Q3 FY 2025 Net Loss of $8.5 Million and Q3 YTD FY 2025 Net Income of $7.0 Million

Non-GAAP Adjusted Net Income of $5.7 Million and Non-GAAP EBITDA of $1.3 Million in Q3 FY 2025

Q3 FY 2025 Diluted Loss per Share of ($.36) and Q3 YTD FY 2025 Diluted Earnings Per Share of $0.29

Credit Facility Amended Increasing Revolving Commitment to $467.0 Million

Company Reaffirms Regular Quarterly Cash Dividend Policy of $0.20 Per Share

EL SEGUNDO, Calif., May 07, 2025 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a leading fully integrated precious metals platform, reported results for the fiscal third quarter ended March 31, 2025.

Management Commentary

"During the third quarter, we navigated through volatile market conditions that directly impacted our results," said A-Mark CEO Greg Roberts. "Although the environment has since stabilized, early-quarter concerns around tariffs led to decreased market liquidity and backwardation, contributing to trading losses and higher interest expense due to increases in product financing rates. Despite these headwinds, one-time acquisition-related costs of $4.6 million and a one-time remeasurement loss of $7.0 million on our Pinehurst Coin Exchange, Inc. ("Pinehurst") pre-existing equity interest, we delivered $41.0 million in gross profit, $5.7 million in non-GAAP adjusted net income and $1.3 million in non-GAAP EBITDA.

"At the same time, as previously announced, we have capitalized on the softer market to complete three strategic acquisitions, closing Pinehurst and Spectrum Group International ("SGI") during the quarter and AMS Holding, LLC, just after quarter end. These acquisitions strengthen our market position and broaden our reach into adjacent, higher-margin luxury segments. Integration efforts are well underway, with centralized operations at our AMGL facility poised to drive meaningful cost efficiencies and support increased volume. We have also made operational progress at LPM, now running both retail and wholesale trading.

"Looking ahead, market conditions have continued to improve, and we are well positioned to close the fiscal year with momentum. With an expanded portfolio of brands and significant optimization opportunities, we remain confident in A-Mark's long-term growth prospects and our ability to create shareholder value."

	Three Months Ended March 31,
		2025			2024
	(in thousands, except Earnings (Loss) per Share)

Selected Key Financial Statement Metrics:
Revenues	$	3,009,125		$	2,610,651
Gross profit	$	41,017		$	34,838
Depreciation and amortization expense	$	(4,996	)	$	(2,949	)
Net (loss) income attributable to the Company	$	(8,546	)	$	5,013

Earnings (Loss) per Share:
Basic	$	(0.36	)	$	0.22
Diluted	$	(0.36	)	$	0.21

Non-GAAP Measures⁽¹⁾:
Adjusted net income before provision for income taxes	$	5,749		$	11,611
EBITDA	$	1,286		$	12,614

(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25


A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended March 31, 2025 and 2024 follows (in thousands):


	Three Months Ended March 31,
		2025			2024

Net (loss) income before provision for income taxes	$	(9,939	)	$	6,440
Adjustments:
Remeasurement loss on pre-existing equity interest		7,043			—
Contingent consideration fair value adjustment		(1,000	)		—
Acquisition costs		4,649			2,222
Amortization of acquired intangibles		4,004			2,198
Depreciation expense		992			751
Adjusted net income before provision for income taxes (non-GAAP)	$	5,749		$	11,611

	Three Months Ended
		March 31, 2025			December 31, 2024
	(in thousands, except Earnings (Loss) per Share)

Selected Key Financial Statement Metrics:
Revenues	$	3,009,125		$	2,742,345
Gross profit	$	41,017		$	44,767
Depreciation and amortization expense	$	(4,996	)	$	(4,639	)
Net (loss) income attributable to the Company	$	(8,546	)	$	6,558

Earnings (Loss) per Share:
Basic	$	(0.36	)	$	0.28
Diluted	$	(0.36	)	$	0.27

Non-GAAP Measures⁽¹⁾:
Adjusted net income before provision for income taxes	$	5,749		$	13,363
EBITDA	$	1,286		$	16,224

(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25


A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended March 31, 2025 and December 31, 2024 follows (in thousands):


	Three Months Ended
		March 31, 2025			December 31, 2024

Net (loss) income before provision for income taxes	$	(9,939	)	$	8,016
Adjustments:
Remeasurement loss on pre-existing equity interest		7,043			—
Contingent consideration fair value adjustment		(1,000	)		20
Acquisition costs		4,649			688
Amortization of acquired intangibles		4,004			3,790
Depreciation expense		992			849
Adjusted net income before provision for income taxes (non-GAAP)	$	5,749		$	13,363

Fiscal Third Quarter 2025 Financial Highlights

Revenues for the three months ended March 31, 2025 increased 15% to $3.009 billion from $2.611 billion for the three months ended March 31, 2024 and increased 10% from $2.742 billion for the three months ended December 31, 2024
Gross profit for the three months ended March 31, 2025 increased 18% to $41.0 million from $34.8 million for the three months ended March 31, 2024 and decreased 8% from $44.8 million for the three months ended December 31, 2024
Gross profit margin for the three months ended March 31, 2025 increased to 1.36% of revenue, from 1.33% of revenue for the three months ended March 31, 2024, and decreased from 1.63% of revenue for the three months ended December 31, 2024
Net income (loss) attributable to the Company for the three months ended March 31, 2025 decreased 270% to $(8.5) million from $5.0 million for the three months ended March 31, 2024 and decreased 230% from $6.6 million for the three months ended December 31, 2024
Diluted earnings per share totaled $(0.36) for the three months ended March 31, 2025, a 271% decrease compared to $0.21 for the three months ended March 31, 2024, and decreased 233% from $0.27 for the three months ended December 31, 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 March 31, 2025 decreased 50% to $5.7 million from $11.6 million for the three months ended March 31, 2024 and decreased 57% from $13.4 million for the three months ended December 31, 2024
Earnings before interest, taxes, depreciation and amortization ("EBITDA"), a non-GAAP liquidity measure, for the three months ended March 31, 2025 decreased 90% to $1.3 million from $12.6 million for the three months ended March 31, 2024, and decreased 92% from $16.2 million for the three months ended December 31, 2024

