AG真人官方

A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2025 Results

Q4 FY 2025 Gross Profit of $81.7 Million and FY 2025 Gross Profit of $210.9 Million

Q4 FY 2025 Net Income of $10.3 Million and FY 2025 Net Income of $17.3 Million

Q4 FY 2025 Diluted Earnings per Share of $0.41 and FY 2025 Diluted Earnings per Share of $0.71

EL SEGUNDO, Calif., Sept. 09, 2025 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading fully integrated precious metals platform, reported results for the fiscal fourth quarter and full year ended June 30, 2025.

Management Commentary

鈥淥ur fourth quarter results underscore the resilience of our business during a challenging market, characterized by increased supply and range bound premium spreads, generating GAAP net income of $10.3 million and diluted EPSrticles/eps-explained-simple-example" title="Read: EPS Explained with a Simple Example: The Most Important Stock Metric" class="article-link" rel="noopener">diluted EPS of $0.41 per share.

We鈥檝e made steady progress bringing Spectrum Group International, LLC (鈥淪GI鈥�), AMS Holding LLC (鈥淎MS鈥�), and Pinehurst Coin Exchange (鈥淧inehurst鈥�) under the A-Mark umbrella, managing inventory levels, and completing automation upgrades at our A-M Global Logistics (鈥淎MGL鈥�) facility, with centralized operations now in place.

Further, we completed the migration of Pinehurst鈥檚 logistics operations from their North Carolina location to AMGL, one example of the key cost saving synergies we expect to achieve from our recent acquisitions. As we continue to progress our integration initiatives, the scale and efficiencies we鈥檙e achieving will help to optimize expenses, create greater operating leverage and maintain costs at more optimal levels going forward.

We believe these acquisitions, combined with our growing international presence, strengthen our distribution channels and expand our reach into higher margin collectible and luxury segments. With a broader and more diversified platform, improved operational leverage, and a strong balance sheet, we enter the new fiscal year well-positioned to capture growth across multiple channels.

On a non-GAAP basis for the fourth quarter, adjusted net income before provision for income taxes was $19.2 million and earnings before interest, taxes, depreciation and amortization (鈥�EBITDA鈥�) was $29.2 million.鈥�

Fiscal Fourth Quarter 2025 Financial Highlights

• Revenues for the three months ended June 30, 2025 decreased 1% to $2.51 billion from $2.52 billion for the three months ended June 30, 2024 and decreased 17% from $3.00 billion for the three months ended March 31, 2025
  
  
• Gross profit for the three months ended June 30, 2025 increased 90% to $81.7 million from $43.0 million for the three months ended June 30, 2024 and increased 99% from $41.0 million for the three months ended March 31, 2025
  
  
• Gross profit margin for the three months ended June 30, 2025 increased to 3.25% of revenue from 1.70% of revenue for the three months ended June 30, 2024, and increased from 1.36% of revenue for the three months ended March 31, 2025
  
  
• Net income (loss) attributable to the Company for the three months ended June 30, 2025 decreased 67% to $10.3 million from $30.9 million for the three months ended June 30, 2024, and increased 221% from $(8.5) million for the three months ended March 31, 2025
  
  
• Diluted earnings (loss) per share totaled $0.41 for the three months ended June 30, 2025, a 68% decrease compared to $1.29 for the three months ended June 30, 2024, and increased 214% from $(0.36) for the three months ended March 31, 2025
  
  
• Adjusted net income before provision for income taxes, depreciation, amortization, acquisition costs, remeasurement gains or losses, and contingent consideration fair value adjustments (鈥淎djusted net income before provision for income taxes鈥� or 鈥淎djusted net income鈥�), a non-GAAP financial performance measure, for the three months ended June 30, 2025 decreased 5% to $19.2 million from $20.1 million for the three months ended June 30, 2024, and increased 233% from $5.7 million for the three months ended March 31, 2025
  
  
• Earnings before interest, taxes, depreciation and amortization (鈥淓BITDA鈥�), a non-GAAP liquidity measure, for the three months ended June 30, 2025 decreased 24% to $29.2 million from $38.4 million for the three months ended June 30, 2024, and increased 2,167% from $1.3 million for the three months ended March 31, 2025
  
  

Fiscal Full Year 2025 Financial Highlights

• Revenues for the fiscal year ended June 30, 2025 increased 13% to $10.98 billion from $9.70 billion for the fiscal year ended June 30, 2024. Excluding an increase of $446.7 million of forward sales, our revenues increased $832.9 million, or 15%
  
