A-Mark Precious Metals, Inc. (AMRK): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du trading des métaux précieux, A-Mark Precious Metals, Inc. (AMRK) est un navigateur sophistiqué, transformant des paysages de marché complexes en opportunités stratégiques. Cette entreprise innovante a conçu un modèle commercial robuste qui relie de manière transparente les opérations minières mondiales, les investisseurs institutionnels et les collectionneurs individuels grâce à un réseau complexe de canaux de négociation, de financement et de distribution. En tirant parti des technologies avancées, des relations profondes de l'industrie et une approche globale du commerce des métaux précieux, A-Mark s'est positionné comme un acteur pivot sur un marché où la précision, l'expertise et l'adaptabilité sont les monnaies ultimes du succès.

A-Mark Precious Metals, Inc. (AMRK) - Modèle commercial: partenariats clés

Marchands de métaux précieux et grossistes

A-Mark maintient des partenariats stratégiques avec plusieurs concessionnaires de métaux précieux et grossistes dans le monde. Les partenariats clés comprennent:

Type de partenaire	Nombre de partenaires	Volume de transaction annuel
Marchands de métaux précieux domestiques	87	2,3 milliards de dollars
Métaux précieux internationaux grossistes	42	1,7 milliard de dollars

Institutions et banques financières

A-Mark collabore avec les institutions financières pour faciliter le trading et le financement des métaux précieux.

• JPMorgan Chase Bank - partenaire bancaire primaire
• Wells Fargo Bank - fournisseur de facilité de crédit
• Bank of America - soutien au fonds de roulement

Sociétés minières mondiales

Entreprise minière	Durée du partenariat	Aachat de métal annuel
Barrick Gold Corporation	7 ans	124 000 onces
Newmont Corporation	5 ans	98 000 onces

Plateformes de trading de matières premières

Partenariats commerciaux numériques:

• Groupe CME
• Comex
• London Bullion Market Association (LBMA)

Logistique et fournisseurs de transport sécurisés

Partenaire de transport	Envois garantis annuels	Couverture géographique
Les services mondiaux de Brink	3 742 expéditions	Amérique du Nord, Europe
G4S Secure Solutions	2 156 expéditions	Mondial

A-Mark Precious Metals, Inc. (AMRK) - Modèle d'entreprise: Activités clés

Trading et distribution des métaux précieux

A-Mark a échangé environ 47,1 millions d'onces de métaux précieux au cours de l'exercice 2023. Répartition totale du volume de négociation:

Type de métal	Volume de trading (onces)
Or	22,3 millions
Argent	18,6 millions
Platine	4,2 millions
Palladium	2 millions

Provision de fabrication du marché et de liquidité

A-Mark fournit des liquidités sur plusieurs marchés de métaux précieux avec les capacités suivantes:

• Prix ​​en temps réel pour les clients institutionnels et commerciaux
• Le volume de négociation quotidien en moyenne 750 millions de dollars
• Actif dans plus de 15 échanges de métaux précieux mondiaux

Financement des métaux précieux

Activités de financement au cours de l'exercice 2023:

Catégorie de financement	Valeur totale
Transactions de financement total	1,2 milliard de dollars
Taille moyenne du prêt	5,3 millions de dollars
Pourcentage de financement garanti	92%

Gestion des stocks et couverture des risques

Gestion des risques et métriques des stocks:

• Valeur d'inventaire total: 385,4 millions de dollars au 30 septembre 2023
• Couverture de couverture: 98% de la valeur des stocks
• Taux de rotation des stocks moyens: 6,2 fois par an

Développement de produits numismatiques et d'investissement

Performance de développement des produits en 2023:

Catégorie de produits	Unités totales vendues	Revenus générés
Pièces numismatiques	127,500	42,6 millions de dollars
Bordeaux de qualité d'investissement	1,2 million	2,1 milliards de dollars

