APLD Applied Digital Corporation - Common Stock
$29.91
Price · Aug 18, 2026
Fundamentals as of Jul 29, 2026
52W Range
$13–$51
45% of range
Analyst Rating
BUY
20 analysts
Price Target
$74
+148% upside
P/E (TTM)
-32.9
ROE
-11.6%
Net Profit Margin
-30.1%
APLD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$29.91
Market Cap
$8.61B
P/E (TTM)
-32.9
EPS (TTM)
$-0.91
Revenue (TTM)
$611M
Div Yield
—
ROE
-11.6%
Debt/Equity
0.0
52W Range
$13 – $51
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$611M
2021-05-31
→
2026-05-31
EPS
$-0.91
2021-05-31
→
2026-05-31
Free Cash Flow
$-2.78B
2024-05-31
→
2026-05-31
Margins
-30.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
APLD
Peer Median
P/E (TTM)
-32.9
52.1
P/S (TTM)
14.1
8.2
P/B
5.0
6.0
EV / EBITDA
-41.6
—
Price / FCF
-3.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
APLD
Peer Median
Operating Margin
-38.7%
—
Net Profit Margin
-30.1%
5.0%
ROA
-3.1%
1.8%
ROE
-11.6%
2.4%
ROIC
-13.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
APLD
Peer Median
Debt / Equity
0.0
63.1
Current Ratio
4.0
1.4
Quick Ratio
1.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
APLD
Peer Median
Revenue YoY
167.5%
—
Revenue CAGR 3Y
122.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
APLD
Peer Median
APLD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
20 analysts
- Strong Buy 4 20.0%
- Buy 14 70.0%
- Hold 2 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-16
Median
$79.00
← Below all targets
$29.91
Low
$37.50
High
$109.00
Median target
$79.00
+164.2%
Mean target
$74.23
+148.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.39 | $-0.22 | -0.17% |
| March 31, 2026 | $-0.40 | $-0.13 | -0.27% |
| Dec. 31, 2025 | $-0.13 | $-0.12 | -0.01% |
| Sept. 30, 2025 | $-0.07 | $-0.14 | 0.07% |
| June 30, 2025 | $-0.24 | $-0.15 | -0.09% |
| March 31, 2025 | $-0.13 | $-0.11 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| APLD | $13.61B | -52.0 | 167.5% | -30.1% | -11.6% | — |
| VRSN | $22.33B | 117.4 | 6.4% | 49.8% | -39.8% | — |
| OKTA | — | 65.5 | 11.8% | 8.1% | 3.4% | 77.4% |
| AKAM | $12.63B | 28.4 | 5.4% | 10.7% | 9.6% | — |
| DOCN | $4.42B | 19.1 | 15.5% | 28.8% | -254.3% | 59.9% |
| GDDY | $16.72B | 19.9 | 8.3% | 17.7% | 282.5% | — |
| FSLY | $1.54B | -12.3 | 14.8% | -19.5% | -13.0% | 57.1% |
| SHAZ | — | — | 257.4% | -2529.2% | -401.0% | 6.4% |
| SHAZ | — | — | 257.4% | -2529.2% | -401.0% | 6.4% |
| SNOW | $66.35B | -48.8 | 29.2% | -28.4% | -54.1% | 67.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenue | $611M | $229M | $166M | $55M | $9M | $0 | |
| Cost of Revenue | $397M | $217M | $148M | $44M | $10M | $0 | |
| Gross Profit | · | · | · | $11M | $-957.0K | $0 | |
| SG&A Expense | $332M | $108M | $98M | $54M | $20M | $332.0K | |
| Operating Expenses | $848M | $301M | $264M | $98M | $20M | $332.0K | |
| Operating Income | $-236M | $-72M | $-98M | $-43M | $-21M | $-332.0K | |
| Interest Expense | · | · | $27M | $2M | $112.0K | $236.0K | |
| Other Non-op | · | · | · | $-2M | $-1M | $-236.0K | |
| Pretax Income | $-182M | $-231M | $-150M | $-45M | $-22M | $-568.0K | |
| Income Tax | $2M | $102.0K | $96.0K | $-523.0K | $540.0K | $0 | |
| Net Income | $-184M | $-231M | $-150M | $-46M | $-24M | $-568.0K | |
| EPS (Basic) | $-0.91 | $-1.16 | $-1.31 | $-0.47 | $-0.41 | $-0.38 | |
| EPS (Diluted) | $-0.91 | $-1.16 | $-1.31 | $-0.47 | $-0.41 | $-0.38 | |
| Shares (Basic) | 275,194,755 | 201,194,451 | 114,061,414 | 93,976,233 | 57,121,096 | 1,511,061 | |
| Shares (Diluted) | 275,194,755 | 201,194,451 | 114,061,414 | 93,976,233 | 57,121,096 | 1,511,061 | |
| EBITDA | $-169M | $444.0K | $-20M | · | · | · |
Balance Sheet 27
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.59B | $44M | $3M | $29M | $39M | $12M | |
| Receivables | $56M | $7M | $4M | $82.0K | $227.0K | $0 | |
| Prepaid Expense | $614M | $10M | $1M | $2M | $1M | $5.0K | |
| Other Current Assets | $21M | $1M | · | · | · | · | |
| Current Assets | $4.66B | $133M | $404M | $46M | $40M | $12M | |
| PP&E (Net) | $4.24B | $1.25B | $329M | $198M | $64M | $20.0K | |
| PP&E (Gross) | $4.31B | $1.28B | $343M | $203M | $65M | $21.0K | |
| Accum. Depreciation | $78M | $27M | $14M | $5M | $1M | $1.0K | |
| Goodwill | $55M | $0 | · | · | · | · | |
| Total Assets | $9.93B | $1.87B | $763M | $264M | $120M | $15M | |
