ABAT American Battery Technology Company - Common Stock
$2.32
Price · Aug 18, 2026
Fundamentals as of May 11, 2026
52W Range
$2–$11
3% of range
Analyst Rating
BUY
8 analysts
Price Target
$6
+181% upside
P/E (TTM)
-4.0
ROE
-66.2%
Net Profit Margin
-1090.0%
ABAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.31
Market Cap
$225M
P/E (TTM)
-4.0
EPS (TTM)
$-0.58
Revenue (TTM)
$4M
Div Yield
—
ROE
-66.2%
Debt/Equity
0.2
52W Range
$2 – $11
ABAT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$4M
2016-09-30
→
2025-06-30
EPS
$-0.58
2022-06-30
→
2025-06-30
Free Cash Flow
—
2019-09-30
→
2023-06-30
Margins
-1090.0%
2024-06-30
→
2025-06-30
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ABAT
Peer Median
P/E (TTM)
-4.0
161.6
P/S (TTM)
52.6
25.2
P/B
3.2
3.8
EV / EBITDA
-6.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ABAT
Peer Median
Gross Margin
-246.5%
19.8%
Operating Margin
-979.5%
—
Net Profit Margin
-1090.0%
-31.0%
ROA
-57.7%
-23.8%
ROE
-66.2%
-31.9%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ABAT
Peer Median
Debt / Equity
0.2
0.0
Current Ratio
2.2
5.4
Quick Ratio
0.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ABAT
Peer Median
Revenue YoY
1149.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ABAT
Peer Median
ABAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 5 62.5%
- Hold 1 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-18
Median
$6.50
← Below all targets
$2.31
Low
$6.00
High
$7.00
Median target
$6.50
+180.8%
Mean target
$6.50
+180.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.10%
Next Report
Sep 16, 2026
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.26 | $-0.07 | -0.19% |
| Dec. 31, 2025 | $-0.07 | $-0.05 | -0.02% |
| June 30, 2025 | $-0.10 | $-0.08 | -0.02% |
| Dec. 31, 2024 | $-0.18 | $-0.03 | -0.15% |
| Sept. 30, 2024 | $-0.16 | $-0.06 | -0.10% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ABAT | $158M | -2.8 | 1149.0% | -1090.0% | -66.2% | -246.5% |
| NB | — | — | — | — | — | — |
| USAU | $271M | -14.3 | — | — | -46.9% | — |
| MP | $8.96B | -101.0 | 10.1% | -38.3% | -5.8% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4M | $343.5K | · | · | · | · | $0 | $0 | · | $0 | $0 | |
| Cost of Revenue | $15M | $3M | · | · | · | · | · | · | · | · | · | |
| Gross Profit | $-11M | $-3M | · | · | · | · | · | · | · | · | · | |
| R&D Expense | $8M | $14M | $8M | $963.4K | $857.6K | · | · | · | · | · | · | |
| SG&A Expense | $21M | $16M | $13M | $32M | $36M | · | $9M | $5M | · | $1M | $27.3K | |
| Operating Expenses | $31M | $45M | $22M | $34M | $38M | · | · | · | · | · | $38.0K | |
| Operating Income | $-42M | $-48M | $-22M | $-34M | $-38M | · | $-10M | $-6M | · | $-2M | $-38.0K | |
| Interest Expense | $0 | $0 | · | · | · | · | $2M | $293.4K | · | $37.2K | $0 | |
| Other Non-op | $-5M | $-5M | $237.1K | $196.2K | $18.1K | · | $-2M | $-459.4K | · | $-26M | · | |
| Pretax Income | · | · | · | · | · | · | · | · | · | $-28M | $-38.0K | |
| Income Tax | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Net Income | $-47M | $-53M | $-21M | $-34M | $-42M | · | $-13M | $-6M | $-3M | $-28M | $-38.0K | |
| EPS (Basic) | $-0.58 | $-1.02 | $-0.51 | $-0.80 | $-0.08 | · | · | · | · | · | · | |
| EPS (Diluted) | $-0.58 | $-1.02 | $-0.51 | $-0.80 | · | · | · | · | · | · | · | |
| Shares (Basic) | 80,316,363 | 51,243,106 | 43,754,913 | 41,738,537 | 498,296,667 | · | · | · | · | · | · | |
| Shares (Diluted) | 80,316,363 | 51,243,106 | 43,754,913 | 41,738,537 | · | · | · | · | · | · | · | |
| EBITDA | $-37M | $-48M | $-22M | $-34M | $-38M | · | $-10M | · | · | · | $-38.0K |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7M | $7M | $2M | $29M | $13M | $829.9K | $7.4K | $122.8K | $9.1K | $90.0K | $9.9K | |
