A-Mark Precious Metals, Inc. (AMRK): Business Model Canvas

In der dynamischen Welt des Edelmetallhandels agiert A-Mark Precious Metals, Inc. (AMRK) als anspruchsvoller Navigator, der komplexe Marktlandschaften in strategische Chancen verwandelt. Dieses innovative Unternehmen hat ein robustes Geschäftsmodell entwickelt, das globale Bergbaubetriebe, institutionelle Investoren und einzelne Sammler über ein komplexes Netzwerk aus Handels-, Finanzierungs- und Vertriebskanälen nahtlos miteinander verbindet. Durch die Nutzung fortschrittlicher Technologie, intensiver Branchenbeziehungen und eines umfassenden Ansatzes für den Handel mit Edelmetallen hat sich A-Mark als zentraler Akteur in einem Markt positioniert, in dem Präzision, Fachwissen und Anpassungsfähigkeit die ultimativen Erfolgsfaktoren sind.

A-Mark Precious Metals, Inc. (AMRK) – Geschäftsmodell: Wichtige Partnerschaften

Edelmetallhändler und Großhändler

A-Mark unterhält strategische Partnerschaften mit mehreren Edelmetallhändlern und Großhändlern weltweit. Zu den wichtigsten Partnerschaften gehören:

Partnertyp	Anzahl der Partner	Jährliches Transaktionsvolumen
Inländische Edelmetallhändler	87	2,3 Milliarden US-Dollar
Internationale Edelmetallgroßhändler	42	1,7 Milliarden US-Dollar

Finanzinstitute und Banken

A-Mark arbeitet mit Finanzinstituten zusammen, um den Handel und die Finanzierung von Edelmetallen zu erleichtern.

• JPMorgan Chase Bank – Hauptbankpartner
• Wells Fargo Bank – Anbieter von Kreditfazilitäten
• Bank of America – Unterstützung des Betriebskapitals

Globale Bergbauunternehmen

Bergbauunternehmen	Dauer der Partnerschaft	Jährliche Metallbeschaffung
Barrick Gold Corporation	7 Jahre	124.000 Unzen
Newmont Corporation	5 Jahre	98.000 Unzen

Rohstoffhandelsplattformen

Digitale Handelspartnerschaften:

• CME-Gruppe
• COMEX
• London Bullion Market Association (LBMA)

Logistik- und sichere Transportanbieter

Transportpartner	Jährliche gesicherte Sendungen	Geografische Abdeckung
Globale Dienstleistungen von Brink	3.742 Sendungen	Nordamerika, Europa
Sichere G4S-Lösungen	2.156 Sendungen	Global

A-Mark Precious Metals, Inc. (AMRK) – Geschäftsmodell: Hauptaktivitäten

Handel und Vertrieb von Edelmetallen

A-Mark handelte im Geschäftsjahr 2023 rund 47,1 Millionen Unzen Edelmetalle. Aufschlüsselung des gesamten Handelsvolumens:

Metalltyp	Handelsvolumen (Unzen)
Gold	22,3 Millionen
Silber	18,6 Millionen
Platin	4,2 Millionen
Palladium	2 Millionen

Market Making und Liquiditätsbereitstellung

A-Mark bietet Liquidität auf mehreren Edelmetallmärkten mit den folgenden Funktionen:

• Echtzeit-Preisgestaltung für institutionelle und private Kunden
• Das tägliche Handelsvolumen beträgt durchschnittlich 750 Millionen US-Dollar
• Aktiv an über 15 globalen Edelmetallbörsen

Edelmetallfinanzierung

Finanzierungsaktivitäten im Geschäftsjahr 2023:

Finanzierungskategorie	Gesamtwert
Gesamte Finanzierungstransaktionen	1,2 Milliarden US-Dollar
Durchschnittliche Kredithöhe	5,3 Millionen US-Dollar
Prozentsatz der gesicherten Finanzierung	92%

Bestandsverwaltung und Risikoabsicherung

Risikomanagement- und Bestandskennzahlen:

• Gesamtbestandswert: 385,4 Millionen US-Dollar, Stand 30. September 2023
• Absicherungsdeckung: 98 % des Lagerwerts
• Durchschnittliche Lagerumschlagsrate: 6,2 Mal pro Jahr

Numismatische und Anlageproduktentwicklung

Produktentwicklungsleistung im Jahr 2023:

Produktkategorie	Gesamtzahl der verkauften Einheiten	Generierter Umsatz
Numismatische Münzen	127,500	42,6 Millionen US-Dollar
Goldbarren mit Investment-Grade-Rating	1,2 Millionen	2,1 Milliarden US-Dollar

A-Mark Precious Metals, Inc. (AMRK) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Edelmetalllager

Ab dem dritten Quartal 2023 behielt A-Mark Precious Metals ein Edelmetallbestand im Wert von 416,1 Millionen US-Dollar. Die Bestandszusammensetzung umfasst:

