A-Mark Precious Metals, Inc. (AMRK) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon and welcome to AMARC Precious Metals conference call for the fiscal third quarter ended March 31st, 2025. My name is Kelly and I will be your operator this afternoon. Before this call, AMARC issued its results for the fiscal third quarter 2025 in a press release, which is available in the investor relations section of the company's website at www.amarc.com. You can find the link to the investor relations section at the top of the homepage. Joining us for today's call are AMARC's CEO, Greg Roberts, President Thor Gerdrum, and CFO Kathleen Simpson-Taylor. Following their remarks, we will open the call to your questions. Then, before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the investor relations section of AMARC's website. Now I would like to turn the call over to AMARC's CEO, Mr. Greg Roberts. The floor is yours. Thank you, Kelly, and good afternoon, everyone. Thank you for joining the AMARC call today. Our third quarter results demonstrate AMARC's performance during very volatile market conditions. 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 million on our Pinehurst Coin Exchange pre-existing equity interest, we delivered $41 million in gross profits. 5.7 million in non-GAAP adjusted net income, and 1.3 million in non-GAAP EBITDA. We capitalized on the softer market condit...