Q1 2026 A-Mark Precious Metals Inc Earnings Call
Speaker #5: Good afternoon and welcome to Amex . Precious Metals Conference . Call for the fiscal first quarter ended September 30th , 2025 . My name is Kelly , and I will be your operator for this afternoon .
Speaker #5: Before this call , A-mark issued its results for the fiscal first quarter 2026 . In a press release , which is available in the Investor Relations section of the company's website at .
Speaker #5: You can find the link to the Investor Relations section at the top of the homepage . Joining us for today's call are Amex CEO Greg Roberts and CFO Cary Dickson .
Speaker #5: Following their remarks , we will open the call to your questions . Then , before we conclude the call , I'll provide the necessary cautions regarding the forward looking statements made by management during this call .
Speaker #5: I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of AMC's website .
Speaker #5: Now , I would like to turn the call over to Amex CEO Mr. Greg Roberts . Sir , please proceed .
Speaker #6: Thank you . Kelly , and good afternoon , everyone . Thanks for joining the call today . Today's an exciting day for A-mark .
Speaker #6: As you may have seen in our press releases , we announced today the acquisition of Monarch's deposit Company and our upcoming rebrand and relisting to Gold .
Speaker #6: I'll touch on both before getting into the quarter . Monarch's is one of the nation's largest direct to consumer or DTC . Precious metals dealers .
Speaker #6: Since its founding in 1987 , Monarch's has facilitated billions of dollars in transactions and built a full service platform offering bullion and coin products .
Speaker #6: The business also includes a sizable secure storage offering , which now exceeds 600 $630 million in assets under custody . I've known and worked with the Caribbean family throughout my career and were excited to welcome Michael and his team under the A-mark Goal.com umbrella .
Speaker #6: This acquisition strengthens our DTC presence by leveraging monarch's well-established brand reputation and loyal customer base . We also expect operational synergies that will enhance and streamline both organizations .
Speaker #6: Turning to our decision to rebrand and transfer our listing , we began laying the groundwork several years ago when Jay and Bullion acquired the gold dot com domain .
Speaker #6: Once the ticker became available on the New York Stock Exchange, the timing was right to make the change. Gold embodies who we are as we strengthen our category leadership and help shape the future of precious metals, numismatics, and other collectibles.
Speaker #6: This name change marks the first step in positioning us for continued long term success , enhancing operational excellence and delivering value to customers , partners and shareholders .
Speaker #6: Interest . Investor interest , and gold and silver has grown in recent years , and as we expand into adjacent categories such as wine , sports cards and other collectibles , now is the right time to modernize our corporate identity and how these assets are bought , sold and managed .
Speaker #6: While Goal.com will serve as the corporate brand , our wholesale sales and ancillary services segment will continue to operate under the A-mark name and brand .
Speaker #6: Our direct to consumer segments will continue to go to market through the portfolio of trusted brands and channels , including JM Bullion and Stacks .
Speaker #6: Bowers collateral Finance , Goldline . Our and will also retain their names . We're excited about this next chapter and look forward to the official exchange transfer on December 2nd .
Speaker #6: Now on to our quarter . Our results demonstrate the resiliency of our fully integrated platform and the early benefits of our recent acquisitions .
Speaker #6: While July , and particularly August , were marked by subdued demand and historically tight premium spreads , spreads , continued conditions improved meaningfully after Labor Day .
Speaker #6: For the quarter , we delivered 72.9 million in gross profit . This performance reflects the late quarter shift in consumer demand , combined with strong auction results from our recently acquired Stack's Bowers Galleries in September and October .
Speaker #6: We experienced a welcome increase in demand and expanded premium spreads . We have benefited from our strong balance sheet and our ability to manage our inventory levels to satisfy this increased demand .
Speaker #6: The ability to quickly ramp up production at both of our mints has proved to be timely , as we have been moving through the second quarter , although spot prices have come off all time highs in the last two weeks , we are well positioned to take advantage of a continuation of elevated demand environment .
Speaker #6: Operationally , our investment in AML over the past several quarters has paid off as we integrate our recent acquisitions . This quarter , we successfully consolidated Pinehurst Operations , inventory and shipping with AML and have automated those initiatives .
