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Founded in 1965, the full-service precious metals trading company was the first allowed to make and sell coins from metals recovered in the shipwreck of the British merchant ship the SS Gairsoppa.

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A-Mark Precious Metals is a precious metals trading company that operates as a platform for buying, selling, and distributing gold, silver, platinum, palladium, and copper bullion alongside rare, antique, and collectible coins and products. A-Mark was founded in 1965 and was the first company permitted to sell coins from metals discovered in the British cargo steamship that sank in the Battle of the Atlantic in 1941 and was packed with silver bullion, SS Gairsoppa. The company is an authorized purchaser for the U.S. Mint, and distributes other sovereign mints from Australia, Canada, China, Mexico, and the United Kingdom.

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Gold.com (GOLD): Company Profile, Stock Price, News, Rankings

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Gold.com

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afternoon, and welcome to AMR Precious Metals Call for the Fiscal Second Quarter Ended 12/31/2024. My name is John, and I will be your operator this afternoon. Before this call, A Mark issued its results for the fiscal second quarter twenty twenty five in a press release, which is available in the Investor Relations section of the company's website at www.amark.com. You can find the link in the Investor Relations section at the top of the homepage. Joining us for today's call are A Mark's CEO, Greg Roberts President, Thor Gjerdrum and CFO, Kathleen Simpson Taylor.

Following their remarks, we will open the call to your questions. Then before we conclude the call, I'll provide the necessary cautions regarding the forward looking statements made by management during this call. I would like to remind everyone that this call is being recorded and I will make available it will be made available for replay via link available on the Investor Relations section of A Mark's website. Now, I would like to turn the call over to A Mark's CEO, Mr. Greg Roberts.

Thank you, John, and good afternoon, everyone. I appreciate you taking the time to join us today. Our second quarter results continue to reflect the strength of our fully integrated platform even in slower market conditions, elevated precious metal prices and subdued demand. During the quarter, A Mark delivered earnings of $0.27 per diluted share and made $16,200,000 in non GAAP EBITDA. We also made significant progress this quarter in our strategic plans for A Mark's long term success.

We are nearing completion of our facility expansion and logistic initiatives at AMART Global Logistics in Las Vegas. We continue to execute our plans to advance our reach in Asia and our now established DTC presence in Singapore. We also continue to explore various M and A opportunities and as announced earlier this week, AMARC entered into a definitive agreement to acquire Spectrum Group International, the parent of Stacks Bowers Galleries, one of the largest rare coin, currency and bullion dealers and a leading wholesaler and retail dealer specializing in numismatic and bullion products. The proposed acquisition will expand our presence into the premium collectible markets and the adjacent higher margin luxury markets. I'm truly excited for the cross selling opportunities and synergies that Stacks will bring to the AMART platform.

I will now turn it over to our CFO, Kathleen Simpson Taylor, who will provide an overview of our financial performance. Then our President, Thor Jerdrum, will discuss key operating metrics. I will then provide further insights into our business and growth strategy and take questions. Kathleen?

Thank you, Greg, and good afternoon, everyone. Our revenues for fiscal Q2 twenty twenty five increased 32% to $2,742,000,000 from $2,079,000,000 in Q2 of last year. Excluding an increase of $167,300,000 of forward sales, our revenues increased 496,200,000 or 38%, which was due to an increase in gold ounces sold and higher average selling prices of gold and silver, partially offset by a decrease in silver ounces sold. The DTC segment contributed 2118% of the consolidated revenue in the fiscal second quarters of twenty twenty five and 2024, respectively. JMB's revenue represented 11% of the consolidated revenue for the fiscal second quarter of twenty twenty five compared with 16% in Q2 of last year.

