Segments and Geographic Information

3 Months Ended

Sep. 30, 2025

19. SEGMENTS AND GEOGRAPHIC INFORMATION

The Company identifies its reportable segments based on a management approach as described in Topic 280 Segment Reporting, together with additional factors such as nature of products or services, customer types, and certain economic characteristics of the underlying business. Our Chief Operating Decision Maker ("CODM") is our CEO, Gregory Roberts. Our CODM uses segment net income or loss before provision for income taxes to allocate resources to our segments in our annual planning process and to assess the performance of our segments, primarily by monitoring actual results versus the annual plan. Our operating segments are not evaluated using asset information.

The Company's operations are organized under three business segments (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending. The Wholesale Sales & Ancillary Services segment includes the consolidating eliminations of inter-segment transactions and unallocated segment adjustments. See Note 1 for a description of the types of products and services from which each reportable segment derives its revenues.

Revenue


in thousands	Three Months Ended September 30,
	2025				2024
Revenue by segment (1)
Wholesale Sales & Ancillary Services	$	3,509,209			$	2,547,998
Eliminations of inter-segment sales		(692,338	)			(321,009	)
Wholesale Sales & Ancillary Services, net of eliminations (2)		2,816,871				2,226,989
Direct-to-Consumer		863,895		(a)		488,107		(b)
	$	3,680,766			$	2,715,096

(1)

The Secured Lending segment earns interest income from its lending activity and earns no revenue from the sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

(2)

The eliminations of inter-segment sales are reflected in the Wholesale Sales & Ancillary Services segment.

(a)

Includes $44.9 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

(b)

Includes $20.4 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.


in thousands	Three Months Ended September 30,
	2025		2024
Revenue by geographic region
United States	$	1,343,925	$	1,013,855
Europe		1,772,196		1,323,683
Canada		473,065		325,672
Asia Pacific		85,993		48,434
Australia		5,425		3,452
South America		162		—
	$	3,680,766	$	2,715,096

Cost of Sales


in thousands	Three Months Ended September 30,
	2025			2024
Cost of sales by segment(1)
Wholesale Sales & Ancillary Services	$	3,487,730		$	2,528,189
Eliminations and adjustments		(692,101	)		(321,190	)
Wholesale Sales & Ancillary Services, net of eliminations and adjustments		2,795,629			2,206,999
Direct-to-Consumer, net of eliminations		812,240			464,654
	$	3,607,869		$	2,671,653

(1)

The Secured Lending segment earns interest income from its lending activity and has no cost of sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

Gross Profit and Gross Margin Percentage


in thousands	Three Months Ended September 30,
	2025			2024
Gross profit by segment(1)
Wholesale Sales & Ancillary Services	$	21,479		$	19,809
Eliminations and adjustments		(237	)		181
Wholesale Sales & Ancillary Services, net of eliminations and adjustments		21,242			19,990
Direct-to-Consumer, net of eliminations		51,655			23,453
	$	72,897		$	43,443
Gross margin percentage by segment
Wholesale Sales & Ancillary Services		0.612	%		0.777	%
Wholesale Sales & Ancillary Services, net of eliminations and adjustments		0.754	%		0.898	%
Direct-to-Consumer		5.979	%		4.805	%
Consolidated gross margin percentage		1.980	%		1.600	%

(1)

The Secured Lending segment earns interest income from its lending activity and earns no gross profit from the sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

Operating Income and (Expenses)


in thousands	Three Months Ended September 30,
	2025			2024
Operating income (expenses) by segment
Wholesale Sales & Ancillary Services	$	(32,090	)	$	(16,449	)
Eliminations		(67	)		(47	)
Wholesale Sales & Ancillary Services, net of eliminations	$	(32,157	)	$	(16,496	)

Wholesale Sales & Ancillary Services, net of eliminations
Selling, general, and administrative expenses	$	(22,059	)	$	(12,734	)
Depreciation and amortization expense		(1,626	)		(802	)
Interest income		3,006			4,015
Interest expense		(10,808	)		(7,480	)
Earnings (losses) from equity method investments		(944	)		551
Other (expense) income, net		(67	)		5
Unrealized gains (losses) on foreign exchange		341			(51	)
	$	(32,157	)	$	(16,496	)
Direct-to-Consumer
Selling, general, and administrative expenses	$	(37,465	)	$	(13,591	)
Depreciation and amortization expense		(5,957	)		(3,904	)
Interest income		21			52
Interest expense		(422	)		(484	)
Other income, net		2,300			—
Unrealized (losses) gains on foreign exchange		(440	)		229
	$	(41,963	)	$	(17,698	)
Secured Lending
Selling, general, and administrative expenses	$	(298	)	$	(292	)
Depreciation and amortization expense		-			(3	)
Interest income		2,544			3,020
Interest expense		(1,370	)		(2,023	)
Earnings from equity method investments		36			27
Other income, net		-			195
	$	912		$	924