Speaker #6: We're also continuing to rightsize AMS , and we expect additional savings as we centralize operations and capture further economies of scale internationally . Our move to Asia with LPM has delivered sizable contributions .
Speaker #6: This quarter . We believe the the traction , the business is a strong indicator of what's ahead . Our fully integrated platform positions us to succeed across market environments .
Speaker #6: With that , I will turn the call over to our CFO , Cary Dickson , for a detailed financial review and to walk through our key operating metrics .
Speaker #6: Afterwards , I will return with additional comments on our business growth strategy for the coming fiscal year , as well as take your questions .
Speaker #6: Kerry . Thank you . Greg , and good afternoon to everybody . Our revenues for Q1 .
Speaker #7: Fiscal Q1 2026 increased 36% to $3.68 billion, from $2.72 billion in Q1 of last year, excluding an increase of $561 million of forward sales.
Speaker #7: Our revenues increased 404 million , or 27.6% , which was due to an increase in gold ounces sold and higher average selling prices of gold and silver , partially offset by a decrease in silver ounces sold revenues also increased due to the acquisitions of SGI , Pinehurst and AMS in the last two quarters of fiscal 25 , gross profit for Q1 fiscal 26 increased 68% to 72.9 million , or 1.98% of revenue , from 43.4 million , or 1.6% of revenue , in Q1 of last year .
Speaker #7: The increase was primarily due to higher gross profits earned by both the wholesale sale and ancillary services , and direct to consumer segments , including the acquisitions of SGI , Pinehurst and AMS , which were not included .
Speaker #7: In the same quarter a year ago, partially offset by lower trading profits, expenses for Q1 Fiscal 2026 increased 125% to $59.8 million, from $26.6 million in Q1 of last year.
Speaker #7: The overall increase is primarily due to increases in compensation expense of 19.5 million advertising costs of 5.2 million consulting and professional fees of fees of 4.1 .
Speaker #7: Million facilities expenses of 1.3 , and bank and service credit fees of 1.2 million . SG&A expenses for the three months ended September 30th , 25 included expenses incurred by SGI , Pinehurst , and AMS , which were not included in the same year ago period as they were not consolidated subsidiaries .
Speaker #7: And we had not acquired them yet . Depreciation and amortization for Q1 of 26 increased 61% to 7.6 million , from 4.7 million in Q1 .
Speaker #7: The increase was primarily due to an increase in amortization expense resulting from the increase in step up of our intangible assets through the acquisitions that we've been talking about .
Speaker #7: Interest income for Q1 fiscal 2016 decreased 21% to 5.6 million , from 7.1 million in Q1 of last year . The decrease is primarily due to a decrease in other finance product income of 1 million and a decrease in interest income earned by our secured lending segment of 0.5 million .
Speaker #7: Interest expense for Q1 fiscal 26 increased 26% to 12.6 million , from from 10 million in Q1 of last year . The increase in interest expense was primarily due to an increase of 1.3 million related to precious metal leases , an increase of 0.6 million associated with our trading facility .
Speaker #7: Credit facility , an increase of half a million related to product financing arrangements . Earnings from equity method investments of Q1 fiscal 26 decreased 257% to a loss of 0.9 million from earnings of 0.6 million profit in Q1 of last year .
Speaker #7: The decrease is due to decreased earnings from our equity method , Investees net loss attributable to the company for the first quarter of fiscal 26 totaled 0.9 million , or $0.04 per diluted share .
Speaker #7: This compares to net income attributable to the company of 9 million , or $0.37 per per diluted share , in Q1 of last year .
Speaker #7: Adjusted net income before provision for income taxes , a non-GAAP financial performance measure which was excludes depreciation , amortization , acquisition costs and contingent consideration .
Speaker #7: Fair value adjustments for Q1 2026 total $4.9 million, a decrease of 67% compared to $14.8 million in the same year-ago quarter.
Speaker #7: EBITDA , a non-GAAP liquidity measure for Q1 fiscal 26 , totaled 14.3 million , a 20% decrease compared to 17.8 million in the same quarter last year .
