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Mar 31
A-Mark Precious Metals Q3 2025 Earnings Report
Reported fiscal third quarter 2025 results with a net loss of $8.5 million and diluted loss per share of $0.36.
Key Takeaways
A-Mark Precious Metals experienced a challenging fiscal third quarter of 2025, reporting a net loss of $8.5 million compared to a net income in the prior year. This was primarily attributed to volatile market conditions, including concerns around tariffs, which led to trading losses and higher interest expenses, as well as one-time acquisition-related costs and a remeasurement loss. Despite these headwinds, the company saw an increase in revenue and gross profit, driven partly by strategic acquisitions that expanded its market position and reach into higher-margin segments.
Revenue increased by 15% to $3.009 billion in Q3 FY 2025 compared to the same period last year.
The company reported a net loss attributable to the Company of $8.5 million, a significant decrease from the $5.0 million net income in Q3 FY 2024.
Diluted loss per share was $0.36 in Q3 FY 2025, down from earnings per share of $0.21 in the prior year quarter.
Non-GAAP adjusted net income before provision for income taxes decreased by 50% to $5.7 million in Q3 FY 2025.
Strategic acquisitions of Pinehurst Coin Exchange, Spectrum Group International, and AMS Holding, LLC were completed, expanding the company's portfolio and reach.
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
Market conditions have improved since the challenging third quarter, and the company is positioned to finish the fiscal year with momentum. Management is confident in long-term growth prospects due to an expanded brand portfolio and optimization opportunities.
Positive Outlook
- Market conditions have continued to improve.
- Well positioned to close the fiscal year with momentum.
- Expanded portfolio of brands strengthens market position.
- Significant optimization opportunities identified.
- Confidence in long-term growth prospects and ability to create shareholder value.
Challenges Ahead
- Volatile market conditions negatively impacted Q3 results.
- Early-quarter concerns around tariffs led to decreased market liquidity and backwardation.
- Trading losses contributed to adverse results.
- Higher interest expense due to increases in product financing rates impacted profitability.
- One-time acquisition-related costs and a remeasurement loss also affected Q3 results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income