Segments and Geographic Information

6 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments and Geographic Information

19. SEGMENTS AND GEOGRAPHIC INFORMATION

The Company identifies its reportable segments based on a management approach as described in Topic 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	Three Months Ended December 31,								Six Months Ended December 31,
	2025				2024				2025				2024
Revenue by segment (1)
Wholesale Sales & Ancillary Services	$	6,046,811			$	2,637,921			$	9,556,020			$	5,185,919
Eliminations of inter-segment sales		(1,158,845	)			(464,581	)			(1,851,183	)			(785,590	)
Wholesale Sales & Ancillary Services, net of eliminations (2)		4,887,966				2,173,340				7,704,837				4,400,329
Direct-to-Consumer		1,588,934		(a)		569,005		(b)		2,452,829		(c)		1,057,112		(d)
	$	6,476,900			$	2,742,345			$	10,157,666			$	5,457,441

(1)The Secured Lending segment earns interest income from its lending activity and earns no revenue from the sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

(2)The eliminations of inter-segment sales are reflected in the Wholesale Sales & Ancillary Services segment.

(a)Includes $41.2 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

(b)Includes $46.7 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

(c)Includes $86.1 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

(d)Includes $67.1 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.

in thousands	Three Months Ended December 31,				Six Months Ended December 31,
	2025		2024		2025		2024
Revenue by geographic region
United States	$	1,663,982	$	1,099,582	$	3,007,907	$	2,113,437
Europe		3,490,624		1,047,545		5,262,820		2,371,228
Canada		1,129,557		547,292		1,602,622		872,964
Asia Pacific		176,270		45,146		262,263		93,580
Africa		79		3		79		3
Australia		16,336		2,767		21,761		6,219
South America		52		10		214		10
	$	6,476,900	$	2,742,345	$	10,157,666	$	5,457,441

Cost of Sales

in thousands	Three Months Ended December 31,						Six Months Ended December 31,
	2025			2024			2025			2024
Cost of sales by segment(1)
Wholesale Sales & Ancillary Services	$	6,025,241		$	2,618,118		$	9,512,971		$	5,146,307
Eliminations and adjustments		(1,159,095	)		(464,512	)		(1,851,196	)		(785,702	)
Wholesale Sales & Ancillary Services, net of eliminations and adjustments		4,866,146			2,153,606			7,661,775			4,360,605
Direct-to-Consumer, net of eliminations		1,517,384			543,972			2,329,624			1,008,626
	$	6,383,530		$	2,697,578		$	9,991,399		$	5,369,231

(1)The Secured Lending segment earns interest income from its lending activity and has no cost of sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

Gross Profit and Gross Margin Percentage

in thousands	Three Months Ended December 31,						Six Months Ended December 31,
	2025			2024			2025			2024
Gross profit by segment(1)
Wholesale Sales & Ancillary Services	$	21,570		$	19,803		$	43,049		$	39,612
Eliminations and adjustments		250			(69	)		13			112
Wholesale Sales & Ancillary Services, net of eliminations and adjustments		21,820			19,734			43,062			39,724
Direct-to-Consumer, net of eliminations		71,550			25,033			123,205			48,486
	$	93,370		$	44,767		$	166,267		$	88,210
Gross margin percentage by segment
Wholesale Sales & Ancillary Services		0.357	%		0.751	%		0.450	%		0.764	%
Wholesale Sales & Ancillary Services, net of eliminations and adjustments		0.446	%		0.908	%		0.559	%		0.903	%
Direct-to-Consumer		4.503	%		4.399	%		5.023	%		4.587	%
Consolidated gross margin percentage		1.442	%		1.632	%		1.637	%		1.616	%

(1)The Secured Lending segment earns interest income from its lending activity and earns no gross profit from the sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table.

Operating Income and (Expenses)

in thousands	Three Months Ended December 31,						Six Months Ended December 31,
	2025			2024			2025			2024
Operating income (expenses) by segment
Wholesale Sales & Ancillary Services	$	(32,908	)	$	(18,439	)	$	(64,998	)	$	(34,888	)
Eliminations		(99	)		(45	)		(166	)		(92	)
Wholesale Sales & Ancillary Services, net of eliminations	$	(33,007	)	$	(18,484	)	$	(65,164	)	$	(34,980	)
Wholesale Sales & Ancillary Services, net of eliminations
Selling, general, and administrative expenses	$	(21,279	)	$	(11,408	)	$	(43,338	)	$	(24,142	)
Depreciation and amortization expense		(1,622	)		(806	)		(3,248	)		(1,608	)
Interest income		2,999			4,124			6,005			8,139
Interest expense		(14,175	)		(8,075	)		(24,983	)		(15,555	)
Earnings (losses) from equity method investments		968			(2,459	)		24			(1,908	)
Other income (expense), net		86			(70	)		19			(65	)
Unrealized gains on foreign exchange		16			210			357			159
	$	(33,007	)	$	(18,484	)	$	(65,164	)	$	(34,980	)
Direct-to-Consumer
Selling, general, and administrative expenses	$	(38,171	)	$	(14,058	)	$	(75,636	)	$	(27,649	)
Depreciation and amortization expense		(6,016	)		(3,832	)		(11,973	)		(7,736	)
Interest income		35			44			56			96
Interest expense		(595	)		(697	)		(1,017	)		(1,181	)
Other income, net		164			—			2,464			—
Unrealized losses on foreign exchange		(982	)		(1,050	)		(1,422	)		(821	)
	$	(45,565	)	$	(19,593	)	$	(87,528	)	$	(37,291	)
Secured Lending
Selling, general, and administrative expenses	$	(334	)	$	(288	)	$	(632	)	$	(580	)
Depreciation and amortization expense		—			(1	)		—			(4	)
Interest income		2,755			2,626			5,299			5,646
Interest expense		(1,483	)		(1,591	)		(2,853	)		(3,614	)
Earnings from equity method investments		41			49			77			76
Other income, net		—			531			—			726
	$	979		$	1,326		$	1,891		$	2,250

