U.S. Global Investors Earnings Call Transcripts
Fiscal Year 2026
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Q3 2026 saw robust growth in assets under management and revenues, with net income rebounding to $2.7 million. Thematic ETFs in gold, defense, and travel outperformed, while ongoing share buybacks and dividends drove a total shareholder yield near 10%.
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Operating revenues rose 13% year-over-year to $2.5 million, with assets under management at $1.48 billion. Despite a net loss due to a tax adjustment, the company maintains strong liquidity, continues stock buybacks, and expects a tax benefit next quarter.
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Quarterly net income rose to $1.5 million on $2.25 million in revenue, driven by higher advisory fees and investment gains. Gold funds rebounded, shipping and luxury segments performed well, and shareholder yield reached 8.32% with no debt.
Fiscal Year 2025
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Fiscal 2025 saw a net loss of $334,000 on $8.5 million in revenue, driven by lower assets under management, especially in JETS. Despite market headwinds, the company maintains strong liquidity, continues share buybacks and dividends, and remains bullish on thematic ETFs and gold.
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Assets under management fell to $1.4B with a net loss of $832K amid challenging sentiment in airlines and gold. The company maintains strong liquidity, continues buybacks and dividends, and plans to redeploy capital into Bitcoin and Hive as market conditions evolve.
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Reported a net loss of $86,000 on $2.2 million in revenue, with assets under management at $1.5 billion. Launched the WAR ETF targeting defense and technology, continued strong buybacks, and maintained a robust balance sheet with no debt.
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Quarterly AUM averaged $1.5B, with operating revenues down 31% year-over-year and a net income of $315K. Gold funds saw modest growth, while airline ETF AUM declined. Strong cash position, ongoing buybacks, and a 9.34% shareholder yield support a positive outlook.
Fiscal Year 2024
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Fiscal 2024 featured steady cash flow, strong liquidity, and increased stock buybacks, despite a 37% drop in operating revenue and lower AUM. Thematic ETFs, especially JETS and GOAU, faced redemptions amid macro headwinds, but international expansion and disciplined capital management remain priorities.