| Receivables | $3M | $228.5K | · | · | · | · | · | · | · | · | · | |
| Inventory | $408.1K | $154.3K | $125.2K | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $3M | $2M | · | $878.8K | $1M | $237.3K | $50.1K | $186.0K | $52.5K | $0 | $1.0K | |
| Current Assets | $30M | $18M | $5M | $30M | $14M | $1M | $57.4K | $308.8K | $61.6K | $90.0K | $10.9K | |
| PP&E (Net) | $45M | $46M | $30M | $19M | $5M | $58.8K | · | · | · | · | · | |
| PP&E (Gross) | $52M | $48M | $30M | $19M | $6M | · | · | · | · | · | · | |
| Accum. Depreciation | $7M | $2M | $161.7K | $65.0K | $65.0K | $3.1K | · | · | · | · | · | |
| Intangibles | $766.7K | $5M | $4M | $4M | $2M | · | · | · | · | · | · | |
| Other Non-current Assets | · | · | $28M | · | · | · | · | · | · | · | · | |
| Total Assets | $84M | $78M | $75M | $53M | $21M | $1M | $92.7K | $308.8K | $61.6K | $90.0K | $10.9K | |
| Accounts Payable | $6M | $9M | $8M | $344.1K | $2M | $514.8K | $585.8K | $509.8K | $412.5K | $423.2K | $20.0K | |
| Accrued Liabilities | · | $2M | · | · | · | · | · | · | · | · | · | |
| Short-term Debt | $8M | $6M | $6M | · | · | $127.1K | · | · | · | $0 | · | |
| Current Liabilities | $14M | $16M | $14M | $3M | $2M | $6M | $5M | $3M | $1M | $634.0K | $101.7K | |
| Capital Leases | $190.2K | · | $54.3K | $175.8K | · | · | · | · | · | · | · | |
| Total Liabilities | $14M | $16M | $14M | $3M | $2M | $6M | $5M | $3M | $1M | $634.0K | $101.7K | |
| Long-term Debt | · | $7M | · | · | · | · | · | · | · | · | · | |
| Total Debt | $15M | $13M | $6M | · | · | · | · | · | · | · | · | |
| Common Stock | $97.4K | $64.1K | $45.9K | $42.9K | $573.3K | $365.2K | $132.7K | $93.3K | $58.5K | $57.1K | $40.0K | |
| Paid-in Capital | $330M | $276M | $223M | $188M | $122M | $55M | $45M | $35M | $30M | $28M | $40.0K | |
| Retained Earnings | $-260M | $-213M | $-161M | $-139M | $-105M | $-63M | $-50M | $-37M | $-31M | $-29M | $-170.7K | |
| Stockholders' Equity | $71M | $61M | $61M | $50M | $19M | $-5M | $-5M | $-2M | $-1M | $-544.0K | $-90.7K | |
| Liabilities + Equity | $84M | $78M | $75M | $53M | $21M | $1M | $92.7K | $308.8K | $61.6K | $90.0K | $10.9K | |
| Shares Outstanding | 97,398,519 | 64,061,763 | 45,888,131 | 42,942,576 | 573,267,632 | 365,191,213 | 132,678,133 | 93,331,449 | 58,500,000 | 57,136,934 | 40,000,000 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $5M | $2M | · | · | · | · | · | · | · | · | · | |
| Stock-based Comp | $15M | $15M | $10M | $1M | · | · | · | · | · | · | · | |
| Other Non-cash | $-2M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-29M | $-17M | $-13M | $-10M | $-8M | · | $-3M | $-993.4K | $-484.9K | $-199.4K | $-32.9K | |
| CapEx | · | · | $7M | $13M | $5M | · | $0 | $10.2K | · | $0 | · | |
| Investing Cash Flow | $-3M | $-13M | $-37M | $-15M | $-7M | · | $0 | $-10.2K | $0 | $0 | $0 | |
| Stock Issued | $19M | · | $14M | $37M | $15M | $2M | · | · | · | · | · | |
| Net Stock Activity | $19M | · | $14M | $39M | $26M | · | · | · | · | · | · | |
| Dividends Paid | · | · | · | $125.7K | · | · | · | · | · | · | · | |
| Financing Cash Flow | $37M | $34M | $23M | $41M | $27M | · | $3M | $1M | $404.0K | $279.5K | $20.6K | |
| Net Change in Cash | $5M | $5M | $-27M | $16M | $12M | · | $-115.4K | $113.6K | $-80.9K | $80.1K | $-12.3K | |
| Taxes Paid | · | · | · | · | · | · | · | $0 | $0 | $0 | · | |
| Free Cash Flow | · | · | $-20M | $-23M | $-13M | · | $-3M | · | · | · | · |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -246.5% | -862.1% | · | · | · | · | · | · | · | · | · | |
| Operating Margin | -979.5% | -13906.8% | · | · | · | · | · | · | · | · | · | |
| Net Margin | -1090.0% | -15283.8% | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -863.0% | -13906.8% | · | · | · | · | · | · | · | · | · | |