	Nine Months Ended March 31,
		2025			2024
	(in thousands, except Earnings per Share)

Selected Key Financial Statement Metrics:
Revenues	$	8,466,566		$	7,174,084
Gross profit	$	129,227		$	130,284
Depreciation and amortization expense	$	(14,344	)	$	(8,552	)
Net income attributable to the Company	$	6,996		$	37,606

Earnings per Share:
Basic	$	0.30		$	1.63
Diluted	$	0.29		$	1.56

Non-GAAP Measures⁽¹⁾:
Adjusted net income before provision for income taxes	$	33,896		$	60,118
EBITDA	$	35,292		$	68,158

(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 nine months ended March 31, 2025 and 2024 follows (in thousands):


	Nine Months Ended March 31,
		2025			2024

Net income before provision for income taxes	$	8,250		$	48,803
Adjustments:
Remeasurement loss on pre-existing equity interest		7,043			—
Contingent consideration fair value adjustment		(1,130	)		—
Acquisition costs		5,389			2,763
Amortization of acquired intangibles		11,658			6,528
Depreciation expense		2,686			2,024
Adjusted net income before provision for income taxes (non-GAAP)	$	33,896		$	60,118

Fiscal Nine Months 2025 Financial Highlights

Revenues for the nine months ended March 31, 2025 increased 18% to $8.467 billion from $7.174 billion for the nine months ended March 31, 2024
Gross profit for the nine months ended March 31, 2025 decreased 1% to $129.2 million from $130.3 million for the nine months ended March 31, 2024
Gross profit margin for the nine months ended March 31, 2025 decreased to 1.53% of revenue, from 1.82% of revenue for the nine months ended March 31, 2024
Net income attributable to the Company for the nine months ended March 31, 2025 decreased 81% to $7.0 million from $37.6 million for the nine months ended March 31, 2024
Diluted earnings per share totaled $0.29 for the nine months ended March 31, 2025, an 81% decrease compared to $1.56 for the nine months ended March 31, 2024
Adjusted net income for the nine months ended March 31, 2025 decreased 44% to $33.9 million from $60.1 million for the nine months ended March 31, 2024
EBITDA for the nine months ended March 31, 2025 decreased 48% to $35.3 million from $68.2 million for the nine months ended March 31, 2024

	Three Months Ended March 31,
		2025		2024
Selected Operating and Financial Metrics:
Gold ounces sold⁽¹⁾		432,000		446,000
Silver ounces sold⁽²⁾		15,702,000		25,722,000
Number of secured loans at period end⁽³⁾		491		675
Secured loans receivable at period end	$	86,512,000	$	115,645,000
Direct-to-Consumer ("DTC") number of new customers⁽⁴⁾		899,600		56,600
Direct-to-Consumer number of active customers⁽⁵⁾		140,700		126,000
Direct-to-Consumer number of total customers⁽⁶⁾		4,087,100		2,496,500
Direct-to-Consumer average order value ("AOV")⁽⁷⁾	$	3,084	$	2,133
JM Bullion ("JMB") average order value⁽⁸⁾	$	1,994	$	2,003
CyberMetals number of new customers⁽⁹⁾		2,100		1,900
CyberMetals number of active customers⁽¹⁰⁾		1,700		1,900
CyberMetals number of total customers⁽¹¹⁾		35,100		28,100
CyberMetals customer assets under management at period end⁽¹²⁾	$	9,700,000	$	6,800,000


(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. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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
		March 31, 2025		December 31, 2024
Selected Operating and Financial Metrics:
Gold ounces sold⁽¹⁾		432,000		466,000
Silver ounces sold⁽²⁾		15,702,000		21,828,000
Number of secured loans at period end⁽³⁾		491		518
Secured loans receivable at period end	$	86,512,000	$	98,461,000
Direct-to-Consumer ("DTC") number of new customers⁽⁴⁾		899,600		65,400
Direct-to-Consumer number of active customers⁽⁵⁾		140,700		140,100
Direct-to-Consumer number of total customers⁽⁶⁾		4,087,100		3,187,500
Direct-to-Consumer average order value ("AOV")⁽⁷⁾	$	3,084	$	3,178
JM Bullion ("JMB") average order value⁽⁸⁾	$	1,994	$	2,043
CyberMetals number of new customers⁽⁹⁾		2,100		2,000
CyberMetals number of active customers⁽¹⁰⁾		1,700		1,700
CyberMetals number of total customers⁽¹¹⁾		35,100		33,100
CyberMetals customer assets under management at period end⁽¹²⁾	$	9,700,000	$	8,200,000


(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. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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 Third Quarter 2025 Operational Highlights

Gold ounces sold in the three months ended March 31, 2025 decreased 2% to 436,000 ounces from 446,000 ounces for the three months ended March 31, 2024, and decreased 6% from 466,000 ounces for the three months ended December 31, 2024