  
• Gross profit for the fiscal year ended June 30, 2025 increased 22% to $210.9 million from $173.3 million for the fiscal year ended June 30, 2024
  
  
• Gross profit margin for the fiscal year ended June 30, 2025 increased to 1.92% of revenue from 1.79% of revenue for the fiscal year ended June 30, 2024
  
  
• Net income attributable to the Company for the fiscal year ended June 30, 2025 decreased 75% to $17.3 million from $68.5 million for the fiscal year ended June 30, 2024
  
  
• Diluted earnings per share totaled $0.71 for the fiscal year ended June 30, 2025, a 75% decrease compared to $2.84 for the fiscal year ended June 30, 2024
  
  
• Adjusted net income for the fiscal year ended June 30, 2025 decreased 34% to $53.1 million from $80.3 million for the fiscal year ended June 30, 2024
  
  
• EBITDA for the fiscal year ended June 30, 2025 decreased 40% to $64.4 million from $106.5 million for the fiscal year ended June 30, 2024
  
  

Fiscal Fourth Quarter 2025 Operational Highlights

• Gold ounces sold in the three months ended June 30, 2025 decreased 23% to 346,000 ounces from 448,000 ounces for the three months ended June 30, 2024, and decreased 20% from 432,000 ounces for the three months ended March 31, 2025
  
  
• Silver ounces sold in the three months ended June 30, 2025 decreased 38% to 15.7 million ounces from 25.4 million ounces for the three months ended June 30, 2024, and decreased 0.2% from 15.7 million ounces for the three months ended March 31, 2025
  
  
• As of June 30, 2025, the number of secured loans decreased 24% to 445 from 588 as of June 30, 2024, and decreased 9% from 491 as of March 31, 2025
  
  
• Direct-to-Consumer new customers for the three months ended June 30, 2025 decreased 81% to 108,900 from 570,300 for the three months ended June 30, 2024, and decreased 88% from 899,600 for the three months ended March 31, 2025. For the three months ended June 30, 2025 and June 30, 2024, approximately 30% and 92% of the new customers were attributable to the acquisition of AMS and the acquisition of a controlling interest in Silver Gold Bull, Inc. (鈥淪GB鈥�), respectively. For the three months ended March 31, 2025, approximately 84% and 9% of the new customers were attributable to the acquisitions of Pinehurst and SGI, respectively
  
  
• Direct-to-Consumer active customers for the three months ended June 30, 2025 increased 49% to 170,600 from 114,600 for the three months ended June 30, 2024, and increased 21% from 140,700 for the three months ended March 31, 2025
  
  
• Direct-to-Consumer average order value for the three months ended June 30, 2025 decreased $447, or 15% to $2,443 from $2,890 for the three months ended June 30, 2024, and decreased $641, or 21% from $3,084 for the three months ended March 31, 2025
  
  
• JMB鈥檚 average order value for the three months ended June 30, 2025 decreased $224, or 8% to $2,415 from $2,639 for the three months ended June 30, 2024, and increased $421, or 21% from $1,994 for the three months ended March 31, 2025
  
  

Fiscal Full Year 2025 Operational Highlights

• Gold ounces sold in the fiscal year ended June 30, 2025 decreased 11% to 1,642,000 ounces compared to 1,839,000 in the fiscal year ended June 30, 2024
  
  
• Silver ounces sold in the fiscal year ended June 30, 2025 decreased 32% to 73.6 million ounces from 108.1 million ounces in the fiscal year ended June 30, 2024
  
  
• Direct-to-Consumer new customers for the fiscal year ended June 30, 2025 increased 57% to 1,129,200 from 718,500 for the fiscal year ended June 30, 2024. Approximately 79% of the new customers for the fiscal year ended June 30, 2025 were attributable to the acquisitions of SGI, Pinehurst, and AMS. Approximately 73% of the new customers in fiscal year 2024 were attributable to the acquisition of a controlling interest in SGB
  
  
• Direct-to-Consumer active customers for the fiscal year ended June 30, 2025 increased 20% to 581,300 from 483,400 for the fiscal year ended June 30, 2024
  
  
• Direct-to-Consumer average order value for the fiscal year ended June 30, 2025 increased $459, or 19% to $2,866 from $2,407 for the fiscal year ended June 30, 2024
  
  
• JMB鈥檚 average order value for the fiscal year ended June 30, 2025 decreased $67, or 3% to $2,156 from $2,223 for the fiscal year ended June 30, 2024
  
