NASDAQ: GROW
U S GLOBAL INVESTORS INCCIK 0000754811 · SIC 6282 · Investment Advice
This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, U.S. Global Investors, Inc. and its subsidiaries (collectively, “U.S. Global” or the “Company”) may make other written and oral… About this business →
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U.S. Global Investors restates Q3 2026 earnings per share in amended 10-Q filing
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revenue $2.8M, net income $2.7M. U.S. Global amends Q3 FY2026 10-Q for material weakness in EPS controls; EPS cut
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U.S. Global Investors restating Q3 2026 earnings after spreadsheet error overstated EPS
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GROW swings to $2.7M profit on 31% revenue growth, remediates material weakness
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U.S. Global Investors reports Q1 2026 earnings for quarter ended March 31, 2026
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Latest financial statements
From 10-K filed Sep 3, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations
(dollars in thousands, except per share data)
| Description | Year ended June 30, 2026 | Year ended June 30, 2025 |
|---|---|---|
| Operating Revenues | ||
| Advisory fees | 10,032 | 8,325 |
| Administrative services fees | 219 | 127 |
| Total Operating Revenues | 10,251 | 8,452 |
| Operating Expenses | ||
| Employee compensation and benefits | 4,958 | 4,931 |
| General and administrative | 5,341 | 5,795 |
| Advertising | 507 | 650 |
| Depreciation | 42 | 61 |
| Interest | 6 | 1 |
| Total Operating Expenses | 10,854 | 11,438 |
| Operating Income (Loss) | (603) | (2,986) |
| Other Income (Loss) | ||
| Net investment income (loss) | 4,148 | 2,393 |
| Other income (loss) | 339 | 331 |
| Total Other Income (Loss) | 4,487 | 2,724 |
| Income (Loss) Before Income Taxes | 3,884 | (262) |
| Provision for Income Taxes | ||
| Tax expense (benefit) | 829 | 72 |
| Net Income (Loss) | 3,055 | (334) |
| Earnings (Loss) Per Share | ||
| Basic Net Income (Loss) per Share | 0.24 | (0.03) |
| Diluted Net Income (Loss) per Share | 0.24 | (0.03) |
| Basic weighted average number of common shares outstanding | 12,674,691 | 13,343,506 |
| Diluted weighted average number of common shares outstanding | 12,686,445 | 13,344,627 |
Consolidated Balance Sheets
(dollars in thousands)
| Description | June 30, 2026 | June 30, 2025 |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | 24,330 | 24,552 |
| Restricted cash | 1,000 | 1,000 |
| Investments in trading securities at fair value, current | 8,871 | 9,692 |
| Investments in held-to-maturity debt securities at amortized cost, current | 1,000 | - |
| Less: Allowance for credit losses | (28) | - |
| Investments in held-to-maturity debt securities, net of allowance for credit losses, current | 972 | - |
| Accounts and other receivables (net of allowance for credit losses of $0 and $0, respectively) | 1,328 | 1,036 |
| Receivable for investment principal repayments (net of allowance for credit losses of $0 and $0, respectively) | - | 750 |
| Tax receivable | 549 | 1,540 |
| Prepaid expenses | 528 | 549 |
| Total Current Assets | 37,578 | 39,119 |
| Net Property and Equipment | 1,117 | 1,101 |
| Other Assets | ||
| Deferred tax asset | 1,461 | 1,268 |
| Investments in trading securities at fair value, non-current | 2,873 | 2,496 |
| Investments in available-for-sale debt securities at fair value (amortized cost: $0 and $3,993, respectively) (net of allowance for credit losses of $0 and $0, respectively) | - | 1,576 |
| Investments in held-to-maturity debt securities at amortized cost, non-current | - | 1,000 |
| Less: Allowance for credit losses | - | (52) |
| Investments in held-to-maturity debt securities, net of allowance for credit losses, non-current | - | 948 |
| Other investments | 4,682 | 1,349 |
| Finance lease, right of use assets | 65 | 8 |
| Other assets, non-current | 258 | 199 |
| Total Other Assets | 9,339 | 7,844 |
| Total Assets | 48,034 | 48,064 |
| Liabilities and Shareholders’ Equity | ||
| Current Liabilities | ||
| Accounts payable | 4 | 10 |
| Accrued compensation and related costs | 447 | 469 |
| Dividends payable | 279 | 296 |
| Finance lease liability, short-term | 28 | 8 |
| Other accrued expenses | 1,149 | 1,091 |
| Total Current Liabilities | 1,907 | 1,874 |
