U.S. Global Investors - Earnings Call - Q3 2025

Executive Summary

• GROW reported operating revenues of $2.10M and a net loss of $0.38M ($0.03/share) for Q3 FY2025 as AUM pressure (notably at JETS) reduced fee revenues; other income improved but could not offset a larger operating loss.
• Management reiterated capital returns (monthly dividend of $0.0075/share through June and active buybacks) and highlighted a strong liquidity position with ~$26.3M cash/cash equivalents, supporting flexibility despite weaker operating income.
• Strategic pivot: the company will increase exposure to Bitcoin monthly and accumulate HIVE shares as notes mature, citing an improving U.S. regulatory backdrop for digital assets; WAR (defense/AI ETF) is positioned to benefit from elevated geopolitical risk and defense spend.
• No formal revenue/EPS guidance and no Wall Street consensus for Q3; near‑term stock catalysts are likely to be flows/AUM sensitivity tied to gold (Basel III as a potential tailwind), airlines sentiment, traction of WAR/TRIP, and execution on the Bitcoin/HIVE allocation plan.

What Went Well and What Went Wrong

• What Went Well

  • Other income improved year over year on better realized/unrealized investment results, helping partially offset operating pressure.
  • Capital return and balance sheet strength: Board continued monthly dividends ($0.0075/share through June) and buybacks (784,466 shares repurchased in the last 12 months), with ~$26.3M in cash/cash equivalents at quarter-end.
  • Strategic positioning: WAR ETF aligned with rising global defense spending and AI/security themes; management also sees a favorable regulatory shift to increase Bitcoin/HIVE exposure. Quote: “Each month, the Company plans to gain exposure to Bitcoin; separately, we plan to accumulate common shares in HIVE….”.

• What Went Wrong

  • Revenue pressure: Operating revenues fell to $2.10M (down ~19% YoY), driven by lower AUM, “especially in our JETS ETF”.
  • Margins compressed: Operating loss widened to $(0.89)M; net loss increased to $(0.38)M as revenue decline outpaced modest OpEx reductions (G&A down, advertising up to drive AUM growth).
  • AUM headwind: Period-end AUM declined to ~$1.2B (from ~$1.5B at Dec 31, 2024), pressuring advisory revenues; management highlighted investor apathy and tariff-driven volatility as macro headwinds.

Transcript

Holly Schoenfeldt (Director of Marketing)

Good morning, everyone, and thank you for joining us today for our webcast announcing U.S. Global Investors' results for the third quarter of fiscal year 2025. As you can see on slide number two, the presenters for today's program are Frank Holmes, U.S. Global Investors CEO and Chief Investment Officer; Lisa Callicotte, Chief Financial Officer; and myself, Holly Schoenfeldt, Director of Marketing. Moving on to slide number three, during this webcast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that do not pertain to historical facts are subject to risks and uncertainties that may materially affect actual results. Please refer to our press release and corresponding Form 10Q filing for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements.

Any such statements are made as of today, and U.S. Global Investors accepts no obligation to update them in the future. All right, let's move on to slide number four. As always, we appreciate our loyal shareholders. If you'd like one of our signature USGI hats featured here on the slide, simply email us at [email protected] with your mailing address, and we would be more than happy to send a little USGI swag your way. All right, moving on to the next slide, I will briefly review the company for anyone new here. U.S. Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantum mental strategy to create thematic Smart Beta 2.0 products.

The company was originally founded as an investment club, becoming a registered investment advisor in 1968, and has a long-standing history of global investing and launching first-of-their-kind investment products, including the first no-load gold fund. Finally, we are experts in thematic investing, in particular, gold and precious metals, natural resources, airlines, and luxury goods, all using a quantum mental approach that includes both macro and micro factors. Let's move on to the next slide. This is a graphic we often start all of our presentations with, titled "The DNA of Volatility." It serves as a helpful reminder for investors that market fluctuations are a natural part of asset behavior over time. At this point, I do want to hand things over to our CEO and CIO, Frank Holmes, who can dive deeper into the macro overview of the past quarter. Frank, over to you.

