A-Mark Precious Metals, Inc. (AMRK): Business Model Canvas [Dec-2025 Updated]

You're digging into how A-Mark Precious Metals, Inc. actually makes its money, and after two decades analyzing firms like the big asset managers, I can tell you their model is far more integrated than just trading metal. Honestly, they've built a full-stack operation, moving from wholesale distribution and mint partnerships right through to running popular Direct-to-Consumer (DTC) sites and even offering secured lending via their finance arm. This complex structure powered a massive \$10.98 billion in revenue for Fiscal Year 2025, proving that controlling the supply chain, from sourcing to the final collector's vault, is the real play here. Dive into the nine blocks below to see exactly how they connect their key activities, resources, and customer segments to pull off that scale.

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

You're looking at the core relationships that keep A-Mark Precious Metals, Inc. running smoothly, especially as they integrate major acquisitions and push into new markets. These partnerships are the backbone for sourcing, manufacturing, financing, and distribution across their vertically integrated platform.

Sovereign and Private Mints

A-Mark Precious Metals, Inc.'s Wholesale Sales & Ancillary Services segment relies heavily on established relationships with mints globally. This access is crucial, particularly when product supply from sovereign sources tightens up. The company has been a U.S. Mint-authorized purchaser of gold, silver, and platinum coins since 1986.

The company maintains longstanding distributorships with several key sovereign mints, ensuring a steady flow of product for its wholesale and direct-to-consumer channels. These relationships are a key resource for preferred product access during periods of constraint.

• U.S. Mint (Authorized Purchaser since 1986)
• Royal Canadian Mint
• The Royal Mint (UK)
• Mints in Australia, Austria, China, Mexico, and South Africa

Strategic Acquisitions: Spectrum Group International (SGI), Pinehurst, AMS Holding

In early 2025, A-Mark Precious Metals, Inc. significantly deepened its presence in the high-margin collectible coin market through a series of strategic acquisitions. These deals were aimed at increasing gross margins and expanding the customer base, which, as of the twelve months ending September 30, 2025, contributed to total revenues of $11.9 billion for the entity now operating as Gold.com.

The acquisition of Spectrum Group International (SGI), parent of Stack's Bowers Galleries, closed on February 28, 2025, for a consideration of $92 million, split 50% cash and 50% stock. Following this, A-Mark Precious Metals, Inc. finalized the acquisition of the remaining 90% of AMS Holding, LLC (GOVMINT) on March 9, 2025. The company also closed on its acquisition of Pinehurst Coin Exchange during the third fiscal quarter of 2025. Recall that A-Mark had previously increased its ownership in Pinehurst to 49% back in August 2021.

Here's a quick look at the scale added by these key 2025 acquisitions:

Equity Interest in Sunshine Minting, Inc.

A critical manufacturing partnership is held through A-Mark Precious Metals, Inc.'s minority stake in Sunshine Minting, Inc. (SMI). This relationship provides preferred access to manufactured bullion products, which is vital during periods of high demand or supply constraints from sovereign mints. As of late 2025, A-Mark Precious Metals, Inc. holds a 45% equity interest in Sunshine Minting, Inc. This follows an earlier increase in August 2021 when the stake moved to 44.9% from 31.1%. Sunshine Minting, Inc. collaborates with sovereign entities, including the United States Mint, and will manufacture new bullion bars for the rebranded Gold.com.

Financial Institutions and Credit Facilities

The trading and inventory financing required for A-Mark Precious Metals, Inc.'s high-volume business is supported by a major credit facility. Financial institutions partner to provide this essential working capital. As announced in May 2025, the company successfully amended its revolving credit facility, increasing the total commitment to $467.0 million. This facility provides stable, long-term access to capital for the business, which carries significant inventory levels-total inventory was reported at $759 million as of March 31, 2025, with an additional $556 million in restricted inventory for financing agreements.

• Credit Facility Commitment: $467.0 million (Amended May 2025)
• Previous Facility Size: $422.5 million (Amended November 2024)
• Maturity Extension: To September 30, 2026 (from the November 2024 amendment)

Global Logistics Partners for International Expansion

To support its global reach, A-Mark Precious Metals, Inc. utilizes its A-M Global Logistics subsidiary and expands its physical footprint through key operational hubs. A major focus for international expansion has been Asia, specifically Singapore. The company has made substantial progress towards establishing a trading office and Direct-to-Consumer (DTC) presence in Singapore. This effort builds upon the existing Asian operations of LPM Group Limited (LPM), which is based in Hong Kong and is expanding its wholesale, DTC, and storage operations to Singapore.

The DTC segment's customer base, which spans brands like JM Bullion and Stack's Bowers Galleries, reached 4.3 million customers since inception as of September 30, 2025. The logistics network, including the AMGL facility, is key to servicing this global customer base efficiently.

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

You're looking at the core engine room of A-Mark Precious Metals, Inc., the activities that actually generate the revenue and manage the metal flow. It's a mix of high-volume trading and high-touch specialty services. Here's the quick math on what they were doing in their fiscal year 2025.

