MASS 908 Devices Inc. - Common Stock
$9.99
Price · Aug 19, 2026
Fundamentals as of Aug 11, 2026
52W Range
$5–$11
90% of range
Analyst Rating
STRONG BUY
11 analysts
Price Target
$11
+10% upside
P/E (TTM)
18.5
ROE
13.3%
Net Profit Margin
34.7%
MASS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$9.99
Market Cap
$363M
P/E (TTM)
18.5
EPS (TTM)
$0.54
Revenue (TTM)
$56M
Div Yield
—
ROE
13.3%
Debt/Equity
—
52W Range
$5 – $11
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$56M
2020-12-31
→
2025-12-31
EPS
$0.54
2020-12-31
→
2025-12-31
Free Cash Flow
$-25M
2021-12-31
→
2025-12-31
Margins
34.7%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MASS
Peer Median
P/E (TTM)
18.5
41.4
P/S (TTM)
6.5
6.4
P/B
2.5
2.8
Price / FCF
-14.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MASS
Peer Median
Gross Margin
50.6%
51.6%
Operating Margin
-70.2%
—
Net Profit Margin
34.7%
-8.8%
ROA
11.2%
-4.2%
ROE
13.3%
-6.4%
ROIC
-27.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MASS
Peer Median
Current Ratio
4.2
3.1
Quick Ratio
3.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MASS
Peer Median
Revenue YoY
17.7%
—
Revenue CAGR 3Y
6.2%
—
Revenue CAGR 5Y
15.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MASS
Peer Median
MASS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
11 analysts
- Strong Buy 5 45.5%
- Buy 5 45.5%
- Hold 1 9.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
3 analysts · 2026-08-15
Median
$11.00
← Below all targets
$9.99
Low
$10.00
High
$12.00
Median target
$11.00
+10.1%
Mean target
$11.00
+10.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.11 | $-0.17 | 0.06% |
| March 31, 2026 | $-0.32 | $-0.16 | -0.16% |
| Dec. 31, 2025 | $0.10 | $-0.07 | 0.17% |
| Sept. 30, 2025 | $-0.41 | $-0.17 | -0.24% |
| June 30, 2025 | $-0.18 | $-0.19 | 0.01% |
| March 31, 2025 | $-0.28 | $-0.33 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MASS | $191M | 9.7 | 17.7% | 34.7% | 13.3% | 50.6% |
| LPTH | $132M | -8.6 | 17.3% | -40.0% | -70.2% | 27.2% |
| EVLV | — | — | — | — | — | — |
| DAKT | $1.06B | 21.4 | 10.9% | 5.4% | 15.2% | 27.3% |
| FEIM | $495M | -557.3 | -9.4% | -1.4% | -1.6% | 29.1% |
| AIOT | $413M | -20.5 | 22.4% | -4.6% | -4.5% | 55.5% |
| SMRT | $383M | -6.3 | -12.9% | -39.8% | -25.7% | — |
| VUZI | $307M | -9.0 | 9.1% | -513.8% | -120.5% | -16.9% |
| CODA | $116M | 27.7 | 30.8% | 15.6% | 7.2% | 66.5% |
| WRAP | $123M | -10.8 | 3.7% | -221.2% | -88.9% | 57.8% |
| KEYS | $36.97B | 37.3 | 8.0% | 15.8% | 15.5% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $56M | $48M | $50M | $47M | $42M | $27M | |
| Cost of Revenue | $28M | $23M | $25M | $21M | $19M | $12M | |
| Gross Profit | $28M | $24M | $25M | $26M | $23M | $15M | |
| R&D Expense | $16M | $15M | $22M | $18M | $13M | $8M | |
| SG&A Expense | $39M | $39M | $46M | $44M | $32M | $13M | |
| Operating Expenses | $68M | $82M | $68M | $61M | $45M | $21M | |
| Operating Income | $-39M | $-57M | $-43M | $-35M | $-22M | $-6M | |
| Interest Expense | · | · | $201.0K | $129.0K | $486.0K | $976.0K | |
| Other Non-op | $-346.0K | $-241.0K | $-131.0K | $-83.0K | $-162.0K | $-6M | |
| Pretax Income | $-33M | $-53M | $-37M | $-34M | · | · | |
| Income Tax | $-66.0K | $-282.0K | $-211.0K | $0 | · | · | |
| Net Income | $19M | $-72M | $-36M | $-34M | $-22M | $-13M | |
| EPS (Basic) | $0.54 | $-2.12 | $-1.13 | $-1.07 | $-0.79 | $-2.35 | |
| EPS (Diluted) | $0.54 | $-2.12 | $-1.13 | $-1.07 | $-0.79 | $-2.35 | |
| Shares (Basic) | 35,898,542 | 34,076,321 | 32,239,394 | 31,492,531 | 27,957,904 | 5,485,032 | |
| Shares (Diluted) | 35,898,542 | 34,076,321 | 32,239,394 | 31,492,531 | 27,957,904 | 5,485,032 | |
