AMark Precious Metals Inc (AMRK) Q1 2026 Earnings Report

AMark Precious Metals’ QQ1 2026 results reflect a significant strategic inflection point driven by recent acquisitions and a corporate branding shift to gold.com. Revenue rose 36% year over year to $3.68 billion, aided by higher gold ounces sold and stronger average metal prices, with adjusted revenue excluding forward sales up about 27.6% quarter over quarter. Gross profit increased to $72.9 million, up 68% YoY and 77.7% QoQ, delivering a gross margin of approximately 1.98% as the company continues a pass-through metals trading model that yields comparatively thin margins but leverages scale across segments.

Management highlighted the early benefits of the acquisitions (SGI, Pinehurst, AMS) and the Monex Deposit Company integration, underscoring a more fully integrated platform with expanded storage assets (Monex storage under custody exceeding $630 million) and a strengthened direct-to-consumer (DTC) capability through well-known brands. The company signaled improving demand and premium spreads in September and October, supported by stronger auction results from Stack’s Bowers and accelerated integration of AMGL, Pinehurst, and AMS into Las Vegas operations. Net income declined to a small loss of $0.9 million ($0.04 per diluted share) as SG&A escalated to support growth, while EBITDA declined to $14.3 million (down 20% YoY). Cash generation was robust, with net cash provided by operating activities of approximately $195.4 million and free cash flow of the same magnitude, driven largely by working capital movements.

Looking ahead, AMark’s management conveyed a cautiously optimistic stance: sustained demand in a volatile metals environment, continued integration efficiencies, and the anticipated full transition to gold.com next month. The strategic focus remains on expanding storage capacity, scale efficiencies, and cross-brand synergies while navigating macro headwinds, including gold lease dynamics, financing costs, and foreign regulatory considerations as the business expands internationally.