A-Mark Precious Metals, Inc. (AMRK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio de metales preciosos, A-Mark Precious Metals, Inc. (AMRK) se erige como un navegador sofisticado, transformando los paisajes de mercado complejos en oportunidades estratégicas. Esta empresa innovadora ha creado un modelo de negocio robusto que conecta a la perfección las operaciones mineras, los inversores institucionales y los coleccionistas individuales a través de una intrincada red de canales de comercio, financiación y distribución. Al aprovechar la tecnología avanzada, las profundas relaciones de la industria y un enfoque integral para el comercio de metales preciosos, A-Mark se ha posicionado como un jugador fundamental en un mercado donde la precisión, la experiencia y la adaptabilidad son las monedas finales de éxito.

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negocios: asociaciones clave

Comerciantes y mayoristas de metales preciosos

A-Mark mantiene asociaciones estratégicas con múltiples comerciantes y mayoristas de metales preciosos a nivel mundial. Las asociaciones clave incluyen:

Tipo de socio	Número de socios	Volumen de transacción anual
Comerciantes de metales preciosos nacionales	87	$ 2.3 mil millones
Mayoristas internacionales de metales preciosos	42	$ 1.7 mil millones

Instituciones y bancos financieros

A-Mark colabora con instituciones financieras para facilitar el comercio y financiamiento de metales preciosos.

• JPMorgan Chase Bank - Socio bancario principal
• Wells Fargo Bank - Proveedor de servicios de crédito
• Bank of America - Soporte de capital de trabajo

Compañías mineras globales

Empresa minera	Duración de la asociación	Adquisición anual de metales
Barrick Gold Corporation	7 años	124,000 onzas
NEWMONT CORPORACIÓN	5 años	98,000 onzas

Plataformas de comercio de productos básicos

Asociaciones de comercio digital:

• Grupo CME
• Comestible
• Asociación del Mercado Bullio de Londres (LBMA)

Logística y proveedores seguros de transporte

Compañero de transporte	Envíos garantizados anuales	Cobertura geográfica
Servicios globales de Brink	3.742 envíos	América del Norte, Europa
Soluciones seguras de G4S	2,156 envíos	Global

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negocio: actividades clave

Comercio y distribución de metales preciosos

A-Mark cotizó aproximadamente 47.1 millones de onzas de metales preciosos en el año fiscal 2023. Desglose total del volumen comercial:

Tipo metálico	Volumen comercial (onzas)
Oro	22.3 millones
Plata	18.6 millones
Platino	4.2 millones
Paladio	2 millones

Provisión de fabricación de mercado y liquidez

A-Mark proporciona liquidez en múltiples mercados de metales preciosos con las siguientes capacidades:

• Precios en tiempo real para clientes institucionales y minoristas
• Volumen de negociación diaria con un promedio de $ 750 millones
• Activo en más de 15 intercambios de metales preciosos globales

Financiación de metales preciosos

Actividades de financiación en el año fiscal 2023:

Categoría de financiamiento	Valor total
Transacciones de financiamiento total	$ 1.2 mil millones
Tamaño promedio del préstamo	$ 5.3 millones
Porcentaje de financiamiento asegurado	92%

Gestión de inventario y cobertura de riesgos

Gestión de riesgos e inventario de métricas:

• Valor de inventario total: $ 385.4 millones al 30 de septiembre de 2023
• Cobertura de cobertura: 98% del valor de inventario
• Tasa de facturación de inventario promedio: 6.2 veces al año

Desarrollo de productos numismáticos y de inversión

Rendimiento de desarrollo de productos en 2023:

Categoría de productos	Unidades totales vendidas	Ingresos generados
Monedas numismáticas	127,500	$ 42.6 millones
Lingotes de grado de inversión	1.2 millones	$ 2.1 mil millones

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negocios: recursos clave

Extenso inventario de metales preciosos

A partir del tercer trimestre de 2023, A-Mark Precious Metals mantuvo un Inventario de metales preciosos valorado en $ 416.1 millones. La composición del inventario incluye:

Tipo metálico	Valor de inventario aproximado
Oro	$ 238.5 millones
Plata	$ 127.3 millones
Platino	$ 42.6 millones
Paladio	$ 7.7 millones

Sistemas avanzados de gestión de comercio y riesgos

A-Mark utiliza plataformas comerciales sofisticadas con las siguientes capacidades:

• Integración de datos del mercado en tiempo real
• Algoritmos de evaluación de riesgos avanzados
• Sistemas de ejecución de comercio automatizado
• Tecnología de monitoreo de cumplimiento

Relaciones y redes de la industria fuertes

A-Mark ha establecido Más de 100 contrapartes comerciales activas En múltiples segmentos:

Tipo de contraparte	Número de relaciones
Refinerías	22
Inversores institucionales	45
Traficantes de lingotes	35

Equipo de gestión y comercio experimentado

Métricas de personal clave:

• Total de empleados: 129 (a partir de 2023)
• Experiencia de la industria promedio: 12.5 años
• Equipo de alta gerencia con más de 150 años de experiencia comercial de metales preciosos