| Long-Term Liabilities | ||
| Deferred tax liability | 13 | 17 |
| Reserve for uncertain tax positions | 855 | 891 |
| Notes payable | 75 | 75 |
| Finance lease liability, long-term | 45 | - |
| Total Long-Term Liabilities | 988 | 983 |
| Total Liabilities | 2,895 | 2,857 |
| Commitments and Contingencies (Note 17) | ||
| Shareholders’ Equity | ||
| Common stock (class A) $0.025 par value; nonvoting; 28,000,000 shares authorized; 13,866,999 shares issued at June 30, 2026, and June 30, 2025; 10,275,982 and 10,982,687 shares outstanding at June 30, 2026, and June 30, 2025, respectively | 347 | 347 |
| Common stock (class B) $0.025 par value; nonvoting; 4,500,000 shares authorized; no shares issued | - | - |
| Convertible common stock (class C) $0.025 par value; voting; 3,500,000 shares authorized; 2,068,549 shares issued and outstanding at June 30, 2026, and June 30, 2025 | 52 | 52 |
| Additional paid-in-capital | 16,564 | 16,556 |
| Treasury stock, class A shares at cost; 3,591,017 and 2,884,312 shares at June 30, 2026, and June 30, 2025, respectively | (9,689) | (7,781) |
| Accumulated other comprehensive income, net of tax | - | 98 |
| Retained earnings | 37,865 | 35,935 |
| Total Shareholders’ Equity | 45,139 | 45,207 |
| Total Liabilities and Shareholders’ Equity | 48,034 | 48,064 |
Consolidated Statements of Cash Flows
(dollars in thousands)
| Description | Year ended June 30, 2026 | Year ended June 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities: | ||
| Net income (loss) | 3,055 | (334) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation, amortization and accretion | 9 | (118) |
| Net realized (gains) losses on disposal of fixed assets | 2 | - |
| Net realized (gains) losses on securities | 2,487 | (418) |
| Unrealized (gains) losses on securities | (5,326) | 247 |
| Provision for deferred taxes | (171) | 709 |
| Reserve for uncertain tax positions | (36) | 106 |
| Share-based compensation expense | 9 | 124 |
| Allowance for credit losses | (24) | (80) |
| Changes in operating assets and liabilities: | ||
| Accounts and other receivables | 699 | (800) |
| Prepaid expenses and other assets | (3) | (17) |
| Accounts payable and accrued expenses | 41 | (241) |
| Total adjustments | (2,313) | (488) |
| Net cash provided by (used in) operating activities | 742 | (822) |
| Cash Flows from Investing Activities: | ||
| Purchase of property and equipment | (60) | (7) |
| Purchase of trading securities at fair value, non-current | (1,104) | (1,246) |
| Purchase of other investments | (109) | - |
| Proceeds on sale of trading securities at fair value, current | 800 | - |
| Proceeds on sale of trading securities at fair value, non-current | - | 60 |
| Proceeds from principal paydowns of available-for-sale debt securities at fair value | 2,342 | 2,250 |
| Return of capital on non-current investments | 255 | 24 |
| Return of capital on other investments | - | (24) |
| Net cash provided by (used in) investing activities | 2,124 | 1,057 |
| Cash Flows from Financing Activities: | ||
| Principal payments on finance lease | (28) | (33) |
| Proceeds from notes payable | - | 75 |
| Issuance of common stock | 72 | 73 |
| Repurchases of common stock | (1,972) | (1,969) |
| Excise tax paid on repurchases of common stock | (19) | (20) |
| Dividends paid | (1,141) | (1,208) |
| Net cash provided by (used in) financing activities | (3,088) | (3,082) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (222) | (2,847) |
| Beginning cash, cash equivalents, and restricted cash | 25,552 | 28,399 |
| Ending cash, cash equivalents, and restricted cash | 25,330 | 25,552 |
| Supplemental Disclosures of Non-Cash Investing and Financing Activities | ||
| Dividends declared but not paid | 279 | 296 |
| Excise tax liability accrued on stock repurchases | 18 | 19 |
| Lease liabilities obtained from new ROU assets finance | 92 | - |
| Unsettled class A common stock repurchases | 1 | 10 |
| Supplemental Disclosures of Cash Flow Information | ||
| Cash paid for income taxes, net of refunds | 45 | 64 |
| Cash paid for interest | 5 | 1 |
Amounts as printed on the EDGAR/iXBRL face — (dollars in thousands, except per share data); (dollars in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About U S GLOBAL INVESTORS INC
Source: Item 1 (Business) from the 10-K filed September 3, 2026. Description as filed by the company with the SEC.
