Business
U.S. Global Investors Announces Fourth Straight Quarter of AUM Growth to $4.6 Billion, with Revenues Expanding 23% QoQ and 595% YoY
SAN ANTONIO, May 10, 2021 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a boutique registered investment advisory firm with
About this update from U.s. Global Investors, Inc.
[{"type":"text","content":"SAN ANTONIO, May 10, 2021 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a boutique registered investment advisory firm with longstanding experience in global markets and specialized sectors from gold to crypto asset classes, today is pleased to report financial results for the quarter ended March 31, 2021. Total operating revenues were $6.4 million, an increase of approximately 23% quarter-over-quarter (QoQ) and 595% year-over-year (YoY). Net income was $14.2 million, or $0.94 per share, compared to a net loss of $1.6 million, or $0.11 per share, a year earlier. Assets under management (AUM) surged to an average of $4.0 billion, up over 35% QoQ and 630% YoY. Total AUM ended the quarter at $4.6 billion, compared to $655.1 million as of March 31, 2020, an increase of about $4.0 billion, or more than 590%. Operating margin expanded to 53%, compared to an operating loss during the same period last year. JETS Continued to Attract Inflows as Vaccine Rollout Accelerated Inflows into the U.S. Global Jets ETF (JETS) kept pace during the quarter ended March 31, 2021, as it appears investors continued to bet that vaccine distributions would help commercial air travel demand recover to pre-pandemic levels sooner rather than later. JETS, a quant-based, smart-beta 2.0 ETF that invests in global carriers as well as aircraft manufacturers and airport services companies, attracted healthy inflows, bringing its total AUM to $4.0 billion, up 38% QoQ and more than 1,200% YoY. Trading volume during the quarter totaled about 412 million shares, an increase of about 14% QoQ and almost 735% YoY. “As of the end of April, 43% of American adults had received at least one dose of the COVID-19 vaccine, while 30% were fully vaccinated, according to the Centers for Disease Control and Prevention (CDC). This is incredibly positive news for the commercial airline industry, especially when coupled with new CDC guidance saying fully vaccinated people can now travel at low risk to themselves,” comments Company CEO and Chief Investment Officer Frank Holmes. “Domestic leisure travel is roaring back, and several carriers have already announced new routes to popular vacation destinations, many of them to become available this summer. The next leg of recovery is Europe, which is seeking to reopen its borders to vaccinated tourists this...