A-Mark Precious Metals Inc
For the period ended Dec 31, 2024. Filed Feb 10, 2025.
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Dec 31, 2024 · Filed Feb 10, 2025
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Segment results of operations
The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending.
Results of Operations — Wholesale Sales & Ancillary Services Segment
The Company operates its Wholesale Sales & Ancillary Services segment directly and through its consolidated subsidiaries, A-Mark Trading AG (“AMTAG”), Transcontinental Depository Services ("TDS"), A-M Global Logistics, LLC ("Logistics"), AM&ST Associates, LLC ("AMST" or "Silver Towne" or the "Mint"), and AM/LPM Ventures, LLC, which we formed to acquire LPM Group Limited ("LPM"). The Wholesale Sales & Ancillary Services segment includes the consolidating eliminations of inter-segment transactions and unallocated segment adjustments.
— Wholesale Sales & Ancillary Services Segment
The operating results of our Wholesale Sales & Ancillary Services segment were as follows (in thousands, except performance metrics data):
| Three Months Ended December 31, · 2024 · 2023 · Change | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| $ · % of revenue · $ · % of revenue · $ · % | |||||||||
| Revenues | $2,173,340(a) | 100.000% | $1,708,184(b) | 100.000% | $465,156 | 27.2% | |||
| Gross profit | 19,734 | 0.908%(c) | 23,884 | 1.398%(d) | $(4,150) | (17.4%) | |||
| Selling, general, and administrative expenses | (11,408) | (0.525%) | (10,577) | (0.619%) | $831 | 7.9% | |||
| Depreciation and amortization expense | (806) | (0.037%) | (313) | (0.018%) | $493 | 157.5% | |||
| Interest income | 4,124 | 0.190% | 3,573 | 0.209% | $551 | 15.4% | |||
| Interest expense | (8,075) | (0.372%) | (6,960) | (0.407%) | $1,115 | 16.0% | |||
| Earnings (losses) from equity method investments | (2,459) | (0.113%) | 777 | 0.045% | $(3,236) | (416.5%) | |||
| Other (expense) income, net | (70) | (0.003%) | 260 | 0.015% | $(330) | (126.9%) | |||
| Unrealized gains on foreign exchange | 210 | 0.010% | 105 | 0.006% | $105 | 100.0% | |||
| Net income before provision for income taxes | $1,250 | 0.058% | $10,749 | 0.629% | $(9,499) | (88.4%) | |||
| Performance Metrics: | |||||||||
| Gold ounces sold(1) | 346,000 | 334,000 | 12,000 | 3.6% | |||||
| Silver ounces sold(2) | 17,410,000 | 22,809,000 | (5,399,000) | (23.7%) | |||||
| Wholesale Sales ticket volume(3) | 29,986 | 25,262 | 4,724 | 18.7% | |||||
(a)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $464.6 million. This segment’s gross sales before eliminations of inter-segment activity totaled $2.638 billion.
(b)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $253.3 million. This segment’s gross sales before eliminations of inter-segment activity totaled $1.961 billion.
(c)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.751% for the period.
(d)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 1.134% for the period.
(1)
(2)
(3)
Wholesales Sales ticket volume represents the total number of product orders processed.
— Wholesale Sales & Ancillary Services Segment
The operating results of our Wholesale Sales & Ancillary Services segment were as follows (in thousands, except performance metrics data):
| Six Months Ended December 31, · 2024 · 2023 · Change | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| $ · % of revenue · $ · % of revenue · $ · % | |||||||||
| Revenues | $4,400,329(a) | 100.000% | $3,867,256(b) | 100.000% | $533,073 | 13.8% | |||
| Gross profit | 39,724 | 0.903%(c) | 52,231 | 1.351%(d) | $(12,507) | (23.9%) | |||
| Selling, general, and administrative expenses | (24,142) | (0.549%) | (21,164) | (0.547%) | $2,978 | 14.1% | |||
| Depreciation and amortization expense | (1,608) | (0.037%) | (610) | (0.016%) | $998 | 163.6% | |||
| Interest income | 8,139 | 0.185% | 6,981 | 0.181% | $1,158 | 16.6% | |||
| Interest expense | (15,555) | (0.353%) | (13,723) | (0.355%) | $1,832 | 13.3% | |||
| Earnings (losses) from equity method investments | (1,908) | (0.043%) | 3,492 | 0.090% | $(5,400) | (154.6%) | |||
| Other (expense) income, net | (65) | (0.001%) | 296 | 0.008% | $(361) | (122.0%) | |||
| Unrealized gains on foreign exchange | 159 | 0.004% | 11 | 0.000% | $148 | 1,345.5% | |||
| Net income before provision for income taxes | $4,744 | 0.108% | $27,514 | 0.711% | $(22,770) | (82.8%) | |||
| Performance Metrics: | |||||||||
| Gold ounces sold(1) | 618,000 | 712,000 | (94,000) | (13.2%) | |||||
| Silver ounces sold(2) | 33,370,000 | 50,166,000 | (16,796,000) | (33.5%) | |||||
| Wholesale Sales ticket volume(3) | 59,641 | 47,306 | 12,335 | 26.1% | |||||
(a)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $785.6 million. This segment’s gross sales before eliminations of inter-segment activity totaled $5.186 billion.
(b)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $481.6 million. This segment’s gross sales before eliminations of inter-segment activity totaled $4.349 billion.
(c)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.764% for the period.
(d)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 1.111% for the period.
