U.s. Global Investors, Inc. · NASDAQ:GROW
U.s. Global Investors — Q2 2025 Earnings Presentation
55 slides from U.s. Global Investors's earnings presentation, Feb 13, 2025
Slide 1: Second Quarter 2025 Results Webcast
September 30, 2024 - December 31, 2024 wy GROW Second Quarter 2025 Results Webcast G0@000 www.usfunds.com
Slide 2: Today's Presenters
Frank Holmes 4 To d a y's 7 Presenters a Holly Schoenfeldt Director of Marketing Lisa Callicotte ‘CFO ‘a US, Global Investors WWW.USFUNDS.COM
Slide 3: Forward-Looking Statements
Forward-Looking Statements During this webcast we may make forward- looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don’t pertain to historical facts are subject to risks and uncertainties that may material
Slide 4: ASEAETF
ASEAETF oeAETF. Coy, ee fi .,U.S. Global Investors NASDAQ: GROW WWW.USFUNDS.COM
Slide 5: Smart Beta 2.0
Smart Beta 2.0 Innovative Investment Manager: U.S. Global Investors, Inc. is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantamental strategy to create smart beta 2.0 products. About Us Registered Investment Advisor U.S. Global Investors
Slide 6: The DNA of Volatility
W filasdag ) The DNA of Volatility S&P 500 Gold Bullion Dow Jones U.S. Asset Managers Index Oil NYSE Arca Airline Index Bitcoin HIVE Digital Technologies Ltd. +1% +3% +1% +3% +1% +4% +2% +4% +2% +6% +3% +9% +5% +17%
Slide 7: Long-term Top Institutional Shareholders
Long-term Top Institutional Shareholders ©) 5.39% & THE VANGUARD GROUP, INC. ©) 4.867% Perritt PiJvs. Global Investors N. |ASDAQ: GROW WWW.USFUNDS.COM
Slide 8: Frank Holmes CEO and CIO ownership and voting control
Frank Holmes CEO and ClO owns approximately 19% of the company and has approximately 99% of voting control. pe U.S. Global Investors NASDAQ: GROW WWW.USFUNDS.COM
Slide 9: Create thematic products that are sustainable
Create thematic products that are sustainable using a smart beta 2.0 strategy. This requires rigorous back testing for 10,000+ hours At U.S. Global Investors, our mission is to make people feel financially happy and secure that their wealth is consistently growing. Strategically buy back stock using
Slide 10: Appointment of Bobby Duncan to Board of Directors
U.S. Global Investors Announces Appointment of Bobby Duncan to Board of Directors Bobby Duncan brings decades’ worth of leadership experience spanning marketing, finance, education, advisory services and entrepreneurial endeavors. With over 17 years of experience at U.S. Global Investors and its sub
Slide 11: GROW Outperforms Russell Microcap Index Over Years
GROW Outperforms Russell Microcap Index Over 5 Years December 2019 - December 2024 800% 4 700% 4 600% 4 500% 4 400% 4 300% 4 200% + 100% 4 0% -100% 7 JETS ETF © = U.S. Global Investors (GROW) HIVE —— Russell Microcap Index 90% GROW 28% Russell Microcap Index DEC-2019 JUN-2020 DEC-2020 JUN-2021 DEC-2
Slide 12: Macro Trend: The Gap Narrows Between Active and Passive ETFs
Macro Trend: The Gap Narrows Between Active and Passive ETFs 2.250 m Active m™ Passive 750 = : 0 2015 2016 2017 2018 2019 2020 2021 2022 023 2024 U.S. Global Investors Source: Momingstar 2025 ETF Predictions Report 12 NASDAQ: GROW WWW.USFUNDS.COM
Slide 13: Warren Buffett highlights the value of buying back stock
Warren Buffett highlights the value proposition of buying back one’s own stock at ‘value- accretive prices.’ Doing so, Buffett says... Benefits all shareholders, not just the biggest ho ‘a Warren Buffett ~~ Photoby-Swort bety/Forune a hiAs Warren Buffett celebrate 94' birthday Au
Slide 14: Why We Buy Back Our Stock
a Why We Buy Back ” Our Stock 3 = bel s ii ii The Company believes its stock is undervalued and therefore buys back shares i Sassi: of GROW when the price is flat or down from r , ) sit : the previous trading day using an algorithm. ; This is part of the Company's two-pillar strategy to enhance shar
