U.S. Global Investors, Inc. Class A (GROW)

In the past six months, U.S. Global Investors (GROW) reported a 23% decline in operating revenues and a net loss of $334,000 for fiscal year 2025. The Q1 2026 earnings call indicated a 4% year-over-year increase in operating revenues to $2.25 million, with a net income of $1.5 million ($0.12 per share), though the stock fell 2.88% in aftermarket trading. The company expanded its ETF portfolio and maintained $1.4 billion in assets under management. Management spent $400,000 on stock buybacks and maintained its dividend program. In December 2025, U.S. Global Investors launched the U.S. Global Technology and Aerospace & Defense ETF (WAR). The stock has touched 52-week lows during this period, and as of January 5, 2026, the share price was $2.48, an increase of 2.06% from January 6, 2025.

Demand for some of U.S. Global Investors' products exhibits seasonality. Gold demand has a seasonal pattern from November to February, driven by the Indian wedding season and Chinese Lunar New Year. Copper demand typically picks up in the spring due to the Chinese construction season, and oil demand increases in the summer during the driving season. Demand for the newer technology and aerospace & defense ETFs is primarily influenced by increasing global defense spending and technological advancements.

U.S. Global Investors, Inc. (GROW) is an investment adviser specializing in niche alternative funds, with expertise in natural resources, precious metals, and emerging markets. The company offers various investment products, including mutual funds, ETFs, and managed accounts. Key products include the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU), the U.S. Global Uranium ETF, and the China Region Fund. In late 2024, the company launched the U.S. Global Technology and Aerospace & Defense ETF (WAR). The company also manages the U.S. Global Jets ETF.

U.S. Global Investors primarily operates in the United States, but its investment strategies target international markets, including Asia, Latin America, Australia, and Canada. The company has expanded its distribution, with U.S. Global ETFs listed on the Mexican Stock Exchange and increasing trading activity observed in markets like Bogota, Peru, and Chile.

U.S. Global Investors, founded in 1968, is recognized for its expertise in gold and precious metals, natural resources, and emerging markets. The company has reinforced its reputation through strategic initiatives, including the launch of new thematic ETFs in 2024 focusing on uranium and rare earth elements, and the U.S. Global Technology and Aerospace & Defense ETF (WAR) in late 2024. CEO Frank Holmes has expressed a bullish outlook on gold. Some earnings reports in the past year have shown revenue declines and net losses, which could be a factor in public perception.

U.S. Global Investors, Inc. (GROW) has a mixed ownership structure including institutional, retail, and individual investors. Institutional investors own approximately 23.62% to 42.89% of the company's stock. Major institutional shareholders include Gator Capital Management, LLC, Vanguard Group Inc, Perritt Capital Management Inc, PHLOX - Philotimo Focused Growth and Income Fund, Kanen Wealth Management LLC, and BlackRock, Inc. Insiders own about 5.47% of the stock, while public companies and individual investors hold approximately 51.64%. Frank Holmes, the CEO, owns the most shares.