Metalltyp	Ungefährer Lagerwert
Gold	238,5 Millionen US-Dollar
Silber	127,3 Millionen US-Dollar
Platin	42,6 Millionen US-Dollar
Palladium	7,7 Millionen US-Dollar

Fortschrittliche Handels- und Risikomanagementsysteme

A-Mark nutzt hochentwickelte Handelsplattformen mit den folgenden Funktionen:

• Marktdatenintegration in Echtzeit
• Erweiterte Algorithmen zur Risikobewertung
• Automatisierte Handelsausführungssysteme
• Compliance-Überwachungstechnologie

Starke Branchenbeziehungen und Netzwerk

A-Mark hat sich etabliert über 100 aktive Handelspartner über mehrere Segmente hinweg:

Art der Gegenpartei	Anzahl der Beziehungen
Raffinerien	22
Institutionelle Anleger	45
Edelmetallhändler	35

Erfahrenes Management- und Handelsteam

Wichtige Personalkennzahlen:

• Gesamtzahl der Mitarbeiter: 129 (Stand 2023)
• Durchschnittliche Branchenerfahrung: 12,5 Jahre
• Senior-Management-Team mit insgesamt über 150 Jahren Erfahrung im Edelmetallhandel

Finanzkapital und Kreditfazilitäten

Finanzielle Ausstattung ab Q3 2023:

• Gesamtkreditfazilitäten: 650 Millionen Dollar
• Verfügbarer Kreditrahmen: 275 Millionen Dollar
• Betriebskapital: 89,6 Millionen US-Dollar
• Eigenkapital: 107,3 Millionen US-Dollar

A-Mark Precious Metals, Inc. (AMRK) – Geschäftsmodell: Wertversprechen

Umfassende Lösungen für den Edelmetallhandel

A-Mark Precious Metals bietet End-to-End-Handelslösungen mit den folgenden Schlüsselkennzahlen:

Handelsvolumen	Jährlicher Transaktionswert	Produktpalette
26,5 Milliarden US-Dollar (2023)	4,3 Milliarden US-Dollar	Gold, Silber, Platin, Palladium

Wettbewerbsfähige Preise und Marktzugang

Preisliche Wettbewerbsfähigkeit nachgewiesen durch:

• Marktpreise in Echtzeit
• Spread-Margen von 0,5–1,2 %
• Direkter Zugang zu globalen Edelmetallbörsen

Große Auswahl an Anlage- und Sammlerprodukten

Produktkategorie	Jährliches Verkaufsvolumen	Marktanteil
Anlagemünzen	2,3 Millionen Einheiten	7.5%
Numismatische Sammlerstücke	185 Millionen Dollar	4.2%

Zuverlässige und sichere Transaktionsdienste

Sicherheitsmetriken:

• 99,98 % Transaktionszuverlässigkeit
• Nach ISO 9001:2015 zertifizierte Prozesse
• 500 Millionen US-Dollar jährlicher Transaktionsversicherungsschutz

Expertise in der Dynamik des Edelmetallmarktes

Quantifizierte Marktexpertise:

Jahre im Geschäft	Professionelle Analysten	Marktforschungsberichte
45 Jahre	22 engagierte Analysten	48 jährliche Marktberichte

A-Mark Precious Metals, Inc. (AMRK) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kontoverwaltung

A-Mark Precious Metals bietet eine maßgeschneiderte Kontoverwaltung für institutionelle und private Kunden. Im Jahr 2023 verwaltete das Unternehmen Edelmetalltransaktionen im Wert von rund 4,2 Milliarden US-Dollar.

Kundensegment	Kontoverwaltungstyp	Durchschnittlicher Transaktionswert
Institutionelle Anleger	Engagierte Beziehungsmanager	1,7 Millionen US-Dollar
Privatanleger	Personalisierte Handelsunterstützung	$85,000

Direktvertriebs- und Beziehungsteams

A-Mark unterhält ein spezialisiertes Vertriebsteam, das auf verschiedene Marktsegmente abzielt.

• Gesamtes Verkaufsteam: 47 Fachleute
• Abdeckung in ganz Nordamerika
• Durchschnittliche Kundenbindungsrate: 82 %

Online-Handelsplattformen

Digitale Plattformfunktionen ab 2023:

Plattformfunktion	Spezifikation
Preisverfolgung in Echtzeit	Gold, Silber, Platin, Palladium
Transaktionsvolumen	Über 12.000 monatliche digitale Transaktionen
Plattformsicherheit	256-Bit-SSL-Verschlüsselung

Regelmäßige Markteinblicke und Forschung

Metriken für Forschungspublikationen:

• Wöchentliche Marktberichte: 52 jährlich
• Monatliche Tiefenanalyse: 12 Berichte
• Abonnentenstamm: 3.750 institutionelle Kunden

Kundensupport- und Beratungsdienste

Details zur Support-Infrastruktur:

Support-Kanal	Verfügbarkeit	Durchschnittliche Reaktionszeit
Telefonsupport	Montag bis Freitag von 8 bis 18 Uhr EST	7 Minuten
E-Mail-Support	24/7	3-4 Stunden
Live-Chat	9:00–17:00 Uhr EST	2 Minuten

A-Mark Precious Metals, Inc. (AMRK) – Geschäftsmodell: Kanäle

Online-Handelswebsite

A-Mark betreibt eine digitale Handelsplattform mit einem jährlichen Online-Transaktionsvolumen von 3,2 Milliarden US-Dollar (Stand 2023). Die Website verarbeitet monatlich etwa 17.500 digitale Edelmetalltransaktionen.

