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A-Mark Precious Metals Reports Fiscal First Quarter 2025 Results

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A-Mark Precious Metals (NASDAQ: AMRK) reported fiscal Q1 2025 results with diluted earnings per share of $0.37, down from $0.77 year-over-year. Revenue increased 9% to $2.72 billion, while gross profit decreased 12% to $43.4 million. The company extended its $422.5 million credit facility to September 2026 and reaffirmed its quarterly dividend of $0.20 per share. Net income decreased 52% to $9.0 million, impacted by slower market conditions and elevated precious metals prices. Silver Towne Mint acquired Regency Mint Manufacturing assets, expanding minting capacity and customer base.

A-Mark Precious Metals (NASDAQ: AMRK) ha riportato i risultati del primo trimestre fiscale 2025 con utili per azione diluiti di 0,37 dollari, in calo rispetto a 0,77 dollari dell'anno precedente. I ricavi sono aumentati del 9% raggiungendo 2,72 miliardi di dollari, mentre il profitto lordo è diminuito del 12% a 43,4 milioni di dollari. L'azienda ha esteso il suo prestito di 422,5 milioni di dollari fino a settembre 2026 e ha confermato il suo dividendo trimestrale di 0,20 dollari per azione. L'utile netto è diminuito del 52%, attestandosi a 9,0 milioni di dollari, influenzato dalle condizioni di mercato più lente e dai prezzi elevati dei metalli preziosi. La Silver Towne Mint ha acquisito le attività della Regency Mint Manufacturing, ampliando la capacità di conio e la base clienti.

A-Mark Precious Metals (NASDAQ: AMRK) informó los resultados del primer trimestre fiscal de 2025 con ganancias por acción diluidas de $0.37, una disminución con respecto a $0.77 del año anterior. Los ingresos aumentaron un 9%, alcanzando $2.72 mil millones, mientras que el beneficio bruto disminuyó un 12% a $43.4 millones. La compañía amplió su línea de crédito de $422.5 millones hasta septiembre de 2026 y reafirmó su dividendo trimestral de $0.20 por acción. La ganancia neta disminuyó un 52% a $9.0 millones, afectada por condiciones de mercado más lentas y precios elevados de metales preciosos. Silver Towne Mint adquirió los activos de Regency Mint Manufacturing, ampliando su capacidad de acuñación y base de clientes.

A-Mark Precious Metals (NASDAQ: AMRK)는 2025 회계 연도 1분기 결과를 발표하며, 희석 주당순이익이 $0.37으로, 전년 동기 $0.77에서 감소했다고 밝혔습니다. 수익은 9% 증가하여 $2.72 billion에 도달했고, 총 이익은 12% 감소하여 $43.4 million에 이르렀습니다. 회사는 $422.5 million의 신용 한도를 2026년 9월까지 연장하고, 주당 $0.20의 분기 배당금을 재확인했습니다. 순이익은 52% 감소한 $9.0 million으로, 느린 시장 상황과 높은 귀금속 가격의 영향을 받았습니다. Silver Towne Mint는 Regency Mint Manufacturing의 자산을 인수하여 주조 능력과 고객 기반을 확장했습니다.

A-Mark Precious Metals (NASDAQ: AMRK) a annoncé les résultats du premier trimestre fiscal 2025 avec un bénéfice net par action dilué de 0,37 $, en baisse par rapport à 0,77 $ l'année précédente. Le chiffre d'affaires a augmenté de 9 % pour atteindre 2,72 milliards de $, tandis que le bénéfice brut a diminué de 12 % pour s'établir à 43,4 millions de $. La société a prolongé sa ligne de crédit de 422,5 millions de $ jusqu'en septembre 2026 et a confirmé son dividende trimestriel de 0,20 $ par action. Le bénéfice net a diminué de 52 % à 9,0 millions de $, impacté par des conditions de marché plus lentes et des prix élevés des métaux précieux. Silver Towne Mint a acquis les actifs de Regency Mint Manufacturing, élargissant ainsi la capacité de frappe et la base de clients.

A-Mark Precious Metals (NASDAQ: AMRK) hat die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 veröffentlicht, mit einem verwässerten Gewinn pro Aktie von 0,37 $, was einem Rückgang von 0,77 $ im Vorjahr entspricht. Der Umsatz stieg um 9% auf 2,72 Milliarden $, während der Bruttogewinn um 12% auf 43,4 Millionen $ zurückging. Das Unternehmen hat seine Kreditlinie in Höhe von 422,5 Millionen $ bis September 2026 verlängert und die vierteljährliche Dividende von 0,20 $ pro Aktie bestätigt. Der Nettogewinn sank um 52% auf 9,0 Millionen $, beeinträchtigt durch schwächere Marktbedingungen und hohe Edelmetallpreise. Silver Towne Mint erwarb die Vermögenswerte von Regency Mint Manufacturing und erweiterte damit die Prägekapazität und die Kundenbasis.