Silver ounces sold in the three months ended March 31, 2025 decreased 39% to 15.8 million ounces from 25.7 million ounces for the three months ended March 31, 2024, and decreased 28% from 21.8 million ounces for the three months ended December 31, 2024
As of March 31, 2025, the number of secured loans decreased 27% to 491 from 675 as of March 31, 2024, and decreased 5% from 518 as of December 31, 2024
Direct-to-Consumer new customers for the three months ended March 31, 2025 increased 1,489% to 899,600 from 56,600 for the three months ended March 31, 2024, and increased 1,276% from 65,400 for the three months ended December 31, 2024. Approximately 84% and 9% of the new customers in the three months ended March 31, 2025 were attributable to the acquisitions of Pinehurst and SGI, respectively
Direct-to-Consumer active customers for the three months ended March 31, 2025 increased 12% to 140,700 from 126,000 for the three months ended March 31, 2024, and increased 0.4% from 140,100 for the three months ended December 31, 2024
Direct-to-Consumer average order value for the three months ended March 31, 2025 increased $951, or 45% to $3,084 from $2,133 for the three months ended March 31, 2024, and decreased $94, or 3% from $3,178 for the three months ended December 31, 2024
JM Bullion's average order value for the three months ended March 31, 2025 decreased $9, or 0.4% to $1,994 from $2,003 for the three months ended March 31, 2024, and decreased $49, or 2% from $2,043 for the three months ended December 31, 2024

	Nine Months Ended March 31,
		2025		2024
Selected Operating and Financial Metrics:
Gold ounces sold⁽¹⁾		1,296,000		1,391,000
Silver ounces sold⁽²⁾		57,979,000		82,675,000
Number of secured loans at period end⁽³⁾		491		675
Secured loans receivable at period end	$	86,512,000	$	115,645,000
Direct-to-Consumer ("DTC") number of new customers⁽⁴⁾		1,020,300		148,200
Direct-to-Consumer number of active customers⁽⁵⁾		410,700		368,800
Direct-to-Consumer number of total customers⁽⁶⁾		4,087,100		2,496,500
Direct-to-Consumer average order value ("AOV")⁽⁷⁾	$	3,080	$	2,253
JM Bullion ("JMB") average order value⁽⁸⁾	$	2,077	$	2,093
CyberMetals number of new customers⁽⁹⁾		5,600		5,700
CyberMetals number of active customers⁽¹⁰⁾		5,100		6,300
CyberMetals number of total customers⁽¹¹⁾		35,100		28,100
CyberMetals customer assets under management at period end⁽¹²⁾	$	9,700,000	$	6,800,000


(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. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024. SGI's and Pinehurst's metrics are included after February 28, 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 Nine Months 2025 Operational Highlights

Gold ounces sold in the nine months ended March 31, 2025 decreased 7% to 1.3 million ounces from 1.4 million ounces for the nine months ended March 31, 2024
Silver ounces sold in the nine months ended March 31, 2025 decreased 30% to 58.1 million ounces from 82.7 million ounces for the nine months ended March 31, 2024
Direct-to-Consumer new customers for the nine months ended March 31, 2025 increased 588% to 1,020,300 from 148,200 for the nine months ended March 31, 2024. Approximately 74% and 8% of the new customers in the nine months ended March 31, 2025 were attributable to the acquisition of Pinehurst and SGI, respectively
Direct-to-Consumer active customers for the nine months ended March 31, 2025 increased 11% to 410,700 from 368,800 for the nine months ended March 31, 2024
Direct-to-Consumer average order value for the nine months ended March 31, 2025 increased $827, or 37% to $3,080 from $2,253 for the nine months ended March 31, 2024
JM Bullion's average order value for the nine months ended March 31, 2025 decreased $16, or 1% to $2,077 from $2,093 for the nine months ended March 31, 2024

Fiscal Third Quarter 2025 Financial Summary

Revenues increased 15% to $3.009 billion from $2.611 billion in the same year-ago quarter. Excluding an increase of $155.8 million of forward sales, our revenues increased $242.7 million, or 18.0%, 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 19% and 13% of the consolidated revenue in the fiscal third quarters of 2025 and 2024, respectively. JMB's revenue represented 10% of the consolidated revenue for the fiscal third quarter of 2025 compared with 12% for the prior year fiscal third quarter.

Gross profit increased 18% to $41.0 million (1.36% of revenue) from $34.8 million (1.33% of revenue) in the same year-ago quarter. The overall gross profit increase was due to higher gross profits earned from the Direct-to-Consumer segment, partially offset by lower gross profits earned by the Wholesale Sales & Ancillary Services segment. The Direct-to-Consumer segment contributed 61% and 52% of the consolidated gross profit in the fiscal third quarters of 2025 and 2024, respectively. Gross profit contributed by JMB represented 40% of the consolidated gross profit in the fiscal third quarter of 2025 and 45% of the consolidated gross profit for the prior year fiscal third quarter.

Selling, general and administrative expenses increased 46% to $33.4 million from $22.9 million in the same year-ago quarter. The change was primarily due to an increase in consulting and professional fees of $4.4 million, including an increase in one-time acquisition costs of $2.4 million, an increase in compensation expense, including performance-based accruals, of $3.4 million, higher advertising costs of $1.5 million, and an increase in facilities expense of $0.7 million. Selling, general and administrative expenses also include $8.7 million of expenses incurred by LPM, Pinehurst, SGB, and SGI, which were not included in the same year-ago period, as they were not yet consolidated subsidiaries for the full period.

Depreciation and amortization expense increased 69% to $5.0 million from $2.9 million in the same year-ago quarter. The change was primarily due to an increase in amortization expense of $2.4 million relating to intangible assets acquired through our acquisitions of LPM, Pinehurst and SGI, and acquisition of a controlling interest in SGB, partially offset by a decrease in JMB intangible asset amortization of $0.6 million.

Interest income increased 0.6% to $6.7 million from $6.7 million in the same year-ago quarter. The aggregate increase in interest income was due to an increase in other finance product income of $0.4 million and a decrease in interest income earned by the Secured Lending segment of $0.4 million.