For the six month period, our revenues increased 20% to $5,457,000,000 from $4,563,000,000 in the same year ago period. Excluding an increase of $384,700,000 of forward sales, our revenues increased $509,300,000 or 18%, which was due to higher average selling prices of gold and silver, partially offset by a decrease in both gold and silver ounces sold. The DTC segment contributed 1915% of the consolidated revenue for the six months ended 12/31/2024 and 2023, respectively. Revenue contributed by JMB represented 11% of the consolidated revenue for the six months ended 12/31/2024, compared with 14% in the same year ago period. Gross profit for fiscal Q2 twenty twenty five decreased three percent to $44,800,000 or 1.63% of revenue from $46,000,000 or 2.22% of revenue in Q2 of last year.

The decrease in gross profit was due to lower gross profits earned from the Wholesale Sales and Ancillary Services segment, partially offset by an increase in gross profits earned by the DTC segment. Gross profit contributed by the DTC segment represented 5648% of the consolidated gross profit in fiscal Q2 twenty twenty five and and 2024, respectively. Gross profit contributed by JMB represented 38% of the consolidated gross profit in fiscal Q2 twenty twenty five compared to 41% in Q2 of last year. For the six month period, gross profit decreased 8% to $88,200,000 or 1.62 percent of revenue from $95,400,000 or 2.09% of revenue in the same year ago period. The decrease in gross profit was due to lower gross profits earned from the Wholesale Sales and Ancillary Services segment, partially offset by an increase in gross profits earned by the DTC segment.

Gross profit contributed by the DTC segment represented 5545% of the consolidated gross profit for the six month period ended 12/31/2024 and 2023, respectively. Gross profit contributed by JMB represented 3738% of the consolidated gross profit for the six months ended 12/31/2024 and 2023, respectively. SG and A expenses for fiscal Q2 twenty twenty five increased 15% to $25,800,000 from $22,400,000 in Q2 of last year. The change was primarily due to an increase in consulting and professional fees of $1,300,000 higher advertising costs of $900,000 an increase in compensation expense, including performance based accruals of 600,000 and an increase in facilities expense of $400,000 dollars SG and A expenses for the three months ended 12/31/2024, include $5,200,000 of expenses incurred by LPM and SGB, which were not included in our prior year Q2 results as they were not yet consolidated subsidiaries. For the six month period, SG and A expenses increased 18% to $52,400,000 from $44,200,000 in the same year ago period.

The change was primarily due to an increase in compensation expense, including performance based accruals of $3,100,000 an increase in advertising costs of $1,600,000 an increase in consulting and professional fees of $1,500,000 and an increase in facilities expense of $800,000 also an increase in insurance costs of $300,000 and information technology costs of $200,000 dollars SG and A expenses for the six months ended 12/31/2024, includes $10,500,000 of expenses incurred by LPM and SGB, which were not included in our prior year year to date Q2 results as they were not yet consolidated subsidiaries. Depreciation and amortization expense for fiscal Q2 twenty twenty five increased 65% to $4,600,000 from $2,800,000 in the same year ago quarter. The change was primarily due to an increase in amortization expense of $2,200,000 relating to intangible assets acquired through our acquisition of LPM and our acquisition of a controlling interest in SGV. This was partially offset by a decrease in JMB intangible asset amortization of $500,000 For the six month period, depreciation and amortization expense increased 67% to $9,300,000 from $5,600,000 in the same year ago period. The change was primarily due to an increase in amortization expense of $4,400,000 relating to intangible assets acquired through our acquisition of LPM and our acquisition of a controlling interest in SGP, partially offset by a decrease in JMP intangible asset amortization of $1,000,000 Interest income for fiscal Q2 twenty twenty five increased 8% to $6,800,000 from $6,300,000 in Q2 of last year.

