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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
  
  

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
  
  

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

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):

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):

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):

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):

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):

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):

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):

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):

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):