# EDGAR Filing Document

**Accession Number:** 0001591588
**File Stem:** 0001193125-25-272000
**Filing Date:** 2025-11
**Character Count:** 68044
**Document Hash:** fa3c5c054a3f7059affc2e8aed37236a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-272000.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-272000

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** A-Mark Precious Metals, Inc.
- **CENTRAL INDEX KEY:** 0001591588
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-JEWELRY, WATCHES, PRECIOUS STONES & METALS [5094]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 112464169
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36347
- **FILM NUMBER:** 251462019

**BUSINESS ADDRESS:**
- **STREET 1:** 2121 ROSECRANS AVENUE
- **STREET 2:** SUITE 6300
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** 310-587-1414

**MAIL ADDRESS:**
- **STREET 1:** 2121 ROSECRANS AVENUE
- **STREET 2:** SUITE 6300
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** November 06, 2025<br>

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![img206853647_0.jpg](img206853647_0.jpg)<br>

A-MARK PRECIOUS METALS, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-36347 | 11-2464169 |
| **(State or Other Jurisdiction<br>of Incorporation or organization)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2121 Rosecrans Ave, Suite 6300 |  |  |
| El Segundo**,** California |  | 90245 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (310) 587-1477<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.01 par value | AMRK | Nasdaq Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On November 6, 2025, A-Mark Precious Metals, Inc. (the "Company") issued a press release regarding the Company's financial results for its fiscal first quarter ended September 30, 2025. A copy of the Company's press release is attached hereto as Exhibit 99.1.

The information contained in this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 **Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits:

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [<u>Press Release issued by A-Mark Precious Metals, Inc., dated November 6, 2025.</u>](amrk-ex99_1.htm) |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K. |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | A-MARK PRECIOUS METALS, INC. |
| Date: | November 7, 2025 | By:  | /s/ Carol Meltzer |
|  |  | Name:<br>Title: | Carol Meltzer<br>General Counsel and Secretary |

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## Exhibit 99.1

![img263701728_0.jpg](img263701728_0.jpg)

**Exhibit 99.1**

**A-Mark Precious Metals Reports Fiscal First Quarter 2026 Results and Announces Definitive Agreement to Acquire Monex Precious Metals, a Leading DTC Brand**

**El Segundo, CA – November 6, 2025 – A-Mark Precious Metals, Inc. (NASDAQ: AMRK)**, a leading fully integrated precious metals platform, reported results for the fiscal first quarter ended September 30, 2025. The Company also announced a definitive agreement to acquire all of the outstanding equity of Monex Deposit Company and certain related entities (Monex), one of the largest and most established direct-to-consumer (DTC) precious metals dealers in the U.S.

**Monex Acquisition**

Monex is a leading precious metals dealer providing investors with access to gold, silver, platinum, and palladium through competitive pricing, reliable execution, and trusted service. Since its founding in 1987, Monex has facilitated billions of dollars in transactions and built a full-service platform offering bullion and coin products along with secure vault storage. Monex generated Total Revenue of $835 million during the year ended December 31, 2024, and held $630 million in assets under custody as of September 30, 2025.

The acquisition strengthens A-Mark's DTC presence by leveraging Monex's well-established brand, reputation, and loyal customer base. A-Mark also expects to realize operational synergies that will enhance and streamline both organizations. Upon closing, Michael Carabini, CEO and President of Monex, will continue leading the company and report directly to A-Mark CEO Greg Roberts.

"After working with Monex for decades, we are thrilled to welcome them under the A-Mark umbrella," said Roberts. "Michael and his team have built a strong business that has performed well even through periods of subdued demand. Their broad customer base and established storage business will be valuable assets as we move forward together."

Michael Carabini, CEO and President of Monex, added: "Monex Founder, Louis Carabini, and I have known A-Mark for over 50 years. By joining forces with the industry's leading fully integrated enterprise, we can offer our customers a broader suite of products and value-added services that are otherwise not possible. Having spent decades in this industry and worked closely with Greg and the A-Mark team, I am confident this partnership positions us for long-term success. We are excited about this next chapter and believe our businesses will be even stronger as one, with our many long term and new customers as the beneficiaries."

**Transaction Details**

The purchase price to be paid by the Company for the Monex acquisition is $33 million, consisting of $19 million in cash and $14 million in A-Mark common stock valued at $25.00 per share in accordance with the terms of the definitive agreement. There is a holdback of 29% of the common stock to satisfy potential indemnification claims. The definitive agreement also provides for an additional deferred purchase price of up to $20 million based on the achievement of specified levels of cumulative pre-tax income. The transaction is expected to close within 60 days, subject to the satisfaction of customary closing conditions, including a minimum level of tangible net worth.