A-Mark Precious Metals, Inc. (AMRK) - Modèle commercial: Ressources clés

Inventaire des métaux précieux étendus

Depuis le troisième trime Inventaire des métaux précieux d'une valeur de 416,1 millions de dollars. La composition des stocks comprend:

Type de métal	Valeur d'inventaire approximative
Or	238,5 millions de dollars
Argent	127,3 millions de dollars
Platine	42,6 millions de dollars
Palladium	7,7 millions de dollars

Systèmes de négociation avancés et de gestion des risques

A-Mark utilise des plateformes de trading sophistiquées avec les capacités suivantes:

• Intégration des données du marché en temps réel
• Algorithmes d'évaluation des risques avancés
• Systèmes d'exécution de trading automatisé
• Technologie de surveillance de la conformité

De fortes relations et réseau d'industrie

A-Mark a établi Plus de 100 contreparties de trading actif sur plusieurs segments:

Type de contrepartie	Nombre de relations
Raffineries	22
Investisseurs institutionnels	45
Marchands de lingots	35

Équipe de gestion et de négociation expérimentée

Mesures clés du personnel:

• Total des employés: 129 (à partir de 2023)
• Expérience moyenne de l'industrie: 12,5 ans
• Équipe de direction avec une expérience commerciale combinée de plus de 150 ans d'expérience de trading de métaux précieux

Capitaux financiers et facilités de crédit

Ressources financières au troisième trimestre 2023:

• Compétions totales de crédit: 650 millions de dollars
• Ligne de crédit disponible: 275 millions de dollars
• Fonds de roulement: 89,6 millions de dollars
• Équité des actionnaires: 107,3 ​​millions de dollars

A-Mark Precious Metals, Inc. (AMRK) - Modèle d'entreprise: propositions de valeur

Solutions de trading de métaux précieux complets

A-Mark Precious Metals propose des solutions de trading de bout en bout avec les mesures clés suivantes:

Volume de trading	Valeur de transaction annuelle	Gamme de produits
26,5 milliards de dollars (2023)	4,3 milliards de dollars	Or, argent, platine, palladium

Prix ​​compétitifs et accès au marché

La compétitivité des prix démontrée:

• Prix ​​du marché en temps réel
• Des marges de propagation de 0,5 à 1,2%
• Accès direct aux échanges de métaux précieux mondiaux

Large gamme de produits d'investissement et de collection

Catégorie de produits	Volume des ventes annuelles	Part de marché
Monnaie de lingots	2,3 millions d'unités	7.5%
Objets de collection numismatiques	185 millions de dollars	4.2%

Services de transaction fiables et sécurisés

Métriques de sécurité:

• 99,98% de fiabilité des transactions
• Processus certifiés ISO 9001: 2015
• Couverture d'assurance transaction annuelle de 500 millions de dollars

Expertise dans la dynamique du marché des métaux précieux

Expertise sur le marché quantifié:

Années de travail	Analystes professionnels	Rapports d'études de marché
45 ans	22 analystes dédiés	48 rapports du marché annuel

A-Mark Precious Metals, Inc. (AMRK) - Modèle d'entreprise: relations avec les clients

Gestion de compte personnalisée

A-Mark Precious Metals fournit une gestion des comptes personnalisée pour les clients institutionnels et individuels. En 2023, la société a géré environ 4,2 milliards de dollars de transactions en métaux précieux.

Segment de clientèle	Type de gestion du compte	Valeur de transaction moyenne
Investisseurs institutionnels	Gestionnaires de relations dédiées	1,7 million de dollars
Investisseurs de détail	Assistance commerciale personnalisée	$85,000

Équipes de vente directe et relationnelle

A-Mark maintient une force de vente spécialisée ciblant divers segments de marché.