Frank Holmes (CEO and CIO)

Thank you, Holly, and thank you for all of our loyal investors during a challenging time in this realm of capital markets, which is so different than in the crypto world. I am going to give you some more color on that in the presentation, but let's just talk about now this DNA of volatility. What's important here is that 70% of the time, approximately, it's a non-event for gold and the S&P to go up or down 1%, and over 10 days, plus or minus 3%. We update this data because if we go back to prior 2008, the volatility daily of gold was greater than the S&P, and 10 years even much more so. We also found that growth volatility was much more with gold stocks, and that volatility was usually three to one.

Capital markets change over time, and ETFs and arbitrages between shorts and shorting individual names, going longer ETF, all of these sort of arbitraging out information flow changes the volatility. What I want to point out here is that our volatility of growth is pretty well what the S&P 500 and bullion is. It is less than the Dow Jones U.S. Asset Managers Index over 10 days. I found that most interesting, why that has evolved this way, because if I go back a few years ago when stock ran up to $12, a lot of it was in 2021, was Bitcoin being early adopters into the Bitcoin ecosystem by the co-founding and creation of Pi Digital. Pi's DNA of volatility back then was plus or minus like 7%. Our big holding, we were moving now with whatever Bitcoin was doing in the crypto mining space.

That has changed. That is why it is important that when you look at holdings and what we are doing and what our volatility is and how it relates to the underlying assets and our investments. What is most interesting, and it is not here this time, is strategy. Michael Saylor's ETF basically has become, it is a stock, but that stock is all sort of single purpose, and they cover writing against it for the income, plus all the convergence is done where they go bull from the ETF, they go short the stock to do the convertible. There is just so much trading around that name, and that volatility is actually greater than what the Bitcoin is. That is what I am trying to point out to you as an investor.

When you look at risk and you're looking at volatility, is to recognize what is our biggest asset base that's underneath us, and it can impact our earnings and revenue. Next, please. I want to thank the shareholders, like I mentioned earlier, but especially long-term shareholders like Parrot Capital and recently Gator Capital Management. Next, please. I own approximately 19% of the company and approximately 99% of the voting control. That voting control has to do with rules of SEC 40 Act, investment advisory rules. So that I still have to have independent directors, which I have for the company being public and listed on NASDAQ. Next, please. Strategy and tactics. Most important is strategy and can we execute on it? Create thematic products that are sustainable using a Smart Beta 2.0 requires rigorous backtesting for thousands of hours.

It's proven itself with Jets in particular that we went to beat the New York Stock Exchange Global Airline Index, which we've done after fees. That discipline is basically to rebalance your portfolio every quarter and recalibrate, looking for a unique business model or you're looking for about 60%-70% focus on factors that are momentum. Who's got the fastest growth in revenue out of the universe of stocks and who has the fastest growth in EBITDA and cash flow? Then you want to look at the remaining part, who offers the GARP investor the deep value discount, and usually that's a high free cash flow yield and a debt to equity ratio that's less than industry. That's what we do, and we're happy to see that it's been working out for our funds. It's an interesting way.

We know that the quant world itself is high frequency. It's an arbitrage of information on average is less than three days. Holding something for three quarters is next to impossible, and for three months is also. When you're a mutual fund or ETF, even if you're active, you'll get criticized for having that high frequency volume trading and transactions, etc. For me, it was trying to figure out something that was quant-based, that had a macro overlay and also bottom-up stock picking factors, and that also recalibrated. I'm happy to share with you it works, and we're going to continue to expand and grow with that. Our mission is to make people feel happy financially and secure that when they buy one of our products, they can manage expectations and deliver something that they thought it would deliver.