| ROA | -57.7% | -68.9% | -33.5% | -90.5% | -372.4% | · | -6289.6% | -3265.6% | -3547.4% | -56109.1% | -228.9% | |
| ROE | -66.2% | -78.9% | -37.1% | -65.6% | -300.5% | · | 273.2% | 327.1% | 297.3% | 9293.3% | 53.0% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.2 | 1.2 | 0.4 | 9.8 | 7.8 | · | 0.0 | · | 0.0 | · | 0.1 | |
| Quick Ratio | 0.8 | 0.5 | 0.2 | 9.5 | 7.0 | · | 0.0 | 0.0 | 0.0 | 0.3 | 0.1 | |
| Debt / Equity | 0.2 | 0.2 | 0.1 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | -4.2 | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | · | · | · | · | 0.0 | · | · | 0.0 | · | |
| Inventory Turnover | 52.9 | 1.4 | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 2.8 | 3.0 | · | · | · | · | · | · | · | · | · |
Growth Rates 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 1149.0% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4M | $343.5K | $0 | $0 | $0 | · | $0 | $0 | $0 | $0 | $0 | |
| Net Income TTM | $-47M | $-53M | $-21M | $-34M | $-42M | · | $-13M | $-6M | $-3M | $-28M | $-38.0K | |
| Market Cap | $158M | $80M | $530M | $6.76B | $17.37B | · | $119M | $203M | $97M | $467M | · | |
| Enterprise Value | $166M | $86M | $534M | · | · | · | · | · | · | · | · | |
| P/E | -2.8 | -1.2 | -22.6 | -13.1 | · | · | · | · | · | · | · | |
| P/S | 36.8 | 233.1 | · | · | · | · | · | · | · | · | · | |
| P/B | 2.2 | 1.3 | 8.7 | 136.3 | 893.5 | · | -24.9 | -83.5 | -76.2 | -900.0 | · | |
| P / Tangible Book | 2.3 | 1.4 | 9.3 | 147.7 | 976.0 | · | · | · | · | · | · | |
| P / Cash Flow | -5.5 | -4.8 | -39.6 | -664.5 | -2239.4 | · | -34.8 | -204.3 | -199.1 | -1160.8 | · | |
| P / FCF | · | · | -26.3 | -293.4 | -1316.3 | · | -34.8 | · | · | · | · | |
| EV / EBITDA | -4.5 | -1.8 | -24.7 | · | · | · | · | · | · | · | · | |
| EV / FCF | · | · | -26.5 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 38.6 | 250.3 | · | · | · | · | · | · | · | · | · | |
| Dividend Yield | · | · | · | 0.00% | · | · | · | · | · | · | · | |
| Earnings Yield | -35.8% | -81.6% | -4.4% | -7.6% | · | · | · | · | · | · | · | |
| Payout Ratio | · | · | · | -0.37% | · | · | · | · | · | · | · | |
| Annual Payout | · | · | · | $125.7K | · | · | · | · | · | · | · |
Income Statement 15
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8M | $5M | $937.6K | $3M | $980.0K | $332.4K | $202.0K | · | · | · | · | · | · | · | · | · | |
| Cost of Revenue | $7M | $6M | $4M | $5M | $4M | $3M | $3M | · | · | · | · | · | · | · | · | · | |
| Gross Profit | $737.7K | $-2M | $-4M | $-3M | $-3M | $-3M | $-2M | · | · | · | · | · | · | · | · | · | |
| R&D Expense | $5M | $4M | $3M | $265.2K | $3M | $3M | $2M | $3M | $4M | $4M | $4M | $4M | $2M | $2M | $219.8K | $340.9K | |
| SG&A Expense | $30M | $4M | $4M | $5M | $4M | $8M | $5M | $5M | $3M | $4M | $3M | $3M | $4M | $4M | $2M | $6M | |
| Operating Expenses | $35M | $8M | $7M | $5M | $8M | $11M | $7M | $19M | $9M | $9M | $8M | $8M | $6M | $6M | $3M | $7M | |
| Operating Income | $-34M | $-10M | $-10M | $-8M | $-11M | $-14M | $-10M | $-22M | $-9M | $-9M | $-8M | $-8M | $-6M | $-6M | $-3M | $-7M | |
| Interest Expense | · | · | · | · | · | · | · | $-145.1K | $2.5K | $7.6K | · | · | · | · | · | · | |
| Other Non-op | $569.5K | $593.5K | $-166.2K | $-2M | $-850.9K | $400.3K | $-2M | $-1M | $-1M | $-1M | $-874.2K | $86.9K | $23.9K | $-16.4K | $142.7K | $-42.5K | |
| Net Income | $-34M | $-9M | $-10M | $-10M | $-11M | $-13M | $-12M | $-23M | $-10M | $-10M | $-9M | $-7M | $-6M | $-6M | $-2M | $-7M | |
| EPS (Basic) | $-0.26 | $-0.07 | $-0.09 | $-0.09 | $-0.14 | $-0.18 | $-0.17 | $-0.43 | $-0.19 | $-0.21 | $-0.19 | $-0.18 | $-0.13 | $-0.14 | $-0.06 | $-0.76 | |
| EPS (Diluted) | $-0.26 | $-0.07 | $-0.09 | $-0.09 | $-0.14 | $-0.18 | $-0.17 | $-0.43 | $-0.19 | $-0.21 | $-0.19 | $-0.18 | $-0.13 | $-0.14 | $-0.06 | · | |
