A-Mark Precious Metals, Inc.

Thank you, Greg, and good afternoon to everybody. Our revenues for Q4 fiscal 25 decreased 1 percent to 2.51 billion from 2.52 billion in Q4 of last year. Excluding a decrease of 94 million of forward sales, revenues increased 81 million, or 5 percent, which was due to higher average selling prices of gold and silver offset by a decrease in gold and silver ounces sold. For the full year, our revenues increased 1.3% to $10.98 billion from $9.7 billion in the prior fiscal year. Excluding an increase of $446 million of forward sales, our revenues increased $832.9 million, or 15%, which was due to higher average selling prices of gold and silver partially offset by a decrease in gold and silver ounces sold. Revenue has also increased due to the acquisition of a controlling interest in Silver Gold Bull, which we'll refer to as SGB, in June of 2024, and the acquisitions of Spectrum Group International, which we'll refer to as SGI, and Pinehurst Coin Exchange, which we'll continuously refer to as Pinehurst, in February of 2025, and finally, AMS Holdings, which we'll refer to as AMS in April of 25. Gross profit for Q4 fiscal 25 increased 90% to $81.7 million or 3.25% of revenue from $43.0 million or 1.7% of revenue in Q4 of last year. The increase is primarily due to the acquisition of a controlling interest in SGB in June of and the acquisitions of SGI and Pinehurst in February of 25 and AMS in April of 25. For the full fiscal year, gross profit increased 22% to $210.9 million, or 1.92% of revenue from $173.3 million, or 1.79% of revenue in the prior fiscal year. The increase in gross profit was due to higher profits earned by our direct-to-consumer segment, partially offset by lower gross profits earned from our wholesale sales and ancillary services segment. SGA expenses for Q4 of fiscal 25 increased 135% to $53.4 million from $22.7 million in Q4 of last year. The overall increase was primarily due to an increase in compensation expense, including performance-based accruals of $17.6 million, an increase in advertising costs of $5.3 million, an increase in consulting and professional fees of $3.1 million, and other expenses. Increases in SG&A expenses, including expenses incurred by SGB, SGI, Pinehurst, and AMS, which were not included or only partially included in the same year-ago period. For the full fiscal year, SG&A expenses increased 55 percent to $139 million from $89.8 million in the prior fiscal year. The increase is primarily due to an increase in compensation expense, including performance-based accruals of $24.1 million, as well as increases in consulting and professional fees of $9.1 million, advertising costs of $8.4 million, facilities expenses of $3.0 million, and other expenses. SG&A expenses, including expenses incurred by LPM, SGB, SGI, Pioneers, and AMS, which were not included or only partially included in the same year-ago period. Depreciation and amortization expense for Q4 of fiscal 25 increased 201 percent to $8.6 million from $2.8 million in Q4 of last year. was primarily due to an increase in amortization expense of $6 million related to intangible assets acquired through the acquisition of a controlling interest in SGB and the recent acquisitions of AMS and SGI. For the full fiscal year, depreciation and amortization expense increased 101% to $22.9 million from $11.4 million last fiscal year. The increase was primarily due to an increase in amortization expense of $12.9 million related to intangible assets acquired through our acquisitions of LPM, SGI, Pioneers, AMS, and the acquisition of a controlling interest in SGB. An increase of $1.8 million of depreciation expense due to an increase in capital expenditures partially offset by a decrease in JMV intangible asset amortization of $3.1 million. Interest income for Q4 of fiscal 25 decreased 34% to $5.3 million from $8.1 million in Q4 of last year. The decrease is primarily related to lower interest earned from repurchase agreements with customers of $1.4 million and other finance products of $0.7 million. For the full fiscal year, interest income decreased 4% to $25.9 million from $27.2 million in the prior fiscal year. The decrease is primarily due to it a decrease in interest income earned by our secured lending segment of $0.8 million, and other finance product income of $0.5 million. Interest expense for Q4 of 25 increased 34% to $12.9 million from $9.6 million in Q4 of last year. The increase in interest expense was primarily driven by higher overall borrowings related to precious metal leases, the trading credit facility, and product financing agreements. For the full fiscal year, interest expense increased 17% to $46.2 million from $39.5 million last fiscal year. The increase is primarily driven by higher overall borrowings related to precious metal leases, the trading credit facility, and product financing agreements, partially offset by the repayment of AM capital funding notes that we had back in December of 2023. Earnings from equity method investments in Q4 decreased significantly to a loss of $0.8 million from earnings of $0.8 million in Q4 of last year. For the full fiscal year, earnings from equity method investments decreased 170 percent to a loss of $2.8 million from earnings of $4.0 million last fiscal year. The decrease in both periods was due to decreased earnings from our equity method investees. Net income on a GAAP basis attributable to the company for the fourth quarter of fiscal 25 total 10.3 million or 0.41 cents per diluted share. This compares to net income attributable to the company of 30.9 million or 1.29 cents per diluted share in Q4 of last year. For the full fiscal year, net income on a GAAP basis attributable to the company total 17.3 million or 0.71 cents per diluted share which compares to net income attributable to the company of $68.5 million, or $2.84 per diluted share, last fiscal year. Adjusted net income before provision for income taxes, a non-GAAP performance measure, which excludes depreciation, amortization, acquisition costs, remeasurement gains or losses, and contingent consideration fair value adjustments for Q4 fiscal 25, totaled $19.2 million, a decrease of 5% compared to $20.1 million in the same year-ago quarter. Adjusted net income before provision for income taxes for the full fiscal year totaled $53.1 million, a 34% decrease from $80.3 million in the prior fiscal year. EBITDA, another non-GAAP liquidity measure which excludes interest, taxes, depreciation, and amortization, for Q4 fiscal 25 total 29.2 million, a 24% decrease compared to the 38.4 million in Q4 fiscal 24. EBITDA for the full fiscal year totaled 64.4 million, a 40% decrease compared to the 106.5 million last fiscal year. Turning to our balance sheet, at fiscal year end we had $77.7 million worth of cash. compared to $48.6 million at the end of the fiscal 24. Our non-restricted inventories totaled $794.8 million, up by $215 million from the $579.4 million we had at the end of the last fiscal year in 24. And that completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor?