Net (Loss) Income Before Provision for Income Taxes


in thousands	Three Months Ended September 30,
	2025			2024
Net (loss) income before provision for income taxes by segment
Wholesale Sales & Ancillary Services	$	(10,915	)	$	3,494
Direct-to-Consumer		9,692			5,755
Secured Lending		912			924
	$	(311	)	$	10,173

Advertising Expense


in thousands	Three Months Ended September 30,
	2025			2024
Advertising expense by segment
Wholesale Sales & Ancillary Services	$	(1,922	)	$	(620	)
Direct-to-Consumer		(7,867	)		(3,956	)
Secured Lending		(53	)		(70	)
	$	(9,842	)	$	(4,646	)

Capital Expenditures for Long-Lived Assets


in thousands	Three Months Ended September 30,
	2025			2024
Capital expenditures for long-lived assets by segment
Wholesale Sales & Ancillary Services	$	(1,326	)	$	(505	)
Direct-to-Consumer		(648	)		(102	)
	$	(1,974	)	$	(607	)

Inventories


in thousands
	September 30, 2025		June 30, 2025
Inventories by segment
Wholesale Sales & Ancillary Services	$	935,129	$	1,049,200
Direct-to-Consumer		287,965		230,345
	$	1,223,094	$	1,279,545


in thousands
	September 30, 2025		June 30, 2025
Inventories by geographic region
United States	$	1,067,233	$	1,150,678
North America, excluding United States		72,783		52,225
Europe		29,804		32,987
Asia		53,274		43,655
	$	1,223,094	$	1,279,545

Total Assets


in thousands
	September 30, 2025			June 30, 2025
Total assets by segment
Wholesale Sales & Ancillary Services (1)	$	1,768,311		$	1,485,370
Eliminations		(305,373	)		(211,144	)
Wholesale Sales & Ancillary Services, net of eliminations		1,462,938			1,274,226
Direct-to-Consumer		1,009,349			844,760
Secured Lending		107,084			96,445
	$	2,579,371		$	2,215,431

(1)

Our equity method investments and precious metals held under financing arrangements are primarily recorded within our Wholesale Sales & Ancillary Services segment.


in thousands
	September 30, 2025		June 30, 2025
Total assets by geographic region
United States	$	2,189,472	$	1,917,452
North America, excluding United States		249,616		169,864
Europe		39,329		40,625
Asia		100,954		87,490
	$	2,579,371	$	2,215,431

Long-term Assets


in thousands
	September 30, 2025		June 30, 2025
Long-term assets by segment
Wholesale Sales & Ancillary Services	$	122,962	$	120,348
Direct-to-Consumer		342,877		349,394
Secured Lending		2,230		2,194
	$	468,069	$	471,936


in thousands
	September 30, 2025		June 30, 2025
Long-term assets by geographic region
United States	$	332,564	$	334,199
North America, excluding United States		104,701		106,405
Europe		2		2
Asia		30,802		31,330
	$	468,069	$	471,936

Goodwill


in thousands
	September 30, 2025		June 30, 2025
Goodwill by segment
Wholesale Sales & Ancillary Services	$	39,191	$	39,191
Direct-to-Consumer(1)		189,505		189,459
	$	228,696	$	228,650

(1)

Direct-to-Consumer segment’s goodwill balance is net of $1.4 million accumulated impairment losses.

Intangible assets


in thousands
	September 30, 2025		June 30, 2025
Intangible assets by segment
Wholesale Sales & Ancillary Services	$	17,687	$	18,322
Direct-to-Consumer(1)		114,420		118,992
	$	132,107	$	137,314

(1)

Direct-to-Consumer segment’s intangible asset balance is net of $1.3 million accumulated impairment losses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

A-Mark Precious Metals, Inc. 10-Q