U.S. Global Investors Q4 2025 Earnings Report

U.S. Global Investors EPS Results

• Actual EPS: -$0.02
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

U.S. Global Investors Revenue Results

• Actual Revenue: $1.96 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

U.S. Global Investors Announcement Details

• Quarter: Q4 2025
• Date: 9/8/2025
• Time: After Market Closes
• Conference Call Date: Tuesday, September 9, 2025
• Conference Call Time: 8:30AM ET

U.S. Global Investors (NASDAQ:GROW) is an investment management company headquartered in San Antonio, Texas. Founded in 1968, the company provides investment advisory and portfolio management services to individual and institutional investors through a range of mutual funds and exchange-traded funds.

The company’s investment offerings focus on specialized areas of the global economy, including natural resources, precious metals, emerging markets, infrastructure, transportation and travel-related industries. Its funds provide exposure to domestic and international companies and themes, giving investors access to targeted market segments across North America and other global regions.

U.S. Global Investors is led by Frank Holmes, who serves as chief executive officer and chief investment officer. The company is known for its research-driven approach and for managing strategies designed to capitalize on long-term trends in commodities, international markets and global economic development.

U.S. Global Investors Q4 2025 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: Average assets under management fell to $1.4 billion and operating revenues dropped by 23% year-over-year, resulting in a net loss of $334,000 for fiscal 2025.
• Positive Sentiment: The company’s Smart Beta 2.0 thematic ETFs—especially JETS (airlines), GOAU (gold equities), SEA (shipping) and the newly launched War ETF—have outperformed peers and captured record inflows relative to index-based competitors.
• Positive Sentiment: U.S. Global executed $1.9 million in share repurchases (801,000 Class A shares) and maintains a monthly dividend yielding 3.66%, delivering a combined 9% shareholder yield.
• Neutral Sentiment: The firm reports a strong balance sheet with net working capital of $37.2 million and a current ratio of 20.9:1, providing liquidity to navigate volatile markets.
• Neutral Sentiment: Management is expanding thematic exposure to the Bitcoin ecosystem and AI/military spending while listing ETFs on additional exchanges (e.g., Mexico, Colombia, Peru) to broaden its global distribution.

Presentation

[Holly Schoenfeldt, Director - Marketing & Editor of the Investor Alert newsletter at U.S. Global Investors]

Investment Officer Lisa Callicotte, Chief Financial Officer, and myself, Holly Schoenfeldt, Director of Marketing. Moving on to slide number three. During this webcast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties that may materially affect actual results. Please refer to our press release and corresponding Form 10-K filing for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today, and U.S. Global Investors accepts no obligation to update them in the future. Moving on to the next slide. As always, we appreciate our loyal shareholders.

[Holly Schoenfeldt, Director - Marketing & Editor of the Investor Alert newsletter at U.S. Global Investors]

If you'd like one of our signature USGI hats that are featured on this slide, just send us an email at info@usfunds.com with your mailing address, and we'd be happy to send some your way. On the next slide, I want to briefly review the company. U.S. Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantamental strategy to create thematic Smart Beta 2.0 products. The company was originally founded as an investment club, becoming a registered investment advisor in 1968, and has a longstanding history of global investing and launching first-of-their-kind investment products, including the first no-load gold fund. We are experts in thematic investing, in particular gold and precious metals, natural resources, airlines, and luxury goods, all using a quantamental approach that includes both macro and micro factors.

[Holly Schoenfeldt, Director - Marketing & Editor of the Investor Alert newsletter at U.S. Global Investors]

At this point, I do want to hand things over to our CEO and CIO, Frank Holmes, who will provide a deeper macro overview of this visual and of the whole fiscal year. Frank, over to you.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

Thank you, Holly. Thank you very much for the introduction. Really, Smart Beta 2.0 is very key as a dynamic investment process that we adhere to. Also, from a macro point of view and our thematic ETFs, we try to grasp what are the key drivers on global themes where big government spending is going. We write in all our prospectus that we believe that government policies are precursors of change. We monitor and track both monetary and fiscal policies, and we comment regularly every week in Investor Alert. If you're not a subscriber, I highly recommend it because it gives you a good recap of these various asset classes as you're looking at right now the DNA of volatility. Life is all about managing expectations. When it comes to stocks, volatility is very important to try to understand and grasp.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