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****

<br> **Transaction Advisors**

D.A. Davidson & Co. acted as financial advisor and Frye & Hsieh LLP acted as legal counsel to A-Mark.

Thomas J. Borchard of Brown White and Osborn, LLP acted as legal advisor to Monex.

**Fiscal First Quarter 2026 Financial Management Commentary**

"Our first quarter performance demonstrates the resiliency of our fully integrated platform and the early benefits of our recent acquisitions," commented Roberts. "While July and August were marked by subdued demand and historically tight premium spreads, conditions improved meaningfully after Labor Day. This shift, together with expanded contributions from LPM in Asia, and from our Direct-to-Consumer segment, including summer auction sales at our recently acquired Stack's Bowers Galleries, enabled us to deliver $72.9 million in gross profit in the quarter. Since quarter-end, demand for precious metals has strengthened, premiums have expanded, and we have taken advantage of these conditions to optimize our inventory as gold and silver prices move higher.

"Continued investments in automation at our fulfillment facility, AMGL, are paying dividends as we continue our integration initiatives. We have successfully consolidated Pinehurst's operations into AMGL, we continue to right-size AMS, and we expect additional savings as we centralize operations and achieve further economies of scale. We believe the traction we've seen throughout our business is a strong indicator of what is to come. We are prepared and well-positioned to succeed in all markets with our fully integrated platform."

**2**

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| | | |
|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** |
|  | (in thousands, except Earnings (Loss) per Share) | (in thousands, except Earnings (Loss) per Share) |
| &nbsp;&nbsp;**Selected Key Financial Statement Metrics:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues | $3680766 | $2715096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | $72897 | $43443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | $(7583) | $(4709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income attributable to the Company | $(939) | $8984 |
| &nbsp;&nbsp;**Earnings (Loss) per Share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.04) | $0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.04) | $0.37 |
| &nbsp;&nbsp;**Non-GAAP Measures** <sup>(1)</sup>**:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income before provision for income taxes | $4872 | $14784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $14301 | $17782 |
| &nbsp;&nbsp;(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 19-20 | &nbsp;&nbsp;(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 19-20 | &nbsp;&nbsp;(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 19-20 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2025 and 2024 follows (in thousands): | &nbsp;&nbsp;A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2025 and 2024 follows (in thousands): | &nbsp;&nbsp;A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2025 and 2024 follows (in thousands): |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income before provision for income taxes | $(311) | $10173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration fair value adjustment | (2461) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs | 61 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangibles | 5202 | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 2381 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income before provision for income taxes (non-GAAP) | $4872 | $14784 |

---

**3**

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** |
|  | (in thousands, except Earnings (Loss) per Share) | (in thousands, except Earnings (Loss) per Share) |
| &nbsp;&nbsp;**Selected Key Financial Statement Metrics:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues | $3680766 | $2512048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | $72897 | $81689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | $(7583) | $(8576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income attributable to the Company | $(939) | $10324 |
| &nbsp;&nbsp;**Earnings (Loss) per Share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.04) | $0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.04) | $0.41 |
| &nbsp;&nbsp;**Non-GAAP Measures** <sup>(1)</sup>**:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income before provision for income taxes | $4872 | $19163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $14301 | $29153 |
| &nbsp;&nbsp;(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 19-20 | &nbsp;&nbsp;(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 19-20 | &nbsp;&nbsp;(1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 19-20 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2025 and June 30, 2025 follows (in thousands): | &nbsp;&nbsp;A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2025 and June 30, 2025 follows (in thousands): | &nbsp;&nbsp;A reconciliation of net (loss) income before provision for income taxes to adjusted net income before provision for income taxes for the three months ended September 30, 2025 and June 30, 2025 follows (in thousands): |
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income before provision for income taxes | $(311) | $13020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement gain on pre-existing equity interests |  | (1900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration fair value adjustment | (2461) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs | 61 | (523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangibles | 5202 | 6658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 2381 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income before provision for income taxes (non-GAAP) | $4872 | $19163 |