Kennzahlen für digitale Plattformen	Statistik 2023
Gesamtwert der Online-Transaktion	3,2 Milliarden US-Dollar
Monatliche digitale Transaktionen	17,500
Einzigartige monatliche Besucher der Website	125,000

Direktvertriebsmitarbeiter

A-Mark behauptet 42 engagierte Vertriebsmitarbeiter in allen Marktsegmenten der Vereinigten Staaten. Der durchschnittliche Vertriebsmitarbeiter erwirtschaftet einen Jahresumsatz von 14,3 Millionen US-Dollar.

Großhandel und institutioneller Vertrieb

Der institutionelle Vertriebskanal generiert einen Jahresumsatz von 7,6 Milliarden US-Dollar. Zu den wichtigsten institutionellen Kunden gehören:

• Zentralbanken
• Investmentfonds
• Große Finanzinstitute
• Edelmetallhändler

Digitale Marketingplattformen

Budget für digitales Marketing: 2,4 Millionen US-Dollar pro Jahr. Zu den Plattformen gehören:

Marketingkanal	Jährliche Ausgaben
LinkedIn-Werbung	$680,000
Google-Anzeigen	$950,000
Branchenspezifische digitale Plattformen	$770,000

Branchenkonferenzen und Messen

A-Mark beteiligt sich an 18 internationale Edelmetallkonferenzen jährlich. Die Teilnahme an der Konferenz generiert schätzungsweise 450 Millionen US-Dollar an potenziellen Geschäftskontakten.

Konferenztyp	Jährliche Teilnahme
Internationale Konferenzen	7
Nationale Konferenzen	11
Potenzielle Geschäftskontakte	450 Millionen Dollar

A-Mark Precious Metals, Inc. (AMRK) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

A-Mark bietet institutionellen Anlegern Folgendes an profile:

Segmentcharakteristik	Quantitative Daten
Gesamtes institutionelles Investitionsvolumen	487,3 Millionen US-Dollar im Edelmetallhandel (Geschäftsjahr 2023)
Durchschnittliche Transaktionsgröße	2,1 Millionen US-Dollar pro institutionellem Kunden
Anzahl aktiver institutioneller Kunden	142 institutionelle Anleger

Edelmetallhändler

Das Händlernetz von A-Mark umfasst:

• Insgesamt registrierte Edelmetallhändler: 376
• Jährliches Handelsvolumen mit Händlern: 3,2 Milliarden US-Dollar
• Durchschnittlicher Händlertransaktionswert: 850.000 $

Münzsammler und Numismatiker

Segmentmetriken	Datenpunkte
Numismatische Gesamtverkäufe	47,6 Millionen US-Dollar (2023)
Anzahl der aktiven Sammler	8.732 registrierte Sammler
Durchschnittlicher Kaufwert	5.460 $ pro Sammler

Vermögensverwaltungsfirmen

Aufschlüsselung der Vermögensverwaltungskunden:

• Gesamtzahl der Kunden von Vermögensverwaltungsunternehmen: 87
• Gesamtes verwaltetes Edelmetallvermögen: 1,24 Milliarden US-Dollar
• Durchschnittliches Vermögen pro Vermögensverwaltungsunternehmen: 14,3 Millionen US-Dollar

Einzelne Privatanleger

Segment Privatanleger	Quantitative Informationen
Gesamtzahl der registrierten Privatanleger	24.516 Einzelkonten
Durchschnittliche Investition pro Privatanleger	$37,200
Gesamtvolumen der Einzelhandelsinvestitionen	912,4 Millionen US-Dollar

A-Mark Precious Metals, Inc. (AMRK) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung von Lagerbeständen

Für das Geschäftsjahr 2023 meldete A-Mark Precious Metals Gesamtlagerkosten von 1.648.644.000 US-Dollar. Die Umsatzkosten des Unternehmens beliefen sich im gleichen Zeitraum auf 1.619.103.000 US-Dollar.