| Shares (Basic) | 131,855,794 | 129,287,997 | 112,240,128 | -149,609,236 | 85,090,957 | 75,315,210 | 69,519,432 | -94,641,073 | 51,993,863 | 47,760,809 | 46,129,507 | -85,856,599 | 43,466,522 | 43,202,414 | 42,942,576 | -1,818,495,556 | |
| Shares (Diluted) | 131,855,794 | 129,287,997 | 112,240,128 | -149,609,236 | 85,090,957 | 75,315,210 | 69,519,432 | -94,641,073 | 51,993,863 | 47,760,809 | 46,129,507 | -85,856,599 | 43,466,522 | 43,202,414 | 42,942,576 | · | |
| EBITDA | $-34M | $-10M | $-9M | · | $-9M | $-13M | $-9M | · | $-9M | $-8M | · | · | $-6M | $-6M | $-3M | · |
Balance Sheet 26
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $38M | $48M | $31M | $7M | $8M | $21M | $6M | $7M | $6M | $8M | $5M | $2M | $13M | $11M | $21M | $29M | |
| Receivables | $8M | $4M | $1M | $3M | $1M | $324.0K | $174.5K | $228.5K | · | · | · | · | · | · | · | · | |
| Inventory | $846.6K | $284.7K | $104.1K | $408.1K | $252.9K | $574.1K | $255.9K | $154.3K | $622.5K | $614.4K | $371.8K | $125.2K | · | · | · | · | |
| Prepaid Expense | $3M | $6M | $5M | $3M | · | · | · | $2M | · | · | · | · | · | · | $774.0K | · | |
| Other Current Assets | · | · | · | · | · | · | · | · | $242.8K | $242.8K | $242.8K | · | · | · | · | · | |
| Current Assets | $53M | $63M | $42M | $30M | $23M | $30M | $15M | $18M | $10M | $12M | $8M | $5M | $14M | $14M | $22M | $30M | |
| PP&E (Net) | $55M | $50M | $51M | $45M | $44M | $45M | $45M | $46M | $66M | $64M | $61M | $30M | $25M | $22M | $20M | $19M | |
| PP&E (Gross) | $66M | $60M | $59M | $52M | $49M | $49M | $48M | $48M | $66M | $64M | $61M | $30M | $25M | $22M | $20M | $19M | |
| Accum. Depreciation | $11M | $10M | $8M | $7M | $5M | $4M | $3M | $2M | $268.4K | $243.1K | $198.2K | $161.7K | $105.6K | $75.1K | · | $65.0K | |
| Intangibles | $866.2K | $766.7K | $766.7K | $766.7K | $766.7K | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | |
| Other Non-current Assets | · | · | · | · | · | · | · | · | $279.9K | $279.9K | $2M | $28M | $6M | · | · | · | |
| Total Assets | $119M | $123M | $101M | $84M | $76M | $88M | $74M | $78M | $89M | $89M | $84M | $75M | $57M | $48M | $54M | $53M | |
| Accounts Payable | $6M | $4M | $5M | · | · | · | · | · | $6M | $6M | $3M | $8M | $3M | $2M | $6M | $344.1K | |
| Accrued Liabilities | · | · | · | · | · | · | $900.0K | $2M | · | · | · | · | · | · | · | · | |
| Short-term Debt | · | · | · | $8M | $7M | $10M | $3M | $6M | $11M | $16M | $17M | $6M | · | · | · | · | |
| Current Liabilities | $7M | $4M | $5M | $14M | $11M | $17M | $10M | $16M | $17M | $22M | $23M | $14M | $3M | $2M | $6M | $3M | |
| Capital Leases | $93.3K | $127.0K | $159.1K | $190.2K | $220.6K | $250.4K | · | · | · | · | $21.9K | $54.3K | · | · | · | · | |
| Total Liabilities | $7M | $4M | $5M | $14M | $11M | $18M | $14M | $16M | $19M | $22M | $25M | $14M | $3M | $2M | $6M | $3M | |
| Long-term Debt | · | · | · | · | · | · | · | · | $12M | $20M | $19M | · | · | · | · | · | |
| Total Debt | · | · | · | · | $13M | $20M | $5M | · | $21M | $36M | · | · | · | · | · | · | |
| Common Stock | $132.3K | $131.0K | $120.3K | $97.4K | $88.4K | $84.4K | $73.3K | $64.1K | $55.1K | $49.3K | $46.3K | $45.9K | $669.0K | $650.1K | $644.1K | $42.9K | |
| Paid-in Capital | $426M | $399M | $366M | $330M | $317M | $310M | $286M | $276M | $259M | $243M | $226M | $223M | $206M | $193M | $188M | $188M | |
| Retained Earnings | $-314M | $-280M | $-270M | $-260M | $-250M | $-238M | $-225M | $-213M | $-190M | $-176M | $-167M | $-161M | $-153M | $-147M | $-141M | $-139M | |
| Stockholders' Equity | $113M | $119M | $96M | $71M | $66M | $71M | $59M | $61M | $70M | $67M | $59M | $61M | $54M | $46M | $47M | $50M | |