  

Fiscal Fourth Quarter 2025 Financial Summary

Revenues decreased 1% to $2.51 billion from $2.52 billion in the same year-ago quarter. Excluding a decrease of $94 million of forward sales, our revenues increased $81 million, or 5%, which was due to higher average selling prices of gold and silver, partially offset by a decrease in gold and silver ounces sold. The Direct-to-Consumer segment contributed 26% and 17% of the consolidated revenue in the fiscal fourth quarters of 2025 and 2024, respectively. JMB鈥檚 revenue represented 13% of the consolidated revenues for the fiscal fourth quarter of 2025 compared with 15% for the prior year fiscal fourth quarter.

Gross profit increased 90% to $81.7 million (3.25% of revenue) from $43.0 million (1.70% of revenue) in the same year-ago quarter. The increase was primarily due to the acquisition of a controlling interest in SGB in June 2024, the acquisitions of SGI and Pinehurst in February 2025, and the acquisition of AMS in April 2025. The Direct-to-Consumer segment contributed 63% and 51% of the consolidated gross profit in the fiscal fourth quarters of 2025 and 2024, respectively. Gross profit contributed by JMB represented 20% of the consolidated gross profit in the fiscal fourth quarter of 2025 and 42% of the consolidated gross profit for the prior year fiscal fourth quarter.

Selling, general, and administrative (鈥淪G&A鈥�) expenses increased 135% to $53.4 million from $22.7 million in the same year-ago quarter. The increase was primarily due to an increase in compensation expense of $17.6 million, an increase in advertising costs of $5.3 million, an increase in consulting and professional fees of $3.1 million, an increase in facilities expense of $1.5 million, and an increase in bank service and credit card fees of $1.4 million. Selling, general and administrative expenses include expenses incurred by SGB, SGI, and Pinehurst, and AMS which were not included, or only partially included, in the same year-ago period, as these were not consolidated subsidiaries for all or part of the period.

Depreciation and amortization expense increased 201% to $8.6 million from $2.8 million in the same year-ago quarter. The increase was primarily due to an increase in amortization expense of $6.0 million related to intangible assets acquired through the acquisition of a controlling interest in SGB, and the recent acquisitions of AMS and SGI, for which certain amortizable intangible assets were stepped up to fair value, an increase of $1.1 million of depreciation expense due to an increase in capital expenditures, partially offset by a decrease in JMB intangible amortization of $1.5 million.

Interest income decreased 34% to $5.3 million from $8.1 million in the same year-ago quarter. The decrease was primarily related to lower interest earned from repurchase arrangements with customers of $1.4 million and lower interest and fees earned related to margin orders of $0.7 million.

Interest expense increased 34% to $12.9 million from $9.6 million in the same year-ago quarter. The increase in interest expense was primarily driven by an increase of $1.5 million related to precious metals leases, an increase of $1.1 million associated with our Trading Credit Facility due to increased borrowings, and an increase of $0.7 million related to product financing arrangements.

Earnings (losses) from equity method investments decreased 201% to $(0.8) million from $0.8 million in the same year-ago quarter. The decrease was due to decreased earnings of our equity method investees.

Net income attributable to the Company totaled $10.3 million or $0.41 per diluted share, compared to net income of $30.9 million or $1.29 per diluted share in the same year-ago quarter.

Adjusted net income before provision for income taxes for the three months ended June 30, 2025 totaled $19.2 million, a 5% decrease compared to $20.1 million in the same year-ago quarter. The decrease was primarily due to lower net income before provision for income taxes of $21.0 million, partially offset by higher amortization of acquired intangibles of $4.6 million and a remeasurement gain on our pre-existing equity interest in AMS of $1.9 million compared to a remeasurement gain on our pre-existing equity interest in SGB of $16.7 million in the same year-ago quarter.

EBITDA for the three months ended June 30, 2025 totaled $29.2 million, a decrease of $9.2 million or 24%, compared to $38.4 million in the same year-ago quarter. The decrease was primarily due to lower net income of $20.8 million, partially offset by higher amortization of acquired intangibles of $4.6 million and higher interest expense of $3.3 million.

