AMark Precious Metals Inc. (AMRK) reported a challenging Q4 2024 with revenue of approximately $2.525 billion and a gross margin of 1.59% (GAAP), reflecting softer demand and lower ounces sold in a volatile precious metals environment. Despite a 19% YoY revenue decline in the quarter and a full-year net income of $66.2 million (diluted EPS of $2.75 for the year, or $2.15 excluding a preliminary $14.4 million remeasurement gain related to Silver Gold Bull), AMRK demonstrated resilience through its fully integrated platform, delivering $87.2 million of operating cash flow and $80.1 million of free cash flow in FY2024. Management underscored ongoing strategic initiatives designed to sustain profitability amid softer market conditions, including international expansion (LPM in Asia; SGB consolidation), enhancement of digital and wholesale channels (JMB Bullion acquisition, Gold.com asset), and capacity improvements via AMGL’s logistics automation project (Kardex) in Las Vegas. The company also highlighted a robust DTC customer base (≈3.1 million at year-end), strong liquidity improvements after repaying notes and amending credit facilities, and a disciplined capital allocation framework centered on M&A, inventory optimization, buybacks, dividends, and debt repayment. Looking into fiscal 2025, AMRK signaled continued exposure to gold price strength and elevated volatility as potential catalysts, while actively pursuing additional cross-border opportunities and operational efficiencies. Investors should monitor: (1) volatility-driven premiums/spreads in precious metals markets, (2) integration and ramp of Asia-focused platforms (LPM, SGB, Singapore hub), (3) progress of AMGL automation and its impact on throughput and costs, and (4) the sustainability of DTC growth and new customer acquisition.