U.S. Global Investors Announces Intent to Restate EPS for the March 31, 2026, Financial Statements; Underlying Financial Results Unchanged

U.S. Global Investors (NASDAQ:GROW) will restate EPS for the three- and nine-month periods ended March 31, 2026, due to a clerical miscalculation in weighted average shares.

Rhea-AI Summary

U.S. Global Investors (NASDAQ:GROW) will restate EPS for the three- and nine-month periods ended March 31, 2026, due to a clerical miscalculation in weighted average shares.

Only share counts and EPS change; net income, revenue, cash and other financial statement items remain unchanged.

Positive

• Underlying Q3 FY2026 figures unchanged, including net income, revenue and cash
• Quarter ended March 31, 2026 delivered $2.7 million net income
• Average AUM reached $1.6 billion, the highest level in nearly two years
• Repurchased about 2.7 million shares over five years, over 20% reduction
• Active capital return via monthly dividends and ongoing buybacks

Negative

• Basic and diluted EPS overstated by $0.02 for the March 31, 2026 quarter
• Basic and diluted EPS overstated by $0.01 for the nine months ended March 31, 2026
• Prior communications for the March 31, 2026 periods should no longer be relied upon
• Company must file an amended Form 10-Q/A, adding compliance workload

Market Context

This announcement centers on correcting EPS calculations due to omitted shares in the weighted avera...

Analysis

This announcement centers on correcting EPS calculations due to omitted shares in the weighted average share count while keeping net income and other financial line items unchanged. It follows earlier FY2026 reports highlighting a return to profitability and $1.6 billion in AUM. Investors may focus on the quality of internal controls, the impact of active buybacks on share counts, and upcoming SEC filings that incorporate the revised per‑share data.

Key Figures

Q3 2026 corrected EPS: $0.21 EPS overstatement (quarter): $0.02 Net income: $2.7 million +5 more

Q3 2026 corrected EPS

$0.21

Three months ended March 31, 2026, basic and diluted EPS after restatement

EPS overstatement (quarter)

$0.02

Impact of miscalculation on three‑month basic and diluted EPS

Net income

$2.7 million

Quarter ended March 31, 2026

Average AUM

$1.6 billion

Quarter ended March 31, 2026, highest level in nearly two years

Five‑year repurchases

2.7 million shares

Common stock repurchased over five years ended March 31, 2026

Share count reduction

more than 20%

Reduction in common shares over five years via buybacks

Understated shares (quarter)

702,484 shares

Quarter ended March 31, 2026, weighted average shares omission

EPS overstatement (nine months)

$0.01

Nine months ended March 31, 2026, basic and diluted EPS impact

Previous Earnings Reports

5 past events · Latest: May 13

Same Type 5 events

1. May 13

   Q3 2026 earnings

   24h Move

   +1.6%

   Return to profitability with higher operating revenue and AUM.

2. Sep 08

   FY 2025 results

   24h Move

   -2.4%

   Full‑year net loss and lower operating revenues and AUM.

3. May 02

   Q3 2025 webcast

   24h Move

   +0.0%

   Scheduling of webcast to discuss quarterly financial results.

4. Feb 12

   Q2 2025 earnings

   24h Move

   -1.2%

   Quarterly net loss and year‑over‑year AUM decline despite new ETF.

5. Feb 06

   Q2 2025 webcast

   24h Move

   -1.2%

   Announcement of webcast timing for Q2 FY2025 results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

earnings per share (eps), weighted average shares outstanding, diluted eps, form 10-q/a, +2 more

6 terms

earnings per share (eps) financial

"announced that it will restate its earnings per share (EPS) figures for the three-month"

Earnings per share (EPS) is the portion of a company’s net profit allocated to each outstanding share of common stock, calculated by dividing profit after expenses by the number of shares. Investors use EPS to gauge how much profit each share represents — like measuring how big a slice of a pie each shareholder gets — and compare profitability across companies or over time; higher or rising EPS often supports stronger stock valuations while falling EPS can signal concern.

View in glossary

weighted average shares outstanding financial

"miscalculation of basic and diluted weighted average shares outstanding used to determine"

The weighted average shares outstanding is the average number of a company’s common shares that were available during a reporting period, adjusted so each change (like new shares issued or shares bought back) counts only for the portion of the period it was in effect. Investors use it to calculate per-share measures such as earnings per share, so it shows how ownership dilution or buybacks affect what each share is entitled to—like averaging how many people were at a potluck over time to determine each person’s share of the food.

diluted eps financial

"resulting in understated basic and diluted weighted average common shares and overstated basic and diluted EPS"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

form 10-q/a regulatory

"will be reflected in the Company’s amended Form 10-Q/A."

A Form 10-Q/A is an updated version of a company's quarterly financial report that was previously filed. It provides corrected or additional information about the company's financial performance and condition. Investors pay attention to it because it can change their understanding of the company's health and influence their decisions.

assets under management (aum) financial

"our average assets under management (AUM) reached $1.6 billion, the highest level"

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a bank counting all the money it manages for people and organizations—more AUM generally means the company is trusted with larger amounts and can charge higher fees.

share repurchase program financial

"monthly dividends and ongoing share repurchase program is longstanding."