The aggregate increase in interest income was due to an increase in other finance product income of $600,000 partially offset by a decrease in interest income earned by our Secured Lending segment of $100,000 For the six month period, interest income increased 12% to $13,900,000 from $12,400,000 in the same year ago period. The aggregate increase in interest income was due to an increase in other finance product income of $1,200,000 and an increase in interest income earned by our Secured Lending segment of $200,000 Interest expense for fiscal Q2 twenty twenty five increased 2% to $10,400,000 from $10,200,000 in Q2 of last fiscal year. The increase in interest expense was primarily due to an increase of $600,000 dollars associated with our trading credit facility due to increased borrowing, an increase of $500,000 from liabilities on borrowed metals, an increase of $200,000 related to product financing arrangements, partially offset by a decrease of $1,100,000 related to the AMCF notes, including amortization of debt issuance costs due to their repayment in December 2023. For the six month period, interest expense increased two percent to $20,400,000 from $20,000,000 in the same year ago period. The increase in interest expense was primarily due to an increase of $1,300,000 associated with our trading credit facility due to increased borrowings as well as an increase in the weighted average effective interest rate, an increase of $900,000 related to product financing arrangements and an increase of $700,000 from liabilities on borrowed metals.

This was partially offset by a decrease of $2,500,000 related to the AMCF notes, including amortization of debt issuance costs due to their repayment in December 2023. Earnings from equity method investments in Q2 twenty twenty five decreased 410% to a loss of $2,400,000 from earnings of $800,000 in the same year ago quarter. For the six month period, earnings from equity method investments decreased 153% to a loss of $1,800,000 from earnings of $3,500,000 in the same year ago period. The decrease in both periods was due to decreased earnings of our equity method investees. Net income attributable to the company for the second quarter of fiscal twenty twenty five totaled $6,600,000 or $0.27 per diluted share.

This compares to net income attributable to the company of 13,800,000 or $0.57 per diluted share in Q2 of last year. For the six month period, net income attributable to the company totaled $15,500,000 or $0.65 per diluted share, which compares to net income attributable to the company of $32,600,000 or $1.34 per diluted share in the same year ago period. Adjusted net income before provision for income taxes, a non GAAP financial measure, which excludes depreciation, amortization, acquisition costs and contingent consideration fair value adjustments for fiscal Q2 twenty twenty five totaled $13,400,000 a decrease of 38% compared to $21,700,000 in the same year ago quarter. Adjusted net income before provision for income taxes for the six month period totaled $28,100,000 a 42% decrease from $48,500,000 in the same year ago period. EBITDA, a non GAAP liquidity measure for Q2 fiscal twenty twenty five, totaled $16,200,000 a 35% decrease compared to $25,100,000 in Q2 fiscal twenty twenty four.

EBITDA for the six month period totaled $34,000,000 a 39% decrease compared to $55,500,000 in the same year ago period. Turning to our balance sheet. At quarter end, we had 37,800,000 of cash compared to $48,600,000 at the end of fiscal year twenty twenty four. Our tangible net worth, excluding non controlling interest at the end of the quarter, was $318,700,000 up from $3.00 $6,000,000 at the end of the prior fiscal year. Last week, we amended our trading credit facility to increase our revolving commitment to $457,000,000 from $422,500,000 We also returned capital to shareholders through the repurchase of $5,100,000 of common stock during the quarter.

A Mark's Board of Directors has continued to maintain the company's regular quarterly cash dividend program of $0.2 per common share. The most recent quarterly cash dividend was paid in January. It is expected that the next quarterly dividend will be paid in April 2025. That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics.

Thank you, Kathleen. Looking at our key operating metrics for the second quarter of fiscal twenty twenty five, we sold 466,000 ounces of gold in Q2 fiscal twenty twenty five, which was up 4% from Q2 of last year and up 17% from the prior quarter. For the six month period, we sold 864,000 ounces of gold, which was down 9% from the same year ago period. We sold 21,800,000 ounces of silver in Q2 fiscal twenty twenty five, which was down 18% from Q2 of last year and up 7% from last quarter. For the six month period, we sold 42,300,000 ounces of silver, which is down 26% from the same year ago period.

