Here are 1-3 brief analogies for Envela (ELA):

• Like CarMax, but for used precious metals, luxury jewelry, and corporate IT equipment.
• Imagine The RealReal, but expanded to include precious metals and corporate IT equipment.

• DFW Elite Toy Museum: Retailing of high-end collectibles, luxury goods, and rare items to consumers.
• Envela Precious Metals (EPM): Buying, selling, and refining of precious metals such as gold, silver, platinum, and palladium.
• TELIGENT℠: Provides IT asset disposition (ITAD) services, including the secure acquisition, processing, and resale of technology assets for businesses and government entities.
• Envela Financial: Offers various financial solutions, primarily collateralized loans and other financial services.

Envela (symbol: ELA) operates a diversified business, but based on its revenue breakdown, it primarily serves individual customers through its DGSE segment, which accounted for approximately 62% of its consolidated net revenue for 2023. Therefore, the company's major customers are best described through categories of individuals rather than specific corporate entities.

The major categories of individual customers that Envela serves through its DGSE segment include:

• Precious Metals Investors and Speculators: Individuals who purchase physical precious metals like gold, silver, platinum, and palladium in various forms (coins, bars, bullion) for investment purposes, wealth preservation, or as a hedge against economic fluctuations.
• Jewelry and Luxury Watch Consumers: Individuals who buy and sell new, pre-owned, and estate jewelry, diamonds, engagement rings, and high-end luxury watches (e.g., Rolex, Patek Philippe, Cartier) for personal adornment, gifting, or as an investment in luxury goods.
• Numismatists and Collectors: Individuals with a specific interest in acquiring rare coins, currency, and other collectible items, often seeking specific grades, mint marks, historical significance, or unique pieces to enhance their collections.

While Envela primarily serves individuals, it also has significant Business-to-Business (B2B) operations through its Echo Environmental and TELIGENT segments. These segments provide IT asset disposition (ITAD), electronics recycling, logistics management, and asset recovery services to a broad range of corporate, government, and educational clients. However, Envela's SEC filings indicate that no single customer accounted for 10% or more of its consolidated net revenue in recent fiscal years, meaning there are no individually disclosed major corporate customers to list by name.

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John R. Loftus, Chairman of the Board, Chief Executive Officer, and President

John R. Loftus has served as Envela's Chairman of the Board, Chief Executive Officer, and President since December 12, 2016. Under his leadership, the company achieved its eighth consecutive annual profit in 2024 and reported a record revenue of $182.7 million in fiscal year 2022. Mr. Loftus holds a Master of Business Administration from Southern Methodist University's Cox School of Business.

John G. DeLuca, Chief Financial Officer, Secretary, and Treasurer

John G. DeLuca joined Envela on January 3, 2023, and was appointed Chief Financial Officer on March 25, 2024, also taking on the roles of Secretary and Treasurer since May 7, 2024. He brings over two decades of experience in the secondary metal-processing industry, with a comprehensive background in finance, operations, planning, accounting, financial reporting, and financial planning and analysis. Mr. DeLuca's career includes roles in both public and private-equity-backed companies. He is a Certified Public Accountant and holds a Bachelor of Science in Business Administration and a Master of Business Administration from John Carroll University.

1. Adverse Financial and Economic Conditions: Envela's financial condition and operational results could be materially and adversely affected by changes in liquidity and capital requirements, its ability to secure financing and credit, and the impact of sustained high interest rates. These broad financial and economic factors can impact the company's cost of capital, access to funding, and customer purchasing power, which is particularly relevant given its re-commerce business that can rely on consumer disposable income.

2. Dependence on Key Personnel: The ongoing success of Envela is highly dependent on its ability to attract, retain, and motivate qualified directors, management, and other skilled employees. A failure to do so could significantly impact the company's operational effectiveness, strategic execution, and overall business performance.

3. Operational Risks in Re-commerce Segments: Envela faces specific operational risks within its core re-commerce businesses. These include the risk of declines in the value and availability of devices in its electronic device inventory, exposure to foreign trade risks, and challenges with export compliance. Additionally, the company may incur losses due to a failure to effectively manage and protect clients' assets throughout the information technology (IT) asset disposition (ITAD) process.

• The increasing market acceptance and penetration of lab-grown diamonds. Lab-grown diamonds offer a chemically and optically identical product to mined diamonds at a significantly lower cost, often positioned with enhanced ethical and environmental claims. This directly threatens Envela's DGSE segment, which deals extensively in mined diamonds (both new and pre-owned). The rising popularity of lab-grown alternatives can devalue existing inventories of mined diamonds, depress resale values, and shift consumer preferences, impacting the profitability and market share of Envela's traditional jewelry business.
• The growing trend of major electronics and IT manufacturers implementing their own comprehensive asset recovery and circular economy initiatives. Driven by sustainability goals, extended producer responsibility (EPR) regulations, and the desire for greater supply chain control, manufacturers are increasingly developing and expanding programs to directly take back, refurbish, and recycle their products. This development poses a threat to Envela's ELA Asset Recovery & Logistics (ELAARL) segment, whose business model relies on companies outsourcing their IT asset disposition (ITAD) needs. If manufacturers more frequently handle the end-of-life management for their own products, it could reduce the volume of assets available for third-party ITAD providers, potentially shrinking ELAARL's addressable market.