Net (Loss) Income Before Provision for Income Taxes

in thousands	Three Months Ended December 31,					Six Months Ended December 31,
	2025			2024		2025			2024
Net (loss) income before provision for income taxes by segment
Wholesale Sales & Ancillary Services	$	(11,187	)	$	1,250	$	(22,102	)	$	4,744
Direct-to-Consumer		25,985			5,440		35,677			11,195
Secured Lending		979			1,326		1,891			2,250
	$	15,777		$	8,016	$	15,466		$	18,189

Advertising Expense

in thousands	Three Months Ended December 31,						Six Months Ended December 31,
	2025			2024			2025			2024
Advertising expense by segment
Wholesale Sales & Ancillary Services	$	(1,679	)	$	(526	)	$	(3,601	)	$	(1,146	)
Direct-to-Consumer		(7,796	)		(4,165	)		(15,663	)		(8,121	)
Secured Lending		(61	)		(55	)		(114	)		(125	)
	$	(9,536	)	$	(4,746	)	$	(19,378	)	$	(9,392	)

Capital Expenditures for Long-Lived Assets

in thousands	Three Months Ended December 31,						Six Months Ended December 31,
	2025			2024			2025			2024
Capital expenditures for long-lived assets by segment
Wholesale Sales & Ancillary Services	$	(3,152	)	$	(3,607	)	$	(4,478	)	$	(4,112	)
Direct-to-Consumer		(846	)		(194	)		(1,494	)		(296	)
	$	(3,998	)	$	(3,801	)	$	(5,972	)	$	(4,408	)

Inventories

in thousands
	December 31, 2025		June 30, 2025
Inventories by segment
Wholesale Sales & Ancillary Services	$	1,107,815	$	1,049,200
Direct-to-Consumer		427,934		230,345
	$	1,535,749	$	1,279,545

in thousands
	December 31, 2025		June 30, 2025
Inventories by geographic region
United States	$	1,320,873	$	1,150,678
North America, excluding United States		110,286		52,225
Europe		43,178		32,987
Asia		61,412		43,655
	$	1,535,749	$	1,279,545

Total Assets

in thousands
	December 31, 2025			June 30, 2025
Total assets by segment
Wholesale Sales & Ancillary Services (1)	$	2,820,288		$	1,485,370
Eliminations		(359,446	)		(211,144	)
Wholesale Sales & Ancillary Services, net of eliminations		2,460,842			1,274,226
Direct-to-Consumer		1,227,803			844,760
Secured Lending		123,240			96,445
	$	3,811,885		$	2,215,431

(1)Our equity method investments and precious metals held under financing arrangements are primarily recorded within our Wholesale Sales & Ancillary Services segment.

in thousands
	December 31, 2025		June 30, 2025
Total assets by geographic region
United States	$	3,263,503	$	1,917,452
North America, excluding United States		350,552		169,864
Europe		59,518		40,625
Asia		138,312		87,490
	$	3,811,885	$	2,215,431

Long-term Assets

in thousands
	December 31, 2025		June 30, 2025
Long-term assets by segment
Wholesale Sales & Ancillary Services	$	130,759	$	120,348
Direct-to-Consumer		337,188		349,394
Secured Lending		2,271		2,194
	$	470,218	$	471,936

in thousands
	December 31, 2025		June 30, 2025
Long-term assets by geographic region
United States	$	336,839	$	334,199
North America, excluding United States		102,987		106,405
Europe		2		2
Asia		30,390		31,330
	$	470,218	$	471,936

Goodwill

in thousands
	December 31, 2025		June 30, 2025
Goodwill by segment
Wholesale Sales & Ancillary Services	$	39,191	$	39,191
Direct-to-Consumer(1)		189,505		189,459
	$	228,696	$	228,650

(1)Direct-to-Consumer segment’s goodwill balance is net of $1.4 million accumulated impairment losses.

Intangible assets

in thousands
	December 31, 2025		June 30, 2025
Intangible assets by segment
Wholesale Sales & Ancillary Services	$	17,713	$	18,322
Direct-to-Consumer(1)		111,089		118,992
	$	128,802	$	137,314

(1)Direct-to-Consumer segment’s intangible asset balance is net of $1.3 million accumulated impairment losses.