Shares of A-Mark Precious Metals (AMRK) tumbled 8.55% in after-hours trading on Tuesday following the release of its fiscal fourth quarter 2025 financial results that fell short of analyst expectations.

The precious metals trading company reported quarterly revenue of $2.51 billion, missing the consensus estimate of $2.91 billion from four analysts surveyed by FactSet. This represents a slight decrease of 0.51% compared to $2.52 billion in the same quarter last year. Earnings per share came in at $0.41, below the analyst estimate of $0.44 and down from $1.29 in the prior year period.

A-Mark's net income for the quarter totaled $10.3 million, a significant 67% decline from $30.9 million in Q4 2024. The company cited challenging market conditions, characterized by increased supply and range-bound premium spreads, as factors impacting its performance. Despite these headwinds, A-Mark's gross profit for the quarter increased 90% year-over-year to $81.7 million, with gross margin expanding to 3.25% from 1.70% in the same period last year.

CEO Greg Roberts commented on the results, stating, "Our fourth quarter results underscore the resilience of our business during a challenging market. We've made steady progress integrating our recent acquisitions and implementing cost-saving synergies, which we expect will help optimize expenses and create greater operating leverage going forward." The company highlighted its efforts to centralize operations and complete automation upgrades at its logistics facility as steps towards improving efficiency.

While the quarterly performance disappointed investors, A-Mark emphasized its broader platform and improved operational leverage as positioning the company well for future growth across multiple channels. However, the market's immediate reaction suggests concerns about the company's ability to navigate the current precious metals trading environment and meet analyst expectations in the near term.