Item 1. Business
This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, U.S. Global Investors, Inc. and its subsidiaries (collectively, “U.S. Global” or the “Company”) may make other written and oral communications from time to time that contain such statements. Forward-looking statements include statements as to industry trends, future expectations of the Company, and other matters that do not relate strictly to historical facts and are based on certain assumptions by management. These statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “should,” “estimate,” or “continue,” and similar expressions or variations. These statements are based on the beliefs and assumptions of Company management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in Part I, Item 1A, Risk Factors, and elsewhere in this report and other documents filed or furnished by U.S. Global from time to time with the U.S. Securities and Exchange Commission (“SEC”). U.S. Global cautions readers to carefully consider such factors. Furthermore, such forward-looking statements speak only as of the date on which such statements are made. Except to the extent required by applicable law, U.S. Global undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Read full description ↓
U.S. Global, a Texas corporation organized in 1968, is a registered investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The Company, with principal operations located in San Antonio, Texas, manages two business segments:
1.
Investment Management Services, through which the Company offers, to U.S. Global Investors Funds (“USGIF” or the “Fund(s)”) and exchange-traded fund (“ETF”) clients, a range of investment management products and services to meet the needs of individual and institutional investors; and
2.
Corporate Investments, through which the Company invests for its own account in an effort to add growth and value to its cash position. The Company holds a significant amount of its total assets in investments.
As part of its investment management business, the Company provides: (1) investment advisory services and (2) administrative services to the mutual funds advised by the Company. The fees from these services, as well as investment income, are the primary sources of the Company’s revenue.
Business Segments
Business segments are discussed below.
Investment Management Services
Investment Advisory Services. The Company furnishes an investment program for each of the clients it manages and determines, subject to overall supervision by the applicable board of trustees of the clients, the clients’ investments pursuant to an advisory agreement. Consistent with the investment restrictions, objectives and policies of the particular client, the portfolio team for each client determines what investments should be purchased, sold, and held, and makes changes in the portfolio deemed necessary or appropriate. In the advisory agreement, the Company is charged with seeking the best overall terms in executing portfolio transactions and selecting brokers or dealers.
As required by the Investment Company Act of 1940, as amended (“Investment Company Act”), the advisory agreement with USGIF is subject to annual renewal and is terminable upon a 60 days' notice. In September 2025, the Board of Trustees of USGIF approved the annual renewal of the advisory agreement. Management anticipates that the advisory agreement will be renewed.
In addition to providing advisory services to USGIF, the Company provides advisory services to four U.S.-based ETF clients. The advisory agreements for the U.S.-based ETFs have been renewed through July 2027. The Company also serves as investment advisor to one European-based ETF, The Travel UCITS ETF. The advisory services agreement for The Travel UCITS ETF is not subject to renewal on an annual basis and is terminable upon 6-months' notice.
Net assets under management on June 30, 2026, and 2025, are detailed in the following table.
Assets Under Management (“AUM”)
Fund
Ticker
June 30, 2026
June 30, 2025
(dollars in thousands)
ETF Clients
Airline, Travel and Cargo
U.S. Global Jets ETF
JETS
$
959,064
$
814,362
The Travel UCITS ETF
TRIP
21,796
20,257
U.S. Global Sea to Sky ETF
SEA
17,514
8,382
Total Airline, Travel and Cargo
998,374
843,001
Gold and Natural Resources
U.S. Global GO GOLD and Precious Metal Miners ETF
GOAU
164,808
124,160
Total Gold and Natural Resources
164,808
124,160
Technology, Aerospace and Defense
U.S. Global Technology and Aerospace & Defense ETF
WAR
41,335
6,055
Total Technology, Aerospace and Defense
41,335
6,055
Total ETF Clients
1,204,517
973,216
U.S. Global Investors Funds
Gold and Natural Resources
Gold and Precious Metals
USERX
243,451
156,587
World Precious Minerals
UNWPX
66,748
48,623
Global Resources
PSPFX
54,245
40,612
Total Gold and Natural Resources
364,444
245,822
International Equity
Global Luxury Goods
USLUX
51,392
50,934
Total International Equity
51,392
50,934
Bond
U.S. Government Securities Ultra-Short Bond
UGSDX
30,995
28,783
Near-Term Tax Free
NEARX
20,643
24,896
Total Bond
51,638
53,679
Total U.S. Global Investors Funds
467,474
350,435
Total AUM
$
1,671,991
$
1,323,651
Administrative Services. The Company also manages, supervises and conducts certain other affairs of USGIF, subject to the control of the Funds’ Board of Trustees pursuant to an administrative services agreement. The administrative services agreement with USGIF is subject to renewal on an annual basis and is terminable upon 60 days' notice. In September 2025, the Board of Trustees of USGIF approved the annual renewal of the administrative services agreement. Management anticipates that the administrative services agreement will be renewed.
Corporate Investments
Investment Activities. In addition to providing management and advisory services, the Company is actively engaged in investing for its own account. See segment information in the Notes to the Consolidated Financial Statements at Note 15, Financial Information by Business Segment, of this Annual Report on Form 10-K.
Additional Segment Information
See additional financial information about business segments in