When we look at the S&P and gold and grow, they all basically can go up or down 70% of the time, 1%, not a bit. If they fall 3% in a day, that's material. When we look over 10 days, it's 3% to 4%. If it goes up 10% over 10 days, that means it has a change in momentum. If it falls more than 4% over 10 days, usually that's a buy. I'm going to comment about how we continue to buy on those down days, especially when we get these big drowns in volatility and spooky volatility in the marketplace. Here you can see that the DNA of volatility of grow is now less, which is really impressive to me, than the Dow Jones U.S. Asset Managers Index. It used to be greater.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

It used to be much more like the volatility of what GOAU is or the Airlines Index. 3% daily, and now it's down to 1%. What's important for you to recognize is that our revenue comes from assets that are in JETS and GOAU. They're very important because they drive the overall revenue line. Our DNA of volatility has been becoming much calmer than the volatility of the underlying assets. Next, please? I want to thank the shareholders, all the retail and then the institutional. These are the top three: Gator Capital Management, Vanguard, and Perritt. Perritt I have known for a long period of time. They're experts, specialists in microcaps and also have a cultural affinity towards gold as an asset class, which I'll comment later on in this macro overview before we turn it over to Lisa Callicotte to give you the financial updates. Next, please?

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

I own approximately 19% of the company and 99% of the voting control, which is being compliant with SEC rules, etc. We do have independent directors and independent boards that we have to go through the normal process in managing the affairs of the company. We have experts in the fund business and legal and accounting and venture capital. I'm happy to say that the independent directors have a breadth and depth of knowledge of capital markets, which I believe is important. Thank you. Next, please? Strategy and tactics. Create thematic products that are sustainable using our Smart Beta 2.0. It requires rigorous backtesting for thousands of hours. Our mission is to make people feel financially happy and secure that their wealth is consistently growing. They relate to these themes that we're providing for the public.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

Like I've said, we backtested it, and employees own these products also, in addition to myself. As a company, we strategically buy back the stock using an algorithm on flattened down days, and we manage to preserve cash for future growth and opportunities of market corrections. M&A activity to acquire fund assets on a regular basis. We look at opportunities. Grow our subscriber base and followers. We believe that that's very important for the crossover from people that follow us, read our research, they know our culture, they know our values, and it's much easier for them feeling the trust factor to come into our thematic funds. We want to really have educated and informed investors. Increase our exposure to the Bitcoin ecosystem. We're regularly deploying capital into the Bitcoin ecosystem, especially since the Genius Act has been approved, and that has been changing overall capital market acceptance.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

We think that scarcity is important for gold as much as, and more so even for Bitcoin, which has captured 21 million coins. The adoption process seems to be growing slowly outside of America, but very quite rapidly in America. Next, please? Grow performs a Russell microcap over the past five years, but it's just marginal. What's positive for the shareholders is that small cap stocks are turning up. What this visual is trying to show you, the last time we had this epic surge to $12 a share for Grow, a lot of that was the huge growth we had in JETS ETF and Hive. Hive had this exponential move because Ethereum had moved and Bitcoin, but really we were the dominant player in Ethereum, and we were making almost $1 million a day at that time.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

Ethereum is no longer a crypto asset to mine, and Hive is now just going through a new growth cycle with Bitcoin mining, especially the expansion in Paraguay and our HPC strategy in Canada. That has been part of our exposure is through Hive. Next, please? Really important is, did you know that 80% of the world's cargo is carried by ship? The SEA ETF is connected to emerging markets. I try to explain to people that it's so important. It's like the arteries and veins of the world. That is the connectivity between emerging markets, exporting commodities to developing markets, buying the finished product coming out of China or Thailand. All this shipment is taking place on cargo ships. One of the things we had shut down is our Eastern European Fund after Putin invaded Ukraine. It really changed the whole dynamics in Europe.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