| Accounts Payable | $395M | $251M | $105M | $6M | $13M | $249.0K | |
| Accrued Liabilities | $548M | $30M | $25M | $10M | · | · | |
| Short-term Debt | $16M | $10M | $10M | $8M | $1M | $0 | |
| Current Liabilities | $1.16B | $500M | $554M | $115M | $29M | $2M | |
| Capital Leases | $47M | $59M | $1M | $1M | $936.0K | · | |
| Deferred Tax | · | · | · | $0 | $540.0K | $0 | |
| Other Non-current Liabilities | $5M | $0 | $0 | $1M | $0 | · | |
| Total Liabilities | $6.19B | $1.24B | $638M | $194M | $41M | $2M | |
| Long-term Debt | · | · | · | · | $7M | · | |
| Total Debt | $16M | $10M | $10M | · | · | · | |
| Common Stock | $296.0K | $230.0K | $144.0K | $101.0K | $98.0K | $2.0K | |
| Paid-in Capital | $2.43B | $1.01B | $375M | $160M | $128M | $14M | |
| Retained Earnings | $-662M | $-481M | $-250M | $-101M | $-56M | $-22M | |
| Treasury Stock | $53M | $31M | $62.0K | $62.0K | $62.0K | $62.0K | |
| Stockholders' Equity | $1.72B | $498M | $125M | $60M | $72M | $-3M | |
| Liabilities + Equity | $9.93B | $1.87B | $763M | $264M | $120M | $15M | |
| Shares Outstanding | 287,883,603 | 224,909,669 | 144,083,944 | 100,927,358 | 97,837,703 | 1,511,061 |
Cash Flow 15
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| D&A | $67M | $135M | $79M | $7M | $1M | $1.0K | |
| Stock-based Comp | $220M | $23M | $17M | $32M | $12M | $0 | |
| Deferred Tax | $0 | $0 | $0 | $-540.0K | $540.0K | $0 | |
| Other Non-cash | $-14M | $76M | $66M | · | · | · | |
| Operating Cash Flow | $90M | $-115M | $14M | $59M | $-872.0K | $-83.0K | |
| CapEx | $2.87B | $682M | $142M | $131M | $55M | $20.0K | |
| Investing Cash Flow | $-2.94B | $-668M | $-172M | $-132M | $-46M | $-3M | |
| Stock Issued | $196M | $192M | $131M | $0 | · | · | |
| Stock Repurchased | $0 | $31M | $0 | $0 | · | · | |
| Net Stock Activity | $196M | $160M | $131M | · | · | · | |
| Financing Cash Flow | $6.88B | $875M | $147M | $71M | $81M | $15M | |
| Net Change in Cash | $4.03B | $92M | $-12M | $-3M | $35M | $12M | |
| Taxes Paid | $241.0K | $0 | $0 | · | · | · | |
| Free Cash Flow | $-2.78B | $-797M | $-128M | · | · | · | |
| Levered FCF | · | · | $-155M | · | · | · |
Profitability 7
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -38.7% | -11.7% | -59.8% | · | · | · | |
| Net Margin | -30.1% | -160.2% | -90.1% | · | · | · | |
| Pretax Margin | -29.7% | -109.7% | -90.3% | · | · | · | |
| EBITDA Margin | -27.7% | 0.31% | -11.9% | · | · | · | |
| ROA | -3.1% | -17.5% | -29.1% | · | · | · | |
| ROE | -11.6% | -48.5% | -161.9% | · | · | · | |
| ROIC | -13.8% | -3.3% | -73.5% | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.0 | 0.8 | 0.1 | · | · | · | |
| Quick Ratio | 1.4 | 0.1 | 0.0 | · | · | · | |
| Debt / Equity | 0.0 | 0.0 | 0.1 | · | · | · | |
| Interest Coverage | · | · | -3.7 | · | · | · |
Efficiency 2
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.3 | · | · | · | |
| Receivables Turnover | 19.4 | 41.9 | 84.3 | · | · | · |
Growth Rates 2
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 167.5% | 38.0% | 198.9% | 547.9% | · | · | |
| Revenue CAGR 3Y | 122.6% | 199.0% | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $611M | $144M | $137M | $55M | $9M | · | |
| Net Income TTM | $-184M | $-231M | $-150M | $-46M | $-24M | · | |
| Market Cap | $13.61B | $1.54B | $588M | · | · | · | |
| Enterprise Value | $12.04B | $1.50B | $595M | · | · | · | |
| P/E | -52.0 | -5.9 | -3.2 | -17.8 | -11.8 | · | |
| P/S | 22.3 | 10.7 | 4.3 | · | · | · | |
| P/B | 7.9 | 3.1 | 4.7 | · | · | · | |
| P / Tangible Book | 8.2 | 3.1 | 4.7 | 13.5 | 6.5 | · | |
| P / Cash Flow | 151.8 | -13.3 | 42.6 | · | · | · | |
| P / FCF | -4.9 | -1.9 | -4.6 | · | · | · | |
| EV / EBITDA | -71.2 | 3389.4 | -30.3 | · | · | · | |
| EV / FCF | -4.3 | -1.9 | -4.6 | · | · | · | |
| EV / Revenue | 19.7 | 10.4 | 4.4 | · | · | · | |
| Earnings Yield | -1.9% | -17.0% | -31.0% | -5.6% | -8.5% | · |
Income Statement 16
| Metric | Trend | Q4 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $294M | $127M | $127M | $64M | $105M | $53M | $36M | $35M | $44M | $43M | $42M | $36M | $22M | $14M | $12M | $7M | |
| Cost of Revenue | $168M | $73M | $101M | $56M | $122M | $49M | $23M | $23M | $46M | $47M | $30M | $25M | $16M | $11M | $12M | $6M | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | · | · | · | $4M | $528.0K | $831.0K | |