We are trying to create a product that is unique and special in a theme that we think has long-term growth to it. Strategic buyback of stock is we continue to do that, flatten down days, manage and preserve cash for future growth opportunities and market corrections, merger M&A activity to acquire funds, grow our subscriber base and followers. Now we are going to start increasing our exposure back to the Bitcoin ecosystem. We had a unique convertible to venture with Hive, and that is slowly being paid down. The 8% coupon is going away, and we want to deploy the remaining capital back into Bitcoin and also back into Hive because we believe that Hive has a very unique growth opportunity, which has been very public about, and that has been the four times increase in its Bitcoin production this year.

We think that it's deeply undervalued, and we remain very bullish about Bitcoin. Next, please. For the long term, you can see here we've outperformed the Russell Micro Cap Index. We're happy with that, but we'd be happier if we had stronger growth in the short term, and that's predominantly because of the apathy and the discouragement of the industry and the great worry that we kept listening to about the airline industry, and we experienced Jets being redeemed, and we've been scratching our head because we've got some of the airlines we own, like United, was up 130% last year, and they continue to do well. The airline industry, we just, I'm so surprised at the negative narrative that comes out of Wall Street, that it's a cyclical business, and I'm going to share with you it's not.

If you want to go and get more granularity, go to our presentations. The airline industry used to have a high-season, low-season pricing. Same with hotels. It is now high season and very high season. It is still very expensive, and what is happening with AI is not just for Las Vegas. They are using it for, they are using it for managing flights and managing that like luxury goods, managing the supply. I think that this industry has tremendous pricing power, and the psychology of society due to COVID has more pent up to want to travel. This has really become evident in Europe, where the influx of people want to go to museums and parks, that cities like Venice and Barcelona are charging a fee.

These cities are becoming like thematic parks, like going to Disney World to go visit, and you have to pay $100 to get in. If you want the family luxury package, it's even more. It's very expensive. What the mayors of Barcelona and Venice have said is they need this tax, and it's to repair the roads, and there's just so much traffic. Interestingly, there's a park in Barcelona that Gaudí had designed, the famous architect and his architecture, and he's so unique and special. This park oversees Barcelona, it was always free. Today, it's like EUR 20, and you have to book online. It's now become a Disney park, and the locals are able to special pass, etc. They never have to pay because that's where they stayed, especially during COVID.

Anyone else wants to see it to repair the park because the tourism is so big. It is recognizing that this tourism is not going away. Next, please. I believe the airlines industry will go from being characterized as a cyclical business to more of a growth business. I have been early on these things before, just like we were on Bitcoin. We could not launch a Bitcoin ETF in 2017, so we seeded and co-founded the first crypto mining company to go public called Hive. This is the journey of Jets led us over to England to get listed, and then the opportunity was to keep something that had a broader universe in travel, and that was Trip. We merged our Jets ETF with another group that wanted to get out of the business, and we are very happy with this.

It is also the first active ETF to be on the London Stock Exchange. It is very much like Jets. It is very Smart Beta 2.0, even though it is called active, and it has a broader number of names because it includes the industries of cruise lines and hotels, whereas the Jets product that is listed on the New York Stock Exchange and Mexico City and Bogota and Lima, that product is very much more focused around the airlines themselves and airline and airports and airline manufacturers. Next, please. I mentioned earlier, initially the strategy to increase investments. We have several million dollars coming back from Hive. It used to be much higher, so we want to refocus on the Bitcoin ecosystem. There are many factors, such as it will become a regulated industry. There will be regulations coming out. The administration is pro-Bitcoin.

I think that it's a much more safer process to go down a channel that even banks now are allowed to own Bitcoin. Things are really changing rapidly under President Trump and the regime. I think it's very positive for the crypto industry. We plan to increase our exposure like a dollar cost program for Bitcoin ETFs, Bitcoin, and invest in Hive shares. Next, please. War ETF looks positioned to benefit amid rising geopolitical risk. That relates to our latest ETF called War. It's the AI application to build up against cybersecurity attacks and military. It's really the spread of China. We're very happy because we created this model. It outperforms all the other security type of defense ETFs before we launched the product with extensive backtesting. Year to date, it's held its ground.

