US Global Investors' Q4 2025: Contradictions Emerge on Bitcoin Exposure, Asset Trends, Marketing Shifts, Airline Industry Outlook, and Gold vs. Bitcoin

The above is the analysis of the conflicting points in this earnings call

Date of Call: None provided

Financials Results

• Revenue: $8.5M operating revenue, down 23% YOY (from $11.0M)
• EPS: Loss of $0.03 per share vs $0.09 EPS in the prior year
• Operating Margin: Approximately -35% (operating loss of $3.0M on $8.5M revenue); prior-year margin not provided

Guidance:

• Expect sentiment toward JETS and gold to improve; remain positive into year-end, citing historical Q4 strength in airlines and gold.
• Continue buying back stock on flat/down days and maintain monthly dividends.
• Aim to grow AUM above ~$1.9B (from ~$1.4B); note slowing redemptions and apathy easing.
• Plan ongoing M&A to acquire fund assets; grow subscriber base and distribution.
• Continue deploying capital into the Bitcoin ecosystem as part of strategy.
• Management believes odds favor rate cuts this month.
• Focus on thematic ETFs (JETS, GOAU, SEA, WAR) and international listings/marketing to drive flows.

Business Commentary:

• Aerospace and Airline Recovery:
• U.S. Global Investors' JETS ETF experienced a significant decrease in assets, impacting the company's overall revenue.

• The decrease is attributed to the ongoing negative narrative surrounding the airline industry, despite strong traffic growth at airports.

• Gold and Precious Metals Performance:

• Gold reached an all-time high in 2025, with gold stocks showing significant growth and profit margin expansions.

• This trend is driven by government policies, such as de-dollarization efforts by China and other countries, increasing the demand for gold as a safe-haven asset.

• Defense Spending and AI Investments:

• There is a projected substantial increase in defense spending by NATO members, with a focus on AI and data centers.

• This spending is driven by concerns over military threats and a desire to emulate the U.S.'s industrial complex in Europe.

• Crypto and Bitcoin Ecosystem:

• U.S. Global Investors is increasing its exposure to the Bitcoin ecosystem, with regular capital deployments since the passing of the Genius Act.

• This strategy is based on the scarcity of Bitcoin and its growing adoption worldwide.

• Shareholder Value and Capital Management:

• The company has astrong balance sheet with high levels of cash and securities, and it is focused on rewarding shareholders through monthly dividends and stock buybacks.
• This strategy is aligned with U.S. Global Investors' commitment to enhancing shareholder value and maintaining financial stability.

Sentiment Analysis:

• Operating revenue declined 23% YOY to $8.5M and the company recorded a net loss of $0.03 per share vs $0.09 prior year. Management highlighted a strong balance sheet with high cash/securities, slowing redemptions, ongoing buybacks/dividends, and stated, “We remain very positive going into year-end,” expecting historical Q4 strength in airlines and gold.