| SG&A Expense | $166M | $80M | $57M | $29M | $48M | $23M | $26M | $11M | $31M | $30M | $20M | $16M | $11M | $11M | $27M | $5M | |
| Operating Expenses | $391M | $212M | $158M | $87M | $170M | $72M | $49M | $10M | $71M | $99M | $50M | $44M | $27M | $21M | $39M | $11M | |
| Operating Income | $-98M | $-86M | $-31M | $-22M | $-66M | $-19M | $-13M | $25M | $-28M | $-55M | $-8M | $-7M | $-5M | $-7M | $-27M | $-4M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $4M | $2M | $2M | · | $352.0K | $364.0K | $356.0K | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | · | · | · | $-384.0K | $-385.0K | $-450.0K | |
| Pretax Income | $-58M | $-71M | $-27M | $-26M | $-83M | $-35M | $-128M | $16M | $-64M | $-63M | $-11M | $-12M | $-6M | $-7M | $-27M | $-5M | |
| Income Tax | $2M | $-2.0K | $15.0K | $8.0K | $-16.0K | $117.0K | $1.0K | $0 | $96.0K | $0 | $0 | $0 | $-243.0K | $0 | $-312.0K | $32.0K | |
| Net Income | $-82M | $-71M | $-14M | $-17M | $-53M | $-36M | $-139M | $-4M | $-64M | $-63M | $-11M | $-12M | $-7M | $-7M | $-27M | $-5M | |
| EPS (Basic) | $-0.41 | $-0.36 | $-0.07 | $-0.07 | $-0.31 | $-0.16 | $-0.66 | $-0.03 | $-0.58 | $-0.52 | $-0.10 | $-0.11 | $-0.07 | $-0.07 | $-0.28 | $-0.05 | |
| EPS (Diluted) | $-0.41 | $-0.36 | $-0.07 | $-0.07 | $-0.31 | $-0.16 | $-0.66 | $-0.03 | $-0.58 | $-0.52 | $-0.10 | $-0.11 | $-0.07 | $-0.07 | $-0.28 | $-0.05 | |
| Shares (Basic) | -540,104,433 | 281,982,553 | 277,423,733 | 255,892,902 | -379,919,802 | 222,454,578 | 209,560,339 | 149,099,336 | -217,549,911 | 121,426,622 | 109,663,030 | 100,521,673 | -186,671,973 | 94,119,944 | 93,422,427 | 93,105,835 | |
| Shares (Diluted) | -540,104,433 | 281,982,553 | 277,423,733 | 255,892,902 | -379,919,802 | 222,454,578 | 209,560,339 | 149,099,336 | -217,549,911 | 121,426,622 | 109,663,030 | 100,521,673 | -186,671,973 | 94,119,944 | 93,422,427 | 93,105,835 | |
| EBITDA | · | $-65M | $-22M | $-18M | · | $-165.0K | $8M | $44M | · | $-30M | $5M | $3M | · | $-7M | $-27M | $-3M |
Balance Sheet 26
| Metric | Trend | Q4 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.59B | $1.73B | $1.91B | $74M | $44M | $69M | $286M | $58M | $3M | $4M | $9M | $6M | · | $8M | $11M | $33M | |
| Receivables | $56M | $21M | $13M | $29M | $7M | $15M | $12M | $2M | $4M | $225.0K | $307.0K | $27.0K | · | $82.0K | $276.0K | $50.0K | |
| Prepaid Expense | $614M | $479M | $272M | $188M | $10M | $5M | $8M | $2M | $1M | $6M | $2M | $2M | · | $1M | $2M | $2M | |
| Other Current Assets | $21M | $77M | $6M | $4M | $1M | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $4.66B | $2.43B | $2.72B | $642M | $133M | $274M | $328M | $84M | $404M | $106M | $36M | $34M | · | $24M | $21M | $42M | |
| PP&E (Net) | $4.24B | $3.01B | $2.00B | $1.46B | $1.25B | $1.00B | $773M | $478M | $329M | $211M | $259M | $223M | · | $167M | $133M | $95M | |
| PP&E (Gross) | $4.31B | $3.07B | $2.04B | $1.49B | $1.28B | $1.03B | $793M | $496M | $343M | $223M | $268M | $230M | · | $171M | $136M | $97M | |
| Accum. Depreciation | $78M | $57M | $34M | $27M | $27M | $23M | $20M | $17M | $14M | $12M | $10M | $7M | · | $4M | $3M | $2M | |
| Goodwill | $55M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $9.93B | $6.25B | $5.23B | $2.40B | $1.87B | $1.71B | $1.54B | $938M | $763M | $643M | $481M | $349M | · | $208M | $167M | $146M | |
| Accounts Payable | $395M | $377M | $93M | $173M | $251M | $171M | $192M | $140M | $105M | $94M | $38M | $16M | · | $14M | $7M | $13M | |
| Accrued Liabilities | $548M | $377M | $207M | $183M | $30M | $19M | $32M | $27M | $25M | $28M | $11M | $13M | · | · | · | · | |
| Short-term Debt | $16M | $98M | $13M | $382M | $10M | $10M | $7M | $7M | $10M | $19M | $9M | $9M | · | $5M | $4M | $3M | |
| Current Liabilities | $1.16B | $1.02B | $563M | $985M | $500M | $394M | $424M | $387M | $554M | $349M | $202M | $152M | · | $109M | $70M | $49M | |
| Capital Leases | $47M | $45M | $105.0K | $220.0K | $59M | $105M | $98M | $104M | $1M | $69M | $52M | $10M | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | $260.0K | $260.0K | $572.0K | |
| Other Non-current Liabilities | $5M | · | · | · | $0 | · | · | · | · | $0 | $0 | $0 | · | · | · | · | |
| Total Liabilities | $6.19B | $3.68B | $3.16B | $1.29B | $1.24B | $1.21B | $1.05B | $641M | $638M | $525M | $325M | $221M | · | $136M | $95M | $69M | |