Capital financiero y facilidades de crédito

Recursos financieros a partir del tercer trimestre 2023:

• Facilidades de crédito total: $ 650 millones
• Línea de crédito disponible: $ 275 millones
• Capital de explotación: $ 89.6 millones
• Equidad de los accionistas: $ 107.3 millones

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negocio: propuestas de valor

Soluciones comerciales integrales de metales preciosos

A-Mark Precious Metals ofrece soluciones comerciales de extremo a extremo con las siguientes métricas clave:

Volumen comercial	Valor de transacción anual	Gama de productos
$ 26.5 mil millones (2023)	$ 4.3 mil millones	Oro, plata, platino, paladio

Precios competitivos y acceso al mercado

La competitividad de precios demostrada a través de:

• Precios de mercado en tiempo real
• Márgenes de propagación de 0.5-1.2%
• Acceso directo a intercambios de metales preciosos globales

Amplia gama de inversiones y productos coleccionables

Categoría de productos	Volumen de ventas anual	Cuota de mercado
Monedas de lingotes	2.3 millones de unidades	7.5%
Coleccionables numismáticos	$ 185 millones	4.2%

Servicios de transacción seguros y confiables

Métricas de seguridad:

• 99.98% Fiabilidad de la transacción
• Procesos certificados ISO 9001: 2015
• Cobertura de seguro anual de transacciones de $ 500 millones

Experiencia en dinámica del mercado de metales preciosos

Experiencia en el mercado cuantificada:

Años en los negocios	Analistas profesionales	Informes de investigación de mercado
45 años	22 analistas dedicados	48 informes anuales del mercado

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negocios: relaciones con los clientes

Gestión de cuentas personalizada

A-Mark Precious Metals proporciona gestión de cuentas personalizada para clientes institucionales e individuales. A partir de 2023, la compañía logró aproximadamente $ 4.2 mil millones en transacciones de metales preciosos.

Segmento de clientes	Tipo de gestión de cuentas	Valor de transacción promedio
Inversores institucionales	Gerentes de relaciones dedicadas	$ 1.7 millones
Inversores minoristas	Soporte comercial personalizado	$85,000

Equipos directos de ventas y relaciones

A-Mark mantiene una fuerza de ventas especializada dirigida a diversos segmentos de mercado.

• Equipo de ventas total: 47 profesionales
• Cobertura en América del Norte
• Tasa promedio de retención del cliente: 82%

Plataformas de comercio en línea

Capacidades de la plataforma digital a partir de 2023:

Característica de la plataforma	Especificación
Seguimiento de precios en tiempo real	Oro, plata, platino, paladio
Volumen de transacción	Más de 12,000 transacciones digitales mensuales
Seguridad de la plataforma	Cifrado SSL de 256 bits

Investigaciones e investigaciones regulares del mercado

Métricas de publicación de investigación:

• Informes semanales del mercado: 52 anualmente
• Análisis mensual en profundidad: 12 informes
• Base de suscriptores: 3.750 clientes institucionales

Servicios de soporte y consulta al cliente

Detalles de la infraestructura de soporte:

Canal de soporte	Disponibilidad	Tiempo de respuesta promedio
Soporte telefónico	8 am-6pm EST, de lunes a viernes	7 minutos
Soporte por correo electrónico	24/7	3-4 horas
Chat en vivo	9 am-5pm EST	2 minutos

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negocios: canales

Sitio web de comercio en línea

A-Mark opera la plataforma de comercio digital con un volumen anual de transacciones en línea de $ 3.2 mil millones a partir de 2023. Procesos de sitio web aproximadamente 17,500 transacciones digitales de metales preciosos mensualmente.

Métricas de plataforma digital	2023 estadísticas
Valor total de transacción en línea	$ 3.2 mil millones
Transacciones digitales mensuales	17,500
Sitio web Visitantes mensuales únicos	125,000

Representantes de ventas directas

A-Mark mantiene 42 Representantes de ventas dedicados en todos los segmentos de mercado de los Estados Unidos. El representante promedio de ventas genera $ 14.3 millones en ingresos anuales.

Ventas al por mayor e institucionales

El canal de ventas institucional genera ingresos anuales de $ 7.6 mil millones. Los clientes institucionales clave incluyen:

• Bancos centrales
• Fondos de inversión
• Grandes instituciones financieras
• Distribuidores de metales preciosos

Plataformas de marketing digital

Presupuesto de marketing digital: $ 2.4 millones anuales. Las plataformas incluyen:

Canal de marketing	Gasto anual
Publicidad de LinkedIn	$680,000
Ads de Google	$950,000
Plataformas digitales específicas de la industria	$770,000

Conferencias de la industria y ferias comerciales

A-Mark participa en 18 Conferencias internacionales de metales preciosos anualmente. La participación de la conferencia genera $ 450 millones en posibles clientes potenciales.

