Financial Analysis

16. COMMITMENTS A ND CONTINGENCIES Legal Matters The Company is from time-to-time party to various lawsuits, claims and other proceedings, that arise in the ordinary course of its business. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on current information, including our assessment of the merits of the particular claim, we do not expect that these legal proceedings or claims will have any material adverse impact on our future consolidated financial position, results of operations, or cash flows. In accordance with U.S. GAAP, we review the need to accrue for any loss contingency and establish a liability when, in the opinion of management, it is probable that a matter would result in a liability and the amount of loss, if any, can be reasonably estimated. We do not believe that the resolution of any currently pending lawsuits, claims and proceedings, either individually or in the aggregate, will have a material adverse effect on financial position, results of operations or liquidity. However, the outcomes of any currently pending lawsuits, claims and proceedings cannot be predicted, and therefore, there can be no assurance that this will be the case. Additionally, we record receivables for insurance recoveries relating to litigation-related losses and expenses if and when such amounts are covered by insurance and recovery of such losses or expenses are due. Employment and Non-Compete Agreements As of June 30, 2026, the Company wa …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

15. FINANCIN G AGREEMENTS Lines of Credit - Trading Credit Facility On December 21, 2021, the Company entered into a three-year committed facility provided by a syndicate of financial institutions (the Trading Credi t Facility), with a total revolving commitment of up to $ 350.0 million and with a termination date of December 21, 2024 . As of June 30, 2026, the Trading Credit Facility has since been amended and restated to modify certain terms and conditions, including eliminating provisions whereby lenders under certain conditions could require repayment of all obligations outst anding under the Trading Credit Facility within 10 days on demand, extending the maturity date to September 30, 2027 , and revising the total facility to $ 427.5 million. There is also an incremental revolving loan feature that is available under certain conditions up to an aggregate additional $ 73.0 million. The Trading Credit Facility is secured by substantially all of the Companys assets on a first priority basis and is guaranteed by the Company's subsidiaries. The Trading Credit Facility currently bears interest at the daily SOFR rate plus an applicable margin of 236 basis points. As of June 30, 2026, the interest rate on our Trading Credit Facility was approximately 6.1 % and t he daily SOFR rate was approximately 3.7 % . When needed, we use funds drawn under the Trading Credit Facility to purchase metals from our suppliers and for operating cash flow purposes. Our CFC subsidiary also uses fund …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"3. ASSETS AND LIABI LITIES, AT FAIR VALUE Fair Value of Financial Instruments A financial instrument is defined as cash, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The fair value of financial instruments represents amounts that would be received upon the sale of those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Companys own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk adjusted discount rates, and available observable and unobservable inputs. For most of the Company's financial instruments, the carrying amount approximates fair value. The carrying amounts of cash, receivables, secured loans receivable, accounts payable and other current liabilities, accrued liabilities, and income taxes payable approximate fair value due to their short-term nature. The carrying amounts of derivative assets and derivative liabil …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

9. GOODWILL AND INTANGIBLE ASSETS Goodwill is an intangible asset that arises when a company acquires an existing business or assets (net of assumed liabilities) which comprise a business. In general, the amount of goodwill recorded in an acquisition is calculated as the purchase price of the business minus the fair market value of the tangible assets and the identifiable intangible assets, net of the assumed liabilities. Goodwill and intangibles can also be established by push-down accounting. Carrying Value The carrying value of goodwill and other purchased intangibles are described below (dollar amounts in thousands): June 30, 2026 June 30, 2025 Estimated Useful Lives (Years) Remaining Weighted-Average Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Book Value Identifiable intangible assets: Existing customer relationships 4 - 15 4.0 $ 138,674 $ ( 87,421 ) $ $ 51,253 $ 116,568 $ ( 66,215 ) $ $ 50,353 Developed technology 4 2.5 24,136 ( 16,481 ) 7,655 21,836 ( 13,362 ) 8,474 Proprietary knowhow 15 14.8 2,200 ( 88 ) 2,112 Non-compete and other 3 - 5 1.3 2,310 ( 2,310 ) 2,310 ( 2,306 ) 4 Employment agreement 1 - 3 0.0 295 ( 295 ) 295 ( 295 ) Intangibles subject to amortization 167,615 ( 106,595 ) 61,020 141,009 ( 82,178 ) 58,831 Trade names and trademarks Indefinite Indefinite 76,459 ( 1,290 ) 75,169 69,658 ( 1,290 ) 68,368 Domain name Ind …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

