Q3 FY 2025 Net Loss of $8.5 Million and Q3 YTD FY 2025 Net Income of $7.0 Million
Non-GAAP Adjusted Net Income of $5.7 Million and Non-GAAP EBITDA of $1.3 Million in Q3 FY 2025
Q3 FY 2025 Diluted Loss per Share of ($.36) and Q3 YTD FY 2025 Diluted Earnings Per Share of $0.29
Credit Facility Amended Increasing Revolving Commitment to $467.0 Million
Company Reaffirms Regular Quarterly Cash Dividend Policy of $0.20 Per Share
EL SEGUNDO, Calif., May 07, 2025 (GLOBE NEWSWIRE) — A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading fully integrated precious metals platform, reported results for the fiscal third quarter ended March 31, 2025.
Management Commentary
“During the third quarter, we navigated through volatile market conditions that directly impacted our results,” said A-Mark CEO Greg Roberts. “Although the environment has since stabilized, early-quarter concerns around tariffs led to decreased market liquidity and backwardation, contributing to trading losses and higher interest expense due to increases in product financing rates. Despite these headwinds, one-time acquisition-related costs of $4.6 million and a one-time remeasurement loss of $7.0 million on our Pinehurst Coin Exchange, Inc. (”Pinehurst”) pre-existing equity interest, we delivered $41.0 million in gross profit, $5.7 million in non-GAAP adjusted net income and $1.3 million in non-GAAP EBITDA.
“At the same time, as previously announced, we have capitalized on the softer market to complete three strategic acquisitions, closing Pinehurst and Spectrum Group International (“SGI”) during the quarter and AMS Holding, LLC, just after quarter end. These acquisitions strengthen our market position and broaden our reach into adjacent, higher-margin luxury segments. Integration efforts are well underway, with centralized operations at our AMGL facility poised to drive meaningful cost efficiencies and support increased volume. We have also made operational progress at LPM, now running both retail and wholesale trading.
“Looking ahead, market conditions have continued to improve, and we are well positioned to close the fiscal year with momentum. With an expanded portfolio of brands and significant optimization opportunities, we remain confident in A-Mark’s long-term growth prospects and our ability to create shareholder value.”
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (in thousands, except Earnings (Loss) per Share) | ||||||||
| Selected Key Financial Statement Metrics: | ||||||||
| Revenues | $ | 3,009,125 | $ | 2,610,651 | ||||
| Gross profit | $ | 41,017 | $ | 34,838 | ||||
| Depreciation and amortization expense | $ | (4,996 | ) | $ | (2,949 | ) | ||
| Net (loss) income attributable to the Company | $ | (8,546 | ) | $ | 5,013 | |||
| Earnings (Loss) per Share: | ||||||||
| Basic | $ | (0.36 | ) | $ | 0.22 | |||
| Diluted | $ | (0.36 | ) | $ | 0.21 | |||
| Non-GAAP Measures(1): | ||||||||
| Adjusted net income before provision for income taxes | $ | 5,749 | $ | 11,611 | ||||
| EBITDA | $ | 1,286 | $ | 12,614 | ||||
| (1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25 | ||||||||
| 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 March 31, 2025 and 2024 follows (in thousands): | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Net (loss) income before provision for income taxes | $ | (9,939 | ) | $ | 6,440 | |||
| Adjustments: | ||||||||
| Remeasurement loss on pre-existing equity interest | 7,043 | – | ||||||
| Contingent consideration fair value adjustment | (1,000 | ) | – | |||||
| Acquisition costs | 4,649 | 2,222 | ||||||
| Amortization of acquired intangibles | 4,004 | 2,198 | ||||||
| Depreciation expense | 992 | 751 | ||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 5,749 | $ | 11,611 | ||||
| Three Months Ended | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| (in thousands, except Earnings (Loss) per Share) | ||||||||
| Selected Key Financial Statement Metrics: | ||||||||
| Revenues | $ | 3,009,125 | $ | 2,742,345 | ||||
| Gross profit | $ | 41,017 | $ | 44,767 | ||||
| Depreciation and amortization expense | $ | (4,996 | ) | $ | (4,639 | ) | ||
| Net (loss) income attributable to the Company | $ | (8,546 | ) | $ | 6,558 | |||
| Earnings (Loss) per Share: | ||||||||
| Basic | $ | (0.36 | ) | $ | 0.28 | |||
| Diluted | $ | (0.36 | ) | $ | 0.27 | |||
| Non-GAAP Measures(1): | ||||||||
| Adjusted net income before provision for income taxes | $ | 5,749 | $ | 13,363 | ||||
| EBITDA | $ | 1,286 | $ | 16,224 | ||||
| (1) See Reconciliation of U.S. GAAP to Non-GAAP Measures below and on pages 23-25 | ||||||||
| 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 March 31, 2025 and December 31, 2024 follows (in thousands): | ||||||||
| Three Months Ended | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Net (loss) income before provision for income taxes | $ | (9,939 | ) | $ | 8,016 | |||
| Adjustments: | ||||||||
| Remeasurement loss on pre-existing equity interest | 7,043 | – | ||||||
| Contingent consideration fair value adjustment | (1,000 | ) | 20 | |||||
| Acquisition costs | 4,649 | 688 | ||||||
| Amortization of acquired intangibles | 4,004 | 3,790 | ||||||
| Depreciation expense | 992 | 849 | ||||||
| Adjusted net income before provision for income taxes (non-GAAP) | $ | 5,749 | $ | 13,363 | ||||
Fiscal Third Quarter 2025 Financial Highlights
- Revenues for the three months ended March 31, 2025 increased 15% to $3.009 billion from $2.611 billion for the three months ended March 31, 2024 and increased 10% from $2.742 billion for the three months ended December 31, 2024
- Gross profit for the three months ended March 31, 2025 increased 18% to $41.0 million from $34.8 million for the three months ended March 31, 2024 and decreased 8% from $44.8 million for the three months ended December 31, 2024
- Gross profit margin for the three months ended March 31, 2025 increased to 1.36% of revenue, from 1.33% of revenue for the three months ended March 31, 2024, and decreased from 1.63% of revenue for the three months ended December 31, 2024
- Net income (loss) attributable to the Company for the three months ended March 31, 2025 decreased 270% to $(8.5) million from $5.0 million for the three months ended March 31, 2024 and decreased 230% from $6.6 million for the three months ended December 31, 2024
- Diluted earnings per share totaled $(0.36) for the three months ended March 31, 2025, a 271% decrease compared to $0.21 for the three months ended March 31, 2024, and decreased 233% from $0.27 for the three months ended December 31, 2024
- 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 March 31, 2025 decreased 50% to $5.7 million from $11.6 million for the three months ended March 31, 2024 and decreased 57% from $13.4 million for the three months ended December 31, 2024
- Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP liquidity measure, for the three months ended March 31, 2025 decreased 90% to $1.3 million from $12.6 million for the three months ended March 31, 2024, and decreased 92% from $16.2 million for the three months ended December 31, 2024
| Nine Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (in thousands, except Earnings per Share) | ||||||||
| Selected Key Financial Statement Metrics: | ||||||||
| Revenues | $ | 8,466,566 | $ | 7,174,084 | ||||
| Gross profit | $ | 129,227 | $ | 130,284 | ||||
| Depreciation and amortization expense | $ | (14,344 | ) | $ | (8,552 | ) | ||
| Net income attributable to the Company | $ | 6,996 | $ | 37,606 | ||||
| Earnings per Share: | ||||||||
| Basic | $ | 0.30 | $ | 1.63 | ||||
| Diluted | $ | 0.29 | $ | 1.56 | ||||
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