended June 30, 2025 decreased
5% to$19.2 million from$20.1 million for the three months ended June 30, 2024, and increased233% from$5.7 million for the three months ended March 31, 2025 - Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP liquidity measure, for the three months ended June 30, 2025 decreased
24% to$29.2 million from$38.4 million for the three months ended June 30, 2024, and increased 2,167% from$1.3 million for the three months ended March 31, 2025
| Year Ended June 30, | ||||||||||
| 2025 | 2024 | |||||||||
| (in thousands, except Earnings per Share) | ||||||||||
| Selected Key Financial Statement Metrics: | ||||||||||
| Revenues | $ | 10,978,614 | $ | 9,699,039 | ||||||
| Gross profit | $ | 210,916 | $ | 173,255 | ||||||
| Depreciation and amortization expense | $ | (22,920 | ) | $ | (11,397 | ) | ||||
| Net income attributable to the Company | $ | 17,320 | $ | 68,546 | ||||||
| Earnings per Share: | ||||||||||
| Basic | $ | 0.73 | $ | 2.97 | ||||||
| Diluted | $ | 0.71 | $ | 2.84 | ||||||
| Non-GAAP Measures(1): | ||||||||||
| Adjusted net income before provision for income taxes | $ | 53,059 | $ | 80,262 | ||||||
| EBITDA | $ | 64,445 | $ | 106,538 | ||||||
| (1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25 | ||||||||||
| A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the years ended June 30, 2025 and 2024 follows (in thousands): | ||||||||||
| Year Ended June 30, | ||||||||||
| 2025 | 2024 | |||||||||
| Net income before provision for income taxes | $ | 21,270 | $ | 82,778 | ||||||
| Adjustments: | ||||||||||
| Remeasurement loss (gain) on pre-existing equity interests | 5,143 | (16,669 | ) | |||||||
| Contingent consideration fair value adjustment | (1,140 | ) | (370 | ) | ||||||
| Acquisition costs | 4,866 | 3,126 | ||||||||
| Amortization of acquired intangibles | 18,316 | 8,594 | ||||||||
| Depreciation expense | 4,604 | 2,803 | ||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 53,059 | $ | 80,262 | ||||||
Fiscal Full Year 2025 Financial Highlights
- Revenues for the fiscal year ended June 30, 2025 increased
13% to$10.98 billion from$9.70 billion for the fiscal year ended June 30, 2024. Excluding an increase of$446.7 million of forward sales, our revenues increased$832.9 million , or15% - Gross profit for the fiscal year ended June 30, 2025 increased
22% to$210.9 million from$173.3 million for the fiscal year ended June 30, 2024 - Gross profit margin for the fiscal year ended June 30, 2025 increased to
1.92% of revenue from1.79% of revenue for the fiscal year ended June 30, 2024 - Net income attributable to the Company for the fiscal year ended June 30, 2025 decreased
75% to$17.3 million from$68.5 million for the fiscal year ended June 30, 2024 - Diluted earnings per share totaled
$0.71 for the fiscal year ended June 30, 2025, a75% decrease compared to$2.84 for the fiscal year ended June 30, 2024 - Adjusted net income for the fiscal year ended June 30, 2025 decreased
34% to$53.1 million from$80.3 million for the fiscal year ended June 30, 2024 - EBITDA for the fiscal year ended June 30, 2025 decreased
40% to$64.4 million from$106.5 million for the fiscal year ended June 30, 2024
| Three Months Ended June 30, | ||||||||||
| 2025 | 2024 | |||||||||
| Selected Operating and Financial Metrics: | ||||||||||
| Gold ounces sold(1) | 346,000 | 448,000 | ||||||||
| Silver ounces sold(2) | 15,664,000 | 25,421,000 | ||||||||
| Number of secured loans at period end(3) | 445 | 588 | ||||||||
| Secured loans receivable at period end | $ | 94,037,000 | $ | 113,067,000 | ||||||
| Direct-to-Consumer ("DTC") number of new customers(4) | 108,900 | 570,300 | ||||||||
| Direct-to-Consumer number of active customers(5) | 170,600 | 114,600 | ||||||||
| Direct-to-Consumer number of total customers(6) | 4,196,000 | 3,066,800 | ||||||||
| Direct-to-Consumer average order value ("AOV")(7) | $ | 2,443 | $ | 2,890 | ||||||
| JM Bullion ("JMB") average order value(8) | $ | 2,415 | $ | 2,639 | ||||||
| CyberMetals number of new customers(9) | 1,800 | 1,500 | ||||||||
| CyberMetals number of active customers(10) | 1,700 | 1,900 | ||||||||
| CyberMetals number of total customers(11) | 37,000 | 29,600 | ||||||||
| CyberMetals customer assets under management at period end(12) | $ | 10,700,000 | $ | 7,300,000 | ||||||
| (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | ||||||||||
| (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | ||||||||||
| (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | ||||||||||
| (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | ||||||||||
| (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | ||||||||||
| (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | ||||||||||
| Three Months Ended | ||||||||||
| June 30, 2025 | March 31, 2025 | |||||||||
| Selected Operating and Financial Metrics: | ||||||||||
| Gold ounces sold(1) | 346,000 | 432,000 | ||||||||
| Silver ounces sold(2) | 15,664,000 | 15,702,000 | ||||||||
| Number of secured loans at period end(3) | 445 | 491 | ||||||||
| Secured loans receivable at period end | $ | 94,037,000 | $ | 86,512,000 | ||||||
| Direct-to-Consumer ("DTC") number of new customers(4) | 108,900 | 899,600 | ||||||||
| Direct-to-Consumer number of active customers(5) | 170,600 | 140,700 | ||||||||
| Direct-to-Consumer number of total customers(6) | 4,196,000 | 4,087,100 | ||||||||
| Direct-to-Consumer average order value ("AOV")(7) | $ | 2,443 | $ | 3,084 | ||||||
| JM Bullion ("JMB") average order value(8) | $ | 2,415 | $ | 1,994 | ||||||
| CyberMetals number of new customers(9) | 1,800 | 2,100 | ||||||||
| CyberMetals number of active customers(10) | 1,700 | 1,700 | ||||||||
| CyberMetals number of total customers(11) | 37,000 | 35,100 | ||||||||
| CyberMetals customer assets under management at period end(12) | $ | 10,700,000 | $ | 9,700,000 | ||||||
| (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | ||||||||||
| (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | ||||||||||
| (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | ||||||||||
| (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | ||||||||||
| (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | ||||||||||
| (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | ||||||||||
Fiscal Fourth Quarter 2025 Operational Highlights
- Gold ounces sold in the three months ended June 30, 2025 decreased
23% to 346,000 ounces from 448,000 ounces for the three months ended June 30, 2024, and decreased20% from 432,000 ounces for the three months ended March 31, 2025 - Silver ounces sold in the three months ended June 30, 2025 decreased