Positive
  • Revenue increased 9% YoY to $2.72 billion
  • Credit facility of $422.5 million extended to September 2026
  • Direct-to-Consumer active customers increased 22% YoY to 129,900
  • Direct-to-Consumer average order value increased 22% YoY to $2,967
  • Interest income increased 16% YoY to $7.1 million
Negative
  • Net income decreased 52% YoY to $9.0 million
  • Diluted EPS decreased 52% YoY to $0.37
  • Gross profit decreased 12% YoY to $43.4 million
  • Gold ounces sold decreased 20% YoY to 398,000 ounces
  • Silver ounces sold decreased 33% YoY to 20.4 million ounces
  • Gross profit margin declined to 1.60% from 1.99% YoY

Insights

A-Mark's Q1 FY2025 results show significant headwinds, with $0.37 diluted EPS marking a 52% decline from the previous year. Revenue increased 9% to $2.72 billion, but gross profit margin compressed to 1.60% from 1.99% year-over-year. The decline in profitability stems from lower precious metals demand and reduced trading volumes, with gold ounces sold down 20% and silver ounces down 33%.

Notable positives include Direct-to-Consumer segment growth, with active customers up 22% and average order value increasing 22% to $2,967. The $422.5 million credit facility extension to 2026 and Regency Mint acquisition demonstrate strategic positioning for future growth. However, the core business faces near-term pressure from elevated precious metals prices and subdued market activity.

The precious metals market dynamics are creating challenging conditions for A-Mark. The company's DTC segment shows resilience with increased customer engagement, but wholesale operations face pressure. The acquisition of Regency Mint assets and expansion into Singapore indicate strategic diversification efforts to offset market headwinds.

Key metrics reveal changing consumer behavior: while total DTC customers grew to 3.12 million, new customer acquisition slowed significantly quarter-over-quarter. The higher average order value suggests customers are making larger but less frequent purchases, likely due to price sensitivity in the current market environment. The decline in secured loans to 562 from 803 year-over-year indicates reduced leverage in the precious metals market.

Diluted Earnings per Share of $0.37

Company Reaffirms Regular Quarterly Cash Dividend of $0.20 per share

$422.5MM Credit Facility Extended to September 2026

EL SEGUNDO, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading fully integrated precious metals platform, reported results for the fiscal first quarter ended September 30, 2024.

Management Commentary

“Our first quarter results reflect the continued strength of our fully-integrated platform,” said A-Mark CEO Greg Roberts. “Despite slower market conditions marked by elevated precious metals prices and subdued demand, we delivered $0.37 per diluted share and generated $17.8 million in non-GAAP EBITDA.

"We also took significant steps this quarter to continue to position the business for long-term success. We amended our $422.5 million Trading Credit Facility, extending its maturity date to September 30, 2026, providing the company with stable, long term access to capital for the business. We also made significant progress on our A-Mark Global Logistics (AMGL) facility expansion and logistics automation initiatives. The expected completion in the coming months is anticipated to increase operational capacity and produce efficiencies and long term cost savings. We are also advancing our reach in Asia and have made substantial progress towards establishing a trading office and DTC presence in Singapore and broadening our reach into the surrounding region.

“As noted in our recent press release, during October, Silver Towne Mint acquired all of the assets of Regency Mint Manufacturing, LLC, including its minting equipment and its customer list, further enhancing our minting capacity and expanding our customer base. We are pleased with our recent accomplishments and remain optimistic that our proven integrated business model will allow us to sustain profitability. We remain committed to exploring opportunities that enhance our market reach and deliver value to our shareholders over the long term.”

  Three Months Ended September 30,  
  2024
 2023
 
  (in thousands, except Earnings per Share)  
        
Selected Key Financial Statement Metrics:       
Revenues $2,715,096  $2,484,618  
Gross profit $43,443  $49,405  
Depreciation and amortization expense $(4,709) $(2,792) 
Net income attributable to the Company $8,984  $18,827  
        
Earnings per Share:       
Basic $0.39  $0.81  
Diluted $0.37  $0.77  
        
Non-GAAP Measures (1):       
Adjusted net income before provision for income taxes $14,784  $26,779  
EBITDA $17,782  $30,448  
        
(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 17-18  
   
   


     
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2024 and 2023 follows (in thousands):  
   
