CDZI Cadiz, Inc. - Common Stock
$3.31
Price · Aug 19, 2026
Fundamentals as of May 14, 2026
52W Range
$3–$7
11% of range
Analyst Rating
BUY
9 analysts
Price Target
$11
+222% upside
P/E (TTM)
—
ROE
-116.1%
Net Profit Margin
-209.4%
CDZI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.31
Market Cap
$275M
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$16M
Div Yield
1.8%
ROE
-116.1%
Debt/Equity
3.1
52W Range
$3 – $7
CDZI 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
$16M
2017-12-31
→
2025-12-31
EPS
—
Free Cash Flow
$-27M
2019-12-31
→
2025-12-31
Margins
-209.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CDZI
Peer Median
P/S (TTM)
16.9
5.4
P/B
11.8
1.9
EV / EBITDA
-13.3
—
Price / FCF
-10.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CDZI
Peer Median
Operating Margin
-156.9%
—
Net Profit Margin
-209.4%
22.1%
ROA
-24.8%
3.2%
ROE
-116.1%
9.1%
ROIC
-26.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CDZI
Peer Median
Debt / Equity
3.1
—
Current Ratio
1.2
0.7
Quick Ratio
1.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CDZI
Peer Median
Revenue YoY
69.8%
—
Revenue CAGR 3Y
121.5%
—
Revenue CAGR 5Y
97.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CDZI
Peer Median
Payout Ratio
-14.9%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
1.8%
Payout Ratio
-14.9%
5Y Div CAGR
—
CDZI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
9 analysts
- Strong Buy 2 22.2%
- Buy 6 66.7%
- Hold 1 11.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
3 analysts · 2026-08-14
Median
$10.00
Mean
$10.67
← Below all targets
$3.31
Low
$7.00
High
$15.00
Median target
$10.00
+202.1%
Mean target
$10.67
+222.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.08%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.12 | $-0.13 | 0.01% |
| Dec. 31, 2025 | $-0.13 | $0.22 | -0.35% |
| Sept. 30, 2025 | $-0.10 | $-0.09 | -0.01% |
| June 30, 2025 | $-0.11 | $-0.09 | -0.02% |
| March 31, 2025 | $-0.14 | $-0.11 | -0.03% |
| Dec. 31, 2024 | $-0.14 | $-0.08 | -0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CDZI | $467M | — | 69.8% | -209.4% | -116.1% | — |
| CWT | $2.58B | 20.2 | 6.4% | 13.3% | 7.7% | — |
| HTO | $1.77B | 16.8 | 7.0% | 12.8% | 6.8% | — |
| MSEX | $934M | 21.4 | 1.5% | 22.0% | 9.0% | — |
| YORW | $460M | 22.9 | 3.4% | 25.9% | 8.5% | — |
| ARTNA | — | 14.3 | 4.6% | — | — | — |
| PCYO | $242M | 18.6 | -9.2% | 50.2% | 9.5% | 61.5% |
| GWRS | — | 76.8 | 5.8% | 5.3% | 3.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16M | $10M | $2M | $2M | $564.0K | $541.0K | $441.0K | $440.0K | $437.0K | $412.0K | $304.0K | |
| Cost of Revenue | $11M | $7M | $3M | $2M | $0 | · | · | · | · | · | $334.0K | |
| SG&A Expense | $29M | $24M | $19M | $15M | $18M | $12M | $12M | $11M | $13M | $9M | $14M | |
| Operating Expenses | $42M | $33M | $23M | $18M | $18M | $12M | $12M | $12M | $13M | $10M | $14M | |
| Operating Income | $-26M | $-23M | $-21M | $-17M | $-18M | $-12M | $-12M | $-11M | $-13M | $-9M | $-14M | |
| Interest Expense | $9M | $8M | $5M | $8M | $11M | $12M | $17M | $15M | $18M | · | · | |
| Interest Income | · | · | · | · | $0 | $33.0K | $226.0K | $223.0K | $51.0K | · | · | |
| Pretax Income | $-34M | $-31M | $-31M | $-25M | $-30M | $-36M | $-29M | $-26M | $-34M | $-26M | $-24M | |
| Income Tax | $11.0K | $11.0K | $11.0K | $7.0K | $10.0K | $7.0K | $6.0K | $6.0K | $4.0K | $4.0K | $4.0K | |
| Net Income | $-34M | $-31M | $-31M | $-25M | $-31M | $-38M | $-30M | $-26M | $-34M | $-26M | $-24M | |
| EPS (Basic) | $-0.48 | $-0.53 | $-0.56 | $-0.60 | $-0.84 | · | · | · | · | · | · | |
| Shares (Diluted) | · | · | · | · | · | 34,188 | 26,549 | 23,998,000 | 22,535,000 | 18,719,000 | 17,782,000 | |
| EBITDA | $-26M | $-23M | $-21M | $-17M | $-18M | $-11M | $-12M | · | · | $-9M | $-14M |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9M | $17M | $5M | $10M | $11M | $7M | $16M | $13M | $13M | $12M | $3M | |
| Receivables | $6M | $5M | $904.0K | $454.0K | $270.0K | $55.0K | $49.0K | $38.0K | $36.0K | $39.0K | $187.0K | |
| Inventory | $1M | $3M | $2M | $316.0K | $0 | · | · | · | · | · | · | |
| Prepaid Expense | $701.0K | $888.0K | $508.0K | $380.0K | $691.0K | $691.0K | $386.0K | $408.0K | $411.0K | $3M | $309.0K | |