Fiscal Full Year 2025 Financial Summary

Revenues increased 13% to $10.98 billion from $9.70 billion in the prior fiscal year. Excluding an increase of $446.7 million of forward sales, our revenues increased $832.9 million, or 15%, which was due to higher average selling prices of gold and silver, partially offset by a decrease in gold and silver ounces sold. Revenues also increased due to the acquisition of a controlling interest in SGB in June 2024, the acquisitions of SGI and Pinehurst in February 2025, and the acquisition of AMS in April 2025. The Direct-to-Consumer segment contributed 21% and 15% of the consolidated revenue in the fiscal years ended June 30, 2025 and 2024, respectively. JMB's revenue represented 11% and 14% of the Company's consolidated revenue for the fiscal years ended June 30, 2025 and 2024, respectively.

Gross profit increased 22% to $210.9 million (1.92% of revenue) in fiscal year 2025 from $173.3 million (1.79% of revenue) in the prior year. The increase was due to an increase in gross profits earned from the Direct-to-Consumer segment, partially offset by lower gross profits earned from the Wholesale Sales & Ancillary Services segment. The Direct-to-Consumer segment contributed 59% and 48% of the consolidated gross profit in fiscal year 2025 and 2024, respectively. Gross profit contributed by JMB represented 31% and 41% of the consolidated gross profit during the fiscal years ended June 30, 2025 and 2024, respectively.

Selling, general and administrative expenses increased 55% to $139.2 million from $89.8 million in the prior fiscal year. The increase was primarily due to an increase in compensation expense of $24.1 million, an increase in consulting and professional fees of $9.1 million, an increase in advertising costs of $8.4 million, an increase in facilities expense of $3.0 million, an increase in bank service and credit card fees of $2.0 million, an increase in insurance costs of $0.6 million, and an increase in information technology costs of $0.5 million. Selling, general and administrative expenses include expenses incurred by LPM Group Limited (鈥淟PM鈥�), SGB, SGI, Pinehurst, and AMS which were not included, or only partially included, in the same year-ago period, as these were not consolidated subsidiaries for all or part of the period.

Depreciation and amortization expense increased 101% to $22.9 million from $11.4 million in fiscal year 2024. The increase was primarily due to an increase in amortization expense of $12.9 million related to intangible assets acquired through our acquisitions of LPM, SGI, Pinehurst, AMS, and acquisition of a controlling interest in SGB, an increase of $1.8 million of depreciation expense due to an increase in capital expenditures, partially offset by a decrease in JMB intangible asset amortization of $3.1 million.

Interest income decreased 4% to $25.9 million from $27.2 million in the prior fiscal year. The decrease was primarily due to a decrease in interest income earned by our Secured Lending segment of $0.8 million and a decrease in other finance product income of $0.5 million.

Interest expense increased 17% to $46.2 million from $39.5 million in fiscal year 2024. The increase in interest expense was primarily driven by an increase of $3.7 million related to product financing arrangements, an increase of $3.2 million related to precious metals leases, and an increase of $2.3 million associated with our Trading Credit Facility due to increased borrowings as well as an increase in the weighted-average effective interest rate, partially offset by a decrease of $2.5 million related to the AM Capital Funding (鈥淎MCF鈥�) Notes (including amortization of debt issuance costs) due to their repayment in December 2023.

Earnings (losses) from equity method investments decreased 170% to $(2.8) million from $4.0 million in the prior fiscal year. The decrease was due to decreased earnings of our equity method investees.

Net income attributable to the Company totaled $17.3 million or $0.71 per diluted share, compared to net income attributable to the Company of $68.5 million or $2.84 per diluted share in the prior fiscal year.

Adjusted net income before provision for income taxes for the fiscal year ended June 30, 2025 totaled $53.1 million, a decrease of 34% compared to $80.3 million in the prior fiscal year. The decrease was primarily due to lower net income before provision for income taxes of $61.5 million, partially offset by higher amortization of acquired intangibles of $9.7 million and a remeasurement loss on our pre-existing equity interests in PCE and AMS of $5.1 million compared to a remeasurement gain on our pre-existing equity interest in SGB of $16.7 million in the same year-ago period.

EBITDA for fiscal year 2025 totaled $64.4 million, a decrease of $42.1 million or 40% compared to $106.5 million in the prior fiscal year. The decrease was primarily due to lower net income of $53.2 million, partially offset by higher amortization of acquired intangibles of $9.7 million and higher interest expense of $6.7 million.

Conference Call

A-Mark will hold a conference call today (September 9, 2025) to discuss these financial results. A-Mark management will host the call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) followed by a question-and-answer period. To participate, please call the conference telephone number 10 minutes before the start time and ask for the A-Mark Precious Metals conference call.