Interest expense increased 31% to $13.0 million from $9.9 million in the same year-ago quarter. The increase in interest expense was primarily due to an increase of $2.0 million related to product financing arrangements and an increase of $0.9 million from liabilities on borrowed metals.

Losses from equity method investments of $0.2 million remained consistent with the same year-ago quarter.

Net loss attributable to the Company totaled $8.5 million or $0.36 per diluted share, compared to net income of $5.0 million or $0.21 per diluted share in the same year-ago quarter.

Adjusted net income before provision for income taxes for the three months ended March 31, 2025 totaled $5.7 million, a decrease of $5.9 million or 51% compared to $11.6 million in the same year-ago quarter. The decrease was primarily due to lower net income before provision for income taxes of $16.4 million, the contingent consideration fair value adjustment of $1.0 million, partially offset by the exclusion of higher acquisition costs of $2.4 million, higher amortization of acquired intangibles of $1.8 million, and the remeasurement loss on our pre-existing equity interest in Pinehurst of $7.0 million.

EBITDA for the three months ended March 31, 2025 totaled $1.3 million, a decrease of $11.3 million or 90% compared to $12.6 million in the same year-ago quarter. The decrease was primarily due to lower net income of $14.0 million, partially offset by the exclusion of higher interest expense of $3.0 million.

Fiscal Nine Months 2025 Financial Summary

Revenues increased 18% to $8.467 billion from $7.174 billion in the same year-ago period. Excluding an increase of $540.5 million of forward sales, our revenues increased $752.0 million, or 18.3%, 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 19% and 14% of the consolidated revenue for the nine months ended March 31, 2025 and 2024, respectively. JMB's revenue represented 11% of the consolidated revenue for the nine months ended March 31, 2025 compared with 13% for the nine months ended March 31, 2024.

Gross profit decreased 1% to $129.3 million (1.53% of revenue) from $130.3 million (1.82% of revenue) in the same year-ago period. 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 57% and 47% of the consolidated gross profit for the nine months ended March 31, 2025 and 2024, respectively. Gross profit contributed by JMB represented 38% and 40% of the consolidated gross profit for the nine months ended March 31, 2025 and 2024, respectively.

Selling, general and administrative expenses increased 28% to $85.8 million from $67.1 million in the same year-ago period. The change was primarily due to an increase in compensation expense, including performance-based accruals, of $6.5 million, an increase in consulting and professional fees of $5.9 million, including an increase in one-time acquisition costs of $2.6 million, an increase in advertising costs of $3.2 million, an increase in facilities expense of $1.5 million, an increase in information technology costs of $0.4 million, and an increase in insurance costs of $0.2 million. Selling, general and administrative expenses for the nine months ended March 31, 2025 include $19.2 million of expenses incurred by LPM, Pinehurst, SGB, and SGI, which were not included in the same year-ago period, as they were not yet consolidated subsidiaries for the full period.

Depreciation and amortization expense increased 68% to $14.3 million from $8.6 million in the same year-ago period. The change was primarily due to an increase in amortization expense of $6.8 million relating to intangible assets acquired through our acquisitions of LPM, Pinehurst and SGI, and acquisition of a controlling interest in SGB, partially offset by a decrease in JMB intangible asset amortization of $1.7 million.

Interest income increased 8% to $20.6 million from $19.1 million in the same year-ago period. The aggregate increase in interest income was due to an increase in other finance product income of $1.7 million and a decrease in interest income earned by our Secured Lending segment of $0.2 million.

Interest expense increased 11% to $33.3 million from $29.9 million in the same year-ago period. The increase in interest expense was primarily due to an increase of $2.9 million related to product financing arrangements, an increase of $1.6 million from liabilities on borrowed metals, and an increase of $1.3 million associated with our Trading Credit Facility due to increased borrowings as well as an increase in the weighted-average effective interest rate, partially offset by a decrease of $2.5 million related to the AMCF Notes (including amortization of debt issuance costs) due to their repayment in December 2023.

Earnings (losses) from equity method investments decreased 163% to a loss of $2.1 million from earnings of $3.3 million in the same year-ago period. The decrease was due to decreased earnings of our equity method investees.

Net income attributable to the Company totaled $7.0 million or $0.29 per diluted share, compared to net income of $37.6 million or $1.56 per diluted share in the same year-ago period.

Adjusted net income before provision for income taxes for the nine months ended March 31, 2025 totaled $33.9 million, a decrease of $26.2 million or 44% compared to $60.1 million in the same year-ago period. The decrease was primarily due to lower net income before provision for income taxes of $40.6 million, the contingent consideration fair value adjustment of $1.1 million, partially offset by the exclusion of higher amortization of acquired intangibles of $5.1 million, higher acquisition costs of $2.6 million, and the remeasurement loss on our pre-existing equity interest in Pinehurst of $7.0 million.

EBITDA for the nine months ended March 31, 2025 totaled $35.3 million, a decrease of $32.9 million or 48% compared to $68.2 million in the same year-ago period. The decrease was primarily due to lower net income of $32.4 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 April 29, 2025 to stockholders of record as of April 15, 2025. It is expected that the next quarterly dividend will be paid in August 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 and alternative uses of cash and applicable bank covenants.

Conference Call

A-Mark will hold a conference call today (May 7, 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/2867/52299

U.S. dial-in number: 1-888-506-0062

International number: 1-973-528-0011

Participant Access Code: 970861

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 May 21, 2025.

Toll-free replay number: 1-877-481-4010

International replay number: 1-919-882-2331

Participant Access Code: 52299

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.