| Liabilities + Equity | $119M | $123M | $101M | $84M | $76M | $88M | $74M | $78M | $89M | $89M | $84M | $75M | $57M | $48M | $54M | $53M | |
| Shares Outstanding | 132,271,860 | 131,033,324 | 120,311,922 | 97,398,519 | 88,394,168 | 84,392,375 | 73,342,037 | 64,061,763 | 55,058,411 | 49,343,225 | 46,304,354 | 45,888,131 | 668,983,091 | 650,115,948 | 644,138,631 | 42,942,576 |
Cash Flow 12
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $2M | $39.7K | $44.9K | $36.5K | · | · | · | · | · | |
| Stock-based Comp | $28M | $3M | $2M | $2M | $3M | $6M | $3M | $2M | $7M | $6M | $3M | $4M | $3M | $3M | $96.1K | · | |
| Other Non-cash | · | · | $-420.1K | · | · | · | $2M | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-3M | $-10M | $-7M | $-6M | $-10M | $-7M | $-6M | $-4M | $-5M | $-3M | $-5M | $-3M | $-3M | $-3M | $-4M | $-3M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | · | $2M | $2M | $77.5K | $4M | |
| Investing Cash Flow | $-8M | $-1M | $-708.3K | $-547.8K | $-491.1K | $-646.4K | $-863.2K | $-2M | $-495.6K | $-4M | $-7M | $-19M | $-8M | $-6M | $-4M | $-4M | |
| Stock Issued | $0 | $23M | $22M | $11M | $0 | $696.4K | $7M | · | · | · | · | $5M | · | · | · | $-4M | |
| Net Stock Activity | · | · | $22M | · | · | · | $7M | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Financing Cash Flow | $0 | $29M | $26M | $11M | $-2M | $23M | $5M | $7M | $4M | $9M | $15M | $11M | · | · | · | $-313.3K | |
| Net Change in Cash | $-10M | $18M | $18M | $5M | $-13M | $15M | $-1M | $1M | $-2M | $2M | $3M | $-10M | $1M | $-9M | $-8M | $-7M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-4M | · |
Profitability 6
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.4% | -33.6% | -375.1% | · | -274.5% | -894.4% | -1159.0% | · | · | · | · | · | · | · | · | · | |
| Operating Margin | -440.5% | -207.4% | -1080.8% | · | -1086.3% | -4151.4% | -4854.0% | · | · | · | · | · | · | · | · | · | |
| Net Margin | -433.2% | -195.0% | -1098.5% | · | -1173.1% | -4030.9% | -5790.5% | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -440.5% | -207.4% | -942.1% | · | -963.8% | -3790.4% | -4210.3% | · | · | · | · | · | · | · | · | · | |
| ROA | -34.5% | -8.8% | -11.8% | · | -13.9% | -15.1% | -14.8% | · | -13.6% | -13.6% | · | · | -9.8% | -11.5% | -4.3% | · | |
| ROE | -37.9% | -9.8% | -13.3% | · | -17.0% | -19.5% | -19.7% | · | -16.1% | -16.5% | · | · | -10.5% | -12.2% | -4.6% | · |
Liquidity & Solvency 4
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.1 | 14.9 | 7.8 | · | 2.2 | 1.7 | 1.6 | · | 0.6 | 0.5 | · | · | 4.3 | 8.6 | 3.4 | · | |
| Quick Ratio | 6.9 | 12.3 | 6.0 | · | 0.8 | 1.2 | 0.6 | · | 0.4 | 0.3 | · | · | 3.8 | 7.2 | 3.3 | · | |
| Debt / Equity | · | · | · | · | 0.2 | 0.3 | 0.1 | · | 0.3 | 0.5 | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | -3510.1 | -1076.3 | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | · | · | · | · | · | · | |
| Inventory Turnover | 12.9 | 14.8 | 24.7 | · | 8.4 | · | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 1.8 | 2.1 | 1.4 | · | 1.9 | 2.1 | 2.3 | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $14M | $7M | $2M | · | · | · | · | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | |
| Net Income TTM | $-65M | $-44M | $-47M | · | $-47M | $-45M | $-41M | · | $-35M | $-31M | $-23M | · | $-17M | $-15M | $-29M | · | |
| Market Cap | $369M | $438M | $585M | · | $91M | $208M | $78M | · | $96M | $231M | · | · | $9.43B | $3.97B | $5.27B | · | |
| Enterprise Value | · | · | · | · | $97M | $207M | $78M | · | $112M | $260M | · | · | · | · | · | · | |
| P/E | -5.0 | -7.0 | -8.4 | · | -1.5 | -3.3 | -1.4 | · | -2.4 | -7.0 | -16.6 | · | · | · | · | · | |
| P/S | 25.5 | 62.4 | 238.5 | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | 3.3 | 3.7 | 6.1 | · | 1.4 | 2.9 | 1.3 | · | 1.4 | 3.5 | · | · | 174.9 | 86.4 | 111.3 | · | |