Slide 15: Current Share Repurchase Program
Current Share Repurchase Program For the three months ended December 31, 2024, the Company repurchased a total of 236,731 class A shares using cash of approximately $587,000. May be suspended or discontinued as deemed necessary. U.S. Global Investors JNASDAQ: GROW WWW.USFUNDS.COM
Slide 16: GROW Shares Buyback
GROW Shares Buyback Calendar Year End, Three-Year Period 807,761 679,393 192,555 2022 2023 2024 \U.S. Global Investors WWW.USFUNDS.COM Source: U.S. Global Investors =| NASDAQ: GROW
Slide 17: GROW Dividends
GROW Dividends The Company has paid a monthly dividend since June 2007 Current yield at a share price of $2.45 as of 02/07/2025. 3.67% Monthly dividend payment of $0.0075 Approved through March 2025 Reviewed by the Board quarterly 6 _,U.S. Global Investors NASDAQ: GROW WWW.USFUNDS.COM
Slide 18: Dividends + Buybacks + Debt Reduction
. Dividends + Buybacks + Debt Reduction | Shareholder Yield =| simatic atlanta: ane horat nein ae a Market Capitalization T eneamgneend mivaetore WWW.USFUNDS.COM
Slide 19: Committed To Returning Value To Shareholders
U.S. Global Investors ls Committed To Returning Value To Shareholders When compared To Treasury Yields Yields as of December 31, 2024 10.06% 4.38% 4.58% 5-Year Treasury Yield 10-Year Treasury Yield GROW Shareholder Yield {U.S. Global Investors Source: Bloomberg, U.S. Global Investors WWW.USFUNDS.COM
Slide 20: vs. Competition
U.S. Global Investors vs. Competition As of Quarter End December 31, 2024 ETF Business WISDOMTREE" 100% ETFs Gus. Global Investors 83% of Operating Revenue 40% of Assets in QQQ 4s Invesco = _ (U.S. Global Investors NASDAQ: GROW Price /Book 3.84 0.70 0.81 WWW .USFUNDS.COM Return on Dividend Assets Yi
Slide 21: A Look At Q2 2025
A Look At Q2 2025 GROW Strengths The company has steady cashflow, despite challenging macro market environment. The company has a strong balance sheet which includes both cash and other investments. The company continues to buy back stock on flat or down days and pay a monthly dividend. r U.S. Globa
Slide 22: Smart Beta 2.0 Investing
Smart Beta 2.0 Investing Our Quantamental Investment Strategy combines cutting edge technology with robust data analysis to help optimize returns and manage risk effectively for our shareholders. We believe the use of Smart Beta 2.0 factors in our thematic fund lineup sets us apart from the competit
Slide 23: Introducing The U.S. Global Technology and Aerospace & Defense ETF
i) Introducing The U.S. Global Technology and Aerospace & Defense ETF (NYSE: WAR) Launched December 30, 2024 aS ~z
Slide 24: Why Invest in The Defense Industry?
Why Invest in The Defense Industry? The New “Red Cold War” ASS Global ETFs : Elia NYSE: WAR
Slide 25: China's Growing Influence In Latin America
China's Growing Influence In Latin America China's strategic investments in Latin America's infrastructure, are likely linked to the Belt and Road Initiative (BRI). pe clone! Investors WWW .USFUNDS.COM Airports e Bridges e e Termints @ Canals ~~ ~ ‘Dredging vee metro @ @ Pons 1) @ Tunnels C) e Railw
Slide 26: The Key Industries Shaping the Defense Sector
THE 5 KEY INDUSTRIES SHAPING THE DEFENSE SECTOR Aerospace & Semiconductors : Defense 28% 31% t 1 4 Data Centers 12% * «10 C { ¢ =f) 0 i OF fat Homeland Security - 1% a) Nasdaq: GROW SIE U.S. Global Investors
Slide 27: Global Defense Spending Has Risen for Nine Consecutive Years
Global Defense Spending Has Risen for Nine Consecutive Years Trillions of USD | Constant 2022 Dollars reer Invad 4 ussia Invades $2.5 Ukraine gz. 2014 Russia annexes wa Crimea $2.05 Global War on Terrorism $1.55 $1.0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 _ jU.S. Global Investor