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**4**

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**Fiscal First Quarter 2026 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenues for the three months ended September 30, 2025 increased 36% to $3.68 billion from $2.72 billion for the three months ended September 30, 2024 and increased 47% from $2.51 billion for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit for the three months ended September 30, 2025 increased 68% to $72.9 million from $43.4 million for the three months ended September 30, 2024 and decreased 11% from $81.7 million for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit margin for the three months ended September 30, 2025 increased to 1.98% of revenue, from 1.60% of revenue for the three months ended September 30, 2024, and declined from 3.25% of revenue in the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income (loss) attributable to the Company for the three months ended September 30, 2025 decreased 110% to $(0.9) million from $9.0 million for the three months ended September 30, 2024, and decreased 109% from $10.3 million for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Diluted (loss) earnings per share totaled $(0.04) for the three months ended September 30, 2025, a 111% decrease compared to $0.37 for the three months ended September 30, 2024, and decreased 110% from $0.41 for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted net income before provision for income taxes, depreciation, amortization, acquisition costs, remeasurement gains or losses, and contingent consideration fair value adjustments ("Adjusted net income before provision for income taxes" or "Adjusted net income"), a non-GAAP financial performance measure, for the three months ended September 30, 2025 decreased 67% to $4.9 million from $14.8 million for the three months ended September 30, 2024, and decreased 75% from $19.2 million for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Earnings before interest, taxes, depreciation and amortization ("EBITDA"), a non-GAAP liquidity measure, for the three months ended September 30, 2025 decreased 20% to $14.3 million from $17.8 million for the three months ended September 30, 2024, and decreased 51% from $29.2 million for the three months ended June 30, 2025

**5**

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| | | |
|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** |
| **Selected Operating and Financial Metrics:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces sold <sup>(1)</sup> | 439000 | 398000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver ounces sold <sup>(2)</sup> | 10391000 | 20449000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of secured loans at period end <sup>(3)</sup> | 424 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured loans receivable at period end | $103633000 | $101887000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer ("DTC") number of new customers <sup>(4)</sup> | 69400 | 55300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer number of active customers <sup>(5)</sup> | 147300 | 129900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer number of total customers <sup>(6)</sup> | 4265400 | 3122100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer average order value ("AOV") <sup>(7)</sup> | $3863 | $2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;JM Bullion ("JMB") average order value <sup>(8)</sup> | $2544 | $2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberMetals number of new customers <sup>(9)</sup> | 1700 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberMetals number of active customers <sup>(10)</sup> | 1800 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberMetals number of total customers <sup>(11)</sup> | 38700 | 31100 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberMetals customer assets under management at period end <sup>(12)</sup> | $13800000 | $8300000 |
| (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. | (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. | (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. |
| (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. | (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. | (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. |
| (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. |
| (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. | (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. | (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. |
| (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. | (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. | (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. |
| (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. | (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. | (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. |
| (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. | (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. | (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. |
| (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. |
| (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. |
| (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. |
| (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. |
| (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. |

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**6**

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** |
| **Selected Operating and Financial Metrics:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces sold <sup>(1)</sup> | 439000 | 346000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver ounces sold <sup>(2)</sup> | 10391000 | 15664000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of secured loans at period end <sup>(3)</sup> | 424 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured loans receivable at period end | $103633000 | $94037000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer ("DTC") number of new customers <sup>(4)</sup> | 69400 | 108900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer number of active customers <sup>(5)</sup> | 147300 | 170600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer number of total customers <sup>(6)</sup> | 4265400 | 4196000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer average order value ("AOV") <sup>(7)</sup> | $3863 | $2443 |
| &nbsp;&nbsp;&nbsp;&nbsp;JM Bullion ("JMB") average order value <sup>(8)</sup> | $2544 | $2415 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberMetals number of new customers <sup>(9)</sup> | 1700 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberMetals number of active customers <sup>(10)</sup> | 1800 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberMetals number of total customers <sup>(11)</sup> | 38700 | 37000 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberMetals customer assets under management at period end <sup>(12)</sup> | $13800000 | $10700000 |
| (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. | (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. | (1) Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward contracts. |
| (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. | (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. | (2) Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward contracts. |
| (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. | (3) Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period. |
| (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. | (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. | (4) DTC number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period within the Direct-to-Consumer segment. |
| (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. | (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. | (5) DTC number of active customers represents the number of customers that have made a purchase during any month during the period within the Direct-to-Consumer segment. |
| (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. | (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. | (6) DTC number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past within the Direct-to-Consumer segment. |
| (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. | (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. | (7) DTC AOV represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period within the Direct-to-Consumer segment. |
| (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. | (8) JMB AOV represents the average dollar value of product orders delivered to JMB's customers during the period. |
| (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. | (9) CyberMetals number of new customers represents the number of customers that have registered or set up a new account or have made a purchase for the first time during the period on the CyberMetals platform. |
| (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. | (10) CyberMetals number of active customers represents the number of customers that have made a purchase during any month during the period from the CyberMetals platform. |
| (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. | (11) CyberMetals number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past from the CyberMetals platform. |
| (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. | (12) CyberMetals customer assets under management represents the total value of assets managed by the Company on behalf of CyberMetals customers. |

