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U.S. Global Investors (NASDAQ: GROW) delays Q4 2025 10-Q; $1.3M tax hit

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
NT 10-Q

Rhea-AI Filing Summary

U.S. Global Investors, Inc. notified the SEC it cannot timely file its Quarterly Report on Form 10-Q for the quarter ended December 31, 2025 because it will file a tax accounting method change using Form 3115 related to convertible securities of HIVE purchased in January 2021.

The company expects to file the Quarterly Report within the five-calendar-day extension provided by Rule 12b-25 and expects to record a $1.3 million tax expense, including a $471,000 valuation allowance affecting results for the period ended December 31, 2025. The company expects an offsetting benefit and a reduction of the valuation allowance in the period ending March 31, 2026.

Positive

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Insights

Late 10-Q driven by a tax accounting method change tied to convertible securities.

The company plans to file a Form 3115 to change its tax accounting method for convertible securities of HIVE acquired in January 2021. Completing the related tax adjustments prevented timely finalization of the financial statements for the quarter ended December 31, 2025.

The filing discloses an expected $1.3 million tax expense, including a $471,000 valuation allowance, which the company says will materially affect reported results for the period. The company expects an offsetting benefit and a reduction of the valuation allowance in the period ending March 31, 2026; cash-flow treatment is not described in the excerpt.

 

   

OMB APPROVAL

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

OMB Number:         3235-0058

Expires:         September 30, 2028 Estimated average burden

hours per response         2.50

  FORM 12b-25

SEC FILE NUMBER

 

  NOTIFICATION OF LATE FILING

CUSIP NUMBER

 

 

(Check one):

☐         Form 10-K

☐         Form 20-F

☐         Form 11-K

 

   ☒ Form 10-Q

☐         Form 10-D

☐         Form N-CEN ☐ Form N-CSR

 

For Period Ended: December 31, 2025

 

 

Transition Report on Form 10-K

 

 

Transition Report on Form 20-F

 

 

Transition Report on Form 11-K

 

 

Transition Report on Form 10-Q

 

For the Transition Period Ended:

 

Read Instruction (on back page) Before Preparing Form. Please Print or Type.

Nothing in this Form shall be construed to imply that the Commission has verified any information contained herein.

 

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

 


 

PART I REGISTRANT INFORMATION

 

U.S. Global Investors, Inc.

Full Name of Registrant

 

 


Former Name if Applicable

 

7900 Callaghan Road

Address of Principal Executive Office (Street and Number)

 

San Antonio, Texas 78229

City, State and Zip Code

 

 

 

PART II RULES 12b-25(b) AND (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 

 

 

 

(a)

The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;

 

(b)

The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and

   

(c)

The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

 

PART III NARRATIVE

 

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

 

U.S. Global Investors, Inc. (the “Company”) will not be able to file its Quarterly Report on Form 10-Q for the quarter ended December 31, 2025 (the “Quarterly Report”), within the prescribed time period without unreasonable effort and expense. During the preparation of the Quarterly Report, the Company determined that it will file a tax accounting method change request on Form 3115 with the Internal Revenue Service (IRS) to properly reflect the tax treatment of the convertible securities of HIVE purchased in January 2021. The Registrant is unable to complete all the work necessary to timely file the Quarterly Report, including the finalization of the tax adjustments. The Registrant believes that it will file the Quarterly Report on or before the fifth calendar day provided by Rule 12b-25.

 

PART IV OTHER INFORMATION

 

(1)

Name and telephone number of person to contact in regard to this notification

 

/s/ Lisa Callicotte                             210 308-1234
(Name) (Area Code) (Telephone Number)

 

(2)

Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).☒ Yes☐ No

 

(3)

Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

☒Yes         ☐ No

 

 

2

 

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

The Company is in the process of completing its financial statements for the period ended December 31, 2025. The Company expects to record a tax expense of approximately $1.3 million, including a valuation allowance of approximately $471,000 increasing tax expense which will materially affect the Company’s results of operations for the period ended December 31, 2025. The Company expects to record an offsetting benefit for the tax expense and reduce the valuation allowance in the period ending March 31, 2026.

 

 

 

U.S. Global Investors, Inc.

 

(Name of Registrant as Specified in Charter)

 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: February 17, 2026   By: /s/ Lisa Callicotte

 

INSTRUCTION: The Form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the Form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the Form.

 

 

 

 

 

 

SEC 1344 (01-19) Potential persons who are to respond to the collection of information contained in this Form are not required to respond unless the Form displays a currently valid OMB control number.

 

3

FAQ

Why did GROW file a Form 12b-25 for the quarter ended December 31, 2025?

GROW filed the Form 12b-25 because it intends to submit a Form 3115 to change its tax accounting method related to HIVE convertible securities, delaying completion of required tax adjustments and the final Quarterly Report.

When does GROW expect to file the delayed Form 10-Q?

GROW expects to file the Quarterly Report on Form 10-Q within the five-calendar-day extension allowed by Rule 12b-25 following the prescribed due date for the quarter ended December 31, 2025.

What is the expected financial impact disclosed in the 12b-25 notice?

The company expects to record a $1.3 million tax expense for the period ended December 31, 2025, including a $471,000 valuation allowance that will materially affect reported results for that period.

Will the tax expense be permanent for GROW?

The notice states the company expects an offsetting benefit and a reduction of the valuation allowance in the period ending March 31, 2026, indicating the company anticipates reversal of the charge in a subsequent quarter.

What triggered the need for a tax accounting method change at GROW?

The change relates to the tax treatment of convertible securities of HIVE that GROW purchased in January 2021; the company determined a Form 3115 is required to properly reflect that tax treatment.
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