U.S. Global Investors (NASDAQ:GROW) reported fiscal 2026 net income of $3.1 million, or $0.24 per share, compared with a net loss of $334,000, or $0.03 per share, in fiscal 2025, as higher assets under management lifted operating revenue and unrealized gains increased other income.
During the company’s fiscal-year webcast, Chief Financial Officer Lisa Callicotte said average assets under management totaled $1.53 billion for the year ended June 30, 2026. Operating revenue rose 21% to $10.3 million from $8.5 million a year earlier, primarily reflecting growth in assets under management in the company’s gold and natural-resource funds.
Balance Sheet and Capital Returns
Callicotte said the company ended the fiscal year with net book value of $45.1 million, net working capital of $35.7 million and a current ratio of 19.7-to-1. She said liabilities were consistent with the prior year and described the balance sheet as having high levels of cash and investments.
CEO and Chief Investment Officer Frank Holmes said the company has emphasized share repurchases in recent years because management believes the stock is undervalued. During fiscal 2026, U.S. Global Investors repurchased 733,848 Class A shares for $2 million in cash. Holmes said the company has reduced its shares outstanding by about 20% since shortly before the COVID-19 pandemic.
Holmes said the company uses an algorithm to buy shares on flat or down trading days, while seeking to preserve cash for growth opportunities and market corrections. The company continues to pay a monthly dividend, which Holmes said represented a 2.83% yield at the current stock price cited during the presentation. He said the dividend has not been increased as management has prioritized buybacks.
Holmes also cited a shareholder-yield measure that incorporates dividends, buybacks and debt reduction, saying U.S. Global Investors’ overall shareholder yield was 7.87%.
Focus on Thematic Funds and Market Volatility
Holmes emphasized that volatility is a central consideration for investors in the company’s thematic investment products, which include exposure to gold and precious metals, natural resources, airlines, luxury goods and the Bitcoin ecosystem.
He described the firm’s investment process as “quantamental,” combining quantitative analysis with fundamental research on macroeconomic trends, policy and geopolitical developments. The company’s Smart Beta 2.0 approach uses backtesting across market cycles before products are launched, Holmes said.
Holmes noted that the company’s stock can be affected by volatility in gold-related and airline-related investments. He said the company’s JETS airline exchange-traded fund can be especially sensitive to energy prices, global trade conditions and airline-specific developments, while the GOAU gold-focused fund tends to track bullion closely.
Holmes said exchange-traded funds have surpassed $13 trillion in assets, citing Investment Company Institute data, while mutual funds remain significant within retirement plans and individual retirement accounts. He said the firm sees continued interest from registered investment advisers in real assets, including oil, natural resources and commodities.
Gold, Defense and AI Themes
During the presentation, Holmes discussed the company’s view that defense spending, artificial intelligence infrastructure and gold could remain important investment themes. He said increased defense spending in Europe and elsewhere following geopolitical conflicts could direct substantial capital toward areas including AI, data centers and related technologies.
Holmes highlighted the company’s WAR product, saying it has outperformed the S&P Aerospace & Defense Select Industry Index and the S&P 500 during the period shown in the presentation. He also said JETS had outperformed the S&P 500 following a broad market selloff in April, though he noted that the products can experience substantial volatility.
On gold, Holmes pointed to central-bank purchases, particularly in China, and concerns about global debt levels and government spending. He said the firm’s gold-focused investing process considers momentum, revenue and cash-flow factors alongside broader macroeconomic conditions.
Holmes also said U.S. Global Investors has maintained a minor investment in HIVE and has increased exposure to the Bitcoin ecosystem through certain ETFs that provide monthly dividends and potential upside participation.
Marketing and Distribution Initiatives
Director of Marketing Holly Schoenfeldt outlined several initiatives aimed at expanding the company’s digital outreach. U.S. Global Investors recently hosted a webcast with The Wealth Advisor focused on defense opportunities, featuring Holmes and retired Lieutenant General John Evans. The discussion covered the role of AI, cybersecurity and autonomous systems in the evolving defense landscape.
The company also launched a new podcast, Return on Ideas, focused on people, innovations and ideas shaping global markets. Schoenfeldt said new episodes are expected every other week.
In addition, the company is publishing interactive research on AI-related power demand, gold prices and oil and natural-gas markets. Schoenfeldt said U.S. Global Investors continues to invest in original market content across platforms including YouTube and TikTok, and that recent reader interest in its Frank Talk blog has focused on AI, defense and rising oil prices.
About U.S. Global Investors (NASDAQ:GROW)
U.S. Global Investors, Inc is an independent asset management firm that specializes in natural resource and global equity investing. The company focuses on sectors such as precious metals, energy, agriculture and emerging markets, seeking long-term capital appreciation for individual and institutional investors. Its investment strategies are built around thematic, research-driven approaches that aim to capture opportunities across commodity cycles and global economic trends.
The firm offers a range of investment products, including open-end mutual funds, closed-end funds, exchange-traded funds and separately managed accounts.