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**7**

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**Fiscal First Quarter 2026 Operational Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gold ounces sold in the three months ended September 30, 2025 increased 10% to 439,000 ounces from 398,000 ounces for the three months ended September 30, 2024, and increased 27% from 346,000 ounces for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Silver ounces sold in the three months ended September 30, 2025 decreased 49% to 10.4 million ounces from 20.4 million ounces for the three months ended September 30, 2024, and decreased 34% from 15.7 million ounces for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of September 30, 2025, the number of secured loans decreased 25% to 424 from 562 as of September 30, 2024, and decreased 5% from 445 as of June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Direct-to-Consumer new customers for the three months ended September 30, 2025 increased 25% to 69,400 from 55,300 for the three months ended September 30, 2024, and decreased 36% from 108,900 for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Direct-to-Consumer active customers for the three months ended September 30, 2025 increased 13% to 147,300 from 129,900 for the three months ended September 30, 2024, and decreased 14% from 170,600 for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Direct-to-Consumer average order value for the three months ended September 30, 2025 increased $896, or 30% to $3,863 from $2,967 for the three months ended September 30, 2024, and increased $1,420, or 58% from $2,443 for the three months ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•JM Bullion's average order value for the three months ended September 30, 2025 increased $346, or 16% to $2,544 from $2,198 for the three months ended September 30, 2024, and increased $129, or 5% from $2,415 for the three months ended June 30, 2025

**8**

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**Fiscal First Quarter 2026 Financial Summary**

Revenues increased 36% to $3.68 billion from $2.72 billion in the same year-ago quarter. Excluding an increase of $561.4 million of forward sales, our revenues increased $404.3 million, or 27.6%, which was due to an increase in gold ounces sold and higher average selling prices of gold and silver, partially offset by a decrease in silver ounces sold. Revenues also increased due to the acquisitions of SGI and Pinehurst in February of 2025, and AMS in April of 2025. The Direct-to-Consumer segment contributed 23% and 18% of the consolidated revenue in the fiscal first quarters of 2026 and 2025, respectively. JMB's revenue represented 8% of the consolidated revenues for the fiscal first quarter of 2026 compared with 11% for the prior year fiscal first quarter.

Gross profit increased 68% to $72.9 million (1.98% of revenue) from $43.4 million (1.60% of revenue) in the same year-ago quarter. The increase in gross profit was due to higher gross profits earned from both the Wholesale Sales & Ancillary Services and Direct-to-Consumer segments, including the acquisitions of SGI, Pinehurst and AMS which were not included in same year ago quarter, partially offset by lower trading profits. The Direct-to-Consumer segment contributed 71% and 54% of the consolidated gross profit in the fiscal first quarters of 2026 and 2025, respectively. Gross profit contributed by JMB represented 21% of the consolidated gross profit in the fiscal first quarter of 2026 and 37% of the consolidated gross profit for the prior year fiscal first quarter.

Selling, general and administrative expenses increased 125% to $59.8 million from $26.6 million in the same year-ago quarter. The change was primarily due to an increase in compensation expense of $19.5 million, an increase in advertising costs of $5.2 million, an increase in consulting and professional fees of $4.1 million, an increase in facilities expense of $1.3 million, an increase in bank service and credit card fees of $1.2 million, and an increase in insurance costs of $0.6 million. SG&A expenses for the three months ended September 30, 2025 include expenses incurred by SGI, Pinehurst, and AMS, which were not included in the same year ago period as these were not consolidated subsidiaries.

Depreciation and amortization expense increased 61% to $7.6 million from $4.7 million in the same year-ago quarter. The change was primarily due to an increase in amortization expense of $3.2 million relating to intangible assets acquired through our acquisitions of SGI, Pinehurst, and AMS, an increase of $1.5 million of depreciation expense due to an increase in capital expenditures, partially offset by a decrease in intangible asset amortization related to JMB and SGB of $1.9 million.

Interest income decreased 21% to $5.6 million from $7.1 million in the same year-ago quarter. The decrease in interest income was primarily due to a decrease in other finance product income of $1.0 million and a decrease in interest income earned by our Secured Lending segment of $0.5 million.

Interest expense increased 26% to $12.6 million from $10.0 million in the same year-ago quarter. The increase in interest expense was primarily due to an increase of $1.3 million related to precious metals leases driven by higher overall borrowings and an increase in weighted-average interest rates, an increase of $0.6 million associated with our Trading Credit Facility due to increased borrowings, and an increase of $0.5 million related to product financing arrangements due to higher interest rates partially offset by reduced borrowings.

Earnings (losses) from equity method investments decreased 257% to ($0.9) million from $0.6 million in the same year-ago quarter. The decrease was due to decreased earnings of our equity method investees.