| P / Tangible Book | 3.3 | 3.7 | 6.1 | · | 1.4 | 3.1 | 1.4 | · | 1.5 | 3.7 | 7.3 | · | 188.3 | 94.4 | 121.1 | · | |
| P / Cash Flow | -136.7 | · | -81.9 | · | · | · | -14.1 | · | · | · | · | · | · | · | -1304.1 | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -1279.6 | · | |
| EV / EBITDA | · | · | · | · | -10.2 | -16.5 | -9.1 | · | -13.0 | -31.6 | · | · | · | · | · | · | |
| Earnings Yield | -20.1% | -14.4% | -11.9% | · | -66.0% | -30.5% | -71.0% | · | -41.1% | -14.3% | -6.0% | · | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Revenue | $4M | $343.5K | — | — | — |
| Gross Margin % | -246.5% | -862.1% | — | — | — |
| Operating Margin % | -979.5% | -13906.8% | — | — | — |
| Net Income | $-47M | $-53M | $-21M | $-34M | $-42M |
| Diluted EPS | $-0.58 | $-1.02 | $-0.51 | $-0.80 | — |
Balance Sheet
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.2 | 0.1 | — | — |
| Current Ratio | 2.2 | 1.2 | 0.4 | 9.8 | 7.8 |
| Quick Ratio | 0.8 | 0.5 | 0.2 | 9.5 | 7.0 |
Cash Flow
| 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | — | $-20M | $-23M | $-13M |
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Institutional owners (13F) 196 filers · $106.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 49 (+19 vs prior Q) | 23 (+3 vs prior Q) | 49 (+1 vs prior Q) | 34 (-5 vs prior Q) | +10.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| STATE STREET CORP | $29,964,408 | 10,588,130 | 28.06% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $16,312,267 | 5,764,052 | 15.28% | Shares |
| MILLENNIUM MANAGEMENT LLC | $11,229,134 | 3,967,892 | 10.52% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $8,276,888 | 2,923,854 | 7.75% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $4,064,058 | 1,436,063 | 3.81% | Shares |
| CITADEL ADVISORS LLC | $3,166,314 | 1,118,839 | 2.97% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,999,565 | 1,059,917 | 2.81% | Shares |
| VANGUARD GROUP INC | $2,804,331 | 839,620 | 2.63% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,714,629 | 959,233 | 2.54% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,004,362 | 708,255 | 1.88% | Shares |
| JANE STREET GROUP, LLC | $1,519,993 | 537,100 | 1.42% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,455,469 | 514,300 | 1.36% | Put option |
| ALPS ADVISORS INC | $1,149,787 | 406,285 | 1.08% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,127,421 | 398,382 | 1.06% | Shares |
| TWO SIGMA ADVISERS, LP | $955,574 | 286,100 | 0.89% | Shares |
| Point72 Asset Management, L.P. | $899,300 | 317,774 | 0.84% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $884,177 | 312,430 | 0.83% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $711,745 | 251,500 | 0.67% | Call option |
| WOLVERINE TRADING, LLC | $686,796 | 133,100 | 0.64% | Call option |
| GOLDMAN SACHS GROUP INC | $658,484 | 232,680 | 0.62% | Shares |
| CITADEL ADVISORS LLC | $609,865 | 215,500 | 0.57% | Put option |
| Numerai GP LLC | $500,169 | 176,738 | 0.47% | Shares |
| JANE STREET GROUP, LLC | $491,854 | 173,800 | 0.46% | Put option |
| IMC-Chicago, LLC | $432,101 | 152,686 | 0.40% | Shares |
| Connective Capital Management, LLC | $420,323 | 148,524 | 0.39% | Shares |
| RHUMBLINE ADVISERS | $413,493 | 146,114 | 0.39% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $323,347 | 115,895 | 0.30% | Shares |
| Engineers Gate Manager LP | $305,405 | 107,917 | 0.29% | Shares |
| Financial Gravity Companies, Inc. | $288,436 | 101,921 | 0.27% | Shares |
| Financial Gravity Wealth, Inc. | $284,360 | 101,921 | 0.27% | Shares |
| LPL Financial LLC | $269,917 | 95,377 | 0.25% | Shares |
| TWO SIGMA INVESTMENTS, LP | $251,579 | 88,897 | 0.24% | Shares |
