U.S. Global Investors (NasdaqCM:GROW) Q4 2025 Earnings Call September 09, 2025 08:30 AM ET Company ParticipantsHolly Schoenfeldt - Director of MarketingFrank Holmes - CEO and CIOLisa Callicotte - CFOHolly SchoenfeldtInvestment 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 statem ...

Financial Data and Key Metrics Changes - Average assets under management were $1.4 billion for the year ending June 30, 2025, with operating revenues of $8.5 million, a decrease of $2.5 million or 23% from the previous year [37][38] - The net loss for the year was $334,000, or $0.03 per share, compared to a net income of $1.3 million, or $0.09 per share for fiscal year 2024, representing an unfavorable change of $1.7 million [38] Business Line Data and Key Metrics Changes - Operating revenues decreased primarily due to a reduction in assets under management, especially in the JETS ETF [38] - Operating expenses for the current quarter were $11.4 million, relatively flat compared to the prior year [38] Market Data and Key Metrics Changes - The company noted that gold has reached an all-time high in 2025, with gold stocks showing significant growth, while the ETF space has not experienced redemptions as seen in other ETFs [12][13] - The SEA ETF is connected to emerging markets, highlighting the importance of cargo shipping in global trade [10] Company Strategy and Development Direction - The company aims to create thematic products that are sustainable using a Smart Beta 2.0 strategy, focusing on rigorous backtesting and thematic investing [7][8] - There is a strategic focus on increasing exposure to the Bitcoin ecosystem and acquiring fund assets regularly [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for rapid changes in fund flows and directional shifts in the market, despite current apathy towards JETS and gold [32][35] - The company believes it is well-positioned for a long-term secular bull market, emphasizing the importance of thematic asset classes [34] Other Important Information - The company has a strong balance sheet with high levels of cash and securities, and a current ratio of 20.9 to 1 [39] - The shareholder yield is reported at 9%, indicating an attractive investment opportunity [32] Q&A Session Summary Question: What is the outlook for the JETS ETF? - Management noted that JETS has validated the concept of capturing a significant portion of global GDP, and despite current challenges, they remain positive about its future performance [27][28] Question: How is the company addressing the current market volatility? - The company is strategically buying back stock on down days and preserving cash for future growth opportunities [8][30] Question: What are the key themes driving the company's investment strategy? - The focus is on thematic investing in sectors such as gold, precious metals, and the Bitcoin ecosystem, with an emphasis on macroeconomic factors and government spending [4][9]

Financial Data and Key Metrics Changes - Average assets under management were $1.4 billion for the year ending June 30, 2025, with operating revenues of $8.5 million, representing a decrease of $2.5 million or 23% from the prior year [37][38] - The net loss for the year was $334,000 or $0.03 per share, a decline of $1.7 million compared to the net income of $1.3 million or $0.09 per share for fiscal year 2024 [38] Business Line Data and Key Metrics Changes - Operating revenues decreased primarily due to a reduction in assets under management, especially in the JETS ETF [38] - Operating expenses for the current quarter were $11.4 million, relatively flat compared to the prior year [38] Market Data and Key Metrics Changes - The company noted that gold has reached an all-time high in 2025, with gold stocks showing significant growth [12][13] - Despite the overall market conditions, cargo shipping rates have rebounded, and shipping companies have reported higher dividends [11][12] Company Strategy and Development Direction - The company aims to create thematic products that are sustainable using a Smart Beta 2.0 strategy, focusing on rigorous backtesting and thematic investing [7][8] - There is a strategic emphasis on increasing exposure to the Bitcoin ecosystem and deploying capital into this area, especially following the approval of the Genius Act [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for rapid changes in fund flows and market sentiment, particularly in the airline and gold sectors [32][35] - The company remains committed to long-term growth despite current challenges, with plans to continue stock buybacks and pay monthly dividends [32][35] Other Important Information - The company has a strong balance sheet with high levels of cash and securities, and a current ratio of 20.9 to 1 [39] - The shareholder yield is reported at 9%, indicating an attractive investment opportunity [32] Q&A Session Summary Question: What are the expectations for the JETS ETF? - Management noted that JETS has validated the concept of capturing a significant portion of the airline industry, which is nearly 9% of global GDP, and continues to show resilience despite market challenges [28][29] Question: How is the company addressing the current market volatility? - The company is strategically buying back stock on down days and preserving cash for future growth opportunities, indicating a proactive approach to market fluctuations [8][32] Question: What is the outlook for gold and Bitcoin investments? - Management highlighted the increasing interest in gold as a safe asset and the growing adoption of Bitcoin, particularly in the context of global economic changes and government policies [15][16]