Net loss attributable to the Company totaled $0.9 million or $0.04 per diluted share, compared to net income of $9.0 million or $0.37 per diluted share in the same year-ago quarter.

**9**

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Adjusted net income before provision for income taxes for the three months ended September 30, 2025 totaled $4.9 million, a decrease of 67% compared to $14.8 million in the same year-ago quarter. The decrease was primarily due to lower net income before provision for income taxes of $10.5 million, a higher contingent consideration fair value adjustment of $2.3 million, partially offset by higher amortization of acquired intangibles of $1.3 million, and higher depreciation expense of $1.5 million.

EBITDA for the three months ended September 30, 2025 totaled $14.3 million, a decrease of $3.5 million or 20% compared to $17.8 million in the same year-ago quarter. The decrease was primarily due to lower net income of $9.4 million, partially offset by lower interest income of $1.5 million, higher interest expense of $2.6 million, and higher depreciation expense of $1.5 million.

**Conference Call**

A-Mark will hold a conference call today (November 6, 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>https://www.webcaster5.com/Webcast/Page/2867/53131</u> 

U.S. dial-in number: 1-888-506-0062

International number: 1-973-528-0011

Participant Access Code: 974548

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

A replay of the call will be available after 7:30 p.m. Eastern time through November 20, 2025.

Toll-free replay number: 1-877-481-4010

International replay number: 1-919-882-2331

Participant Access Code: 53131

**About 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's 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's 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.

**10**

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A-Mark's consolidated subsidiary, <u>Stack's Bowers Galleries</u> is a rare coin and currency auction house as well as a wholesale and retail dealer of numismatic and bullion products. <u>Pinehurst Coin Exchange</u> 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's Central Financial District, A-Mark's consolidated subsidiary, <u>LPM Group Limited (LPM),</u> is one of Asia's 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 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's mint operations, which are conducted through its wholly owned subsidiary <u>Silver Towne Mint</u>, 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's 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, <u>JM Bullion</u>, <u>Goldline</u>, <u>AMS</u>, <u>Stack's Bowers Galleries</u>, <u>Pinehurst Coin Exchange</u>, and its controlling interest in <u>Silver Gold Bull</u>. JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including <u>JMBullion.com</u>, <u>ProvidentMetals.com</u>, <u>Silver.com</u>, <u>CyberMetals.com</u>, <u>GoldPrice.org</u>, <u>SilverPrice.org</u>, <u>BGASC.com</u>, <u>BullionMax.com,</u> and <u>Gold.com</u>. 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 <u>Silver Gold Bull</u>, 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 (<u>CFC</u>). 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 <u>www.amark.com</u>.

A-Mark periodically provides information for investors on its corporate website, <u>www.amark.com</u>, and its investor relations website, <u>ir.amark.com</u>. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and investor presentations.

**11**

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**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 the occurrence and timing of the closing of the acquisition of Monex, the anticipated benefits to A-Mark of the acquisition of Monex, 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: Delays in consummating the Monex acquisition or the inability to consummate the acquisition, the failure to execute the Company's 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 Monex and our other 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's higher margin services, which could depress pricing; the failure of the Company's 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's 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's financial results determined in accordance with U.S. GAAP, management believes the following non-GAAP measures are useful in evaluating the Company's operating performance: "adjusted net income before provision for income taxes" and "earnings before interest, taxes, depreciation and amortization" ("EBITDA"). Management believes the "adjusted net income before provision for income taxes" 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's core operating performance. The items excluded from this financial measure may have a material impact on the Company's 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's Quarterly Report on Form 10-Q to be filed with the SEC. Management encourages investors and others to review the Company's financial information in its entirety and not to rely on any single financial or liquidity measure.

**12**

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In the Company's reconciliation from its reported U.S. GAAP "net income before provision for income taxes" to its non-GAAP "adjusted net income before provision for income taxes", 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; and contingent consideration fair value adjustments. The Company's reconciliations from its reported U.S. GAAP "net income before provision for income taxes" to its non-GAAP "adjusted net income before provision for income taxes", and "net income" and "net cash provided by (used in) operating activities" to its non-GAAP "EBITDA" are provided below and are also included in the Company's Quarterly Report on Form 10-Q to be filed with the SEC for the quarterly period ended September 30, 2025.

**Company Contact:**

Steve Reiner, Executive Vice President, Capital Markets & Investor Relations

A-Mark Precious Metals, Inc.

1-310-587-1410

<u>sreiner@amark.com</u>

**Investor Relations Contact:**

Matt Glover or Greg Bradbury

Gateway Group, Inc.