The number of new customers in the DTC segment, which is defined as the number of customers that we have registered or set up a new account or made a purchase for the first time during the period was 65,400 in Q2 fiscal twenty twenty five, which was up 25% from Q2 of last year and increased 18% from last quarter. For the six month period, the number of new customers in the DTC segment was 120,700, which increased 32% from 91,600 new customers in the same year ago period. The number of total customers in the DTC segment at the end of the second quarter was approximately 3,200,000, which was a 31% increase in the prior year. The year over year increases in customer base metrics were primarily due to organic growth of our customer base and the acquisition of a controlling interest in SG and V. The DTC segment average order value, which represents the average dollar value of product orders delivered to DTC segment customers during Q2 fiscal twenty twenty five was 3,178, which is up 43% from Q2 twenty twenty four and up 7% from the prior quarter.

For the six month period, our DTC average order value was 3,077, which was up 33% from the same year ago period. For this fiscal second quarter, our inventory turn ratio was 2.2, which was a 16% increase from 1.9 in Q2 of last year and a 4% decrease from 2.3 in the prior quarter. For the six month period, our inventory turnover ratio was 4.7%, a 9% increase from 4.3% in the same year ago period. Finally, the number of secured loans at the December totaled five eighteen, a decrease of 28% from 12/31/2023 and a decrease of 8% from the September. The dollar value of our loan portfolio as of 12/31/2024 totaled $98,500,000 a decrease of 8% from 12/31/2023 and a decrease of 3% from 09/30/2024.

That concludes my prepared remarks. I'll now turn it over to Greg for closing remarks. Greg?

Thanks, Thor and Kathleen. A Mark's strategic focus continues to be on expanding our domestic and geographic reach and diversifying our customer base as well as expanding our DTC customer base. We are pleased with our recent accomplishments and remain committed to exploring additional opportunities to deliver value to our shareholders over the long term. John?

Thank you. At this time, we will be conducting a question and answer session. The first question comes from Thomas Forte with Maxim Group. Please proceed.

Great. Thanks. So first off, Greg, congratulations on another profitable quarter in a challenging environment. I have two questions and then I might get back in the queue. I'll go one at a time.

So first off, I was hoping, Greg, you could point out, just for my own understanding, a comparable period of low volatility and elevated gold prices. How far back in history do we have to go for something like today in your mind?

I mean, we're every day the last six months we've been really in uncharted waters as it relates to comps just because gold continues to rise and every day it seems like to us it sets a new high. I mean, today it was off $20 or $30 but yesterday and the day before were new high prices as we move in very comfortably to the $2,800 range. I feel like the circumstances are the same as they were last quarter or the quarter before, but I think that we continue to deal with a high percentage of our sales or buybacks particularly in the DTC segment where their shorter term vision retail customers are looking to take profits and take advantage of the higher spot prices. And that is continues to have an effect on premiums. So I don't I mean, you would have to go all the way back really to 1980, particularly in silver, where you had a similar phenomena where the flow back into the marketplace was a high percentage or exceeded the demand.

And so we're regularly dealing with most things we know. We know what we're doing. We know how to handle this. We're doing a very good job of managing our abilities to be a terminal destination for liquidity as it relates to metal. We continue to have great relationships with refiners.

We're able to regularly melt inventory or melt purchases we make that don't have any have a ceiling for upside. But it is what it is and the A Mark machine is performing and handling every new twist that we run into.

All right. Thank you. That was very helpful and I appreciate that. All right. So one more question and then time permitting, I might get back in the queue and ask more questions.

So the thing that excites me about the deal you announced earlier this week is that, you're essentially looks like you're going to advance your efforts in numismatics and then you're going to get into essentially wine collection wine collecting. So how should we think about the counter cyclicality of that numismatics effort and the wine efforts from the SGI deal?