| EBITDA | $-35M | $-72M | $-40M | $-34M | $-21M | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $71M | $44M | $121M | $188M | $224M | $159M | |
| Short-term Investments | $42M | $26M | $25M | $0 | · | · | |
| Receivables | $11M | $9M | $9M | $10M | $16M | $7M | |
| Inventory | $13M | $11M | $15M | $13M | $8M | $5M | |
| Prepaid Expense | $7M | $4M | $4M | $5M | $5M | $347.0K | |
| Current Assets | $145M | $103M | $174M | $216M | $253M | $171M | |
| PP&E (Net) | $4M | $2M | $3M | $3M | $2M | $850.0K | |
| PP&E (Gross) | $9M | $5M | $9M | $8M | $5M | $5M | |
| Accum. Depreciation | $4M | $4M | $6M | $5M | $3M | $4M | |
| Goodwill | $0 | $0 | $10M | $10M | · | · | |
| Intangibles | $36M | $39M | $8M | $8M | · | · | |
| Other Non-current Assets | $471.0K | $511.0K | $1M | $1M | $1M | $723.0K | |
| Total Assets | $190M | $159M | $203M | $243M | $261M | $179M | |
| Accounts Payable | $2M | $1M | $1M | $1M | $1M | $1M | |
| Accrued Liabilities | $7M | $7M | $9M | $9M | $7M | $5M | |
| Current Liabilities | $34M | $25M | $23M | $19M | $15M | $11M | |
| Capital Leases | $4M | $3M | $4M | $3M | $5M | $6M | |
| Deferred Tax | · | $2M | $2M | $3M | · | · | |
| Other Non-current Liabilities | $30.0K | $2M | · | $555.0K | · | $194.0K | |
| Total Liabilities | $46M | $45M | $37M | $52M | $46M | $40M | |
| Long-term Debt | · | · | · | · | · | $15M | |
| Total Debt | · | · | · | $15M | $15M | · | |
| Common Stock | $36.0K | $35.0K | $33.0K | $32.0K | $31.0K | $27.0K | |
| Paid-in Capital | $367M | $356M | $335M | $324M | $315M | $217M | |
| Retained Earnings | $-223M | $-243M | $-171M | $-134M | $-101M | $-78M | |
| AOCI | $54.0K | $1M | $1M | $798.0K | · | · | |
| Stockholders' Equity | $144M | $115M | $165M | $191M | $215M | $139M | |
| Liabilities + Equity | $190M | $159M | $203M | $243M | $261M | $179M | |
| Shares Outstanding | 36,321,866 | 35,098,493 | 32,519,023 | 31,859,847 | 31,077,004 | 27,273,095 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $4M | $5M | $2M | $2M | $925.0K | $831.0K | |
| Stock-based Comp | $10M | $12M | $10M | $7M | $3M | $525.0K | |
| Deferred Tax | · | $-283.0K | $-305.0K | $-129.0K | · | · | |
| Amort. of Intangibles | $3M | $2M | $877.0K | $343.0K | · | · | |
| Restructuring | $1M | $710.0K | · | · | · | · | |
| Other Non-cash | $-57M | $26M | $-526.0K | $4M | $-10M | · | |
| Operating Cash Flow | $-24M | $-30M | $-25M | $-21M | $-29M | $4M | |
| CapEx | $955.0K | $602.0K | $2M | $2M | $737.0K | $9.0K | |
| Investing Cash Flow | $51M | $-46M | $-26M | $-16M | $-737.0K | $-9.0K | |
| Financing Cash Flow | $-697.0K | $-376.0K | $-16M | $1M | $95M | $137M | |
| Net Change in Cash | $26M | $-77M | $-67M | $-36M | $65M | $141M | |
| Taxes Paid | $-66.0K | $184.0K | · | · | · | · | |
| Free Cash Flow | $-25M | $-31M | $-27M | $-23M | $-30M | · | |
| Levered FCF | · | · | $-27M | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 50.6% | 50.1% | 50.4% | 55.5% | 55.0% | · | |
| Operating Margin | -70.2% | -128.7% | -85.1% | -75.5% | -52.3% | · | |
| Net Margin | 34.7% | -121.1% | -72.5% | -71.6% | -52.5% | · | |
| Pretax Margin | -59.3% | -121.6% | -72.9% | · | · | · | |
| EBITDA Margin | -62.2% | -120.8% | -80.4% | -72.1% | -50.1% | · | |
| ROA | 11.2% | -39.8% | -16.3% | -13.3% | -10.1% | · | |
| ROE | 13.3% | -58.8% | -21.7% | -17.3% | -13.1% | · | |
| ROIC | -27.4% | -66.7% | -25.7% | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.2 | 4.1 | 7.7 | 11.2 | 17.0 | · | |
| Quick Ratio | 3.6 | 3.3 | 6.9 | 10.3 | 16.2 | · | |
| Debt / Equity | · | · | · | 0.1 | 0.1 | · | |
| LT Debt / Equity | · | · | · | 0.1 | 0.1 | · | |
| Interest Coverage | · | · | -212.7 | -274.3 | -45.4 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | · | |
| Inventory Turnover | 2.3 | 1.9 | 1.8 | 2.0 | 3.0 | · | |