Thank you, Jerry. Looking at our key operational metrics for the fourth quarter and full year 2025, we sold 346,000 ounces of gold in Q4 fiscal 2025, which is down 23% from Q4 of last year and down 20% from the prior quarter. For the full fiscal year, we sold 1.6 million ounces of gold, which is down 11% from last fiscal year. We sold 15.7 million ounces of silver in Q4 fiscal 2025, which was down 38% from Q4 of last year and down 0.2% from the prior quarter. For the full fiscal year, we sold 73.6 million ounces of silver, which was down 32% from last year. The number of new customers in the DTC segment, which is defined as those who register, set up a new account, or made a purchase for the first time during the period, was 108,900 in Q4 fiscal 2025, which was down 81% from Q4 of last year and decreased 88% from last quarter. For the three months into June 30, 2025 and June 30, 2024, approximately 30% and 92% of the new customers were attributable to the acquisition of AMS and the acquisition of a controlling interest in SGB, respectively. For the three months into March 31, 2025, approximately 84% and 9% of the new customers were attributable to to the acquisitions of Pinehurst and SGI, respectively. For the full fiscal year, the number of new customers in the DTC segment was 1,129,200, a 57% increase from the 718,500 new customers in the prior fiscal year. Approximately 79% of the new customers for the fiscal year ended June 30, 2025 were attributable to the acquisitions of SGI, Pinehurst, and AMS. Approximately 73% of new customers in fiscal year 2024 were attributable to the acquisition of a controlling interest in SGB. The number of total customers in the DTC segment at the end of the fourth quarter was approximately 4.2 million, a 37% increase from the prior year. Their year-over-year increase in total customers was due to the acquisitions of SGI, Pinehurst, and AMS, as well as organic growth of our JMB customer base. The DTC segment average order value, which represents the average dollar amount of products ordered, excluding accumulation program orders, delivered to customers during Q4 fiscal 2025 was 2,443, which is down 15% from Q4 fiscal 2024 and down 21% from the prior quarter. For the full fiscal year, our DTC average order value was 2,886, which was up 19% from fiscal 2024. For the fiscal fourth quarter, our inventory turn ratio was 1.9, which was 17% decrease from 2.3 in Q4 of last year, and a 21% decrease from 2.4 in the prior quarter. For the full fiscal year, our inventory turn ratio was 9.1, a 1% decrease from the 9.2 last fiscal year. And finally, the number of secured loans as of June 30, 2025, totaled 445, a decrease of 9% from March 31, 2025, and a decrease of 24% from June 30, 2024. Our secured loan receivable balance at the end of fiscal year was $94 million, a 9% decrease from March 31, 2025, and a 70% decrease from June 30, 2024. That concludes my prepared remarks. I'll now turn it over to Greg for closing remarks. Greg?

Thank you, Thor and Kerry. Our recent acquisitions and growing international presence have strengthened our competitive position while expanding our footprint into higher margin luxury segments. Our investment in infrastructure and automation technology at our Las Vegas facility has enabled us to centralize our operations, manage costs, and allows us to scale up as market conditions evolve. Looking ahead to fiscal 2026 with our expanded brand portfolio, and ongoing integration and optimization opportunities, we remain confident in AMARC's long-term trajectory and our continuing ability to deliver shareholder value. That concludes my remarks. Operator, we can now open the line for questions.