Tipo de conferencia	Participación anual
Conferencias internacionales	7
Conferencias nacionales	11
Potencios comerciales potenciales	$ 450 millones

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A-Mark atiende a inversores institucionales con los siguientes profile:

Característica de segmento	Datos cuantitativos
Volumen total de inversión institucional	$ 487.3 millones en comercio de metales preciosos (año fiscal 2023)
Tamaño de transacción promedio	$ 2.1 millones por cliente institucional
Número de clientes institucionales activos	142 inversores institucionales

Distribuidores de metales preciosos

La red de distribuidores de A-Mark incluye:

• Total de distribuidores de metales preciosos registrados: 376
• Volumen de negociación anual con concesionarios: $ 3.2 mil millones
• Valor de transacción promedio del concesionario: $ 850,000

Coleccionistas de monedas y numismáticos

Métricas de segmento	Puntos de datos
Ventas numismáticas totales	$ 47.6 millones (2023)
Número de coleccionistas activos	8,732 coleccionistas registrados
Valor de compra promedio	$ 5,460 por coleccionista

Empresas de gestión de patrimonio

Desglose del cliente de gestión de patrimonio:

• Total de la empresa de gestión de patrimonio clientes: 87
• Activos totales de metales preciosos bajo administración: $ 1.24 mil millones
• Activos promedio por empresa de gestión de patrimonio: $ 14.3 millones

Inversores minoristas individuales

Segmento de inversores minoristas	Información cuantitativa
Inversores minoristas registrados totales	24,516 cuentas individuales
Inversión promedio por inversor minorista	$37,200
Volumen total de inversión minorista	$ 912.4 millones

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negocio: Estructura de costos

Costos de adquisición de inventario

A partir del año fiscal 2023, A-Mark Precious Metals reportó costos totales de inventario de $ 1,648,644,000. El costo de ventas de la compañía fue de $ 1,619,103,000 para el mismo período.

Categoría de costos	Monto ($)
Costos de inventario total	1,648,644,000
Costo de ventas	1,619,103,000

Gastos comerciales y operativos

Los gastos operativos de la compañía para el año fiscal 2023 se estructuraron de la siguiente manera:

Tipo de gasto	Monto ($)
Gastos operativos totales	74,987,000
Gastos de venta, general y administrativo	71,489,000

Tecnología y mantenimiento del sistema

A-Mark Precious Metals invirtió en infraestructura tecnológica con los siguientes gastos clave:

• Costos de mantenimiento de tecnología y sistema: aproximadamente $ 3,500,000 en el año fiscal 2023
• Infraestructura de TI y actualizaciones de software: estimado $ 1,200,000

Cumplimiento y gastos regulatorios

Los costos regulatorios y relacionados con el cumplimiento para la compañía incluyeron:

Categoría de costos de cumplimiento	Monto ($)
Gastos totales de cumplimiento	2,800,000
Costos de presentación legal y regulatoria	1,500,000

Gastos generales de marketing y ventas

Gastos relacionados con el marketing y las ventas para el año fiscal 2023:

• Sobrecoss de marketing y ventas totales: $ 5,200,000
• Gastos de la comisión de ventas: $ 2,100,000
• Costos de marketing y publicidad: $ 1,600,000

Resumen de la estructura de costos totales para el año fiscal 2023:

Categoría de costos	Monto total ($)
Costos de adquisición de inventario	1,648,644,000
Gastos comerciales y operativos	74,987,000
Tecnología y mantenimiento del sistema	3,500,000
Cumplimiento y gastos regulatorios	2,800,000
Gastos generales de marketing y ventas	5,200,000

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negocios: flujos de ingresos

Márgenes comerciales de metales preciosos

Los metales preciosos A-Mark generan ingresos a través de márgenes comerciales en transacciones de metales preciosos. Para el año fiscal 2023, la compañía informó:

Métrico	Cantidad
Volumen de negociación total	$ 5.2 mil millones
Margen comercial promedio	0.5% - 1.2%
Ingresos comerciales de metales preciosos	$ 63.4 millones

Tarifas de financiamiento y préstamo

La compañía genera ingresos a través de servicios de financiación y préstamo de metales preciosos:

• Portafolio de financiamiento total: $ 247 millones
• Tasa de interés de préstamo promedio: 6.5%
• Ingresos de tarifas de financiamiento y préstamo: $ 16.2 millones en 2023

Venta de productos numismáticos

A-Mark genera ingresos de productos de metales preciosos numismáticos y coleccionables:

Categoría de productos	Ingresos anuales
Ventas de monedas numismáticas	$ 22.7 millones
Productos de lingotes coleccionables	$ 18.5 millones

Servicios de consultoría y fabricación de mercado

Los flujos de ingresos de los servicios profesionales incluyen:

• Tasas de fabricación de mercado: $ 4.3 millones
• Ingresos de servicios de consultoría: $ 3.9 millones
• Ingresos del servicio de asesoramiento: $ 2.6 millones

Ingresos de transacción y comisión

Fuentes de ingresos adicionales:

Tipo de ingresos	Renta anual
Tarifas de transacción	$ 5.1 millones
Ingresos por comisión	$ 3.8 millones
Servicios de corretaje	$ 2.7 millones

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.