38% to 15.7 million ounces from 25.4 million ounces for the three months ended June 30, 2024, and decreased0.2% from 15.7 million ounces for the three months ended March 31, 2025 - As of June 30, 2025, the number of secured loans decreased
24% to 445 from 588 as of June 30, 2024, and decreased9% from 491 as of March 31, 2025 - Direct-to-Consumer new customers for the three months ended June 30, 2025 decreased
81% to 108,900 from 570,300 for the three months ended June 30, 2024, and decreased88% from 899,600 for the three months ended March 31, 2025. For the three months ended June 30, 2025 and June 30, 2024, approximately30% and92% of the new customers were attributable to the acquisition of AMS and the acquisition of a controlling interest in Silver Gold Bull, Inc. (“SGB”), respectively. For the three months ended March 31, 2025, approximately84% and9% of the new customers were attributable to the acquisitions of Pinehurst and SGI, respectively - Direct-to-Consumer active customers for the three months ended June 30, 2025 increased
49% to 170,600 from 114,600 for the three months ended June 30, 2024, and increased21% from 140,700 for the three months ended March 31, 2025 - Direct-to-Consumer average order value for the three months ended June 30, 2025 decreased
$447 , or15% to$2,443 from$2,890 for the three months ended June 30, 2024, and decreased$641 , or21% from$3,084 for the three months ended March 31, 2025 - JMB’s average order value for the three months ended June 30, 2025 decreased
$224 , or8% to$2,415 from$2,639 for the three months ended June 30, 2024, and increased$421 , or21% from$1,994 for the three months ended March 31, 2025
| Year Ended June 30, | ||||||||||
| 2025 | 2024 | |||||||||
| Selected Operating and Financial Metrics: | ||||||||||
| Gold ounces sold(1) | 1,642,000 | 1,839,000 | ||||||||
| Silver ounces sold(2) | 73,643,000 | 108,096,000 | ||||||||
| Number of secured loans at period end(3) | 445 | 588 | ||||||||
| Secured loans receivable at period end | $ | 94,037,000 | $ | 113,067,000 | ||||||
| Direct-to-Consumer ("DTC") number of new customers(4) | 1,129,200 | 718,500 | ||||||||
| Direct-to-Consumer number of active customers(5) | 581,300 | 483,400 | ||||||||
| Direct-to-Consumer number of total customers(6) | 4,196,000 | 3,066,800 | ||||||||
| Direct-to-Consumer average order value ("AOV")(7) | $ | 2,866 | $ | 2,407 | ||||||
| JM Bullion ("JMB") average order value(8) | $ | 2,156 | $ | 2,223 | ||||||
| CyberMetals number of new customers(9) | 7,400 | 7,200 | ||||||||
| CyberMetals number of active customers(10) | 6,800 | 8,100 | ||||||||
| CyberMetals number of total customers(11) | 37,000 | 29,600 | ||||||||
| CyberMetals customer assets under management at period end(12) | $ | 10,700,000 | $ | 7,300,000 | ||||||
| (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | ||||||||||
| (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. Metrics from SGI and Pinehurst are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. | ||||||||||
| (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | ||||||||||
| (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | ||||||||||
| (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | ||||||||||
| (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | ||||||||||
| (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | ||||||||||
Fiscal Full Year 2025 Operational Highlights
- Gold ounces sold in the fiscal year ended June 30, 2025 decreased
11% to 1,642,000 ounces compared to 1,839,000 in the fiscal year ended June 30, 2024 - Silver ounces sold in the fiscal year ended June 30, 2025 decreased
32% to 73.6 million ounces from 108.1 million ounces in the fiscal year ended June 30, 2024 - Direct-to-Consumer new customers for the fiscal year ended June 30, 2025 increased
57% to 1,129,200 from 718,500 for the fiscal year ended June 30, 2024. Approximately79% of the new customers for the fiscal year ended June 30, 2025 were attributable to the acquisitions of SGI, Pinehurst, and AMS. Approximately73% of the new customers in fiscal year 2024 were attributable to the acquisition of a controlling interest in SGB - Direct-to-Consumer active customers for the fiscal year ended June 30, 2025 increased
20% to 581,300 from 483,400 for the fiscal year ended June 30, 2024 - Direct-to-Consumer average order value for the fiscal year ended June 30, 2025 increased
$459 , or19% to$2,866 from$2,407 for the fiscal year ended June 30, 2024 - JMB’s average order value for the fiscal year ended June 30, 2025 decreased
$67 , or3% to$2,156 from$2,223 for the fiscal year ended June 30, 2024
Fiscal Fourth Quarter 2025 Financial Summary
Revenues decreased
Gross profit increased
Selling, general, and administrative (“SG&A”) expenses increased
Depreciation and amortization expense increased
Interest income decreased
Interest expense increased
Earnings (losses) from equity method investments decreased
Net income attributable to the Company totaled
Adjusted net income before provision for income taxes for the three months ended June 30, 2025 totaled
EBITDA for the three months ended June 30, 2025 totaled
Fiscal Full Year 2025 Financial Summary
Revenues increased
Gross profit increased
Selling, general and administrative expenses increased
Depreciation and amortization expense increased
Interest income decreased
Interest expense increased
Earnings (losses) from equity method investments decreased
Net income attributable to the Company totaled
Adjusted net income before provision for income taxes for the fiscal year ended June 30, 2025 totaled
EBITDA for fiscal year 2025 totaled
Conference Call
A-Mark will hold a conference call today (September 9, 2025) to discuss these financial results. A-Mark management will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) followed by a question-and-answer period. To participate, please call the conference telephone number 10 minutes before the start time and ask for the A-Mark Precious Metals conference call.
Webcast: https://www.webcaster4.com/Webcast/Page/2867/52856
U.S. dial-in number: 1-888-506-0062
International number: 1-973-528-0011
Participant Access Code: 131566
The call will also be broadcast live and available for replay on the Investor Relations section of A-Mark’s website at ir.amark.com. If you have any difficulty connecting with the conference call or webcast, please contact A-Mark’s investor relations team at 1-949-574-3860.
A replay of the call will be available after 7:30 p.m. Eastern time through September 23, 2025.
