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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number: 001-36347

A-MARK PRECIOUS METALS, INC.

(Exact name of registrant as specified in its charter)

     Delaware
(State of Incorporation)

     11-2464169
(IRS Employer I.D. No.)

2121 Rosecrans Ave., Suite 6300, El Segundo, CA 90245

(Address of principal executive offices) (Zip code)

(310) 587-1477

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	AMRK	NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes. ☑ No. ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such ﬁles). Yes. ☑ No. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

     Large accelerated filer

     ☐

     Accelerated filer

     ☑

     Non-accelerated filer

     ☐

     Smaller reporting company

     ☐

     Emerging growth company

     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes. ☐ No. ☑

As of May 2, 2025, the registrant had 24,624,736 shares of common stock, par value $0.01 per share outstanding.

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

For the Quarterly Period Ended March 31, 2025

TABLE OF CONTENTS


			Page
PART I		FINANCIAL INFORMATION	3

	Item 1.	Financial Statements	3
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	50
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	88
	Item 4.	Controls and Procedures	89

PART II		OTHER INFORMATION	89

	Item 1.	Legal Proceedings	89
	Item 1A.	Risk Factors	89
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	106
	Item 3.	Defaults Upon Senior Securities	106
	Item 4.	Mine Safety Disclosures	106
	Item 5.	Other Information	106
	Item 6.	Exhibits and Financial Statement Schedules	107

Signatures			108

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Index to the Condensed Consolidated Financial Statements and Notes thereof


	Page
Condensed Consolidated Balance Sheets as of March 31, 2025 and June 30, 2024	4
Condensed Consolidated Statements of Income for the Three and Nine Months Ended March 31, 2025 and 2024	5
Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended March 31, 2025 and 2024	6
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2025 and 2024	7
Notes to the Condensed Consolidated Financial Statements	8
Note 1. Description of Business	8
Note 2. Summary of Significant Accounting Policies	13
Note 3. Assets and Liabilities, at Fair Value	24
Note 4. Receivables, Net	27
Note 5. Secured Loans Receivable	27
Note 6. Inventories	29
Note 7. Leases	30
Note 8. Property, Plant, and Equipment	31
Note 9. Goodwill and Intangible Assets	31
Note 10. Long-Term Investments	33
Note 11. Accounts Payable and Other Current Liabilities	33
Note 12. Derivative Instruments and Hedging Transactions	34
Note 13. Income Taxes	37
Note 14. Related Party Transactions	38
Note 15. Financing Agreements	41
Note 16. Commitments and Contingencies	42
Note 17. Stockholders' Equity	43
Note 18. Customer and Supplier Concentrations	46
Note 19. Segments and Geographic Information	46
Note 20. Subsequent Events	50

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except for share data)


	March 31, 2025		June 30, 2024
	(unaudited)
ASSETS
Current assets
Cash	$	114,345	$	48,636
Receivables, net		124,891		36,596
Derivative assets		92,402		114,720
Secured loans receivable		86,512		113,067
Precious metals held under financing arrangements		—		22,066
Inventories:
Inventories		759,581		579,400
Restricted inventories		556,828		517,744
		1,316,409		1,097,144
Income tax receivable		9,304		1,562
Prepaid expenses and other assets		14,012		8,412
Total current assets		1,757,875		1,442,203
Operating lease right of use assets		21,441		9,543
Property, plant, and equipment, net		32,188		20,263
Goodwill		216,917		199,937
Intangibles, net		110,985		101,663
Long-term investments		38,412		50,458
Other long-term assets		5,730		3,753
Total assets	$	2,183,548	$	1,827,820
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Liabilities on borrowed metals	$	44,224	$	31,993
Product financing arrangements		556,828		517,744
Accounts payable and other payables		30,309		18,831
Deferred revenue and other advances		380,910		263,286
Derivative liabilities		86,478		26,751
Accrued liabilities		30,292		16,798
Notes payable		—		8,367
Total current liabilities		1,129,041		883,770
Lines of credit		310,000		245,000
Notes payable		7,351		3,994
Deferred tax liabilities		20,290		22,187
Other liabilities		19,995		11,013
Total liabilities		1,486,677		1,165,964
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of March 31, 2025 or June 30, 2024		—		—
Common stock, par value $0.01; 40,000,000 shares authorized; 24,624,736 and 23,965,427 shares issued and 24,624,736 and 22,953,391 shares outstanding as of March 31, 2025 and June 30, 2024, respectively		247		240
Treasury stock, 0 and 1,012,036 shares at cost as of March 31, 2025 and June 30, 2024, respectively		—		(28,277	)
Additional paid-in capital		184,529		168,771
Accumulated other comprehensive income		93		61
Retained earnings		458,683		466,838
Total A-Mark Precious Metals, Inc. stockholders’ equity		643,552		607,633
Noncontrolling interests		53,319		54,223
Total stockholders’ equity		696,871		661,856
Total liabilities and stockholders’ equity	$	2,183,548	$	1,827,820

