US Global Investors (GROW) delivered a modest QQ1 2025 showing a mix of top‑line pressure and portfolio-driven gains within a deliberately conservative balance sheet. Revenue reached $2.157 million, down 31% year over year and 11.6% quarter over quarter, reflecting a softer asset base particularly in the Jets ETF. Despite negative operating income of $0.559 million, the firm generated positive EBITDA of $0.459 million and net income of $0.315 million (EPS $0.023). The company continued to emphasize shareholder value creation through buybacks and a stable dividend, supported by a robust liquidity position and no long‑term debt. Management framed the period through the lens of strategic positioning around Go Gold, the Jets ecosystem (including the TRIP consolidation), and a disciplined smart beta 2.0 framework aimed at delivering alpha in niche, thematically sensitive markets.
Key drivers for the quarter included: (1) a durable balance sheet with cash and investments around $27–28 million and a current ratio of ~21x, (2) a modest AUM base averaging $1.5 billion that underpins advisory and investment revenue, (3) ongoing buybacks and a shareholder yield of 9.34% combining dividends and repurchases, and (4) strategic investments in gold-centric themes and airline-related equity products. Management remains constructive on the medium term, citing improved capital markets activity and continued demand for gold as a hedge in a high-debt global backdrop. Looking ahead, the near-term focal points are stabilizing AUM, advancing Go Gold and Jet‑related franchises, and capitalizing on the expanding ETF ecosystem under the smart beta 2.0 paradigm.