Envela (ELA) operates in three primary markets: recommerce services, precious metal recycling, and IT asset disposition (ITAD).

Recommerce Services

Envela provides recommerce services, specifically focusing on authenticated high-end luxury goods such as pre-owned fine jewelry, diamonds, gemstones, luxury watches, and secondary market bullion. The broader recommerce market in the United States was estimated at over $200 billion in 2024 and is projected to reach nearly $292 billion by 2029, growing at a compound annual growth rate (CAGR) of approximately 14.5% during the forecast period of 2024-2030. Globally, the luxury resale market was valued at USD 34.39 billion in 2023 and is projected to nearly double to USD 60.55 billion by 2029, driven by a CAGR of approximately 10% from 2024 to 2029. In 2025, the global luxury resale market is expected to be valued at approximately $38.32 billion.

Precious Metal Recycling

The company is involved in the recycling of precious metals, including gold, silver, platinum, and palladium, from various sources like electronic waste, industrial materials, and jewelry. The global precious metal recycling market was valued at USD 551.9 billion in 2023 and is projected to reach USD 767.9 billion by 2031, with a CAGR of 6.8% from 2024 to 2031. A segment of this, the global precious metals e-waste recovery market, was valued at USD 20.76 billion in 2024 and is projected to reach USD 52.6 billion by 2035, exhibiting a CAGR of 8.82% from 2025 to 2035.

IT Asset Disposition (ITAD)

Envela also offers end-of-life management of IT assets, which includes data destruction, asset refurbishment, and remarketing services. The global IT asset disposition market size was valued at USD 17.89 billion in 2024 and is projected to grow from USD 19.70 billion in 2025 to USD 40.80 billion by 2032, exhibiting a CAGR of 10.96% during the forecast period. Specifically for the United States, the IT asset disposition market size reached USD 6.0 billion in 2024 and is expected to reach USD 12.8 billion by 2033, demonstrating a CAGR of 7.83% from 2025 to 2033.

Expected Drivers of Future Revenue Growth for Envela (ELA)

Over the next two to three years, Envela (ELA) is anticipated to drive future revenue growth through several key initiatives across its consumer and commercial segments, capitalizing on its position in the re-commerce sector.

1. Expansion of Retail Footprint and New Market Entry: Envela's consumer division is focused on expanding its physical presence, having recently nearly doubled its retail store locations and entered two new markets. This growth strategy aims to make luxury goods more accessible, sustainable, and authentic to a broader customer base, indicating continued expansion as a key revenue driver.
2. Growth in Commercial Division's Service-Based Returns Business and Operational Excellence: The commercial segment has demonstrated record performance driven by a focus on operational excellence, client satisfaction, and innovation. The company specifically highlights its service-based returns business as a significant and growing revenue contributor within this segment, which is expected to fuel continued advancements across the industries it serves.
3. Increased Sales in Wholesale Precious Metals: The consumer segment has shown strong performance driven by growth in wholesale precious metals. This specific product category is identified as a contributing factor to the segment's overall revenue, suggesting ongoing strength and potential for further growth.
4. Leveraging the Re-commerce and Circular Economy Trend: Envela positions itself as a leader in re-commerce services and the circular economy, focusing on reusing, recycling, and reimagining products. This overarching strategic focus aligns with growing consumer and business interest in sustainability and maximizing product value, providing a broad growth opportunity across its diverse business activities.

Share Repurchases

• Envela's Board of Directors has authorized a share repurchase program for up to 1,100,000 shares of its outstanding common stock through March 31, 2026.
• Since the program's inception in March 2023, Envela has repurchased 961,155 shares of common stock for over $4.8 million.
• During 2024, the company bought back 916,597 shares for $2.4 million under its share repurchase program.

Outbound Investments

• In early Q4 2021, Envela completed an all-cash acquisition of Avail Recovery Solutions, a specialist in IT asset disposition and electronics recycling.
• Envela acquired Steven Kretchmer, Inc., a jewelry manufacturer, in September 2023, funded by cash on hand, to diversify and enhance its Consumer Division.

Capital Expenditures

• Capital expenditures for the nine months ended September 30, 2025, amounted to $2,197,781.
• For the nine months ended September 30, 2024, capital expenditures totaled $1,451,806.