| Total Debt | · | $98M | $13M | $382M | · | $10M | $7M | $7M | · | $19M | $9M | $9M | · | $5M | $4M | $3M | |
| Common Stock | $296.0K | $293.0K | $287.0K | $274.0K | $230.0K | $230.0K | $222.0K | $162.0K | $144.0K | $127.0K | $123.0K | $110.0K | · | $100.0K | $94.0K | $93.0K | |
| Paid-in Capital | $2.43B | $2.22B | $2.01B | $1.57B | $1.01B | $914M | $859M | $496M | $375M | $304M | $278M | $240M | · | $155M | $151M | $129M | |
| Retained Earnings | $-662M | $-583M | $-512M | $-498M | $-481M | $-429M | $-393M | $-254M | $-250M | $-186M | $-123M | $-112M | · | $-94M | $-87M | $-61M | |
| Treasury Stock | $53M | $53M | $53M | $31M | $31M | $31M | $31M | $62.0K | $62.0K | $62.0K | $62.0K | $62.0K | · | $62.0K | $62.0K | $62.0K | |
| Stockholders' Equity | $1.72B | $1.58B | $1.45B | $1.04B | $498M | $455M | $435M | $242M | $125M | $118M | $156M | $128M | · | $61M | $64M | $68M | |
| Liabilities + Equity | $9.93B | $6.25B | $5.23B | $2.40B | $1.87B | $1.71B | $1.54B | $938M | $763M | $643M | $481M | $349M | · | $208M | $167M | $146M | |
| Shares Outstanding | 287,883,603 | 285,384,115 | 279,083,210 | 269,292,902 | 224,909,669 | 224,391,160 | 216,555,069 | 157,438,246 | 139,051,142 | 122,417,839 | 117,732,332 | 105,849,157 | 100,927,358 | 94,469,399 | 93,946,353 | 92,835,974 |
Cash Flow 14
| Metric | Trend | Q4 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $34M | $21M | $9M | $4M | $107M | $19M | $5M | $4M | $32M | $26M | $13M | $8M | $2M | $2M | $2M | $1M | |
| Stock-based Comp | $125M | $50M | $29M | $15M | $12M | $10M | $3M | $-3M | $4M | $3M | $5M | $6M | $5M | $4M | $22M | $579.0K | |
| Deferred Tax | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $-260.0K | $0 | $-312.0K | $32.0K | |
| Other Non-cash | · | · | · | $-85M | · | · | · | $-103M | · | · | · | $2M | · | · | · | $20M | |
| Operating Cash Flow | $133M | $55M | $-16M | $-82M | $7M | $6M | $-52M | $-76M | $-32M | $36M | $5M | $5M | $5M | $26M | $11M | $17M | |
| CapEx | $1.29B | $775M | $552M | $249M | $198M | $257M | $171M | $55M | $57M | $39M | $-30M | $33M | $35M | $26M | $39M | $33M | |
| Investing Cash Flow | $-1.34B | $-775M | $-569M | $-249M | $-202M | $-258M | $-175M | $-33M | $-52M | $-54M | $-25M | $-41M | $-36M | $-26M | $-39M | $-32M | |
| Stock Issued | $0 | $0 | $0 | $196M | $0 | $0 | $160M | $32M | $10M | $23M | $34M | $64M | $0 | $0 | $0 | $0 | |
| Stock Repurchased | $0 | $0 | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | · | · | $196M | · | · | · | $32M | · | · | · | $64M | · | · | · | · | |
| Financing Cash Flow | $3.26B | $532M | $2.77B | $322M | $57M | $199M | $455M | $163M | $75M | $24M | $24M | $24M | $52M | $5M | $5M | $9M | |
| Net Change in Cash | $2.05B | $-188M | $2.18B | $-9M | $-138M | $-53M | $228M | $55M | $-9M | $6M | $3M | $-12M | $21M | $5M | $-23M | $-5M | |
| Free Cash Flow | · | · | · | $-331M | · | · | · | $-131M | · | · | · | $-71M | · | · | · | $-14M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | $-73M | · | · | · | $-15M |
Profitability 8
| Metric | Trend | Q4 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | · | · | · | · | · | · | · | · | 25.2% | 4.3% | 12.0% | |
| Operating Margin | · | -67.7% | -24.4% | -34.7% | · | -35.8% | -29.1% | 15.6% | · | -128.8% | -19.4% | -14.1% | · | -49.4% | -216.2% | -60.3% | |
| Net Margin | · | -55.7% | -11.4% | -26.4% | · | -67.2% | -217.2% | -7.0% | · | -145.0% | -24.9% | -31.5% | · | -49.9% | -215.7% | -65.4% | |
| Pretax Margin | · | -55.7% | -21.0% | -40.9% | · | -67.0% | -217.2% | -7.0% | · | -145.0% | -24.9% | -32.6% | · | -52.1% | -219.3% | -66.8% | |
| EBITDA Margin | · | -51.2% | -17.7% | -28.2% | · | -0.31% | 12.3% | 72.2% | · | -68.3% | 12.4% | 7.5% | · | -49.4% | -216.2% | -43.9% | |
| ROA | · | -1.8% | -0.43% | -1.0% | · | -3.0% | -13.7% | -0.66% | · | -14.8% | -3.2% | -4.6% | · | -5.2% | -31.8% | -6.2% | |
| ROE | · | -6.9% | -1.5% | -2.6% | · | -12.4% | -47.0% | -2.3% | · | -70.1% | -9.6% | -11.7% | · | -26.9% | -83.8% | -13.3% | |
| ROIC | · | -5.1% | -2.1% | -1.6% | · | -4.1% | -4.2% | 3.8% | · | -40.5% | -5.0% | -3.7% | · | -10.6% | -39.0% | -5.9% |
Liquidity & Solvency 4
| Metric | Trend | Q4 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 2.4 | 4.8 | 0.7 | · | 0.7 | 0.8 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.3 | 0.9 | |
