U.s. Global Investors, Inc. · NASDAQ:GROW
U.s. Global Investors — Q1 2026 Earnings Presentation
52 slides from U.s. Global Investors's earnings presentation, November 2025
Slide 1: First Quarter 2026 Results Webcast
GROW September 30, 2024 – September 30, 2025 First Quarter 2026 Results Webcast www.usfunds.com WWW.USFUNDS.COM
Slide 2: Today's Presenters
Frank Holmes Today's Presenters CEO and CIO Holly Schoenfeldt Director of Marketing Lisa Callicotte CFO 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: Email us to request your own ETF hat
Please email us at info@usfunds.com to request your own ETF hat! 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
The DNA of Volatility Standard Deviation For One Year, as of September 30, 2025 One-Day Ten-Day S&P 500 ±1% ±3% Gold Bullion ±1% ±3% GROW ±2% ±4% Dow Jones U.S. Asset Managers Index ±2% ±5% Oil ±2% ±5% Bitcoin ±2% ±5% JETS ±2% ±6% GOAU ±2% ±6% NYSE Arca Airline Index ±3% ±7% HIVE Digital Technologie
Slide 7: Top Institutional Shareholders
Top Institutional Shareholders Percentage of Shares Outstanding, as of 09/30/2025 1 6.28% 2 5.68% THE VANGUARD GROUP, INC. 3 4.81% WWW.USFUNDS.COM
Slide 8: Frank Holmes owns approximately 19% of the company
Frank Holmes CEO and CIO owns approximately 19% of the company and has approximately 99% of voting control. WWW.USFUNDS.COM
Slide 9: Strategy and Tactics
Strategy and Tactics 1 Create thematic products that are sustainable using a smart beta 2.0 strategy. Requires rigorous back testing for 1,000s of hours. 2 Our mission is to make people feel financially happy and secure that their wealth is consistently growing. 3 Strategically buy back stock using
Slide 10: Why We Buy Back Our Stock
Why We Buy Back Our Stock The Company believes its stock is undervalued and therefore buys back shares of GROW when the price is flat or down from the previous trading day using an algorithm. This is part of the Company’s two-pillar strategy to enhance shareholder value by paying the dividend as wel
Slide 11: Current Share Repurchase Program
Current Share Repurchase Program For the three-months Ended September 30, 2025, the Company repurchased a total of 159,074 class A shares using cash of approximately $400,000. May be suspended or discontinued as deemed necessary. WWW.USFUNDS.COM
Slide 12: GROW Shares Repurchased
GROW Shares Repurchased Quarterly Repurchases Through September 2025 236,731 187,987 178,438 159,074 Dec-24 Mar-25 Jun-25 Sep-25 Source: U.S. Global Investors 12 WWW.USFUNDS.COM 12
Slide 13: GROW Dividends
GROW Dividends The Company has paid a monthly dividend since June 2007 Current yield at a share price of $2.60 as of 10/27/2025. 3.46% Monthly dividend payment of $0.0075 Approved through December 2025 Reviewed by the Board quarterly WWW.USFUNDS.COM 13
Slide 14: Shareholder Yield
Dividends + Buybacks + Debt Reduction Shareholder Yield = Market Capitalization WWW.USFUNDS.COM
Slide 15: U.S. Global Investors vs. The Competition
U.S. Global Investors vs. The Competition As of Quarter End September 30, 2025 Return on Pre-Tax Dividend ETF Business Price/Book P/E Ratio Assets Margin Yield 100% ETFs 3.99 7.1 22% 0.99% 15.46 75% of Operating 0.78 1.72% 13.41% 3.27% 42.6 Revenue 40% of Assets in 0.98 2.90% 16.60% 3.46% 16.38 QQQ
Slide 16: Committed To Returning Value To Shareholders vs Treasury Yields
U.S. Global Investors Is Committed To Returning Value To Shareholders When Compared To Treasury Yields Yields as of September 30, 2025 8.32% 4.16% 3.74% 5-Year Treasury Yield 10-Year Treasury Yield GROW Shareholder Yield Source: Bloomberg, U.S. Global Investors 16 WWW.USFUNDS.COM
Slide 17: Average Assets Under Management, in Billions of USD
Average Assets Under Management, in Billions of USD Three-Month Period Ended September 30 of Each Year $1.46B $1.40B Sep-2024 Sep-2025 17 WWW.USFUNDS.COM
Slide 18: Quarterly Earnings (Loss) Per Share: Impacted by Tariff War