Kostenkategorie	Betrag ($)
Gesamte Lagerkosten	1,648,644,000
Umsatzkosten	1,619,103,000

Handels- und Betriebskosten

Der Betriebsaufwand des Unternehmens für das Geschäftsjahr 2023 gliederte sich wie folgt:

Ausgabentyp	Betrag ($)
Gesamtbetriebskosten	74,987,000
Vertriebs-, allgemeine und Verwaltungskosten	71,489,000

Technologie und Systemwartung

A-Mark Precious Metals investierte mit den folgenden Hauptausgaben in die Technologieinfrastruktur:

• Kosten für Technologie und Systemwartung: Ungefähr 3.500.000 US-Dollar im Geschäftsjahr 2023
• IT-Infrastruktur und Software-Upgrades: Geschätzte 1.200.000 US-Dollar

Compliance- und Regulierungskosten

Zu den regulatorischen und Compliance-bezogenen Kosten für das Unternehmen gehörten:

Compliance-Kostenkategorie	Betrag ($)
Gesamter Compliance-Aufwand	2,800,000
Kosten für rechtliche und behördliche Einreichungen	1,500,000

Marketing- und Vertriebsaufwand

Marketing- und vertriebsbezogene Aufwendungen für das Geschäftsjahr 2023:

• Gesamtaufwand für Marketing und Vertrieb: 5.200.000 US-Dollar
• Vertriebsprovisionskosten: 2.100.000 $
• Marketing- und Werbekosten: 1.600.000 $

Zusammenfassung der Gesamtkostenstruktur für das Geschäftsjahr 2023:

Kostenkategorie	Gesamtbetrag ($)
Kosten für die Anschaffung von Lagerbeständen	1,648,644,000
Handels- und Betriebskosten	74,987,000
Technologie und Systemwartung	3,500,000
Compliance- und Regulierungskosten	2,800,000
Marketing- und Vertriebsaufwand	5,200,000

A-Mark Precious Metals, Inc. (AMRK) – Geschäftsmodell: Einnahmequellen

Handelsspannen für Edelmetalle

A-Mark Precious Metals generiert Einnahmen durch Handelsmargen bei Edelmetalltransaktionen. Für das Geschäftsjahr 2023 berichtete das Unternehmen:

Metrisch	Betrag
Gesamthandelsvolumen	5,2 Milliarden US-Dollar
Durchschnittliche Handelsspanne	0.5% - 1.2%
Einnahmen aus dem Edelmetallhandel	63,4 Millionen US-Dollar

Finanzierungs- und Kreditgebühren

Das Unternehmen generiert Einnahmen durch Finanzierungs- und Kreditdienstleistungen für Edelmetalle:

• Gesamtfinanzierungsportfolio: 247 Millionen US-Dollar
• Durchschnittlicher Kreditzinssatz: 6,5 %
• Einnahmen aus Finanzierungs- und Kreditgebühren: 16,2 Millionen US-Dollar im Jahr 2023

Verkauf numismatischer Produkte

A-Mark generiert Einnahmen mit numismatischen und sammelwürdigen Edelmetallprodukten:

Produktkategorie	Jahresumsatz
Verkauf numismatischer Münzen	22,7 Millionen US-Dollar
Sammelbarrenprodukte	18,5 Millionen US-Dollar

Beratungs- und Market-Making-Dienstleistungen

Zu den Einnahmequellen professioneller Dienstleistungen gehören:

• Market-Making-Gebühren: 4,3 Millionen US-Dollar
• Umsatz mit Beratungsdienstleistungen: 3,9 Millionen US-Dollar
• Einnahmen aus Beratungsdiensten: 2,6 Millionen US-Dollar

Transaktions- und Provisionseinnahmen

Zusätzliche Einnahmequellen:

Umsatztyp	Jahreseinkommen
Transaktionsgebühren	5,1 Millionen US-Dollar
Provisionseinnahmen	3,8 Millionen US-Dollar
Maklerdienstleistungen	2,7 Millionen US-Dollar

A-Mark Precious Metals, Inc. (AMRK) - Canvas Business Model: Value Propositions

You're looking at the core offerings that A-Mark Precious Metals, Inc. (AMRK), which is rebranding to Gold.com effective December 2, 2025, provides to its customer base as of late 2025.

Fully-integrated, one-stop platform from wholesale to retail

The platform spans three reportable segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The trailing twelve-month revenue ending September 30, 2025, reached $11.9 billion. For the full fiscal year 2025, revenues were reported at $11.0 billion, marking a 13% increase from fiscal year 2024. The Direct-to-Consumer segment contributed 21% of consolidated revenue in the fiscal second quarter of 2025.

Access to high-margin collectible and numismatic products

This value proposition is strengthened by strategic acquisitions, including Spectrum Group International ("SGI") and Pinehurst Coin Exchange ("Pinehurst") in fiscal 2025, expanding reach into luxury segments. The focus on these areas contributed to a Q4 FY 2025 Gross Profit Margin of 3.25% of revenue, a significant increase from 1.7% in the prior year's fourth quarter. Gross profit for the full fiscal year 2025 totaled $210.9 Million.

Secure, managed storage and logistics for precious metals

A-Mark Precious Metals, Inc. (AMRK) supports its operations with centralized logistics at its A-Mark Global Logistics (AMGL) facility, which underwent automation upgrades. The integration of Pinehurst's logistics operations into AMGL is an example of expected cost-saving synergies. The company maintains access to capital to support inventory and operations, evidenced by an amended Trading Credit Facility increasing the revolving commitment to $467.0 Million.