See accompanying Notes to the Condensed Consolidated Financial Statements

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except for share and per share data; unaudited)


	Three Months Ended March 31,						Nine Months Ended March 31,
	2025			2024			2025			2024
Revenues	$	3,009,125		$	2,610,651		$	8,466,566		$	7,174,084
Cost of sales		2,968,108			2,575,813			8,337,339			7,043,800
Gross profit		41,017			34,838			129,227			130,284
Selling, general, and administrative expenses		(33,404	)		(22,854	)		(85,775	)		(67,095	)
Depreciation and amortization expense		(4,996	)		(2,949	)		(14,344	)		(8,552	)
Interest income		6,722			6,682			20,603			19,095
Interest expense		(12,951	)		(9,907	)		(33,301	)		(29,898	)
Earnings (losses) from equity method investments		(222	)		(206	)		(2,054	)		3,280
Other income, net		1,171			763			1,832			1,605
Remeasurement loss on pre-existing equity interest		(7,043	)		—			(7,043	)		—
Unrealized (losses) gains on foreign exchange		(233	)		73			(895	)		84
Net (loss) income before provision before income taxes		(9,939	)		6,440			8,250			48,803
Income tax benefit (expense)		1,231			(1,286	)		(2,566	)		(10,705	)
Net (loss) income		(8,708	)		5,154			5,684			38,098
Net (loss) income attributable to noncontrolling interests		(162	)		141			(1,312	)		492
Net (loss) income attributable to the Company	$	(8,546	)	$	5,013		$	6,996		$	37,606
Basic and diluted net (loss) income per share attributable to A-Mark Precious Metals, Inc.:
Basic	$	(0.36	)	$	0.22		$	0.30		$	1.63
Diluted	$	(0.36	)	$	0.21		$	0.29		$	1.56

Weighted-average shares outstanding:
Basic		23,646,100			22,847,200			23,275,000			23,098,000
Diluted		23,646,100			23,822,800			24,118,100			24,140,500

See accompanying Notes to the Condensed Consolidated Financial Statements

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands, except for share data; unaudited)


	Common Stock				Additional Paid-in			Retained			Accumulated other comprehensive			Treasury Stock						Total A-Mark Precious Metals, Inc. Stockholders'			Non-controlling			Total Stockholders’
	Shares		Amount		Capital			Earnings			income (loss)			Shares			Amount			Equity			Interest			Equity
Balance, June 30, 2023		23,672,122	$	237	$	169,034		$	440,639		$	(1,025	)		(335,735	)	$	(9,762	)	$	599,123		$	1,270		$	600,393
Net income		—		—		—			18,827			—			—			—			18,827			156			18,983
Share-based compensation		—		—		664			—			—			—			—			664			—			664
Cumulative translation adjustment, net of tax		—		—		—			—			187			—			—			187			—			187
Exercise of share-based awards		159,999		2		958			—			—			—			—			960			—			960
Net settlement of share-based awards		10,556		—		(307	)		—			—			—			—			(307	)		—			(307	)
Repurchases of common stock		—		—		—			—			—			(171,268	)		(5,016	)		(5,016	)		—			(5,016	)
Dividends declared		—		—		8			(32,787	)		—			—			—			(32,779	)		—			(32,779	)
Balance, September 30, 2023		23,842,677		239		170,357			426,679			(838	)		(507,003	)		(14,778	)		581,659			1,426			583,085
Net income		—		—		—			13,766			—			—			—			13,766			195			13,961
Share-based compensation		—		—		482			—			—			—			—			482			—			482
Cumulative translation adjustment, net of tax		—		—		—			—			(123	)		—			—			(123	)		—			(123	)
Net settlement of share-based awards		5,571		—		(23	)		—			—			—			—			(23	)		—			(23	)
Repurchases of common stock		—		—		—			—			—			(440,092	)		(12,002	)		(12,002	)		—			(12,002	)
Balance, December 31, 2023		23,848,248		239		170,816			440,445			(961	)		(947,095	)		(26,780	)		583,759			1,621			585,380
Net income		—		—		—			5,013			—			—			—			5,013			141			5,154
Share-based compensation		—		—		456			—			—			—			—			456			—			456
Common stock issued for acquisition		—		—		—			(367	)		—			139,455			3,881			3,514			—			3,514
Noncontrolling ownership interest contribution		—		—		—			—			—			—			—			—			2,072			2,072
Cumulative translation adjustment, net of tax		—		—		—			—			63			—			—			63			—			63
Net settlement of share-based awards		45,268		—		338			—			—			—			—			338			—			338
Repurchases of common stock		—		—		—			—			—			(204,396	)		(5,378	)		(5,378	)		—			(5,378	)
Dividends declared		—		—		2			(4,601	)		—			—			—			(4,599	)		—			(4,599	)
Balance, March 31, 2024		23,893,516	$	239	$	171,612		$	440,490		$	(898	)		(1,012,036	)	$	(28,277	)	$	583,166		$	3,834		$	587,000