Wholesale trading and distribution of precious metals (gold, silver, platinum)

This is the backbone, moving massive amounts of bullion. For the fiscal year ended June 30, 2025, A-Mark Precious Metals, Inc. reported total revenues of $10.98 billion. The trailing twelve months (TTM) revenue as of November/December 2025 stood at $11.94 Billion USD.

Looking at the physical movement, for the three months ended March 31, 2025, the company sold 15.8 million ounces of silver. The revenue for that third quarter was $3.009 billion.

The company is an authorized purchaser from the U.S. Mint and holds distributorships with sovereign mints in Australia, Austria, Canada, China, Mexico, South Africa, and the United Kingdom.

Operating a multi-brand Direct-to-Consumer (DTC) e-commerce platform

The DTC segment is a significant revenue contributor, leveraging brands like JM Bullion. For the fiscal second quarter of 2025 (ended December 31, 2024), this segment accounted for 21% of consolidated revenue. For the first quarter of fiscal 2025 (ended September 30, 2024), it was 18% of consolidated revenue.

The push for new customers in this channel showed growth; for the six months ended December 31, 2024, DTC new customers increased 32% to 120,700 compared to the prior year period.

Secured lending via Collateral Finance Corporation (CFC)

Collateral Finance Corporation (CFC) provides financing secured by bullion and numismatic coins, generating interest income. As of March 31, 2025, the total number of secured loans on the books was 491. This represented a decrease of 27% from the 675 loans outstanding as of March 31, 2024. CFC has never had losses of principal on its loans.

Managing A-M Global Logistics (AMGL) for secure storage and shipping

A-M Global Logistics (AMGL) is key for internal efficiency, especially after recent acquisitions. In the fourth quarter of fiscal 2025, A-Mark Precious Metals, Inc. completed automation upgrades at the AMGL facility. Furthermore, the company completed the migration of Pinehurst Coin Exchange's logistics operations to the centralized AMGL facility during that quarter.

Conducting numismatic coin and currency auctions (Stack's Bowers Galleries)

The acquisition of Spectrum Group International, LLC, which includes Stack's Bowers Galleries, was completed in February 2025. This activity generates significant, high-value transactions. For example, the January 2025 NYINC Auction realized total price across ancient coins, world coins, and world currency categories of $12,398,470. The February 2025 Showcase Auction realized nearly $6.5 Million. More recently, the December 4, 2025 Precious Metals Auction realized $993,352.56.

The September 2025 Global Showcase Auction saw its world and ancient coins portion amass nearly $12 million with an outstanding sell-through rate of 96.8%.

Here is a snapshot of the financial context surrounding these key activities for the fiscal year ended June 30, 2025:

The company reaffirmed its regular quarterly cash dividend policy of $0.20 Per Share during the fiscal year.

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

You're looking at the core assets A-Mark Precious Metals, Inc. uses to run its integrated business model as of late 2025. These aren't just line items; they are the physical, financial, and intellectual capital driving operations.

Integrated precious metals platform and global supply chain is the foundation. This platform handles everything from sourcing to final delivery across wholesale and direct-to-consumer (DTC) channels. The scale of this operation is reflected in the full fiscal year 2025 revenue reaching $10.98 billion. For the fourth quarter of fiscal year 2025, revenues were $2.51 billion, with a gross profit of $81.7 million for that quarter alone. The total assets supporting this platform stood at $2.22 billion at the end of fiscal year 2025.

The portfolio of DTC brands is a major driver of margin expansion. A-Mark Precious Metals, Inc. operates an omni-channel retail presence through subsidiaries like JM Bullion, Inc. (JMB), Goldline, Inc., Silver Gold Bull, Inc., AMS Holding, LLC (AMS), and the acquired Spectrum Group International, Inc. (SGI), which includes Stack's Bowers Galleries (SBG).

The recent acquisitions provide a substantial base of collectible and numismatic business, which is expected to increase gross margins during periods of low bullion volatility. Here's a look at the scale of the key acquired entities based on their most recent reported full-year figures prior to full integration:

The A-Mark Global Logistics (AMGL) facility is central to efficiency. Management has completed automation upgrades and centralized operations there, including migrating logistics from Pinehurst. This is a key step for achieving expected cost-saving synergies.

Product financing capacity is secured through the company's credit facilities. As of the August 21, 2025 amendment, the total commitment on the revolving credit facility decreased to $422.5 million, extending the termination date to September 30, 2027. The company held $77.7 million in Cash and Equivalents as of the end of fiscal year 2025.

The numismatic coin and collectible inventory asset base is growing through these strategic purchases. This inventory is held across the acquired businesses, which are leaders in rare coin and currency auctions and wholesale/retail of numismatic and bullion products.

• DTC Segment New Customers (Six Months Ended Dec 31, 2024): 120,700
• Total Assets (End of FY2025): $2.22 billion
• FY 2025 Gross Profit: $210.9 million
• Revolving Credit Facility Commitment (As of Aug 2025): $422.5 million

Finance: review the impact of the $422.5 million facility maturity extension on Q1 2026 working capital projections by next Tuesday.

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)

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:

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:

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:

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:

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:

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.