| Quick Ratio | · | 1.7 | 3.4 | 0.1 | · | 0.2 | 0.7 | 0.2 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.2 | 0.7 | |
| Debt / Equity | · | 0.1 | 0.0 | 0.4 | · | 0.0 | 0.0 | 0.0 | · | 0.2 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -12.7 | -3.5 | -2.5 | · | -18.1 | -69.3 | -11.7 |
Efficiency 2
| Metric | Trend | Q4 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | · | 7.2 | 9.9 | 4.1 | · | 7.1 | 10.1 | 52.2 | · | 282.4 | 144.8 | 943.5 | · | 25.2 | 89.4 | 277.0 |
Valuation (TTM) 14
| Metric | Trend | Q4 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $370M | $280M | $188M | · | $167M | $157M | $157M | · | $136M | $105M | $70M | · | $34M | $20M | $8M | |
| Net Income TTM | · | $-137M | $-206M | $-195M | · | $-241M | $-216M | $-89M | · | $-92M | $-56M | $-50M | · | $-45M | $-38M | $-25M | |
| Market Cap | · | $7.78B | $7.56B | $4.30B | · | $1.80B | $2.19B | $575M | · | $508M | $550M | $639M | · | $250M | $183M | $220M | |
| Enterprise Value | · | $6.15B | $5.66B | $4.61B | · | $1.74B | $1.91B | $523M | · | $523M | $550M | $643M | · | $247M | $177M | $189M | |
| P/E | · | -41.3 | -28.2 | -17.4 | · | -5.8 | -7.7 | -4.8 | · | -5.2 | -8.3 | -11.8 | · | -5.1 | -4.3 | -4.9 | |
| P/S | · | 21.0 | 27.0 | 22.9 | · | 10.7 | 14.0 | 3.7 | · | 3.7 | 5.2 | 9.2 | · | 7.3 | 9.0 | 27.7 | |
| P/B | · | 4.9 | 5.2 | 4.1 | · | 3.9 | 5.0 | 2.4 | · | 4.3 | 3.5 | 5.0 | · | 4.1 | 2.9 | 3.2 | |
| P / Tangible Book | · | 4.9 | 5.2 | 4.1 | · | 3.9 | 5.0 | 2.4 | · | 4.3 | 3.5 | 5.0 | · | 4.1 | 2.9 | 3.2 | |
| P / Cash Flow | · | · | · | -52.5 | · | · | · | -7.6 | · | · | · | 141.5 | · | · | · | 12.7 | |
| P / FCF | · | · | · | -13.0 | · | · | · | -4.4 | · | · | · | -9.0 | · | · | · | -15.3 | |
| EV / EBITDA | · | -94.8 | -253.1 | -254.2 | · | -10524.4 | 243.6 | 11.9 | · | -17.7 | 104.7 | 235.1 | · | -35.5 | -6.6 | -62.2 | |
| EV / FCF | · | · | · | -13.9 | · | · | · | -4.0 | · | · | · | -9.0 | · | · | · | -13.2 | |
| EV / Revenue | · | 16.6 | 20.2 | 24.5 | · | 10.4 | 12.2 | 3.3 | · | 3.8 | 5.2 | 9.2 | · | 7.2 | 8.7 | 23.8 | |
| Earnings Yield | · | -2.4% | -3.5% | -5.8% | · | -17.1% | -13.0% | -20.8% | · | -19.3% | -12.0% | -8.4% | · | -19.6% | -23.1% | -20.2% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | |
|---|---|---|---|---|---|
| Revenue | $611M | $229M | $166M | $55M | $9M |
| Operating Margin % | -38.7% | -11.7% | -59.8% | — | — |
| Net Income | $-184M | $-231M | $-150M | $-46M | $-24M |
| Diluted EPS | $-0.91 | $-1.16 | $-1.31 | $-0.47 | $-0.41 |
Balance Sheet
| 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.1 | — | — |
| Current Ratio | 4.0 | 0.8 | 0.1 | — | — |
| Quick Ratio | 1.4 | 0.1 | 0.0 | — | — |
Cash Flow
| 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-2.78B | $-797M | $-128M | — | — |
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Institutional owners (13F) 648 filers · $9.3B 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 |
|---|---|---|---|---|
| 192 (+82 vs prior Q) | 56 (-14 vs prior Q) | 182 (+9 vs prior Q) | 165 (+17 vs prior Q) | +56.9M |
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 |
|---|---|---|---|---|
| Hood River Capital Management LLC | $839,954,485 | 22,518,887 | 9.07% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $512,084,688 | 13,728,812 | 5.53% | Shares |
| Situational Awareness LP | $469,022,807 | 15,384,616 | 5.06% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $431,032,049 | 11,555,819 | 4.65% | Shares |
| TWO SIGMA INVESTMENTS, LP | $384,157,064 | 10,299,117 | 4.15% | Shares |
| JANE STREET GROUP, LLC | $364,148,710 | 9,762,700 | 3.93% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $337,326,280 | 9,043,600 | 3.64% | Call option |
| Situational Awareness Partners LP | $319,978,118 | 13,478,438 | 3.45% | Shares |
| EQUITEC PROPRIETARY MARKETS, LLC | $312,348,857 | 8,373,964 | 3.37% | Shares |
| NOMURA HOLDINGS INC | $279,750,000 | 7,500,000 | 3.02% | Call option |
| PEAK6 LLC | $279,556,040 | 7,494,800 | 3.02% | Call option |
| GOLDMAN SACHS GROUP INC | $246,221,664 | 6,601,117 | 2.66% | Shares |
| CITADEL ADVISORS LLC | $244,467,930 | 6,554,100 | 2.64% | Call option |
| JANE STREET GROUP, LLC | $209,734,170 | 5,622,900 | 2.26% | Put option |
| Value Aligned Research Advisors, LLC | $206,866,919 | 5,546,030 | 2.23% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $195,782,308 | 4,183,544 | 2.11% | Shares |