Liquidity and financing options through secured lending

The Secured Lending segment, operating through Collateral Finance Corporation (CFC), provides financing options secured by bullion and numismatic coins. As of March 31, 2025, the number of outstanding secured loans stood at 491, a decrease of 27% compared to March 31, 2024.

Broad product range: bullion, coins, and currency for diverse investors

The platform serves a wide investor base through various brands. The Direct-to-Consumer segment brands have accumulated 4.3 million total customers since inception. In the quarter ending September 30, 2025, the DTC segment added 147,000 new customers. The company reaffirms its regular quarterly cash dividend policy of $0.20 per share.

Key Financial and Operational Metrics for Context (Late 2025 Data)

Metric	Value	Period/Date
Trailing 12-Month Revenue	$11.9 Billion	As of September 30, 2025
Fiscal Year 2025 Revenue	$11.0 Billion	For the year ended June 30, 2025
Fiscal Year 2025 Net Income	$17.3 Million	For the year ended June 30, 2025
Q4 FY 2025 Gross Profit	$81.7 Million	Three months ended June 30, 2025
Secured Loans Outstanding	491	As of March 31, 2025
Total DTC Customers (Since Inception)	4.3 Million	As of September 30, 2025

The platform's services are delivered across its segments:

• Wholesale Sales & Ancillary Services: Trading, financing, storage, logistics, and proprietary minting.
• Direct-to-Consumer: Omni-channel retail including brands like JM Bullion and GovMint.com.
• Secured Lending: Loans collateralized by bullion and numismatic coins.

Finance: draft 13-week cash view by Friday.

A-Mark Precious Metals, Inc. (AMRK) - Canvas Business Model: Customer Relationships

You're looking at how A-Mark Precious Metals, Inc. manages its diverse clientele, which ranges from individual online buyers to major sovereign mints. The relationships are intentionally segmented to match the service level required by each group, moving from fully automated digital interactions to highly personalized, high-value consultations.

Digital self-service via e-commerce platforms (JM Bullion, CyberMetals)

The Direct-to-Consumer (DTC) segment relies heavily on digital platforms like JM Bullion and CyberMetals for transactional relationships. This is about scale and convenience for the retail buyer. For the three months ended September 30, 2025, the DTC segment saw significant customer base expansion, with the number of active customers reaching 147,300, up 13% from 129,900 in the same period last year. New customer acquisition was strong, totaling 69,400 for the quarter, a 25% increase year-over-year. The average transaction size on these platforms also grew substantially; the overall DTC average order value (AOV) hit \$3,863, a 30% jump from the prior year's \$2,967. Specifically, JM Bullion's AOV for that quarter was \$2,544, marking a 16% increase from the previous year's \$2,198.

Dedicated telephonic and radio sales efforts for Goldline investors

Goldline investors are served within the broader DTC segment, but their relationship model historically involves more direct, often telephonic, engagement, which is a higher-touch approach than pure e-commerce. While specific Goldline-only telephonic sales metrics aren't broken out separately from the DTC segment's overall performance, the segment's ability to increase its AOV by 30% to \$3,863 in the quarter ending September 30, 2025, suggests that the higher-value, relationship-driven sales within that channel are contributing positively to the average ticket size.

High-touch, relationship-based service for wholesale dealers and mints

The Wholesale Sales & Ancillary Services segment is built on deep, long-term relationships, which is critical given A-Mark Precious Metals, Inc.'s role as a U.S. Mint-authorized purchaser since 1986. This high-touch service involves direct interaction with sovereign and private mints, financial institutions, and coin and bullion dealers. A-Mark Precious Metals, Inc. sells more than 200 different products to this wholesale base. These relationships are supported by logistical services through A-M Global Logistics, which handles secure receiving, inventorying, processing, and shipping for these institutional partners.

The relationship structure for these wholesale partners is characterized by:

• Longstanding distributorships with sovereign mints like Australia, Austria, Canada, China, Mexico, South Africa, and the United Kingdom.
• Providing preferred product access during periods of market constraint, leveraging its minting capacity through Silver Towne Mint.
• Servicing a wide array of entities including manufacturers, fabricators, refiners, and industrial users.