(1)
(2)
(3)
Wholesales Sales ticket volume represents the total number of product orders processed.
Revenues — Wholesale Sales & Ancillary Services
| in thousands, except performance metrics | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | |||||||||
| $ · % of revenue · $ · % of revenue · $ · % | |||||||||
| Revenues | $2,173,340(a) | 100.000% | $1,708,184(b) | 100.000% | $465,156 | 27.2% | |||
| Performance Metrics | |||||||||
| Gold ounces sold | 346,000 | 334,000 | 12,000 | 3.6% | |||||
| Silver ounces sold | 17,410,000 | 22,809,000 | (5,399,000) | (23.7%) | |||||
| Wholesale Sales ticket volume | 29,986 | 25,262 | 4,724 | 18.7% | |||||
(a)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $464.6 million. This segment’s gross sales before eliminations of inter-segment activity totaled $2.638 billion.
(b)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $253.3 million. This segment’s gross sales before eliminations of inter-segment activity totaled $1.961 billion.
Revenues for the three months ended December 31, 2024 increased $465.2 million, or 27.2%, to $2.173 billion from $1.708 billion in 2023. Excluding an increase in forward sales of $167.3 million, our revenues increased $297.9 million, 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.
Gold ounces sold for the three months ended December 31, 2024 increased 12,000 ounces, or 3.6%, to 346,000 ounces from 334,000 ounces in 2023. Silver ounces sold for the three months ended December 31, 2024 decreased 5,399,000 ounces, or 23.7%, to 17,410,000 ounces from 22,809,000 ounces in 2023. On average, the selling prices for gold and silver increased by 37.2% and 36.7%, respectively, during the three months ended December 31, 2024 as compared to the prior year.
The Wholesale Sales ticket volume for the three months ended December 31, 2024 increased by 4,724 tickets, or 18.7% to 29,986 tickets from 25,262 tickets in 2023.
| in thousands, except performance metrics | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | |||||||||
| $ · % of revenue · $ · % of revenue · $ · % | |||||||||
| Revenues | $4,400,329(a) | 100.000% | $3,867,256(b) | 100.000% | $533,073 | 13.8% | |||
| Performance Metrics | |||||||||
| Gold ounces sold | 618,000 | 712,000 | (94,000) | (13.2%) | |||||
| Silver ounces sold | 33,370,000 | 50,166,000 | (16,796,000) | (33.5%) | |||||
| Wholesale Sales ticket volume | 59,641 | 47,306 | 12,335 | 26.1% | |||||
(a)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $785.6 million. This segment’s gross sales before eliminations of inter-segment activity totaled $5.186 billion.
(b)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $481.6 million. This segment’s gross sales before eliminations of inter-segment activity totaled $4.349 billion.
Revenues for the six months ended December 31, 2024 increased $533.1 million, or 13.8%, to $4.400 billion from $3.867 billion in 2023. Excluding an increase in forward sales of $384.7 million, our revenues increased $148.4 million, which was due to a decrease in gold and silver ounces sold, partially offset by higher average selling prices of gold and silver.
Gold ounces sold for the six months ended December 31, 2024 decreased 94,000 ounces, or 13.2%, to 618,000 ounces from 712,000 ounces in 2023. Silver ounces sold for the six months ended December 31, 2024 decreased 16,796,000 ounces, or 33.5%, to 33,370,000 ounces from 50,166,000 ounces in 2023. On average, the selling prices for gold increased by 32.1% and selling prices for silver increased by 30.0% during the six months ended December 31, 2024 as compared to the prior year.
The Wholesale Sales ticket volume for the six months ended December 31, 2024 increased by 12,335 tickets, or 26.1% to 59,641 tickets from 47,306 tickets in 2023.
Gross Profit — Wholesale Sales & Ancillary Services
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Gross profit | $19,734 | 0.908%(c) | $23,884 | 1.398%(d) | $(4,150) | (17.4%) |
(c)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.751% for the period.
(d)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 1.134% for the period.
Gross profit for the three months ended December 31, 2024 decreased $4.2 million, or 17.4%, to $19.7 million from $23.9 million in 2023. The overall gross profit decrease was primarily due to lower premium spreads and lower trading profits.
This segment’s profit margin percentage decreased by 49.0 basis points to 0.908% from 1.398% in 2023. The decrease in gross margin percentage was mainly attributable increased forward sales, lower premium spreads, and lower trading profits.
Excluding an increase of $167.3 million of forward sales that had a negligible impact to the amount of gross profit, this segment's gross margin percentage for the three months ended December 31, 2024 decreased by 95.7 basis points to 1.604% from 2.561%. Forward sales increase revenues but are associated with negligible gross profit. The Company enters into forward contracts to hedge its precious metals price risk exposure and not for speculative purposes.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Gross profit | $39,724 | 0.903%(c) | $52,231 | 1.351%(d) | $(12,507) | (23.9%) |
(c)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.764% for the period.
(d)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 1.111% for the period.
Gross profit for the six months ended December 31, 2024 decreased $12.5 million, or 23.9%, to $39.7 million from $52.2 million in 2023. The gross profit decrease was primarily due to lower premium spreads and lower trading profits.
This segment’s profit margin percentage decreased by 44.8 basis points to 0.903% from 1.351% in 2023. The decrease in gross margin percentage was mainly attributable to the impact of increased forward sales, lower premium spreads, and lower trading profits.
