U.S. Global Investors Restates Q3 FY2026 EPS From $0.23 To $0.21 After Share Count Error

U.S. Global Investors, Inc. (NASDAQ:GROW) (the "Company"), a registered investment advisory firm1 with longstanding experience in global markets and specialized sectors, today announced that it has completed the restatement of its previously issued earnings per share (EPS) figures for the three-month and nine-month periods ended March 31, 2026, and has filed an amended Quarterly Report for the third quarter of fiscal year 2026 on Form 10-Q/A.

Nature of the Restatement

As was previously reported, the Company identified an inadvertent omission in the spreadsheet used to calculate weighted-average shares. The omission resulted in understated basic and diluted weighted average common shares and overstated basic and diluted EPS for the three- and nine-month periods ended March 31, 2026.

The miscalculation had no impact on the Company's reported net income, total revenues, operating income, cash position or any other line item in the consolidated financial statements. Only the weighted average number of shares outstanding and the resulting per-share figures are affected.

"We recognize that per‑share information is important to our investors. Upon identifying the clerical omission, we completed the restatement as soon as practicable. We are enhancing our controls over the preparation and validation of spreadsheet calculations to support our commitment to accurate financial reporting," said Lisa Callicotte, Chief Financial Officer of U.S. Global Investors.

For the three months ended March 31, 2026, weighted average shares were understated by 702,484 shares, resulting in an overstatement of basic and diluted EPS of $0.02.

For the nine months ended March 31, 2026, weighted average shares were understated by 230,743 shares, resulting in an overstatement of basic and diluted EPS of $0.01.

Strong Quarter Highlights – Financial Strength Remains Intact

Notwithstanding the restatement of per-share figures, the Company's underlying financial results for the third quarter of fiscal year 2026 reflect a strong quarter.

Net Income: Net income for the three months ended March 31, 2026, was $2.7 million, or $0.21 per share (restated), compared to a net loss in both the prior quarter and the same quarter a year earlier.

Revenue Growth: Total operating revenues were $2.8 million, representing a 10% increase over the prior quarter and a 31% increase over the same quarter in fiscal year 2025.

Assets Under Management (AUM): Average assets under management (AUM) were $1.6 billion during the quarter, driven by continued strength in the Company's gold and natural resources strategies.

"I want to assure our shareholders that the fundamentals of our business remain strong," said Mr. Holmes, Chief Executive Officer and Chief Investment Officer of U. S. Global Investors. "Over the past 5 years we have repurchased more than 20% of our outstanding shares, reflecting the Board's and management's confidence in the Company's long-term outlook and continued commitment to shareholder yield."

Selected Financial Data (unaudited): (dollars in thousands, except per share data)