| Oasis Management Co Ltd. | $186,772,924 | 5,007,317 | 2.02% | Shares |
| STATE STREET CORP | $167,196,689 | 4,482,378 | 1.81% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $134,302,380 | 3,600,600 | 1.45% | Put option |
| DBA TRADING, LLC | $132,379,819 | 5,576,235 | 1.43% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $131,152,246 | 3,516,146 | 1.42% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $122,302,000 | 3,278,874 | 1.32% | Shares |
| NORGES BANK | $115,207,652 | 3,088,677 | 1.24% | Shares |
| D. E. Shaw & Co., Inc. | $113,161,523 | 3,033,821 | 1.22% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $113,141,344 | 3,033,280 | 1.22% | Shares |
| BANK OF AMERICA CORP /DE/ | $93,135,154 | 2,496,921 | 1.01% | Shares |
| CITADEL ADVISORS LLC | $88,236,880 | 2,365,600 | 0.95% | Put option |
| AMERIPRISE FINANCIAL INC | $76,498,345 | 2,050,894 | 0.83% | Shares |
| Squarepoint Ops LLC | $66,986,175 | 1,795,876 | 0.72% | Shares |
| UBS Group AG | $65,312,300 | 1,751,000 | 0.71% | Call option |
| BARCLAYS PLC | $65,002,448 | 1,742,693 | 0.70% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $62,787,053 | 1,683,299 | 0.68% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $60,175,195 | 1,613,276 | 0.65% | Shares |
| Walleye Trading LLC | $55,815,720 | 1,496,400 | 0.60% | Call option |
| CITADEL ADVISORS LLC | $51,201,001 | 1,372,681 | 0.55% | Shares |
| Balyasny Asset Management L.P. | $49,847,496 | 1,336,394 | 0.54% | Shares |
| B. Riley Asset Management, LLC | $40,003,228 | 1,631,453 | 0.43% | Shares |
| MILLENNIUM MANAGEMENT LLC | $39,756,914 | 1,065,869 | 0.43% | Shares |
| Value Aligned Research Advisors, LLC | $39,068,020 | 1,047,400 | 0.42% | Call option |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $38,778,609 | 1,039,641 | 0.42% | Shares |
| D. E. Shaw & Co., Inc. | $38,627,880 | 1,035,600 | 0.42% | Put option |
| D. E. Shaw & Co., Inc. | $37,572,290 | 1,007,300 | 0.41% | Call option |
| Walleye Trading LLC | $33,663,250 | 902,500 | 0.36% | Put option |
| Marex Group Ltd | $33,570,000 | 900,000 | 0.36% | Call option |
| TIGER GLOBAL MANAGEMENT LLC | $33,010,500 | 885,000 | 0.36% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $29,661,706 | 795,220 | 0.32% | Shares |
| Point72 Asset Management, L.P. | $29,440,890 | 789,300 | 0.32% | Put option |
| Point72 Asset Management, L.P. | $29,430,036 | 789,009 | 0.32% | Shares |
| LPL Financial LLC | $28,896,534 | 774,706 | 0.31% | Shares |
| UBS Group AG | $28,243,560 | 757,200 | 0.30% | Put option |
| Steward Partners Investment Advisory, LLC | $27,330,531 | 732,722 | 0.30% | Shares |
| Qube Research & Technologies Ltd | $25,888,960 | 694,074 | 0.28% | Shares |
| Caption Management, LLC | $24,991,000 | 670,000 | 0.27% | Call option |
| Point72 Asset Management, L.P. | $24,614,270 | 659,900 | 0.27% | Call option |
| MORGAN STANLEY | $24,496,924 | 656,754 | 0.26% | Shares |
| WOLVERINE TRADING, LLC | $22,280,685 | 1,005,900 | 0.24% | Call option |
| Parallax Volatility Advisers, L.P. | $21,495,990 | 576,300 | 0.23% | Call option |
| Arosa Capital Management LP | $20,142,000 | 540,000 | 0.22% | Call option |
| VAN ECK ASSOCIATES CORP | $19,931,964 | 534,369 | 0.22% | Shares |
| Swiss National Bank | $19,250,530 | 516,100 | 0.21% | Shares |
| CLEARFIELD CAPITAL MANAGEMENT LP | $19,186,337 | 514,379 | 0.21% | Shares |
| Driehaus Capital Management LLC | $16,799,734 | 450,395 | 0.18% | Shares |
| BlackRock, Inc. | $16,093,495 | 431,461 | 0.17% | Shares |
| Focus Partners Wealth | $15,978,436 | 428,376 | 0.17% | Shares |
| JANUS HENDERSON GROUP PLC | $15,966,704 | 672,623 | 0.17% | Shares |
| ALGERT GLOBAL LLC | $15,798,415 | 423,550 | 0.17% | Shares |
| Voleon Capital Management LP | $14,614,252 | 391,803 | 0.16% | Shares |
| Bank of New York Mellon Corp | $14,491,721 | 388,518 | 0.16% | Shares |
| BIT Capital GmbH | $14,414,883 | 386,458 | 0.16% | Shares |
| IMC-Chicago, LLC | $13,413,341 | 359,607 | 0.14% | Shares |
| WOLVERINE TRADING, LLC | $12,676,445 | 572,300 | 0.14% | Put option |
| Alphadyne Asset Management LP | $12,275,430 | 329,100 | 0.13% | Put option |
| Bleakley Financial Group, LLC | $11,468,221 | 307,459 | 0.12% | Shares |
| BARCLAYS PLC | $10,790,890 | 289,300 | 0.12% | Call option |
| THAMES CAPITAL MANAGEMENT LLC | $10,748,629 | 288,167 | 0.12% | Shares |