| Receivables Turnover | 5.6 | 5.5 | 5.3 | 3.5 | 3.6 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 17.7% | -4.9% | 7.2% | 11.0% | 56.9% | · | |
| Revenue CAGR 3Y | 6.2% | 4.2% | 23.2% | · | · | · | |
| Revenue CAGR 5Y | 15.9% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $56M | $48M | $50M | $47M | $42M | $27M | |
| Net Income TTM | $19M | $-72M | $-36M | $-34M | $-22M | $-13M | |
| Market Cap | $191M | $77M | $365M | $243M | $804M | · | |
| Enterprise Value | · | · | · | $69M | $595M | · | |
| P/E | 9.7 | -1.0 | -9.9 | -7.1 | -32.7 | -24.2 | |
| P/S | 3.4 | 1.6 | 7.3 | 5.2 | 19.0 | · | |
| P/B | 1.3 | 0.7 | 2.2 | 1.3 | 3.7 | · | |
| P / Tangible Book | 1.8 | 1.0 | 2.5 | 1.4 | 3.7 | · | |
| P / Cash Flow | -8.1 | -2.6 | -14.6 | -11.6 | -27.6 | · | |
| P / FCF | -7.7 | -2.5 | -13.5 | -10.6 | -27.0 | · | |
| EV / EBITDA | · | · | · | -2.1 | -28.1 | · | |
| EV / FCF | · | · | · | -3.0 | -19.9 | · | |
| EV / Revenue | · | · | · | 1.5 | 14.1 | · | |
| Earnings Yield | 10.3% | -96.4% | -10.1% | -14.0% | -3.0% | -4.1% |
Income Statement 17
| Metric | Trend | 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 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16M | $13M | $17M | $14M | $13M | $12M | $14M | $15M | $11M | $7M | $14M | $14M | $12M | $9M | $12M | $16M | |
| Cost of Revenue | $8M | $6M | $8M | $7M | $7M | $6M | $8M | $7M | $5M | $4M | $7M | $6M | $6M | $5M | $6M | $6M | |
| Gross Profit | $8M | $7M | $9M | $7M | $6M | $6M | $7M | $8M | $6M | $4M | $7M | $8M | $6M | $4M | $6M | $9M | |
| R&D Expense | $4M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $5M | $6M | $6M | $5M | $5M | $5M | |
| SG&A Expense | $11M | $10M | $9M | $9M | $10M | $10M | $10M | $10M | $11M | $8M | $12M | $11M | $11M | $12M | $12M | $12M | |
| Operating Expenses | $21M | $20M | $6M | $24M | $22M | $17M | $23M | $32M | $15M | $11M | $17M | $17M | $17M | $17M | $16M | $16M | |
| Operating Income | $-13M | $-13M | $3M | $-16M | $-15M | $-11M | $-17M | $-24M | $-9M | $-8M | $-10M | $-9M | $-11M | $-13M | $-10M | $-7M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $-350.0K | $0 | $551.0K | $61.0K | $33.0K | |
| Other Non-op | $-77.0K | $-7.0K | $-116.0K | $-89.0K | $-108.0K | $-33.0K | $-28.0K | $-33.0K | $-167.0K | $-13.0K | $-93.0K | $110.0K | $-167.0K | $19.0K | $23.0K | $-53.0K | |
| Pretax Income | $-12M | · | $4M | $-15M | $-13M | · | $-11M | $-24M | $-8M | $-11M | $-7M | $-7M | $-9M | $-13M | $-10M | $-6M | |
| Income Tax | $-54.0K | · | $-166.0K | $29.0K | $71.0K | · | · | $-72.0K | $-69.0K | $-70.0K | $-2.0K | $-87.0K | $-71.0K | · | · | · | |
| Net Income | $-12M | $-12M | $4M | $-15M | $-13M | $44M | $-19M | $-29M | $-13M | $-11M | $-7M | $-7M | $-9M | $-13M | $-10M | $-6M | |
| EPS (Basic) | $-0.32 | $-0.32 | $0.09 | $-0.41 | $-0.37 | $1.23 | $-0.58 | $-0.84 | $-0.37 | $-0.33 | $-0.23 | $-0.22 | $-0.29 | $-0.39 | $-0.31 | $-0.20 | |
| EPS (Diluted) | $-0.32 | $-0.32 | $0.09 | $-0.41 | $-0.37 | $1.23 | $-0.58 | $-0.84 | $-0.37 | $-0.33 | $-0.23 | $-0.22 | $-0.29 | $-0.39 | $-0.31 | $-0.20 | |
| Shares (Basic) | 37,727,668 | 36,818,652 | -71,466,939 | 36,101,051 | 35,877,947 | 35,386,483 | -67,367,144 | 34,670,638 | 34,061,933 | 32,710,894 | -64,271,486 | 32,345,925 | 32,199,156 | 31,965,799 | -62,737,951 | 31,606,484 | |
| Shares (Diluted) | 37,727,668 | 36,818,652 | -71,466,939 | 36,101,051 | 35,877,947 | 35,386,483 | -67,367,144 | 34,670,638 | 34,061,933 | 32,710,894 | -64,271,486 | 32,345,925 | 32,199,156 | 31,965,799 | -62,737,951 | 31,606,484 | |
| EBITDA | $-13M | $-12M | · | $-16M | $-15M | $-10M | · | $-30M | $-14M | $-11M | · | $-9M | $-11M | $-12M | · | $-7M |
Balance Sheet 28