Slide 28: TSA Numbers Have Fully Recovered
TSA Numbers Have Fully Recovered Millions of Passengers Flown, Three-Year Period Through January 2025 35. 2.5M people in one day — June 2019 3.0 4 25 20 4 15 4 1.0 4 3M people in one day — December 2024 S os 4 ) 80K people ° v in one day 0.0 —December 2019 Jun-2019 Dec-2019 Jun-2020- Dec-2020 Jun-20
Slide 29: JETS Beat the Market and the Airlines Index in 2024
JETS Beat the Market and the Airlines Index in 2024 NAV Total Return 40% +33.21% 30% U.S. Global Jets ETF +25.00% S&P 500 Index 20% +18.29% 10%- ieee ane index 0% -10%- -20%7] JAN FEB MAR APR MAY JUN JUL AUG SEP OcT NOV DEC Past performance is no guarantee of future results i _jU.S. Global Investors
Slide 30: Average Annual Gold Price Has Advanced 84% of the Time This Century
Average Annual Gold Price Has Advanced 84% of the Time This Century 2000 — 2024 | USD Per Ounce 2006" 2007" 2008 2009° 2010. 2011 "2012" 2013. 2014" 2015. 2016 "2017 "2018 "2019 "2020 "2021 "2022 2023" 2024 $2,388 — $695 — $872 — $1,225 a $1,572 — $1,669 — $1,411 — $1,266 es $1,160 | —_— $1,251 |——
Slide 31: GO GOLD Theme: Historic Rise Is A Worldwide Phenomenon
GO GOLD Theme: yuagd cS Historic Rise ls A Worldwide Phenomenon Gold Price Pe rmance In Va . oa 12% 10% 11.6% 8% 6% 4% 2% 0% Chinese Yuan U.S. Dollar British Pound Euro Japanese Yen recreated mee WWW.USFUNDS.COM Source: Bloomberg, U.S. Global Investors
Slide 32: GOAU Beat Gold Mining Stocks in 2024
GOAU Beat Gold Mining Stocks in 2024 NAV Total Return 40% 4 U.S. Global GO 30% 4 GOLD and Precious Metal Miners ETF 20% (GOAU) +13.66% 10% 4 +11.11% NYSE Arca Gold Miners Index 0% 10% 4 The NYSE Arca Gold Miners Index has 0 fees -20% 4 FEB-2024 APR-2024 JUN-2024 AUG-2024 OCT-2024 DEC-2024 Past perfo
Slide 33: Despite Headwinds, SEA Ended Positive for 2024
Despite Headwinds, SEA Ended Positive for 2024 NAV Total Return 4 Oct. 2024 25% U.S. Port strikes 20% 4 18.56% 12-Month Rerouting around the Dividend Yield 15% 4 Red Sea leads to higher shipping rates 10% 5 al 2.43% 0% JAN FEB MAR APR MAY JUN JUL AUG SEP OcT NOV DEC The dividend yield is a financial
Slide 34: GROW's Investment in HIVE Digital Technologies
GROW’'s Investment in HIVE Digital Technologies 8% Convertible Debenture $3,037,000 (includes debenture and conversion feature) retinas Investors WWW.USFUNDS.COM
Slide 35: Key figures: share price, AUM, operating revenues
$2.45 Nasdaq: GROW *close on 02/07/2025 $1.5 Billion Quarterly Average AUM 12/31/2024 $2.2 Million Quarterly Operating Revenues 2024 PiJvs. Global Investors NASDAQ: GROW WWW.USFUNDS.COM
Slide 36: Quarterly Earnings Per Share
Quarterly Earnings Per Share $0.02 $0.02 $0.00 r 1 -$0.01 Mar-2024 Jun-2024 Sep-2024 Dec-2024 {U.S. Global Investors Source: U.S. Global investors Z| NASDAQ: GROW WWW.USFUNDS.COM
Slide 37: Income Statement - Financial Analysis
Income Statement - Financial Analysis Lisa Callicotte CFO 2 _/U.S. Global Investors NASDAQ: GROW WWW .USFUNDS.COM
Slide 38: Second Quarter 2025 Financial Highlights
Second Quarter 2025 Financial Highlights £ » Average assets under management Wy of $1.5 billion ) Operating revenues of $2.2 million eo ) Net income (loss) of ($86) Thousand /U.S. Global Investors Z| NASDAQ: GROW WWW.USFUNDS.COM
Slide 39: Operational Earnings and Investment Earnings
Operational Earnings (Cash Flow) Investment Earnings Realized (Cash Flow) Unrealized PiJvs. Global Investors NASDAQ: GROW Earnings
Slide 40: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended December 31, 2024 2023 Operating Revenues Advisory fees $ 2,200 $ Administrative services fees 31 Total Operating Revenues 2,231 Operating Expenses Employee compensation and benefits 1,226 General