| Current Assets | $16M | $26M | $8M | $12M | $13M | $8M | $16M | $13M | $13M | $16M | $3M | |
| PP&E (Net) | $95M | $88M | $87M | $84M | $79M | $53M | $50M | $47M | $45M | $44M | $44M | |
| PP&E (Gross) | $107M | $99M | $97M | $92M | $86M | $61M | $57M | $53M | $51M | $50M | $50M | |
| Accum. Depreciation | $12M | $11M | $9M | $8M | $7M | $7M | $7M | $6M | $6M | $6M | $6M | |
| Goodwill | $6M | $6M | $6M | $6M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | |
| Other Non-current Assets | $17M | $10M | $5M | $5M | $4M | $5M | $4M | $4M | $4M | $4M | $3M | |
| Total Assets | $141M | $134M | $107M | $111M | $112M | $74M | $77M | $69M | $67M | $67M | $55M | |
| Accounts Payable | $4M | $2M | $1M | $1M | $286.0K | $548.0K | $194.0K | $225.0K | $411.0K | $439.0K | $309.0K | |
| Accrued Liabilities | $2M | $8M | $1M | $2M | $808.0K | $674.0K | $5M | $2M | $2M | $4M | $2M | |
| Current Liabilities | $13M | $14M | $6M | $6M | $3M | $3M | $5M | $4M | $6M | $5M | $2M | |
| Capital Leases | $3M | $3M | $318.0K | $318.0K | $3M | $0 | $16M | $14M | $13M | $12M | · | |
| Other Non-current Liabilities | $51.0K | $46.0K | $41.0K | $36.0K | $32.0K | $0 | $15.0K | · | · | · | · | |
| Total Liabilities | $118M | $101M | $67M | $77M | $72M | $100M | $159M | $156M | $145M | $121M | $111M | |
| Long-term Debt | $78M | $61M | $38M | $50M | $50M | $79M | $138M | $155M | $147M | $125M | $116M | |
| Total Debt | $73M | $57M | $38M | $49M | $47M | $79M | $138M | · | · | $103M | $108M | |
| Common Stock | $830.0K | $752.0K | $665.0K | $556.0K | $436.0K | $368.0K | $285.0K | $247.0K | $230.0K | $218.0K | $179.0K | |
| Paid-in Capital | $715M | $709M | $679M | $637M | $614M | $514M | $419M | $384M | $365M | $355M | $327M | |
| Retained Earnings | $-692M | $-676M | $-640M | $-603M | $-573M | $-539M | $-502M | $-470M | $-444M | $-410M | $-384M | |
| Stockholders' Equity | $23M | $34M | $40M | $34M | $41M | $-25M | $-82M | $-86M | $-79M | $-54M | $-56M | |
| Liabilities + Equity | $141M | $134M | $107M | $111M | $112M | $74M | $77M | $69M | $67M | $67M | $55M | |
| Shares Outstanding | 83,213,589 | 75,353,889 | 66,710,795 | 55,823,810 | 43,656,169 | 36,902,361 | 28,480,567 | 24,654,911 | 22,987,434 | 21,768,864 | 17,876,016 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | $381.0K | $265.0K | $258.0K | $274.0K | $292.0K | $270.0K | |
| Stock-based Comp | $5M | $5M | $1M | $2M | $5M | $2M | $562.0K | $473.0K | $2M | $1M | $1M | |
| Other Non-cash | · | · | · | · | · | $22M | $15M | · | · | $15M | $10M | |
| Operating Cash Flow | $-19M | $-22M | $-21M | $-19M | $-15M | $-13M | $-14M | $-12M | $-10M | $-10M | $-13M | |
| CapEx | $8M | $934.0K | $6M | $3M | $23M | $6M | $2M | $2M | $1M | · | $906.0K | |
| Investing Cash Flow | $-13M | $-1M | $-6M | $-4M | $-23M | $-10M | $-3M | $-4M | $-1M | · | $-906.0K | |
| Debt Issued | · | · | · | · | · | · | · | · | $57M | $8M | · | |
| Net Debt Issued | $-127.0K | $-177.0K | $-15M | $-170.0K | $-78M | $-43.0K | $-59.0K | · | · | $-3M | $-42.0K | |
| Stock Issued | $18M | $22M | $38M | $22M | $32M | $15M | $19M | $16M | · | $11M | · | |
| Net Stock Activity | $18M | $22M | $38M | $22M | $32M | $15M | $19M | · | · | $11M | · | |
| Dividends Paid | $5M | $5M | $5M | $5M | $1M | $0 | · | · | · | · | · | |
| Financing Cash Flow | $25M | $36M | $18M | $17M | $51M | $15M | $19M | $15M | $12M | $19M | $-42.0K | |
| Net Change in Cash | $-6M | $13M | $-9M | $-6M | $12M | $-8M | $3M | $-472.0K | $858.0K | $9M | $-14M | |
| Taxes Paid | $11.0K | $11.0K | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-27M | $-22M | $-27M | $-22M | $-38M | $-19M | $-15M | · | · | · | $-13M | |
| Levered FCF | $-35M | $-30M | $-32M | $-30M | $-50M | $-31M | $-32M | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -156.9% | -242.0% | -1051.7% | -1103.4% | -3105.0% | -2172.6% | -2718.6% | · | · | -2235.4% | -4608.2% | |
| Net Margin | -209.4% | -324.1% | -1579.4% | -1651.7% | -5540.6% | -6990.2% | -6695.7% | · | · | -6393.0% | -7899.0% | |
| Pretax Margin | -209.3% | -324.0% | -1578.9% | -1653.9% | -5371.8% | -6588.0% | -6583.2% | · | · | -6392.0% | -7897.7% | |
| EBITDA Margin | -156.9% | -242.0% | -1051.7% | -1103.4% | -3105.0% | -2102.2% | -2658.5% | · | · | -2164.6% | -4519.4% | |
