A-Mark Precious Metals, Inc. (AMRK) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, Greg, and good afternoon to everybody. Our revenues for Q4 fiscal 25 decreased 1 percent to 2.51 billion from 2.52 billion in Q4 of last year. Excluding a decrease of 94 million of forward sales, revenues increased 81 million, or 5 percent, which was due to higher average selling prices of gold and silver offset by a decrease in gold and silver ounces sold. For the full year, our revenues increased 1.3% to $10.98 billion from $9.7 billion in the prior fiscal year. Excluding an increase of $446 million of forward sales, our revenues increased $832.9 million, or 15%, which was due to higher average selling prices of gold and silver partially offset by a decrease in gold and silver ounces sold. Revenue has also increased due to the acquisition of a controlling interest in Silver Gold Bull, which we'll refer to as SGB, in June of 2024, and the acquisitions of Spectrum Group International, which we'll refer to as SGI, and Pinehurst Coin Exchange, which we'll continuously refer to as Pinehurst, in February of 2025, and finally, AMS Holdings, which we'll refer to as AMS in April of 25. Gross profit for Q4 fiscal 25 increased 90% to $81.7 million or 3.25% of revenue from $43.0 million or 1.7% of revenue in Q4 of last year. The increase is primarily due to the acquisition of a controlling interest in SGB in June of and the acquisitions of SGI and Pinehurst in February of 25 and AMS in April of 25. For the full fiscal year, gross profit increased 22% to $210.9 million, or 1.92% of revenue from $173.3 million, or 1.79% of revenue in the prior fiscal year. The increase in gross profit was due to higher profits earned by our direct-to-consumer segment, partially offset by lower gross profits earned from our wholesale sales and ancillary services segment. SGA expenses f...