U.S. Global Investors, Inc.

For the quarter ended March 31, 2026, average assets under management were $1.63 billion, up 15% from the same quarter a year ago. Operating revenues were $2.8 million, up approximately 31% year over year, while total revenues were $2.7 million, up $659,000 or 31% from $2.1 million. Quarterly net income was $2.6 million, or $0.23 per share, compared with a net loss of $382,000, or a loss of $0.03 per share, in the prior-year quarter. Operating expenses decreased 11% to $2.7 million, operating income improved to $88,000 from a loss of $893,000, and other income benefited from $1.3 million of net unrealized gains in equity securities and a $1.9 million unrealized gain in the Investec Series investment. The company also recorded a tax benefit of $844,000 versus a $137,000 tax expense a year ago. On the balance sheet, liabilities were $2.9 million, net working capital was $36.2 million, and the current ratio was 20.9:1. No formal next-quarter or full-year financial guidance was given in the transcript.

Frank Holmes framed the quarter around volatility, long-term thematic investing, and shareholder returns. He said the firm keeps buying back stock on flat and down days to preserve cash, and he argued the shares remain deeply undervalued. He also emphasized the company’s exposure to gold, active ETFs, and newer themes like Bitcoin, AI, defense, and HIVE’s data-center expansion.

Lisa Callicotte focused on the drivers behind the quarter’s improvement: higher AUM, especially in gold mutual funds and the Gold ETF GOAU, drove revenues higher, while lower employee compensation and advertising reduced expenses. She also pointed to the key swing factors in other income, including $1.3 million of unrealized gains in equity securities and a $1.9 million unrealized gain in the Investec Series investment. She highlighted a strong balance sheet with $36.2 million of net working capital, a 20.9:1 current ratio, and total liabilities of $2.9 million.

There was no live analyst Q&A in the transcript. Management instead answered likely investor concerns through prepared remarks, especially around volatility in earnings from market-driven investment gains and losses. Frank also addressed capital returns and valuation, saying the firm is actively repurchasing shares and paying a monthly dividend, while Lisa explained that the quarter’s profitability was boosted by unrealized gains and a tax benefit.