Balance, June 30, 2024		23,965,427	$	240	$	168,771		$	466,838		$	61			(1,012,036	)	$	(28,277	)	$	607,633		$	54,223		$	661,856
Net income		—		—		—			8,984			—			—			—			8,984			(566	)		8,418
Share-based compensation		—		—		320			—			—			—			—			320			—			320
Cumulative translation adjustment, net of tax		—		—		—			—			106			—			—			106			—			106
Exercise of share-based awards		230,668		2		3,279			—			—			—			—			3,281			—			3,281
Dividends declared		—		—		2			(9,266	)		—			—			—			(9,264	)		—			(9,264	)
Balance, September 30, 2024		24,196,095		242		172,372			466,556			167			(1,012,036	)		(28,277	)		611,060			53,657			664,717
Net income		—		—		—			6,558			—			—			—			6,558			(584	)		5,974
Share-based compensation		—		—		307			—			—			—			—			307			—			307
Cumulative translation adjustment, net of tax		—		—		—			—			(114	)		—			—			(114	)		—			(114	)
Net settlement of share-based awards		4,638		1		—			—			—			—			—			1			—			1
Repurchases of common stock		—		—		—			—			—			(30,057	)		(875	)		(875	)		—			(875	)
Repurchases of common stock - related party		—		—		—			—			—			(139,455	)		(4,219	)		(4,219	)		—			(4,219	)
Balance, December 31, 2024		24,200,733		243		172,679			473,114			53			(1,181,548	)		(33,371	)		612,718			53,073			665,791
Net loss		—		—		—			(8,546	)		—			—			—			(8,546	)		(162	)		(8,708	)
Share-based compensation		—		—		349			—			—			—			—			349			—			349
Common stock issued for acquisition		423,234		4		11,499			(1,256	)		—			1,181,548			33,371			43,618			—			43,618
Noncontrolling ownership interest acquisition		—		—		—			—			—			—			—			—			408			408
Cumulative translation adjustment, net of tax		—		—		—			—			40			—			—			40			—			40
Net settlement of share-based awards		769		—		—			—			—			—			—			—			—			—
Dividends declared		—		—		2			(4,629	)		—			—			—			(4,627	)		—			(4,627	)
Balance, March 31, 2025		24,624,736	$	247	$	184,529		$	458,683		$	93			—		$	-		$	643,552		$	53,319		$	696,871

See accompanying Notes to the Condensed Consolidated Financial Statements

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands; unaudited)


