Platform focused on two core assets, bullion or fabricated precious metals, gold, silver, and platinum primarily, and numismatics or collectible coins. We are a global company and we are a trusted dealer in both markets. By very quick overview, let me give you a sense of the company's scale. For the fiscal year ended June 30th, 2026, we generated a little over $450 million of gross profit, generated a fully diluted EPS of just over $3. You can see the numbers have been significantly higher in earlier years and have moved tremendously and have over $4 billion of assets. We operate in three complementary sectors, direct-to-consumer, wholesale ancillary services, and secured lending. Our direct-to-consumer business generated a little bit north of 1.3 million individual tickets last year. What I am talking about is individual sales from direct-to-consumer companies to consumers.
Our wholesale business generated close to 150,000 separate orders or tickets, and our secured lending business generated over $11 million in interest income. In terms of the investment thesis, we have deeply committed and experienced leadership team. We operate globally in North America, Europe, and throughout Asia. We have opportunistically pursued M&A activities, having completed 14 transactions since 2018. We are vertically integrated between capital sources, mints, and logistics, and we are the beneficiary of expanding margins and global volatility.
Let me point out, though, that unlike most other folks at this conference, we have no direct exposure to the price of gold and silver. In fact, we are fully hedged on the underlying gold and silver. The way I think about the business at the end of the day is that companies here are primarily extraction companies. We are essentially the gas station. We are the retailer of the finished goods.
Okay, quick sense of history. Company founded in 1965, grows dramatically as a bullion and numismatic dealer. In 2014, we begin to develop a platform to capitalize on the Internet moving into our space. In 2015, we spin out from our corporate parent and our predecessor company, A-Mark Precious Metals, begins to be publicly traded. In 2021, we acquire JM Bullion. JM Bullion is one of the two largest direct-to-consumer retailers in the country of physical or fabricated precious metals. Since then, we again, as I have mentioned, have acquired another dozen or so companies. In 2025, we rebrand the company as Gold.com, trading under the symbol GOLD, and move from the Nasdaq to the NYSE. As I mentioned, we operate in two compelling asset categories. To the left is bullion. Everyone in this conference is certainly familiar with the performance of bullion. We operate in collectibles.
Three primary asset classes. Coins or collectibles, and you can see the 10-year return of close to 50% on that. We operate in trading cards, primarily baseball cards, where we have a lending business, and we have a wine business. To start with the bullion business, we operate with a concept of premium. Premium is what a consumer pays over the price of spot when they buy precious metals. Premiums reflect two core drivers. One, they reflect the brand of the underlying mint who produces that bullion, and two, premiums reflect supply-demand balance at any given moment. Let us start with mints. We, at the end of the day, are the largest partner or authorized distributor of the U.S. Mint, the Royal Canadian Mint, The Royal Mint, and really every major consumer-facing private mint around the world.
We also operate the largest private mints in North America, the Sunshine Mint out of Las Vegas, and the SilverTowne Mint in Indiana. Each mint has its own consumer value proposition. At the very top here in North America sits the U.S. Mint. Consumers are willing to pay more for items produced by the U.S. Mint than they are a comparable item produced by another mint, so that mint carries the highest premium. Mints also reflect supply-demand balance. We deal with fabricated products. When demand spikes and consumers have an extra need to own physical precious metals, demand moves in, and the demand moves ahead of supply, so premiums spike. Why does demand spike? Any range of factors. Historically, demand spikes when there is volatility in the marketplace. Consumers begin to sense that there is a sense of fear, risk on, for example.
You can think of lots of examples over the last couple of years. Several years ago, we had a banking crisis here in the U.S. led by Silicon Valley Bank. Whether it is inflation, whether it is Russian tanks rolling into Ukraine, whether it is COVID, whether it is [January 6th], whatever the event is that causes angst in the marketplace, generally demand for physical precious metals spikes. It is important to note that premiums move independent of the price of physical precious metal. Okay. Talked about the alternative asset ecosystem, direct-to-consumer, wholesale, and secure lending. Let us move through those quickly. On the DTC side, we operate a portfolio of about a dozen brands in the U.S., Canada, the U.K., Hong Kong, and Singapore. They are a mix of phone-based brands led by Goldline and Monex.