| Metric | Trend | 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 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $63M | $68M | $71M | $63M | $62M | $79M | $44M | $45M | $47M | $105M | $121M | $118M | $133M | $161M | $188M | $194M | |
| Short-term Investments | $39M | $44M | $42M | $49M | $57M | $45M | $26M | $27M | $31M | $30M | $25M | $30M | $20M | · | · | · | |
| Receivables | $12M | $10M | $11M | $11M | $6M | $7M | $9M | $17M | $11M | $7M | $9M | $13M | $10M | $8M | $10M | $15M | |
| Inventory | $14M | $13M | $13M | $15M | $15M | $13M | $11M | $18M | $19M | $16M | $15M | $16M | $14M | $13M | $13M | $12M | |
| Prepaid Expense | $4M | $7M | $7M | $7M | $8M | $5M | $4M | $3M | $3M | $4M | $4M | $3M | $4M | $5M | $5M | $3M | |
| Current Assets | $132M | $142M | $145M | $145M | $148M | $149M | $103M | $109M | $110M | $162M | $174M | $180M | $181M | $188M | $216M | $224M | |
| PP&E (Net) | $5M | $4M | $4M | $4M | $2M | $2M | $2M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| PP&E (Gross) | · | · | $9M | $8M | · | · | $5M | · | · | · | $9M | · | · | · | $8M | · | |
| Accum. Depreciation | · | · | $4M | $4M | · | · | $4M | · | · | · | $6M | · | · | · | $5M | · | |
| Goodwill | $11M | · | $0 | · | · | · | $0 | $10M | $40M | $10M | $10M | $10M | $10M | $10M | $10M | $9M | |
| Intangibles | $45M | $36M | $36M | $37M | $37M | $38M | $39M | $47M | $47M | $7M | $8M | $8M | $8M | $8M | $8M | $8M | |
| Other Non-current Assets | $734.0K | $656.0K | $471.0K | $494.0K | $636.0K | $4M | $511.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Total Assets | $198M | $187M | $190M | $191M | $192M | $196M | $159M | $178M | $209M | $190M | $203M | $208M | $211M | $218M | $243M | $249M | |
| Accounts Payable | $3M | $2M | $2M | $2M | $4M | $4M | $1M | $2M | $2M | $1M | $1M | $3M | $1M | $2M | $1M | $2M | |
| Accrued Liabilities | $6M | $5M | $7M | $7M | $5M | $5M | $7M | $8M | $6M | $5M | $9M | $7M | $6M | $7M | $9M | $9M | |
| Current Liabilities | $49M | $40M | $34M | $41M | $30M | $20M | $25M | $26M | $22M | $19M | $23M | $22M | $20M | $19M | $19M | $19M | |
| Capital Leases | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $5M | $3M | $3M | $4M | $4M | $5M | $5M | $3M | $3M | |
| Deferred Tax | $881.0K | · | · | · | · | · | · | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | |
| Other Non-current Liabilities | $15.0K | $30.0K | $30.0K | $30.0K | · | $5M | · | $3M | $16M | · | · | · | $156.0K | $125.0K | $555.0K | $542.0K | |
| Total Liabilities | $71M | $53M | $46M | $55M | $43M | $37M | $45M | $47M | $52M | $33M | $37M | $39M | $36M | $38M | $52M | $53M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $15M | |
| Common Stock | $38.0K | $37.0K | $36.0K | $36.0K | $36.0K | $36.0K | $35.0K | $35.0K | $35.0K | $33.0K | $33.0K | $32.0K | $32.0K | $32.0K | $32.0K | $32.0K | |
| Paid-in Capital | $375M | $369M | $367M | $364M | $361M | $359M | $356M | $353M | $350M | $337M | $335M | $332M | $329M | $326M | $324M | $321M | |
| Retained Earnings | $-247M | $-235M | $-223M | $-227M | $-213M | $-199M | $-243M | $-223M | $-194M | $-182M | $-171M | $-163M | $-156M | $-147M | $-134M | $-124M | |
| AOCI | $-730.0K | $2.0K | $54.0K | $43.0K | $-16.0K | $-2.0K | $1M | $2M | $858.0K | $980.0K | $1M | $988.0K | $1M | $1M | $798.0K | $-613.0K | |
| Stockholders' Equity | $127M | $134M | $144M | $136M | $149M | $159M | $115M | $131M | $156M | $157M | $165M | $170M | $174M | $181M | $191M | $196M | |
| Liabilities + Equity | $198M | $187M | $190M | $191M | $192M | $196M | $159M | $178M | $209M | $190M | $203M | $208M | $211M | $218M | $243M | $249M | |