It's not down, whereas the overall market has really taken it on the chin and expanded its volatility ever since President Trump started going after countries on creating a terror war. Next, please. Gold or darling? We used to trade off of gold stocks. The correlation is so high, and I want to try to point out that this century, you can see that the annual average gold price has been up 84% of the time. It's outperformed the S&P 500. It just shocks people when they just don't want to believe how great of an asset class this has been. It's only going to get better as we go forward for several reasons. Here's what's important: the modern monetary theory is a mechanism of just printing money.

Since I've really started to grasp it with politicians and government agencies around the beginning of this century, we've seen gold do phenomenally well. We can see that we've seen 9/11 triggered gold rising, but we've also triggered growth in military spending. With Russia going into Crimea and then going back and then showing that they're not going to change and invading Ukraine, that's had a significant impact on gold as an asset class and central banks becoming skittish and paper money the way the printing of paper money has exploded. We look today at the G20 countries, and we're going to take a look at India and China, who are collectively 40% of the world's population. Their money supply M2 has jumped almost up to 10% growth. That only bodes well for gold.

I think we're going to continue to see that as central banks are buying. It's also going through under Basel III, which is the International Banking Regulations for the big money center banks. Physical gold is going to all of a sudden be treated as tier one, which is called high quality liquid asset, meaning it could be counted as full market value alongside with government bonds and cash when calculating that bank's liquidity coverage ratio. This became something that was very significant in the 2008 banking crisis. Gold, as we've seen, it really, this idea raises the status from a risky commodity to a safe liquid asset, making it more attractive for banks to hold. When I first moved to Texas in 1990, it was nothing but negative on gold.

Even though it was known for gold funds and we had great gold fund performance when gold was up that year, it was always dealing with this gold's a high-risk commodity. It's bad. Now we're early. I would say to share with you, 35 years early on that sort of journey where I really think that gold is the 10% golden rule is going to grasp with investors and institutions and now with the banks being encouraged. It also impacts Basel III and emphasis on physical gold, not gold ETFs. We saw this first sort of Germany that you get taxed differently if you had physical gold versus if you had a gold ETF. They really want people to have in their hands physical gold. This idea really legitimizes gold's role as a financial safe haven.

I think that we're going to see gold, like I mentioned a couple of years ago, go to $4,000. It is almost there. I think it goes to $6,000 by the end of Trump's presidency. Next, please. Gold mining stocks are outpacing the physical, and it is really odd it is happening, but nothing like it used to happen before. You used to get those two-to-one run with gold stocks taking off when gold is taking off. There seems to be, like we're seeing in the airlines, one of the big parts, the biggest cost the airlines have is falling oil prices. That was a big thing we wrote about, talked about last year, and the airlines were up much more than the S&P 500, and there is falling oil prices. Oil prices fell again this quarter, so therefore they are more profitable. There is an apathy.

There's an apathy towards the airline industry, even though all the flights are packed. And that's just a psychology. I don't know directly and honestly, with all respect, it's annoying and frustrating because we're picking good quality stocks, and the same thing now comes to the gold stocks. You can see, in particular in the first quarter, that the gold mining stocks are on a tear. A lot of this stuff happens with the, they like to say the 50-day moving average. What we saw is that gold starts trading to an all-time new high when Trump first went after Mexico and Canada around Valentine's Day. That first move, all of a sudden you started seeing gold rise above its 50-day moving average.

Then we saw gold go through another big change, which was the Liberation Day, where it slightly sold off, and then boom, it just charged up to all-time highs. Having a 10% weighting in gold is just prudent. It has shown it for the decade. It has shown it for this century. It has shown it this quarter, this year. We think that with Basel III as a backdrop, institutions are going to get a greater interest in gold, and our gold funds will all of a sudden start to get a different flow. Next, please. This is to give you an idea how bearish people are. Gold stocks conundrum. We are seeing the largest gold equity ETF, the VanEck Gold Miners, it has got redemptions, even though the price of gold is going up, even though the price of gold is making all-time highs.