Here's a look at the key quantitative metrics across the primary customer-facing segments as of late 2025:

Metric Category	Platform/Entity	Latest Period End Date	Value	Comparison/Context
DTC Active Customers	All DTC Platforms	September 30, 2025 (Q1 FY26)	147,300	Up 13% from 129,900 (Sept 30, 2024)
DTC Average Order Value (AOV)	All DTC Platforms	September 30, 2025 (Q1 FY26)	\$3,863	Up 30% from \$2,967 (Sept 30, 2024)
JM Bullion AOV	JM Bullion	September 30, 2025 (Q1 FY26)	\$2,544	Up 16% from \$2,198 (Sept 30, 2024)
Auction Service Revenue	Stack's Bowers Galleries (SGI)	Six Months Ended Dec 31, 2024	\$19.5 million	Part of total SGI revenue of \$311.2 million
Dealership Revenue	Stack's Bowers Galleries (SGI)	Six Months Ended Dec 31, 2024	\$291.7 million	Part of total SGI revenue of \$311.2 million

Auction-based engagement for high-value collectors (SGI/Stack's Bowers)

The acquisition of Spectrum Group International, Inc. (SGI), the parent of Stack's Bowers Galleries (SBG), formalized a high-touch, auction-based relationship channel focused on high-value numismatic collectors. SBG operates as a rare coin and currency auction house and a wholesale/retail dealer. For the fiscal year ended June 30, 2024, SBG generated a Total Revenue of \$536.4 million. This revenue stream is distinctly split between its auction services and its dealership activities. For the six months ended December 31, 2024, the Auction Service unit brought in \$19.5 million in revenue, while the Dealership unit accounted for \$291.7 million of the total \$311.2 million revenue for that six-month period. This structure allows A-Mark Precious Metals, Inc. to engage collectors through competitive, high-visibility auction events, such as the February 2025 Showcase Auction which realized nearly \$6.5 million.

A-Mark Precious Metals, Inc. (AMRK) - Canvas Business Model: Channels

You're looking at how A-Mark Precious Metals, Inc. (which is rebranding to Gold.com effective December 2, 2025) gets its products and services to its diverse customer base as of late 2025. This company runs a vertically integrated platform, meaning they control a lot of the process from sourcing to final sale, using several distinct paths to market.

Wholesale Sales & Ancillary Services segment (direct to dealers, mints)

This is the core distribution channel, where A-Mark Precious Metals, Inc. acts as a major intermediary. They distribute and purchase precious metal products from sovereign and private mints, and they are a U.S. Mint-authorized purchaser. This segment serves a broad global customer base including dealers, manufacturers, refiners, and financial institutions. For the fiscal year ended June 30, 2025, the company reported consolidated revenues of $10.98 billion.

The company also offers ancillary services through this channel, such as logistics via A-M Global Logistics, which handles secure storage, receiving, inventorying, and shipping. Following acquisitions like Spectrum Group International ("SGI"), which closed in February 2025, the company is strengthening its distribution channels and expanding into higher margin collectible and luxury segments.

Direct-to-Consumer (DTC) e-commerce websites (e.g., JMBullion.com)

The Direct-to-Consumer segment is a significant revenue driver, operating as an omni-channel retailer through subsidiaries like JM Bullion, Inc. For the fiscal second quarter of 2025 (ended December 31, 2024), this segment contributed 21% of the consolidated revenue. Specifically, JMBullion.com's revenue represented 11% of the consolidated revenue for that same quarter. The DTC segment has built a substantial base, accumulating 4.3 million customers since its inception.

The company has been actively growing this channel, reporting that Direct-to-Consumer new customers increased 32% to 120,700 for the six months ended December 31, 2024, compared to the prior year period. The latest reported quarterly revenue, for the fiscal third quarter ending in late 2025 (reported November 7, 2025), was $3,680.8 million, with a gross profit of $72.9 million for that period.

• Subsidiaries include JM Bullion, Goldline, AMS, Stack's Bowers Galleries, Pinehurst Coin Exchange, and Silver Gold Bull.
• The company is executing plans for advancing its DTC presence in Singapore.

Auction houses for premium collectibles and numismatics

This channel was significantly bolstered by the acquisition of Spectrum Group International ("SGI"), the parent of Stack's Bowers Galleries, which was completed in February 2025. Stack's Bowers Galleries is described as one of the world's largest rare coin and currency auction houses and a leading wholesale and retail dealer. This move expands A-Mark Precious Metals, Inc.'s reach into the premium collectible and adjacent higher margin luxury markets. The integration of SGI's metrics began after February 28, 2025.

Secured Lending subsidiary (Collateral Finance Corporation)

The Secured Lending segment operates through Collateral Finance Corporation (CFC), a California licensed finance lender. CFC originates and acquires loans secured by bullion and numismatic coins, serving dealers, investors, and collectors. The number of outstanding secured loans shows the activity in this channel. As of December 31, 2023, CFC had 715 secured loans outstanding; this number decreased to 518 by December 31, 2024, and further to 491 as of March 31, 2025.

International expansion via a new DTC presence in Singapore

A-Mark Precious Metals, Inc. has made strategic progress on its international reach, specifically mentioning plans for advancing its DTC presence in Singapore during the fiscal second quarter 2025 commentary. The company already has an international footprint, including operations in Hong Kong through LPM, which runs a consumer-facing showroom and a 24/7 online trading platform. A marketing support office is also maintained in Vienna, Austria.