| Shares Outstanding | 38,059,008 | 37,413,853 | 36,321,866 | 36,118,576 | 36,057,576 | 35,739,556 | 35,098,493 | 34,712,488 | 34,630,883 | 32,924,097 | 32,519,023 | 32,371,428 | 32,326,861 | 32,061,517 | 31,859,847 | 31,652,058 |
Cash Flow 12
| Metric | Trend | 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 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $1M | $1M | $1M | $972.0K | $1M | $1M | $1M | $504.0K | $1M | $405.0K | $740.0K | $605.0K | $634.0K | $577.0K | $459.0K | |
| Stock-based Comp | $2M | $2M | $3M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $2M | $3M | $3M | $2M | $2M | $2M | |
| Deferred Tax | · | · | · | · | · | · | $-73.0K | $-72.0K | $-68.0K | $-70.0K | $-66.0K | $-117.0K | $-72.0K | $-50.0K | · | · | |
| Amort. of Intangibles | $928.0K | $733.0K | $732.0K | $732.0K | $713.0K | $713.0K | $492.0K | $713.0K | $475.0K | $220.0K | $219.0K | $221.0K | $219.0K | $218.0K | $208.0K | $135.0K | |
| Restructuring | · | · | $10.0K | $119.0K | $1M | $100.0K | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $10M | · | · | · | $-62M | · | · | · | $-2M | · | · | · | $-865.0K | · | · | |
| Operating Cash Flow | $3M | $1M | $1M | $-4M | $-6M | $-15M | $-2M | $-6M | $-13M | $-9M | $-2M | $-5M | $-8M | $-11M | $-5M | $-5M | |
| CapEx | $162.0K | $40.0K | $-6.0K | $680.0K | $122.0K | $159.0K | $190.0K | $156.0K | $-647.0K | $903.0K | $333.0K | $207.0K | $320.0K | $1M | $612.0K | $744.0K | |
| Investing Cash Flow | $-7M | $-2M | $7M | $5M | $-12M | $50M | $780.0K | $4M | $-45M | $-6M | $5M | $-10M | $-20M | $-1M | $-612.0K | $-15M | |
| Financing Cash Flow | $965.0K | $-2M | $-414.0K | $-16.0K | $-78.0K | $-189.0K | $529.0K | $23.0K | $367.0K | $-1M | $95.0K | $-248.0K | $-401.0K | $-15M | $411.0K | $171.0K | |
| Net Change in Cash | $-3M | $-3M | $8M | $991.0K | $-17M | $35M | $-993.0K | $-2M | $-58M | $-16M | $3M | $-15M | $-28M | $-27M | $-5M | $-19M | |
| Free Cash Flow | · | $1M | · | · | · | $-15M | · | · | · | $-10M | · | · | · | $-12M | · | · |
Profitability 8
| Metric | Trend | 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 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.9% | 51.4% | · | 52.5% | 48.9% | 47.0% | · | 49.7% | 52.8% | 50.1% | · | 55.0% | 47.9% | 46.2% | · | 59.1% | |
| Operating Margin | -79.7% | -96.3% | · | -116.6% | -116.3% | -93.6% | · | -180.2% | -96.5% | -127.0% | · | -63.6% | -90.5% | -137.2% | · | -45.3% | |
| Net Margin | -74.0% | -89.3% | · | -107.0% | -102.1% | 370.2% | · | -174.7% | -89.3% | -109.3% | · | -49.6% | -77.3% | -132.1% | · | -39.6% | |
| Pretax Margin | -74.3% | · | · | -106.2% | -98.5% | · | · | -175.1% | -89.8% | -110.0% | · | -50.2% | -77.9% | · | · | · | |
| EBITDA Margin | -79.7% | -87.8% | · | -116.6% | -116.3% | -82.7% | · | -180.2% | -96.5% | -113.7% | · | -63.6% | -90.5% | -130.5% | · | -45.3% | |
| ROA | -6.1% | -6.2% | · | -8.1% | -6.7% | 22.6% | · | -15.2% | -6.0% | -5.3% | · | -3.1% | -4.1% | -5.3% | · | -3.0% | |
| ROE | -8.6% | -8.1% | · | -11.2% | -8.7% | 27.6% | · | -19.5% | -7.6% | -6.5% | · | -3.9% | -5.0% | -6.5% | · | -3.9% | |
| ROIC | -10.1% | · | · | -12.0% | -10.2% | · | · | -23.0% | -8.6% | -8.0% | · | -5.3% | -6.2% | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 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 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | 3.6 | · | 3.5 | 5.0 | 7.6 | · | 4.2 | 5.1 | 8.4 | · | 8.1 | 9.0 | 10.1 | · | 11.7 | |
| Quick Ratio | 2.3 | 3.1 | · | 3.0 | 4.2 | 6.7 | · | 3.4 | 4.1 | 7.3 | · | 7.2 | 8.1 | 9.1 | · | 11.0 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.1 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | 26.0 | · | -23.6 | · | -216.8 |
Efficiency 3
| Metric | Trend | 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 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.0 | · | 0.1 | 0.1 | 0.0 | · | 0.1 | |