        
  Three Months Ended September 30,  
  2024  2023  
        
Net income before provision for income taxes $10,173  $23,935  
Adjustments:       
Contingent consideration fair value adjustments  (150)    
Acquisition costs  52   52  
Amortization of acquired intangibles  3,864   2,165  
Depreciation expense  845   627  
Adjusted net income before provision for income taxes (non-GAAP) $14,784  $26,779  
        
        


  Three Months Ended  
  September 30,
2024
  June 30, 
2024
  
  (in thousands, except Earnings per Share)  
        
Selected Key Financial Statement Metrics:       
Revenues $2,715,096  $2,524,955  
Gross profit $43,443  $42,971  
Depreciation and amortization expense $(4,709) $(2,845) 
Net income attributable to the Company $8,984  $30,940  
        
Earnings per Share:       
Basic $0.39  $1.35  
Diluted $0.37  $1.29  
        
Non-GAAP Measures (1):       
Adjusted net income before provision for income taxes $14,784  $20,144  
EBITDA $17,782  $38,380  
        
(1)  See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 17-18  
        
        


        
A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2024 and June 30, 2024 follows (in thousands):  
   
        
  Three Months Ended
  September 30,
2024
  June 30, 
2024
  
        
Net income before provision for income taxes $10,173  $33,975  
Adjustments:       
Remeasurement gain on pre-existing equity interest     (16,669) 
Contingent consideration fair value adjustments  (150)  (370) 
Acquisition costs  52   363  
Amortization of acquired intangibles  3,864   2,066  
Depreciation expense  845   779  
Adjusted net income before provision for income taxes (non-GAAP) $14,784  $20,144  
        
        

Fiscal First Quarter 2025 Financial Highlights

  • Revenues for the three months ended September 30, 2024 increased 9% to $2.72 billion from $2.48 billion for the three months ended September 30, 2023 and increased 8% from $2.52 billion for the three months ended June 30, 2024. Excluding an increase of $217.4 million of forward sales, our revenues increased $13.1 million, or 0.9%, compared to the prior year fiscal first quarter. Excluding an increase of $335.0 million of forward sales, our revenues decreased $144.8 million, or 9.0%, compared to the prior quarter
  • Gross profit for the three months ended September 30, 2024 decreased 12% to $43.4 million from $49.4 million for the three months ended September 30, 2023 and increased 1% from $43.0 million for the three months ended June 30, 2024
  • Gross profit margin for the three months ended September 30, 2024 decreased to 1.60% of revenue, from 1.99% of revenue for the three months ended September 30, 2023, and declined from 1.70% of revenue in the three months ended June 30, 2024
  • Net income attributable to the Company for the three months ended September 30, 2024 decreased 52% to $9.0 million from $18.8 million for the three months ended September 30, 2023, and decreased 71% from $30.9 million for the three months ended June 30, 2024
  • Diluted earnings per share totaled $0.37 for the three months ended September 30, 2024, a 52% decrease compared to $0.77 for the three months ended September 30, 2023, and decreased 71% from $1.29 for the three months ended June 30, 2024. Excluding the impact of the $16.7 million one-time remeasurement gain recorded during the three months ended June 30, 2024 related to the Silver Gold Bull incremental investment, diluted earnings per share decreased 37% from $0.59 for the three months ended June 30, 2024
  • 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 September 30, 2024 decreased 45% to $14.8 million from $26.8 million for the three months ended September 30, 2023, and decreased 27% from $20.1 million for the three months ended June 30, 2024
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP liquidity measure, for the three months ended September 30, 2024 decreased 42% to $17.8 million from $30.4 million for the three months ended September 30, 2023, and decreased 54% from $38.4 million for the three months ended June 30, 2024
  Three Months Ended September 30,  
  2024  2023  
Selected Operating and Financial Metrics:       
Gold ounces sold (1)  398,000   495,000  
Silver ounces sold (2)  20,449,000   30,378,000  
Number of secured loans at period end (3)  562   803  
Secured loans receivable at period end $101,887,000  $99,167,000  
Direct-to-Consumer ("DTC") number of new customers (4)  55,300   39,100  
Direct-to-Consumer number of active customers (5)  129,900   106,400  
Direct-to-Consumer number of total customers (6)  3,122,100   2,387,400  
Direct-to-Consumer average order value ("AOV") (7) $2,967  $2,440  
JM Bullion ("JMB") average order value (8) $2,198  $2,239  
CyberMetals number of new customers (9)  1,500   2,400  
CyberMetals number of active customers (10)  1,700   2,500  
CyberMetals number of total customers (11)  31,100   24,800  
CyberMetals customer assets under management at period end (12) $8,300,000  $6,000,000  
        
        
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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  
  September 30,
2024
  June 30,
2024
  
