From their latest 10K filing on page 31:
"The gross profit margins we earn on collectibles authentication and grading submissions are impacted by many of the same factors that impact our revenues, as the average service fee and the resulting gross profit margin earned is affected by (i) the volume and mix of those submissions among coins, trading cards and other collectibles, because
we generally realize higher margins on coin submissions than on submissions of other collectibles... In addition, because a significant proportion of our costs of sales are relatively fixed, our gross profit margin is also affected as we build authentication and grading capacity in response to the record cards and autographs backlog (as there is a delay between incurring the cost of additional capacity and the resulting full revenue benefits) and by the overall volume of collectibles that we authenticate and grade in any period."
Back up on page 2, it has average fees at $18.82 for coins and $10.27 per card. That just tells you how much of their business is bulk submissions.
So, maybe it's still lower than that 43% mark now, but tbd for the future, depending on market fluctuations. Either way, the margins they have make it look like they'll still be turning a long-term profit.
https://www.sec.gov/edgar/searchedga...anysearch.html