| Inventory Turnover | 0.5 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.5 | 0.4 | 0.3 | · | 0.5 | 0.5 | 0.4 | · | 0.6 | |
| Receivables Turnover | 1.8 | 1.6 | · | 1.0 | 1.5 | 1.6 | · | 1.1 | 1.3 | 1.3 | · | 1.0 | 1.1 | 1.3 | · | 1.3 |
Valuation (TTM) 13
| Metric | Trend | 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 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $56M | $52M | · | $53M | $51M | $45M | · | $48M | $45M | $43M | · | $52M | $48M | $45M | · | $48M | |
| Net Income TTM | $-52M | $3M | · | $-14M | $-12M | $-9M | · | $-60M | $-40M | $-40M | · | $-35M | $-36M | $-36M | · | $-29M | |
| Market Cap | $331M | $229M | · | $316M | $257M | $160M | · | $120M | $178M | $249M | · | $216M | $222M | $276M | · | $521M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $342M | |
| P/E | -6.1 | 47.1 | · | -22.5 | -20.4 | -14.5 | · | -2.0 | -4.3 | -6.1 | · | -6.1 | -6.0 | -7.5 | · | -17.3 | |
| P/S | 5.9 | 4.4 | · | 5.9 | 5.1 | 3.5 | · | 2.5 | 3.9 | 5.7 | · | 4.2 | 4.6 | 6.2 | · | 10.9 | |
| P/B | 2.6 | 1.7 | · | 2.3 | 1.7 | 1.0 | · | 0.9 | 1.1 | 1.6 | · | 1.3 | 1.3 | 1.5 | · | 2.6 | |
| P / Tangible Book | 4.7 | 2.3 | · | 3.2 | 2.3 | 1.3 | · | 1.6 | 2.6 | 1.8 | · | 1.4 | 1.4 | 1.7 | · | 2.9 | |
| P / Cash Flow | · | 190.0 | · | · | · | -10.7 | · | · | · | -26.6 | · | · | · | -25.9 | · | · | |
| P / FCF | · | 196.5 | · | · | · | -10.5 | · | · | · | -24.2 | · | · | · | -23.3 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -47.8 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 7.2 | |
| Earnings Yield | -16.3% | 2.1% | · | -4.5% | -4.9% | -6.9% | · | -50.7% | -23.5% | -16.3% | · | -16.5% | -16.6% | -13.4% | · | -5.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $56M | $48M | $50M | $47M | $42M |
| Gross Margin % | 50.6% | 50.1% | 50.4% | 55.5% | 55.0% |
| Operating Margin % | -70.2% | -128.7% | -85.1% | -75.5% | -52.3% |
| Net Income | $19M | $-72M | $-36M | $-34M | $-22M |
| Diluted EPS | $0.54 | $-2.12 | $-1.13 | $-1.07 | $-0.79 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.1 | 0.1 |
| Current Ratio | 4.2 | 4.1 | 7.7 | 11.2 | 17.0 |
| Quick Ratio | 3.6 | 3.3 | 6.9 | 10.3 | 16.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-25M | $-31M | $-27M | $-23M | $-30M |
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Institutional owners (13F) 119 filers · $198.2M 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 |
|---|---|---|---|---|
| 21 (+12 vs prior Q) | 11 (-5 vs prior Q) | 35 (+3 vs prior Q) | 33 (-7 vs prior Q) | +655K |
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 |
|---|---|---|---|---|
| First Light Asset Management, LLC | $54,660,395 | 6,282,804 | 27.58% | Shares |
| AWM Investment Company, Inc. | $42,454,025 | 4,879,773 | 21.42% | Shares |
| ARK Investment Management LLC | $17,642,905 | 2,027,920 | 8.90% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $11,236,659 | 1,291,570 | 5.67% | Shares |
| First Eagle Investment Management, LLC | $8,090,870 | 929,985 | 4.08% | Shares |
| Granahan Investment Management, LLC | $6,021,200 | 692,092 | 3.04% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $5,693,251 | 654,170 | 2.87% | Shares |
| STATE STREET CORP | $5,277,072 | 606,560 | 2.66% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $4,091,123 | 470,244 | 2.06% | Shares |
| Prescott Group Capital Management, L.L.C. | $3,145,876 | 361,595 | 1.59% | Shares |
| Meros Investment Management, LP | $3,143,902 | 361,368 | 1.59% | Shares |
| AMERICAN CENTURY COMPANIES INC | $3,130,678 | 359,848 | 1.58% | Shares |
| HighMark Wealth Management LLC | $2,956,112 | 339,783 | 1.49% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,034,860 | 233,892 | 1.03% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $1,989,525 | 228,681 | 1.00% | Shares |