Selected Operating and Financial Metrics:       
Gold ounces sold (1)  398,000   448,000  
Silver ounces sold (2)  20,449,000   25,421,000  
Number of secured loans at period end (3)  562   588  
Secured loans receivable at period end $101,887,000  $113,067,000  
Direct-to-Consumer ("DTC") number of new customers (4)  55,300   570,300  
Direct-to-Consumer number of active customers (5)  129,900   114,600  
Direct-to-Consumer number of total customers (6)  3,122,100   3,066,800  
Direct-to-Consumer average order value ("AOV") (7) $2,967  $2,890  
JM Bullion ("JMB") average order value (8) $2,198  $2,639  
CyberMetals number of new customers (9)  1,500   1,500  
CyberMetals number of active customers (10)  1,700   1,900  
CyberMetals number of total customers (11)  31,100   29,600  
CyberMetals customer assets under management at period end (12) $8,300,000  $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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(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 First Quarter 2025 Operational Highlights

  • Gold ounces sold in the three months ended September 30, 2024 decreased 20% to 398,000 ounces from 495,000 ounces for the three months ended September 30, 2023, and decreased 11% from 448,000 ounces for the three months ended June 30, 2024
  • Silver ounces sold in the three months ended September 30, 2024 decreased 33% to 20.4 million ounces from 30.4 million ounces for the three months ended September 30, 2023, and decreased 20% from 25.4 million ounces for the three months ended June 30, 2024
  • As of September 30, 2024, the number of secured loans decreased 30% to 562 from 803 as of September 30, 2023, and decreased 4% from 588 as of June 30, 2024
  • Direct-to-Consumer new customers for the three months ended September 30, 2024 increased 41% to 55,300 from 39,100 for the three months ended September 30, 2023, and decreased 90% from 570,300 for the three months ended June 30, 2024. For the three months ended June 30, 2024, approximately 92% of the new customers were attributable to the acquisition of a controlling interest in SGB
  • Direct-to-Consumer active customers for the three months ended September 30, 2024 increased 22% to 129,900 from 106,400 for the three months ended September 30, 2023, and increased 13% from 114,600 for the three months ended June 30, 2024.  The increase in the number of active customers was primarily due to the Company acquiring a controlling interest in SGB in June 2024
  • Direct-to-Consumer average order value for the three months ended September 30, 2024 increased $527, or 22% to $2,967 from $2,440 for the three months ended September 30, 2023, and increased $77, or 3% from $2,890 for the three months ended June 30, 2024
  • JM Bullion’s average order value for the three months ended September 30, 2024 decreased $41, or 2% to $2,198 from $2,239 for the three months ended September 30, 2023, and decreased $441, or 17% from $2,639 for the three months ended June 30, 2024. The decrease in the average order value is partially driven by a higher mix of silver vs. gold orders during the three months ended September 30, 2024 compared with the previous periods noted

Fiscal First Quarter 2025 Financial Summary

Revenues increased 9% to $2.72 billion from $2.48 billion in the same year-ago quarter. Excluding an increase of $217.4 million of forward sales, our revenues increased $13.1 million, or 0.9%, which was due to higher average selling prices of gold and silver, partially offset by a decrease in gold and silver ounces sold.

The Direct-to-Consumer segment contributed 18% and 13% of the consolidated revenue in the fiscal first quarters of 2025 and 2024, respectively. JMB’s revenue represented 11% of the consolidated revenues for the fiscal first quarter of 2025 compared with 12% for the prior year fiscal first quarter.

Gross profit decreased 12% to $43.4 million (1.60% of revenue) from $49.4 million (1.99% of revenue) in the same year-ago quarter. The decrease in gross profit was due to lower gross profits earned from the Wholesale Sales & Ancillary Services segment, partially offset by an increase in gross profits earned by the Direct-to-Consumer segment. The Direct-to-Consumer segment contributed 54% and 43% of the consolidated gross profit in the fiscal first quarters of 2025 and 2024, respectively. Gross profit contributed by JMB represented 37% of the consolidated gross profit in the fiscal first quarter of 2025 and 36% of the consolidated gross profit for the prior year fiscal first quarter.

Selling, general and administrative expenses increased 22% to $26.6 million from $21.8 million in the same year-ago quarter. The change was primarily due to an increase in compensation expense (including performance-based accruals) of $2.6 million, higher advertising costs of $0.7 million, an increase in consulting and professional fees of $0.2 million, an increase in information technology costs of $0.2 million, and an increase in insurance costs of $0.2 million. SG&A expenses for the three months ended September 30, 2024 include $5.3 million of expenses incurred by LPM and SGB, our recently consolidated subsidiaries which were not included in our prior year Q1 results.