The whole concern about China building up their military and becoming more and more difficult, what they've done. What we've noticed is that to have a pulse on global activity and trade, it really all comes through cargo. We created a product, and in daily, you can see cargo for dry goods and for energy shipping what the rates are. What's interesting to me is that they all fell on April 2 earlier this year when Trump came out with his global tariff war, but really started to rebound. Cargo shipping actually is making more money than it were a year ago. For investors, cargo shipping, I think the yield on this was about something like 18% dividend payouts. These shipping companies are leveraged, but they also have big payments.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

I'm happy to share with you with all the negative news last year, the shipping companies did pay out big dividends, and this year their shipping rates are higher, even with this backdrop of all this negative news. Next, please? This is another visual to highlight that despite tariffs, total imports in the first half of 2025 forecast to be nearly 4% higher than the previous year. Next, please? Now gold. Gold has reached an all-time high in 2025, but gold stocks are ripping up. They're showing up in growth stocks in IBD's growth momentum, both where there's a huge increase in revenue per share and cash flow per share. The ETF space, I'm happy to share with you is that we've not experienced the redemptions, but there's been a lot of redemptions. Next, please? It's taken place in when we take a look at the other ETFs.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

The biggest is the TDX. They've experienced about $3 billion of redemptions out of their ETF as the gold stocks have been making all-time highs because gold is making an all-time high and profit margins have been expanding. From when we look at our product, GOAU, it's really held well in fund flows relative to the other big gold equity ETFs. What's important here is to show that gold is performing well, and a big part of that is China's push with the BRICS nations, Brazil and Russia, and other One Belt, One Road countries being anti the U.S., anti in particular the U.S. dollar. In particular, when Obama went after sanctions and confiscated U.S. dollar assets, and then Biden did it again, there's this big push to de-dollarize. What we've seen is China and other countries having less dollars as foreign currency and increasing it into gold.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

It's more and more central banks buying gold. It just seems to be prudent for many reasons. Central banks have a different theme than retail and family offices or smart investors like Ray Dalio. They believe that when you have such a big interest payment on a $37 trillion deficit, gold becomes an important asset class. What I want to share with the listeners is it's not just the dollar. The G20 countries are just excessive money printing, and that has really triggered an interest in Bitcoin. With the new administration and with the Genius Act just being recently passed, it ushers in that the scarcity of Bitcoin capped at 21 million coins and the scarcity of gold, but there's no mathematical perfect cap on it, is showing you that money printing excessive, they're going into alternative asset classes.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

Gold and silver and gold stocks and Bitcoin and Bitcoin mining stocks are, and like Hive is a Bitcoin mining stock that holds Bitcoin, these alternative asset classes are capturing more appeal, especially when the largest hedge fund in the world keeps articulating why you want to have gold as an asset class. We think we're in a good position. Next, please? Market disconnect. This is a visual to show you the GDX, which is market-cap-based ETF, unlike GOAU, which is more focused on revenue and cash flow and free cash flow and royalty model. There's been nothing but redemptions as gold prices have gone up. I believe that it's turned now, which is good.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

The positive fund flows have been able to offset, but it's really been a really weird market since last year that you would experience gold taking off, profit margin of gold stocks, and gold stocks going up 40% to 80% to 100%, various names, that there would be net redemptions. What was explained to me was that there's been a lot of hedge funds who were short gold stocks and long the GDX, and as gold has been rising, they've been unwinding their hedge position. I don't know if that's the truth, but it really is a conundrum I've never seen before. I think that's behind us. I really do. I think U.S. Global Investors is well positioned with GOAU and these other thematic products. Please, next? Record-breaking quarters for royalty companies. Franco Nevada reported record revenue for the quarter, up 42% year over year.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

Wheaton also had generated record revenue and operating cash flow, Triple Flag, which came out about five years ago, basically posted a strong operating cash flow and increased their dividend. I think that that model is continuing to grow, but the gold stocks that have higher expenses and that as gold trades higher, all of a sudden their cash flow is exploding. They've had better stock performance. When we look at stocks like Goldfields, it's been on a tear, but as a value gold stock picker, it's not the best for a value, but as high leverage, they call it, high operating costs, when gold starts to take off as it has been, these companies have the biggest percentage change in gross profit margin. A lot of more speculative funds and hedge funds go into those names. Next, please?