Excluding an increase of $384.7 million of forward sales that had a negligible impact to the amount of gross profit, this segment's gross margin percentage for the six months ended December 31, 2024 decreased by 73.6 basis points to 1.798% from 2.534% in the prior year. Forward sales increase revenues but are associated with negligible gross profit. The Company enters into forward contracts to hedge its precious metals price risk exposure and not for speculative purposes.
Selling, General and Administrative Expenses — Wholesale Sales & Ancillary Services
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Selling, general, and administrative expenses | $(11,408) | (0.525%) | $(10,577) | (0.619%) | $831 | 7.9% |
Selling, general and administrative expenses for the three months ended December 31, 2024 increased $0.8 million, or 7.9%, to $11.4 million from $10.6 million in 2023. The change was primarily due to: (i) higher consulting and professional fees of $0.8 million and (ii) an increase in facilities expense of $0.2 million, partially offset by (iii) a decrease in compensation expense (including performance-based accruals) of $0.3 million and (iv) a decrease in advertising costs of $0.2 million. Selling, general and administrative expenses for the three months ended December 31, 2024 include expenses incurred by LPM which were not included in the same year-ago period as LPM was not yet a consolidated subsidiary.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Selling, general, and administrative expenses | $(24,142) | (0.549%) | $(21,164) | (0.547%) | $2,978 | 14.1% |
Selling, general, and administrative expenses for the six months ended December 31, 2024 increased $3.0 million, or 14.1%, to $24.1 million from $21.2 million in 2023. The change was primarily due to: (i) an increase in compensation expense (including performance-based accruals) of $1.3 million, (ii) higher consulting and professional fees of $1.0 million, (iii) an increase in facilities expense of $0.5 million, partially offset by (iv) a decrease in advertising costs of $0.2 million. Selling, general, and administrative expenses for the six months ended December 31, 2024 include expenses incurred by LPM which were not included in the same year-ago period as LPM was not yet a consolidated subsidiary.
Depreciation and Amortization Expense — Wholesale Sales & Ancillary Services
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Depreciation and amortization expense | $(806) | (0.037%) | $(313) | (0.018%) | $493 | 157.5% |
Depreciation and amortization expense for the three months ended December 31, 2024 increased $0.5 million, or 157.5%, to $0.8 million from $0.3 million in 2023 primarily due to an increase of $0.3 million related to intangible assets acquired through our acquisition of LPM.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Depreciation and amortization expense | $(1,608) | (0.037%) | $(610) | (0.016%) | $998 | 163.6% |
Depreciation and amortization expense for the six months ended December 31, 2024 increased $1.0 million, or 163.6%, to $1.6 million from $0.6 million in 2023 primarily due to an increase in amortization expense of $0.5 million related to intangible assets acquired through our acquisition of LPM as well as an increase in depreciation expense of $0.5 million due to an increase in capital expenditures.
Interest Income — Wholesale Sales & Ancillary Services
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Interest income | $4,124 | 0.190% | $3,573 | 0.209% | $551 | 15.4% |
Interest income for the three months ended December 31, 2024 increased $0.6 million, or 15.4%, to $4.1 million from $3.6 million in 2023. The overall increase is primarily due to: (i) a $0.5 million increase in interest income earned from spot deferred trade orders and (ii) a $0.2 million increase in interest and fees earned related to margin orders.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Interest income | $8,139 | 0.185% | $6,981 | 0.181% | $1,158 | 16.6% |
Interest income for the six months ended December 31, 2024 increased $1.2 million, or 16.6%, to $8.1 million from $7.0 million in 2023. The overall increase was primarily due to: (i) a $1.0 million increase in interest income earned from spot deferred trade orders and (ii) a $0.5 million increase in interest and fees earned related to margin orders.
Interest Expense — Wholesale Sales & Ancillary Services
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Interest expense | $(8,075) | (0.372%) | $(6,960) | (0.407%) | $1,115 | 16.0% |
Interest expense for the three months ended December 31, 2024 increased $1.1 million, or 16.0%, to $8.1 million from $7.0 million in 2023. The overall increase was primarily due to: (i) an increase of $1.0 million in connection with our Trading Credit Facility due to increased borrowings, (ii) an increase of $0.5 million from liabilities on borrowed metals, and (iii) a decrease in inter-segment eliminations related to the DTC segment's product financing activity with A-Mark of $0.3 million, partially offset by (iv) a decrease of $0.7 million related to the AMCF Notes (including amortization of debt issuance costs) due to their repayment in December 2023.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Interest expense | $(15,555) | (0.353%) | $(13,723) | (0.355%) | $1,832 | 13.3% |
Interest expense for the six months ended December 31, 2024 increased $1.8 million, or 13.3%, to $15.6 million from $13.7 million in 2023. The overall increase was primarily due to: (i) a decrease in inter-segment eliminations related to the DTC segment's product financing activity with A-Mark of $1.0 million, (ii) an increase of $1.0 million in connection with our Trading Credit Facility due to an increase in interest rates and increased borrowings, (iii) an increase of $0.7 million from liabilities on borrowed metals, and (iv) higher interest and fees from product financing arrangements of $0.6 million, partially offset by (v) a decrease of $1.5 million related to the AMCF Notes (including amortization of debt issuance costs) due to their repayment in December 2023.