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, 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. AMS operates GOVMINT, which markets vintage and modern coins through channels that include a dedicated website, television advertising, 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 two 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 market conditions, the ability to achieve cost efficiencies with our recent acquisitions, the Company's performance through the end of the year and our long-term growth. 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: uncertainty in the current international economic and political climate, including the impact of domestic and foreign tariffs and other trade restrictions that recently have been or are threatened to be imposed; the current inflationary and interest rate environment; the reactions, demands and preferences of wholesale and retail purchasers of and investors in precious metals in response to the current economic and political uncertainties; unforeseen costs and other difficulties in integrating our recent acquisitions with the Company's existing businesses; volatility in the commodities markets in which the Company participates that have made projections of future performance, over both the short and long term, difficult and imprecise; 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 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 Quarterly Report on Form 10-Q to be filed with the SEC for the quarterly period ended March 31, 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 CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for share data)

		March 31, 2025		June 30, 2024
	(unaudited)
ASSETS
Current assets
Cash	$	114,345	$	48,636
Receivables, net		124,891		36,596
Derivative assets		92,402		114,720
Secured loans receivable		86,512		113,067
Precious metals held under financing arrangements		—		22,066
Inventories:
Inventories		759,581		579,400
Restricted inventories		556,828		517,744
		1,316,409		1,097,144
Income tax receivable		9,304		1,562
Prepaid expenses and other assets		14,012		8,412
Total current assets		1,757,875		1,442,203
Operating lease right of use assets		21,441		9,543
Property, plant, and equipment, net		32,188		20,263
Goodwill		216,917		199,937
Intangibles, net		110,985		101,663
Long-term investments		38,412		50,458
Other long-term assets		5,730		3,753
Total assets	$	2,183,548	$	1,827,820
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Liabilities on borrowed metals	$	44,224	$	31,993
Product financing arrangements		556,828		517,744
Accounts payable and other payables		30,309		18,831
Deferred revenue and other advances		380,910		263,286
Derivative liabilities		86,478		26,751
Accrued liabilities		30,292		16,798
Notes payable		—		8,367
Total current liabilities		1,129,041		883,770
Lines of credit		310,000		245,000
Notes payable		7,351		3,994
Deferred tax liabilities		20,290		22,187
Other liabilities		19,995		11,013
Total liabilities		1,486,677		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 March 31, 2025 or June 30, 2024		—		—
Common stock, par value $0.01; 40,000,000 shares authorized; 24,624,736 and 23,965,427 shares issued and 24,624,736 and 22,953,391 shares outstanding as of March 31, 2025 and June 30, 2024, respectively		247		240
Treasury stock, 0 and 1,012,036 shares at cost as of March 31, 2025 and June 30, 2024, respectively		—		(28,277	)
Additional paid-in capital		184,529		168,771
Accumulated other comprehensive income		93		61
Retained earnings		458,683		466,838
Total A-Mark Precious Metals, Inc. stockholders' equity		643,552		607,633
Noncontrolling interests		53,319		54,223
Total stockholders' equity		696,871		661,856
Total liabilities and stockholders' equity	$	2,183,548	$	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 March 31,						Nine Months Ended March 31,
		2025			2024			2025			2024
Revenues	$	3,009,125		$	2,610,651		$	8,466,566		$	7,174,084
Cost of sales		2,968,108			2,575,813			8,337,339			7,043,800
Gross profit		41,017			34,838			129,227			130,284
Selling, general, and administrative expenses		(33,404	)		(22,854	)		(85,775	)		(67,095	)
Depreciation and amortization expense		(4,996	)		(2,949	)		(14,344	)		(8,552	)
Interest income		6,722			6,682			20,603			19,095
Interest expense		(12,951	)		(9,907	)		(33,301	)		(29,898	)
Earnings (losses) from equity method investments		(222	)		(206	)		(2,054	)		3,280
Other income, net		1,171			763			1,832			1,605
Remeasurement loss on pre-existing equity interest		(7,043	)		—			(7,043	)		—
Unrealized (losses) gains on foreign exchange		(233	)		73			(895	)		84
Net (loss) income before provision before income taxes		(9,939	)		6,440			8,250			48,803
Income tax benefit (expense)		1,231			(1,286	)		(2,566	)		(10,705	)
Net (loss) income		(8,708	)		5,154			5,684			38,098
Net (loss) income attributable to noncontrolling interests		(162	)		141			(1,312	)		492
Net (loss) income attributable to the Company	$	(8,546	)	$	5,013		$	6,996		$	37,606
Basic and diluted net (loss) income per share attributable to A-Mark Precious Metals, Inc.:
Basic	$	(0.36	)	$	0.22		$	0.30		$	1.63
Diluted	$	(0.36	)	$	0.21		$	0.29		$	1.56

Weighted-average shares outstanding:
Basic		23,646,100			22,847,200			23,275,000			23,098,000
Diluted		23,646,100			23,822,800			24,118,100			24,140,500

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands; unaudited)