Depreciation and amortization expense increased 69% to $4.7 million from $2.8 million in the same year-ago quarter.  The change was primarily due to an increase in amortization expense of $2.2 million relating to intangible assets acquired through our acquisition of LPM and acquisition of a controlling interest in SGB, partially offset by a decrease in JMB intangible asset amortization of $0.5 million.

Interest income increased 16% to $7.1 million from $6.1 million in the same year-ago quarter. The increase in interest income was primarily due to an increase in other finance product income of $0.6 million and an increase in interest income earned by our Secured Lending segment of $0.3 million.

Interest expense increased 2% to $10.0 million from $9.8 million in the same year-ago quarter. The increase in interest expense was primarily due to an increase of $0.7 million associated with our Trading Credit Facility due to increased borrowings as well as an increase in interest rates and an increase of $0.7 million related to product financing arrangements, partially offset by a decrease of $1.4 million related to the AMCF Notes (including amortization of debt issuance costs) due to their repayment in December 2023.

Earnings from equity method investments decreased 79% to $0.6 million from $2.7 million in the same year-ago quarter. The decrease was due to decreased earnings of our equity method investees.

Net income attributable to the Company totaled $9.0 million or $0.37 per diluted share, compared to net income of $18.8 million or $0.77 per diluted share in the same year-ago quarter.

Adjusted net income before provision for income taxes for the three months ended September 30, 2024 totaled $14.8 million, a decrease of $12.0 million or 45% compared to $26.8 million in the same year-ago quarter. The decrease was principally due to lower net income before provision for income taxes.

EBITDA for the three months ended September 30, 2024 totaled $17.8 million, a decrease of $12.6 million or 41% compared to $30.4 million in the same year-ago quarter. The net decrease was principally due to lower net income of $10.6 million.

Quarterly Cash Dividend Policy

A-Mark’s Board of Directors has re-affirmed its previously announced regular quarterly cash dividend policy of $0.20 per common share ($0.80 per share on an annual basis). The Company paid a $0.20 quarterly cash dividend on October 22, 2024 to stockholders of record as of October 8, 2024. It is expected that the next quarterly dividend will be paid in January 2025. The declaration of regular cash dividends in the future is subject to the determination each quarter by the Board of Directors, based on a number of factors, including the Company’s financial performance, available cash resources, cash requirements, alternative uses of cash and applicable bank covenants.

Conference Call

A-Mark will hold a conference call today (November 6, 2024) 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/2867/51425
U.S. dial-in number: 1-888-506-0062
International number: 1-973-528-0011
Participant Access Code: 577563

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 November 20, 2024.

Toll-free replay number: 1-877-481-4010
International replay number: 1-919-882-2331
Participant Access Code: 51425

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, LPM Group Limited (LPM), is one of Asia’s largest precious metals dealers. LPM operates a consumer-facing showroom in Hong Kong’s Central Financial District, and offers a wide selection of products to its wholesale customers through its 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 and Goldline. 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 future profitability and growth, international expansion, operational enhancements, and the amount or timing of any future dividends. 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; government regulations that might impede growth, particularly in Asia; 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; potential adverse effects of the current problems in the national and global supply chains; 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 inability of the Company to expand capacity at Silver Towne Mint; 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 Quarterly Report on Form 10-Q 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 expenses; amortization expenses related to intangible assets acquired; depreciation expense; remeasurement gains or losses; 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 Quarterly Report on Form 10-Q to be filed with the SEC for the quarterly period ended September 30, 2024.

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
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share data)
 
