Executive Summary

Q4 FY2025 revenue was $2.51B and diluted EPS was $0.41; gross profit rose 90% YoY to $81.7M as DTC mix and recent acquisitions lifted margin to 3.25% from 1.70% YoY .
Versus consensus, AMRK missed Q4 revenue ($2.51B vs $2.91B*) and was slightly below EPS ($0.41 vs $0.44*), but EBITDA beat ($29.2M vs $24.8M*) as mix improved and integration synergies emerged . Values retrieved from S&P Global*.
Sequentially, Q4 rebounded from Q3: gross profit +99%, EBITDA to $29.2M from $1.3M, and net income to $10.3M from a $(8.5)M loss, despite lower revenue and higher SG&A due to consolidation of acquired brands .
Management emphasized integration progress (AMGL automation, Pinehurst logistics migration) and countercyclical luxury/collectibles tailwinds (Stack’s Bowers $62M sale), while flagging tariff/backwardation and carry-cost headwinds as ongoing risks .
Dividend maintained at $0.20 per share; cadence updated to declare beginning with fiscal Q2 2026 around earnings announcements (potential signal of discipline and transparency) .

What Went Well and What Went Wrong

What Went Well

Gross margin inflected on DTC mix and acquisitions: Q4 gross margin rose to 3.25% from 1.36% in Q3 and 1.70% in Q4 FY2024, driven by SGB, SGI, Pinehurst, and AMS consolidation .
Integration execution: “We completed the migration of Pinehurst’s logistics operations… to AMGL… cost saving synergies… optimize expenses, create greater operating leverage” .
Countercyclical luxury momentum: “Largest sale in history… $62 million… rare coin auction… benefiting on the higher margin rare coin side” (Stack’s Bowers) .

What Went Wrong

Revenue miss and diluted EPS below consensus: $2.51B vs $2.91B*; $0.41 vs $0.44* as premiums remained range-bound and ounces sold fell YoY . Values retrieved from S&P Global*.
Elevated SG&A from consolidation: Q4 SG&A +135% YoY to $53.4M on compensation, advertising, professional fees, facilities, and card fees; D&A +201% YoY (acquired intangibles) .
Macro/tariff/headwinds: Backwardation and tariff uncertainty disrupted hedges and increased carry costs; management cited ongoing challenges and disinformation-driven volatility .

Financial Results

Metric	Q2 FY2025	Q3 FY2025	Q4 FY2025
Revenue ($USD)	$2,742,345,000	$3,009,125,000	$2,512,048,000
Gross Profit ($USD)	$44,767,000	$41,017,000	$81,689,000
Gross Margin (%)	1.63%	1.36%	3.25%
Net Income ($USD)	$6,558,000	$(8,546,000)	$10,324,000
Diluted EPS ($USD)	$0.27	$(0.36)	$0.41
Adjusted Net Income Before Taxes (Non-GAAP) ($USD)	$13,363,000	$5,749,000	$19,163,000
EBITDA (Non-GAAP) ($USD)	$16,224,000	$1,286,000	$29,153,000

Estimates vs Actuals (Wall Street consensus – S&P Global)

Metric	Q2 FY2025 Estimate	Q2 FY2025 Actual	Q3 FY2025 Estimate	Q3 FY2025 Actual	Q4 FY2025 Estimate	Q4 FY2025 Actual
Revenue ($USD)	$2,378,398,200*	$2,742,345,000	$2,663,591,000*	$3,009,125,000	$2,907,938,500*	$2,512,048,000
Primary EPS ($USD)	$0.572*	$0.27	$0.455*	$(0.36)	$0.44*	$0.41
EBITDA ($USD)	$25,973,500*	$16,224,000	$22,488,330*	$1,286,000	$24,838,670*	$29,153,000

Note: “Primary EPS” from S&P may reflect normalized methodology; company-reported diluted EPS shown for actuals. Values retrieved from S&P Global*.

Segment/Mix Highlights

Mix Metric	Q4 FY2024	Q4 FY2025
DTC % of Revenue	17%	26%
DTC % of Gross Profit	51%	63%
JMB % of Revenue	15%	13%
JMB % of Gross Profit	42%	20%

KPIs (Selected Operating Metrics)

KPI	Q4 FY2024	Q3 FY2025	Q4 FY2025
Gold Ounces Sold	448,000	432,000	346,000
Silver Ounces Sold	25,421,000	15,702,000	15,664,000
Secured Loans Receivable ($)	$113,067,000	$86,512,000	$94,037,000
DTC New Customers	570,300	899,600	108,900
DTC Active Customers	114,600	140,700	170,600
DTC Total Customers	3,066,800	4,087,100	4,196,000
DTC AOV ($)	$2,890	$3,084	$2,443
JMB AOV ($)	$2,639	$1,994	$2,415
CyberMetals AUM ($)	$7,300,000	$9,700,000	$10,700,000

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company Revenue/Margins	FY/Q4 FY2025	Not provided	Not provided	Maintained “no quantitative guidance” posture
Dividend per Share	Ongoing	$0.20 quarterly (reaffirmed Q3 FY2025)	$0.20 for Dec 2, 2025 payment; cadence to declare beginning with fiscal Q2 2026 around earnings	Maintained amount; timing policy updated
Trading Credit Facility Revolving Commitment	FY2025	$457M (amended in Q2 FY2025)	$467M (amended in Q3 FY2025)	Raised by $10M