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

The growing global reach, U.S. Global Investors' ETFs now, in particular, JETS and GOAU are listed on the Mexican Stock Exchange. I went down to Mexico, made a presentation to family offices of about 150 investors. We're seeing that also listed in Bogotá and Peru and Chile that these Colombian securities that we're getting more trading and more volume that is taking place in these particular products. It was interesting that in Peru, there was lots of more interest in SEA, the SEA ETF. Next, please. There's another factor, and there's an intersection with military spending and AI and data centers and NVIDIA chips that's really important for investors that we're on a super cycle here for AI. There is no doubt about it, but there's also a fast spend, big spend into data centers and sourcing energy.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

In fact, the biggest spend in America right now for infrastructure is in Sweet Abilene, Texas, where there's a $500 billion spend to build the biggest high-performance computing data center campus. What's interesting is that 70% of that demand is for Open Chat GPT. Open Chat GPT is a phenomenon, unlike, you know, I hear these people say, oh, it's a bubble, like tech bubble, like 1999, and it's just not true. That tech bubble was eyeballs. This tech bubble, if it's a bubble, is because of cash flow and revenue. Open Chat has gone from basically nothing to a billion dollars a month in revenue and continues to grow along with the other big language model companies like Perplexity, Grok, which is Elon Musk's investment, and through a special purpose fund, we have a small investment in the growth in the Grok that's in the U.S.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

Global Investors portfolio investments. The only way to get that was to go through a special purpose. It's illiquid, but it's growing, and it's just important to recognize that we believe at U.S. Global Investors, we're in a super cycle. This super cycle is really important to grasp that the military spend because of what's happened in Ukraine and how the Ukraine pushed back with creating asymmetry with drones and using GPU chips, but these inexpensive drones have basically been able to deter and push back against Russia. President Trump, no mention of words of telling the NATO members in Europe and Canada, you better amp it up and start spending more money, or they're going to pull out of NATO. It's been a sea change. The amount of money and what's happening in Europe is very profound.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

They're going to emulate America and create an industrial complex that parts will be made through all these different countries in Europe and basically being assembled in Germany. Tanks, special weaponry, cannons, missile launchers, etc., etc. Germany is committed to up to 5% of their GDP. That's a big number. You're talking that's going to be, when I was doing my other calculations, up to over $300 billion. You take a look at Sweden, all of a sudden they're at 2%. Who's the strongest spender? It's been Poland. Next, please. There is a big spend of the NATO members, and this is looking back basically, but these numbers are just going to grow, and there's just this continuous concern. A lot of this money is going to go into satellites.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

It's going to go into the need of the use of NVIDIA chips to power these new drones or autonomous weaponry, autonomous submarines, autonomous vehicles, dogs that are autonomous that can go into high conflict zones. It goes on and on with your imagination. The spend is huge. What you realize is that it has to go into data centers, and it has to go into, because if you don't have high-performance computing data centers, then the drones don't work and the satellites. All this stuff is all hyperlinked to each other. Next, please. We used to think it was just metal, iron, and steel. No, it's a very different world. This is NATO members' projected defense spending, and the numbers are quite substantial. The last number, like for Canada, is actually over, it's $150 billion. It's up faster than what this was printed at.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

Just to give you an idea of what's taking place. Countries like Poland became big spenders because not only from refugees come from Ukraine, but from Belarus, and they had to build a wall to protect illegals or spies coming in to sabotage NATO complexes within Poland. Poland's very sensitive of Russian spies coming into the country. You've seen them put up a big spend. What's interesting is that Greece is a big percentage of their GDP because they had no idea how to protect their borders when they had the Syrian crisis and they were going from Turkey over to Greece. How do they manage all of this was a game changer for them. The U.S. is projected to spend $1.5 trillion. What's the difference between what we're spending in China? China might spend 8% on soldiers and healthcare, etc.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