	Nine Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income	$	5,684		$	38,098
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		14,344			8,552
Amortization of loan cost		2,846			1,828
Deferred income taxes		(1,642	)		—
Share-based compensation		976			1,602
Remeasurement loss on pre-existing equity interest		7,043			—
Losses (earnings) from equity method investments		2,054			(3,280	)
Other		(148	)		287
Changes in assets and liabilities:
Receivables, net		(55,625	)		(8,503	)
Secured loans made to affiliates		16			(5,024	)
Derivative assets		23,121			47,048
Income tax receivable		(5,335	)		(4,332	)
Precious metals held under financing arrangements		—			12,758
Inventories		(76,234	)		(91,185	)
Prepaid expenses and other assets		(3,622	)		(1,443	)
Accounts payable and other payables		(2,262	)		(16,325	)
Deferred revenue and other advances		106,588			(42,049	)
Derivative liabilities		59,410			42,951
Liabilities on borrowed metals		12,231			4,525
Accrued liabilities		(4,064	)		(6,066	)
Income tax payable		—			(1,358	)
Net cash provided by (used in) operating activities		85,381			(21,916	)
Cash flows from investing activities:
Capital expenditures for property, plant, and equipment		(6,780	)		(4,518	)
Acquisition of businesses, net of cash acquired		(64,823	)		(32,888	)
Purchase of long-term investments		—			(2,113	)
Purchase of intangible assets		(100	)		(8,515	)
Secured loans receivable, net		26,555			(9,987	)
Purchase of marketable securities		(2,549	)		—
Proceeds from sale of marketable securities		4,213			—
Other		23			(487	)
Net cash used in investing activities		(43,461	)		(58,508	)
Cash flows from financing activities:
Product financing arrangements, net		(12,936	)		174,406
Dividends paid		(13,883	)		(37,265	)
Borrowings under lines of credit		1,483,000			1,453,000
Repayments under lines of credit		(1,418,000	)		(1,398,000	)
Repayment of notes		—			(95,000	)
Proceeds from notes payable to related party		—			3,448
Repayments on notes payable to related party		(8,367	)		—
Repurchases of common stock		(901	)		(22,307	)
Repurchases of common stock from a related party		(4,219	)		—
Debt funding issuance costs		(4,186	)		(2,975	)
Proceeds from the exercise of share-based awards		3,281			1,298
Payments for tax withholding related to net settlement of share-based awards		—			(332	)
Net cash provided by financing activities		23,789			76,273
Net increase (decrease) in cash		65,709			(4,151	)
Cash, beginning of period		48,636			39,318
Cash, end of period	$	114,345		$	35,167

Overview of Results of Operations for the Three Months Ended March 31, 2025 and 2024

Consolidated Results of Operations

The operating results for the three months ended March 31, 2025 and 2024 were as follows (in thousands, except per share data):


Three Months Ended March 31,	2025					2024					Change
		$		% of revenue			$		% of revenue			$		%
Revenues	$	3,009,125		100.000	%	$	2,610,651		100.000	%	$	398,474		15.3	%
Gross profit		41,017		1.363	%		34,838		1.334	%	$	6,179		17.7	%
Selling, general, and administrative expenses		(33,404	)	(1.110	%)		(22,854	)	(0.875	%)	$	10,550		46.2	%
Depreciation and amortization expense		(4,996	)	(0.166	%)		(2,949	)	(0.113	%)	$	2,047		69.4	%
Interest income		6,722		0.223	%		6,682		0.256	%	$	40		0.6	%
Interest expense		(12,951	)	(0.430	%)		(9,907	)	(0.379	%)	$	3,044		30.7	%
Losses from equity method investments		(222	)	(0.007	%)		(206	)	(0.008	%)	$	16		7.8	%
Other income, net		1,171		0.039	%		763		0.029	%	$	408		53.5	%
Remeasurement loss on pre-existing equity interest		(7,043	)	(0.234	%)		—		—	%	$	7,043		—	%
Unrealized (losses) gains on foreign exchange		(233	)	(0.008	%)		73		0.003	%	$	(306	)	(419.2	%)
Net (loss) income before provision for income taxes		(9,939	)	(0.330	%)		6,440		0.247	%	$	(16,379	)	(254.3	%)
Income tax benefit (expense)		1,231		0.041	%		(1,286	)	(0.049	%)	$	2,517		195.7	%
Net (loss) income		(8,708	)	(0.289	%)		5,154		0.197	%	$	(13,862	)	(269.0	%)
Net (loss) income attributable to noncontrolling interests		(162	)	(0.005	%)		141		0.005	%	$	(303	)	(214.9	%)
Net (loss) income attributable to the Company	$	(8,546	)	(0.284	%)	$	5,013		0.192	%	$	(13,559	)	(270.5	%)

Basic and diluted net (loss) income per share attributable to A-Mark Precious Metals, Inc.:

Per Share Data:
Basic	$	(0.36	)			$	0.22				$	(0.58	)	(263.6	%)
Diluted	$	(0.36	)			$	0.21				$	(0.57	)	(271.4	%)

Overview of Results of Operations for the Three Months Ended March 31, 2025 and December 31, 2024

Consolidated Results of Operations

The operating results for the three months ended March 31, 2025 and December 31, 2024 were as follows (in thousands, except per share data):


Three Months Ended	March 31, 2025					December 31, 2024					Change
		$		% of revenue		$			% of revenue			$		%
Revenues	$	3,009,125		100.000	%	$	2,742,345		100.000	%	$	266,780		9.7	%
Gross profit		41,017		1.363	%		44,767		1.632	%	$	(3,750	)	(8.4	%)
Selling, general, and administrative expenses		(33,404	)	(1.110	%)		(25,754	)	(0.939	%)	$	7,650		29.7	%
Depreciation and amortization expense		(4,996	)	(0.166	%)		(4,639	)	(0.169	%)	$	357		7.7	%
Interest income		6,722		0.223	%		6,794		0.248	%	$	(72	)	(1.1	%)
Interest expense		(12,951	)	(0.430	%)		(10,363	)	(0.378	%)	$	2,588		25.0	%
Losses from equity method investments		(222	)	(0.007	%)		(2,410	)	(0.088	%)	$	(2,188	)	(90.8	%)
Other income, net		1,171		0.039	%		461		0.017	%	$	710		154.0	%
Remeasurement loss on pre-existing equity interest		(7,043	)	(0.234	%)		—		—	%	$	7,043		—	%
Unrealized losses on foreign exchange		(233	)	(0.008	%)		(840	)	(0.031	%)	$	(607	)	(72.3	%)
Net (loss) income before provision for income taxes		(9,939	)	(0.330	%)		8,016		0.292	%	$	(17,955	)	(224.0	%)
Income tax benefit (expense)		1,231		0.041	%		(2,042	)	(0.074	%)	$	3,273		160.3	%
Net (loss) income		(8,708	)	(0.289	%)		5,974		0.218	%	$	(14,682	)	(245.8	%)
Net loss attributable to noncontrolling interests		(162	)	(0.005	%)		(584	)	(0.021	%)	$	(422	)	(72.3	%)
Net (loss) income attributable to the Company	$	(8,546	)	(0.284	%)	$	6,558		0.239	%	$	(15,104	)	(230.3	%)

