US Global Investors (GROW) delivered a highly challenging QQ3 2024 quarter characterized by negative revenue and a slender bottom-line impact, with net income of -$35k and EBITDA of -$446k. Reported revenue was -$3.234 million, against a relatively small cost of revenue of $41k, producing a gross loss of -$3.275 million. The quarter also featured a negative operating result (-$0.538 million) and a marginal net income result on a per-share basis (-$0.0025). The negative top-line result stands in contrast to a historically asset-light, fee-based business model. Management commentary in the transcript is not available in the provided dataset, limiting the ability to quote direct strategic nudges. Still, the company finishes QQ3 2024 with a solid balance sheet and ample liquidity: cash and cash equivalents of $28.46 million, total cash and short-term investments of $38.53 million, and a modest total debt load of $0.0596 million, yielding a net debt position of approximately -$27.86 million. The balance sheet is complemented by a robust equity base (Total stockholders’ equity about $49.85 million) and a current ratio of 17.49, underscoring substantial liquidity. Given the revenue trough and the absence of disclosed forward guidance, the near-term earnings trajectory hinges on AUM/fund inflows, execution of cost controls, and potential strategic actions leveraging the balance sheet. As an investment thesis, GROW presents a cautious stance: meaningful upside requires a sustained rebound in fee-generating activities and an improvement in operating profitability, supported by the company’s cash position and low net leverage.