Earnings (Losses) from Equity Method Investments— Wholesale Sales & Ancillary Services
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Earnings (losses) from equity method investments | $(2,459) | (0.113%) | $777 | 0.045% | $(3,236) | (416.5%) |
Earnings (losses) from equity method investments for the three months ended December 31, 2024 decreased $3.2 million, or 416.5%, to a loss of $2.5 million from earnings of $0.8 million in 2023 due to decreased earnings of our equity method investees.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Earnings (losses) from equity method investments | $(1,908) | (0.043%) | $3,492 | 0.090% | $(5,400) | (154.6%) |
Earnings (losses) from equity method investments for the six months ended December 31, 2024 decreased $5.4 million, or 154.6%, to a loss of $1.9 million from earnings of $3.5 million in 2023 due to decreased earnings of our equity method investees.
Results of Operations — Direct-to-Consumer Segment
The Company operates its Direct-to-Consumer segment through our wholly-owned subsidiaries: JM Bullion, Inc. (“JMB”), Goldline, Inc. (“Goldline”), through our investment in Silver Gold Bull, Inc. ("SGB"), and through our subsidiary Precious Metals Purchasing Partners, LLC ("PMPP").
— Direct-to-Consumer Segment
The operating results of our Direct-to-Consumer ("DTC") segment were as follows (in thousands, except performance metrics data):
| Three Months Ended December 31, · 2024 · 2023 · Change | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| $ · % of revenue · $ · % of revenue · $ · % | |||||||||
| Revenues | $569,005(a) | 100.000% | $370,631(b) | 100.000% | $198,374 | 53.5% | |||
| Gross profit | 25,033 | 4.399% | 22,157 | 5.978% | $2,876 | 13.0% | |||
| Selling, general, and administrative expenses | (14,058) | (2.471%) | (11,444) | (3.088%) | $2,614 | 22.8% | |||
| Depreciation and amortization expense | (3,832) | (0.673%) | (2,410) | (0.650%) | $1,422 | 59.0% | |||
| Interest income | 44 | 0.008% | — | —% | $44 | —% | |||
| Interest expense | (697) | (0.122%) | (793) | (0.214%) | $(96) | (12.1%) | |||
| Unrealized losses on foreign exchange | (1,050) | (0.185%) | — | —% | $(1,050) | —% | |||
| Net income before provision for income taxes | $5,440 | 0.956% | $7,510 | 2.026% | $(2,070) | (27.6%) | |||
| Performance Metrics: | |||||||||
| Gold ounces sold(1) | 120,000 | 116,000 | 4,000 | 3.4% | |||||
| Silver ounces sold(2) | 4,418,000 | 3,766,000 | 652,000 | 17.3% | |||||
| Number of new customers(3) | 65,400 | 52,500 | 12,900 | 24.6% | |||||
| Number of active customers(4) | 140,100 | 136,400 | 3,700 | 2.7% | |||||
| Number of total customers(5) | 3,187,500 | 2,439,900 | 747,600 | 30.6% | |||||
| DTC ticket volume from new customers(6) | 44,358 | 36,418 | 7,940 | 21.8% | |||||
| DTC ticket volume from pre-existing customers(7) | 136,846 | 133,329 | 3,517 | 2.6% | |||||
| DTC total ticket volume(8) | 181,204 | 169,747 | 11,457 | 6.7% | |||||
| DTC average order value(9) | $3,178 | $2,218 | $960 | 43.3% | |||||
| JMB average order value(9) | $2,043 | $2,061 | $(18) | (0.9%) | |||||
(a)
Includes $46.7 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(b)
Includes $1.8 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(1)
Gold ounces sold represents the ounces of gold product sold and delivered during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(2)
Silver ounces sold represents the ounces of silver product sold and delivered during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(3)
Number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(4)
Number of active customers represents the number of customers that have made a purchase during any month during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(5)
Number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(6)
Ticket volume from new customers represents the number of product orders from new customers processed by JMB, Goldline, SGB, and PMPP during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(7)
Ticket volume from pre-existing customers represents the total number of product orders from pre-existing customers processed by JMB, Goldline, SGB, and PMPP during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(8)
Total ticket volume represents the total number of product orders processed by JMB, Goldline, SGB, and PMPP during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(9)
Average Order Value ("AOV") represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
— Direct-to-Consumer Segment
The operating results of our Direct-to-Consumer ("DTC") segment were as follows (in thousands, except performance metrics data):
| Six Months Ended December 31, · 2024 · 2023 · Change | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| $ · % of revenue · $ · % of revenue · $ · % | |||||||||
| Revenues | $1,057,112(a) | 100.000% | $696,177(b) | 100.000% | $360,935 | 51.8% | |||
| Gross profit | 48,486 | 4.587% | 43,215 | 6.207% | $5,271 | 12.2% | |||
| Selling, general, and administrative expenses | (27,649) | (2.616%) | (22,310) | (3.205%) | $5,339 | 23.9% | |||
| Depreciation and amortization expense | (7,736) | (0.732%) | (4,817) | (0.692%) | $2,919 | 60.6% | |||
| Interest income | 96 | 0.009% | — | —% | $96 | —% | |||
| Interest expense | (1,181) | (0.112%) | (1,895) | (0.272%) | $(714) | (37.7%) | |||
| Unrealized losses on foreign exchange | (821) | (0.078%) | — | —% | $(821) | —% | |||
| Net income before provision for income taxes | $11,195 | 1.059% | $14,193 | 2.039% | $(2,998) | (21.1%) | |||
| Performance Metrics: | |||||||||
| Gold ounces sold(1) | 246,000 | 233,000 | 13,000 | 5.6% | |||||