Speaker #7: Turning to our balance sheet , as of September 30th , we had 89.2 million in cash , compared to 77.7 million at the end of fiscal 25 .
Speaker #7: Our Non-restricted inventories totaled 846.1 million as of September 30th , compared to 700 794 million at the end of fiscal 25 . That completes my financial summary .
Speaker #7: Now , looking at our key operating metrics for the first fiscal quarter of 26 , we sold 439oz of gold in Q1 fiscal 26 , which was up 10% from Q1 of last year and up 27% from the prior quarter .
Speaker #7: We sold 10.4 million ounces of silver in Q1 fiscal 2026, which was down 49% from Q1 of last year and down 34% from the prior quarter.
Speaker #7: The number of new customers in our . DTC segment , which is defined as those who registered , set up a new account or made a purchase for the first time during the period was 69,400 and Q1 fiscal 26 , which was up 25% from Q1 of last year and decreased 36% from last quarter .
Speaker #7: The number of total customers in our direct-to-consumer segment at the end of the first quarter was approximately 4.3 million, a 37% increase from the prior year.
Speaker #7: This year over year increase in total customers is predominantly due to the acquisitions of SGI , Pinehurst AMS , as well as organic growth of our GMV customer base .
Speaker #7: Finally , the number of secured loans at the end of September totaled 424 , a decrease of 5% from June 30th 25 and a decrease of 25% from September 30th , 24 .
Speaker #7: Our secured loans receivable balance at the end of September was 103.6 million , a 10% increase from June 30th , 25 and a 2% increase from September 30th of 24 .
Speaker #7: That concludes my prepared remarks . I'll now turn it back over to Greg for closing remarks .
Speaker #6: Thank you . Carrie . We've seen a the the momentum that began late in the first quarter carry into our second quarter . And we're cautiously optimistic about the year ahead with the addition of monarchs and our recent acquisitions .
Speaker #6: We're now better positioned to perform across all market environments and to capitalize on periods of heightened volatility as we prepare for our transition to Goal.com next month.
Speaker #6: This milestone underscores our vision to build the most trusted and globally recognized precious metals platform , backed by the strength of our core business .
Speaker #6: The power of our integrated model , and the momentum from our recent acquisitions . We have a solid foundation for sustained growth in profitable , sustained , and profitable growth .
Speaker #6: We remain confident in our long term trajectory and our ability to create lasting value for our shareholders . That concludes my remarks . Operator .
Speaker #6: We can now open the line for questions .
Speaker #5: Certainly , the floor is now open for questions . If you have any questions or comments , please press star one on your phone at this time .
Speaker #5: We ask that while posing your question , you please pick up your handset . If listening on a speakerphone to provide optimum sound quality , please hold just a moment while we pull for any questions .
Speaker #5: Your first question is coming from Thomas Forte with Maxim Group . Please put your question . Your line is live .
Speaker #8: Yep . So , Greg , congrats on all the advancements and the rebrand to Gold . One question , one follow up . And then I might get back in the queue .
Speaker #8: I wanted to ask you , Greg , for your current thoughts on strategic M&A . You've had a lot of transactions over the last 12 to 18 months .
Speaker #8: What's your current appetite for additional deals and how should we think about areas of focus ? Domestic versus international ? DTC ? And I guess precious metals versus other collectibles ?
Speaker #8: The recent examples have been wine and and numismatics .
Speaker #6: Yeah , I as always , I think you know this question . I answer it the same way . We're always looking at opportunities , always looking at at , you know , pieces that we think fit in in the overall goals .
Speaker #6: And , you know , where we want to be going forward . We've digested and , you know , we've digested the acquisitions we did earlier in the year .
Speaker #6: The team has done a great job getting those in a position where we can now start to see the benefits from the acquisitions .
Speaker #6: On the rare coin side , which generally , you know , has some correlation to precious metals prices from a buyer behavior perspective , we accomplished one of the largest auctions that Stack's Bowers has had in history in August and September .
Speaker #6: So, we've seen great strength there. As we look for other opportunities, you know, we're always open and always looking at ways to expand.