1-949-574-3860

<u>AMRK@gateway-grp.com</u>

**13**

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** 

<br> **A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

**(in thousands, except for share data)**

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **June 30, 2025** |
|  | **(unaudited)** |  |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;Cash | $89221 | $77741 |
| &nbsp;&nbsp;Receivables, net | 283140 | 137723 |
| &nbsp;&nbsp;Derivative assets | 390174 | 134515 |
| &nbsp;&nbsp;Secured loans receivable | 103633 | 94037 |
| &nbsp;&nbsp;Inventories: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 846066 | 794812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted inventories | 377028 | 484733 |
|  | 1223094 | 1279545 |
| &nbsp;&nbsp;Income tax receivable | 4572 | 4575 |
| &nbsp;&nbsp;Prepaid expenses and other assets | 17468 | 15359 |
| **Total current assets** | 2111302 | 1743495 |
| &nbsp;&nbsp;Operating lease right of use assets | 21517 | 22843 |
| &nbsp;&nbsp;Property, plant, and equipment, net | 45519 | 45509 |
| &nbsp;&nbsp;Goodwill | 228696 | 228650 |
| &nbsp;&nbsp;Intangibles, net | 132107 | 137314 |
| &nbsp;&nbsp;Long-term investments | 31659 | 33015 |
| &nbsp;&nbsp;Other long-term assets | 8571 | 4605 |
| **Total assets** | $2579371 | $2215431 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;Liabilities on borrowed metals | $58649 | $46051 |
| &nbsp;&nbsp;Product financing arrangements | 377028 | 484733 |
| &nbsp;&nbsp;Accounts payable and other payables | 80021 | 22248 |
| &nbsp;&nbsp;Deferred revenue and other advances | 779621 | 426904 |
| &nbsp;&nbsp;Derivative liabilities | 213853 | 96177 |
| &nbsp;&nbsp;Accrued liabilities | 29716 | 34021 |
| &nbsp;&nbsp;Notes payable | 4194 | 3994 |
| **Total current liabilities** | 1543082 | 1114128 |
| &nbsp;&nbsp;Lines of credit | 290000 | 345000 |
| &nbsp;&nbsp;Notes payable | 3339 | 3349 |
| &nbsp;&nbsp;Deferred tax liabilities | 18202 | 18335 |
| &nbsp;&nbsp;Other liabilities | 27653 | 31948 |
| **Total liabilities** | 1882276 | 1512760 |
| &nbsp;&nbsp;Commitments and contingencies |  |  |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of September 30, 2025 or June 30, 2025 |  |  |
| &nbsp;&nbsp;Common stock, par value $0.01; 40,000,000 shares authorized; 24,644,386 and 24,639,386 shares issued and outstanding as of September 30, 2025 and June 30, 2025, respectively | 247 | 247 |
| &nbsp;&nbsp;Additional paid-in capital | 185382 | 184998 |
| &nbsp;&nbsp;Accumulated other comprehensive income | 206 | 212 |
| &nbsp;&nbsp;Retained earnings | 458137 | 464059 |
| **Total A-Mark Precious Metals, Inc. stockholders' equity** | 643972 | 649516 |
| &nbsp;&nbsp;Noncontrolling interests | 53123 | 53155 |
| **Total stockholders' equity** | 697095 | 702671 |
| **Total liabilities and stockholders' equity** | $2579371 | $2215431 |

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**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 September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Revenues | $3680766 | $2715096 |
| Cost of sales | 3607869 | 2671653 |
| Gross profit | 72897 | 43443 |
| Selling, general, and administrative expenses | (59822) | (26617) |
| Depreciation and amortization expense | (7583) | (4709) |
| Interest income | 5571 | 7087 |
| Interest expense | (12600) | (9987) |
| Earnings (losses) from equity method investments | (908) | 578 |
| Other income, net | 2233 | 200 |
| Unrealized (losses) gains on foreign exchange | (99) | 178 |
| Net (loss) income before provision before income taxes | (311) | 10173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (660) | (1755) |
| Net (loss) income | (971) | 8418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests | (32) | (566) |
| Net (loss) income attributable to the Company | $(939) | $8984 |
| Basic and diluted net (loss) income per share attributable<br> to A-Mark Precious Metals, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.04) | $0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.04) | $0.37 |
| Weighted-average shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 24696600 | 23028600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 24696600 | 23979500 |