	Nine Months Ended March 31,
	2025			2024
Cash flows from operating activities:
Net income	$	5,684		$	38,098
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		14,344			8,552
Amortization of loan cost		2,846			1,828
Deferred income taxes		(1,642	)		—
Share-based compensation		976			1,602
Remeasurement loss on pre-existing equity interest		7,043			—
Losses (earnings) from equity method investments		2,054			(3,280	)
Other		(148	)		287
Changes in assets and liabilities:
Receivables, net		(55,625	)		(8,503	)
Secured loans made to affiliates		16			(5,024	)
Derivative assets		23,121			47,048
Income tax receivable		(5,335	)		(4,332	)
Precious metals held under financing arrangements		—			12,758
Inventories		(76,234	)		(91,185	)
Prepaid expenses and other assets		(3,622	)		(1,443	)
Accounts payable and other payables		(2,262	)		(16,325	)
Deferred revenue and other advances		106,588			(42,049	)
Derivative liabilities		59,410			42,951
Liabilities on borrowed metals		12,231			4,525
Accrued liabilities		(4,064	)		(6,066	)
Income tax payable		—			(1,358	)
Net cash provided by (used in) operating activities		85,381			(21,916	)
Cash flows from investing activities:
Capital expenditures for property, plant, and equipment		(6,780	)		(4,518	)
Acquisition of businesses, net of cash acquired		(64,823	)		(32,888	)
Purchase of long-term investments		—			(2,113	)
Purchase of intangible assets		(100	)		(8,515	)
Secured loans receivable, net		26,555			(9,987	)
Purchase of marketable securities		(2,549	)		—
Proceeds from sale of marketable securities		4,213			—
Other		23			(487	)
Net cash used in investing activities		(43,461	)		(58,508	)
Cash flows from financing activities:
Product financing arrangements, net		(12,936	)		174,406
Dividends paid		(13,883	)		(37,265	)
Borrowings under lines of credit		1,483,000			1,453,000
Repayments under lines of credit		(1,418,000	)		(1,398,000	)
Repayment of notes		—			(95,000	)
Proceeds from notes payable to related party		—			3,448
Repayments on notes payable to related party		(8,367	)		—
Repurchases of common stock		(901	)		(22,307	)
Repurchases of common stock from a related party		(4,219	)		—
Debt funding issuance costs		(4,186	)		(2,975	)
Proceeds from the exercise of share-based awards		3,281			1,298
Payments for tax withholding related to net settlement of share-based awards		—			(332	)
Net cash provided by financing activities		23,789			76,273
Net increase (decrease) in cash		65,709			(4,151	)
Cash, beginning of period		48,636			39,318
Cash, end of period	$	114,345		$	35,167
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest paid	$	31,341		$	25,233
Income taxes paid	$	9,819		$	16,388
Income taxes refunded	$	270		$	413
Non-cash investing and financing activities:
Property, plant, and equipment acquired on account	$	979		$	—
Common stock issued for acquisitions	$	43,618		$	3,514
Loss on reissuance of treasury stock	$	1,256		$	367
Addition of right of use assets under lease obligations	$	—		$	957
Contingent consideration payable for acquisition of business	$	700		$	2,800

See accompanying Notes to the Condensed Consolidated Financial Statements

A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. DESCRIPTION OF BUSINESS

Basis of Presentation

The consolidated financial statements comprise those of A-Mark Precious Metals, Inc. ("A-Mark", also referred to as "we", "us", and the "Company"), its consolidated subsidiaries, and its joint venture in which the Company has a controlling interest.

Business Segments

The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending. See Note 19 for further information regarding our reportable segments.

Wholesale Sales & Ancillary Services

The Company operates its Wholesale Sales & Ancillary Services segment directly and through its consolidated subsidiaries, A-Mark Trading AG (“AMTAG”), Transcontinental Depository Services, LLC ("TDS"), A-M Global Logistics, LLC (“AMGL” or "Logistics"), AM&ST Associates, LLC ("AMST" or the "Silver Towne Mint"), AM/LPM Ventures, LLC, which owns a majority interest in LPM Group Limited ("LPM"), Spectrum Group International, LLC, which was formed in February 2025 to acquire all of the stock of Spectrum Group International, Inc. ("SGI"), and Pinehurst Coin Exchange, Inc. ("Pinehurst"), which was acquired in February 2025.