Webcast:
U.S. dial-in number: 1-888-506-0062
International number: 1-973-528-0011
Participant Access Code: 131566

The call will also be broadcast live and available for replay on the Investor Relations section of A-Mark鈥檚 website at . If you have any difficulty connecting with the conference call or webcast, please contact A-Mark鈥檚 investor relations team at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time through September 23, 2025.

Toll-free replay number: 1-877-481-4010
International replay number: 1-919-882-2331
Participant Access Code: 52856

About听A-Mark Precious Metals
Founded in 1965, A-Mark Precious Metals, Inc. is a leading fully integrated precious metals platform that offers an array of gold, silver, platinum, palladium, and copper bullion, numismatic coins, and related products to wholesale and retail customers via a portfolio of channels. The company conducts its operations through three complementary segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The company鈥檚 global customer base spans sovereign and private mints, manufacturers and fabricators, refiners, dealers, financial institutions, industrial users, investors, collectors, e-commerce customers, and other retail customers.

A-Mark鈥檚 Wholesale Sales & Ancillary Services segment distributes and purchases precious metal products from sovereign and private mints. As a U.S. Mint-authorized purchaser of gold, silver, and platinum coins since 1986, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has longstanding distributorships with other sovereign mints, including Australia, Austria, Canada, China, Mexico, South Africa, and the United Kingdom. The company sells more than 200 different products to e-commerce retailers, coin and bullion dealers, financial institutions, brokerages, and collectors. In addition, A-Mark sells precious metal products to industrial users, including metal refiners, manufacturers, and electronic fabricators.

A-Mark鈥檚 consolidated subsidiary, is a rare coin and currency auction house as well as a wholesale and retail dealer of numismatic and bullion products. is a precious metals broker that services the wholesale and retail marketplace and is retailer of modern and numismatic coins on eBay.

Located in the heart of Hong Kong鈥檚 Central Financial District, A-Mark鈥檚 consolidated subsidiary, , is one of Asia鈥檚 largest precious metals dealers. LPM offers a wide selection of products to its wholesale customers, through its showroom and 24/7 online trading platform, including recently released silver coins, gold bullion, certified coins, and the latest听collectible numismatic issues.

Through its A-M Global Logistics subsidiary, A-Mark provides its customers with a range of complementary services, including managed storage options for precious metals as well as receiving, handling, inventorying, processing, packaging, and shipping of precious metals and coins on a secure basis. A-Mark鈥檚 mint operations, which are conducted through its wholly owned subsidiary听, enable the company to offer customers a wide range of proprietary coin and bar offerings and, during periods of market volatility when the availability of silver bullion from sovereign mints is often product constrained, preferred product access.

A-Mark鈥檚 Direct-to-Consumer segment operates as an omni-channel retailer of precious metals, providing access to a multitude of products through its wholly owned subsidiaries, , , , , , and its controlling interest in . JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including , , , , , , , , and . Goldline markets precious metals directly to the investor community through various channels, including television, radio, and telephonic sales efforts. A-Mark is the majority owner of , a leading online precious metals retailer in Canada, and also holds minority ownership interests in three additional direct-to-consumer brands.

The company operates its Secured Lending segment through its wholly owned subsidiary, Collateral Finance Corporation (). Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors, and collectors.

A-Mark is headquartered in El Segundo, CA and has additional offices and facilities in the neighboring Los Angeles area as well as in Dallas, TX, Las Vegas, NV, Winchester, IN, Vienna, Austria, and Hong Kong. For more information, visit听.

A-Mark periodically provides information for investors on its corporate website, , and its investor relations website,听. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and investor presentations.

Important Cautions Regarding Forward-Looking Statements
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to growth, the delivery of long-term value, expense optimization, cost containment and operating leverage. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results or circumstances to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the failure to execute the Company鈥檚 growth strategy, including the inability to identify suitable or available acquisition or investment opportunities; greater than anticipated costs incurred to execute this strategy; our inability to execute on our cost containment and expense reduction programs; government regulations that might impede growth, particularly in Asia, including with respect to tariff policy; the inability to successfully integrate recently acquired businesses; changes in the current international political climate, which historically has favorably contributed to demand and volatility in the precious metals markets but also has posed certain risks and uncertainties for the Company, particularly in recent periods; increased competition for the Company鈥檚 higher margin services, which could depress pricing; the failure of the Company鈥檚 business model to respond to changes in the market environment as anticipated; changes in consumer demand and preferences for precious metal products generally; potential negative effects that inflationary pressure may have on our business; the failure of our investee companies to maintain, or address the preferences of, their customer bases; general risks of doing business in the commodity markets; and the strategic, business, economic, financial, political and governmental risks and other Risk Factors described in in the Company鈥檚 public filings with the Securities and Exchange Commission.