• Équipe de vente totale: 47 professionnels
• Couverture à travers l'Amérique du Nord
• Taux moyen de rétention de la clientèle: 82%

Plateformes de trading en ligne

Capacités de plate-forme numérique à partir de 2023:

Fonctionnalité de plate-forme	Spécification
Suivi des prix en temps réel	Or, argent, platine, palladium
Volume de transaction	Plus de 12 000 transactions numériques mensuelles
Sécurité des plateformes	Cryptage SSL 256 bits

Informations et recherche sur le marché régulier

Métriques de publication de recherche:

• Rapports hebdomadaires du marché: 52 par an
• Analyse approfondie mensuelle: 12 rapports
• Base d'abonné: 3 750 clients institutionnels

Services de support client et de consultation

Détails de l'infrastructure de support:

Canal de support	Disponibilité	Temps de réponse moyen
Support téléphonique	8 h à 18 h HNE, du lundi au vendredi	7 minutes
Assistance par e-mail	24/7	3-4 heures
Chat en direct	9 h à 17 h HNE	2 minutes

A-Mark Precious Metals, Inc. (AMRK) - Modèle d'entreprise: canaux

Site Web de trading en ligne

A-Mark exploite la plate-forme de trading numérique avec un volume de transactions en ligne annuel de 3,2 milliards de dollars en 2023. Le site Web traite environ 17 500 transactions numériques de métaux précieux.

Métriques de plate-forme numérique	2023 statistiques
Valeur de transaction en ligne totale	3,2 milliards de dollars
Transactions numériques mensuelles	17,500
Site Web Visiteurs mensuels uniques	125,000

Représentants des ventes directes

A-Mark maintient 42 représentants des ventes dédiées à travers les segments du marché américain. Le représentant des ventes moyens génère 14,3 millions de dollars de revenus annuels.

Ventes en gros et institutionnelles

Le canal de vente institutionnel génère un chiffre d'affaires annuel de 7,6 milliards de dollars. Les clients institutionnels clés comprennent:

• Banques centrales
• Fonds d'investissement
• Grandes institutions financières
• Marchands de métaux précieux

Plateformes de marketing numérique

Budget du marketing numérique: 2,4 millions de dollars par an. Les plates-formes comprennent:

Canal de marketing	Dépenses annuelles
Publicité LinkedIn	$680,000
Publicités Google	$950,000
Plates-formes numériques spécifiques à l'industrie	$770,000

Conférences et salons commerciaux de l'industrie

A-Mark participe à 18 conférences internationales de métaux précieux annuellement. La participation de la conférence génère 450 millions de dollars en prospects commerciaux potentiels.

Type de conférence	Participation annuelle
Conférences internationales	7
Conférences nationales	11
Leads potentiels des affaires	450 millions de dollars

A-Mark Precious Metals, Inc. (AMRK) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

A-Mark sert les investisseurs institutionnels avec les éléments suivants profile:

Caractéristique du segment	Données quantitatives
Volume total d'investissement institutionnel	487,3 millions de dollars de trading de métaux précieux (2023 Exercice)
Taille moyenne des transactions	2,1 millions de dollars par client institutionnel
Nombre de clients institutionnels actifs	142 investisseurs institutionnels

Marchands de métaux précieux

Le réseau de concessionnaires de A-Mark comprend:

• Total des métaux précieux enregistrés concessionnaires: 376
• Volume de trading annuel avec les concessionnaires: 3,2 milliards de dollars
• Valeur de transaction moyenne du concessionnaire: 850 000 $

Collectionneurs de pièces et numismatistes

Métriques du segment	Points de données
Ventes numismatiques totales	47,6 millions de dollars (2023)
Nombre de collectionneurs actifs	8 732 collectionneurs enregistrés
Valeur d'achat moyenne	5 460 $ par collection

Sociétés de gestion de patrimoine

Répartition des clients de la gestion de la patrimoine:

• Clients totaux de la société de gestion de patrimoine: 87
• Total des actifs de métaux précieux sous gestion: 1,24 milliard de dollars
• Actifs moyens par entreprise de gestion de patrimoine: 14,3 millions de dollars

Investisseurs de détail individuels

Segment des investisseurs de détail	Informations quantitatives
Investisseurs de détail enregistrés totaux	24 516 comptes individuels
Investissement moyen par investisseur de détail	$37,200
Volume total d'investissement au détail	912,4 millions de dollars

A-Mark Precious Metals, Inc. (AMRK) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition des stocks

Depuis l'exercice 2023, A-Mark Precious Metals a déclaré des coûts d'inventaire total de 1 648 644 000 $. Le coût des ventes de l'entreprise était de 1 619 103 000 $ pour la même période.