Toll-free replay number: 1-877-481-4010
International replay number: 1-919-882-2331
Participant Access Code: 52856
About A-Mark Precious Metals
Founded in 1965, A-Mark Precious Metals, Inc. is a leading fully integrated precious metals platform that offers an array of gold, silver, platinum, palladium, and copper bullion, numismatic coins, and related products to wholesale and retail customers via a portfolio of channels. The company conducts its operations through three complementary segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The company’s global customer base spans sovereign and private mints, manufacturers and fabricators, refiners, dealers, financial institutions, industrial users, investors, collectors, e-commerce customers, and other retail customers.
A-Mark’s Wholesale Sales & Ancillary Services segment distributes and purchases precious metal products from sovereign and private mints. As a U.S. Mint-authorized purchaser of gold, silver, and platinum coins since 1986, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has longstanding distributorships with other sovereign mints, including Australia, Austria, Canada, China, Mexico, South Africa, and the United Kingdom. The company sells more than 200 different products to e-commerce retailers, coin and bullion dealers, financial institutions, brokerages, and collectors. In addition, A-Mark sells precious metal products to industrial users, including metal refiners, manufacturers, and electronic fabricators.
A-Mark’s consolidated subsidiary, Stack’s Bowers Galleries is a rare coin and currency auction house as well as a wholesale and retail dealer of numismatic and bullion products. Pinehurst Coin Exchange is a precious metals broker that services the wholesale and retail marketplace and is retailer of modern and numismatic coins on eBay.
Located in the heart of Hong Kong’s Central Financial District, A-Mark’s consolidated subsidiary, LPM Group Limited (LPM), is one of Asia’s largest precious metals dealers. LPM offers a wide selection of products to its wholesale customers, through its showroom and 24/7 online trading platform, including recently released silver coins, gold bullion, certified coins, and the latest collectible numismatic issues.
Through its A-M Global Logistics subsidiary, A-Mark provides its customers with a range of complementary services, including managed storage options for precious metals as well as receiving, handling, inventorying, processing, packaging, and shipping of precious metals and coins on a secure basis. A-Mark’s mint operations, which are conducted through its wholly owned subsidiary Silver Towne Mint, enable the company to offer customers a wide range of proprietary coin and bar offerings and, during periods of market volatility when the availability of silver bullion from sovereign mints is often product constrained, preferred product access.
A-Mark’s Direct-to-Consumer segment operates as an omni-channel retailer of precious metals, providing access to a multitude of products through its wholly owned subsidiaries, JM Bullion, Goldline, AMS, Stack’s Bowers Galleries, Pinehurst Coin Exchange, and its controlling interest in Silver Gold Bull. JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com, and Gold.com. Goldline markets precious metals directly to the investor community through various channels, including television, radio, and telephonic sales efforts. A-Mark is the majority owner of Silver Gold Bull, a leading online precious metals retailer in Canada, and also holds minority ownership interests in three additional direct-to-consumer brands.
The company operates its Secured Lending segment through its wholly owned subsidiary, Collateral Finance Corporation (CFC). Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors, and collectors.
A-Mark is headquartered in El Segundo, CA and has additional offices and facilities in the neighboring Los Angeles area as well as in Dallas, TX, Las Vegas, NV, Winchester, IN, Vienna, Austria, and Hong Kong. For more information, visit www.amark.com.
A-Mark periodically provides information for investors on its corporate website, www.amark.com, and its investor relations website, ir.amark.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and investor presentations.
Important Cautions Regarding Forward-Looking Statements
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to growth, the delivery of long-term value, expense optimization, cost containment and operating leverage. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results or circumstances to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the failure to execute the Company’s growth strategy, including the inability to identify suitable or available acquisition or investment opportunities; greater than anticipated costs incurred to execute this strategy; our inability to execute on our cost containment and expense reduction programs; government regulations that might impede growth, particularly in Asia, including with respect to tariff policy; the inability to successfully integrate recently acquired businesses; changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals markets but also has posed certain risks and uncertainties for the Company, particularly in recent periods; increased competition for the Company’s higher margin services, which could depress pricing; the failure of the Company’s business model to respond to changes in the market environment as anticipated; changes in consumer demand and preferences for precious metal products generally; potential negative effects that inflationary pressure may have on our business; the failure of our investee companies to maintain, or address the preferences of, their customer bases; general risks of doing business in the commodity markets; and the strategic, business, economic, financial, political and governmental risks and other Risk Factors described in in the Company’s public filings with the Securities and Exchange Commission.
The Company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Use and Reconciliation of Non-GAAP Measures
In addition to presenting the Company’s financial results determined in accordance with U.S. GAAP, management believes the following non-GAAP measures are useful in evaluating the Company’s operating performance: “adjusted net income before provision for income taxes” and “earnings before interest, taxes, depreciation and amortization” (“EBITDA”). Management believes the “adjusted net income before provision for income taxes” non-GAAP financial performance measure assists investors and analysts by facilitating comparison of period-to-period operational performance on a consistent basis by excluding items that management does not believe are indicative of the Company’s core operating performance. The items excluded from this financial measure may have a material impact on the Company’s financial results. Certain of those items are non-recurring, while others are non-cash in nature. Management believes the EBITDA non-GAAP liquidity measure assists investors and analysts by facilitating comparison of our business operations before investing activities, interest, and income taxes with other publicly traded companies. Non-GAAP measures do not have standardized definitions and should be considered in addition to, and not as a substitute for or superior to, the comparable measures prepared in accordance with U.S. GAAP, and should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K to be filed with the SEC. Management encourages investors and others to review the Company’s financial information in its entirety and not to rely on any single financial or liquidity measure.
In the Company’s reconciliation from its reported U.S. GAAP “net income before provision for income taxes” to its non-GAAP “adjusted net income before provision for income taxes”, the Company eliminates the impact of the following five amounts: acquisition costs; amortization expenses related to intangible assets acquired; depreciation expense; remeasurement gains or losses related to pre-existing equity interests; and contingent consideration fair value adjustments. The Company’s reconciliations from its reported U.S. GAAP “net income before provision for income taxes” to its non-GAAP “adjusted net income before provision for income taxes”, and “net income” and “net cash provided by (used in) operating activities” to its non-GAAP “EBITDA” are provided below and are also included in the Company’s Annual Report on Form 10-K to be filed with the SEC for the fiscal year ended June 30, 2025.
Company Contact:
Steve Reiner, Executive Vice President, Capital Markets & Investor Relations
A-Mark Precious Metals, Inc.