These are brands where you can call up to speak to a sales professional, and a global platform of specialty brands operating primarily online. The flagship brand is in the upper left-hand corner. That is JM Bullion out of Dallas. JM is a $1.5 billion- $2+ billion retailer any given year, depending upon underlying consumer demand. To walk you through JM, average order value of close to $2,800 in the last fiscal year. JM was founded about 13 years ago. Today, it has served a universe of over 4 million customers and continues to grow by acquiring 25,000- 40,000 customers a month. Strong, loyal customer base. It makes a two-way market, so we buy and sell items online, and we have a very scalable e-commerce model. It effectively costs us somewhere between $50- $70 to acquire a customer.
Given a $2,800 average order value and margins in the 6%- 10% range, we generate somewhere of $150- $200 of gross profit on that initial order. Again, scalable and scalable model. Then obviously, we have lifetime value of a customer who comes back to us multiple times. We own Stack's Bowers Galleries. Stack's Bowers is the oldest coin auction house in North America. It focuses on high-margin assets. It sells rare coins and collectible currency. It has very strong consumer engagement, and it operates as both a retailer and a wholesaler. So it sells directly to consumers. It operates a series of auctions on a global basis in the U.S., Europe, and Asia, and it also supplies independent dealers, mom and pops, who sell to individual consumers.
Our consumer, I mentioned that we have a phone-based series of companies led by Goldline, Monex, and GovMint, and then a broader portfolio of complementary brands, Pinehurst Coins, BullionMax, BGASC, and others. The idea is we are every place the consumer who wants to own physical precious metals and collectible coins and currencies wants to be. We have a global business, LPM in Asia, Atkinsons Bullion & Coins in the U.K., and Silver Gold Bull in Canada. We operate a very sizable wholesale business led by our brand, A-Mark Precious Metals, which again, is the legacy brand of the parent company. To give you a sense of scale, over $19 billion in revenue last year, $140 million of profit. We sold north of 1.1 million ounces of gold and close to 45 million ounces of silver.
We are, again, the largest partner to leading sovereign mints around the world, and we operate several of the largest mints here in North America and on a global basis. That mint relationship is key. It gives us credibility. It gives us core product that is sold into the marketplace and such. We also partner with the South African Mint, the Perth Mint, and others. We have a very strong logistics and fulfillment capability led by AMGL, which is A-Mark Global Logistics. A-Mark Global Logistics can handle north of 200,000 packages a month. So from depositories and fulfillment centers based in Las Vegas at the airport, in Dallas just outside DFW, we basically operate pick, pack, and ship facilities focused on precious metals and rare coins. Think of it as Amazon-type warehouses at scale, highly automated, highly specialized.
We also have a significant storage capability focused around those facilities, and we also store around the world on behalf of individuals, institutional clients. The third piece of our integrated business, along with direct-to-consumer, wholesale, is secured lending. We have a secured lending business focused on three core asset classes, bullion, numismatics, and sports cards. We offer individuals and small institutions liquidity for the assets they own. The average loan is somewhere around $250,000. Typical borrower has assets that they want to hold on to, and they have deep beliefs in long-term value of those assets, but they want to create liquidity. Just like you can have liquidity in your equity in your home, equity in your trading account, we provide liquidity in your precious metals and numismatics.
The key for this business is we take physical possession of your items, so we are holding them in our depositories. These loans are fully marginable, so should the market move against you, we are able to execute a margin loan. This business was founded in 2005, and most notably in its 20+ year history, we have never lost a dollar of principal, and we operate at approximately a 400 basis point spread, meaning that our typical loan relative to our cost of capital is about 400 basis point spread.
So it is a heck of a lending business when you do not have any principal losses. In terms of revenue, you have seen the growth of the company. Revenue increased over 275% over the last decade. That is supported both by long-term organic expansion, operating leverage throughout the business, and a series of very strategic acquisitions. To give you a sense of financial highlights.
Again, the company has a June 30th fiscal year end. You can see the significant growth in the underlying revenue business. We generated close to $180 million of EBITDA in this past year and significant upward trend in the business. Our balance sheet. We source or we finance ourselves through three primary sources of capital. One is we use repo and such. Two, we have a cash credit facility. It is a bank group led by CIBC. We have $430 million or close to $430 million of availability that was undrawn as of June 30th. We also use gold leases, led by a group of money center banks. It also should be noted that Tether acquired about an eighth interest in the company, about 12.5% earlier this year, and we have a gold line relationship with Tether. In terms of our pillars of capital allocation, we spend money five different ways.