Basic and diluted net (loss) income per share attributable to A-Mark Precious Metals, Inc.:

Per Share Data:
Basic	$	(0.36	)			$	0.28				$	(0.64	)	(228.6	%)
Diluted	$	(0.36	)			$	0.27				$	(0.63	)	(233.3	%)

Overview of Results of Operations for the Nine Months Ended March 31, 2025 and 2024

Consolidated Results of Operations

The operating results for the nine months ended March 31, 2025 and 2024 were as follows (in thousands, except per share data):

Nine Months Ended March 31,	2025						2024						Change
	$			% of revenue			$			% of revenue			$			%
Revenues	$	8,466,566			100.000	%	$	7,174,084			100.000	%	$	1,292,482			18.0	%
Gross profit		129,227			1.526	%		130,284			1.816	%	$	(1,057	)		(0.8	%)
Selling, general, and administrative expenses		(85,775	)		(1.013	%)		(67,095	)		(0.935	%)	$	18,680			27.8	%
Depreciation and amortization expense		(14,344	)		(0.169	%)		(8,552	)		(0.119	%)	$	5,792			67.7	%
Interest income		20,603			0.243	%		19,095			0.266	%	$	1,508			7.9	%
Interest expense		(33,301	)		(0.393	%)		(29,898	)		(0.417	%)	$	3,403			11.4	%
Earnings (losses) from equity method investments		(2,054	)		(0.024	%)		3,280			0.046	%	$	(5,334	)		(162.6	%)
Other income, net		1,832			0.022	%		1,605			0.022	%	$	227			14.1	%
Remeasurement loss on pre-existing equity interest		(7,043	)		(0.083	%)		—			—	%	$	7,043			—	%
Unrealized (losses) gains on foreign exchange		(895	)		(0.011	%)		84			0.001	%	$	(979	)		(1,165.5	%)
Net income before provision for income taxes		8,250			0.097	%		48,803			0.680	%	$	(40,553	)		(83.1	%)
Income tax expense		(2,566	)		(0.030	%)		(10,705	)		(0.149	%)	$	(8,139	)		(76.0	%)
Net income		5,684			0.067	%		38,098			0.531	%	$	(32,414	)		(85.1	%)
Net (loss) income attributable to noncontrolling interests		(1,312	)		(0.015	%)		492			0.007	%	$	(1,804	)		(366.7	%)
Net income attributable to the Company	$	6,996			0.083	%	$	37,606			0.524	%	$	(30,610	)		(81.4	%)

Basic and diluted net income per share attributable to A-Mark Precious Metals, Inc.:

Per Share Data:
Basic	$	0.30					$	1.63					$	(1.33	)		(81.6	%)
Diluted	$	0.29					$	1.56					$	(1.27	)		(81.4	%)

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended March 31, 2025 and 2024

A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended March 31, 2025 and 2024 follows (in thousands):

Three Months Ended March 31,	2025			2024		Change
		$			$		$		%
Net (loss) income before provision for income taxes	$	(9,939	)	$	6,440	$	(16,379	)	(254.3	%)
Adjustments:
Remeasurement loss on pre-existing equity interest		7,043			—	$	7,043		—	%
Contingent consideration fair value adjustment		(1,000	)		—	$	1,000		—	%
Acquisition costs		4,649			2,222	$	2,427		109.2	%
Amortization of acquired intangibles		4,004			2,198	$	1,806		82.2	%
Depreciation expense		992			751	$	241		32.1	%
Adjusted net income before provision for income taxes (non-GAAP)	$	5,749		$	11,611	$	(5,862	)	(50.5	%)

A reconciliation of net (loss) income to EBITDA, and operating cash flows to EBITDA for the three months ended March 31, 2025 and 2024 follows (in thousands):

Three Months Ended March 31,	2025			2024			Change
		$			$			$		%
Net (loss) income	$	(8,708	)	$	5,154		$	(13,862	)	(269.0	%)
Adjustments:
Interest income		(6,722	)		(6,682	)	$	40		0.6	%
Interest expense		12,951			9,907		$	3,044		30.7	%
Amortization of acquired intangibles		4,004			2,198		$	1,806		82.2	%
Depreciation expense		992			751		$	241		32.1	%
Income tax (benefit) expense		(1,231	)		1,286		$	(2,517	)	(195.7	%)
		9,994			7,460		$	2,534		34.0	%

Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	1,286		$	12,614		$	(11,328	)	(89.8	%)

Reconciliation of Operating Cash Flows to EBITDA:
Net cash provided by operating activities	$	102,839		$	79,751		$	23,088		29.0	%
Changes in operating working capital		(99,355	)		(70,511	)	$	28,844		40.9	%
Interest expense		12,951			9,907		$	3,044		30.7	%
Interest income		(6,722	)		(6,682	)	$	40		0.6	%
Income tax (benefit) expense		(1,231	)		1,286		$	(2,517	)	(195.7	%)
Losses from equity method investments		(222	)		(206	)	$	16		7.8	%
Remeasurement loss on pre-existing equity interest		(7,043	)		—		$	7,043		—	%
Share-based compensation		(349	)		(456	)	$	(107	)	(23.5	%)
Deferred income taxes		1,642			—		$	1,642		—	%
Amortization of loan cost		(1,166	)		(614	)	$	552		89.9	%
Other		(58	)		139		$	(197	)	(141.7	%)
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	1,286		$	12,614		$	(11,328	)	(89.8	%)