| BANK OF AMERICA CORP /DE/ | $249,847 | 88,285 | 0.23% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $248,893 | 87,948 | 0.23% | Shares |
| Quantbot Technologies LP | $236,690 | 83,636 | 0.22% | Shares |
| Man Group plc | $230,843 | 81,570 | 0.22% | Shares |
| XTX Topco Ltd | $221,663 | 78,326 | 0.21% | Shares |
| MetLife Investment Management, LLC | $221,617 | 78,310 | 0.21% | Shares |
| Vanguard Global Advisers, LLC | $220,335 | 77,857 | 0.21% | Shares |
| Bank of New York Mellon Corp | $216,484 | 76,496 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $204,228 | 73,200 | 0.19% | Shares |
| GROUP ONE TRADING LLC | $197,392 | 69,750 | 0.18% | Shares |
| OSAIC HOLDINGS, INC. | $191,512 | 67,673 | 0.18% | Shares |
| WOLVERINE TRADING, LLC | $189,372 | 36,700 | 0.18% | Put option |
| Focus Partners Wealth | $187,256 | 66,168 | 0.18% | Shares |
| JANUS HENDERSON GROUP PLC | $183,352 | 65,600 | 0.17% | Shares |
| RAYMOND JAMES FINANCIAL INC | $173,400 | 61,272 | 0.16% | Shares |
| CITIGROUP INC | $167,318 | 59,123 | 0.16% | Shares |
| BlackRock, Inc. | $162,159 | 57,300 | 0.15% | Shares |
| Perennial Investment Advisors, LLC | $152,503 | 53,888 | 0.14% | Shares |
| Cetera Investment Advisers | $148,136 | 52,345 | 0.14% | Shares |
| Invesco Ltd. | $145,762 | 51,506 | 0.14% | Shares |
| DOPKINS WEALTH MANAGEMENT, LLC | $141,500 | 50,000 | 0.13% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $137,991 | 48,760 | 0.13% | Shares |
| WINTON GROUP Ltd | $131,595 | 46,500 | 0.12% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $116,981 | 41,336 | 0.11% | Shares |
| D. E. Shaw & Co., Inc. | $116,588 | 41,197 | 0.11% | Shares |
| Oasis Advisors, LLC | $113,203 | 40,001 | 0.11% | Shares |
| J. Derek Lewis & Associates Inc. | $111,785 | 39,500 | 0.10% | Shares |
| Creative Planning | $111,143 | 39,273 | 0.10% | Shares |
| Sanctuary Advisors, LLC | $106,824 | 37,747 | 0.10% | Shares |
| Focus Partners Advisor Solutions, LLC | $106,493 | 37,629 | 0.10% | Shares |
| PFG Investments, LLC | $105,033 | 37,114 | 0.10% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $100,490 | 35,509 | 0.09% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $98,176 | 34,691 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $95,815 | 33,857 | 0.09% | Shares |
| QUANTIFY CHAOS ADVISORS, LLC | $95,600 | 33,781 | 0.09% | Shares |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management | $94,808 | 33,501 | 0.09% | Shares |
| Balyasny Asset Management L.P. | $94,078 | 33,243 | 0.09% | Shares |
| Police & Firemen's Retirement System of New Jersey | $91,848 | 32,455 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $88,013 | 31,100 | 0.08% | Call option |
| SEI INVESTMENTS CO | $85,350 | 30,159 | 0.08% | Shares |
| Nuveen, LLC | $85,350 | 30,159 | 0.08% | Shares |
| GK Wealth Management LLC | $85,067 | 30,059 | 0.08% | Shares |
| First National Trust Co | $84,900 | 30,000 | 0.08% | Shares |
| Synergy Investment Management, LLC | $84,900 | 30,000 | 0.08% | Shares |
| Jain Global LLC | $84,807 | 29,967 | 0.08% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $79,523 | 28,100 | 0.07% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $77,290 | 27,311 | 0.07% | Shares |
| NewEdge Advisors, LLC | $73,674 | 26,033 | 0.07% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $71,438 | 25,243 | 0.07% | Shares |
| COMMERCE BANK | $59,149 | 20,901 | 0.06% | Shares |
| PRUDENTIAL FINANCIAL INC | $58,836 | 20,790 | 0.06% | Shares |
| NORTHERN TRUST CORP | $57,565 | 20,341 | 0.05% | Shares |
| Genesis Financial Group, LLC | $56,600 | 20,000 | 0.05% | Shares |
| Meridian Wealth Management, LLC | $55,709 | 19,685 | 0.05% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $52,978 | 18,720 | 0.05% | Shares |