Speaker #6: I think we've done a lot in Asia over the last 24 months , and we're definitely seeing the benefits of of of those acquisitions pay off today .
Speaker #6: You know , we have a great partner in Adkinson in the UK . They're their business has been very strong over the last 24 months .
Speaker #6: And you know we would we would love to help Atkinsons grow . You in the UK as it relates to other geographical areas .
Speaker #6: There's nothing at the moment that is a must have . I believe for us , although , you know , we're if we see something we like , we'll , we'll , we'll talk about it .
Speaker #6: The monarch's transaction is something that , you know , I've worked on for for many quarters now . A company that has been a customer , the counterparty of A-mark for over 25 years .
Speaker #6: They have a a great model , a great customer base and and most importantly , management . The Caribbean family are and others .
Speaker #6: There are are just great assets that we're bringing into the fold . So you know , we want to get that deal closed .
Speaker #6: We want to continue to look for for synergies . You know , as we've grown , as you can see from the numbers , you know , our SG&A has grown a lot of it having to do with with new employees through the acquisitions .
Speaker #6: Our finance costs are up . A lot of that having to do with headwinds . You know , related to the precious metals financing overall macro business as well as , you know , we're financing the same amount of ounces at much higher spot prices right great , now .
Speaker #6: So I think , you know , our appetite is still there . And , you know , we'll continue to look for deals that we believe are accretive to the business .
Speaker #8: Thank you . And then for my follow up and then I might get back in the queue , I'd really appreciate your thoughts on stablecoins and gold demand .
Speaker #8: So I think there's been a long-time debate, or had been a long-time debate, on kind of gold versus Bitcoin. And I see this as an example of gold and crypto.
Speaker #8: So would appreciate your thoughts on stablecoins and gold demand .
Speaker #6: I mean , the gold demand has been incredible over the last nine , 9 to 12 months . And it's reflected in the performance of the spot prices .
Speaker #6: And you have , you know , throughout the beginning of the year and most of last year , you had strong central central bank buying .
Speaker #6: And I've talked about this before , China has has been buying large quantities of gold for at least the last 3 or 4 years .
Speaker #6: And that and that demand has , you know , trickled down to other , other governments . I think , you know , you could look towards India , you could look towards Russia , you could look towards other countries that are , you know , kind of on the anti dollar trade right now .
Speaker #6: And whether it be redeploying assets from maturing treasuries or just , you know , reallocation , you you've seen central banks really leading .
Speaker #6: And to move the spot price of gold as much as it has moved . You know it . It's a very large amount of dollars that that move that price .
Speaker #6: I think that throughout July and August , the spot prices continued to rise . And in the US , the domestic consumer , as I have talked about before , the domestic consumer was not really motivated by the higher spot prices .
Speaker #6: In fact , as we talked about last quarter . Amar , you know , was a terminal point of liquidity for a lot of people selling and taking profits at the spot prices .
Speaker #6: As I mentioned before , and in the press release , we have seen a welcome change in September and October where it does appear that there has been a lot of publicity .
Speaker #6: I think Goldman came out with something others have said the same that , you know , US citizens should have a higher percentage of their investable assets in gold and silver , and we have definitely seen an uptick in September and October .
Speaker #6: And we have , you know , got back to a situation where there's been some tight supply on certain products . And , you our premiums have , you know , have finally started to to grow a little bit .
Speaker #6: I think at JM bullion , you know , in September and October , premiums have probably gone up about 20% since August . And , and so that that has been a shift in , you know , in kind in what , what's going on in the gold market .
Speaker #6: And and then finally , I think , you know , starting in October , we did see an increased demand for silver . Silver , you know , got over $50 .
Speaker #6: So , you know , I think the , you know , our customers have taken a little breather the last week as spot prices have come off a little bit .
Speaker #6: But I think the major shift in what we saw in September and October were as gold and silver made new highs . We saw a shift in demand from our customers .
Speaker #6: So , you know , that was welcome . And and we hope it continues .
Speaker #8: Thank you Greg .
Speaker #5: Your next question is coming from Mike Baker with D.A. Davidson . Please post your question . Your line is live .
