US Global Investors Inc. (GROW) delivered a QQ2 2025 quarter marked by modest revenue and a net loss, reflecting ongoing sensitivity to asset flows and fund-level performance in a volatile macro environment. Revenue totaled $2.231 million, down 21% year-over-year, driven largely by weaker assets under management (AUM) post-2024 peak levels, including the JETS ETF. The company reported a net loss of $86 thousand and an EPS of -0.0064 for the quarter, with gross margin around 45% and an operating loss of $0.539 million, signaling that the quarter faced higher operating costs and lower realized investment gains. Notably, the balance sheet remains exceptionally healthy for a microcap asset manager: cash and cash equivalents of $26.0 million, no long-term debt, and a current ratio near 20:1, providing substantial liquidity headroom to weather an environment of muted asset flows. Management continues to pursue active capital return through buybacks and a steady dividend, and remains focused on long-duration themes through WAR (A&D) and JETS (airlines) as core engines for growth and diversification. Management commentary emphasizes a disciplined, quantamental approach (smart beta 2.0), ongoing portfolio back-testing, and strategic repositioning (e.g., China fund exit) to align with evolving global risk and opportunity sets. The near-term outlook leans on secular trends in defense spending, data center/gpu demand, and continued monetization of thematic products, with a clear emphasis on maintaining a robust liquidity cushion and a sizable buyback program as a signal of undervaluation.