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- **Strategic Expansion**: Acquired Monex for $630M in AUM, rebranded to gold.com to expand into collectibles.
- **Revenue Growth**: Q1 revenue +36% YoY to $3.68B, gross profit +68% to $72.9M.
- **Operational Challenges**: Net loss of $0.9M due to 26% rise in interest expenses; EBITDA down 20% to $14.3M.
- **Demand Recovery**: September/October sales rebound (+27% gold ounces, +25% new DTC customers) amid macro uncertainty.
- **Logistics Strength**: Vegas facility capable of 100,000+ monthly shipments, reducing costs through Pinehurst integration.

**【CEO Opening Remarks】**
- Announced acquisition of Monex Deposit Company, a DTC precious metals dealer with $630M in assets under custody, to strengthen direct-to-consumer presence and leverage operational synergies.
- Rebranded to gold.com, effective December 2, to modernize corporate identity and expand into adjacent collectibles markets like wine and sports cards.
- Q1 gross profit reached $72.9M, driven by late-quarter demand recovery and strong auction results from Stacks Bowers Galleries.
- Highlighted ability to manage inventory and ramp up production at mints to meet increased demand, despite recent spot price volatility.

**【CFO Financial Commentary】**
- Q1 revenue surged 36% YoY to $3.68B, driven by gold ounce sales growth and acquisitions (SGI, Pinehurst, AMS).
- Gross profit climbed 68% YoY to $72.9M, reflecting higher margins in both wholesale and DTC segments.
- SG&A expenses rose 125% YoY to $59.8M due to compensation, advertising, and acquisition-related costs.
- Net loss narrowed to $0.9M ($0.04/diluted share) vs. $9M net income last year, impacted by higher interest expenses and lower trading profits.
- EBITDA decreased 20% YoY to $14.3M, while cash reserves grew to $89.2M.

**【Q&A Highlights】**
- **M&A Strategy**: CEO emphasized focus on accretive deals, particularly in Asia and rare coin markets, with Monex acquisition seen as a long-term strategic fit.
- **Demand Sustainability**: September/October demand rebound (JM Bullion premiums +20%) attributed to macro uncertainty and media attention; cautious optimism for continued buying amid spot price volatility.
- **Expense Management**: Aiming to reduce redundancies through integration (e.g., Pinehurst operations moved to Vegas), with EBITDA expected to improve as scale benefits materialize.
- **Logistics Capacity**: New Vegas facility can handle 100,000+ monthly shipments, positioning company to capitalize on market growth while maintaining fast delivery times.
- **Stablecoins & Gold Demand**: CEO noted central bank buying (China, India) driving spot price trends, with U.S. consumers shifting from selling to buying at record highs.

A-Mark Precious Metals, Inc. (AMRK) Q1 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GOLD

GOLD fundamentals

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