| ROA | -24.8% | -24.6% | -28.8% | -22.2% | -33.5% | -50.1% | -40.4% | · | · | -43.2% | -38.9% | |
| ROE | -116.1% | -113.9% | -71.8% | -74.9% | -71.2% | 158.2% | 35.0% | · | · | 47.5% | 49.9% | |
| ROIC | -26.7% | -25.6% | -26.9% | -19.9% | -20.1% | -22.0% | -21.6% | · | · | -19.1% | -27.1% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.8 | 1.4 | 2.2 | 5.3 | 2.6 | 3.4 | · | · | 3.4 | 1.6 | |
| Quick Ratio | 1.1 | 1.5 | 0.9 | 1.9 | 4.5 | 2.3 | 3.3 | · | · | 2.7 | 1.4 | |
| Debt / Equity | 3.1 | 1.7 | 0.9 | 1.4 | 1.1 | -3.1 | -1.7 | · | · | -1.9 | -1.9 | |
| LT Debt / Equity | 3.1 | 1.7 | 0.9 | 1.4 | 1.1 | -3.1 | -1.7 | · | · | -1.9 | -1.9 | |
| Interest Coverage | -3.0 | -3.0 | -4.2 | -2.0 | -1.5 | -1.0 | -0.7 | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | · | 0.0 | 0.0 | |
| Inventory Turnover | 5.4 | 2.8 | 2.4 | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 3.2 | 3.5 | 2.9 | 4.1 | 3.5 | 10.4 | 10.1 | · | · | 3.6 | 1.4 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 69.8% | 382.6% | 32.6% | 166.1% | 4.2% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 121.5% | 157.3% | 54.4% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 97.6% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $16M | $10M | $2M | $2M | $564.0K | $541.0K | $441.0K | $440.0K | $437.0K | $412.0K | $304.0K | |
| Net Income TTM | $-34M | $-31M | $-31M | $-25M | $-31M | $-38M | $-30M | $-26M | $-34M | $-26M | $-24M | |
| Market Cap | $467M | $392M | $187M | $140M | $169M | $393M | $314M | · | · | $272M | $94M | |
| Enterprise Value | $531M | $431M | $220M | $179M | $204M | $464M | $436M | · | · | $362M | $200M | |
| P/S | 28.6 | 40.8 | 93.8 | 93.0 | 298.8 | 726.5 | 711.7 | · | · | 660.5 | 309.3 | |
| P/B | 20.1 | 11.5 | 4.7 | 4.1 | 4.1 | -15.5 | -3.8 | · | · | -5.0 | -1.7 | |
| P / Tangible Book | 26.6 | 13.9 | 5.5 | 4.9 | 4.6 | · | · | · | · | · | · | |
| P / Cash Flow | -24.7 | -18.2 | -8.9 | -7.5 | -11.0 | -29.3 | -22.9 | · | · | -28.6 | -7.5 | |
| P / FCF | -17.6 | -17.4 | -7.0 | -6.4 | -4.4 | -20.5 | -20.5 | · | · | · | -7.0 | |
| EV / EBITDA | -20.7 | -18.6 | -10.5 | -10.8 | -11.7 | -40.8 | -37.2 | · | · | -40.6 | -14.5 | |
| EV / FCF | -20.0 | -19.2 | -8.2 | -8.1 | -5.3 | -24.2 | -28.5 | · | · | · | -14.8 | |
| EV / Revenue | 32.5 | 44.9 | 110.6 | 119.0 | 361.9 | 858.3 | 988.1 | · | · | 879.8 | 656.6 | |
| Dividend Yield | 1.1% | 1.3% | 2.7% | 3.7% | 0.86% | 0.00% | · | · | · | · | · | |
| Payout Ratio | -14.9% | -16.4% | -16.2% | -20.6% | -4.6% | · | · | · | · | · | · | |
| Annual Payout | $5M | $5M | $5M | $5M | $1M | $0 | · | · | · | · | · |
Income Statement 12
| Metric | Trend | 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $5M | $4M | $4M | $3M | $5M | $3M | $513.0K | $1M | $684.0K | $368.0K | $809.0K | $130.0K | $575.0K | $599.0K | $185.0K | |
| Cost of Revenue | $1M | $3M | $3M | $3M | $2M | $3M | $2M | $852.0K | $1M | $1M | $692.0K | $768.0K | $22.0K | $904.0K | $1M | $0 | |
| SG&A Expense | $7M | $9M | $6M | $7M | $8M | $8M | $5M | $6M | $5M | $4M | $5M | $5M | $4M | $4M | $4M | $3M | |
| Operating Expenses | $8M | $12M | $9M | $10M | $10M | $11M | $8M | $7M | $6M | $6M | $6M | $6M | $4M | $6M | $5M | $4M | |
| Operating Income | $-7M | $-7M | $-5M | $-6M | $-8M | $-7M | $-5M | $-7M | $-5M | $-5M | $-6M | $-6M | $-4M | $-5M | $-4M | $-3M | |
| Interest Expense | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | |
| Pretax Income | $-9M | $-10M | $-7M | $-8M | $-10M | $-9M | $-7M | $-9M | $-7M | $-7M | $-7M | $-7M | $-11M | $-7M | $-7M | $-5M | |
| Income Tax | · | · | · | · | · | $3.0K | $3.0K | $2.0K | $3.0K | $3.0K | $4.0K | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K | |
| Net Income | $-9M | $-10M | $-7M | $-8M | $-10M | $-9M | $-7M | $-9M | $-7M | $-7M | $-7M | $-7M | $-11M | $-7M | $-7M | $-5M | |
| EPS (Basic) | $-0.12 | $-0.13 | $-0.10 | $-0.11 | $-0.14 | $-0.14 | $-0.12 | $-0.15 | $-0.12 | $-0.12 | $-0.12 | $-0.13 | $-0.19 | $-0.16 | $-0.15 | $-0.13 | |
| Shares (Basic) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 50,793,000 | 50,770,000 | |
| EBITDA | $-7M | · | $-5M | $-6M | $-8M | · | $-5M | $-7M | $-5M | · | $-6M | $-6M | $-4M | · | $-4M | · |
Balance Sheet 25