1-310-587-1410
sreiner@amark.com
Investor Relations Contact:
Matt Glover or Greg Bradbury
Gateway Group, Inc.
1-949-574-3860
AMRK@gateway-grp.com
| A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except for share data) | ||||||||
| June 30, 2025 | June 30, 2024 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 77,741 | $ | 48,636 | ||||
| Receivables, net | 137,723 | 36,596 | ||||||
| Derivative assets | 134,515 | 114,720 | ||||||
| Secured loans receivable | 94,037 | 113,067 | ||||||
| Precious metals held under financing arrangements | — | 22,066 | ||||||
| Inventories: | ||||||||
| Inventories | 794,812 | 579,400 | ||||||
| Restricted inventories | 484,733 | 517,744 | ||||||
| 1,279,545 | 1,097,144 | |||||||
| Income tax receivable | 4,575 | 1,562 | ||||||
| Prepaid expenses and other assets | 15,359 | 8,412 | ||||||
| Total current assets | 1,743,495 | 1,442,203 | ||||||
| Operating lease right of use assets | 22,843 | 9,543 | ||||||
| Property, plant, and equipment, net | 45,509 | 20,263 | ||||||
| Goodwill | 228,650 | 199,937 | ||||||
| Intangibles, net | 137,314 | 101,663 | ||||||
| Long-term investments | 33,015 | 50,458 | ||||||
| Other long-term assets | 4,605 | 3,753 | ||||||
| Total assets | $ | 2,215,431 | $ | 1,827,820 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Liabilities on borrowed metals | $ | 46,051 | $ | 31,993 | ||||
| Product financing arrangements | 484,733 | 517,744 | ||||||
| Accounts payable and other payables | 22,248 | 18,831 | ||||||
| Deferred revenue and other advances | 426,904 | 263,286 | ||||||
| Derivative liabilities | 96,177 | 26,751 | ||||||
| Accrued liabilities | 34,021 | 16,798 | ||||||
| Notes payable | 3,994 | 8,367 | ||||||
| Total current liabilities | 1,114,128 | 883,770 | ||||||
| Lines of credit | 345,000 | 245,000 | ||||||
| Notes payable | 3,349 | 3,994 | ||||||
| Deferred tax liabilities | 18,335 | 22,187 | ||||||
| Other liabilities | 31,948 | 11,013 | ||||||
| Total liabilities | 1,512,760 | 1,165,964 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, par value | 247 | 240 | ||||||
| Treasury stock, 0 and 1,012,036 shares at cost as of June 30, 2025 and June 30, 2024, respectively | — | (28,277 | ) | |||||
| Additional paid-in capital | 184,998 | 168,771 | ||||||
| Accumulated other comprehensive income | 212 | 61 | ||||||
| Retained earnings | 464,059 | 466,838 | ||||||
| Total A-Mark Precious Metals, Inc. stockholders’ equity | 649,516 | 607,633 | ||||||
| Noncontrolling interests | 53,155 | 54,223 | ||||||
| Total stockholders’ equity | 702,671 | 661,856 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,215,431 | $ | 1,827,820 | ||||
| A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share and per share data; unaudited) | ||||||||||||
| Year Ended June 30, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Revenues | $ | 10,978,614 | $ | 9,699,039 | $ | 9,286,561 | ||||||
| Cost of sales | 10,767,698 | 9,525,784 | 8,991,892 | |||||||||
| Gross profit | 210,916 | 173,255 | 294,669 | |||||||||
| Selling, general, and administrative expenses | (139,193 | ) | (89,800 | ) | (85,282 | ) | ||||||
| Depreciation and amortization expense | (22,920 | ) | (11,397 | ) | (12,525 | ) | ||||||
| Interest income | 25,948 | 27,168 | 22,231 | |||||||||
| Interest expense | (46,203 | ) | (39,531 | ) | (31,528 | ) | ||||||
| Earnings (losses) from equity method investments | (2,825 | ) | 4,044 | 12,576 | ||||||||
| Other income, net | 2,031 | 2,071 | 2,663 | |||||||||
| Remeasurement (loss) gain on pre-existing equity interests | (5,143 | ) | 16,669 | — | ||||||||
| Unrealized (losses) gains on foreign exchange | (1,341 | ) | 299 | 366 | ||||||||
| Net income before provision for income taxes | 21,270 | 82,778 | 203,170 | |||||||||
| Income tax expense | (5,426 | ) | (13,745 | ) | (46,401 | ) | ||||||
| Net income | 15,844 | 69,033 | 156,769 | |||||||||
| Net (loss) income attributable to noncontrolling interests | (1,476 | ) | 487 | 409 | ||||||||
| Net income attributable to the Company | $ | 17,320 | $ | 68,546 | $ | 156,360 | ||||||
| Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: | ||||||||||||
| Basic | $ | 0.73 | $ | 2.97 | $ | 6.68 | ||||||
| Diluted | $ | 0.71 | $ | 2.84 | $ | 6.34 | ||||||
| Weighted-average shares outstanding: | ||||||||||||
| Basic | 23,625,900 | 23,091,700 | 23,400,300 | |||||||||
| Diluted | 24,441,500 | 24,120,800 | 24,648,600 | |||||||||
| A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited) | ||||||||||||||
| Year Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net income | $ | 15,844 | $ | 69,033 | $ | 156,769 | ||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||
| Depreciation and amortization | 22,920 | 11,397 | 12,525 | |||||||||||
| Amortization of loan cost | 4,092 | 2,447 | 2,113 | |||||||||||
| Deferred income taxes | (3,918 | ) | (2,690 | ) | 1,585 | |||||||||
| Share-based compensation | 1,594 | 1,923 | 2,176 | |||||||||||
| Remeasurement loss (gain) on pre-existing equity interests | 5,143 | (16,669 | ) | — | ||||||||||
| Losses (earnings) from equity method investments | 2,825 | (4,044 | ) | (12,576 | ) | |||||||||
| Other | (42 | ) | 476 | 823 | ||||||||||
| Changes in assets and liabilities: | ||||||||||||||