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**15**

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**A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands; unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net (loss) income | $(971) | $8418 |
| &nbsp;&nbsp;*Adjustments to reconcile net (loss) income to net cash flows from operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 7583 | 4709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan cost | 1635 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 375 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses (earnings) from equity method investments | 908 | (578) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1796) | 1254 |
| &nbsp;&nbsp;*Changes in assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | (148477) | (35235) |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured loans made to affiliates |  | (4816) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | (255659) | 5999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | 3 | (776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Precious metals held under financing arrangements |  | (5288) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 56451 | (180155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (2118) | (987) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other payables | 57772 | (8119) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and other advances | 352717 | 64270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 117676 | 19294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities on borrowed metals | 12598 | 7494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (3280) | (3998) |
| **Net cash provided by (used in) operating activities** | 195417 | (127529) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;Capital expenditures for property, plant, and equipment | (1974) | (607) |
| &nbsp;&nbsp;Secured loans receivable, net | (9590) | 16001 |
| &nbsp;&nbsp;Other | 155 | 87 |
| **Net cash (used in) provided by investing activities** | (11409) | 15481 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Product financing arrangements, net | (107705) | 24000 |
| &nbsp;&nbsp;Dividends paid | (4984) | (4633) |
| &nbsp;&nbsp;Borrowings under lines of credit | 371000 | 542000 |
| &nbsp;&nbsp;Repayments under lines of credit | (426000) | (450000) |
| &nbsp;&nbsp;Proceeds from notes payable to related party | 200 |  |
| &nbsp;&nbsp;Repayments on notes payable to related party |  | (1672) |
| &nbsp;&nbsp;Debt funding issuance costs | (2641) | (2640) |
| &nbsp;&nbsp;Proceeds from the exercise of share-based awards | 6 | 3281 |
| &nbsp;&nbsp;Other | (2404) |  |
| **Net cash (used in) provided by financing activities** | (172528) | 110336 |
| **Net increase (decrease) in cash** | 11480 | (1712) |
| **Cash, beginning of period** | 77741 | 48636 |
| **Cash, end of period** | $89221 | $46924 |

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**16**

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**Overview of Results of Operations for the Three Months Ended September 30, 2025 and 2024** 

***Consolidated Results of Operations***

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

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| | | | |
|:---|:---|:---|:---|
| **Three Months Ended September 30,** | **2025** | **2024** | **Change** |
|  | **% of revenue** | **% of revenue** | **%** |
| Revenues | 100.000% | 100.000% | 35.6% |
| Gross profit | 1.980% | 1.600% | 67.8% |
| Selling, general, and administrative expenses | (1.625%) | (0.980%) | 124.8% |
| Depreciation and amortization expense | (0.206%) | (0.173%) | 61.0% |
| Interest income | 0.151% | 0.261% | (21.4%) |
| Interest expense | (0.342%) | (0.368%) | 26.2% |
| Earnings (losses) from equity method investments | (0.025%) | 0.021% | (257.1%) |
| Other income, net | 0.061% | 0.007% | 1016.5% |
| Unrealized (losses) gains on foreign exchange | (0.003%) | 0.007% | (155.6%) |
| Net (loss) income before provision for income taxes | (0.008%) | 0.375% | (103.1%) |
| Income tax expense | (0.018%) | (0.065%) | (62.4%) |
| Net (loss) income | (0.026%) | 0.310% | (111.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests | (0.001%) | (0.021%) | (94.3%) |
| Net (loss) income attributable to the Company | (0.026%) | 0.331% | (110.5%) |
| Basic and diluted net (loss) income per share attributable<br> to A-Mark Precious Metals, Inc.: |  |  |  |
| <u>Per Share Data:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  |  | (110.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  |  | (110.8%) |

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**17**

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**Overview of Results of Operations for the Three Months Ended September 30, 2025 and June 30, 2025**

***Consolidated Results of Operations***

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

---

| | | | |
|:---|:---|:---|:---|
| **Three Months Ended** | **September 30, 2025** | **June 30, 2025** | **Change** |
|  | **% of<br>revenue** | **% of<br>revenue** | **%** |
| Revenues | 100.000% | 100.000% | 46.5% |
| Gross profit | 1.980% | 3.252% | (10.8%) |
| Selling, general, and administrative expenses | (1.625%) | (2.126%) | 12.0% |
| Depreciation and amortization expense | (0.206%) | (0.341%) | (11.6%) |
| Interest income | 0.151% | 0.213% | 4.2% |
| Interest expense | (0.342%) | (0.514%) | (2.3%) |
| Losses from equity method investments | (0.025%) | (0.031%) | 17.8% |
| Other income, net | 0.061% | 0.008% | 1022.1% |
| Remeasurement gain on pre-existing equity interest | —% | 0.076% | (100.0%) |
| Unrealized losses on foreign exchange | (0.003%) | (0.018%) | (77.8%) |
| Net (loss) income before provision for income taxes | (0.008%) | 0.518% | (102.4%) |
| Income tax expense | (0.018%) | (0.114%) | (76.9%) |
| Net (loss) income | (0.026%) | 0.404% | (109.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests | (0.001%) | (0.007%) | (80.5%) |
| Net (loss) income attributable to the Company | (0.026%) | 0.411% | (109.1%) |
| Basic and diluted net (loss) income per share attributable to<br> A-Mark Precious Metals, Inc.: |  |  |  |
| <u>Per Share Data:</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  |  | (109.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  |  | (109.8%) |