Why would you be doing this? It doesn't make sense that people are happy seeing gold stocks making all-time high, but they're going to redeem because no one believes. I've never seen, but it's not just gold. It's also the airlines. Next, please. Another sort of visual is showing you that gold's rising, but redemptions are rising. It's very weird. We're not experiencing that with our gold EU. It's pretty well flat during this time period. In talking to the owner of this GDX and GDXJ, he was commenting that a lot of hedge funds were short various gold names, and they were long the ETF with the Paris trade. As gold stocks continue to roar and they're offside, they start covering. That's why they think the redemption is coming from that. I think it's a lot of just apathy towards the stock market.

Next, please. Gold mining stocks are trading at multi-year high. That is strange, is it not? It goes to $3,500, and really they are trading at the same level when they were $1,500. These stocks are just charging with free cash flow, high free cash flow, something they have never had. I have been writing that in the past two years, it has been slowly rising that the universe of almost 90 gold producers we follow around the world, that there were 70 of them who had free cash flow yields and many of them high free cash flow yields, higher than the overall S&P 500. Now these numbers are coming out for this past quarter. They are going to be just massive. In the quarter we are in right now, we are going to have back-to-back huge growth in revenue and cash flow and earnings. Next, please.

This is a simple ratio taken in the New York Archer Gold Miners Index by the S&P 500. It has always been recommended that you have a weighting in the sector. When you look at the ETFs, they used to have at one time something like 6% was weighting, and it fell down to 0.5%. It started to nudge higher, but it is still deeply undervalued relative to the overall S&P 500. I remain very bullish about the future for our products and just weathering through this storm of apathy due to the tariff battle that is taking place. Next, please. I love IBD because of their Canon model that is very agnostic towards industries, but they capture industry themes when they start to take off.

What is really important for me to share with you is in 2003, we had the same thing where the gold stocks were taking off. The only difference was back then we would get some days $50 million coming into our gold funds. That is not happening today. It is not going into GDXJ. There is something that is very weird, but they are showing up where they have growth in momentum in their revenue and their earnings, and it is being picked up by IBD and the stock prices of these names. Now we have something like 20% up to 50 names that gets updated every week are gold stocks. We own the majority of these names in our funds.

It is positive that we see this as a great backdrop that when the world sort of wakes up to gold, that it is a long-term secular trend, these stocks will go through a big re-rating. Next, please. Fear of tariffs. Money market funds seem to see increase. I use this as an example, Vanguard's money fund, seeing how much money came in with Trump's battle from Valentine's Day to Liberation Day on April the 2nd. Just fund flows immediately start going into out of the stock market. Next, please. Warren Buffett retires. One of the most brilliant guys. He retires with almost $345 billion in cash, 94 years old. What an amazing GARP investor. I want to just sort of tip my hat to him, but also remember he has a big cash position looking for selloffs to buy. Next, please. Positive news.

I'm giving this because the stock buybacks are back, even though there was a tax imposed by the previous administration on buying back stocks because they sold off. We saw a drop in 2024 by a combination of the stock market soaring to new highs. This is now a selloff, and we're starting a repositioning of people buying back stock. Even the gold stocks, Newmont, is not buying other gold mining companies or expanding their exploration. They're buying back their stock from all their free cash flow. Next, please. Why do we buy back our stock? The company, we believe that the stock is undervalued, and therefore we buy back shares of gold when the price has fluttered down from the previous trading day using a basic algorithm.

This is part of the company's two-pillar strategy to enhance shareholder value by increasing the dividends as well as buy back stock. With that overall apathy, we've just continued to increase our positioning of where we're buying back stock. I think that when we start to see various industries that we're in, we see the positive news from fund flows that we may change that position of a lot of stock we're buying, but it's trading at a very deep discount. Yes, we lost money because of the change in our asset base because of the stock market's concerns on tariffs. I think over the next 60 days, we'll probably get a bottom to this. Next, please. The current repurchase program for the three months ended March 31, 2025, the company repurchased a total of 187,987 Class A shares using cash for approximately $454,000. Next, please.

