A-Mark Precious Metals, Inc.

Good afternoon and welcome to AMARC Precious Metals Conference call for the fiscal fourth quarter and full year ended June 30, 2025. My name is John and I will be your operator this afternoon. Before this call, AMARC issued its results for the fiscal fourth quarter and full year 2025 in a press release, which is available in the investor relations section of the company's website at www.amarc.com. You can find the link to the Investor Relations section at the top of the homepage. Joining us for today's call are AMARC CEO Greg Roberts, President Thor Dirdrum, and CFO Carrie Dixon. 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 will be made available for replay via a link available in the investor relations section of AMARC's website. Now, I would like to turn the call over to AMARC's CEO, Mr. Greg Roberts. Sir, please proceed.

Thank you, John, and good afternoon to everyone. Thanks once again for joining our call. As we reported in our earnings release today, our fourth quarter and fiscal year 2025 results underscore the ability of our fully integrated platform to generate positive results during challenging market conditions. Despite the ongoing uncertainty in the physical markets, which has led to increased supply and range bound premium spreads, we reported 17.3 million of net income non-GAAP adjusted net income before provision for income taxes of $53.1 million, non-GAAP earnings before interest taxes depreciation amortization of $64.4 million, and diluted EPS of 71 cents per share for our fiscal year 2025. For the fourth quarter of 2025, we generated $10.3 million of net income, non-GAAP adjusted net income before provisions for income taxes of $19.2 million, non-GAAP earnings before interest taxes depreciation amortization of $29.2 million, and diluted EPS of $0.41 per share. Our fourth quarter results improved from the previous quarter with a 99% increase in gross profit, a 233% increase in non-GAAP adjusted net income, and a 2,167% increase in non-GAAP EBITDA, reflecting the benefit of our recent strategic acquisitions. We have made steady progress bringing Spectrum Group International, AMS Holdings, and Pinehurst Coin Exchange under the AMARC umbrella, managing inventory levels and completing automation upgrades at our AMGL facility, with centralized operations now in place. We completed the migration of Pinehurst Logistics operations from North Carolina to AMGL in Las Vegas, one example of our cost-saving synergies we expect to achieve from our recent acquisitions. As we continue to progress our integration initiatives, the scale and efficiencies we're achieving will help to optimize expenses, create greater operating leverage, and maintain costs at more optimal levels going forward. We have also made significant progress in our expansion into Asia with LPM, now fully operational in Singapore across both wholesale and e-commerce channels, further broadening our reach into the Southeast Asian market. We believe these acquisitions, combined with our growing international presence, strengthen our distribution channels and expand our reach into higher margin collectible and luxury segments. With a broader and more diversified platform, improved operational leverage, and a strong balance sheet, we enter the new fiscal year well-positioned to capture growth across multiple channels. Now, I will hand the call over to our new CFO, Kerry Dixon, who will provide a more detailed financial overview of our results. Then, AMARC's president, Thor Gjerdrum, will discuss our key operating metrics. Afterwards, I will provide further update on our business growth and strategy for the upcoming fiscal year and then take your questions. Kerry?

Thank you, Greg, and good afternoon to everybody. Our revenues for Q4 fiscal 25 decreased 1 percent to 2.5 $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%, 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. Revenues also increased due to the acquisition of a controlling interest Silver Gold Bull, which we referred to as SGB in June of 24, and the acquisitions of Spectrum Group International, which we referred 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 percent to $81.7 million or 3.25 percent of revenue from $43.0 million or 1.7 percent of revenue in Q4 of last year. The increase is primarily due to the acquisition of a controlling interest in SGB in June of 24 and the acquisitions of SGI in Pinehurst in February 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 percent 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% 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 and 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 per Q4 of fiscal 25 increased 201 percent to $8.6 million from $2.8 million in Q4 of last year. The increase 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 percent 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 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 201 percent 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 totaled 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, tributaries to the company total $17.3 million, or .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 percent decrease compared to the $38.4 million in Q4 fiscal 24. EBITDA for the full fiscal year total $64.4 million, a 40 percent 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?