| Amova Asset Management Americas, Inc. | $1,984,951 | 228,681 | 1.00% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,695,265 | 194,858 | 0.86% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,669,530 | 191,900 | 0.84% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,618,687 | 186,056 | 0.82% | Shares |
| GM Advisory Group, Inc. | $1,457,894 | 238,218 | 0.74% | Shares |
| NEEDHAM INVESTMENT MANAGEMENT LLC | $1,044,000 | 120,000 | 0.53% | Shares |
| Campbell & CO Investment Adviser LLC | $967,353 | 111,190 | 0.49% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $961,846 | 110,557 | 0.49% | Shares |
| NANO CAP NEW MILLENNIUM GROWTH FUND L P | $935,250 | 107,500 | 0.47% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $918,842 | 105,614 | 0.46% | Shares |
| IQ EQ FUND MANAGEMENT (IRELAND) Ltd | $858,594 | 98,689 | 0.43% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $777,780 | 89,400 | 0.39% | Call option |
| BANK OF MONTREAL /CAN/ | $759,867 | 87,341 | 0.38% | Shares |
| SEI INVESTMENTS CO | $676,155 | 77,719 | 0.34% | Shares |
| D. E. Shaw & Co., Inc. | $656,380 | 75,446 | 0.33% | Shares |
| Russell Investments Group, Ltd. | $639,101 | 73,460 | 0.32% | Shares |
| Bruce & Co., Inc. | $594,088 | 68,286 | 0.30% | Shares |
| CITADEL ADVISORS LLC | $545,899 | 62,747 | 0.28% | Shares |
| LPL Financial LLC | $482,424 | 55,451 | 0.24% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $439,350 | 50,500 | 0.22% | Shares |
| Cubist Systematic Strategies, LLC | $419,902 | 47,934 | 0.21% | Shares |
| Old Port Advisors | $336,072 | 38,629 | 0.17% | Shares |
| Squarepoint Ops LLC | $328,329 | 37,739 | 0.17% | Shares |
| RHUMBLINE ADVISERS | $320,076 | 36,791 | 0.16% | Shares |
| Skopos Labs, Inc. | $283,106 | 46,259 | 0.14% | Shares |
| Quantinno Capital Management LP | $270,840 | 31,131 | 0.14% | Shares |
| DEUTSCHE BANK AG\ | $247,184 | 28,412 | 0.12% | Shares |
| ALLIANCEBERNSTEIN L.P. | $242,046 | 39,550 | 0.12% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $236,379 | 27,170 | 0.12% | Shares |
| GOLDMAN SACHS GROUP INC | $224,878 | 25,848 | 0.11% | Shares |
| Bank of New York Mellon Corp | $220,075 | 25,296 | 0.11% | Shares |
| WELLS FARGO & COMPANY/MN | $212,028 | 24,371 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $203,354 | 23,374 | 0.10% | Shares |
| Brevan Howard Capital Management LP | $180,020 | 20,692 | 0.09% | Shares |
| BANK OF AMERICA CORP /DE/ | $173,696 | 19,965 | 0.09% | Shares |
| FMR LLC | $168,441 | 19,361 | 0.08% | Shares |
| VANGUARD GROUP INC | $158,083 | 30,111 | 0.08% | Shares |
| MetLife Investment Management, LLC | $150,440 | 17,292 | 0.08% | Shares |
| Cresset Asset Management, LLC | $142,184 | 16,343 | 0.07% | Shares |
| Graham Capital Management, L.P. | $128,995 | 14,827 | 0.07% | Shares |
| PIER 88 INVESTMENT PARTNERS LLC | $123,540 | 14,200 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $116,589 | 13,401 | 0.06% | Shares |
| Advyzon Investment Management, LLC | $107,341 | 12,338 | 0.05% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $106,627 | 12,256 | 0.05% | Shares |
| JPMORGAN CHASE & CO | $106,293 | 12,065 | 0.05% | Shares |
| Concurrent Investment Advisors, LLC | $103,556 | 11,903 | 0.05% | Shares |
| PCM Encore, LLC | $102,921 | 11,830 | 0.05% | Shares |
| CITIGROUP INC | $102,225 | 11,750 | 0.05% | Shares |
| Schonfeld Strategic Advisors LLC | $96,864 | 11,134 | 0.05% | Shares |
| Invesco Ltd. | $93,856 | 10,788 | 0.05% | Shares |
| AXQ CAPITAL, LP | $93,125 | 10,704 | 0.05% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $91,733 | 11,325 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $89,488 | 10,286 | 0.05% | Shares |
