U.S. Global Investors(US:GROW)2025-09-09 13:30Financial 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]