U S GLOBAL INVESTORS INC Segments Disclosure
NOTE 15. FINANCIAL INFORMATION BY BUSINESS SEGMENT
The Company manages the following business segments:
| 1. | Investment management services, by which the Company offers, to USGIF and ETF clients, a range of investment management products and services to meet the needs of individual and institutional investors; and |
| 2. | Corporate investments, through which the Company invests for its own account in an effort to add growth and value to its cash position. |
These segments are managed separately. The Company’s segment information is prepared on the same basis that management uses to review the financial information for operational and investment decision-making purposes. All segment accounting policies are the same as those described in the summary of significant accounting policies.
The Company's Chief Executive Officer, serving as the Chief Operating Decision Maker ("CODM"), evaluates the performance of the Company’s Corporate Investments segment separately from the Investment Management Services segment based on net investment income (loss), and the Corporate Investments segment does not include any allocated company expenses. All significant expenses are disclosed on the Consolidated Statements of Operations. The CODM evaluates the performance of the Company’s Investment Management Services segment based on operating income (loss) before depreciation, interest, and income taxes.
The following schedule details total revenues, income, and gross identifiable assets by business segment:
| Investment | ||||||||||||
| Management | Corporate | |||||||||||
| (dollars in thousands) | Services | Investments | Consolidated | |||||||||
| Year Ended June 30, 2025 | ||||||||||||
| Operating revenues | $ | 8,452 | $ | - | $ | 8,452 | ||||||
| Net investment income (loss) | $ | - | $ | 2,393 | $ | 2,393 | ||||||
| Other income (loss) | $ | 331 | $ | - | $ | 331 | ||||||
| Income (loss) before income taxes | $ | (2,655 | ) | $ | 2,393 | $ | (262 | ) | ||||
| Operating income (loss) | $ | (2,986 | ) | $ | - | $ | (2,986 | ) | ||||
| Add back: Depreciation | $ | 61 | $ | - | $ | 61 | ||||||
| Add back: Interest | $ | 1 | $ | - | $ | 1 | ||||||
| Operating income (loss), as adjusted | $ | (2,924 | ) | $ | - | $ | (2,924 | ) | ||||
| Gross identifiable assets at June 30, 2025 | $ | 26,134 | $ | 20,662 | $ | 46,796 | ||||||
| Deferred tax asset | $ | 1,268 | ||||||||||
| Consolidated total assets at June 30, 2025 | $ | 48,064 | ||||||||||
| Year Ended June 30, 2024 | ||||||||||||
| Operating revenues | $ | 10,984 | $ | - | $ | 10,984 | ||||||
| Net investment income (loss) | $ | - | $ | 2,144 | $ | 2,144 | ||||||
| Other income (loss) | $ | 251 | $ | - | $ | 251 | ||||||
| Income (loss) before income taxes | $ | (229 | ) | $ | 2,144 | $ | 1,915 | |||||
| Operating income (loss) | $ | (480 | ) | $ | - | $ | (480 | ) | ||||
| Add back: Depreciation | $ | 196 | $ | - | $ | 196 | ||||||
| Add back: Interest | $ | 3 | $ | - | $ | 3 | ||||||
| Operating income (loss), as adjusted | $ | (281 | ) | $ | - | $ | (281 | ) | ||||
| Gross identifiable assets at June 30, 2024 | $ | 27,494 | $ | 22,636 | $ | 50,130 | ||||||
| Deferred tax asset | $ | 1,833 | ||||||||||
| Consolidated total assets at June 30, 2024 | $ | 51,963 | ||||||||||
Operating revenues from investment management services include revenues from ETF clients of $6.6 million and $9.4 million in fiscal years 2025 and 2024, respectively. Operating revenues from investment management services also include revenues from USGIF of $1.8 million and $1.6 million in fiscal years 2025 and 2024, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Sep 8, 2025 | Showing above |
| 2024 | Sep 10, 2024 | |
| 2016 | Sep 14, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.