13. I NCO ME TAXES Net income from operations befor e provision for income taxes is shown below (in thousands): Year Ended June 30, 2026 2025 2024 U.S. $ 90,631 $ 21,888 $ 83,317 Foreign 18,891 ( 618 ) ( 539 ) $ 109,522 $ 21,270 $ 82,778 The Company files a consolidated federal income tax return based on a June 30 tax year end. The provision for income tax expense by jurisdiction and the effective tax rate are shown below (in thousands): Year Ended June 30, 2026 2025 2024 Current: Federal $ 16,607 $ 6,663 $ 14,177 State and local 3,891 1,228 1,847 Foreign 8,381 1,454 419 $ 28,879 $ 9,345 $ 16,443 Deferred: Federal ( 5,242 ) ( 1,884 ) ( 2,000 ) State and local ( 1,194 ) ( 148 ) ( 608 ) Foreign ( 1,536 ) ( 1,887 ) ( 90 ) ( 7,972 ) ( 3,919 ) ( 2,698 ) Income tax expense $ 20,907 $ 5,426 $ 13,745 Effective income tax rate 19.1 % 25.5 % 16.6 % Our provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rates for the year ended June 30, 2026, 2025, and 2024 primarily due to the effects of state and local income taxes, net of federal tax benefit, excess tax benefit from share-based compensation, acquisition-related adjustments, and other permanent differences. Fiscal 2026 also included U.S. foreign tax credits, foreign tax effects related principally to Hong Kong operations, and tax effects of entity reorganization. Fiscal 2025 included one-time tax effects related to the Company's acquisitions of Pinehurst and AMS and related transaction cos …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

7. L E ASES Components of lease expense were as follows (in thousands): Year Ended June 30, 2026 2025 2024 Operating lease costs $ 7,650 $ 4,019 $ 1,616 Variable lease costs 1,930 1,203 545 Short term lease costs 193 103 73 Finance lease costs 54 36 15 $ 9,827 $ 5,361 $ 2,249 For the year ended June 30, 2026, we made cash payments of $ 7.4 million for operating lease obligations. These payments are included in operating cash flows. As of June 30, 2026, the weighted-average remaining lease term under our capitalized operating leases was 5.1 years, while the weighted-average discount rate for our operating leases was approximately 6.3 % . The future undiscounted cash flows for each of the next five years and thereafter, and reconciliation to the lease liabilities as of June 30, 2026 for our operating leases were as follows (in thousands): Fiscal Year ending June 30, Operating Leases 2027 $ 8,649 2028 7,787 2029 6,578 2030 5,662 2031 3,781 Thereafter 5,236 Total lease payments 37,693 Imputed interest ( 5,533 ) Total operating lease liability $ 32,160 (1) Operating lease liability - current $ 6,980 (2) Operating lease liability - long-term 25,180 (3) $ 32,160 (1) (1) Represents the present value of the operating lease liabilities as of June 30, 2026 . (2) Current operating lease liabilities are presented within accrued liabilities on our consolidated balance sheets. (3) Long-term operating lease liabilities are presented within other liabilities on our consolidated balance sheets …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements From time to time, the Financial Accounting Standards Board (""FASB"") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards Update (""ASU""). Recently Adopted Accounting Standards In December 2023, the FASB issued ASU No. 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures (""ASU 2023-09""), which updated the guidance on income tax disclosures to require entities to disclose specific categories within the rate reconciliation, provide additional information for reconciling items that meet certain quantitative thresholds, and provide additional information about income taxes paid. We adopted this guidance prospectively in this 2026 fiscal year Form 10-K. The adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards not yet adopted In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Topic 220) , which requires additional disclosures, for interim and annual reporting, of expenses by nature, such as inventory purchases, employee compensation, depreciation and amortization, and selling expenses. This update is effective for the Company for its fiscal year beginning July 1, 2027 and interim periods thereafter, and may be applied either prospectively or retrospectively. We are currently evaluating the impac …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"14. RELATED PAR TY TRANSACTIONS Related parties include entities which the Company controls or has the ability to significantly influence, and entities which are under common control with the Company. Related parties also include persons who are affiliated with related entities or the Company who are in a position to influence corporate decisions (such as owners, executives, board members and their families). In the normal course of business, we enter into transactions with our related parties. In addition to our directors and officers and one individual who is the beneficial owner of more than ten percent of our outstanding common stock, below is a list of related parties with whom we have had significant transactions during the presented periods: 1) Spectrum Group International, Inc. (""SGI"") and Stacks Bowers Numismatics, LLC (""Stack's Bowers Galleries"") . The Company acquired SGI in February 2025. However, prior to February 2025, SGI and its wholly owned subsidiary Stack's Bowers Galleries were considered to be related parties of the Company. SGI and the Company had a common chief executive officer, and the chief executive officer and the general counsel of the Company constituted a majority of the board members of SGI. Information included below relating to SGI and Stack's Bowers Galleries pertains to transactions prior to the Company's acquisition of SGI in February 2025. Also, as discussed below, certain directors and officers of the Company and the Company's large …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