 September 30,
2024
  June 30,
2024
 
 (unaudited)    
ASSETS     
Current assets     
Cash$46,924  $48,636 
Receivables, net 71,831   36,596 
Derivative assets 108,721   114,720 
Secured loans receivable 101,887   113,067 
Precious metals held under financing arrangements 27,354   22,066 
Inventories:     
Inventories 735,555   579,400 
Restricted inventories 541,744   517,744 
  1,277,299   1,097,144 
Income tax receivable 2,338   1,562 
Prepaid expenses and other assets 9,188   8,412 
Total current assets 1,645,542   1,442,203 
Operating lease right of use assets 8,990   9,543 
Property, plant, and equipment, net 20,008   20,263 
Goodwill 199,937   199,937 
Intangibles, net 97,807   101,663 
Long-term investments 51,005   50,458 
Other long-term assets 5,728   3,753 
Total assets$2,029,017  $1,827,820 
LIABILITIES AND STOCKHOLDERS’ EQUITY     
Current liabilities     
Liabilities on borrowed metals 39,487   31,993 
Product financing arrangements 541,744   517,744 
Accounts payable and other payables 10,712   18,831 
Deferred revenue and other advances 327,556   263,286 
Derivative liabilities 46,045   26,751 
Accrued liabilities 17,378   16,798 
Notes payable 6,694   8,367 
Total current liabilities 989,616   883,770 
Lines of credit 337,000   245,000 
Notes payable 3,994   3,994 
Deferred tax liabilities 22,293   22,187 
Other liabilities 11,397   11,013 
Total liabilities 1,364,300   1,165,964 
Commitments and contingencies     
Stockholders’ equity     
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of September 30, 2024 or June 30, 2024     
Common stock, par value $0.01; 40,000,000 shares authorized; 24,196,095 and 23,965,427 shares issued and 23,184,059 and 22,953,391 shares outstanding as of September 30, 2024 and June 30, 2024, respectively 242   240 
Treasury stock, 1,012,036 and 1,012,036 shares at cost as of September 30, 2024 and June 30, 2024, respectively (28,277)  (28,277)
Additional paid-in capital 172,372   168,771 
Accumulated other comprehensive income 167   61 
Retained earnings 466,556   466,838 
Total A-Mark Precious Metals, Inc. stockholders’ equity 611,060   607,633 
Noncontrolling interests 53,657   54,223 
Total stockholders’ equity 664,717   661,856 
Total liabilities and stockholders’ equity$2,029,017  $1,827,820 
        


A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except for share and per share data; unaudited)
 
 Three Months Ended September 30, 
 2024
 2023
Revenues$2,715,096  $2,484,618 
Cost of sales 2,671,653   2,435,213 
Gross profit 43,443   49,405 
Selling, general, and administrative expenses (26,617)  (21,845)
Depreciation and amortization expense (4,709)  (2,792)
Interest income 7,087   6,102 
Interest expense (9,987)  (9,823)
Earnings from equity method investments 578   2,709 
Other income, net 200   273 
Unrealized gains (losses) on foreign exchange 178   (94)
Net income before provision for income taxes 10,173   23,935 
Income tax expense (1,755)  (4,952)
Net income 8,418   18,983 
Net (loss) income attributable to noncontrolling interests (566)  156 
Net income attributable to the Company$8,984  $18,827 
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.:     
Basic$0.39  $0.81 
Diluted$0.37  $0.77 
      
Weighted-average shares outstanding:     
Basic 23,028,600   23,364,700 
Diluted 23,979,500   24,532,600 
        


A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands; unaudited)
 
 Three Months Ended September 30, 
 2024
 2023
Cash flows from operating activities:     
Net income$8,418  $18,983 
Adjustments to reconcile net income to net cash flows from operating activities:     
Depreciation and amortization 4,709   2,792 
Amortization of loan cost 665   522 
Share-based compensation 320   664 
Earnings from equity method investments (578)  (2,709)
Dividends and distributions received from equity method investees 169   269 
Other 1,085   344 
Changes in assets and liabilities:     
Receivables, net (35,235)  928 
Secured loans made to affiliates (4,816)   
Derivative assets 5,999   (9,692)
Income tax receivable (776)   
Precious metals held under financing arrangements (5,288)  6,251 
Inventories (180,155)  (19,166)
Prepaid expenses and other assets (987)  (878)
Accounts payable and other payables (8,119)  (16,665)
Deferred revenue and other advances 64,270   (30,194)
Derivative liabilities 19,294   12,341 
Liabilities on borrowed metals 7,494   85 
Accrued liabilities (3,998)  (10,686)
Income tax payable    2,549 
Net cash used in operating activities (127,529)  (44,262)
Cash flows from investing activities:     
Capital expenditures for property, plant, and equipment (607)  (1,886)
Secured loans receivable, net 16,001   1,458 
Other 87    
Net cash provided by (used in) investing activities 15,481   (428)
Cash flows from financing activities:     
Product financing arrangements, net 24,000   53,784 
Dividends paid (4,633)  (28,034)
Borrowings under lines of credit 542,000   584,000 
Repayments under lines of credit (450,000)  (549,000)
Repayments on notes payable to related party (1,672)  (257)
Repurchases of common stock    (4,904)
Debt funding issuance costs (2,640)  (2,625)
Proceeds from the exercise of share-based awards 3,281   960 
Payments for tax withholding related to net settlement of share-based awards    (307)
Net cash provided by financing activities 110,336   53,617 
Net (decrease) increase in cash (1,712)  8,927 
Cash, beginning of period 48,636   39,318 
Cash, end of period$46,924  $48,245 
        

Overview of Results of Operations for the Three Months Ended September 30, 2024 and 2023

Consolidated Results of Operations

The operating results for the three months ended September 30, 2024 and 2023 were as follows (in thousands, except per share data):

