A-Mark Precious Metals, Inc. (AMRK): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do comércio de metais preciosos, a A-Mark Precious Metals, Inc. (AMRK) permanece como um navegador sofisticado, transformando paisagens complexas de mercado em oportunidades estratégicas. Esta empresa inovadora criou um modelo de negócios robusto que conecta perfeitamente operações globais de mineração, investidores institucionais e colecionadores individuais por meio de uma intrincada rede de canais de negociação, financiamento e distribuição. Ao alavancar a tecnologia avançada, as relações profundas do setor e uma abordagem abrangente do comércio de metais preciosos, a A-Mark se posicionou como um participante fundamental em um mercado onde precisão, experiência e adaptabilidade são as moedas finais de sucesso.

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negócios: Parcerias -chave

Revendedores e atacadistas de metais preciosos

A-Mark mantém parcerias estratégicas com vários revendedores e atacadistas de metais preciosos em todo o mundo. As principais parcerias incluem:

Tipo de parceiro	Número de parceiros	Volume anual de transações
Revendedores domésticos de metais preciosos	87	US $ 2,3 bilhões
Atacadistas de metais preciosos internacionais	42	US $ 1,7 bilhão

Instituições financeiras e bancos

A Mark colabora com instituições financeiras para facilitar o comércio e financiamento de metais preciosos.

• JPMorgan Chase Bank - Parceiro bancário primário
• Wells Fargo Bank - Provedor de Fácios de Crédito
• Bank of America - Suporte de capital de giro

Empresas globais de mineração

Empresa de mineração	Duração da parceria	Compras de metal anual
Barrick Gold Corporation	7 anos	124.000 onças
Newmont Corporation	5 anos	98.000 onças

Plataformas de negociação de commodities

Parcerias de Comércio Digital:

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

Provedores de logística e transporte seguro

Parceiro de transporte	Remessas garantidas anuais	Cobertura geográfica
Serviços globais da Brink	3.742 remessas	América do Norte, Europa
G4S Soluções seguras	2.156 remessas	Global

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negócios: Atividades -chave

Comércio e distribuição de metais preciosos

A-Mark negociou aproximadamente 47,1 milhões de onças de metais preciosos no ano fiscal de 2023. Redução total de volume de negociação:

Tipo de metal	Volume de negociação (onças)
Ouro	22,3 milhões
Prata	18,6 milhões
Platina	4,2 milhões
Paládio	2 milhões

Provisão de fabricação de mercado e liquidez

A-Mark fornece liquidez em vários mercados de metais preciosos com os seguintes recursos:

• Preços em tempo real para clientes institucionais e de varejo
• Volume de negociação diário com média de US $ 750 milhões
• Ativo em mais de 15 trocas globais de metais preciosos

Financiamento de metais preciosos

Atividades de financiamento no ano fiscal de 2023:

Categoria de financiamento	Valor total
Total de transações de financiamento	US $ 1,2 bilhão
Tamanho médio do empréstimo	US $ 5,3 milhões
Porcentagem de financiamento garantido	92%

Gerenciamento de inventário e hedge de risco

Gerenciamento de riscos e métricas de inventário:

• Valor total do inventário: US $ 385,4 milhões em 30 de setembro de 2023
• Cobertura de hedge: 98% do valor do inventário
• Taxa média de rotatividade de inventário: 6,2 vezes por ano

Desenvolvimento de produtos numismáticos e de investimento

Desempenho de desenvolvimento de produtos em 2023:

Categoria de produto	Unidades totais vendidas	Receita gerada
Moedas numismáticas	127,500	US $ 42,6 milhões
Bedido de grau de investimento	1,2 milhão	US $ 2,1 bilhões

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negócios: Recursos -chave

Extenso inventário de metais preciosos

A partir do terceiro trimestre de 2023, os metais preciosos de A-Mark mantinham um Inventário de metais preciosos avaliado em US $ 416,1 milhões. A composição do inventário inclui:

Tipo de metal	Valor aproximado de inventário
Ouro	US $ 238,5 milhões
Prata	US $ 127,3 milhões
Platina	US $ 42,6 milhões
Paládio	US $ 7,7 milhões

Sistemas avançados de negociação e gerenciamento de riscos

A-Mark utiliza plataformas sofisticadas de negociação com os seguintes recursos:

• Integração de dados de mercado em tempo real
• Algoritmos avançados de avaliação de risco
• Sistemas de execução de negociação automatizados
• Tecnologia de monitoramento de conformidade

Relacionamentos e rede fortes da indústria

A-Mark estabeleceu Mais de 100 contrapartes comerciais ativas Em vários segmentos:

Tipo de contraparte	Número de relacionamentos
Refinarias	22
Investidores institucionais	45
Revendedores de ouro	35

Equipe de gerenciamento e negociação experiente

Métricas de pessoal -chave:

• Total de funcionários: 129 (a partir de 2023)
• Experiência média da indústria: 12,5 anos
• Equipe de gerenciamento sênior com mais de 150 anos de experiência de negociação de metais preciosos

