U.S. Global Investors, Inc.

For fiscal 2026, average assets under management were $1.53 billion. Operating revenues were $10.3 million, up $1.8 million, or 21%, from $8.5 million in the prior year. Operating expenses were $10.9 million, 5% lower than prior year, and operating loss improved to $603,000, a favorable change of 2.4 versus fiscal 2025. Other income was $4.5 million versus $2.7 million a year ago, mainly from higher unrealized gains. Net income was $3.1 million, or $0.24 per share, compared with a loss of $334,000, or $0.03 per share, in FY 2025. On the balance sheet, net book value was $45.1 million, working capital was $35.7 million, and the current ratio was 19.7:1. Management did not provide formal next-quarter or full-year forward guidance; commentary focused on continued buybacks, maintaining the monthly dividend, and growing the thematic platform.

Frank Holmes framed the business around volatility, thematic investing, and shareholder yield. He said the firm’s strategy is to build products that win across cycles, supported by long backtesting, and he repeatedly highlighted the company’s exposure to gold, airlines, defense, and Bitcoin-related themes. His tone was highly optimistic about long-term macro themes like defense spending, AI infrastructure, and gold demand, while also stressing that the company believes its stock is undervalued and should be repurchased on flat or down days.

Lisa Callicotte focused on the year’s financial improvement and the strength of the balance sheet. She cited $10.3 million of operating revenues, up 21% year over year, $3.1 million of net income, and $0.24 per share, with operating expenses down 5% and operating loss narrowing to $603,000. She also pointed to $45.1 million of net book value, $35.7 million of working capital, and a 19.7:1 current ratio, while noting that higher unrealized gains lifted other income to $4.5 million.

There was no formal analyst Q&A in the transcript. The closest management addressed to outside concerns was through commentary on volatility, with Frank Holmes saying large price swings in airlines, gold, oil, and Bitcoin-related assets are normal and can create buying opportunities. He also discussed capital allocation, saying the company has prioritized buybacks over raising the dividend and repurchased 733,848 Class A shares for $2 million during fiscal 2026.