| Parallax Volatility Advisers, L.P. | $10,738,670 | 287,900 | 0.12% | Put option |
| Clarity Financial LLC | $10,521,398 | 282,075 | 0.11% | Shares |
| Krane Funds Advisors LLC | $10,098,229 | 270,730 | 0.11% | Shares |
| Shannon River Fund Management LLC | $9,902,180 | 265,474 | 0.11% | Shares |
| RAYMOND JAMES FINANCIAL INC | $9,650,517 | 258,727 | 0.10% | Shares |
| Allianz Asset Management GmbH | $9,455,550 | 253,500 | 0.10% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $9,196,912 | 246,566 | 0.10% | Shares |
| TFR Capital, LLC. | $8,706,864 | 233,428 | 0.09% | Shares |
| PLUSTICK MANAGEMENT LLC | $8,392,500 | 225,000 | 0.09% | Shares |
| Catalyst Funds Management Pty Ltd | $8,232,110 | 220,700 | 0.09% | Shares |
| RHUMBLINE ADVISERS | $7,965,641 | 213,557 | 0.09% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $7,844,227 | 210,301 | 0.08% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $7,761,832 | 208,092 | 0.08% | Shares |
| UBS Group AG | $7,731,246 | 207,272 | 0.08% | Shares |
| Schonfeld Strategic Advisors LLC | $7,685,700 | 206,051 | 0.08% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $7,668,544 | 205,591 | 0.08% | Shares |
| MILLENNIUM MANAGEMENT LLC | $7,474,920 | 200,400 | 0.08% | Call option |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $7,459,552 | 199,988 | 0.08% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $7,446,348 | 199,634 | 0.08% | Shares |
| Steamboat Capital Partners, LLC | $7,202,817 | 193,105 | 0.08% | Shares |
| Alphadyne Asset Management LP | $7,057,160 | 189,200 | 0.08% | Call option |
| COMMONWEALTH EQUITY SERVICES, LLC | $6,981,180 | 187,163 | 0.08% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $6,915,581 | 291,305 | 0.07% | Shares |
| Cetera Investment Advisers | $6,821,760 | 182,889 | 0.07% | Shares |
| Shay Capital LLC | $6,539,473 | 175,321 | 0.07% | Shares |
Company insiders 27 insiders · 10 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Wesley Cummins | CEO; Chairman | Aug. 4, 2026 J | 12,798 | 0 | 1 | $-6,009,300 |
| Samuel A Kovnat | Chief Executive Officer | Dec. 14, 2005 A | — | 0 | 0 | $0 |
| Mohammad Saidal Lavanway Mohmand | Chief Financial Officer | Aug. 4, 2026 J | 888,431 | 0 | 2 | $-4,775,734 |
| David Rench | Chief Financial Officer | Aug. 5, 2024 M | 311,965 | 0 | 0 | $0 |
| David D Cryer | Chief Financial Officer | Dec. 14, 2005 A | — | 0 | 0 | $0 |
| Jason Zhang | President | July 31, 2026 F | 2,588,415 | 0 | 0 | $0 |
| William B Cotton | President | Dec. 14, 2005 A | — | 0 | 0 | $0 |
| Frank L Rees | Executive Vice-President | Dec. 14, 2005 A | — | 0 | 0 | $0 |
| Laura Laltrello | Chief Operating Officer | July 31, 2026 F | 813,156 | 0 | 0 | $0 |
| Michael Maniscalco | Chief Technology Officer | Aug. 5, 2024 M | 118,403 | 0 | 0 | $0 |
| Douglas S Miller | Director | April 27, 2026 S | 184,859 | 0 | 3 | $-951,040 |
| Chuck Hastings | Director | Jan. 29, 2026 S | 388,372 | 0 | 3 | $-4,414,969 |
| Ella G. Benson | Director | Nov. 24, 2025 S | 68,422 | 0 | 2 | $-1,701,937 |
| Rachel H. Lee | Director | Nov. 9, 2025 A | 67,147 | 0 | 1 | $-803,872 |
| Kate Reed | Director | June 28, 2024 A | 357,160 | 0 | 0 | $0 |
| Kelli Mcdonald | Director | Feb. 22, 2024 D | 194,821 | 0 | 0 | $0 |
| Virginia Moore | Director | Feb. 22, 2024 D | 76,191 | 0 | 0 | $0 |
| Jackson Kemper JR | Director | Jan. 25, 2007 A | 98,667 | 0 | 0 | $0 |
| Larry L Pressler | Director | Dec. 14, 2005 A | — | 0 | 0 | $0 |
| Joseph J Luca | Director | Dec. 14, 2005 A | — | 0 | 0 | $0 |
| Stephen P Tocco | Director | Dec. 14, 2005 A | — | 0 | 0 | $0 |
| Richard N Nottenburg | — | Aug. 4, 2026 S | 133,378 | 0 | 8 | $-5,656,422 |
| Regina Ingel | — | Aug. 5, 2023 M | 110,870 | 0 | 0 | $0 |
| Richard S Rosenfeld | — | Jan. 14, 2009 P | — | 0 | 0 | $0 |
| James A Schwartz | — | Jan. 14, 2009 P | — | 0 | 0 | $0 |
| Kenneth S Wood | — | Jan. 14, 2009 P | — | 0 | 0 | $0 |
| Bryant R. Riley | — | Oct. 31, 2005 S | 3,500 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 6 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Wesley Cummins ×8 filings | July 8, 2026 | 7.60% | Amendment | — | SEC |
| Applied Digital Corporation ×2 filings | June 26, 2026 | 96.10% | Amendment | — | SEC |
| Jason Zhang ×2 filings | Oct. 11, 2024 | — | Initial filing | — | SEC |