The repurchase program shows you that it's increased and it continues to increase. If the stock goes lower, then we'll buy back more. Next, please. The company has paid monthly dividends since June 2007. The current yield works out to about 4.13%. It pays monthly. Next, please. This thing about shareholder yield, I think it's just a brilliant way of looking at companies that are paying down their debt, buying back the stock, and paying dividends and increasing their dividends. One of those three factors are really important for driving overall value for market cap. Next, please. Shareholder investors are committed to returning value to shareholders. We like to do this comparison to five-year treasury yields because dividends are really important. The five years where they gauge you on your dividend yield as a whole.

Ten years, predominantly, they coupon, they pay theirs to trade off for funding for building a data center or building a building. You're going to get bank lending. It's always a discounted cash flow over ten years. Dividend-paying stocks is five years. When you look at us buying back our stock and what our dividend yield is today, that's a total shareholder yield of 10.53%. We think it's a very attractive investment looking for a bottom in this cycle. We continue to invest in the R&D for our Smart Beta 2.0 themes. Next, please. Wealth evaluation is always important as a money manager. It's unique, the spectrum here, and it rotates. If we go back a couple of years ago or WisdomTree, we had a higher return on assets.

They now have a higher, which you can understand with the change in asset structure and our 8% convertible bond being paid down, that additional income, it affects your return on your assets. Our pre-tax margins help the decline in those assets. You can see this with Invesco. Invesco has QQQ, a beast, over $300 billion product, which is 40% of their assets. They have sold off along with the QQQ. The dividend yield is now 6%, which is greater than what a five-year bond is. I think that from a current income, it looks pretty attractive if you believe like Warren Buffett is. If you are an ultimate investor, believe in America. Build your cash like you did last year in the first quarter and look for something to buy when it sells off.

Buy the dip and hold on for dear life because America is the greatest country in the world. The QQQ covers NASDAQ. I think that it makes these companies look quite interesting. Next, please. A look at Q3 2025. The company has steady cash flow despite challenging macro market environment, which I have gone through. The company has a strong balance sheet, which includes cash and other investments. Three, the company continues to buy back stock on flat or down days and pays a monthly dividend. I think that makes it unique and special. We will get through this where we think that we will go through the re-rating. We also remain that we feel that the high position is slowly being paid down, that we need to be repositioned in the Bitcoin ecosystem.

Politics has changed, and we think that the Bitcoin adoption will continue to grow. Next, please. Smart Beta 2.0, I think I pretty well covered that it's really an important fundamental investment strategy that requires a robust amount of hours. You have to look at it all the time because when you do the quarterly rebalancing, the data pulls by third party and ourselves are always different. The data pull from Bloomberg or FactSet, you have to check it every quarter. There's an ongoing vigilance on picking the stocks and creating that portfolio. We don't think it's a black box. You sit back and do nothing once you buy your basket of names. It's the opposite. Next, please. We have a growth investment in Hive Digital. From $15 million, we have down to $2.3 million left. It's paid off quarterly to 8% convertible.

As this money is coming in, we'll redeploy in the Bitcoin ecosystem. Next, please. Gross 218, $1.4 billion in assets, $2.1 million quarterly operating revenues. Next, please. You can see our earnings are down. This is going to give you more color and granularity on this. A lot of it has to do with the fears of the airline industry and the fears of gold stocks that they're not going to be sustainable in gold. Whatever it is, it's the apathy. I've seen it before, witnessed it. I believe it will claw through this. We're a lean machine of fewer than 25 employees. We know that at any moment, these products can go like Jets went from $150 million or $140 million down to less than $50 million, then up to $4 billion.

Then now it's down to just under a billion. You just have to realize that that's just the volatility and a lot of the sentiment. During that whole period, we'll make sure that we're always picking the best of breed stocks. Next, please. We just celebrated Jets being 10 years. We had the opportunity of going to the New York Stock Exchange and sharing that with other people. It was a great trip. Next, please. Now, the brains and hardworking Lisa Callicotte is going to give you a financial analysis of what took place. I turn it over to Lisa.