"19. SEGMENTS AND GE OGRAPHIC INFORMATION The Company identifies its reportable segments based on a management approach as described in ASC 280 Segment Reporting , together with additional factors such as nature of products or services, customer types, and certain economic characteristics of the underlying business. Our Chief Operating Decision Maker (""CODM"") is our CEO , Gregory Roberts. Our CODM uses segment net income or loss before provision for income taxes to allocate resources to our segments in our annual planning process and to assess the performance of our segments, primarily by monitoring actual results versus the annual plan. Our operating segments are not evaluated using asset information. The Company's operations are organized under three business segments (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, and (iii) Secured Lending. The Wholesale Sales & Ancillary Services segment includes the consolidating eliminations of inter-segment transactions and unallocated segment adjustments. See Note 1 for a description of the types of products and services from which each reportable segment derives its revenues. Revenue in thousands Year Ended June 30, 2026 2025 2024 Revenue by segment (1) Wholesale Sales & Ancillary Services $ 23,504,934 $ 10,259,300 $ 9,253,473 Eliminations of inter-segment sales ( 4,089,741 ) ( 1,563,943 ) ( 1,006,103 ) Wholesale Sales & Ancillary Services, net of eliminations (2) 19,415,193 8,695,357 8,247,370 Di …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"2. SUMMARY OF SIGNIFIC ANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements reflect the financial condition, results of operations, statements of stockholders equity, and cash flows of the Company, and were prepared using accounting principles generally accepted in the United States (U.S. GAAP). The Company consolidates its subsidiaries that are wholly-owned, and majority owned, and entities that are variable interest entities where the Company is determined to be the primary beneficiary. Our consolidated financial statements also include the accounts of: AMTAG, TDS, AMGL, AMST, AM/LPM Ventures, SGI, Pinehurst, AM Precious Metals Singapore PTE Ltd., SMI, JMB, Goldline, SGB, AMS, AM LPM Singapore PTE Ltd., Monex, and CFC. Intercompany accounts and transactions are eliminated. Comprehensive Income Our other comprehensive income and losses are comprised of unrealized gains and losses associated with the translation of foreign-based equity method investments which are shown in our consolidated statements of stockholders' equity. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates include …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

20. SUBSEQU ENT EVENTS Dividend As announced on September 2, 2026 , the Company's Board of Directors has declared a quarterly cash dividend of $ 0.20 per share as well as a non-recurring special dividend of $ 1.00 per share. The dividends are payable on September 28, 2026 to stockholders of record as of September 16, 2026 .

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