| Oasis Management Company Ltd., Oasis Investments II Master Fund Ltd., Seth Fischer ×2 filings | July 16, 2024 | — | Initial filing | — | SEC |
| Cummins Family Limited Partnership, Cummins Family Holdings, LLC, Wesley Cummins, Lance Cummins, Cummins Family Limited Partnership Cummins Family Holdings, LLC Wesley Cummins Lance Cummins Sole Voting Power 28,571,428 (3) 28,571,428 (3) 278,900 (1) 21,700 Shared Voting Power 0 0 28,701,928 (2)(3) 28,701,928 (2)(3) Sole Dispositive Power 28,571,428 ( | Jan. 26, 2009 | — | Initial filing | — | SEC |
| ANDREW COHEN (2) | May 14, 2004 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 62 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 |
|---|---|---|---|---|
| CEPI · ETF Opportunities Trust | 5.70% | 156,183 NS | April 30, 2026 | N-PORT |
| IBLC · iShares Trust | 4.37% | 120,790 SH | Aug. 8, 2026 | Daily |
| ERTH · Invesco Exchange-Traded Fund Trust | 1.08% | 50,674 SH | Aug. 8, 2026 | Daily |
| SATO · Invesco Exchange-Traded Fund Trust … | 0.76% | 1,843 SH | Aug. 8, 2026 | Daily |
| AIPO · Tidal Trust II | 0.53% | 84,181 NS | May 31, 2026 | N-PORT |
| JSML · Janus Detroit Street Trust | 0.45% | 41,121 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.42% | 24,574 NS | May 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.38% | 57,765 NS | April 30, 2026 | N-PORT |
| ANEW · ProShares Trust | 0.38% | 621 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.33% | 2,492 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.28% | 11,193 NS | May 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.26% | 11,982 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.26% | 3,407,315 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.25% | 1,194,970 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.24% | 38,531 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.22% | 76,988 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.22% | 116,285 SH | Aug. 8, 2026 | Daily |
| OASC · Unified Series Trust | 0.21% | 3,802 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.20% | 36,380 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.17% | 35,705 NS | May 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.17% | 100,406 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.17% | 8,754 NS | May 31, 2026 | N-PORT |
| GTOS · Invesco Actively Managed Exchange-T… | 0.16% | 183,000 | Aug. 8, 2026 | Daily |
| GTO · Invesco Actively Managed Exchange-T… | 0.13% | 3,634,000 | Aug. 8, 2026 | Daily |
| TEXN · iShares Trust | 0.13% | 735 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.12% | 8,856 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.11% | 15,885 NS | April 30, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.11% | 580,407 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.11% | 110,373 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.11% | 2,918,390 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.11% | 5,899,130 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.11% | 10,940 SH | Aug. 8, 2026 | Daily |
| SMMD · iShares Trust | 0.10% | 128,225 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.10% | 38,233 NS | April 30, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 0.08% | 3,795,699 SH | Aug. 8, 2026 | Daily |
| IWS · iShares Trust | 0.07% | 382,871 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.07% | 16,147 SH | Aug. 8, 2026 | Daily |
| IWR · iShares Trust | 0.05% | 1,039,688 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.05% | 222 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.04% | 55,880 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.04% | 10,905 SH | Aug. 8, 2026 | Daily |
| IYW · iShares Trust | 0.04% | 317,059 SH | Aug. 8, 2026 | Daily |
| IGM · iShares Trust | 0.03% | 119,362 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.03% | 70,292 NS | May 31, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 153,647 SH | Aug. 8, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.02% | 57,647 SH | Aug. 8, 2026 | Daily |
| IWD · iShares Trust | 0.02% | 564,628 SH | Aug. 8, 2026 | Daily |
| GUSA · Goldman Sachs ETF Trust II | 0.02% | 8,544 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.02% | 147,053 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.02% | 9,301 NS | April 30, 2026 | N-PORT |