Financial Performance - For the fiscal year ended June 30, 2025, U.S. Global Investors reported a net loss of $334,000, or $0.03 per share, compared to a net income of $1.3 million, or $0.09 per share, in the previous year[2] - Total operating revenues decreased by 23% to $8.5 million from $10.98 million for the fiscal year ended June 30, 2024[19] - Average assets under management (AUM) fell to $1.4 billion from $1.9 billion year-over-year, with total AUM at period-end of $1.3 billion compared to $1.6 billion[3] Shareholder Returns - The shareholder yield as of June 30, 2025, was 9.1%, more than double the yield on the 10-year Treasury bond[3] - During the fiscal year, the company repurchased 801,043 shares at a net cost of approximately $2 million, marking a 4% increase in share repurchases compared to the previous year[11] - A monthly dividend of $0.0075 per share has been authorized from July 2025 through September 2025, continuing a trend of monthly dividends since 2007[16] Investment Initiatives - The U.S. Global Technology and Aerospace & Defense ETF (WAR) was launched in December 2024, targeting the significant defense and technology transformations driven by AI and cybersecurity[5] - The U.S. Global Sea to Sky Cargo ETF (SEA) was listed on the Mexican Stock Exchange, expanding the company's international ETF offerings[8] Market Trends - Global defense spending reached a record $2.7 trillion in 2024, with NATO committing to raise its target to 5% of GDP by 2035, highlighting the growth potential in defense-related investments[7] Liquidity Position - As of June 30, 2025, the company had net working capital of approximately $37.2 million, with $24.6 million in cash and cash equivalents, indicating strong liquidity[17]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended June 30, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____ to _____ Commission File Number 0-13928 U.S. GLOBAL INVESTORS, INC. (Exact name of registrant as specified in its charter) Texas 74-1598370 (State or othe ...

SAN ANTONIO, Sept. 08, 2025 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm1 with deep expertise in global markets and specialized sectors from gold mining to airlines, today announced a net loss of $334,000, or $0.03 per share, for the fiscal year ended June 30, 2025, compared to net income of $1.3 million, or $0.09 per share, during the same period a year earlier. Total operating revenues were $8.5 million, a 23% decrease from the 12 mo ...

Core Viewpoint - U.S. Global Investors, Inc. will host a webcast on September 9, 2025, to discuss its fiscal year 2025 results, with financial data released prior to the event [1]. Company Overview - U.S. Global Investors, Inc. has a history of over 50 years, starting as an investment club and evolving into a registered investment adviser focusing on niche markets globally [3]. - The company is headquartered in San Antonio, Texas, and provides investment management and services to U.S. Global Investors Funds and U.S. Global ETFs [3]. Webcast Details - The webcast will take place at 7:30 a.m. Central time and will feature key executives including Frank Holmes (CEO and CIO), Lisa Callicotte (CFO), and Holly Schoenfeldt (Director of Marketing) [1]. - Registration for the webcast is available [2].

Core Viewpoint - U.S. Global Investors, Inc. has successfully listed its shipping ETF, the U.S. Global Sea to Sky Cargo ETF (SEA), on the Mexican Stock Exchange, expanding its international presence and providing investors with access to the global transportation and logistics sectors [1][3]. Company Overview - U.S. Global Investors, Inc. is a registered investment advisory firm with over 50 years of history, focusing on niche markets globally [5]. - The company specializes in gold mining stocks and the airline industry, and now aims to enhance its offerings in the shipping sector through the SEA ETF [1][5]. ETF Details - The SEA ETF is the first pure-play maritime shipping and air freight ETF listed on the BMV, joining the U.S. Global Jets ETF (JETS) and U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) [2][4]. - Launched in January 2022, SEA aims to provide diversified access to the global shipping and air freight industries, utilizing a Smart Beta 2.0 strategy to identify efficient companies in these sectors [4][13]. Market Context - The Bolsa Mexicana de Valores (BMV) is the second-largest stock exchange in Latin America, with a market capitalization exceeding $530 billion, indicating a significant opportunity for investment in the region [3]. - The Mexican government is investing billions to modernize its seaports, which aligns with SEA's focus on global trade expansion, particularly between North America and East Asia [4][3]. Industry Insights - Over 80% of global goods are transported by sea, highlighting the critical role of the companies within SEA's index in global commerce [5]. - The U.S. Global Sea to Sky Cargo Index (SEAX) tracks companies involved in marine shipping, air freight, and port operations, providing diversified exposure across various market capitalizations [13].