Catégorie de coûts	Montant ($)
Total des coûts d'inventaire	1,648,644,000
Coût des ventes	1,619,103,000

Trading et dépenses opérationnelles

Les dépenses d'exploitation de la société pour l'exercice 2023 ont été structurées comme suit:

Type de dépenses	Montant ($)
Dépenses d'exploitation totales	74,987,000
Dépenses de vente, générale et administrative	71,489,000

Technologie et maintenance du système

A-Mark Metals précieux investis dans l'infrastructure technologique avec les dépenses clés suivantes:

• Coût de la technologie et de la maintenance du système: environ 3 500 000 $ au cours de l'exercice 2023
• Infrastructure informatique et mises à niveau logicielles: 1 200 000 $ estimés

Compliance et dépenses réglementaires

Les coûts réglementaires et liés à la conformité pour l'entreprise comprenaient:

Catégorie de coût de conformité	Montant ($)
Dépenses de conformité totale	2,800,000
Frais de dépôt légal et réglementaire	1,500,000

MARKETING ET AUTRAISSEMENTS

Frais de marketing et de vente pour l'exercice 2023:

• Total marketing et frais généraux de vente: 5 200 000 $
• Dépenses de la Commission des ventes: 2 100 000 $
• Coûts de marketing et de publicité: 1 600 000 $

Résumé de la structure des coûts totaux pour l'exercice 2023:

Catégorie de coûts	Montant total ($)
Coûts d'acquisition des stocks	1,648,644,000
Trading et dépenses opérationnelles	74,987,000
Technologie et maintenance du système	3,500,000
Compliance et dépenses réglementaires	2,800,000
MARKETING ET AUTRAISSEMENTS	5,200,000

A-Mark Precious Metals, Inc. (AMRK) - Modèle d'entreprise: Strots de revenus

Marges commerciales de métaux précieux

A-Mark Metals précieux génère des revenus grâce à des marges commerciales sur des transactions de métaux précieux. Pour l'exercice 2023, la société a rapporté:

Métrique	Montant
Volume de trading total	5,2 milliards de dollars
Marge commerciale moyenne	0.5% - 1.2%
Revenus de trading de métaux précieux	63,4 millions de dollars

Frais de financement et de prêt

La société génère des revenus grâce à des services de financement et de prêt sur les métaux précieux:

• Portfolio de financement total: 247 millions de dollars
• Taux d'intérêt moyen des prêts: 6,5%
• Revenu des frais de financement et de prêt: 16,2 millions de dollars en 2023

Ventes de produits numismatiques

A-Mark génère des revenus à partir de produits métalliques précieux numismatiques et à collectionner:

Catégorie de produits	Revenus annuels
Ventes de pièces numismatiques	22,7 millions de dollars
Produits de lingots à collectionner	18,5 millions de dollars

Services de conseil et de mise sur le marché

Les sources de revenus des services professionnels comprennent:

• Frais de mise sur le marché: 4,3 millions de dollars
• Revenus de services de conseil: 3,9 millions de dollars
• Revenu des services consultatifs: 2,6 millions de dollars

Revenus de transaction et de commission

Sources de revenus supplémentaires:

Type de revenus	Revenu annuel
Frais de transaction	5,1 millions de dollars
Revenu de commission	3,8 millions de dollars
Services de courtage	2,7 millions de dollars

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.