| Silver ounces sold(2) | 8,907,000 | 6,787,000 | 2,120,000 | 31.2% | |||||
| Number of new customers(3) | 120,700 | 91,600 | 29,100 | 31.8% | |||||
| Number of active customers(4) | 270,000 | 242,800 | 27,200 | 11.2% | |||||
| Number of total customers(5) | 3,187,500 | 2,439,900 | 747,600 | 30.6% | |||||
| DTC ticket volume from new customers(6) | 82,982 | 60,978 | 22,004 | 36.1% | |||||
| DTC ticket volume from pre-existing customers(7) | 264,800 | 245,126 | 19,674 | 8.0% | |||||
| DTC total ticket volume(8) | 347,782 | 306,104 | 41,678 | 13.6% | |||||
| DTC average order value(9) | $3,077 | $2,316 | $761 | 32.9% | |||||
| JMB average order value(9) | $2,117 | $2,140 | $(23) | (1.1%) | |||||
(a)
Includes $67.1 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(b)
Includes $3.4 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(1)
Gold ounces sold represents the ounces of gold product sold and delivered during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(2)
Silver ounces sold represents the ounces of silver product sold and delivered during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(3)
Number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(4)
Number of active customers represents the number of customers that have made a purchase during any month during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(5)
Number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(6)
Ticket volume from new customers represents the number of product orders from new customers processed by JMB, Goldline, SGB, and PMPP during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(7)
Ticket volume from pre-existing customers represents the total number of product orders from pre-existing customers processed by JMB, Goldline, SGB, and PMPP during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(8)
Total ticket volume represents the total number of product orders processed by JMB, Goldline, SGB, and PMPP during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(9)
Average Order Value ("AOV") represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
Revenues — Direct-to-Consumer
| in thousands, except performance metrics | |||||||
|---|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | |||||||
| $ · % of revenue · $ · % of revenue · $ · % | |||||||
| Revenues | $569,005 | 100.000% | $370,631 | 100.000% | $198,374 | 53.5% | |
| Performance Metrics: | |||||||
| Gold ounces sold | 120,000 | 116,000 | 4,000 | 3.4% | |||
| Silver ounces sold | 4,418,000 | 3,766,000 | 652,000 | 17.3% | |||
| Number of new customers | 65,400 | 52,500 | 12,900 | 24.6% | |||
| Number of active customers | 140,100 | 136,400 | 3,700 | 2.7% | |||
| Number of total customers | 3,187,500 | 2,439,900 | 747,600 | 30.6% | |||
| DTC ticket volume from new customers | 44,358 | 36,418 | 7,940 | 21.8% | |||
| DTC ticket volume from pre-existing customers | 136,846 | 133,329 | 3,517 | 2.6% | |||
| DTC total ticket volume | 181,204 | 169,747 | 11,457 | 6.7% | |||
| DTC average order value | $3,178 | $2,218 | $960 | 43.3% | |||
| JMB average order value | $2,043 | $2,061 | $(18) | (0.9%) | |||
Revenues for the three months ended December 31, 2024 increased $198.4 million, or 53.5%, to $569.0 million from $370.6 million in 2023. The increase in revenue was due to an increase in gold and silver ounces sold and an increase in average selling prices of gold and silver. For the three months ended December 31, 2024, revenue from Goldline, SGB, and PMPP, in the aggregate, was higher by $228.5 million as compared to the prior year, primarily related to acquiring a controlling interest in SGB in June 2024. For the three months ended December 31, 2024, JMB's revenue decreased $30.1 million as compared to the prior year.
Gold ounces sold for the three months ended December 31, 2024 increased 4,000 ounces, or 3.4%, to 120,000 ounces from 116,000 ounces in 2023. Silver ounces sold for the three months ended December 31, 2024 increased 652,000 ounces, or 17.3%, to 4,418,000 ounces from 3,766,000 ounces in 2023.
Gold ounces sold by Goldline, SGB and PMPP, in the aggregate, increased 43,100 ounces for the three months ended December 31, 2024 compared to 2023 primarily due to the Company acquiring a controlling interest in SGB in June 2024. Gold ounces sold by JMB decreased 39,100 ounces for the three months ended December 31, 2024 compared to 2023. Silver ounces sold by Goldline, SGB and PMPP, in the aggregate, increased 1,842,000 ounces for the three months ended December 31, 2024 compared to 2023 primarily due to the Company acquiring a controlling interest in SGB in June 2024. Silver ounces sold by JMB decreased 1,190,000 ounces for the three months ended December 31, 2024 compared to 2023.
On average, selling prices for gold increased by 30.1% and selling prices for silver increased by 33.9% during the three months ended December 31, 2024 as compared to the prior year.
The number of new customers for the three months ended December 31, 2024 increased 12,900, or 24.6% to 65,400 from 52,500 in 2023. The number of active customers for the three months ended December 31, 2024 increased 3,700, or 2.7% to 140,100 from 136,400 in 2023. The number of total customers as of December 31, 2024 increased 747,600, or 30.6% to 3,187,500 from 2,439,900 as of December 31, 2023. These changes in customer-based metrics were primarily due the acquisition of SGB's customers upon the Company acquiring a controlling interest in June 2024, as well as JMB's activity.
As of December 31, 2024, the number of total CyberMetals customers was 33,100, and CyberMetals customer assets under management were $8.2 million.
