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Jun 30
A-Mark Precious Metals Q4 2025 Earnings Report
A-Mark Precious Metals reported its fiscal fourth quarter and full year 2025 results, highlighting resilience in a challenging market with increased gross profit and strategic acquisition integrations.
Key Takeaways
A-Mark Precious Metals demonstrated resilience in a challenging market during Q4 FY 2025, with a significant increase in gross profit by 90% to $81.7 million, despite a slight revenue decrease of 1% to $2.51 billion. Net income attributable to the company decreased by 67% to $10.3 million, and diluted EPS fell by 68% to $0.41. The company focused on integrating recent acquisitions and optimizing expenses, which contributed to improved operational leverage.
Q4 FY 2025 revenue slightly decreased by 1% to $2.51 billion compared to the prior year, but increased by 5% excluding a decrease in forward sales.
Gross profit for Q4 FY 2025 surged by 90% to $81.7 million, with gross profit margin increasing to 3.25% of revenue, primarily driven by recent acquisitions.
Net income attributable to the company for Q4 FY 2025 decreased by 67% to $10.3 million, resulting in diluted EPS of $0.41, a 68% decrease.
The company made significant progress in integrating acquisitions (SGI, AMS, Pinehurst) and completing automation upgrades at AMGL, aiming for cost savings and expanded reach into higher-margin segments.
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 continued growth across multiple channels in the new fiscal year, leveraging its broader and more diversified platform, improved operational leverage, and strong balance sheet.
Positive Outlook
- Expects to optimize expenses and create greater operating leverage through ongoing integration initiatives of recent acquisitions.
- Aims to maintain costs at more optimal levels going forward due to achieved scale and efficiencies.
- Strengthening distribution channels and expanding reach into higher-margin collectible and luxury segments through acquisitions.
- Well-positioned to capture growth across multiple channels with a diversified platform and strong balance sheet.
- Anticipates cost saving synergies from the migration of Pinehurst’s logistics operations to AMGL.
Challenges Ahead
- Challenging market conditions characterized by increased supply and range-bound premium spreads could persist.
- Potential for greater than anticipated costs in executing growth strategy or integrating acquired businesses.
- Government regulations, particularly in Asia, including tariff policy, might impede growth.
- Increased competition for higher-margin services could depress pricing.
- Changes in consumer demand and preferences for precious metal products could negatively impact the business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income