A-Mark Precious Metals (AMRK) investor relations material

Executive summary

• Announced definitive agreement to acquire Monex Deposit Company, a major DTC precious metals dealer, for $33 million with up to $20 million in deferred payments, and upcoming rebrand and relisting to Gold.com, with the official exchange transfer set for December 2.

• Monex generated $835 million in revenue in 2024 and held $630 million in assets under custody as of September 30, 2025, strengthening DTC presence and bringing operational synergies and a loyal customer base.

• Recent acquisitions and integration efforts, including Pinehurst, LPM in Asia, SGI, and AMS, have contributed to improved operational efficiency, international growth, and revenue and gross profit expansion.

• The company is modernizing its identity, expanding into adjacent categories like wine and sports cards, and launching Gold.com-branded products and website in December.

• Fiscal Q1 2026 results reflect a resilient integrated platform, with improved demand and premium spreads after Labor Day, and expanded contributions from recent acquisitions and the Direct-to-Consumer segment.

Financial highlights

• Q1 FY26 revenue rose 36% year-over-year to $3.68B, driven by higher gold ounces sold, higher average selling prices, and recent acquisitions; revenue also increased 47% sequentially from Q4 2025.

• Gross profit increased 68% year-over-year to $72.9M (1.98% of revenue), but declined 11% sequentially; margin improved from 1.6% to 1.98% year-over-year, but down from 3.25% in the prior quarter.

• SG&A expenses rose 125% to $59.8M, mainly due to higher compensation, advertising, and costs from newly acquired subsidiaries.

• Net loss attributable to the company was $0.9M ($0.04 per diluted share), compared to net income of $9M ($0.37 per share) in Q1 last year and $10.3M ($0.41 per share) in the prior quarter.

• EBITDA for Q1 FY26 was $14.3M, down 20% year-over-year and 51% sequentially.

• Cash at quarter-end was $89.2M, up from $77.7M at FY25 end; non-restricted inventories totaled $846.1M.

• Net cash provided by operating activities was $195.4M, compared to net cash used of $127.5M a year ago.

Outlook and guidance

• Management is cautiously optimistic for the year ahead, citing momentum from late Q1 carrying into Q2 and a solid foundation for sustained and profitable growth, with continued benefits from automation, integration, and economies of scale.

• The company remains open to further M&A, focusing on accretive deals and international expansion, especially in Asia and the UK.

• Demand and premiums have strengthened since quarter-end, and inventory has been optimized as gold and silver prices rise.