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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San Antonio, TX, June 01, 2026 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with longstanding experience in global markets and specialized sectors, today announced that it will restate its earnings per share (EPS) figures for the three-month and nine-month periods ended March 31, 2026, as previously reported in the Company’s Quarterly Report on Form 10-Q for the third quarter of fiscal year 2026.

Nature of the Restatement

The Company identified a miscalculation of basic and diluted weighted average shares outstanding used to determine basic and diluted EPS. Within a supporting spreadsheet, a component of shares was inadvertently omitted from the calculation, resulting 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.

“The miscalculation was a clerical omission in a supporting schedule, not a change in the Company’s underlying performance,” said Frank Holmes, CEO and Chief Investment Officer of U.S. Global Investors. “Because our share count moves every month as a result of our active buyback program, the weighted average share calculation is inherently dynamic. We have identified the issue and are implementing enhancements to our review procedures so that the per-share presentation of our results accurately reflects that dynamic in every reporting period.”

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. Corrected basic and diluted EPS is $0.21, with restated weighted average shares outstanding of 12,561,208 (basic) and 12,585,586 (diluted).

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. The corrected basic and diluted weighted average shares outstanding and the basic and diluted EPS will be reflected in the Company’s amended Form 10-Q/A.

Any previously furnished reports, press releases, earnings releases and investor presentations or other communications describing the Company’s consolidated financial statements as of and for the three and nine months ended March 31, 2026, should no longer be relied upon. The Company intends to file an amendment on Form 10-Q/A with the Securities and Exchange Commission (SEC) as promptly as practicable. Investors and shareholders are encouraged to review the amended filing once available. All other financial data previously disclosed in connection with the third quarter of fiscal year 2026 remains unchanged.

Returning Capital to Shareholders

The Company’s commitment to returning capital to shareholders through its two-pillar strategy of monthly dividends and ongoing share repurchase program is longstanding. Over the five-year period ended March 31, 2026, the Company repurchased approximately 2.7 million shares of its common stock, representing a more-than 20% reduction.

“I want to assure our shareholders that the fundamentals of our business remain strong,” said Mr. Holmes. “Net income for the quarter ended March 31, 2026, was $2.7 million, and our average assets under management (AUM) reached $1.6 billion, the highest level in nearly two years. The correction to our per-share figures does not change the underlying story of a profitable quarter.”

About U.S. Global Investors, Inc.

The story of U.S. Global Investors goes back more than 50 years when it began as an investment club. Today, U.S. Global Investors, Inc. (www.usfunds.com) is a registered investment adviser that focuses on niche markets around the world. Headquartered in San Antonio, Texas, the Company provides investment management and other services to U.S. Global Investors Funds and U.S. Global ETFs.

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# # #

This news release may include certain “forward-looking statements” including statements relating to revenues, expenses, and expectations regarding market conditions. These statements involve certain risks and uncertainties. There can be no assurance that such statements will prove accurate and actual results and future events could differ materially from those anticipated in such statements.

Bloomberg data for the period May 13, 2026, through May 29, 2026, shows that GROW shares traded in a range of $2.55 to $2.71, with an average of $2.63 and a net change of just $0.09, or 3.53%. Average daily trading volume was 24,154.

Attachment

• Number of GROW Share Repurchases Per Quarter

Holly Schoenfeldt
U.S. Global Investors, Inc.
210.308.1268
hschoenfeldt@usfunds.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why is U.S. Global Investors (NASDAQ:GROW) restating EPS for March 31, 2026?

U.S. Global Investors is restating EPS because a component of weighted average shares was inadvertently omitted in a supporting spreadsheet. According to the company, this clerical issue affected only share counts and per-share figures, not net income, revenue, cash or other financial statement items.

How much will GROW's corrected EPS change for the quarter ended March 31, 2026?

Corrected basic and diluted EPS for the quarter will be $0.21, a reduction of $0.02. According to the company, weighted average shares were understated by 702,484, leading to overstated EPS that will be fixed in an amended Form 10-Q/A filing.

Does the GROW EPS restatement affect net income or revenues for March 31, 2026?

The EPS restatement does not affect net income, revenues, operating income, cash or other line items. According to U.S. Global Investors, only the weighted average shares outstanding and resulting basic and diluted EPS for the three- and nine-month periods are being corrected.

What are the corrected share counts for GROW's March 31, 2026 quarter?

For the quarter ended March 31, 2026, restated weighted average shares are 12,561,208 basic and 12,585,586 diluted. According to the company, the prior figures understated shares by 702,484, which caused the previously reported EPS to be $0.02 higher than correct.

What should GROW investors do with prior reports for March 31, 2026 periods?

Investors should not rely on previously furnished reports, press releases or presentations covering the March 31, 2026 three- and nine-month periods. According to U.S. Global Investors, corrected EPS and share data will be provided in an amended Form 10-Q/A filed with the SEC.

How did GROW perform financially in the quarter ended March 31, 2026?

For the quarter, U.S. Global Investors reported $2.7 million in net income and average AUM of $1.6 billion. According to the company, AUM reached its highest level in nearly two years, and these underlying results are unchanged by the EPS restatement.

What has GROW done to return capital to shareholders by March 31, 2026?

U.S. Global Investors highlights a two-pillar strategy of monthly dividends and ongoing share repurchases. According to the company, it repurchased about 2.7 million shares over five years through March 31, 2026, representing a reduction of more than 20% in its common stock.