| Receivables, net | (57,604 | ) | 16,754 | 61,797 | ||||||||||
| Secured loans receivable | — | — | 1,012 | |||||||||||
| Secured loans made to affiliates | 16 | 56 | — | |||||||||||
| Derivative assets | (18,992 | ) | (36,243 | ) | 13,862 | |||||||||
| Income tax receivable | (606 | ) | — | — | ||||||||||
| Precious metals held under financing arrangements | — | 3,464 | 54,236 | |||||||||||
| Inventories | (22,072 | ) | (52,758 | ) | (240,625 | ) | ||||||||
| Prepaid expenses and other assets | (3,386 | ) | (1,168 | ) | (3,336 | ) | ||||||||
| Accounts payable and other payables | (17,354 | ) | (16,285 | ) | 19,338 | |||||||||
| Deferred revenue and other advances | 150,156 | 65,180 | 5,818 | |||||||||||
| Derivative liabilities | 69,109 | 18,265 | (67,704 | ) | ||||||||||
| Liabilities on borrowed metals | 14,058 | 9,878 | (37,775 | ) | ||||||||||
| Accrued liabilities | (9,436 | ) | (7,097 | ) | (937 | ) | ||||||||
| Income tax payable | — | (985 | ) | 576 | ||||||||||
| Net cash provided by (used in) operating activities | 152,347 | 60,934 | (30,323 | ) | ||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Capital expenditures for property, plant, and equipment | (10,678 | ) | (7,256 | ) | (4,783 | ) | ||||||||
| Acquisition of businesses, net of cash acquired | (114,609 | ) | (31,871 | ) | — | |||||||||
| Purchase of long-term investments | — | (2,113 | ) | (7,950 | ) | |||||||||
| Purchase of intangible assets | — | (8,515 | ) | (5,000 | ) | |||||||||
| Secured loans receivable, net | 19,035 | (12,489 | ) | 24,599 | ||||||||||
| Purchase of marketable securities | (2,549 | ) | — | — | ||||||||||
| Proceeds from sale of marketable securities | 4,213 | — | — | |||||||||||
| Other | (77 | ) | (1,353 | ) | (27 | ) | ||||||||
| Net cash (used in) provided by investing activities | (104,665 | ) | (63,597 | ) | 6,839 | |||||||||
| Cash flows from financing activities: | ||||||||||||||
| Product financing arrangements, net | (85,031 | ) | 157,541 | 53,160 | ||||||||||
| Dividends paid | (18,804 | ) | (41,845 | ) | (37,468 | ) | ||||||||
| Noncontrolling interest contributions (distributions) | — | 2,051 | (1,001 | ) | ||||||||||
| Borrowings under lines of credit | 1,960,000 | 1,893,000 | 2,026,000 | |||||||||||
| Repayments under lines of credit | (1,860,000 | ) | (1,883,000 | ) | (2,006,000 | ) | ||||||||
| Repayment of notes | (197 | ) | (95,000 | ) | — | |||||||||
| Proceeds from notes payable to related party | — | 3,448 | 3,500 | |||||||||||
| Repayments on notes payable to related party | (8,367 | ) | — | (2,955 | ) | |||||||||
| Repurchases of common stock | (901 | ) | (22,307 | ) | (9,762 | ) | ||||||||
| Repurchases of common stock from a related party | (4,219 | ) | — | — | ||||||||||
| Debt funding issuance costs | (4,186 | ) | (3,323 | ) | (485 | ) | ||||||||
| Proceeds from the exercise of share-based awards | 3,305 | 1,962 | 1,884 | |||||||||||
| Payments for tax withholding related to net settlement of share-based awards | (177 | ) | (546 | ) | (1,854 | ) | ||||||||
| Net cash (used in) provided by financing activities | (18,577 | ) | 11,981 | 25,019 | ||||||||||
| Net increase in cash | 29,105 | 9,318 | 1,535 | |||||||||||
| Cash, beginning of period | 48,636 | 39,318 | 37,783 | |||||||||||
| Cash, end of period | $ | 77,741 | $ | 48,636 | $ | 39,318 | ||||||||
Overview of Results of Operations for the Three Months Ended June 30, 2025 and 2024
Consolidated Results of Operations
The operating results for the three months ended June 30, 2025 and 2024 were as follows (in thousands, except per share data):
| Three Months Ended June 30, | 2025 | 2024 | Change | |||||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % | |||||||||||||||||||||
| Revenues | $ | 2,512,048 | 100.000 | % | $ | 2,524,955 | 100.000 | % | $ | (12,907 | ) | (0.5 | %) | |||||||||||||
| Gross profit | 81,689 | 3.252 | % | 42,971 | 1.702 | % | $ | 38,718 | 90.1 | % | ||||||||||||||||
| Selling, general, and administrative expenses | (53,418 | ) | (2.126 | %) | (22,705 | ) | (0.899 | %) | $ | 30,713 | 135.3 | % | ||||||||||||||
| Depreciation and amortization expense | (8,576 | ) | (0.341 | %) | (2,845 | ) | (0.113 | %) | $ | 5,731 | 201.4 | % | ||||||||||||||
| Interest income | 5,345 | 0.213 | % | 8,073 | 0.320 | % | $ | (2,728 | ) | (33.8 | %) | |||||||||||||||
| Interest expense | (12,902 | ) | (0.514 | %) | (9,633 | ) | (0.382 | %) | $ | 3,269 | 33.9 | % | ||||||||||||||
| Earnings (losses) from equity method investments | (771 | ) | (0.031 | %) | 764 | 0.030 | % | $ | (1,535 | ) | (200.9 | %) | ||||||||||||||
| Other income, net | 199 | 0.008 | % | 466 | 0.018 | % | $ | (267 | ) | (57.3 | %) | |||||||||||||||
| Remeasurement gain on pre-existing equity interests | 1,900 | 0.076 | % | 16,669 | 0.660 | % | $ | (14,769 | ) | (88.6 | %) | |||||||||||||||
| Unrealized (losses) gains on foreign exchange | (446 | ) | (0.018 | %) | 215 | 0.009 | % | $ | (661 | ) | (307.4 | %) | ||||||||||||||
| Net income before provision for income taxes | 13,020 | 0.518 | % | 33,975 | 1.346 | % | $ | (20,955 | ) | (61.7 | %) | |||||||||||||||
| Income tax expense | (2,860 | ) | (0.114 | %) | (3,040 | ) | (0.120 | %) | $ | (180 | ) | (5.9 | %) | |||||||||||||