| Metric | Trend | 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17M | $9M | $4M | $13M | $22M | $17M | $3M | $10M | $19M | $5M | $13M | $19M | $26M | $10M | $7M | $13M | |
| Receivables | $5M | $6M | $4M | $4M | $5M | $5M | $3M | $2M | $2M | $904.0K | $410.0K | $880.0K | $225.0K | $454.0K | $546.0K | $154.0K | |
| Inventory | $1M | $1M | $3M | $3M | $3M | $3M | $4M | $4M | $3M | $2M | $2M | $1M | · | $316.0K | $335.0K | · | |
| Prepaid Expense | $978.0K | $701.0K | $845.0K | $733.0K | $1M | $888.0K | $1M | $1M | $993.0K | $508.0K | $782.0K | $613.0K | $2M | $380.0K | $814.0K | $910.0K | |
| Current Assets | $24M | $16M | $12M | $21M | $31M | $26M | $12M | $17M | $25M | $8M | $17M | $23M | $29M | $12M | $10M | $16M | |
| PP&E (Net) | $96M | $95M | $94M | $93M | $92M | $88M | $87M | $87M | $87M | $87M | $86M | $85M | $85M | $84M | $81M | $81M | |
| PP&E (Gross) | $109M | $107M | $105M | $104M | $103M | $99M | · | · | · | $97M | · | · | · | $92M | · | · | |
| Accum. Depreciation | $12M | $12M | $11M | $11M | $11M | $11M | · | · | · | $9M | · | · | · | $8M | · | · | |
| Goodwill | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $4M | $4M | |
| Other Non-current Assets | $14M | $17M | $10M | $10M | $10M | $10M | $5M | $5M | $5M | $5M | $6M | $5M | $5M | $5M | $5M | $5M | |
| Total Assets | $146M | $141M | $128M | $136M | $146M | $134M | $113M | $118M | $126M | $107M | $114M | $121M | $128M | $111M | $104M | $114M | |
| Accounts Payable | $5M | $4M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $1M | $2M | $1M | $1M | $1M | $462.0K | $633.0K | |
| Accrued Liabilities | $3M | $2M | $6M | $5M | $7M | $8M | $2M | $2M | $2M | $1M | $1M | $2M | $1M | $2M | $907.0K | $2M | |
| Current Liabilities | $13M | $13M | $9M | $12M | $14M | $14M | $9M | $9M | $9M | $6M | $6M | $6M | $5M | $6M | $3M | $4M | |
| Capital Leases | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $318.0K | $354.0K | $384.0K | $418.0K | $444.0K | $0 | $3M | |
| Other Non-current Liabilities | $52.0K | $51.0K | $50.0K | $48.0K | $47.0K | $46.0K | $44.0K | $43.0K | $42.0K | $41.0K | $39.0K | $38.0K | $37.0K | $36.0K | $35.0K | $34.0K | |
| Total Liabilities | $131M | $118M | $100M | $101M | $102M | $101M | $92M | $91M | $89M | $67M | $67M | $68M | $67M | $77M | $72M | $75M | |
| Long-term Debt | $86M | $78M | $60M | $59M | $58M | $57M | $56M | $55M | $54M | $38M | $38M | $37M | $37M | $49M | $49M | $48M | |
| Total Debt | $86M | · | $60M | $59M | $58M | · | $56M | $55M | $54M | · | $38M | $37M | $37M | · | $49M | · | |
| Common Stock | $836.0K | $830.0K | $818.0K | $817.0K | $816.0K | $752.0K | $679.0K | $676.0K | $671.0K | $665.0K | $664.0K | $664.0K | $663.0K | $556.0K | $506.0K | $506.0K | |
| Paid-in Capital | $716M | $715M | $709M | $710M | $730M | $709M | $686M | $685M | $684M | $679M | $679M | $676M | $675M | $637M | $627M | $626M | |
| Retained Earnings | $-701M | $-692M | $-682M | $-675M | $-687M | $-676M | $-666M | $-658M | $-648M | $-640M | $-632M | $-624M | $-615M | $-603M | $-595M | $-587M | |
| Stockholders' Equity | $16M | $23M | $28M | $36M | $44M | $34M | $21M | $28M | $37M | $40M | $48M | $53M | $61M | $34M | $32M | $39M | |
| Liabilities + Equity | $146M | $141M | $128M | $136M | $146M | $134M | $113M | $118M | $126M | $107M | $114M | $121M | $128M | $111M | $104M | $114M | |
| Shares Outstanding | 83,799,366 | 83,213,589 | 82,025,586 | 81,896,376 | 81,785,011 | 75,353,889 | 68,096,161 | 67,800,188 | 67,283,574 | 66,710,795 | 66,604,981 | 66,595,606 | 66,541,262 | 55,823,810 | 50,793,567 | 50,770,275 |
Cash Flow 12
| Metric | Trend | 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $479.0K | $1M | $503.0K | $550.0K | $3M | $1M | $1M | $1M | $1M | $354.0K | $653.0K | $163.0K | $326.0K | $528.0K | $492.0K | $423.0K | |
| Operating Cash Flow | $-6M | $-7M | $-7M | $-1M | $-4M | $-6M | $-5M | $-7M | $-3M | $-6M | $-6M | $-6M | $-4M | $-5M | $-6M | $-4M | |
| CapEx | $242.0K | $1M | $450.0K | $5M | $1M | $412.0K | $55.0K | $281.0K | $186.0K | $2M | $602.0K | $1M | $2M | $944.0K | $684.0K | $1M | |
| Investing Cash Flow | $-242.0K | $-1M | $-450.0K | $-5M | $-6M | $-662.0K | $-55.0K | $-281.0K | $-186.0K | $-2M | $-602.0K | $-1M | $-2M | $-2M | $-685.0K | $-1M | |