           
Three Months Ended September 30,2024   2023   Change 
 $
  % of revenue
  $
  % of revenue
  $
  %
Revenues$2,715,096    100.000%  $2,484,618    100.000%  $230,478    9.3%
Gross profit 43,443    1.600%   49,405    1.988%  $(5,962)   (12.1%)
Selling, general, and administrative expenses (26,617)   (0.980%)   (21,845)   (0.879%)  $4,772    21.8%
Depreciation and amortization expense (4,709)   (0.173%)   (2,792)   (0.112%)  $1,917    68.7%
Interest income 7,087    0.261%   6,102    0.246%  $985    16.1%
Interest expense (9,987)   (0.368%)   (9,823)   (0.395%)  $164    1.7%
Earnings from equity method investments 578    0.021%   2,709    0.109%  $(2,131)   (78.7%)
Other income, net 200    0.007%   273    0.011%  $(73)   (26.7%)
Unrealized gains (losses) on foreign exchange 178    0.007%   (94)   (0.004%)  $272    289.4%
Net income before provision for income taxes 10,173    0.375%   23,935    0.963%  $(13,762)   (57.5%)
Income tax expense (1,755)   (0.065%)   (4,952)   (0.199%)  $(3,197)   (64.6%)
Net income 8,418    0.310%   18,983    0.764%  $(10,565)   (55.7%)
Net (loss) income attributable to noncontrolling interests (566)   (0.021%)   156    0.006%  $(722)   (462.8%)
Net income attributable to the Company$8,984    0.331%  $18,827    0.758%  $(9,843)   (52.3%)
                       
Basic and diluted net income per share attributable to
A-Mark Precious Metals, Inc.:
                     
                       
Per Share Data:                      
Basic$0.39       $0.81       $(0.42)   (51.9%)
Diluted$0.37       $0.77       $(0.40)   (51.9%)
                           

Overview of Results of Operations for the Three Months Ended September 30, 2024 and June 30, 2024

Consolidated Results of Operations

The operating results for the three months ended September 30, 2024 and June 30, 2024 were as follows (in thousands, except per share data):

                  
Three Months EndedSeptember 30, 2024  June 30, 2024  Change 
 $
 % of revenue
 $
 % of revenue
 $
 %
Revenues$2,715,096   100.000% $2,524,955   100.000% $190,141   7.5%
Gross profit 43,443   1.600%  42,971   1.702% $472   1.1%
Selling, general, and administrative expenses (26,617)  (0.980%)  (22,705)  (0.899%) $3,912   17.2%
Depreciation and amortization expense (4,709)  (0.173%)  (2,845)  (0.113%) $1,864   65.5%
Interest income 7,087   0.261%  8,073   0.320% $(986)  (12.2%)
Interest expense (9,987)  (0.368%)  (9,633)  (0.382%) $354   3.7%
Earnings from equity method investments 578   0.021%  764   0.030% $(186)  (24.3%)
Other income, net 200   0.007%  466   0.018% $(266)  (57.1%)
Remeasurement gain on pre-existing equity interest    %  16,669   0.660% $(16,669)  (100.0%)
Unrealized gains on foreign exchange 178   0.007%  215   0.009% $(37)  (17.2%)
Net income before provision for income taxes 10,173   0.375%  33,975   1.346% $(23,802)  (70.1%)
Income tax expense (1,755)  (0.065%)  (3,040)  (0.120%) $(1,285)  (42.3%)
Net income 8,418   0.310%  30,935   1.225% $(22,517)  (72.8%)
Net loss attributable to noncontrolling interests (566)  (0.021%)  (5)  (0.000%) $561   11,220.0%
Net income attributable to the Company$8,984   0.331% $30,940   1.225% $(21,956)  (71.0%)
                  
Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.:                 
                  
Per Share Data:                 
Basic$0.39     $1.35     $(0.96)  (71.1%)
Diluted$0.37     $1.29     $(0.92)  (71.3%)
                      

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended September 30, 2024 and 2023

A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2024 and 2023 follows (in thousands):

Three Months Ended September 30,2024
 2023
 Change
 $
 $
 $
 %
Net income before provision for income taxes$10,173  $23,935  $(13,762) (57.5%)
Adjustments:           
Contingent consideration fair value adjustment (150)    $150  %
Acquisition costs 52   52  $  %
Amortization of acquired intangibles 3,864   2,165  $1,699  78.5%
Depreciation expense 845   627  $218  34.8%
Adjusted net income before provision for income taxes (non-GAAP)$14,784  $26,779  $(11,995) (44.8%)
               

A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended September 30, 2024 and 2023 follows (in thousands):

