A-Mark Precious Metals, a leading fully integrated precious metals platform, has officially announced its preliminary results for the fiscal fourth quarter and full year ended June 30, 2024. According to certain reports, the published results reveal how gold ounces sold in the three months, ended June 30, 2024 decreased 45% to 448,000 ounces from 814,000 ounces. On the other hand, the same component’s sales were up 0.4% from 446,000 ounces for the three months ended March 31, 2024. Next up, we have sales associated with silver. Here, we would learn that silver ounces sold in the given time decreased 44% to 25.4 million ounces from 45.3 million ounces for the three months ended June 30, 2023, while simultaneously going down by 1% from 25.7 million ounces for the three months ended March 31, 2024. Moving on, as of June 30, 2024, the number of secured loans availed by A-Mark also decreased by 33% to 588 from 882. The same decrease would settle around 13% for the three months ended on March 31, 2024. Then, there is a piece of data rooted in D2C customers, considering new D2C customers increased 530% to 570,300 from 90,400. More on the same would reveal how, for the three-month periods ended June 30, 2024, and June 30, 2023, approximately 92% and 32% of the new customers were attributable to the acquisition of a controlling interest in Silver Gold Bull, Inc, as well to acquired customer list of BullionMax.
Having referred to new D2C customers, we now must also dig into D2C active customers which decreased 14% to 114,600 from 133,800 for the three months ended June 30, 2023. Another detail worth a mention here is rooted in D2C average order value, which decreased $398, or 12% to $2,890 from $3,288. Joining that would be a decrease in revenue. In essence, A-Mark’s revenue for the given period nosedived by almost 19% to $2.52 billion from $3.12 billion. Now, it did see an uptick of around $47.0 million in forward sales, the company recorded a decrease of $641.4 million, or 28% compared to the prior year’s fiscal fourth quarter. As for the gross profit achieved during this very timeframe, it relayed a 45% reduction, going to $43.0 million from $78.6 million for the three months ended June 30, 2023. Alongside gross profit, A-Mark’s gross profit margin also decreased by 1.70% of revenue from 2.52% of revenue for the three months in question. Then, we have diluted earnings per share totaling upto $1.20 for the three months ended June 30, 2024, marking a 30% decrease compared to $1.71 we saw last year.
“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,” said Greg Roberts CEO of A-Mark. “Despite the less favorable macro-economic environment and the softened demand compared with last fiscal year, we delivered preliminary earnings of $2.75 per diluted share and generated $104.2 million in preliminary non-GAAP EBITDA. Looking ahead to fiscal 2025, we continue to evaluate opportunities to further expand our market reach to enhance stockholder value.”
Looking beyond the quarterly numbers, A-Mark’s full-year 2024 operational highlights would have the company selling 31% less gold, with the stated falling to 1,839,000 ounces compared to 2,667,000 in the fiscal year ended June 30, 2023. An identical 31% decline was also observed in silver sales, which went to 108.1 million ounces from 156.2 million ounces in the previous year. Markedly enough, the new D2C customers for the given period increased 114% to 718,500 from 335,300. The active D2C customers also went up by 1%, gain from 476,300 to 483,400 reported in 2023.