Speaker #9: Thanks . So you just sort of touched on it , but I was going to ask you what's changed ? You know , because in the past and even last year , when we saw really high prices , you didn't see the demand .
Speaker #9: In fact , as you said you were , you were providing liquidity . I guess you just sort of I was going to ask what has changed this time , but you sort of answered that .
Speaker #9: So I , I guess I'll pivot my question how sustainable is this change ? You said your customers have taken a bit of a breather in the last week , and we're not going to look at things on a week to week basis .
Speaker #9: I get that , but how sustainable is the better trends that you've seen in September and October ? Is it that you know , everyone sort of emptied out their closet of the gold they have ?
Speaker #9: And so now there's no more selling to you . And and it's much more buying . Is that sustainable ? And if you could just take the last two months and what's sort of the run rate of the profitability of this business now relative to where you , you know , just finished .
Speaker #6: Yeah . You know , I , I , I think as it relates to whether or not it's sustainable or not , I mean , we've had extreme , extreme volatility and behavior of our customers has , you know , it changes fairly regularly .
Speaker #6: Like I said , July and August were particularly August were about as slow as I have seen our business , which is for the most part reflective in our performance .
Speaker #6: I think that , you know , we had a great rebound , you know , in September and , you know , made up for very slow period as well as extreme volatility and some extreme increases in financing costs in July and August , we continue to have a very volatile and erratic market as it relates to gold leases and repo , which are two gold and silver leases and repo rates , which are a big component of how we finance our business .
Speaker #6: Those rates have been very volatile. The market has flipped a bit into backwardation, which is never great for us because we're short the market, and we have a very big short book.
Speaker #6: So , you know , in July and August , we did face some headwinds as it relates to why the why the customer base and our DTC segment decided after Labor Day to , to change their behavior or their attitude .
Speaker #6: I don't have a single reason for that . I mean , I do a lot of research . We do a lot of looking at behavior .
Speaker #6: Look at macroeconomic issues . Certainly , I think the continued back and forth trade war with China was a big was was a big issue .
Speaker #6: I think the government shutdown has likely in its , you know , first few weeks , probably woke up a number of our customers to what , you know , what's going to happen now .
Speaker #6: The the shutdown has become like just ho hum every day . You know , we're shut down and you know , who knows what's going to happen .
Speaker #6: And China has , you know , has temporarily seems to have calmed down a little bit . So I you know , I think there are some macro things that that have affected us .
Speaker #6: I think throughout , throughout October , there was a lot of focus in mainstream media on precious metals , rare earth metals , gold and silver .
Speaker #6: And I think the awareness was just higher than we have seen it since . Probably the Silicon Valley bank crisis . We didn't .
Speaker #6: Unlike Silicon Valley Bank , we didn't get the feeling that our customers were fleeing to safety or looking for a place to put cash .
Speaker #6: It felt , for the first time that there was a bit of FOMO related to the record . The record spot prices and so if that's the case , you know , spot prices are down .
Speaker #6: You know , 8% from where they were a few weeks ago . You know , we'll have to see whether that slows the behavior or whether or not our customers decide to buy the dip .
Speaker #6: You know , as it relates to run rate , as it relates to , to to how we're looking this quarter . You know , I , I've gone about as far as I'm going to go saying , you know , with with October being very strong on the heels of of September and you know , we'll continue to update you on , on , on on how we see , you know , see the markets performing and how we're able to take advantage of it .
Speaker #9: Fair enough . And thanks for the detail . If I could ask one more just about the expenses we get that , you know , expenses are higher because of all the acquisitions that you've made .
Speaker #9: But , you know , at some point the acquisitions make sense in that they drive higher sales or higher gross profit , and you leverage the expenses such that EBITDA is , you know , goes up .
Speaker #9: Presumably that's the , you know , the outcome at some point . So , you know , any any idea of when you start to sort of synergize some of these expenses or when that starts to show up a little bit more P and L such that , you know , EBITDA is , is , is increasing in line with the gross profit , dollar increase ?
Speaker #6: Yeah . I mean , I , I think , you know , 73 million of gross profit in the quarter and almost 14 million in EBITDA .