Well, the Spectrum Group or Stacks has been involved with a company called Spectrum Wine Auctions for a while. And it is a collectible, but it's not particularly connected or adjacent to semi numismatic bullion coins or some of the other things that Stack sells. We're excited that it's a product that we believe has synergies within Stacks' customer base and we do see opportunities to cross sell more bullion products both to the Stacks customers as well as we believe that our other DTC brands that have focused on straight bullion products, we have been testing over the last six months and have been very pleased with the success that JM Bullion in particular has had selling semi Numismatic and Numismatic coins to their very large customer base. So I will say that that is an opportunity that we have been testing and we were enthusiastic about at JM Bullion prior to this acquisition being completed. I think it's important to note that if you look at Stacks' revenue mix, $535,000,000 in revenue, of which $512,000,000 of that was wholesale or retail direct sales of coins and bullion.

So I believe that $500,000,000 number is one of the largest in the industry as it relates to direct sales of bullion and semi numismatic and numismatic properties. So very impressed with that, believe that the higher margins that Stacks achieves in their business will be very complementary to A Mark, particularly in times like we're in right now where bullion margins are down and premiums are down. We believe this is a strategic opportunity for A Mark to move into adjacent businesses. They still have a the majority of their business has a precious metal component to it, albeit a smaller amount of gold, let's say, in higher value coins. But we see a lot of synergies here, and what Stacks Bowers has accomplished over the last particularly the last ten years has been very impressive.

Thank you, Greg. I'll get back in the queue.

The next question comes from Andrew Scott with Roth Capital. Please proceed.

Good afternoon. Thanks for taking my questions and congrats on the continued execution. So my first question has to deal with Stacks. In particular, kind of the performance over the last six months, it looks like over the fiscal year ended 06/30/2024, the company generated about $11,000,000 in EBITDA and the company has already generated $10,000,000 in the last six months. So I was wondering if there's anything to call out there and what's kind of driving the profitability here for Stacks?

Yes, I would caution on that that generally the first six months are front loaded at Stacks and they had a very good first six months. But I will say that there is some cyclicality to their business. I would point particularly to their August auction as it relates to their auction cycles, their largest auctions every year are in August. They're in conjunction with the American Numismatic Association's World's Fair of Money. And so and we also were fortunate enough enough at Stacks this year to acquire the world's greatest collection of Scandinavian coins.

Stacks believes that the value of that collection will be $75,000,000 to $100,000,000 in U. S. Value. It's a collection called the Bruen collection. And they had their first auction in fiscal Q2.

And it brought some very impressive prices. Now that auction was I believe $15,000,000 to $20,000,000 So over the next couple of years, there's going to be a series of collections continuing to distribute and auctions continuing to distribute these coins. But I will say that the first six months were probably front load a little bit due to those two events.

Great. Well, appreciate the color. Second one from me before I jump back in the queue. Last couple of quarters, you guys have been talking about marketing efforts to increase the volume through your DTC channel as you guys post another quarter. Impressive growth in new customers and active customers.

So can you just kind of talk through how these marketing efforts are progressing and driving volume on your different TTC portals?

Yes. I mean, we are continuing the same strategy we talked about last quarter looking for opportunities to increase our active customer numbers and to also reengage customers that have fallen out of what we define as our active customers. We continue to have very good results in that area. We've had a number of weeks over the last sixty days where we have very impressive numbers in our minds as to being able to offer products at prices that reactivate old customers that we haven't seen in a while as well as bringing in new customers that we believe are we're taking market share by adding them. So I don't have a whole lot more to report on that other than we continue to focus on new customers as well as old customers.

Our overall customer counts over 3,000,000 customers is continues to be very impressive. And we just we believe that when the pendulum swings back to a larger wallet percentage or a larger wallet of these customers getting piece of their wallet, we believe we're going to reap the benefits of that by continuing to be engaged with them.

Great. Well, thanks again and I'll jump back in the queue.

Up next, we have Greg Gibbous with Northland Securities. Please proceed.

Hey, good afternoon, Greg, Thor, Kathleen. Thanks for taking the questions. Congrats on the execution in the quarter. I wonder if you could speak to the timing of the SGI acquisition, given it has been a pretty long standing relationship. What kind of led you to believe the acquisition made sense more recently?

And I guess wondering if you could maybe expand on the synergies you expect to see with SGI and to what degree A Mark can benefit from the D2C expertise that SGI brings to the table?