Most of it's going into armaments, whereas 50% of NATO and the U.S. is on soldiers and the cost for healthcare and continuous care for these soldiers. We are actually underspending growth to what China is spending. Next, please. The AI market is exploding, and it will continue to spend. It's a 28% CAGR. Next, please. It's important to understand these big changes, and that's one reason why we went out and created our war ETF. It's AI to rebuild the military. It has lots of cybersecurity-related investments. Next, please. What's really alarming is that ETFs have grown to be more in numbers than overall listed public companies.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

In talking to a retired former SEC Senior Lawyer, it's alarming that the SEC has to go and promote new IPOs, new companies coming public, the formation of capital, because if that's not growing faster than M&A work, then all of a sudden mutual funds became bigger than stock shares outstanding. What you do see is that there are lots of mergers, and there's lots of private equity coming and buying companies. Therefore, eventually it starts impacting liquidity. The new administration is very pro turning up IPOs and creating capital for more public companies, which is positive. The ETF is really fascinating, and what's happening there is that thematic ETFs are capturing more imagination and not just an index that's really based on something by these index providers, but active ETFs have flourished, and that's something that we are really happy about and positioned to capture the growth. Next, please.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

U.S. ETF assets are approaching $11 trillion. Next, please. Now, what's the time for small caps to run? Michael Gates is well known, and Piper Sandler likes to say the small caps are the unquestionable winner in August. We saw that we've rose, but really nothing greater than the Russell 2000 small cap index. It's related to what's the growth in assets. I showed you earlier that when we had JETS go from $40 million to $4 billion in assets and HIVE go from $0.50 to $10 or some number, like big number, those big moves on our balance sheet, but in particular the growth in JETS, that there are lots of sophisticated investors that trade our stock around the number of creates and fund flows. They're looking at the total number of assets we have every month, and if they start to expand, then they want to be long.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

If they start to fall, then they want to be out. I was told by one small group that they do it biweekly, what the overall asset picture is because it drives revenue. That's not how we function. We're long-term investors, and we believe that we have great products. We have real conviction on the quality of the products we offer. They've been rigorously backtested before we put them in the marketplace. JETS has validated this concept of what we went out to create. That was to beat the New York Stock Exchange Global Airline Index, and even after fees has done that. When we look at the airline industry, it is almost 9% of global GDP. Where can you get one product that's capturing 9% of the global GDP? Where can you capture another product that captures 80% of all global trade, like SEA?

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

I think these are really unique products. What we have in England is called TRIP. It's basically JETS with additional hotels and cruise liners, because cruise liners are having incredible growth in revenue. People are still spending incredible oodles amounts of money to go on cruises. Same thing with airline tickets. The prices have not gone down. When I get analysts, it's really interesting to share with you. Wall Street comes out and says the airlines are going to grow at 3%, but JFK Airport grew at 15%. How could the airport grow traffic 15%, but the airlines are only going to grow at 3%? There's a disconnect. There's always a negative narrative that's been going on for two years now that the airlines are going to fall apart, but they continue to defy, and they're using AI to have pricing power and how they move their jets along.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

If they're going to cancel routes, it's done very quickly. It's important for you to recognize, investors, that AI is a significant component for how airlines are managing supply, which then gives them pricing power. Next, please. Bull markets have lasted five times longer than bear markets on average. I watch this, I see this, and I listen to and read Twitter and LinkedIn, and there's just this propensity to look for the next crisis so people can pat themselves if they call the crisis. If it happens, buy the dip and hold on for dear life. That's basically what this suggests because it trades higher. Next, please. Warren Buffett highlights the value proposition of buying back one's own stock at value-accretive prices, and its benefits all shareholders. It's very much a democratic process. Democracy, democratizing capital markets is not just for the biggest holders.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

He will retire at the end of 2025 at the age of 95 with $340 billion cash to invest. I think it's interesting what he's done, but he was a big proponent of buying back stock. Let me give you a quick recap. Next, please. Positive news, buyback authorizations have increased 19% year to date. That has been another part about executives and boards making a decision to buy back their stock. Next, please. Why we buy back stock is because we believe a stock is undervalued and therefore buy back shares because we're long-term investors. This is part of the company's two-pillar strategy to enhance shareholder value by paying dividends as well as buying back stock per year. Next, please.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