For the three months ended December 31, 2024, the Direct-to-Consumer ticket volume related to new customers increased by 7,940 tickets, or 21.8%, to 44,358 tickets from 36,418 tickets in 2023. For the three months ended December 31, 2024, Direct-to-Consumer ticket volume related to pre-existing customers increased by 3,517 tickets, or 2.6%, to 136,846 tickets from 133,329 tickets in 2023. For the three months ended December 31, 2024, the Direct-to-Consumer total ticket volume increased by 11,457 tickets, or 6.7%, to 181,204 tickets from 169,747 tickets in 2023.
For the three months ended December 31, 2024, the Direct-to-Consumer average order value increased by $960, or 43.3%, to $3,178 from $2,218 in 2023.
| in thousands, except performance metrics | |||||||
|---|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | |||||||
| $ · % of revenue · $ · % of revenue · $ · % | |||||||
| Revenues | $1,057,112 | 100.000% | $696,177 | 100.000% | $360,935 | 51.8% | |
| Performance Metrics: | |||||||
| Gold ounces sold | 246,000 | 233,000 | 13,000 | 5.6% | |||
| Silver ounces sold | 8,907,000 | 6,787,000 | 2,120,000 | 31.2% | |||
| Number of new customers | 120,700 | 91,600 | 29,100 | 31.8% | |||
| Number of active customers | 270,000 | 242,800 | 27,200 | 11.2% | |||
| Number of total customers | 3,187,500 | 2,439,900 | 747,600 | 30.6% | |||
| DTC ticket volume from new customers | 82,982 | 60,978 | 22,004 | 36.1% | |||
| DTC ticket volume from pre-existing customers | 264,800 | 245,126 | 19,674 | 8.0% | |||
| DTC total ticket volume | 347,782 | 306,104 | 41,678 | 13.6% | |||
| DTC average order value | $3,077 | $2,316 | $761 | 32.9% | |||
| JMB average order value | $2,117 | $2,140 | $(23) | (1.1%) | |||
Revenues for the six months ended December 31, 2024 increased $360.9 million, or 51.8%, to $1.057 billion from $696.2 million in 2023. The increase in revenue was due to an increase in gold and silver ounces sold as well as by higher average selling prices of gold and silver. For the six months ended December 31, 2024, revenue of Goldline, SGB, and PMPP, in the aggregate, was higher by $376.3 million as compared to the prior year, primarily related to acquiring a controlling interest in SGB in June 2024. For the six months ended December 31, 2024, JMB's revenue decreased $15.4 million as compared to the prior year
Gold ounces sold for the six months ended December 31, 2024 increased 13,000 ounces, or 5.6%, to 246,000 ounces from 233,000 ounces in 2023. Silver ounces sold for the six months ended December 31, 2024 increased 2,120,000 ounces, or 31.2%, to 8,907,000 ounces from 6,787,000 ounces in 2023.
Gold ounces sold by Goldline, SGB and PMPP, in the aggregate, increased 77,600 ounces compared to 2023, primarily due to the Company acquiring a controlling interest in SGB in June 2024. Gold ounces sold by JMB decreased 64,600 ounces for the six months ended December 31, 2024 compared to 2023. Silver ounces sold by Goldline, SGB and PMPP, in the aggregate, increased 3,356,000 ounces compared to 2023, primarily due to the Company acquiring a controlling interest in SGB in June 2024. Silver ounces sold by JMB decreased 1,236,000 ounces for the six months ended December 31, 2024 compared to 2023.
On average, selling prices for gold increased by 27.3% and selling prices for silver increased by 27.8% during the six months ended December 31, 2024 as compared to the prior year.
The number of new customers for the six months ended December 31, 2024 increased 29,100, or 31.8%, to 120,700 from 91,600 in 2023. The number of active customers for the six months ended December 31, 2024 increased 27,200, or 11.2% to 270,000 from 242,800 in 2023. The number of total customers as of December 31, 2024 increased 747,600, or 30.6% to 3,187,500 from 2,439,900 as of December 31, 2023. These changes in customer-based metrics were primarily due the acquisition of SGB's customers upon the Company acquiring a controlling interest in June 2024, as well as JMB's activity.
As of December 31, 2024, the number of total CyberMetals customers was 33,100, and CyberMetals customer assets under management were $8.2 million.
For the six months ended December 31, 2024, the Direct-to-Consumer ticket volume related to new customers increased by 22,004 tickets, or 36.1%, to 82,982 tickets from 60,978 tickets in 2023. For the six months ended December 31, 2024, Direct-to-Consumer ticket volume related to pre-existing customers increased by 19,674 tickets, or 8.0%, to 264,800 tickets from 245,126 tickets in 2023. For the six months ended December 31, 2024, the Direct-to-Consumer total ticket volume increased by 41,678 tickets, or 13.6%, to 347,782 tickets from 306,104 tickets in 2023.
For the six months ended December 31, 2024, the Direct-to-Consumer average order value increased by $761, or 32.9%, to $3,077 from $2,316 in 2023.
Gross Profit — Direct-to-Consumer
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Gross profit | $25,033 | 4.399% | $22,157 | 5.978% | $2,876 | 13.0% |
Gross profit for the three months ended December 31, 2024 increased by $2.9 million, or 13.0%, to $25.0 million from $22.2 million in 2023. The increase in gross profit was mainly due to gross profit recognized as a result of our acquisition of a controlling interest in SGB and higher ticket volume during the period, partially offset by a lower gross profit margin percentage.