Quarterly Earnings (Loss) Per Share: Impacted by Tariff War $0.12 -$0.01 -$0.01 -$0.03 Dec-2024 Mar-2025 Jun-2025 Sep-2025 Source: Bloomberg, U.S. Global Investors 18 WWW.USFUNDS.COM
Slide 19: GROW's Investment in HIVE Digital Technologies
GROW’s Investment in HIVE Digital Technologies 8% Convertible Debenture $842,000 (includes debenture and conversion feature) Redirect & Repurpose into Bitcoin Ecosystem. WWW.USFUNDS.COM
Slide 20: $1.4 Billion AUM and $2.25 Million Operating Revenues
$2.60 Nasdaq: GROW *close on 10/27/2025 $1.4 Billion Average Assets Under Management 09/30/2025 $2.25 Million Operating Revenues 09/30/2025 WWW.USFUNDS.COM
Slide 21: A Look At Q1 2026
A Look At Q12026 GROW Strengths 1 The company has steady cashflow, despite a volatile and challenging macro market environment. The company has a strong balance 2 sheet which includes both cash and other investments. 3 The company continues to buy back stock on flat or down days and pay a monthly di
Slide 22: The Quant Approach
Smart Beta 2.0 Investing Our Quantamental Investment Strategy The Quant 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 th
Slide 23: Fund Assets Respond to Rising Gold Price
Fund Assets Respond to Rising Gold Price Fund Flows In Million USD – 3Q2024 vs 3Q2025 2024 2025 $4.00 $3.00 $2.87 $2.00 $1.49 $0.93 $1.00 $0.00 -$1.00 -$1.07 -$2.00 -$1.58 -$1.95 -$3.00 PSPFX USERX GOAU Source: Bloomberg, U.S. Global Investors 23 WWW.USFUNDS.COM
Slide 24: Gold Reached All-Time High In 2025!
Gold Reached All-Time High In 2025! Gold Price Per Ounce From August 30, 2022 – October 16, 2025 ATH $4,300+ Source: Bloomberg, U.S. Global Investors | 24 WWW.USFUNDS.COM
Slide 25: Gold Climbs Past The S&P This Century
Gold Climbs Past The S&P 500 This Century Performance From December 31, 1999 – November 3, 2025 +1,290% +650% WWW.USFUNDS.COM Source: Bloomberg, U.S. Global Investors
Slide 26: National Debt Of The U.S. Will Keep Rising
National Debt Of The U.S. Will Keep Rising United States: National Debt From 2020 to 2030E* | In Trillions of USD $48T $45T $43T $41T $39T $37T $35T $33T $31T $30T $28T 2020 2021 2022 2023 2024 2025* 2026* 2027* 2028* 2029* 2030* WWW.USFUNDS.COM Source: Bloomberg, U.S. Global Investors
Slide 27: Total Global Debt: Modern Monetary Theory
GoGold Theme: Total Global Debt Through Second Quarter of 2025 Trillions of USD $338 M.M.T. $340 Trillion $320 $300 Modern Monetary Theory $280 $260 $240 $220 $200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 WWW.USFUNDS.COM Source: IIF Global Debt Monitor, @kobeissiletter, U.S. Global Investor
Slide 28: U.S. Debt Now Among the World's Highest
U.S. Debt Now Among the World’s Highest Total Debt as a Percentage of GDP, as of Mar. 31, 2025 408% 380% 344% 322% 312% 306% 292% 291% 277% 273% 273% 259% 249% Hong Kong Japan Singapore France Canada Netherlands China Switzerland Belgium Norway Sweden Finland United States Source: BIS, U.S. Global I
Slide 29: Implied Investor Allocation to Gold Is Relatively Low
Implied Investor Allocation to Gold Is Relatively Low U.S. ETF Market Share of All Gold ETF Assets 8% 2% WWW.USFUNDS.COM Source: Topdown Charts, LSEG, ICI, U.S. Global Investors
Slide 30: The Ai Market Is Exploding
THE Ai MARKET IS EXPLODING ARTIFICIAL INTELLIGENCE (Ai) MARKET SIZE, 2020 – 2030E 900 800 $827 700 28% CAGR 600 $668 500 $529 400 $416 300 $320 200 $244 $184 100 0 2024* 2025* 2026* 2027* 2028* 2029* 2030* Source: Statista, U.S. Global Investors
Slide 31: Aerospace & Defense: Ai To Rebuild The Military
Aerospace & Defense: Ai To Rebuild The Military Other Aerospace Data Centers 1% & Defense 11% 33% Cyber Securities Semiconductors 27% 28% WWW.USFUNDS.COM 31
Slide 32: The SEA ETF Connects Emerging and Developed Markets
Did you know? 80% of the world’s cargo is carried by ship. The SEA ETF Connects Emerging and Developed Markets 32 WWW.USFUNDS.COM Distributed by Quasar Distributors, LLC. U.S. Global Investors is the investment adviser to SEA.