Speaker #6: I was very satisfied with that for what we were , what we were experience as it relates to just the amount of ounces we were selling and the other factors .
Speaker #6: I've already talked about the company is , is digesting the acquisitions , you know , my , my strategy is , is generally we try to by great businesses with great
Speaker #6: management and we let them in the manage their businesses at the same time . From a corporate standpoint , we're looking for redundancies and we're looking for places to , you know , to to be more efficient .
Speaker #6: We we don't want to keep spending more money on an apples to apples comparison . We want our expenses to go down and we want our profits to go up .
Speaker #6: So that's , something we're focused on . You know , we are very , very focused . Last quarter and this quarter on on ways that we can integrate , ways we can reduce redundancy , ways we can relocate some of the employees and relocate some of the operations that have been run in in remote locations to our Vegas facility .
Speaker #6: You know , as we announced with this rebranding , we are going to be closing our offices in El Segundo , and we're going to be moving .
Speaker #6: Employees are going to be moving either to the new corporate offices in Orange County that are where Stax has been located or they , you know , some some employees are moving to Santa Monica , where Gold Line is , is located .
Speaker #6: So we are we do have a process that we're going through . And , you know , I think that the goal for us is , you know , are we reducing costs on an apples to apples basis ?
Speaker #6: You know , is our our costs efficient and and moving in the right direction absent the acquisitions and then total as we get into quarters , over quarters , are we to be more efficient and and deal with lower expenses across all the businesses .
Speaker #6: But , you know , at the moment , I thought , you know , based on how July and August started , I thought we got a lot out of the quarter .
Speaker #6: I think that the flipping of the switch for whatever reasons , you know , some of it we've talked about the customer base in our DTC business has has really just they've woke up and the business that profits we we've been able to generate in that segment have been great .
Speaker #6: You know , in September , October , and we able a lot through of inventory that that we've been able to monetize , monetize and reposition at the A-mark trading corporate level .
Speaker #6: And we're hoping that we see at the wholesale level a drying up of excess supply . And that A-mark is is going to be reestablished itself as the go to when you want to buy something and you need product at a wholesale level , not just when you're looking for liquidity to sell stuff to A-mark .
Speaker #6: So these things for the last , 60 days have been going in the right direction . So we'll try to continue that . .
Speaker #9: Excellent , great . I appreciate all the detail .
Speaker #5: Once again , if you do have any questions or remaining comments , please press star one at this time . question is coming from Andrew Scott with Roth Capital .
Speaker #5: Please post your question . Your line is live .
Speaker #10: Good afternoon . Congratulations on the announcements and thank you for taking my questions . First one for me . You guys kind of historically have done acquisitions .
Speaker #10: I guess I'd call them in piecemeal . And you did talk about , you know , the long standing relationship with monarchs . But was there any other factors that that went into the decision to to do this in one fell
Speaker #10: swoop Your next ?
Speaker #6: Yeah , like I said , this is a this is a transaction . I've been working on with Michael for a couple of years now .
Speaker #6: And and it it took , you know , the stars have aligned and we felt this was a deal we wanted to go in .
Speaker #6: You know 100% . And you know , Michael was enthusiastic about taking some stock and being part of the of the A-mark family as well as we were able to structure an earnout that gave both sides some some opportunities as as it relates to whether or not the monarchs businesses can grow and whether they can continue to to perform , or if it takes a little bit longer .
Speaker #6: So I think the structure of the deal and the willingness of both sides to , to make the move , it just fit for this transaction .
Speaker #6: It wasn't a transaction . I think where either side really wanted to start with a 10% or 20% or 40% stake in the company .
Speaker #6: I think I am . I know the business very well . I've been looking in diligence in the business for a long time .
Speaker #6: The business is very important to moving forward in what we're trying to accomplish . There is some it's a different model . Most of the customers store their metal and hold their metal in storage and and are much more frequent traders of gold and silver , as opposed to a cash and carry .
Speaker #6: And and take possession of the metal . So it's a little different model . But I believe it's it's it's got enough correlation to it that in viewing it , particularly the last nine months , you know , it felt that to me that this was a great move for us because I think we have a customer base that's a little bit different , motivated , particularly through the slower periods that we've experienced the last 6 to 9 months in our retail business .