Here's a quick look at the segment performance context for the fiscal year ended June 30, 2025, and the most recent reported quarter:

Metric	Fiscal Year 2025 (Ended 6/30/2025)	Q4 FY 2025 (Ended 6/30/2025)	Q3 FY 2025 (Ended 3/31/2025)
Consolidated Revenue	$10.98 billion	$2.51 billion	$3.009 billion
Gross Profit	$210.9 million	$81.7 million	$41.0 million
DTC Revenue Contribution	N/A	N/A	19% of consolidated revenue
Secured Loans Outstanding (End of Period)	N/A	N/A	491

A-Mark Precious Metals, Inc. (AMRK) - Canvas Business Model: Customer Segments

You're looking at the core groups A-Mark Precious Metals, Inc. (AMRK) serves as of late 2025. This company operates through three primary segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending, each targeting distinct needs in the precious metals ecosystem.

Wholesale dealers, brokerages, and financial institutions form a foundational part of the Wholesale Sales & Ancillary Services segment. This group relies on A-Mark Precious Metals, Inc. for the distribution and purchase of precious metal products, including bullion from the U.S. Mint, of which A-Mark Precious Metals, Inc. has been an authorized purchaser since 1986. This segment also serves sovereign and private mints, manufacturers, and refiners who need to transact in gold, silver, platinum, palladium, and copper products.

The Direct-to-Consumer (DTC) investors and collectors represent a significant retail channel. A-Mark Precious Metals, Inc. reaches this group through a portfolio of brands including JM Bullion, Goldline, Stack's Bowers Galleries (SGI), Pinehurst Coin Exchange, and its controlling interest in Silver Gold Bull. The total customer base for this segment is stated as approximately 4.2 million total customers. For the fiscal first quarter of 2025, this segment contributed 18% of the consolidated revenue, which totaled $2.72 billion for that quarter. Furthermore, the DTC segment was responsible for 54% of the consolidated gross profit in fiscal Q1 2025. For the six months ended December 31, 2024, new DTC customers increased 32% to 120,700.

The company also serves industrial users, such as electronic fabricators, requiring precious metals, which falls within the broader wholesale and distribution network. The overall fiscal year 2025 revenue for A-Mark Precious Metals, Inc. ended June 30, 2025, reached $10.98 billion.

The borrowers seeking commercial loans secured by coins/bullion are the focus of the Secured Lending segment, managed by its subsidiary, Collateral Finance Corporation (CFC). CFC originates and acquires loans collateralized by bullion and numismatic coins, serving dealers, investors, and collectors. As of March 31, 2025, the number of outstanding secured loans stood at 491.

Here's a quick look at the segment contribution data we have for the early part of fiscal 2025:

Customer Segment Focus	Financial Metric	Value/Percentage	Period/Date
Direct-to-Consumer (DTC)	Contribution to Consolidated Revenue	18%	Fiscal Q1 2025
Direct-to-Consumer (DTC)	Contribution to Consolidated Gross Profit	54%	Fiscal Q1 2025
Secured Lending	Number of Outstanding Secured Loans	491	March 31, 2025
Direct-to-Consumer (DTC)	New Customers Acquired	120,700	Six Months Ended December 31, 2024

The customer base is quite diverse, spanning from large financial entities down to individual collectors.

• Wholesale dealers, brokerages, and financial institutions
• Sovereign and private mints, manufacturers, and refiners
• Direct-to-Consumer (DTC) investors and collectors (approx. 4.2 million total customers)
• Industrial users (electronic fabricators) requiring precious metals
• Borrowers seeking commercial loans secured by coins/bullion

The company's strategy involves integrating recent acquisitions like SGI, AMS, and Pinehurst to expand reach into higher-margin collectible and luxury segments, which directly impacts the composition of the DTC customer group. Finance: draft 13-week cash view by Friday.

A-Mark Precious Metals, Inc. (AMRK) - Canvas Business Model: Cost Structure

The Cost Structure for A-Mark Precious Metals, Inc. is heavily weighted toward the cost of the physical inventory it trades, supplemented by financing costs and operational overhead associated with its integrated platform.

Cost of Goods Sold (COGS) for precious metals inventory (primary cost)

The Cost of Revenue, which primarily represents the Cost of Goods Sold for precious metals inventory, is the single largest cost component. For the fiscal year ended June 30, 2025, A-Mark Precious Metals, Inc. reported Total Revenue of $10.98 billion. With a reported Gross Profit of $210.9 million for the same full fiscal year, the implied Cost of Goods Sold is approximately $10.77 billion ($10,980 million Revenue minus $210.9 million Gross Profit).

For the fourth quarter of fiscal year 2025 (three months ended June 30, 2025), the Cost of Revenue was reported as $3.61 billion.

Interest expense on product financing, including the credit facility

Financing costs, particularly interest expense related to product financing, are a material cost. For the fourth quarter of fiscal year 2025, the company reported a Net non-operating interest income expense of -$7.03 million. This negative figure indicates that interest expense exceeded non-operating interest income for the period. Management noted in the third quarter of fiscal year 2025 that volatile market conditions contributed to higher interest expense due to increases in product financing rates.