The Wholesale Sales & Ancillary Services segment operates as a full-service precious metals company. We offer gold, silver, platinum, and palladium in the form of bars, plates, powder, wafers, grain, ingots, and coins. Our Industrial unit services manufacturers and fabricators of products utilizing or incorporating precious metals. Our Coin and Bar unit deals in approximately 2,100 coin and bar products in a variety of weights, shapes, and sizes for distribution to dealers and other qualified purchasers. We have a marketing support office in Vienna, Austria, a numismatics showroom in Hong Kong, and a trading center in El Segundo, California. The trading center, for buying and selling precious metals, is available to receive orders 24 hours every day, even when many major world commodity markets are closed. In addition to Wholesale Sales activity, A-Mark offers its customers a variety of ancillary services, including financing, storage, consignment, logistics, and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver, platinum, and palladium coins, A-Mark purchases product directly from the U.S. Mint, and it also purchases product from other sovereign mints, for sale to its customers.

Through its wholly-owned subsidiary AMTAG, the Company promotes its products and services to certain international markets. Through our wholly-owned subsidiary TDS, we offer a variety of managed storage options for precious metals products to financial institutions, dealers, investors, and collectors around the world.

The Company's wholly-owned subsidiary AMGL is based in Las Vegas, Nevada, and provides our customers an array of complementary services, including receiving, handling, inventorying, processing, packing, and shipping of precious metals and custom coins on a secure basis.

Through its wholly-owned subsidiary AMST, the Company designs and produces minted silver products. Our Silver Towne Mint operations allow us to provide greater product selection to our customers as well as to gain increased access to silver during volatile market environments, which have historically created higher demand for precious metals products.

The Company operates LPM, its Asia headquarters, through its subsidiary AM/LPM Ventures, LLC. Based in Hong Kong, LPM offers the Company's full-service precious metals products and services in Asia and internationally.

Spectrum Group International, LLC

In February 2025, we acquired 100% of the issued and outstanding equity interests of SGI, the parent of Stack’s-Bowers Numismatics LLC, d/b/a Stack’s Bowers Galleries ("Stack's Bowers Galleries"). Stack's Bowers Galleries is one of the world's largest rare coin and currency auction houses and a leading dealer specializing in numismatic and bullion products, and is the majority owner of Spectrum Wine, a global auctioneer, retailer, and storage provider of fine and rare wine. SGI's financial results attributable to its wholesale operations are included in our Wholesale Sales & Ancillary Services segment, and the financial results attributable to its auction and retail operations are included in our Direct-to-Consumer segment.

Total consideration to acquire SGI was $103.3 million, consisting of $46.0 million in cash and 1,671,654 shares of A-Mark common stock paid to the selling shareholders of SGI, repayment of debt obligations held by SGI as of the acquisition date of $11.0 million, $0.4 million related to the settlement of pre-existing payables due to A-Mark, and $0.4 million of noncontrolling interest in consolidated subsidiaries of SGI. 1,181,548 shares of the share consideration issued at the acquisition date were reissuances of our treasury stock. Of the share consideration, 66,872 shares are subject to a holdback to satisfy potential indemnification obligations, and will be issued, net of any claims, equally at the nine and 18 month anniversaries of the acquisition date.

Concurrently with the acquisition of SGI, we issued equity awards to key SGI management.

We incurred $2.0 million of transaction costs related to the acquisition of SGI, which are shown as a component of selling, general, and administrative expenses in our condensed consolidated statements of income. The financial results of SGI were included in our consolidated financial statements as of the acquisition date; these amounts were not material to our consolidated financial statements.

Assets acquired and liabilities assumed were recorded based on valuations derived from estimated fair value assessment and assumptions used by us. While we believe that our estimates and assumptions underlying the valuations are reasonable, different estimates or assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the resulting amount of goodwill. The following table summarizes the purchase price recorded and fair values of assets acquired and liabilities assumed through our acquisition of SGI as of the acquisition date (in thousands):


Cash	$	46,000
Common stock		43,618
Holdback consideration - common stock		1,818
Repayment of debt		11,017
Settlement of pre-existing payables due to A-Mark		419
Noncontrolling interest		408
Total purchase price	$	103,280

Cash	$	11,264
Receivables, net		25,164
Inventories		102,587
Other current assets		4,558
Property, plant, and equipment, net		6,108
Operating lease right of use assets		12,047
Trade names		4,000
In-process research and development		1,500
Developed technology		1,500
Existing customer relationships		12,000
Other long-term assets		2,058

A-Mark Precious Metals, Inc. 10-Q