Lisa Callicotte (CFO)

Thank you, Frank. Good morning. First, let's start with our financial highlights. Our assets under management were $1.4 billion for the quarter, and our operating revenues were $2.1 million. We had a quarterly net loss of $382,000.

The next slide talks about a breakout of our earnings. We have operational earnings, which consist of our advisory services. We also have other earnings that consist mainly of realized and unrealized gains and losses on our investment holdings. Both of these are dependent on the market and will fluctuate as the market does. On the next slide, we'll see more detail about our operations in quarter ending March 31, 2025. Here, we see that the operating revenues were $2.1 million for the quarter, and this was a decrease of $490,000 or 19% from the $2.6 million the same quarter last year. The decrease is primarily due to decreases in assets under management, as Frank discussed, and especially in our Jets ETF. Operating expenses for the current quarter were $3 million.

This was a decrease of $85,000 or 3%, primarily due to a decrease in general administrative expenses of $281,000 or 16% due to lower fund expenses. The G&A decrease was somewhat offset by an increase in advertising of $146,000, primarily attributed to increasing efforts to grow our assets under management. On the next slide, we see our operating loss for the quarter was $893,000 or an unfavorable change of $405,000 compared to the same quarter last year. Other income increased $120,000, though. That was due to net realized and unrealized losses on equity securities of $50,000 in the current quarter versus $231,000 in the same quarter in prior years, which was a favorable change of $180,000.

Net loss after taxes for the quarter is $832,000 or $0.03 per share, which is an unfavorable change of $347,000 compared to our net loss of $35,000 the same quarter for fiscal year 2024. On the next couple of slides, you see our balance sheet. We have a strong balance sheet with high levels of cash and security. On slide 45, we see we still do not have any long-term debt. On slide 46, you can see our stockholders' equity. The company has a net working capital of $37.5 million and a current ratio of 21.7 to 1. With that, I will turn it over to Holly to discuss marketing and distribution.

Holly Schoenfeldt (Director of Marketing)

Thank you, Lisa. Okay, the first slide in my section highlights our continued commitment to sharing original, timely market insight on YouTube as well as TikTok.

Videos are one of the most effective ways to educate and engage both new and existing shareholders. If you have not yet, we highly recommend checking out our YouTube channel. On the next slide, this is our latest in-house video, which we think shareholders will find both insightful and timely. It ties in well with our War ETF and the ongoing focus on the defense sector right now. This video actually covers President Reagan's Strategic Defense Initiative, or better known as Star Wars. Check that out when you have some time. On the next slide, these are just a few of the upcoming conferences where the U.S. Global Investors team will be participating. First up is Wealth Management Edge that happens in June, where we will be engaging with RIA, gaining some media exposure, and connecting with potential shareholders.

In July, we will be at the Rural Natural Resource Symposium, which is hosted by Rick Rule. While we are there, we are going to have a modest booth presence, and we are especially excited that our Gold Fund Manager, Ralph Aldus, will be speaking on the Investing Legends panel alongside industry leaders like Frank Schuster from Veori Group, Rob McEwen from McEwen Mining, and Jonathan Goodman from Vendy. Moving on to the next slide, I want to point out that the Frank Talk blog continues to expand its third-party distribution. You can now sign up to receive it on Substack. This platform has around 20 million monthly active subscribers. On the next slide, we always like to recap the most-read Frank Talk blog posts during the quarter. As you can see here, the top themes focus on tariffs, trade wars, and gold.

Honestly, all of those are still incredibly timely as we head into the next quarter. Finally, on my last slide, I do encourage you all to follow U.S. Global Investors on social media. We are on Twitter, LinkedIn, YouTube, Instagram, and Facebook. Wherever you prefer to get your news, be sure to check us out. This way, you are up to date with everything that is going on, not only with Grow, but with our funds and just the broader market insights. All right, as a reminder to our audience, if you have any questions today, please email those to [email protected], and we will gladly follow up with you to get anything clarified that you may need more information on. Thank you so much for tuning in today. That concludes our webcast.