| Net income | 10,160 | 0.404 | % | 30,935 | 1.225 | % | $ | (20,775 | ) | (67.2 | %) | |||||||||||||||
| Net loss attributable to noncontrolling interests | (164 | ) | (0.007 | %) | (5 | ) | (0.000 | %) | $ | 159 | 3,180.0 | % | ||||||||||||||
| Net income attributable to the Company | $ | 10,324 | 0.411 | % | $ | 30,940 | 1.225 | % | $ | (20,616 | ) | (66.6 | %) | |||||||||||||
| Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: | ||||||||||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||||
| Basic | $ | 0.42 | $ | 1.35 | $ | (0.93 | ) | (68.9 | %) | |||||||||||||||||
| Diluted | $ | 0.41 | $ | 1.29 | $ | (0.88 | ) | (68.2 | %) | |||||||||||||||||
Overview of Results of Operations for the Three Months Ended June 30, 2025 and March 31, 2025
Consolidated Results of Operations
The operating results for the three months ended June 30, 2025 and March 31, 2025 were as follows (in thousands, except per share data):
| Three Months Ended | June 30, 2025 | March 31, 2025 | Change | |||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % | |||||||||||||||||||
| Revenues | $ | 2,512,048 | 100.000 | % | $ | 3,009,125 | 100.000 | % | $ | (497,077 | ) | (16.5 | %) | |||||||||||
| Gross profit | 81,689 | 3.252 | % | 41,017 | 1.363 | % | $ | 40,672 | 99.2 | % | ||||||||||||||
| Selling, general, and administrative expenses | (53,418 | ) | (2.126 | %) | (33,404 | ) | (1.110 | %) | $ | 20,014 | 59.9 | % | ||||||||||||
| Depreciation and amortization expense | (8,576 | ) | (0.341 | %) | (4,996 | ) | (0.166 | %) | $ | 3,580 | 71.7 | % | ||||||||||||
| Interest income | 5,345 | 0.213 | % | 6,722 | 0.223 | % | $ | (1,377 | ) | (20.5 | %) | |||||||||||||
| Interest expense | (12,902 | ) | (0.514 | %) | (12,951 | ) | (0.430 | %) | $ | (49 | ) | (0.4 | %) | |||||||||||
| Losses from equity method investments | (771 | ) | (0.031 | %) | (222 | ) | (0.007 | %) | $ | 549 | 247.3 | % | ||||||||||||
| Other income, net | 199 | 0.008 | % | 1,171 | 0.039 | % | $ | (972 | ) | (83.0 | %) | |||||||||||||
| Remeasurement gain (loss) on pre-existing equity interests | 1,900 | 0.076 | % | (7,043 | ) | (0.234 | %) | $ | 8,943 | 127.0 | % | |||||||||||||
| Unrealized losses on foreign exchange | (446 | ) | (0.018 | %) | (233 | ) | (0.008 | %) | $ | 213 | 91.4 | % | ||||||||||||
| Net income (loss) before provision for income taxes | 13,020 | 0.518 | % | (9,939 | ) | (0.330 | %) | $ | 22,959 | 231.0 | % | |||||||||||||
| Income tax (expense) benefit | (2,860 | ) | (0.114 | %) | 1,231 | 0.041 | % | $ | (4,091 | ) | (332.3 | %) | ||||||||||||
| Net income (loss) | 10,160 | 0.404 | % | (8,708 | ) | (0.289 | %) | $ | 18,868 | 216.7 | % | |||||||||||||
| Net loss attributable to noncontrolling interests | (164 | ) | (0.007 | %) | (162 | ) | (0.005 | %) | $ | 2 | 1.2 | % | ||||||||||||
| Net income (loss) attributable to the Company | $ | 10,324 | 0.411 | % | $ | (8,546 | ) | (0.284 | %) | $ | 18,870 | 220.8 | % | |||||||||||
| Basic and diluted net income (loss) per share attributable to A-Mark Precious Metals, Inc.: | ||||||||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||
| Basic | $ | 0.42 | $ | (0.36 | ) | $ | 0.78 | 216.7 | % | |||||||||||||||
| Diluted | $ | 0.41 | $ | (0.36 | ) | $ | 0.77 | 213.9 | % | |||||||||||||||
Overview of Results of Operations for the Fiscal Years Ended June 30, 2025 and 2024
Consolidated Results of Operations
The operating results for the fiscal years ended June 30, 2025 and 2024 were as follows (in thousands, except per share data):
| Year Ended June 30, | 2025 | 2024 | Change | |||||||||||||||||||||||
| $ | % of revenue | $ | % of revenue | $ | % | |||||||||||||||||||||
| Revenues | $ | 10,978,614 | 100.000 | % | $ | 9,699,039 | 100.000 | % | $ | 1,279,575 | 13.2 | % | ||||||||||||||
| Gross profit | 210,916 | 1.921 | % | 173,255 | 1.786 | % | $ | 37,661 | 21.7 | % | ||||||||||||||||
| Selling, general, and administrative expenses | (139,193 | ) | (1.268 | %) | (89,800 | ) | (0.926 | %) | $ | 49,393 | 55.0 | % | ||||||||||||||
| Depreciation and amortization expense | (22,920 | ) | (0.209 | %) | (11,397 | ) | (0.118 | %) | $ | 11,523 | 101.1 | % | ||||||||||||||
| Interest income | 25,948 | 0.236 | % | 27,168 | 0.280 | % | $ | (1,220 | ) | (4.5 | %) | |||||||||||||||
| Interest expense | (46,203 | ) | (0.421 | %) | (39,531 | ) | (0.408 | %) | $ | 6,672 | 16.9 | % | ||||||||||||||
| (Losses) earnings from equity method investments | (2,825 | ) | (0.026 | %) | 4,044 | 0.042 | % | $ | (6,869 | ) | (169.9 | %) | ||||||||||||||
| Other income, net | 2,031 | 0.018 | % | 2,071 | 0.021 | % | $ | (40 | ) | (1.9 | %) | |||||||||||||||
| Remeasurement (loss) gain on pre-existing equity interests | (5,143 | ) | (0.047 | %) | 16,669 | 0.172 | % | $ | (21,812 | ) | (130.9 | %) | ||||||||||||||
| Unrealized (losses) gains on foreign exchange | (1,341 | ) | (0.012 | %) | 299 | 0.003 | % | $ | (1,640 | ) | (548.5 | %) | ||||||||||||||
| Net income before provision for income taxes | 21,270 | 0.194 | % | 82,778 | 0.853 | % | $ | (61,508 | ) | (74.3 | %) | |||||||||||||||
| Income tax expense | (5,426 | ) | (0.049 | %) | (13,745 | ) | (0.142 | %) | $ | (8,319 | ) | (60.5 | %) | |||||||||||||