The Company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Use and Reconciliation of Non-GAAP Measures
In addition to presenting the Company鈥檚 financial results determined in accordance with U.S. GAAP, management believes the following non-GAAP measures are useful in evaluating the Company鈥檚 operating performance: 鈥渁djusted net income before provision for income taxes鈥� and 鈥渆arnings before interest, taxes, depreciation and amortization鈥� (鈥淓BITDA鈥�). Management believes the 鈥渁djusted net income before provision for income taxes鈥� non-GAAP financial performance measure assists investors and analysts by facilitating comparison of period-to-period operational performance on a consistent basis by excluding items that management does not believe are indicative of the Company鈥檚 core operating performance.听The items excluded from this financial measure may have a material impact on the Company鈥檚 financial results. Certain of those items are non-recurring, while others are non-cash in nature. Management believes the EBITDA non-GAAP liquidity measure assists investors and analysts by facilitating comparison of our business operations before investing activities, interest, and income taxes with other publicly traded companies. Non-GAAP measures do not have standardized definitions and should be considered in addition to, and not as a substitute for or superior to, the comparable measures prepared in accordance with U.S. GAAP, and should be read in conjunction with the financial statements included in the Company鈥檚 Annual Report on Form 10-K to be filed with the SEC. Management encourages investors and others to review the Company鈥檚 financial information in its entirety and not to rely on any single financial or liquidity measure.

In the Company鈥檚 reconciliation from its reported U.S. GAAP 鈥渘et income before provision for income taxes鈥� to its non-GAAP 鈥渁djusted net income before provision for income taxes鈥�, the Company eliminates the impact of the following five amounts: acquisition costs; amortization expenses related to intangible assets acquired; depreciation expense; remeasurement gains or losses related to pre-existing equity interests; and contingent consideration fair value adjustments.听The Company鈥檚 reconciliations from its reported U.S. GAAP 鈥渘et income before provision for income taxes鈥� to its non-GAAP 鈥渁djusted net income before provision for income taxes鈥�, and 鈥渘et income鈥� and 鈥渘et cash provided by (used in) operating activities鈥� to its non-GAAP 鈥淓BITDA鈥� are provided below and are also included in the Company鈥檚 Annual Report on Form 10-K to be filed with the SEC for the fiscal year ended June 30, 2025.

Company Contact:
Steve Reiner, Executive Vice President, Capital Markets & Investor Relations
A-Mark Precious Metals, Inc.
1-310-587-1410

Investor Relations Contact:
Matt Glover or Greg Bradbury
Gateway Group, Inc.
1-949-574-3860

Overview of Results of Operations for the Three Months Ended June听30, 2025 and 2024
Consolidated Results of Operations

The operating results for the three months ended June听30, 2025 and 2024 were as follows (in thousands, except per share data):

Overview of Results of Operations for the Three Months Ended June听30, 2025 and March 31, 2025
Consolidated Results of Operations

The operating results for the three months ended June听30, 2025 and March 31, 2025 were as follows (in thousands, except per share data):

Overview of Results of Operations for the Fiscal Years Ended June听30, 2025 and 2024
Consolidated Results of Operations

The operating results for the fiscal years ended June听30, 2025 and 2024 were as follows (in thousands, except per share data):

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended June听30, 2025 and 2024

A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended June听30, 2025 and 2024 follows (in thousands):

A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the three months ended June听30, 2025 and 2024 follows (in thousands):

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Three Months Ended June听30, 2025 and March 31, 2025

A reconciliation of net income (loss) before provision for income taxes to adjusted net income before provision for income taxes for the three months ended June听30, 2024 and March 31, 2025 follows (in thousands):

A reconciliation of net income (loss) to EBITDA, and operating cash flows to EBITDA for the three months ended June听30, 2025 and March 31, 2025 follows (in thousands):

Reconciliation of U.S. GAAP to Non-GAAP Measures for the Fiscal Years Ended June听30, 2025 and 2024

A reconciliation of net income before provision for income taxes to adjusted net income before provision for income taxes for the fiscal years ended June听30, 2025 and 2024 follows (in thousands):

A reconciliation of net income to EBITDA, and operating cash flows to EBITDA for the fiscal years ended June听30, 2025 and 2024 follows (in thousands):