For the three months ended December 31, 2024, the Direct-to-Consumer segment's profit margin percentage decreased by 157.9 basis points to 4.399% from 5.978% in 2023. The decrease in the gross profit margin percentage was primarily due to our acquisition of a controlling interest in SGB, as well as lower gross profit percentages of JMB, Goldline and PMPP.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Gross profit | $48,486 | 4.587% | $43,215 | 6.207% | $5,271 | 12.2% |
Gross profit for the six months ended December 31, 2024 increased by $5.3 million, or 12.2%, to $48.5 million from $43.2 million in 2023. The increase in gross profit was mainly due to gross profit recognized as a result of our acquisition of a controlling interest in SGB and higher ticket volume during the period, partially offset by a lower gross profit margin percentage.
For the six months ended December 31, 2024, the Direct-to-Consumer segment's profit margin percentage decreased by 162.0 basis points to 4.587% from 6.207% in 2023. The decrease in the gross profit margin percentage was primarily due to our acquisition of a controlling interest in SGB, as well as lower gross profit percentages of JMB, Goldline and PMPP.
Selling, General and Administrative Expense — Direct-to-Consumer
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Selling, general, and administrative expenses | $(14,058) | (2.471%) | $(11,444) | (3.088%) | $2,614 | 22.8% |
Selling, general and administrative expenses for the three months ended December 31, 2024 increased $2.6 million, or 22.8%, to $14.1 million from $11.4 million in 2023. The change was primarily due to: (i) an increase in advertising costs of $1.1 million, (ii) an increase in compensation expense (including performance-based accruals) of $0.8 million, (iii) higher consulting and professional fees of $0.5 million, and (iv) an increase in facilities expenses of $0.2 million. Selling, general and administrative expenses for the three months ended December 31, 2024 include expenses incurred by SGB which were not included in the same year-ago period as SGB was not yet a consolidated subsidiary.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Selling, general, and administrative expenses | $(27,649) | (2.616%) | $(22,310) | (3.205%) | $5,339 | 23.9% |
Selling, general, and administrative expenses for the six months ended December 31, 2024 increased $5.3 million, or 23.9%, to $27.6 million from $22.3 million in 2023. The change was primarily due to: (i) an increase in compensation expense (including performance-based accruals) of $1.8 million, (ii) an increase in advertising costs of $1.7 million, (iii) higher consulting and professional fees of $0.7 million, (iv) an increase in facilities expenses of $0.3 million, and (v) an increase in insurance costs of $0.2 million. Selling, general and administrative expenses for the six months ended December 31, 2024 include expenses incurred by SGB which were not included in the same year-ago period as SGB was not yet a consolidated subsidiary.
Depreciation and Amortization Expense — Direct-to-Consumer
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Depreciation and amortization expense | $(3,832) | (0.673%) | $(2,410) | (0.650%) | $1,422 | 59.0% |
Depreciation and amortization expense for the three months ended December 31, 2024, increased $1.4 million, or 59.0%, to $3.8 million from $2.4 million in 2023 primarily due to an increase in amortization expense of $1.9 million relating to intangible assets acquired through our acquisition of a controlling interest in SGB, partially offset by a $0.5 million decrease in JMB’s intangible asset amortization expense.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Depreciation and amortization expense | $(7,736) | (0.732%) | $(4,817) | (0.692%) | $2,919 | 60.6% |
Depreciation and amortization expense for the six months ended December 31, 2024, increased $2.9 million, or 60.6%, to $7.7 million from $4.8 million in 2023 primarily due to an increase in amortization expense of $3.9 million relating to intangible assets acquired through our acquisition of a controlling interest in SGB, partially offset by a $1.0 million decrease in JMB’s intangible asset amortization expense.
Interest expense — Direct-to-Consumer
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Interest expense | $(697) | (0.122%) | $(793) | (0.214%) | $(96) | (12.1%) |
Interest expense for the three months ended December 31, 2024 decreased $0.1 million to $0.7 million from $0.8 million in 2023. The decrease in interest expense was not significant.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of revenue | $ | % of revenue | $ | % | |
| Interest expense | $(1,181) | (0.112%) | $(1,895) | (0.272%) | $(714) | (37.7%) |
Interest expense for the six months ended December 31, 2024 decreased $0.7 million to $1.2 million from $1.9 million in 2023. The decrease is primarily related to the DTC segment's reduced product financing activity with A-Mark.
Results of Operations — Secured Lending Segment
The Company operates its Secured Lending segment through its wholly-owned subsidiaries, Collateral Finance Corporation, LLC ("CFC") and CFC Alternative Investments (“CAI”). AM Capital Funding, LLC (“AMCF”), previously a wholly-owned subsidiary of CFC, was formed for the issuance of certain notes, which were repaid in December 2023. AMCF was dissolved in June 2024.
— Secured Lending Segment
The operating results of our Secured Lending segment were as follows (in thousands, except performance metrics data):
| Three Months Ended December 31, · 2024 · 2023 · Change | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| $ · % of interestincome · $ · % of interestincome · $ · % | |||||||||
| Interest income | $2,626 | 100.000% | $2,738 | 100.000% | $(112) | (4.1%) | |||
| Interest expense | (1,591) | (60.586%) | (2,415) | (88.203%) | $(824) | (34.1%) | |||
| Selling, general, and administrative expenses | (288) | (10.967%) | (375) | (13.696%) | $(87) | (23.2%) | |||
| Depreciation and amortization expense | (1) | (0.038%) | (88) | (3.214%) | $(87) | (98.9%) | |||
| Earnings from equity method investments | 49 | 1.866% | — | —% | $49 | —% | |||
| Other income, net | 531 | 20.221% | 309 | 11.286% | $222 | 71.8% | |||
| Net income before provision for income taxes | $1,326 | 50.495% | $169 | 6.172% | $1,157 | 684.6% | |||
| Performance Metric: | |||||||||
| Number of secured loans at period end(1) | 518 | 715 | (197) | (27.6%) | |||||
(1)
Number of outstanding secured loans to customers at the end of the period.