Well, I think it's a different demographic as it relates to customers. I believe that Stacks has found a niche in the marketplace on the bullion side going downstream and servicing customers that aren't quite big enough or aren't worth onboarding at AMARC. And I believe they've developed a

good wholesale and retail customer base to take advantage of. I think being part of A Mark, they're going to have access to A Mark's balance sheet. They're going to have access to being able to expand using A Mark's existing inventory. Historically, Stacks' balance sheet has limited them a bit in what they can hold in inventory and their carry costs should improve with A Mark. So I'm looking forward to having another 100% owned subsidiary that's working out of A Mark's inventory and I hope that will help our inventory turns as well as create some efficiencies there.

Like I said, lower borrowing costs, lower inventory costs, lower logistic costs and the benefit of the balance sheet. From a timing perspective, I think that both companies are a lot different than they were five years ago. I think that Stacks has grown alongside AMR operating independently. I do believe that we're getting a very strong balance sheet in the transaction from Stacks. I anticipate that we're going to be acquiring $50,000,000 in working capital and $70,000,000 in shareholder equity in the acquisition, which along with their earnings was a very good opportunity for A Mark, I felt.

And it was probably Stacks was starting to get to a point where they were hitting a bit of a ceiling on their growth just based on their balance sheet and how much business they were doing. And as opposed to going outside and looking for additional capital, The timing seemed right for A Mark to take a look at this and look at the opportunities of where Stacks can go related to to the balance sheet of A Mark. So I think there was some opportunities there where we think the Stacks growth will be able to continue and maybe even move a little bit faster. Overall, I think we continue to have a very full funnel as it relates to our M and A. And as I said on the last call, we continue to look at a number of opportunities and expect to be very active in the next ninety days.

And I think the strategy with Stacks is we will continue to look at ways to look into more luxury goods, more DTC businesses that are adjacent to what A Mark is doing. And we think there's a number of opportunities out there that we're continuing to look at. So I will I would say that this isn't likely just a one off. I think there's other opportunities for us and we think our familiarity with Stacks, the ownership structure there being very similar in some ways to the A Mark holders, it was a very, very good timing and a very good opportunity for us in a business that we're very familiar with and obviously I'm very familiar with it to put it together and give A Mark an opportunity to be involved in what I would consider as a little uncorrelated business and gross profit that we think that A Mark historically has not been able to achieve. And hopefully, we're going to see some higher gross profit margins that will be helpful to A Mark.

Got it. That's helpful, Greg. And you beat me to a follow-up question I had. So, I guess as it relates to maybe geographic perspective, you mentioned a full funnel on M and A. Now that you've established A Mark's presence in the Singapore D2C market, which other Asian markets make the most sense as maybe next steps towards continual expansion in Asia?

have anything on our plate right now that we're looking at that is outside of Hong Kong and Singapore. We're continuing to develop our strategy down there. We've made a couple of key hires. We feel very good about our potential staffing and some new business in those two geographical areas. We did sign a lease for office and retail space in Singapore and we'll start building that out this quarter.

And so I wouldn't anticipate that there's any other moves into any other markets other than adjacent countries or markets that we believe we'll be able to do business with out of this Singapore facility. And so I think as we look at the funnel or as we look at other M and A opportunities right now, I think we're currently focused on domestic opportunities as we digest and as we build out what we have in Asia and prove out the profitability of it and become comfortable with investing our capital down there. But I think we're fine down there for right now. And the opportunities we have that we're looking at right now, I think are probably a little bit more on the domestic side.

The next question comes from Eugene Hawkes with D. A. Davidson. Please proceed. Eugene, your line is live.

Sorry, I was on mute. This is Keegan on for Mike at D. Davidson. I just had a question on Stacks. And you kind of mentioned the seasonality that it's more front half loaded.

So I was just wondering how this business like how accretive is this deal to your earnings? That's probably the simplest way I can put it.

