AMark Precious Metals Inc (AMRK) Q4 2024 Earnings Report

Revenue and margin context:
- Q4 FY2024 revenue: $2.525B, down 19% YoY from $3.120B in Q4 FY2023; excluding $47.0M forward sales, revenue declined 28% YoY. Full-year revenue: $9.70B, up 4% YoY; excluding $1.6B of forward sales, full-year revenue declined 17% vs prior year.
- Q4 gross profit: $40.1M, margin 1.59% (vs. $78.6M and 2.52% in Q4 FY2023); full-year gross profit: $173.3M, margin 1.79% (vs. $294.7M and 3.17%).
- Q4 operating income: $17.4M; FY2024 operating income: $53.0M; margins remained sub-1% level on FY basis due to mix and pricing environment.
- Net income: Q4 net income attributable to the company $30.94M ($1.25 basic, $1.20 diluted). FY2024 net income attributable to the company $66.2M ($2.75 diluted); excluding a preliminary $14.4M remeasurement gain related to SGB, diluted EPS was $2.15 for FY2024 and $0.60 for Q4FY2024 on a per-share basis (GAAP vs. non-GAAP adjustment).
- EBITDA: Q4 FY2024 EBITDA $44.15M; FY2024 EBITDA $104.2M (down 54% YoY); ex-remeasurement EBITDA for FY2024 was $89.9M.
Liquidity and cash flow:
- Operating cash flow: $87.23M; free cash flow: $80.11M; net change in cash: +$13.47M; cash at end of period: $48.64M.
- Balance sheet highlights: total assets $1.826B; total liabilities $1.167B; stockholders’ equity $605.333M; total debt $807.098M; net debt $758.462M; cash and cash equivalents $48.636M; inventories (non-restricted) $579.4M; total current assets $1.442B; total current liabilities $883.77M; current ratio 1.632x; quick ratio 0.390x; cash ratio 0.055x.
Capital allocation and operational drivers:
- Quarterly and yearly DTC dynamics: DTC represented 17% of Q4 revenue (FY2024 15% of the consolidated revenue); JMB (MSO/Gold.com ecosystem) represented 15% in Q4 FY2024 (vs 17% prior year).
- Customer and mix metrics: New DTC customers in Q4 2024 were 570,300 (up 530% YoY; up 908% QoQ); full-year DTC new customers were 718,500 (up 114% YoY); total DTC customers ended at ≈3.1 million (up 31% YoY).
- Operational efficiency: AMGL logistics automation project underway (Kardex-based) to support higher volumes and lower unit costs; next-gen expansion in Asia (Singapore hub) under consideration to broaden geographic footprint.
- Capital structure and dividends: 0.20 per share quarterly dividend maintained; note repayments and liquidity improvements: repaid notes payable from the $100M asset-backed securitization and amended trading credit facility; stock repurchase of approximately $22.4M during FY2024.
Key takeaways: AMRK remains cash-generative with meaningful cash flow generation despite a softer quarter; the company is investing into growth platforms (LPM Asia, SGB consolidation, JMB digital expansion, AMGL automation) to offset near-term margin pressures and to position for higher-volume periods driven by macro volatility and election dynamics.

Strategic and operational themes from management commentary:
- Strategy and growth trajectory: Greg Roberts emphasized the strength and adaptability of AMRK’s integrated platform to generate profitable results even in a slower macro environment, noting net income of $66.2M for FY2024 and the potential upside from strategic acquisitions and international expansion. Quote: “our fiscal year 2024 results demonstrate the continued strength and adaptability of our fully integrated platform to generate profitable results even during slower market conditions.”
- Balance sheet and liquidity actions: Management highlighted enhanced liquidity through debt repayment and facility amendments, and a stock repurchase program, stating: “we repaid our notes payable from our $100 million asset-backed securitization and amended our trading credit facility, resulting in increased liquidity. We also repurchased $22.4 million of our common stock.”
- Operating performance and margin dynamics: Kathleen Taylor noted Q4 revenue decline driven by lower ounces sold and mix, with DTC and JMB contributions described; management stressed that the 1.59% gross margin in Q4 reflects the mix and market environment, and highlighted the shift toward higher-margin opportunities in DTC and Wholesale over time.
- DTC expansion and customer growth: Thor Gjerdrum provided color on new customer metrics, emphasizing the scale of the DTC base: “The number of new customers in the DTC segment was 570,300 in Q4 fiscal 2024, which is up 530% from Q4 of last year and increased 908% from last quarter… total customers in the DTC segment at the end of the fourth quarter was approximately 3.1 million, which was a 31% increase from the prior year.”
- Asia expansion and M&A pipeline: Management reiterated focus on expanding into Asia (LPM, SGB) and building a trading hub in Singapore, with optimism on M&A opportunities in the current environment. Quote from the call underpins this: “we are evaluating opportunities to further expand our market reach to create value for our shareholders” and “the opportunity to move our Wholesale assets and expertise into the Asian market and develop a Wholesale trading hub in Singapore.”
- Near-term macro sensitivity: Greg highlighted the VIX spike and August activity as indicators of how volatility supports client engagement, suggesting sensitivity to macro risk events. Quote: “During the first few weeks of August, we experienced increased volatility… our customers reacted to this, and we had a better than we expected increase in activity that week.”

AMRK’s investment case rests on a dual track of resilient current-quarter profitability and a strong, multi-year growth trajectory anchored in geographic diversification and digital scale. Quantitatively, the stock trades at a modest forward multiple (P/E around 6.0x; P/S ~0.30x; P/B ~1.23x; dividend yield ~0.61%), suggesting the market discounts ongoing volatility risk while awaiting transformative growth from Asia expansion and the DTC ecosystem. The company’s ability to generate positive free cash flow ($80.11M in FY2024) and maintain a sustainable dividend supports downside protection in a volatile macro environment. Qualitatively, AMRK’s strategy to expand in Asia (LPM, SGB, Singapore hub), coupled with logistics automation at AMGL and the JMB digital footprint, positions it to capture higher-margin activity during periods of market stress when liquidity is needed. Nevertheless, execution risk around integration, regulatory exposure in Asia, and premium dynamics remain meaningful uncertainties. Given management’s emphasis on expanding market reach, maintaining liquidity, and pursuing M&A opportunities, the key catalysts are: (1) revival of precious metals premiums and heightened volatility driving higher spreads, (2) successful ramp and profitability from Asia platforms, (3) realized cost savings from AMGL automation, and (4) accretive M&A closes. Investors should monitor volatility conditions (VIX-driven activity), the integration trajectory of LPM and SGB, and the evolution of DTC customer engagement and average order value. A balanced scenario shows: base-case: modest growth in volumes with stable but depressed margins; bull-case: renewed volatility and higher premiums lift margins and cash generation; bear-case: macro shock or regulatory headwinds compress margins and slow integration benefits.