The current share repurchase program for the end of June 30, the company repurchased a total of 801,000 Class A shares using cash of $1.9 million, of which a lot of these proceeds came from being paid back on our debenture from Hive. Next, please. Growth repurchases, as you can see, showing you that it's steadily increased. Next, please. The dividends, the company pays a monthly dividend. That's a 3.66% yield, which is more attractive than any money fund. Next, please. Shareholder yield. This is the algorithm. Dividends plus buybacks plus debt reduction divided by market cap is the overall shareholder yield. The next place says that U.S. Global, the five-year treasury is 3.79%. Most dividend-paying stocks are based on the 3.79%. The 10-year is 4.24%. Odds favor rates to drop this month. That is one other factor that people look at to move stocks around.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

The shareholder yield is 9%. We believe that grow is an attractive buy. Next, please. We like to compare ourselves to WisdomTree, which is 100% ETFs, and Invesco. 40% of their assets are QQQ and give an idea for relative multiples and what the rotations are for investors. Next, please. A look for at 2025. The company has a steady cash flow despite volatile and challenging macro environments. The apathy for JETS is disappointing and for gold. We believe that this turns, and when it turns, it's very rapid. It just happens so quickly. Our assets are down from a year ago, so we end up losing money, but we still keep deploying and building our brand because we believe that it just happens so quickly, fund flows and directional change. We believe that we'll continue to buy back stock on flat and down days and pay monthly dividends.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

We have a strong position to do so. Next, please. Smart Beta Investing is our quantamental investment strategy because it combines cutting-edge technology with robust data analysis to help optimize returns and manage risk effectively for our shareholders. It's a quant approach. It's backtested thousands of hours before we go and launch a product. It's just like medical products are supposed to be tested over and over before unleashed to the public, and we have the same sort of discipline. Next, please. Growth investment is slowly dwindling down the 8% convertible debenture of $1.5 million. As that money comes in, we're redeploying back into the crypto ecosystem. Next, please. We have $1.4 billion in assets. We have $1.5 million in annual operating revenue. The real important number is to get through $1.9 billion. We have seen this happen in a month.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

As I said to investors, we've seen the redemption slow down, we've seen the apathy slow down, and we think that with our thematic asset classes we remain very bullish and committed to a long-term secular bull market. Next, please. Average assets under management, as you can see that shift, that's really just a telling sign of apathy, not having bad products, but having good quality products out there. Sentiment we can't control. We can control having a good product. Next, please. Quarterly earnings per share. We're definitely impacted much by the tariff war for the quarter. It's improved this quarter into June, and hopefully it improves this next quarter. Historically, in the fourth quarter, airlines have a huge run, and usually in September is usually a good buying, and they have a big run along with gold stocks. We remain very positive going into year-end. Next, please.

[Frank Holmes, CEO & Chief Investment Officer at U.S. Global Investors]

Now I'm going to turn it over to hardworking our Chief Financial Officer, Lisa Callicotte, to give you a granular detailed analysis. I know I've been long-winded to talk about a macro theme and where we are, and she'll give you the bottom-up analysis of financial analysis. Thank you everyone for being loyal shareholders. Lisa.

[Lisa Callicotte, CFO at U.S. Global Investors]

Thank you, Frank. Good morning. First, I'll start with our slide 43 that notes our financial highlights for our 2025 fiscal year. Average assets under management were $1.4 billion for the year ending June 30, 2025. Operating revenues were $8.5 million, and we had a net loss of $334,000, or $0.03 per share. Slide 44 notes our breakout of earnings. We have operational earnings that consist of our advisory services, and then we have other earnings, which mainly consist of realized and unrealized gains and losses on our investment holdings. Both of these are dependent and will fluctuate based on stock market forces. The next slides talk about more of our detail of our operations for the fiscal year ending June 30, 2025. Our operating revenues were $8.5 million for the year, which was a decrease of $2.5 million, or 23% from the $11 million in the prior year.