— Secured Lending Segment
The operating results of our Secured Lending segment were as follows (in thousands, except performance metrics data):
| Six Months Ended December 31, · 2024 · 2023 · Change | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| $ · % of interestincome · $ · % of interestincome · $ · % | |||||||||
| Interest income | $5,646 | 100.000% | $5,432 | 100.000% | $214 | 3.9% | |||
| Interest expense | (3,614) | (64.010%) | (4,373) | (80.504%) | $(759) | (17.4%) | |||
| Selling, general, and administrative expenses | (580) | (10.273%) | (767) | (14.120%) | $(187) | (24.4%) | |||
| Depreciation and amortization expense | (4) | (0.071%) | (176) | (3.240%) | $(172) | (97.7%) | |||
| Earnings (losses) from equity method investments | 76 | 1.346% | (6) | (0.110%) | $82 | 1,366.7% | |||
| Other income, net | 726 | 12.859% | 546 | 10.052% | $180 | 33.0% | |||
| Net income before provision for income taxes | $2,250 | 39.851% | $656 | 12.077% | $1,594 | 243.0% | |||
| Performance Metric: | |||||||||
| Number of secured loans at period end(1) | 518 | 715 | (197) | (27.6%) | |||||
(1)
Number of outstanding secured loans to customers at the end of the period.
Interest Income — Secured Lending
| in thousands, except performance metric | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of interestincome | $ | % of interestincome | $ | % | |
| Interest income | $2,626 | 100.000% | $2,738 | 100.000% | $(112) | (4.1%) |
| Performance Metric | ||||||
| Number of secured loans at period-end | 518 | 715 | (197) | (27.6%) | ||
Interest income for the three months ended December 31, 2024 decreased $0.1 million, or 4.1%, to $2.6 million from $2.7 million in 2023. The decrease in interest income earned from the segment’s secured loan portfolio was primarily due to lower average monthly loan balances as well as fewer loans outstanding. The number of secured loans outstanding decreased by 197, or 27.6%, to 518 from 715 as of December 31, 2023.
| in thousands, except performance metric | |||||||
|---|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | |||||||
| $ · % of interestincome · $ · % of interestincome · $ · % | |||||||
| Interest income | $5,646 | 100.000% | $5,432 | 100.000% | $214 | 3.9% | |
| Performance Metric | |||||||
| Number of secured loans at period-end | 518 | 715 | (197) | (27.6%) | |||
Interest income for the six months ended December 31, 2024 increased $0.2 million, or 3.9%, to $5.6 million from $5.4 million in 2023. The increase in interest income earned from the segment’s secured loan portfolio was primarily due to higher average monthly loan balances, partially offset by fewer loans outstanding. The number of secured loans outstanding decreased by 197, or 27.6% to 518 from 715 as of December 31, 2023.
Interest Expense — Secured Lending
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of interestincome | $ | % of interestincome | $ | % | |
| Interest expense | $(1,591) | (60.586%) | $(2,415) | (88.203%) | $(824) | (34.1%) |
Interest expense for the three months ended December 31, 2024 decreased $0.8 million, or 34.1%, to $1.6 million from $2.4 million in 2023. The change was primarily due to: (i) a decrease of $0.4 million in connection with our Trading Credit Facility and (ii) a decrease of $0.4 million related to the AMCF Notes (including amortization of debt issuance costs) due to their repayment in December 2023.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of interestincome | $ | % of interestincome | $ | % | |
| Interest expense | $(3,614) | (64.010%) | $(4,373) | (80.504%) | $(759) | (17.4%) |
Interest expense for the six months ended December 31, 2024 decreased $0.8 million, or 17.4%, to $3.6 million from $4.4 million in 2023. The change was primarily due to: (i) a decrease of $1.0 million related to the AMCF Notes (including amortization of debt issuance costs) due to their repayment in December 2023, partially offset by (ii) an increase of $0.3 million in connection with our Trading Credit Facility due to an increase in interest rates as well as increased borrowings.
Selling, General and Administrative Expenses — Secured Lending
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of interestincome | $ | % of interestincome | $ | % | |
| Selling, general, and administrative expenses | $(288) | (10.967%) | $(375) | (13.696%) | $(87) | (23.2%) |
Selling, general, and administrative expenses for the three months ended December 31, 2024 decreased $0.1 million, or 23.2%, to $0.3 million from $0.4 million in 2023. The change in selling, general, and administrative expenses was not significant.
| in thousands | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended December 31, · 2024 · 2023 · Change | ||||||
| $ | % of interestincome | $ | % of interestincome | $ | % | |
| Selling, general, and administrative expenses | $(580) | (10.273%) | $(767) | (14.120%) | $(187) | (24.4%) |
Selling, general, and administrative expenses for the six months ended December 31, 2024 decreased $0.2 million, or 24.4%, to $0.6 million from $0.8 million in 2023. The change in selling, general, and administrative expenses was not significant.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.