Core Insights - The U.S. is entering a new era of industrial policy centered around artificial intelligence (AI), with significant government backing and private investment [1][2][3] - An executive order signed by President Trump has prioritized AI data centers and related infrastructure, indicating a shift in U.S. manufacturing and energy policy [3][4] - The potential for investment in AI infrastructure is substantial, with estimates suggesting a $6.7 trillion global price tag by 2030, primarily for facilities handling AI workloads [7] Government Policy and Investment - The executive order aims to streamline the development of large-scale AI data centers, particularly those consuming over 100 megawatts of power, facilitating faster permitting and regulatory processes [4][5] - Projects with capital expenditures of $500 million or more will be fast-tracked, signaling a strong push from the government for rapid development in the tech industry [5] - Over $90 billion in new private capital pledges for AI and energy infrastructure has been announced, including significant contributions from major firms like Alphabet and Blackstone [5][6] Market Dynamics and Trends - AI startups in the U.S. raised $104 billion in the first half of 2025, indicating a surge in venture capital investment, which represents over 60% of all venture capital raised nationwide [9] - The demand for electricity driven by AI data centers is projected to increase by 165% by 2030, necessitating a significant expansion in power sector workforce [8] - The American Investment Council reports over $1 trillion has been invested in AI infrastructure since 2020, covering various sectors from data centers to clean energy projects [11] Adoption and Future Outlook - Current AI adoption among American companies stands at 9.2%, showing rapid growth compared to previous years, suggesting that the technology is still in its early stages of integration [12][13] - The coordinated government push for AI development is reminiscent of historical industrial revolutions, indicating potential for generational investment opportunities [14][15]

Core Insights - The U.S. is experiencing significant impacts from tariffs, with customs duties exceeding $100 billion for the first time in a single year, indicating a growing trend in tariff implementation [2][4] - The upcoming tariffs, particularly on pharmaceuticals, are expected to increase prices and create uncertainty for consumers and businesses [1][9][17] Tariff Revenue and Economic Impact - In June, the U.S. collected over $27 billion in tariffs, contributing to a surprising $27 billion budget surplus for the month [4] - If the current tariff strategy continues, tariff revenue could exceed $300 billion by year-end [4] - The average U.S. household is estimated to incur an additional cost of $2,500 due to tariffs this year [7] Inflation and Consumer Prices - The consumer price index (CPI) rose to 2.7% year-over-year, with core inflation at 2.9%, driven by high tariff rates on imported consumer staples [6] - Tariffs are likely to lead to higher prices at major retailers, impacting disposable income for families [7] Sector-Specific Impacts - The automotive sector is facing potential price increases of up to $5,700 per imported vehicle due to tariffs, although prices have dipped recently [8] - The pharmaceutical industry is on alert for proposed drug import tariffs, which could significantly affect healthcare stocks [9] Business Sentiment and Economic Growth - A survey indicates that 70% of executives report tariff-related uncertainty, with nearly 90% in manufacturing expressing similar concerns [13] - This uncertainty may lead to reduced hiring and investment, potentially dragging GDP growth down by approximately one percentage point this year [14] Market Performance and Investment Strategies - Despite tariff-related challenges, the S&P 500 reached a record high, with some companies absorbing tariff costs or rerouting supply chains to lower-tariff countries [10][11] - Gold is suggested as a potential investment due to tariff-induced uncertainty and fiscal imbalances, with a recommendation for a 10% allocation in physical gold and gold mining stocks [16]