[Lisa Callicotte, CFO at U.S. Global Investors]

The decrease is primarily due to a decrease in assets under management, especially in our JETS ETF. Operating expenses for the current quarter were $11.4 million, relatively flat compared to the prior year. On the next slide, we see our operating loss for the year ending June 30, 2025 is $3 million, and we had other income for June 30, 2025 of $2.7 million compared to $2.4 million in the prior year. This was an increase of approximately $329,000, mainly due to higher investment income in the current year. In the current year, we had lower realized and unrealized losses versus the prior year. Net loss after taxes for the year was $334,000, or a loss of $0.03 per share, which is an unfavorable change of $1.7 million compared to the net income of $1.3 million, or $0.09 per share for fiscal year 2024.

[Lisa Callicotte, CFO at U.S. Global Investors]

If we move on to the balance sheet on slide 47 and 48, we see that we have a strong balance sheet, and it has high levels of cash and securities. If we go to slide 49, that notes our total liabilities, and these are consistent with prior year. The next slide is a detail of our stockholders' equity. At June 30, 2025, the company had a net working capital of $37.2 million and a current ratio of 20.9 to 1. With that, I'd like to turn it over to Holly so she can discuss marketing and distribution initiatives.

[Holly Schoenfeldt, Director - Marketing & Editor of the Investor Alert newsletter at U.S. Global Investors]

Thank you, Lisa. All right. This first slide in my section showcases our ongoing dedication to delivering original, timely market insights to our YouTube and TikTok channels. Video content remains one of the most powerful tools for educating and engaging both new and existing shareholders. If you haven't already, we strongly encourage you to explore our YouTube channel. All right, on the next slide, I'd like to spotlight several recent interviews featuring Frank Holmes from the past quarter, including appearances on the Seeking Alpha podcast, Pre-Market Prep, Fox Business Television, and other major platforms. Earned media remains a cornerstone of our marketing strategy, giving us the opportunity to share timely insights and thought leadership across a range of thematic sectors. We regularly amplify these appearances on our social media channels, such as X and LinkedIn, and we feature them throughout our website content too.

[Holly Schoenfeldt, Director - Marketing & Editor of the Investor Alert newsletter at U.S. Global Investors]

On the next slide, our war ETF launched about nine months ago, and we continue our outreach and marketing efforts for this unique product. We actually just published a white paper this week on defense spending and the ETF itself, and that can be found on usglobaletfs.com, or if you email us at info@usfunds.com, I will send you that link. On the next slide, I also want to quickly announce a few webcasts we have in September, both of which you will be able to access a replay for. One is September 10th, where we will be teaming up with the Honey TF team out of Europe to discuss our usage travel ETF, ticker symbol TRIP or Trip.

[Holly Schoenfeldt, Director - Marketing & Editor of the Investor Alert newsletter at U.S. Global Investors]

Secondly, on September 25th, Frank Holmes will do a virtual webcast highlighting fear trade in the markets right now, and specifically why now could be a good time to look at exposure to defense and gold. On the next slide, we always like to recap the most read Frank Talk blog posts during the most recent quarter. As you can see here, the top theme focused on defense spending and tariff wars, along with the attractiveness of gold. That perfectly aligns with our webcast on September 25th. We hope you'll tune in, and we hope you'll keep reading the Frank Talk blog. Thank you. Finally, on my last slide, I do encourage all of you to follow U.S. Global Investors on social media. We're on Twitter or X, LinkedIn, YouTube, Instagram, and Facebook. Wherever you prefer to get your news, be sure to check us out.

[Holly Schoenfeldt, Director - Marketing & Editor of the Investor Alert newsletter at U.S. Global Investors]

This way, you're up to date with what's going on, not only with GROW, but our funds and, of course, the broader market insights. As a reminder to our audience, if you have any questions today, please feel free to email those to us at info@usfunds.com, and we will gladly follow up with you and get anything clarified that you may need more information on. Thank you so much for tuning in today. That concludes our webcast summarizing fiscal year 2025.

Participants

Executives

• Holly Schoenfeldt, Director - Marketing & Editor of the Investor Alert newsletter
• Frank Holmes, CEO & Chief Investment Officer
• Lisa Callicotte, CFO