Slide 33: U.S. Global Partners with Keystone School
U.S. Global Partners with San Antonio’s Keystone School to Support Model UN and Future Leaders With democracy at an all-time low, according to Democracy Without Borders, U.S. Global partners with Keystone School to empower Model UN students and future leaders. 33 WWW.USFUNDS.COM
Slide 34: Income Statement - Financial Analysis
Income Statement - Financial Analysis Lisa Callicotte CFO WWW.USFUNDS.COM
Slide 35: First Quarter 2026 Financial Highlights
First Quarter 2026 Financial Highlights 1 Average assets under management of $1.4 billion 2 Operating revenues of $2.25 million 3 Net income of 1.5 million WWW.USFUNDS.COM
Slide 36: Earnings
Operational Earnings (Cash Flow) Investment Earnings Realized (Cash Flow) + Unrealized Earnings WWW.USFUNDS.COM
Slide 37: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended September 30, 2025 2024 Operating Revenues Advisory fees $ 2,209 $ 2,127 Administrative services fees 42 30 Total Operating Revenues 2,251 2,157 Operating Expenses Employee compensation and benefit
Slide 38: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended September 30, 2025 2024 Operating Income (Loss) $ (515) $ (559) Other Income (Loss) Net investment income (loss) 2,277 917 Other Income (loss) 82 78 Total Other Income (Loss) 2,359 995 Income (Loss
Slide 39: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) September 30, 2025 June 30, 2025 (unaudited) Current Assets Cash and cash equivalents $ 24,586 $ 24,552 Restricted cash 1,000 1,000 Investments in trading securities at fair value, current 9,734 9,692 Accounts and other receivables (net of allowance
Slide 40: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) September 30, 2025 June 30, 2025 (unaudited) Other Assets Deferred tax asset $ 945 $ 1,268 Investments in trading securities at fair value, non-current 3,040 2,496 Investments in available-for-sale debt securities at fair value (amortized cost: $3,3
Slide 41: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) September 30, 2025 (unaudited) June 30, 2025 Current Liabilities Accounts payable $ 20 $ 10 Accrued compensation and related costs 431 469 Dividends payable 291 296 Financing lease liability, short-term 26 8 Other accrued expenses 1,138 1,091 Total
Slide 42: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) September 30, 2025 June 30, 2025 (unaudited) Shareholders’ Equity Common stock (class A) - $0.025 par value; nonvoting; 28,000,000 shares authorized; 13,866,999 shares issued at September 30, 2025, and June 30, 2025; $ 347 $ 347 10,830,912 and 10,98
Slide 43: Marketing Highlights
Marketing Highlights Holly Schoenfeldt Director Of Marketing WWW.USFUNDS.COM
Slide 44: Explore Our Educational Videos
Explore Our Educational Videos WWW.USFUNDS.COM
Slide 45: Recent Media Appearances
Recent Media Appearances WWW.USFUNDS.COM
Slide 46: Check out our Whitepapers
Check out our Whitepapers WWW.USFUNDS.COM
Slide 47: Top Content From Our Award-Winning Financial CEO Blog
TOP CONTENT FROM OUR AWARD-WINNING FINANCIAL CEO BLOG 1 2 3 4 5 August 20, 2025 August 18, 2025 September 15, 2025 July 14, 2025 September 29, 2025 America’s Busiest Airports Royalty and Streaming Gold Miners Are Minting Platinum Was The Top The Case for $7,000 Gold Giants Report Blockbuster Money a
Slide 48: Feeling Left Out? Follow us on Social Media
Feeling Left Out? Follow us on Social Media WWW.USFUNDS.COM 48
Slide 49: Thank You
Thank You WWW.USFUNDS.COM 49
Slide 50: 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 51: 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 52: 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
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