Slide 41: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended December 31, 2024 2023 Operating Income (Loss) $ (539) $ 192 Other Income (Loss) Net investment income (loss) 354 1,416 Other Income (loss) 69 57 Total Other Income (Loss) 423 1,473 Income (Loss) B
Slide 42: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) Current Assets Cash and cash equivalents Restricted cash Investments in trading securities at fair value, curent Accounts and other receivables (net of allowance for credit losses of $0, and $0, respectively) Receivable for investment principal repa
Slide 43: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) Other Assets Deferred tax asset Investments in trading securities at fair value, non-current Investments in available-forsale debt securities at fair value (amortized cost: $5, 187, and $6,204, respectively) (net of allowance for credit losses of $0
Slide 44: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) Current Liabilities Accounts payable Accrued compensation and related costs Dividends payable Financing lease liability, short-term Other accrued expenses Total Current Liabilities Long-Term Liabilities Reserve for uncertain tax positions Financing
Slide 45: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) Shareholders’ Equity Common stock (class A) - $0.025 par value; nonvoting; 28,000,000 shares authorized; 13,866,999 shares issued at December 31, 2024, and June 30, 2024; 11,333,324 and 11,753,483 shares outstanding at December 31, 2024, and June 30
Slide 46: Marketing Highlights
Marketing Highlights Holly Schoenfeldt Director Of Marketing 6 _,U.S. Global Investors NASDAQ: GROW WWW.USFUNDS.COM
Slide 47: Explore Our Educational Videos
Explore Our Educational Videos S {U.S. Global Investors NASDAQ: GROW \WiERGMIFRIGHTS TO FORTUNES N SHOW MUCH IS DON'T LET SPOOKY MARKETS SCARE YOU ) SPENDING ON / DEFENSE? ets. ae & THE BATTLE FOR GLOBAL POWER DECODING THE . BITCOIN @HALVING WWW.USFUNDS.COM
Slide 48: The Periodic Table of Commodities
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 187.05% 103.67% ‘56.25% 18.59% 54.20% AT BS 442.80% T24S% 13.10% 26.62% Li || me | Pd | Pd) Pd | Ag || Li || Li || Au || Au 2.50% 0.59% 451% 17.86% HA 26.02% 160.61% BAT 149% 20.57% Pb || Zn || Li | #@ || @ || Cu || @ | Ni || Cu] Ag 963% 59.35% 32.39
Slide 49: In Case You Missed It: An Active Approach to Defense Spending
INCASE YOU MISSED IT: AN ACTIVE APPROACH . ~ > TO DEFENSE SPENDING 3 Frank Holmes CEO and CIO t . ‘Lieutenant General (Retired) ~ : a : U-S= Global inves. aa ~ Evans Stravegic Solutions : = —...-7 ef eas - set 7 258 peers. -o. a. Saal - ee Z * ait Me ee S we PF ; U.S. Global ETFs. NYSE: ‘WAR z
Slide 50: Top Content From Our Blog
TOP CONTENT FROM OUR The Top 10 Nations Buying Gold: A Portfolio Strategy You Can Follow Gis. Global Investors NASDAQ: GROW How Trump’s Second Term Could Impact Defense and Cybersecurity Spending Top 10 Countries That Have Bought The Most Gold Over The Past Decade WWW.USFUNDS.COM Paul Tudor Jones on
Slide 51: Feeling Left Out?
Feeling Left Out¢ onsy i PiJvs. Global Investors |ASDAQ: GROW
Slide 52: Thank You
Thank YOu {U.S. Global Investors Z1NASDAQ: GROW WWW.USFUNDS.COM
Slide 53: Disclosures
Disclosures All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. The NYSE Arca Gold BUGS (Basket of Unhedged Gold Stocks} Index (HUI) is a modified equal dollar weighted index of companies involved in gold min
Slide 54: Disclosures
Disclosures Please consider carefully a fund's investment objectives, risks, charges and expenses. For this and other important information, obtain a statutory and summary prospectus for JETS, GOAU and SEA by visiting www.usglobaletfs.com. Read it carefully before investing. Distributed by Quasar Di
Slide 55: Disclosures
Disclosures Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance
U.S. Global Investors — Q2 2025 Earnings Presentation on 6ix