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended March 31, 2025 and December 31, 2024

A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended March 31, 2025 and December 31, 2024 follows (in thousands):

Three Months Ended	March 31, 2025			December 31, 2024		Change
		$			$		$		%
Net (loss) income before provision for income taxes	$	(9,939	)		8,016	$	(17,955	)	(224.0	%)
Adjustments:
Remeasurement loss on pre-existing equity interest		7,043			—	$	7,043		—	%
Contingent consideration fair value adjustment		(1,000	)		20	$	(1,020	)	(5,100.0	%)
Acquisition costs		4,649			688	$	3,961		575.7	%
Amortization of acquired intangibles		4,004			3,790	$	214		5.6	%
Depreciation expense		992			849	$	143		16.8	%
Adjusted net income before provision for income taxes (non-GAAP)	$	5,749		$	13,363	$	(7,614	)	(57.0	%)

A reconciliation of net (loss) income to EBITDA, and operating cash flows to EBITDA for the three months ended March 31, 2025 and December 31, 2024 follows (in thousands):

Three Months Ended	March 31, 2025			December 31, 2024			Change
		$			$			$		%
Net (loss) income	$	(8,708	)	$	5,974		$	(14,682	)	(245.8	%)
Adjustments:
Interest income		(6,722	)		(6,794	)	$	(72	)	(1.1	%)
Interest expense		12,951			10,363		$	2,588		25.0	%
Amortization of acquired intangibles		4,004			3,790		$	214		5.6	%
Depreciation expense		992			849		$	143		16.8	%
Income tax (benefit) expense		(1,231	)		2,042		$	(3,273	)	(160.3	%)
		9,994			10,250		$	(256	)	(2.5	%)

Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	1,286		$	16,224		$	(14,938	)	(92.1	%)

Reconciliation of Operating Cash Flows to EBITDA:
Net cash provided by operating activities	$	102,839		$	110,071		$	(7,232	)	(6.6	%)
Changes in operating working capital		(99,355	)		(97,186	)	$	2,169		2.2	%
Interest expense		12,951			10,363		$	2,588		25.0	%
Interest income		(6,722	)		(6,794	)	$	(72	)	(1.1	%)
Income tax (benefit) expense		(1,231	)		2,042		$	(3,273	)	(160.3	%)
Losses from equity method investments		(222	)		(2,410	)	$	(2,188	)	(90.8	%)
Remeasurement loss on pre-existing equity interest		(7,043	)		—		$	7,043		—	%
Share-based compensation		(349	)		(307	)	$	42		13.7	%
Deferred income taxes		1,642			—		$	1,642		—	%
Amortization of loan cost		(1,166	)		(1,015	)	$	151		14.9	%
Other		(58	)		1,460		$	(1,518	)	(104.0	%)
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	1,286		$	16,224		$	(14,938	)	(92.1	%)

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Nine Months Ended March 31, 2025 and 2024

A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the nine months ended March 31, 2025 and 2024 follows (in thousands):

Nine Months Ended March 31,	2025			2024		Change
		$			$		$		%
Net income before provision for income taxes	$	8,250		$	48,803	$	(40,553	)	(83.1	%)
Adjustments:
Remeasurement loss on pre-existing equity interest		7,043			—	$	7,043		—	%
Contingent consideration fair value adjustment		(1,130	)		—	$	1,130		—	%
Acquisition costs		5,389			2,763	$	2,626		95.0	%
Amortization of acquired intangibles		11,658			6,528	$	5,130		78.6	%
Depreciation expense		2,686			2,024	$	662		32.7	%
Adjusted net income before provision for income taxes (non-GAAP)	$	33,896		$	60,118	$	(26,222	)	(43.6	%)

A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the nine months ended March 31, 2025 and 2024 follows (in thousands):

Nine Months Ended March 31,	2025			2024			Change
		$			$			$		%
Net income	$	5,684		$	38,098		$	(32,414	)	(85.1	%)
Adjustments:
Interest income		(20,603	)		(19,095	)	$	1,508		7.9	%
Interest expense		33,301			29,898		$	3,403		11.4	%
Amortization of acquired intangibles		11,658			6,528		$	5,130		78.6	%
Depreciation expense		2,686			2,024		$	662		32.7	%
Income tax expense		2,566			10,705		$	(8,139	)	(76.0	%)
		29,608			30,060		$	(452	)	(1.5	%)

Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	35,292		$	68,158		$	(32,866	)	(48.2	%)

Reconciliation of Operating Cash Flows to EBITDA:
Net cash provided by (used in) operating activities	$	85,381		$	(21,916	)	$	107,297		489.6	%
Changes in operating working capital		(54,224	)		69,003		$	(123,227	)	(178.6	%)
Interest expense		33,301			29,898		$	3,403		11.4	%
Interest income		(20,603	)		(19,095	)	$	1,508		7.9	%
Income tax expense		2,566			10,705		$	(8,139	)	(76.0	%)
Earnings (losses) from equity method investments		(2,054	)		3,280		$	(5,334	)	(162.6	%)
Remeasurement loss on pre-existing equity interest		(7,043	)		—		$	7,043		—	%
Share-based compensation		(976	)		(1,602	)	$	(626	)	(39.1	%)
Deferred income taxes		1,642			—		$	1,642		—	%
Amortization of loan cost		(2,846	)		(1,828	)	$	1,018		55.7	%
Other		148			(287	)	$	435		151.6	%
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)	$	35,292		$	68,158		$	(32,866	)	(48.2	%)

A-Mark Precious Metals Reports Fiscal Third Quarter 2025 Results