| Wealthfront Advisers LLC | $52,027 | 18,384 | 0.05% | Shares |
| CIBC Private Wealth Group LLC | $51,156 | 10,526 | 0.05% | Shares |
| Quotient Wealth Partners, LLC | $49,717 | 17,568 | 0.05% | Shares |
| ProShare Advisors LLC | $47,975 | 16,952 | 0.04% | Shares |
| BARCLAYS PLC | $47,176 | 16,670 | 0.04% | Shares |
| Apollon Wealth Management, LLC | $44,819 | 15,837 | 0.04% | Shares |
| Fortis Capital Advisors, LLC | $44,193 | 15,616 | 0.04% | Shares |
| Belpointe Asset Management LLC | $44,193 | 15,616 | 0.04% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $43,013 | 15,199 | 0.04% | Shares |
| T3 Companies, LLC | $42,450 | 15,000 | 0.04% | Shares |
| Tower Research Capital LLC (TRC) | $40,107 | 14,172 | 0.04% | Shares |
| Csenge Advisory Group | $38,905 | 13,747 | 0.04% | Shares |
| Caitong International Asset Management Co., Ltd | $37,475 | 13,242 | 0.04% | Shares |
Company insiders 10 insiders · 4 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ryan Mitchell Melsert | Chief Executive Officer | July 22, 2026 F | 3,313,352 | 1 | 0 | $2,343,979 |
| Douglas Cole | Chief Executive Officer | June 4, 2021 S | 16,364,717 | 0 | 0 | $0 |
| Steven Wu | Chief Operating Officer | June 17, 2026 F | 389,613 | 1 | 1 | $758,695 |
| Scott Jolcover | Former Chief Resource Officer | July 20, 2026 A | 429,542 | 0 | 0 | $0 |
| Susan Y Lee | Director | July 6, 2026 A | 192,200 | 0 | 0 | $0 |
| Elizabeth Ann Lowery | Director | July 6, 2026 A | 93,751 | 0 | 0 | $0 |
| Donald Richard Fezell JR | Director | July 6, 2026 A | 382,621 | 0 | 0 | $0 |
| William John Hunter | Director | June 17, 2021 S | 11,324,717 | 0 | 0 | $0 |
| Douglas Charles Maclellan | — | June 10, 2021 S | 9,264,717 | 0 | 0 | $0 |
| David Bruce Batstone | — | March 31, 2021 A | 2,004,717 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 29 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| ILIT · iShares Trust | 1.84% | 111,725 SH | Aug. 8, 2026 | Daily |
| DRIV · Global X Funds | 0.61% | 799,576 NS | May 31, 2026 | N-PORT |
| ACES · ALPS ETF Trust | 0.50% | 203,157 NS | May 31, 2026 | N-PORT |
| EART · Global X Funds | 0.31% | 39,574 NS | April 30, 2026 | N-PORT |
| IDRV · iShares Trust | 0.17% | 97,069 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.07% | 441,767 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 103,167 NS | May 31, 2026 | N-PORT |
| FMAT · FIDELITY COVINGTON TRUST | 0.03% | 50,350 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.02% | 166,183 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 138,401 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.02% | 1,168,950 SH | Aug. 8, 2026 | Daily |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.02% | 432 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 53,983 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 5,863 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 431,353 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 744,967 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 3,313,983 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 4,585 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 4,637 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 5,205 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 116 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 9,629 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 239,081 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 37,224 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 3,066 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 41,126 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 1,546,267 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,080,302 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 10,366 SH | Aug. 8, 2026 | Daily |