| Net Debt Issued | $-22.0K | · | · | · | $-40.0K | · | · | · | $-52.0K | · | · | · | $-15M | · | · | · | |
| Stock Issued | $0 | $0 | $0 | $0 | $18M | $22M | $0 | $0 | $0 | · | · | · | · | $10M | $0 | $0 | |
| Net Stock Activity | $0 | · | · | · | $18M | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Financing Cash Flow | $14M | $12M | $-1M | $-2M | $17M | $21M | $-1M | $-2M | $18M | $-1M | $-1M | $-1M | $21M | $9M | $-1M | $-1M | |
| Net Change in Cash | $8M | $4M | $-9M | $-8M | $7M | $14M | $-7M | $-9M | $15M | $-9M | $-7M | $-8M | $15M | $2M | $-8M | $-7M | |
| Free Cash Flow | $-6M | · | · | · | $-5M | · | · | · | $-3M | · | · | · | $-6M | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | $-5M | · | · | · | $-8M | · | · | · |
Profitability 7
| Metric | Trend | 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -418.8% | · | -118.0% | -140.0% | -255.0% | · | -147.9% | -1354.6% | -437.8% | · | -1565.0% | -690.2% | -3193.8% | · | -741.9% | · | |
| Net Margin | -529.2% | · | -170.4% | -187.3% | -324.8% | · | -210.7% | -1729.4% | -611.1% | · | -1884.8% | -873.2% | -8223.9% | · | -1092.7% | · | |
| Pretax Margin | -529.0% | · | -170.4% | -187.3% | -324.6% | · | -210.6% | -1729.0% | -610.8% | · | -1883.7% | -872.9% | -8222.3% | · | -1092.0% | · | |
| EBITDA Margin | -418.8% | · | -118.0% | -140.0% | -255.0% | · | -147.9% | -1354.6% | -437.8% | · | -1565.0% | -690.2% | -3193.8% | · | -741.9% | · | |
| ROA | -5.9% | · | -5.9% | -6.1% | -7.1% | · | -6.0% | -7.4% | -5.4% | · | -6.3% | -6.0% | -8.6% | · | -5.8% | · | |
| ROE | -29.0% | · | -29.2% | -24.5% | -23.8% | · | -19.9% | -22.1% | -14.1% | · | -17.4% | -15.4% | -20.1% | · | -16.6% | · | |
| ROIC | · | · | · | · | · | · | -6.2% | -8.4% | -5.4% | · | -6.8% | -6.2% | -4.3% | · | -5.5% | · |
Liquidity & Solvency 5
| Metric | Trend | 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | · | 1.3 | 1.8 | 2.2 | · | 1.4 | 1.9 | 2.9 | · | 2.8 | 4.0 | 5.4 | · | 3.6 | · | |
| Quick Ratio | 1.7 | · | 0.9 | 1.5 | 1.9 | · | 0.7 | 1.3 | 2.4 | · | 2.3 | 3.5 | 4.9 | · | 2.7 | · | |
| Debt / Equity | 5.5 | · | 2.2 | 1.7 | 1.3 | · | 2.7 | 2.0 | 1.5 | · | 0.8 | 0.7 | 0.6 | · | 1.5 | · | |
| LT Debt / Equity | 5.5 | · | 2.2 | 1.7 | 1.3 | · | 2.7 | 2.0 | 1.5 | · | 0.8 | 0.7 | 0.6 | · | 1.5 | · | |
| Interest Coverage | -2.8 | · | -2.3 | -3.0 | -3.7 | · | -2.4 | -3.6 | -2.5 | · | -4.9 | -4.2 | -2.8 | · | -2.1 | · |
Efficiency 3
| Metric | Trend | 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | · | |
| Inventory Turnover | 0.5 | · | 0.8 | 0.7 | 0.7 | · | 0.7 | 0.3 | 0.7 | · | 0.6 | 1.1 | · | · | 5.8 | · | |
| Receivables Turnover | 0.3 | · | 1.2 | 1.4 | 0.9 | · | 1.8 | 0.4 | 1.2 | · | 0.8 | 1.6 | 0.7 | · | 1.9 | · |
Valuation (TTM) 13
| Metric | Trend | 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 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $13M | · | $14M | $11M | $8M | · | $5M | $3M | $2M | · | $2M | $2M | $1M | · | $1M | · | |
| Net Income TTM | $-33M | · | $-31M | $-33M | $-32M | · | $-29M | $-30M | $-32M | · | $-31M | $-30M | $-29M | · | $-26M | · | |
| Market Cap | $411M | · | $387M | $245M | $240M | · | $206M | $210M | $195M | · | $220M | $270M | $269M | · | $97M | · | |
| Enterprise Value | $481M | · | $443M | $291M | $276M | · | $259M | $254M | $230M | · | $245M | $288M | $279M | · | $138M | · | |
| P/S | 32.0 | · | 26.8 | 22.6 | 30.7 | · | 39.5 | 74.5 | 80.4 | · | 115.7 | 156.9 | 254.6 | · | 90.4 | · | |
| P/B | 26.4 | · | 14.0 | 6.9 | 5.4 | · | 10.0 | 7.6 | 5.3 | · | 4.6 | 5.1 | 4.4 | · | 3.0 | · | |
| P / Tangible Book | 41.6 | · | 17.6 | 8.2 | 6.3 | · | 13.8 | 9.6 | 6.3 | · | 5.3 | 5.8 | 4.9 | · | 3.4 | · | |
| P / Cash Flow | -74.7 | · | · | · | -65.8 | · | · | · | -67.9 | · | · | · | -66.1 | · | · | · | |
| P / FCF | -71.5 | · | · | · | -48.6 | · | · | · | -63.8 | · | · | · | -42.8 | · | · | · | |
| EV / EBITDA | -70.3 | · | -90.4 | -50.3 | -36.6 | · | -54.3 | -36.6 | -46.9 | · | -42.5 | -51.6 | -67.3 | · | -31.1 | · | |
| EV / FCF | -83.5 | · | · | · | -55.9 | · | · | · | -75.3 | · | · | · | -44.5 | · | · | · | |
| EV / Revenue | 37.4 | · | 30.6 | 26.9 | 35.3 | · | 49.5 | 90.5 | 94.9 | · | 128.4 | 167.3 | 264.5 | · | 129.3 | · | |