Yes. I mean, I think we're comfortable that it's accretive. I don't think I'm comfortable at the moment when we're not closed on the deal really going into how accretive it is. But I'm sure that we are looking to close this deal in the next thirty days. We have a couple more things to to tie up and we're working on the financing approval which we've indicated in the press release.

I'm sure that when we do close it as we probably next quarter we'll be able to give you a little bit more specifics on that. I will just say that I'm very comfortable with the accretiveness of the deal. I think the 2025, we're looking and estimating about $16,000,000 in EBITDA, I believe. And we're very excited about this opportunity. So I think our timing was good and we'll give you more specifics on that as we digest the deal.

And then just to follow-up on that, you mentioned that you're expecting to be active in the next ninety days. Are other businesses you're looking at going to have to meet the same threshold for accretiveness? Or are you just looking to broaden your reach, I guess?

I mean, I don't want to do any dilutive deals right now. I don't think I have to. I think that you guys have been very patient and our shareholders have been very patient. And what I have said from the beginning is we passed on a lot of opportunities a year or two ago that would have been not accretive and would have turned out to be buying things at the top. It's very hard to buy things buy assets when things are going great.

Our job right now is to understand that we are in a slow period and patience is important and finding the right deals is important and making sure that we're buying deals and taking advantage of opportunities in our marketplace when things are slow. And clearly, we're not particularly happy making $0.27 and we understand that if we're not going to make more on an EPS basis, we better be buying things that are accretive that are going to be good for us in the long term and are going to build our brand in a slow market, but also be very, very accretive if the market changes, which is not in our control. Where we continue to deal with changes. We went through this period this quarter where we had a presidential election that has basically turned the world upside down. And there has been since November a significant catch a breath period, I think across a lot of different asset classes.

Ours in particular is dealing with a customer base that is very happy with the election results and have not up until maybe the last week or so with these tariffs they have not really felt too threatened. The world seemed like it was just going to be a great place in December and January and the November and that everything was just going to be great. It's only really in the last couple of weeks that we've started to see a little bit of fear back in our customer base and a little bit of uncertainty as it relates to these tariffs and what that's going to do to our market in the short term. It hasn't been a great thing. It's increased our borrowing costs a bit and it's caused just a little bit of uncertainty in exactly how gold and silver are going to enter The United States from Mexico and Canada which are big suppliers as it relates to anticipating and learning anticipating and learning and reacting to what's going on.

But as it relates to acquisitions, I really believe that this uncertainty and the low premiums and the buybacks and everything else, Haymarket is really positioned for that. And I think just in the last few weeks as gold has hit another all time high and silver is at $33 we are starting to see better profits on our buybacks. The competition is not as strong as they were ninety days ago or sixty days on the buyback and we're seeing good flow at good pricing actually below spot that is starting to we're starting to see a little bit more margin there. So So we'll look to take opportunities in this slow period where they're available.

The next question comes from Thomas Forte with Maxim Group. Please proceed.

Thank you. Two follow-up questions for me. So, Greg, if you're so inclined, sometimes on these earnings calls, you've discussed quarter to date trends. So if you're so inclined, otherwise, pass up to you.

I feel like I just said enough on that the last four or five minutes.

We're continuing, We're continuing to execute on our plans. I think as you can see, we're able to announce a transaction that we think is great for the company. We're looking to continue to add through M and A targets and deals that we think are accretive and long term are going to be good for the company. And as we've said for the last two quarters, at the moment, higher gold and silver prices are a headwind. They're not actually helping us right now.

And our cost of carrying, our cost of financing, our inventory, which we've talked about before, it costs more for us to hold an ounce of gold at 2,800 than it does at 2,200. So we're optimistic. We feel like the company is functioning in this environment and we'll look for opportunities to take advantage of that.

Great. All right. Then my last question, what I thought was interesting about the quarter and your comments, can you talk about from a capital allocation standpoint, your ability to pay a dividend, buyback shares and engage in strategic M and A all at the same time?