The primary source of this financing is the Trading Credit Facility. As of September 30, 2025, this facility provided access up to $422.5 million.

Selling, General, and Administrative (SG&A) expenses (e.g., compensation, advertising)

Total Operating expense (excluding COGS) for the fourth quarter of fiscal year 2025 was $67.41 million. This figure encompasses SG&A, compensation, and other operational overhead before accounting for the cost of the metals themselves.

Key components of the operating structure include:

• Compensation for a fully integrated platform workforce.
• Costs associated with expanding international reach, such as the DTC presence in Singapore.
• Advertising and marketing expenses across wholesale and retail channels.

Depreciation and amortization from acquired intangible assets

Depreciation and amortization is a recognized cost, though specific figures for the portion related to acquired intangible assets are embedded within total operating expenses or separate line items in the income statement. The income statement references line items for Depreciation amortization depletion and Depreciation and amortization.

Operational costs for secure logistics and facility automation (AMGL)

Operational costs for A-Mark Global Logistics (AMGL) are factored into the overall operating expenses, with recent investments aimed at future cost reduction. A-Mark Precious Metals, Inc. completed automation upgrades at its AMGL facility during fiscal year 2025. The company also completed the migration of logistics operations to AMGL, expecting to achieve key cost saving synergies from this integration. The progress on the AMGL facility expansion and logistics automation initiatives was noted in the first quarter of fiscal year 2025, with expectations of increased operational capacity and long term cost savings.

The table below summarizes key cost-related financial metrics for the most recently reported full fiscal year and quarter:

Cost Metric	Fiscal Year Ended June 30, 2025	Q4 Fiscal Year 2025 (3 Months Ended June 30, 2025)
Revenue	$10.98 billion	$2.51 billion
Implied COGS (Revenue - Gross Profit)	Approx. $10.77 billion	Implied: Approx. $2.43 billion (Based on $2.51B Rev and $81.7M GP)
Gross Profit	$210.9 million	$81.7 million
Total Operating Expense (excl. COGS)	Not explicitly stated	$67.41 million
Net Non-Operating Interest Income/Expense	Not explicitly stated	-$7.03 million (Expense)
Trading Credit Facility Capacity (as of Sep 30, 2025)	Not applicable	Up to $422.5 million

A-Mark Precious Metals, Inc. (AMRK) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive A-Mark Precious Metals, Inc. as of late 2025. The revenue streams are built around moving physical precious metals and providing the supporting financial and logistical backbone for that trade. Honestly, the scale of the operation is what jumps out first.

The Total Fiscal Year 2025 Revenue for A-Mark Precious Metals, Inc. was reported at $10.98 billion. That's the top-line figure we're working with for the year ended June 30, 2025.

Here's how the key revenue-generating activities stack up, based on the latest available figures:

• Wholesale Sales of bullion products to dealers and institutions: This remains the core volume driver for A-Mark Precious Metals, Inc.
• Direct-to-Consumer (DTC) sales of bullion and coins: This channel shows increasing strategic importance. For the fiscal second quarter of 2025, the DTC segment contributed 21% of the consolidated revenue.
• Ancillary services revenue from storage, logistics, and fulfillment: These services, especially through the A-Mark Global Logistics (AMGL) facility, support the primary sales channels.
• Interest income from the Secured Lending segment (CFC): This is the financial services component. While the specific interest income for FY2025 isn't explicitly broken out here, the scale of the lending book gives you an idea of the activity. As of the end of September 2025, the secured loans receivable balance stood at $103.6 million.

To give you a clearer picture of the scale across the business segments, even though the revenue split isn't fully detailed for the full year, we can look at the components that make up the gross profit contribution in a recent quarter, which often reflects where the higher-margin activity is happening. The DTC segment, for instance, contributed 56% of the consolidated gross profit in fiscal Q2 2025. That's a significant portion of the profit derived from a smaller piece of the total revenue pie.

Here's a snapshot of the key financial data points related to the revenue performance:

Metric	Fiscal Year 2025 Amount
Total Revenue	$10.98 billion
Gross Profit	$210.9 million
Gross Profit Margin	1.92% of revenue
GAAP Net Income	$17.3 million

The gross profit margin of 1.92% for the full fiscal year 2025 shows the razor-thin margins typical of high-volume bullion trading, which is why the growth in higher-margin areas like DTC and collectibles, following recent acquisitions, is so important to the strategy going forward. That 1.92% margin is up from 1.79% in the prior fiscal year.

The revenue streams are heavily influenced by the physical metal volumes moved:

• Gold ounces sold in FY2025: Data for the full year isn't immediately available, but Q4 FY2025 saw 346,000 ounces sold.
• Silver ounces sold in FY2025: Q4 FY2025 saw 15.7 million ounces sold.

Finance: draft 13-week cash view by Friday.