AMark Precious Metals reported Q3 FY2024 (quarter ended March 31, 2024) with revenue of $2.613 billion, up 13% year over year, driven by higher average selling prices for gold and silver. However, gross profit declined 54% to $34.8 million, yielding a gross margin of 1.33%, with the company attributing the compression to a higher carry cost on inventory and a shift in mix toward wholesale/retail monetization rather than DTC-driven margins. Net income was $5.0 million, or $0.21 per diluted share, and EBITDA (non-GAAP) was $12.6 million, down 76% year over year. The quarter included one-time acquisition costs of $2.2 million related to the LPM Group Limited acquisition completed in February 2024 and ongoing integration benefits. Management highlighted robust organic growth in the Direct-to-Consumer (DTC) channel, adding 56,600 new customers in Q3 (up 8% quarter over quarter), with total DTC customers approaching 2.5 million. AMRK also repurchased 204,396 shares for $5.0 million. The company reiterated its strategic focus on M&A and geographic expansion (notably Asia via LPM) and continued logistics automation to support higher SKU counts and volume. Looking ahead, management conveyed cautious optimism for improving premiums and demand in the near term, citing April as a positive inflection point, and maintained an active stance on acquisition opportunities. The near-term profitability remains challenged by market-wide premium compression and inventory carry, but the platform advantages—fully integrated supply, logistical scale, and a diversified mix of wholesale, DTC, and secured lending—support a constructive longer-term outlook with multiple catalysts, including Asia expansion, DTC growth, and ongoing capital allocation discipline.