| Net income | 15,844 | 0.144 | % | 69,033 | 0.712 | % | $ | (53,189 | ) | (77.0 | %) | |||||||||||||||
| Net (loss) income attributable to noncontrolling interests | (1,476 | ) | (0.013 | %) | 487 | 0.005 | % | $ | (1,963 | ) | (403.1 | %) | ||||||||||||||
| Net income attributable to the Company | $ | 17,320 | 0.158 | % | $ | 68,546 | 0.707 | % | $ | (51,226 | ) | (74.7 | %) | |||||||||||||
| Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.: | ||||||||||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||||
| Basic | $ | 0.73 | $ | 2.97 | $ | (2.24 | ) | (75.4 | %) | |||||||||||||||||
| Diluted | $ | 0.71 | $ | 2.84 | $ | (2.13 | ) | (75.0 | %) | |||||||||||||||||
Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended June 30, 2025 and 2024
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended June 30, 2025 and 2024 follows (in thousands):
| Three Months Ended June 30, | 2025 | 2024 | Change | ||||||||||||||
| $ | $ | $ | % | ||||||||||||||
| Net income before provision for income taxes | $ | 13,020 | $ | 33,975 | $ | (20,955 | ) | (61.7 | %) | ||||||||
| Adjustments: | |||||||||||||||||
| Remeasurement gain on pre-existing equity interests | (1,900 | ) | (16,669 | ) | $ | (14,769 | ) | (88.6 | %) | ||||||||
| Contingent consideration fair value adjustment | (10 | ) | (370 | ) | $ | (360 | ) | (97.3 | %) | ||||||||
| Acquisition costs | (523 | ) | 363 | $ | (886 | ) | (244.1 | %) | |||||||||
| Amortization of acquired intangibles | 6,658 | 2,066 | $ | 4,592 | 222.3 | % | |||||||||||
| Depreciation expense | 1,918 | 779 | $ | 1,139 | 146.2 | % | |||||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 19,163 | $ | 20,144 | $ | (981 | ) | (4.9 | %) | ||||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended June 30, 2025 and 2024 follows (in thousands):
| Three Months Ended June 30, | 2025 | 2024 | Change | |||||||||||||
| $ | $ | $ | % | |||||||||||||
| Net income | $ | 10,160 | $ | 30,935 | $ | (20,775 | ) | (67.2 | %) | |||||||
| Adjustments: | ||||||||||||||||
| Interest income | (5,345 | ) | (8,073 | ) | $ | (2,728 | ) | (33.8 | %) | |||||||
| Interest expense | 12,902 | 9,633 | $ | 3,269 | 33.9 | % | ||||||||||
| Amortization of acquired intangibles | 6,658 | 2,066 | $ | 4,592 | 222.3 | % | ||||||||||
| Depreciation expense | 1,918 | 779 | $ | 1,139 | 146.2 | % | ||||||||||
| Income tax expense | 2,860 | 3,040 | $ | (180 | ) | (5.9 | %) | |||||||||
| 18,993 | 7,445 | $ | 11,548 | 155.1 | % | |||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 29,153 | $ | 38,380 | $ | (9,227 | ) | (24.0 | %) | |||||||
| Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||
| Net cash provided by operating activities | $ | 66,966 | $ | 82,850 | $ | (15,884 | ) | (19.2 | %) | |||||||
| Changes in operating working capital | (49,665 | ) | (68,064 | ) | $ | (18,399 | ) | (27.0 | %) | |||||||
| Interest expense | 12,902 | 9,633 | $ | 3,269 | 33.9 | % | ||||||||||
| Interest income | (5,345 | ) | (8,073 | ) | $ | (2,728 | ) | (33.8 | %) | |||||||
| Income tax expense | 2,860 | 3,040 | $ | (180 | ) | (5.9 | %) | |||||||||
| Earnings (losses) from equity method investments | (771 | ) | 764 | $ | (1,535 | ) | (200.9 | %) | ||||||||
| Remeasurement gain on pre-existing equity interests | 1,900 | 16,669 | $ | (14,769 | ) | (88.6 | %) | |||||||||
| Share-based compensation | (618 | ) | (321 | ) | $ | 297 | 92.5 | % | ||||||||
| Deferred income taxes | 2,276 | 2,690 | $ | (414 | ) | (15.4 | %) | |||||||||
| Amortization of loan cost | (1,246 | ) | (619 | ) | $ | 627 | 101.3 | % | ||||||||
| Other | (106 | ) | (189 | ) | $ | (83 | ) | (43.9 | %) | |||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 29,153 | $ | 38,380 | $ | (9,227 | ) | (24.0 | %) | |||||||
Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended June 30, 2025 and March 31, 2025
A reconciliation of net income (loss) before provision for income taxes to adjusted net income before provision for income taxes for the three months ended June 30, 2024 and March 31, 2025 follows (in thousands):
| Three Months Ended | June 30, 2025 | March 31, 2025 | Change | ||||||||||||||
| $ | $ | $ | % | ||||||||||||||
| Net income (loss) before provision for income taxes | $ | 13,020 | (9,939 | ) | $ | 22,959 | 231.0 | % | |||||||||
| Adjustments: | |||||||||||||||||
| Remeasurement (gain) loss on pre-existing equity interests | (1,900 | ) | 7,043 | $ | (8,943 | ) | (127.0 | %) | |||||||||
| Contingent consideration fair value adjustment | (10 | ) | (1,000 | ) | $ | (990 | ) | (99.0 | %) | ||||||||
| Acquisition costs | (523 | ) | 4,649 | $ | (5,172 | ) | (111.2 | %) | |||||||||
| Amortization of acquired intangibles | 6,658 | 4,004 | $ | 2,654 | 66.3 | % | |||||||||||
| Depreciation expense | 1,918 | 992 | $ | 926 | 93.3 | % | |||||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 19,163 | $ | 5,749 | $ | 13,414 | 233.3 | % | |||||||||
A reconciliation of net income (loss) to EBITDA, and operating cash flows to EBITDA for the three months ended June 30, 2025 and March 31, 2025 follows (in thousands):
| Three Months Ended | June 30, 2025 | March 31, 2025 | Change | ||||||||||||||
| $ | $ | $ | % | ||||||||||||||
| Net income (loss) | $ | 10,160 | $ | (8,708 | ) | $ | 18,868 | 216.7 | % | ||||||||
| Adjustments: | |||||||||||||||||