| Payout Ratio | -14.6% | · | · | · | -13.4% | · | · | · | -18.8% | · | · | · | -12.0% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2024-03-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|---|
| Revenue | $16M | $10M | — | $2M | $2M |
| Operating Margin % | -156.9% | -242.0% | — | -1051.7% | -1103.4% |
| Net Income | $-34M | $-31M | — | $-31M | $-25M |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2024-03-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 3.1 | 1.7 | — | 0.9 | 1.4 |
| Current Ratio | 1.2 | 1.8 | — | 1.4 | 2.2 |
| Quick Ratio | 1.1 | 1.5 | — | 0.9 | 1.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2024-03-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-27M | $-22M | — | $-27M | $-22M |
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Institutional owners (13F) 131 filers · $110.0M 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 |
|---|---|---|---|---|
| 17 (-16 vs prior Q) | 32 (+19 vs prior Q) | 35 (-12 vs prior Q) | 43 (+3 vs prior Q) | +1.9M |
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 |
|---|---|---|---|---|
| LEVIN CAPITAL STRATEGIES, L.P. | $18,795,700 | 4,496,579 | 17.09% | Shares |
| Whitefort Capital Management, LP | $16,664,916 | 3,986,822 | 15.15% | Shares |
| BANK OF AMERICA CORP /DE/ | $14,709,119 | 3,518,928 | 13.37% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $10,339,573 | 2,473,582 | 9.40% | Shares |
| STATE STREET CORP | $5,882,802 | 1,407,369 | 5.35% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $5,318,781 | 1,272,036 | 4.83% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,198,411 | 765,170 | 2.91% | Shares |
| American Assets Capital Advisers | $2,837,253 | 601,113 | 2.58% | Shares |
| ELKHORN PARTNERS LIMITED PARTNERSHIP | $2,742,080 | 656,000 | 2.49% | Shares |
| Permanent Capital Management, LP | $2,247,502 | 537,680 | 2.04% | Shares |
| Cinctive Capital Management LP | $2,198,450 | 525,945 | 2.00% | Shares |
| CITIGROUP INC | $1,817,042 | 434,699 | 1.65% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,703,007 | 407,418 | 1.55% | Shares |
| Potomac Capital Management, Inc. | $1,463,000 | 350,000 | 1.33% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,193,808 | 285,600 | 1.09% | Call option |
| Parkshore Wealth Management, Inc. | $1,102,809 | 263,830 | 1.00% | Shares |
| NOMURA HOLDINGS INC | $985,799 | 235,837 | 0.90% | Shares |
| Hartree Partners, LP | $836,000 | 200,000 | 0.76% | Shares |
| Nuveen Asset Management, LLC | $802,131 | 154,256 | 0.73% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $801,636 | 191,779 | 0.73% | Shares |
| ALLIANCEBERNSTEIN L.P. | $741,209 | 150,959 | 0.67% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $640,819 | 153,306 | 0.58% | Shares |
| Delta Investment Management, LLC | $551,054 | 131,831 | 0.50% | Shares |
| Squarepoint Ops LLC | $533,276 | 127,578 | 0.48% | Shares |
| CITADEL ADVISORS LLC | $522,939 | 125,105 | 0.48% | Shares |
| GOLDMAN SACHS GROUP INC | $520,113 | 124,429 | 0.47% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $470,342 | 112,522 | 0.43% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $464,503 | 111,125 | 0.42% | Shares |
| Skopos Labs, Inc. | $438,935 | 89,396 | 0.40% | Shares |
| HCR Wealth Advisors | $367,840 | 88,000 | 0.33% | Shares |
| WOLVERINE TRADING, LLC | $366,909 | 77,244 | 0.33% | Shares |
| RHUMBLINE ADVISERS | $355,834 | 85,130 | 0.32% | Shares |
| MILLENNIUM MANAGEMENT LLC | $332,327 | 79,504 | 0.30% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $317,262 | 75,900 | 0.29% | Put option |
| BRC Group Holdings, Inc. | $314,486 | 75,236 | 0.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $293,311 | 70,170 | 0.27% | Shares |
| Caption Management, LLC | $286,330 | 68,500 | 0.26% | Call option |
| Pekin Hardy Strauss, Inc. | $257,070 | 61,500 | 0.23% | Shares |
| ExodusPoint Capital Management, LP | $253,053 | 60,539 | 0.23% | Shares |
| JANE STREET GROUP, LLC | $233,449 | 55,849 | 0.21% | Shares |
| Massar Capital Management, LP | $228,650 | 54,701 | 0.21% | Shares |
| DBA TRADING, LLC | $226,056 | 46,040 | 0.21% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $219,734 | 52,568 | 0.20% | Shares |
| WELLS FARGO & COMPANY/MN | $218,288 | 52,222 | 0.20% | Shares |
| FLAX POND CAPITAL, LLC | $216,587 | 51,815 | 0.20% | Shares |