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**18**

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

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

---

| | |
|:---|:---|
| **Three Months Ended September 30,** | **Change** |
|  | **%** |
| Net (loss) income before provision for income taxes | (103.1%) |
| Adjustments: |  |
| &nbsp;&nbsp;Contingent consideration fair value adjustment | 1540.7% |
| &nbsp;&nbsp;Acquisition costs | 17.3% |
| &nbsp;&nbsp;Amortization of acquired intangibles | 34.6% |
| &nbsp;&nbsp;Depreciation expense | 181.8% |
| Adjusted net income before provision for income taxes (non-GAAP) | (67.0%) |

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

---

| | |
|:---|:---|
| **Three Months Ended September 30,** | **Change** |
|  | **%** |
| Net (loss) income | (111.5%) |
| Adjustments: |  |
| &nbsp;&nbsp;Interest income | (21.4%) |
| &nbsp;&nbsp;Interest expense | 26.2% |
| &nbsp;&nbsp;Amortization of acquired intangibles | 34.6% |
| &nbsp;&nbsp;Depreciation expense | 181.8% |
| &nbsp;&nbsp;Income tax expense | (62.4%) |
|  | 63.1% |
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | (19.6%) |
| **Reconciliation of Operating Cash Flows to EBITDA:** |  |
| Net cash provided by (used in) operating activities | 253.2% |
| &nbsp;&nbsp;Changes in operating working capital | (231.9%) |
| &nbsp;&nbsp;Interest expense | 26.2% |
| &nbsp;&nbsp;Interest income | (21.4%) |
| &nbsp;&nbsp;Income tax expense | (62.4%) |
| &nbsp;&nbsp;Earnings (losses) from equity method investments | (257.1%) |
| &nbsp;&nbsp;Share-based compensation | 17.2% |
| &nbsp;&nbsp;Amortization of loan cost | 145.9% |
| &nbsp;&nbsp;Other | 243.2% |
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | (19.6%) |

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**19**

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

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

---

| | |
|:---|:---|
| **Three Months Ended** | **Change** |
|  | **%** |
| Net (loss) income before provision for income taxes | (102.4%) |
| Adjustments: |  |
| &nbsp;&nbsp;Remeasurement gain on pre-existing equity interest | 100.0% |
| &nbsp;&nbsp;Contingent consideration fair value adjustment | 24510.0% |
| &nbsp;&nbsp;Acquisition costs | 111.7% |
| &nbsp;&nbsp;Amortization of acquired intangibles | (21.9%) |
| &nbsp;&nbsp;Depreciation expense | 24.1% |
| Adjusted net income before provision for income taxes (non-GAAP) | (74.6%) |

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

---

| | |
|:---|:---|
| **Three Months Ended** | **Change** |
|  | **%** |
| Net (loss) income | (109.6%) |
| Adjustments: |  |
| &nbsp;&nbsp;Interest income | 4.2% |
| &nbsp;&nbsp;Interest expense | (2.3%) |
| &nbsp;&nbsp;Amortization of acquired intangibles | (21.9%) |
| &nbsp;&nbsp;Depreciation expense | 24.1% |
| &nbsp;&nbsp;Income tax expense | (76.9%) |
|  | (19.6%) |
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | (50.9%) |
| **Reconciliation of Operating Cash Flows to EBITDA:** |  |
| Net cash provided by operating activities | 191.8% |
| &nbsp;&nbsp;Changes in operating working capital | 277.9% |
| &nbsp;&nbsp;Interest expense | (2.3%) |
| &nbsp;&nbsp;Interest income | 4.2% |
| &nbsp;&nbsp;Income tax expense | (76.9%) |
| &nbsp;&nbsp;Losses from equity method investments | 17.8% |
| &nbsp;&nbsp;Remeasurement gain on pre-existing equity interest | (100.0%) |
| &nbsp;&nbsp;Share-based compensation | (39.3%) |
| &nbsp;&nbsp;Deferred income taxes | (100.0%) |
| &nbsp;&nbsp;Amortization of loan cost | 31.2% |
| &nbsp;&nbsp;Other | 1794.3% |
| Earnings before interest, taxes, depreciation, and amortization (non-GAAP) | (50.9%) |

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**20**

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