First, as I mentioned, we have been very opportunistic in the M&A market, as this slide notes, 14 deals since 2018. Two, we actively pay down debt, and as noted, we currently have $0 drawn on our bank line. Three, we are a dividend payer. Most notably, we paid $14.60 worth of dividends on a per share basis over the last six years. That includes both common dividends of $0.20 a share, and for the fiscal year just ended June 30th, 2026, we paid a $1 special dividend. Fourth, we are an inventory buyer of both bullion and numismatics. Fifth, we have been opportunistic with regard to share buybacks, having purchased to date a little bit over 1.3 million shares. Again, fully integrated platform, a leader in both the fabricated bullion and numismatic space. Multiple growth opportunities, both domestically here in North America and internationally.
Significant pipeline of M&A deals, very strong financial footing. We are an excellent steward of capital. Should note that insiders own about 25% of the company. A very resilient platform, which is fully hedged to the underlying price of precious metals and positioned to benefit from volatility in the marketplace. Happy to answer any questions that the audience might have.
Thank you, Steve. We do have some time for questions from the audience. Okay, go ahead, sir. Could you wait for the microphone?
Do you also have responsibly sourced gold capability as well?
We source gold primarily off exchanges, or we buy finished bars from leading refiners like Asahi.
But I guess my question is that can you, at this point, confirm from source to final manufacturer at this point?
We use the best available resources to us available through the exchange, but we are not involved in the sourcing of precious metals, so we can't opine upon that metal.
Okay. Are you seeing a shift in purchasing trends of the different formats as the price of gold increases? For example, do you see more silver sales? Actually, I think I saw on your chart that silver sales are actually down. One would think maybe might shift from gold to silver. Are you seeing more purchases of fractional one-tenths of an ounce instead of an ounce? What are the trends with this higher gold price?
You have two things going on. First, there is the [notable] uptake in gold purchasing. As I mentioned, Tether has invested in the company, did so earlier this year, and Tether, amongst other sources, is beginning to buy actively through Gold.com. Tether scale is well known in the marketplace, and that will certainly shift the wholesale numbers. In terms of the fabricated product, and that runs from fractional ounces, and small grams all the way up to 400-ounce gold bars and 1,000-ounce silver bars. Our market operates fairly uniquely relative to the price of the commodity. Traditionally, over the last year or so, last two or three years, as commodity prices have moved up, our core precious metals customers actually treated that upward trend in price movement as something of a little bit of wind on the nose.
They actually paused a little bit to see which way the market trends were going to go. Our customers are pretty savvy buyers, no different than a savvy portfolio manager who watches the stock and tries not to chase the trends too much. When gold got to $5,000+ an ounce, though, and silver got to $120+ an ounce in late calendar 2025, early 2026, that changed the math, and that certainly unleashed a flood of activity. Prices have certainly come in, silver trade closer in the $60, $61, $62 an ounce, and gold obviously where it is. We've seen a wide variety of demand. The key for us is that when demand spikes, such as it spiked in December, January, and February, when commodity prices really ran, we made a tremendous amount of money, and we are positioned to really capitalize on that driver of the marketplace.
On the bullion side, we are the beneficiary, less so of price, and more so of just demand drivers, historically fear or volatility. But as we saw uniquely over the last couple of months, the very unique run-up that we saw in commodity prices in late calendar 2025, early calendar 2026 benefited us. The other piece of this is the collectibles business. The collectibles business is growing fast throughout the U.S. and in many parts of the world. I'm talking about coins, I'm talking about collectible cards, and numerous other asset classes. New areas of distribution, such as live selling or social commerce, are becoming increasingly important.
There's a lot going on here. Depending upon your perspective, I'm a long-term consumer investment banker by background. To me, it's a little bit like the internet in 1995 or 1996.
You see it coming, but most people don't understand how fast it's coming. The retail landscape and how collectibles and other retail products are being sold is changing very rapidly. Because we sell to companies that sell via those platforms, we are very well positioned for a new group of consumers that are rapidly coming into the marketplace.
Okay. With insights in this.
Thank you.
This area, which rounds out our experience here at the Gold Forum. Thank you.