Well, I've talked about doing that for quite some time now. So if I say I'm going to do it, I better do it, right? I mean, it is a balancing act that we believe that there are opportunities in M and A and as we manage our dividends and as we manage our stock buybacks, you're going to see periods where if we have nothing going on in M and A, we're likely to buy back more stock or we're likely to pay higher dividends if we're having good performance. We've talked about that before. I think that you've got to kind of prepare when you go into this M and A that these deals can take four or six months.

So you're kind of planning and juggling well in advance of when you actually announce a deal. I think we're aware of that and my job is to hopefully not waste our resources, our time and energy on deals we're not going to close. So once we find deals we want to do, it's important to close them. But when we do spend $90,000,000 in essence for this deal and we have other deals on the horizon, there is a decision, a fork in the road, are you going to buy back stock or are you going to do M and A or are you going to hold inventory or are you going to pay down debt? Those are the things that we talk about that we juggle here.

In this case, we felt very comfortable and when we add stacks to our balance sheet, it will be clear what we're adding and how we feel that we got a very good balance sheet that is going to add to flexibility at A Mark. And I'm optimistic that these types of transactions whether we use stock or cash or how we do the mix is going to continue to give us that flexibility that when an opportunity is there to buy back stock, we will. But when we're heavy into M and A transactions and we have the cone of silence going on at A Mark when we're doing them, which is important to a successful deal, it's very hard for us to buy back stock when we're in that. And the stock we did buy back this quarter happened at the very beginning of the quarter. So we've been focusing on the M and A for the last feels like forty five or sixty days.

now like to turn the call back over to Mr. Roberts for his closing remarks.

I'd like to thank our many shareholders again for joining the call today and for the continued interest and support in A Mark. I feel like A Mark is going in the right direction and I know it can you have to be patient with us sometimes when we have the volatility and how the business performs. But again, thanks to everybody. Thanks to our employees' dedication and commitment to our success. And we have exciting times ahead and we look forward to keeping you updated on our progress.

Before we conclude today's call, I would like to provide A Mark's Safe Harbor statement that includes important cautions regarding forward looking statements made during this call. During today's call, there were forward looking statements made regarding future events. Statements that relate to A Mark's future plans, objectives, expectations, performance, events and the like are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements and the amount or timing of any future dividends. Future events, risks and uncertainties individually or in the aggregate could cause actual results to differ materially from those expressed or implied in these statements.

These include the following with respect to the proposed transactions with Spectrum Group International the failure of the parties to agree on definitive transaction documents the failure of the parties to complete the contemplated transactions within the currently expected time line or at all the failure to obtain necessary third party consents or approvals and greater than anticipated costs incurred to consummate the transactions. Other factors that could cause actual results to differ include the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities greater than anticipated costs incurred to execute this strategy government regulations that might impede growth, particularly in Asia the inability to successfully integrate recently acquired businesses changes in the current international political climate, which historically has favorable contributed to demand and volatility in the precious metals markets, but also has posed certain risk and uncertainties for the company, particularly in recent periods. Potential adverse effects of the current problems in the national and global supply chains, increased competition for the company's higher margin services, which could depress pricing, the failure of the company's business model to respond to changes in the market environment as anticipated changes in consumer demand and preferences for precious metals precious metal products generally potential negative effects that inflationary pressure may have on our business, the inability of the company to expand capacity at SilverTowne Mint, the failure of our investee companies to maintain or address the preferences of their customer bases, general risk of doing business in the commodity markets and the strategic business, economic, financial, political and governmental risk and other risk factors described in the company's public filings with the Securities and Exchange Commission.

The company undertakes no obligation to publicly update or revise any forward looking statements. Listeners are cautioned not to place undue reliance on these forward looking statements. Finally, I would like to remind everyone that a recording of today's call will be available for replay via a link in the Investors section of the company's website. Thank you for joining us for A Mark's earnings call. You may now disconnect.

Gold.com (GOLD) Q2 2025 Earnings Call Transcript

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