Three Months Ended September 30,2024
 2023
 Change
 $
 $
 $
 %
Net income$8,418  $18,983  $(10,565) (55.7%)
Adjustments:           
Interest income (7,087)  (6,102) $985  16.1%
Interest expense 9,987   9,823  $164  1.7%
Amortization of acquired intangibles 3,864   2,165  $1,699  78.5%
Depreciation expense 845   627  $218  34.8%
Income tax expense 1,755   4,952  $(3,197) (64.6%)
  9,364   11,465  $(2,101) (18.3%)
             
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)$17,782  $30,448  $(12,666) (41.6%)
            
Reconciliation of Operating Cash Flows to EBITDA:           
Net cash used in operating activities$(127,529) $(44,262) $83,267  188.1%
Changes in operating working capital 142,317   65,127  $77,190  118.5%
Interest expense 9,987   9,823  $164  1.7%
Interest income (7,087)  (6,102) $985  16.1%
Income tax expense 1,755   4,952  $(3,197) (64.6%)
Dividends and distributions received from equity method investees (169)  (269) $(100) (37.2%)
Earnings from equity method investments 578   2,709  $(2,131) (78.7%)
Share-based compensation (320)  (664) $(344) (51.8%)
Amortization of loan cost (665)  (522) $143  27.4%
Other (1,085)  (344) $741  215.4%
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)$17,782  $30,448  $(12,666) (41.6%)
               

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended September 30, 2024 and June 30, 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 September 30, 2024 and June 30, 2024 follows (in thousands):

Three Months EndedSeptember 30, 2024
 June 30, 2024
 Change
 $
 $
 $
 % 
Net income before provision for income taxes$10,173   33,975  $(23,802) (70.1%)
Adjustments:           
Remeasurement gain on pre-existing equity interest    (16,669) $16,669  100.0%
Contingent consideration fair value adjustments (150)  (370) $(220) (59.5%)
Acquisition costs 52   363  $(311) (85.7%)
Amortization of acquired intangibles 3,864   2,066  $1,798  87.0%
Depreciation expense 845   779  $66  8.5%
Adjusted net income before provision for income taxes (non-GAAP)$14,784  $20,144  $(5,360) (26.6%)
 

A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended September 30, 2024 and June 30, 2024 follows (in thousands):

Three Months EndedSeptember 30, 2024
 June 30, 2024  Change
 $
 $
 $
 % 
Net income$8,418  $30,935  $(22,517) (72.8%)
Adjustments:           
Interest income (7,087)  (8,073) $(986) (12.2%)
Interest expense 9,987   9,633  $354  3.7%
Amortization of acquired intangibles 3,864   2,066  $1,798  87.0%
Depreciation expense 845   779  $66  8.5%
Income tax expense 1,755   3,040  $(1,285) (42.3%)
  9,364   7,445  $1,919  25.8%
             
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)$17,782  $38,380  $(20,598) (53.7%)
            
Reconciliation of Operating Cash Flows to EBITDA:           
Net cash (used in) provided by operating activities$(127,529) $82,850  $(210,379) (253.9%)
Changes in operating working capital 142,317   (68,064) $210,381  309.1%
Interest expense 9,987   9,633  $354  3.7%
Interest income (7,087)  (8,073) $(986) (12.2%)
Income tax expense 1,755   3,040  $(1,285) (42.3%)
Dividends received from equity method investees (169)  (281) $(112) (39.9%)
Earnings from equity method investments 578   764  $(186) (24.3%)
Remeasurement gain on pre-existing equity interest    16,669  $(16,669) (100.0%)
Share-based compensation (320)  (321) $(1) (0.3%)
Deferred income taxes    2,690  $(2,690) (100.0%)
Amortization of loan cost (665)  (619) $46  7.4%
Other (1,085)  92  $(1,177) (1,279.3%)
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)$17,782  $38,380  $(20,598) (53.7%)

FAQ

What was A-Mark Precious Metals (AMRK) earnings per share in Q1 2025?

A-Mark Precious Metals reported diluted earnings per share of $0.37 for Q1 2025, down from $0.77 in the same period last year.

How much revenue did AMRK generate in Q1 2025?

AMRK generated revenue of $2.72 billion in Q1 2025, a 9% increase from $2.48 billion in the same quarter last year.

What was AMRK's net income for Q1 2025?

AMRK reported net income of $9.0 million for Q1 2025, a 52% decrease from $18.8 million in the same quarter last year.

What acquisition did AMRK's Silver Towne Mint complete in October 2024?

Silver Towne Mint acquired all assets of Regency Mint Manufacturing, , including its minting equipment and customer list.

A-Mark Precious Metals, Inc.

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