| Alpine Global Management, LLC | $209,000 | 50,000 | 0.19% | Shares |
| Rangeley Capital, LLC | $209,000 | 50,000 | 0.19% | Shares |
| Ancora Advisors LLC | $194,955 | 46,640 | 0.18% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $174,185 | 41,671 | 0.16% | Shares |
| MINDSET WEALTH MANAGEMENT, LLC | $167,200 | 40,000 | 0.15% | Shares |
| Caption Management, LLC | $154,493 | 36,960 | 0.14% | Shares |
| Bank of New York Mellon Corp | $146,910 | 35,146 | 0.13% | Shares |
| Rathbones Group PLC | $145,706 | 34,858 | 0.13% | Shares |
| Dynamic Technology Lab Private Ltd | $143,000 | 34,272 | 0.13% | Shares |
| VANGUARD GROUP INC | $139,274 | 24,826 | 0.13% | Shares |
| PEAK6 LLC | $133,998 | 32,057 | 0.12% | Shares |
| WOLVERINE TRADING, LLC | $133,950 | 28,200 | 0.12% | Call option |
| MetLife Investment Management, LLC | $130,119 | 31,129 | 0.12% | Shares |
| PEAK6 LLC | $125,400 | 30,000 | 0.11% | Call option |
| Christopher J. Hasenberg, Inc | $119,190 | 39,863 | 0.11% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $118,837 | 28,430 | 0.11% | Shares |
| SEI INVESTMENTS CO | $114,766 | 27,456 | 0.10% | Shares |
| Nuveen, LLC | $114,766 | 27,456 | 0.10% | Shares |
| MORGAN STANLEY | $109,353 | 26,161 | 0.10% | Shares |
| SAXON INTERESTS, INC. | $108,822 | 26,034 | 0.10% | Shares |
| Balyasny Asset Management L.P. | $104,542 | 25,010 | 0.10% | Shares |
| Vanguard Global Advisers, LLC | $103,773 | 24,826 | 0.09% | Shares |
| BlackRock, Inc. | $99,522 | 23,809 | 0.09% | Shares |
| Wealthspire Advisors, LLC | $96,809 | 23,160 | 0.09% | Shares |
| CWM, LLC | $94,778 | 19,303 | 0.09% | Shares |
| Invesco Ltd. | $94,267 | 22,552 | 0.09% | Shares |
| JPMORGAN CHASE & CO | $92,084 | 23,733 | 0.08% | Shares |
| Brookwood Investment Group LLC | $87,780 | 21,000 | 0.08% | Shares |
| Lido Advisors, LLC | $83,600 | 20,000 | 0.08% | Shares |
| Jump Financial, LLC | $80,256 | 19,200 | 0.07% | Shares |
| FRANKLIN RESOURCES INC | $79,228 | 18,954 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $76,076 | 18,200 | 0.07% | Call option |
| Brevan Howard Capital Management LP | $75,842 | 18,144 | 0.07% | Shares |
| Police & Firemen's Retirement System of New Jersey | $75,069 | 17,959 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $71,955 | 17,214 | 0.07% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $70,216 | 16,798 | 0.06% | Shares |
| EntryPoint Capital, LLC | $58,441 | 13,981 | 0.05% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $56,781 | 13,584 | 0.05% | Shares |
| XTX Topco Ltd | $55,243 | 13,216 | 0.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $55,243 | 13,216 | 0.05% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $47,084 | 11,264 | 0.04% | Shares |
| Mariner, LLC | $46,890 | 11,211 | 0.04% | Shares |
| GABELLI FUNDS LLC | $41,800 | 10,000 | 0.04% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $39,585 | 9,470 | 0.04% | Shares |
| NORTHERN TRUST CORP | $37,499 | 8,971 | 0.03% | Shares |
| BARCLAYS PLC | $31,550 | 7,548 | 0.03% | Shares |
| FMR LLC | $31,517 | 7,540 | 0.03% | Shares |
| PNC Financial Services Group, Inc. | $28,232 | 6,754 | 0.03% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $21,991 | 5,261 | 0.02% | Shares |
| LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA | $20,900 | 5,000 | 0.02% | Shares |
| Legal & General Group Plc | $20,900 | 4,994 | 0.02% | Shares |
| Tower Research Capital LLC (TRC) | $20,495 | 4,903 | 0.02% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $14,607 | 2,975 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $13,999 | 3,349 | 0.01% | Shares |
| Arax Advisory Partners | $10,274 | 2,458 | 0.01% | Shares |
Company insiders 34 insiders · 4 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Susan P Kennedy | Chief Executive Officer | March 14, 2025 D | 69,337 | 0 | 0 | $0 |
| Scott S Slater | Chief Executive Officer | July 13, 2023 P | 123,881 | 0 | 0 | $0 |
| Stanley E Speer | Chief Financial Officer | Oct. 31, 2025 M | 297,285 | 0 | 0 | $0 |
| Timothy J Shaheen | CFO | March 5, 2020 A | 114,887 | 0 | 0 | $0 |
| Maria Echaveste | Director | June 30, 2025 A | 39,627 | 0 | 0 | $0 |
| Richard Garcia Polanco | Director | June 30, 2025 A | 22,052 | 0 | 0 | $0 |