Speaker #6: The monarch's business is actually outperformed what I would expect , and I think the customer base is a little bit more of a it's a bit more of a high frequency trading business where customers are actually able to move in and out and go between cash and go to metal .
Speaker #6: That's in storage . I've talked about it before , storage is a huge component of of what we're focused on growing right now .
Speaker #6: And monarch's provided us with , you know , 6 to 700 million of storage right now . You know , that's likely adding 50 to 75% of what we have under management in storage right now .
Speaker #6: And that's just , you know , storage fees and storage are pay day in , day out . And it's a good , steady stream of income for us .
Speaker #6: And I think that the that their customer base was a bit more seems to have been a bit more motivated by the higher spot prices .
Speaker #6: And so it felt that this moment that there's not another model like this out there , that that we're familiar with and just , just very happy with the , you know , 50 years they've been in business or 40 years they've been in business and , and they have a very , very loyal customer base and a great management team .
Speaker #10: Great . Well , appreciate the color and second one for me a little bit more high level . So now that you've kind of , you know , made all these acquisitions , you have all these DTC brands under under your umbrella , does it make sense to kind of combine a few of them and have a one stop shop and say , here we are , Goal.com , or is there a greater value , you know , in having multiple storefronts under multiple different brands ?
Speaker #6: Great question . You know , I think about this all the time . And when we're doing acquisitions , one of the key diligence items we look at is what is the crossover from one brand to another as it relates to the customer base .
Speaker #6: If if there is a high level of crossover , the brands may not be as important . If there's very , very low crossover , I view that as value in the brand and value in what the customer knows and what the customer's comfortable with .
Speaker #6: I think that the brand is , is , is been around forever . The brand is well known throughout all of the retail precious metals business .
Speaker #6: So I love the brand . I've been familiar with the brand forever , so I don't see anything changing with that . I do think that our rebranding and our move to Goal.com as an umbrella over our brands is important , and it's an important milestone .
Speaker #6: I do believe there having a an umbrella brand that can can look for ways where the individual brands can , can be more familiar with each other or how there might be offerings that we can come up with that will be appealing to all the brands .
Speaker #6: I think this is an important step in that . I think the the new logo we've developed will be launching December 1st . We're launching Gold precious metal products that are branding of the Goal.com brand and , you know , the the products that we have developed to this point are going to be incredible .
Speaker #6: They're there and they're going to bring that the gold website that that will also be going online in early December . It is going to connect all the brands in one place , and , you know , there'll be if you want to buy gold , you're going to get to see all the different options that that Goal.com will offer you , and you'll be able to choose who you want to do business with , with , within our ecosystem .
Speaker #6: So I am very excited and very enthusiastic about this move . And I think in some way , what you're asking the question part of our strategic plan is to use this , this great domain name that we bought , this great new website we've developed this new great corporate location in this , you know , the have the ability to promote one brand that encompasses everything .
Speaker #6: And then and then introduce people to our , you know , distinct and different DTC platforms . I think is going to be a a great opportunity for the company .
Speaker #10: They really appreciate the details . And thank you for taking my questions .
Speaker #5: You have a follow up question coming from Thomas Forte with Maxim Group . Please post your question . Your line is live .
Speaker #8: Great . Thanks , Greg . Last one I promise . So you've done a great job .
Speaker #6: Many as you want , Tom .
Speaker #8: Don't say that . The call going another half hour . All right . So you've done a great job upgrading the technology and adding physical space to your logistics effort in Vegas .
Speaker #8: How should investors think about your logistics capacity given all the recent M&A activity ?
Speaker #6: You know , we built this thing and you know , it is is incredible . The automation that Thor and Brian have have accomplished up in Vegas is is it's better than anything I've ever seen .
Speaker #6: And we have onboarded a number of new clients . There some some corporate clients that are new to us . But the ability for the facility to operate and the capacity that we can now get out of it is , is , I think we have absolutely the best in the business .
Speaker #6: You know , I think we shipped in October , I want to say 60,000 packages plus , which was a very strong month for us .
