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Sep 30
A-Mark Precious Metals Q1 2026 Earnings Report
A-Mark Precious Metals reported its fiscal first quarter 2026 results, including a significant increase in revenue and gross profit, alongside a net loss, and announced the acquisition of Monex Precious Metals.
Key Takeaways
A-Mark Precious Metals delivered a strong fiscal first quarter 2026 with a 36% increase in revenue to $3.68 billion and a 68% rise in gross profit to $72.9 million, driven by expanded contributions from recent acquisitions and improved market conditions post-Labor Day. However, the company reported a net loss of $0.9 million, a 110% decrease year-over-year, and diluted EPS of $(0.04). Despite the net loss, the company highlighted the resiliency of its integrated platform and strategic acquisitions.
Revenue for Q1 2026 increased 36% to $3.68 billion compared to $2.72 billion in the same period last year, primarily due to increased gold ounces sold, higher average selling prices, and recent acquisitions.
Gross profit surged by 68% to $72.9 million, up from $43.4 million in the prior year, with the Direct-to-Consumer segment contributing 71% of the consolidated gross profit.
The company reported a net loss attributable to the Company of $0.9 million, a significant decrease from a net income of $9.0 million in Q1 2025, resulting in a diluted EPS of $(0.04).
A-Mark announced a definitive agreement to acquire Monex Precious Metals for $33 million, strengthening its Direct-to-Consumer presence and expecting operational synergies.
A-Mark Precious Metals
A-Mark Precious Metals
A-Mark Precious Metals Revenue by Segment
Revenue by Segment
Direct-to-Consumer Revenue
CapyFin.comJM Bullion Revenue
CapyFin.com Forward Guidance
A-Mark Precious Metals anticipates strengthening its Direct-to-Consumer presence and realizing operational synergies through the acquisition of Monex Precious Metals. The company expects continued benefits from investments in automation and integration initiatives, positioning it for success in various market conditions.
Positive Outlook
- Acquisition of Monex Precious Metals is expected to strengthen the DTC presence by leveraging Monex’s brand and customer base.
- Operational synergies from the Monex acquisition are anticipated to enhance and streamline both organizations.
- Continued investments in automation at the fulfillment facility (AMGL) are expected to yield further efficiencies and savings.
- Successful consolidation of Pinehurst’s operations into AMGL and right-sizing of AMS are expected to contribute to additional savings.
- The company believes its fully integrated platform is well-positioned to succeed in all market conditions, with demand for precious metals strengthening since quarter-end.
Challenges Ahead
- Delays in consummating the Monex acquisition or the inability to consummate the acquisition could impact future plans.
- Failure to execute the company’s growth strategy, including identifying suitable acquisition opportunities, poses a risk.
- Greater than anticipated costs incurred to execute the growth strategy could negatively affect financial performance.
- Increased competition for higher-margin services could depress pricing and profitability.
- Changes in the current international political climate or government regulations, particularly in Asia, might impede growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income