Earnings Call Themes & Trends

Topic	Q2 FY2025 (Previous Mentions)	Q3 FY2025 (Previous Mentions)	Q4 FY2025 (Current Period)	Trend
Integration & Logistics (AMGL)	Nearing completion of AMGL expansion	Centralized ops poised for efficiencies	Pinehurst logistics migrated; AMGL “95% complete” infra; software integration ongoing	Execution progressing; cost leverage rising
Tariffs/Backwardation & Carry Costs	Elevated prices/subdued demand; exploring M&A	Tariff-driven backwardation; trading losses; higher product financing rates	Continued challenges; tariff uncertainty disrupted hedges, carry costs high; backwardation episodes persist	Persistent headwind
Premium Spreads & Mix	Premiums constrained; GP down YoY	Premiums remained tight; GP pressure	Range-bound premiums, but margin uplift from DTC/acquisitions	Mix improving despite spreads
International/Asia Expansion	DTC presence in Singapore; advancing Asia reach	LPM retail/wholesale ops running	LPM fully operational in Singapore; onboarding new products/customers	Expanding footprint
Collectibles/Luxury Countercyclicality	SGI/Stack’s Bowers deal announced	Completed SGI/Pinehurst acquisitions	Rare coin auction $62M record; benefiting from higher-margin segments	Strong tailwind
Secured Lending	Stable	Noted pressures	Uptick in loans/draws; loan book >$100M in recent weeks	Improving demand

Management Commentary

“Our fourth quarter results underscore the resilience of our business… generating GAAP net income of $10.3 million and diluted EPS of $0.41 per share.”
“We completed the migration of Pinehurst’s logistics operations… one example of the key cost saving synergies… scale and efficiencies… help to optimize expenses, create greater operating leverage.”
“With a broader and more diversified platform… we enter the new fiscal year well-positioned to capture growth across multiple channels.”
“AMGL… is operational… mostly complete… increased capacity and cost savings… onboard a number of new clients… take market share when the market heats up.”
“Rare coin side is very strong right now… $62 million sale… strategy is sound… benefiting on the higher margin rare coin side.”

Q&A Highlights

Cycle and demand environment: Volatility/fear support business; equities strength and central bank demand have not yet triggered retail FOMO; inventory levels to be reduced to lower carry costs .
Tariffs/backwardation impact: Tariff uncertainty disrupted hedging and financing; episodes of backwardation raised near-term premiums (e.g., 1,000 oz bars premium in NY) while one-ounce rounds remained compressed .
M&A appetite: Pipeline remains open; after digesting SGI/Pinehurst/AMS, management would pursue opportunities balancing capital between inventory and acquisitions .
Logistics/tech: AMGL upgrade ~95% complete, infrastructure done; continuing software and IT integration to unify DTC brands .
International mix: LPM in Hong Kong/Singapore expanding; access to higher-margin products in Southeast Asia; onboarding new clients .

Estimates Context

Q4 FY2025 vs consensus: Revenue $2.51B vs $2.91B* (miss); EPS $0.41 vs $0.44* (slight miss); EBITDA $29.2M vs $24.8M* (beat) . Values retrieved from S&P Global*.
Sequentially vs Q3 FY2025, revenue beat consensus and EPS missed materially due to tariff/backwardation and one-time acquisition effects; EBITDA missed in Q3 but rebounded in Q4 . Values retrieved from S&P Global*.
Note: S&P “Primary EPS” actuals may reflect normalized methodology; company GAAP diluted EPS differs (e.g., FY2025 diluted EPS $0.71 vs S&P FY Primary EPS actual 1.6775*). Values retrieved from S&P Global*.

Key Takeaways for Investors

Margin mix shift is tangible: DTC and collectibles/luxury drove Q4 gross margin to 3.25%, supporting EBITDA beat despite revenue shortfall; focus on integration synergies and SG&A discipline is critical .
Macro risks remain central to near-term trading: Tariffs/backwardation and carry costs can swing quarterly profitability; inventory/carry reductions should mitigate volatility over coming quarters .
Collectibles and secured lending as buffers: Stack’s Bowers momentum and Secured Lending uptick provide countercyclical ballast in a slow bullion environment .
Watch operational execution: AMGL consolidation and cross-brand marketing/IT integration should unlock operating leverage; track SG&A trajectory and amortization headwinds from acquired intangibles .
Capital flexibility intact: Revolver raised to $467M, dividend maintained at $0.20, declaration cadence aligned with earnings starting fiscal Q2 2026; signals disciplined capital deployment .
Near-term positioning: Expect estimate revisions to reflect lower revenue trajectory and margin resilience; EBITDA outlook may improve if DTC mix and collectibles strength persist. Values retrieved from S&P Global*.
Trading implication: Stock likely reacts to narrative around margin inflection vs revenue miss; catalysts include premium normalization, tariff clarity, and continued integration savings; risks include prolonged backwardation and premium compression .

Sources: Company 8-K and press releases, Q4 FY2025 earnings call transcript and prior quarters.

Citations:

Q4 FY2025 8-K and Exhibit 99.1 press release: .
Q4 FY2025 standalone press release: .
Q4 FY2025 earnings call transcript: .
Q3 FY2025 press release: .
Q2 FY2025 press release: .
Dividend press release: .
Spectrum Wine press release (collectibles momentum): .
Estimates (S&P Global): Values retrieved from S&P Global*.

A-Mark Precious Metals, Inc. (AMRK)·Q4 2025 Earnings Summary