Speaker #6: I think we could have shipped 100,000 packages in in October if need be . So we have great capacity . We have onboarded .
Speaker #6: I know of at least three new customers that are outside of A-mark umbrella that are using our services , as well as , as I said earlier , we've we've taken the Pinehurst Logistics and Inventory from from Pinehurst , North Carolina , and we've moved that to Las Vegas .
Speaker #6: And now all the Pinehurst packages on eBay to their retail customers , to their wholesale customers . All those packages are being shipped out of Vegas .
Speaker #6: We need to continue to do that with our other brands . And utilize the facility . But we are very well positioned . If the market continues to perform or even gets gets better , we will still be able to get our customers packages out within 1 or 2 days .
Speaker #6: And at the level of 100,000 110,000 packages a month , to be able to do that , I think the moat around , you know , now , gold the mode is just very difficult for our competitors to to address .
Speaker #6: I think that that we can we can really promote and stand , you know , really separates us from others . Our ability to , to store and to ship logistics logistically .
Speaker #8: Excellent . Thank you . Greg .
Speaker #5: At this time , this does conclude our question and answer session . I'd now like to turn the call back over to Mr. Roberts for his closing remarks .
Speaker #6: Okay . Thank you very much . Once again , thank you to all of our shareholders . It's been a lot of change , a lot going on here .
Speaker #6: We've we've continued to , to to try to make what we think are great long term moves as well as short term adjustments that we need to make your continued interest and support is most appreciated .
Speaker #6: I'd also like to thank all of our employees for their dedication and commitment to to Amex success . We look forward to keeping you apprised of A-mark and gold columns further developments and and we look forward to talking to you again in a few months .
Speaker #6: If not sooner . So thank you very much .
Speaker #5: Thank you . Before we conclude today's call , I would like to provide A-mark safe harbor statement that includes important cautions regarding forward looking statements made during this call .
Speaker #5: During today's call , there were forward looking statements made regarding future events , statements that relate to future plans , objectives , expectations , performance events and the like are forward looking statements within the meaning of the private securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934 .
Speaker #5: These include statements regarding expectations with respect to growth , long term success , operational enhancement , delivery of value , access to and credibility in the public markets , continuing execution on other steps in our strategic planning and anticipated cost savings .
Speaker #5: Future events , risks and uncertainties individually or in aggregate , could cause actual results or circumstances to differ materially from those expressed or implied in these statements .
Speaker #5: Factors that could cause actual results to differ include the following A neutral or negative reaction of our customers , partners , and public markets to the change of our name .
Speaker #5: Our brand , other corporate identifiers , and to our listing venue . Our inability to seamlessly execute our rebranding strategy , potential confusion in the markets that we serve concerning our rebranding difficulties with formulating and effectively executing on additional steps in our strategic plan and our inability to successfully expand into other categories of collectibles , or to enhance how these new asset categories are managed or transacted .
Speaker #5: There are other factors affecting our business generally which could cause our actual results to differ from those that we anticipate . As a result of our rebranding program , including government regulations that might impede growth , particularly in Asia , including with respect to tariff policy .
Speaker #5: The inability to successfully integrate recently acquired businesses , changes in the current international political climate , which historically has favorably contributed to demand and volatility in the precious metal markets , but has also posed certain risks and uncertainties for the company , particularly in recent periods .
Speaker #5: Increased competition for the company's higher margins , which could depress pricing . The failure of the company's business model to respond to changes in the market environment as anticipated , changes in consumer demand and preferences for precious metal products generally , potential negative effects that inflationary pressure may have on our business .
Speaker #5: The failure of our investee companies to maintain or address the preferences of their customer bases , general risks of doing business in the commodity markets and the strategic business , economic , financial , political and governmental risk and other risk factors .
Speaker #5: Risk factors described in the company's public filings with the Securities and Exchange Commission . The company undertakes no obligation to publicly update or revise any forward looking statements .
Speaker #5: Readers are cautioned not to place undue reliance on these forward-looking statements. Finally, I would like to remind everyone that a recording of today's call will be available for replay via a link in the investor section of the company's website.