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U.S. Global Investors (GROW) investor relations material
U.S. Global Investors Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Fiscal year 2025 saw a net loss of $334,000 ($0.03 per share) on $8.5 million in operating revenues, compared to net income in the prior year, with average AUM of $1.4 billion and period-end AUM of $1.3 billion.
Operating revenues declined 23% year-over-year, primarily due to lower assets under management, especially in the JETS ETF.
The company maintains a strong balance sheet with $24.6 million in cash and equivalents, net working capital of $37.2 million, and a current ratio of 20.9 to 1.
Strategic focus remains on Smart Beta 2.0, thematic ETFs, expanding exposure to the Bitcoin ecosystem, and international ETF listings in Mexico and Colombia.
Ongoing shareholder value initiatives include monthly dividends, active share repurchases, and a shareholder yield of 9.1%.
Financial highlights
Operating revenues for FY2025 were $8.5 million, down $2.5 million from the prior year.
Operating expenses for the year were $11.4 million, flat year-over-year.
Operating loss for the year was $2.99 million; other income rose to $2.72 million.
Net loss after taxes was $334,000, a $1.7 million unfavorable swing from the prior year’s $1.3 million net income.
Net working capital stood at $37.2 million; cash and equivalents totaled $24.6 million.
Outlook and guidance
Management remains bullish on long-term secular bull markets for thematic asset classes and is committed to disciplined strategies in specialized sectors.
Recommends a 10% portfolio allocation to gold, split between physical and mining equities.
Expects rapid fund flow reversals and positive momentum in gold and airline sectors as market sentiment shifts.
Cites global defense spending and supply chain infrastructure as key investment themes.
Continued focus on buying back stock and paying monthly dividends.
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