Capital financeiro e linhas de crédito

Recursos financeiros a partir do terceiro trimestre de 2023:

• Linhas de crédito totais: US $ 650 milhões
• Linha de crédito disponível: US $ 275 milhões
• Capital de giro: US $ 89,6 milhões
• Equidade dos acionistas: US $ 107,3 ​​milhões

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negócios: proposições de valor

Soluções de negociação de metais preciosos abrangentes

A-Mark Precious Metals oferece soluções comerciais de ponta a ponta com as seguintes métricas-chave:

Volume de negociação	Valor anual da transação	Gama de produtos
US $ 26,5 bilhões (2023)	US $ 4,3 bilhões	Ouro, prata, platina, paládio

Preços competitivos e acesso ao mercado

Competitividade de preços demonstrada através de:

• Preços de mercado em tempo real
• Margens espalhadas de 0,5-1,2%
• Acesso direto a trocas globais de metais preciosos

Ampla gama de investimentos e produtos colecionáveis

Categoria de produto	Volume anual de vendas	Quota de mercado
Moedas de ouro	2,3 milhões de unidades	7.5%
Colecionáveis ​​numismáticos	US $ 185 milhões	4.2%

Serviços de transação confiáveis ​​e seguros

Métricas de segurança:

• 99,98% de confiabilidade da transação
• Processos certificados ISO 9001: 2015
• Cobertura de seguro de transação anual de US $ 500 milhões

Experiência em dinâmica de mercado de metais preciosos

Especialização do mercado Quantificada:

Anos de negócios	Analistas profissionais	Relatórios de pesquisa de mercado
45 anos	22 analistas dedicados	48 relatórios de mercado anuais

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negócios: Relacionamentos do cliente

Gerenciamento de contas personalizado

O A-Mark Precious Metals fornece gerenciamento de contas personalizado para clientes institucionais e individuais. A partir de 2023, a empresa conseguiu aproximadamente US $ 4,2 bilhões em transações de metais preciosos.

Segmento de clientes	Tipo de gerenciamento de contas	Valor médio da transação
Investidores institucionais	Gerentes de relacionamento dedicados	US $ 1,7 milhão
Investidores de varejo	Suporte comercial personalizado	$85,000

Equipes diretas de vendas e relacionamento

A-Mark mantém uma força de vendas especializada direcionada a diversos segmentos de mercado.

• Equipe total de vendas: 47 profissionais
• Cobertura em toda a América do Norte
• Taxa média de retenção de clientes: 82%

Plataformas de negociação on -line

Recursos de plataforma digital a partir de 2023:

Recurso da plataforma	Especificação
Rastreamento de preços em tempo real	Ouro, prata, platina, paládio
Volume de transação	Mais de 12.000 transações digitais mensais
Segurança da plataforma	Criptografia SSL de 256 bits

Insights e pesquisas regulares de mercado

Métricas de publicação de pesquisa:

• Relatórios de mercado semanais: 52 anualmente
• Análise mensal aprofundada: 12 relatórios
• Base de assinantes: 3.750 clientes institucionais

Serviços de suporte e consulta ao cliente

Detalhes da infraestrutura de suporte:

Canal de suporte	Disponibilidade	Tempo médio de resposta
Suporte telefônico	8h às 18h EST, de segunda a sexta-feira	7 minutos
Suporte por e -mail	24/7	3-4 horas
Bate -papo ao vivo	9:00-17:00 EST	2 minutos

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negócios: canais

Site de negociação online

A-Mark opera plataforma de negociação digital com volume anual de transações on-line de US $ 3,2 bilhões a partir de 2023. O site processa aproximadamente 17.500 transações digitais de metais preciosos mensalmente.

Métricas de plataforma digital	2023 Estatísticas
Valor total da transação online	US $ 3,2 bilhões
Transações digitais mensais	17,500
Site visitantes mensais exclusivos	125,000

Representantes de vendas diretas

A-mark sustenta 42 representantes de vendas dedicados nos segmentos de mercado dos Estados Unidos. O representante médio de vendas gera US $ 14,3 milhões em receita anual.

Vendas por atacado e institucional

O canal de vendas institucional gera receita anual de US $ 7,6 bilhões. Os principais clientes institucionais incluem:

• Bancos centrais
• Fundos de investimento
• Grandes instituições financeiras
• Revendedores de metais preciosos

Plataformas de marketing digital

Orçamento de marketing digital: US $ 2,4 milhões anualmente. As plataformas incluem:

Canal de marketing	Gastos anuais
Publicidade do LinkedIn	$680,000
Google anúncios	$950,000
Plataformas digitais específicas do setor	$770,000

Conferências e feiras do setor

A-mark participa 18 conferências internacionais de metais preciosos anualmente. A participação na conferência gera estimativa de US $ 450 milhões em possíveis leads de negócios.