| Interest income | (5,345 | ) | (6,722 | ) | $ | (1,377 | ) | (20.5 | %) | ||||||||
| Interest expense | 12,902 | 12,951 | $ | (49 | ) | (0.4 | %) | ||||||||||
| Amortization of acquired intangibles | 6,658 | 4,004 | $ | 2,654 | 66.3 | % | |||||||||||
| Depreciation expense | 1,918 | 992 | $ | 926 | 93.3 | % | |||||||||||
| Income tax expense (benefit) | 2,860 | (1,231 | ) | $ | 4,091 | 332.3 | % | ||||||||||
| 18,993 | 9,994 | $ | 8,999 | 90.0 | % | ||||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 29,153 | $ | 1,286 | $ | 27,867 | 2,167.0 | % | |||||||||
| Reconciliation of Operating Cash Flows to EBITDA: | |||||||||||||||||
| Net cash provided by operating activities | $ | 66,966 | $ | 102,839 | $ | (35,873 | ) | (34.9 | %) | ||||||||
| Changes in operating working capital | (49,665 | ) | (99,355 | ) | $ | (49,690 | ) | (50.0 | %) | ||||||||
| Interest expense | 12,902 | 12,951 | $ | (49 | ) | (0.4 | %) | ||||||||||
| Interest income | (5,345 | ) | (6,722 | ) | $ | (1,377 | ) | (20.5 | %) | ||||||||
| Income tax benefit (expense) | 2,860 | (1,231 | ) | $ | 4,091 | 332.3 | % | ||||||||||
| Losses from equity method investments | (771 | ) | (222 | ) | $ | 549 | 247.3 | % | |||||||||
| Remeasurement gain (loss) on pre-existing equity interests | 1,900 | (7,043 | ) | $ | 8,943 | 127.0 | % | ||||||||||
| Share-based compensation | (618 | ) | (349 | ) | $ | 269 | 77.1 | % | |||||||||
| Deferred income taxes | 2,276 | 1,642 | $ | 634 | 38.6 | % | |||||||||||
| Amortization of loan cost | (1,246 | ) | (1,166 | ) | $ | 80 | 6.9 | % | |||||||||
| Other | (106 | ) | (58 | ) | $ | 48 | 82.8 | % | |||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 29,153 | $ | 1,286 | $ | 27,867 | 2,167.0 | % | |||||||||
Reconciliation of U.S. GAAP to Non-GAAP Measures for the Fiscal Years Ended June 30, 2025 and 2024
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the fiscal years ended June 30, 2025 and 2024 follows (in thousands):
| Year Ended June 30, | 2025 | 2024 | Change | ||||||||||||||
| $ | $ | $ | % | ||||||||||||||
| Net income before provision for income taxes | $ | 21,270 | $ | 82,778 | $ | (61,508 | ) | (74.3 | %) | ||||||||
| Adjustments: | |||||||||||||||||
| Remeasurement loss (gain) on pre-existing equity interests | 5,143 | (16,669 | ) | $ | 21,812 | 130.9 | % | ||||||||||
| Contingent consideration fair value adjustment | (1,140 | ) | (370 | ) | $ | 770 | 208.1 | % | |||||||||
| Acquisition costs | 4,866 | 3,126 | $ | 1,740 | 55.7 | % | |||||||||||
| Amortization of acquired intangibles | 18,316 | 8,594 | $ | 9,722 | 113.1 | % | |||||||||||
| Depreciation expense | 4,604 | 2,803 | $ | 1,801 | 64.3 | % | |||||||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 53,059 | $ | 80,262 | $ | (27,203 | ) | (33.9 | %) | ||||||||
A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the fiscal years ended June 30, 2025 and 2024 follows (in thousands):
| Year Ended June 30, | 2025 | 2024 | Change | |||||||||||||||
| $ | $ | $ | % | |||||||||||||||
| Net income | $ | 15,844 | $ | 69,033 | $ | (53,189 | ) | (77.0 | %) | |||||||||
| Adjustments: | ||||||||||||||||||
| Interest income | (25,948 | ) | (27,168 | ) | $ | (1,220 | ) | (4.5 | %) | |||||||||
| Interest expense | 46,203 | 39,531 | $ | 6,672 | 16.9 | % | ||||||||||||
| Amortization of acquired intangibles | 18,316 | 8,594 | $ | 9,722 | 113.1 | % | ||||||||||||
| Depreciation expense | 4,604 | 2,803 | $ | 1,801 | 64.3 | % | ||||||||||||
| Income tax expense | 5,426 | 13,745 | $ | (8,319 | ) | (60.5 | %) | |||||||||||
| 48,601 | 37,505 | $ | 11,096 | 29.6 | % | |||||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 64,445 | $ | 106,538 | $ | (42,093 | ) | (39.5 | %) | |||||||||
| Reconciliation of Operating Cash Flows to EBITDA: | ||||||||||||||||||
| Net cash provided by operating activities | $ | 152,347 | $ | 60,934 | $ | 91,413 | 150.0 | % | ||||||||||
| Changes in operating working capital | (103,889 | ) | 939 | $ | (104,828 | ) | (11,163.8 | %) | ||||||||||
| Interest expense | 46,203 | 39,531 | $ | 6,672 | 16.9 | % | ||||||||||||
| Interest income | (25,948 | ) | (27,168 | ) | $ | (1,220 | ) | (4.5 | %) | |||||||||
| Income tax expense | 5,426 | 13,745 | $ | (8,319 | ) | (60.5 | %) | |||||||||||
| Earnings (losses) from equity method investments | (2,825 | ) | 4,044 | $ | (6,869 | ) | (169.9 | %) | ||||||||||
| Remeasurement (loss) gain on pre-existing equity interests | (5,143 | ) | 16,669 | $ | (21,812 | ) | (130.9 | %) | ||||||||||
| Share-based compensation | (1,594 | ) | (1,923 | ) | $ | (329 | ) | (17.1 | %) | |||||||||
| Deferred income taxes | 3,918 | 2,690 | $ | 1,228 | 45.7 | % | ||||||||||||
| Amortization of loan cost | (4,092 | ) | (2,447 | ) | $ | 1,645 | 67.2 | % | ||||||||||
| Other | 42 | (476 | ) | $ | 518 | 108.8 | % | |||||||||||
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | $ | 64,445 | $ | 106,538 | $ | (42,093 | ) | (39.5 | %) | |||||||||
FAQ
What were A-Mark Precious Metals (AMRK) earnings for Q4 2025?
How much revenue did AMRK generate in fiscal year 2025?
What was A-Mark's gross profit margin in Q4 2025?
How many customers does A-Mark's Direct-to-Consumer segment have?
What recent acquisitions has A-Mark completed?