| Kenneth T Lombard | Director | June 30, 2025 A | 24,887 | 0 | 0 | $0 |
| Winston H Hickox | Director | June 30, 2025 A | 193,071 | 0 | 0 | $0 |
| Stephen E Courter | Director | June 30, 2025 A | 75,489 | 0 | 0 | $0 |
| Maria S. Dreyfus | Director | April 1, 2025 A | 160,383 | 0 | 0 | $0 |
| Barbara A Lloyd | Director | April 1, 2025 A | 9,708 | 0 | 0 | $0 |
| De Macias Carolyn D Webb | Director | July 3, 2023 A | 25,641 | 0 | 0 | $0 |
| Geoffrey T Grant | Director | April 3, 2023 A | 520,882 | 0 | 0 | $0 |
| Keith Brackpool | Director | April 3, 2023 A | 1,933,701 | 0 | 0 | $0 |
| Richard Nevins | Director | Oct. 1, 2020 A | 22,462 | 0 | 0 | $0 |
| Murray H Hutchison | Director | Oct. 1, 2020 A | 62,503 | 0 | 0 | $0 |
| Jeffrey J Brown | Director | Jan. 2, 2020 A | 8,868 | 0 | 0 | $0 |
| John A Bohn | Director | June 30, 2019 A | 2,807 | 0 | 0 | $0 |
| Heerema International Group Services SA | 10% owner | Nov. 5, 2024 P | 22,783,965 | 0 | 0 | $0 |
| Odey Asset Management LLP | 10% owner | June 13, 2023 S | 0 | 0 | 0 | $0 |
| Water Asset Management LLC | 10% owner | July 11, 2019 S | 2,458,219 | 0 | 0 | $0 |
| Dominic Redfern | 10% owner | Nov. 12, 2012 S | 386,651 | 0 | 0 | $0 |
| Mark Donegan | 10% owner | Nov. 12, 2012 S | 386,651 | 0 | 0 | $0 |
| Peloton Partners, LLP | 10% owner | June 30, 2007 A | 1,268,811 | 0 | 0 | $0 |
| MORGAN STANLEY | 10% owner | Feb. 2, 2006 S | 1,102,481 | 0 | 0 | $0 |
| ING GROEP NV | 10% owner | Jan. 25, 2005 S | 1,987,639 | 0 | 0 | $0 |
| Raymond J Pacini | — | June 30, 2019 A | 28,590 | 0 | 0 | $0 |
| Bryant R. Riley | — | June 30, 2013 A | 928 | 0 | 0 | $0 |
| Stephen J Duffy | — | June 30, 2010 A | 5,528 | 0 | 0 | $0 |
| Richard E Stoddard | — | Jan. 14, 2010 A | 60,311 | 0 | 0 | $0 |
| Gregory Ritchie | — | Feb. 10, 2005 J | 1,000 | 0 | 0 | $0 |
| Geoffrey W Arens | — | Feb. 10, 2005 J | 0 | 0 | 0 | $0 |
| Dwight W Makins | — | Feb. 11, 2004 A | 13,425 | 0 | 0 | $0 |
| Anthony L Coelho | — | Feb. 5, 2004 A | 4,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 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 |
|---|---|---|---|---|---|
| Heerema International Group Services S.A. ×7 filings | Nov. 6, 2024 | — | Initial filing | — | SEC |
| Water Asset Management, LLC, TRF Master Fund (Cayman) LP, Anthony L. Arnerich, John A. Bohn, Jeffrey J. Brown ×3 filings | April 23, 2019 | — | Initial filing | Board campaign | SEC |
| LC Capital Master Fund, Ltd., LC Capital Partners, L.P., LC Capital Advisors, LLC, LC Capital Offshore Fund, Ltd., Lampe, Conway & Co., LLC, Steven G. Lampe, Richard F. Conway ×5 filings | Feb. 7, 2019 | — | Initial filing | Passive investment | SEC |
| ING Groep N.V., ING Capital LLC ×4 filings | June 15, 2007 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Feb. 15, 2005 | — | Initial filing | Board campaign | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Feb. 14, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 13, 2001 | — | 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 18 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 |
|---|---|---|---|---|
| AQWA · Global X Funds | 0.33% | 16,092 NS | May 31, 2026 | N-PORT |
| CGW · Invesco Exchange-Traded Fund Trust … | 0.13% | 398,327 SH | Aug. 8, 2026 | Daily |
| TBLU · Tortoise Capital Series Trust | 0.04% | 4,696 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.04% | 192,264 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 524,569 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 328,942 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 60,981 SH | Aug. 8, 2026 | Daily |
| VPU · VANGUARD WORLD FUND | 0.01% | 370,065 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 24,256 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 2,630 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 1,433,132 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.00% | 2,056 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 2,080 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 52 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,389 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 629,513 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,784,164 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,182 SH | Aug. 8, 2026 | Daily |