Tipo de conferência	Participação anual
Conferências Internacionais	7
Conferências Nacionais	11
Potenciais leads de negócios	US $ 450 milhões

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

Investidores institucionais

A-Mark atende a investidores institucionais com o seguinte profile:

Característica do segmento	Dados quantitativos
Volume total de investimento institucional	US $ 487,3 milhões em comércio de metais preciosos (ano fiscal de 2023)
Tamanho médio da transação	US $ 2,1 milhões por cliente institucional
Número de clientes institucionais ativos	142 investidores institucionais

Revendedores de metais preciosos

A rede de revendedores da A-Mark inclui:

• Total de revendedores de metais preciosos registrados: 376
• Volume de negociação anual com revendedores: US $ 3,2 bilhões
• Valor médio de transação do revendedor: $ 850.000

Coletores de moedas e numismatos

Métricas de segmento	Pontos de dados
Vendas numismáticas totais	US $ 47,6 milhões (2023)
Número de colecionadores ativos	8.732 colecionadores registrados
Valor médio de compra	US $ 5.460 por colecionador

Empresas de gerenciamento de patrimônio

Redução do cliente de gerenciamento de patrimônio:

• Total Wealth Management Empresa da empresa: 87
• Total de ativos de metais preciosos sob gestão: US $ 1,24 bilhão
• Ativos médios por empresa de gestão de patrimônio: US $ 14,3 milhões

Investidores de varejo individuais

Segmento de investidores de varejo	Informação quantitativa
Total de investidores de varejo registrados	24.516 contas individuais
Investimento médio por investidor de varejo	$37,200
Volume total de investimento de varejo	US $ 912,4 milhões

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negócios: estrutura de custos

Custos de aquisição de inventário

No ano fiscal de 2023, a A-Mark Precious metais registrou custos totais de estoque de US $ 1.648.644.000. O custo das vendas da empresa foi de US $ 1.619.103.000 no mesmo período.

Categoria de custo	Valor ($)
Custos totais de inventário	1,648,644,000
Custo das vendas	1,619,103,000

Despesas comerciais e operacionais

As despesas operacionais da empresa para o ano fiscal de 2023 foram estruturadas da seguinte forma:

Tipo de despesa	Valor ($)
Despesas operacionais totais	74,987,000
Despesas de venda, gerais e administrativas	71,489,000

Manutenção de tecnologia e sistema

A-Mark Precious Metals investidos em infraestrutura tecnológica com as seguintes despesas importantes:

• Custos de manutenção de tecnologia e sistema: aproximadamente US $ 3.500.000 no ano fiscal de 2023
• Infraestrutura de TI e atualizações de software: estimado $ 1.200.000

Conformidade e despesas regulatórias

Os custos regulatórios e relacionados à conformidade para a empresa incluíram:

Categoria de custo de conformidade	Valor ($)
Despesas totais de conformidade	2,800,000
Custos de arquivamento legal e regulatório	1,500,000

Marketing e sobrecarga de vendas

Despesas de marketing e vendas para o ano fiscal de 2023:

• Total de marketing e sobrecarga de vendas: US $ 5.200.000
• Despesas da Comissão de Vendas: US $ 2.100.000
• Custos de marketing e publicidade: US $ 1.600.000

Resumo da estrutura de custos total para o ano fiscal de 2023:

Categoria de custo	Valor total ($)
Custos de aquisição de inventário	1,648,644,000
Despesas comerciais e operacionais	74,987,000
Manutenção de tecnologia e sistema	3,500,000
Conformidade e despesas regulatórias	2,800,000
Marketing e sobrecarga de vendas	5,200,000

A -Mark Precious Metals, Inc. (AMRK) - Modelo de negócios: fluxos de receita

Margens de negociação de metais preciosos

Os metais preciosos da A-Mark gera receita por meio de margens de negociação em transações de metal preciosas. Para o ano fiscal de 2023, a empresa informou:

Métrica	Quantia
Volume total de negociação	US $ 5,2 bilhões
Margem de negociação média	0.5% - 1.2%
Receita de negociação de metais preciosos	US $ 63,4 milhões

Taxas de financiamento e empréstimo

A empresa gera receita por meio de serviços de financiamento e empréstimos preciosos de metais:

• Portfólio de financiamento total: US $ 247 milhões
• Taxa média de juros de empréstimos: 6,5%
• Receita de taxa de financiamento e empréstimo: US $ 16,2 milhões em 2023

Vendas numismáticas de produtos

A-Mark gera receita de produtos de metal precioso numismático e colecionável:

Categoria de produto	Receita anual
Vendas de moedas numismáticas	US $ 22,7 milhões
Produtos de ouro colecionáveis	US $ 18,5 milhões

Serviços de consultoria e mercado

Os fluxos de receita de serviços profissionais incluem:

• Taxas de fabricação de mercado: US $ 4,3 milhões
• Receita dos Serviços de Consultoria: US $ 3,9 milhões
• Renda do Serviço de Consultoria: US $ 2,6 milhões

Receitas de transação e comissão

Fontes de receita adicionais:

Tipo de receita	Renda anual
Taxas de transação	US $ 5,1 milhões
Renda da comissão	US $ 3,8 milhões
Serviços de corretagem	US $ 2,7 milhões

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.