| JANE STREET GROUP, LLC | $81,571 | 9,376 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $74,150 | 8,523 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $73,837 | 8,487 | 0.04% | Shares |
| Nuveen, LLC | $50,234 | 5,774 | 0.03% | Shares |
| OSAIC HOLDINGS, INC. | $48,937 | 5,625 | 0.02% | Shares |
| Magnetar Financial LLC | $48,694 | 5,597 | 0.02% | Shares |
| BlackRock, Inc. | $45,988 | 5,286 | 0.02% | Shares |
| UBS Group AG | $43,500 | 5,000 | 0.02% | Shares |
| NORTHERN TRUST CORP | $40,873 | 4,698 | 0.02% | Shares |
| CWM, LLC | $40,355 | 6,594 | 0.02% | Shares |
| MORGAN STANLEY | $39,724 | 4,566 | 0.02% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $37,949 | 4,362 | 0.02% | Shares |
| Pinnacle Wealth Planning Services, Inc. | $36,366 | 4,180 | 0.02% | Shares |
| ANTIPODES PARTNERS Ltd | $34,748 | 3,994 | 0.02% | Shares |
| BARCLAYS PLC | $33,199 | 3,816 | 0.02% | Shares |
| Allworth Financial LP | $29,346 | 3,373 | 0.01% | Shares |
| Legal & General Group Plc | $26,526 | 3,049 | 0.01% | Shares |
| Ameritas Investment Partners, Inc. | $24,317 | 2,795 | 0.01% | Shares |
| Nuveen Asset Management, LLC | $12,703 | 5,774 | 0.01% | Shares |
| SIGNATUREFD, LLC | $12,589 | 1,447 | 0.01% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $12,380 | 1,423 | 0.01% | Shares |
| Tower Research Capital LLC (TRC) | $9,866 | 1,134 | 0.00% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $9,400 | 1,536 | 0.00% | Shares |
| Versant Capital Management, Inc | $9,309 | 1,070 | 0.00% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $9,070 | 1,482 | 0.00% | Shares |
| RAYMOND JAMES FINANCIAL INC | $8,535 | 981 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $8,000 | 868 | 0.00% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $5,951 | 684 | 0.00% | Shares |
| GAMMA Investing LLC | $5,812 | 668 | 0.00% | Shares |
| Parallel Advisors, LLC | $5,516 | 634 | 0.00% | Shares |
| Sterling Capital Management LLC | $5,107 | 587 | 0.00% | Shares |
| FEDERATED HERMES, INC. | $4,437 | 510 | 0.00% | Shares |
Company insiders 19 insiders · 4 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joseph H. Griffith IV | Chief Financial Officer | June 16, 2021 S | 91,580 | 0 | 0 | $0 |
| Trent A. Basarsky | VP, Corporate Development | June 25, 2021 M | 5,000 | 0 | 0 | $0 |
| John Kenneweg | Vice President, Government | June 16, 2021 M | 0 | 0 | 0 | $0 |
| Michael S. Turner | VP, General Counsel | Dec. 22, 2020 P | 5,000 | 0 | 0 | $0 |
| Brandi C Vann | Director | Aug. 1, 2026 M | 5,192 | 0 | 0 | $0 |
| Michele M. Leonhart | Director | June 25, 2026 M | 27,054 | 0 | 0 | $0 |
| Mark Spoto | Director | June 11, 2026 A | 89,346 | 0 | 0 | $0 |
| Anthony Hunt | Director | June 11, 2026 A | 44,168 | 0 | 0 | $0 |
| Kevin E Hrusovsky | Director | June 11, 2026 A | 165,390 | 0 | 0 | $0 |
| Fenel M Eloi | Director | June 11, 2026 A | 40,897 | 0 | 0 | $0 |
| Keith Crandell | Director | June 11, 2026 A | 39,374 | 0 | 0 | $0 |
| Jeffrey P. George | Director | June 17, 2021 A | — | 0 | 0 | $0 |
| Marcia Eisenberg | Director | June 7, 2021 A | — | 0 | 0 | $0 |
| John Michael Ramsey | Director | Dec. 17, 2020 A | — | 0 | 0 | $0 |
| Kevin J. Knopp | — | Aug. 17, 2026 S | 555,968 | 0 | 11 | $-2,336,894 |
| Christopher D. Brown | — | Aug. 11, 2026 S | 805,559 | 0 | 8 | $-793,845 |
| AWM Investment Company, Inc. | — | Aug. 4, 2026 S | 4,829,773 | 0 | 3 | $-487,415 |
| Nicolas Barthelemy | — | June 24, 2021 M | 0 | 0 | 0 | $0 |
| Sharon Kedar | — | Dec. 22, 2020 C | 1,077,091 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 23 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 |
|---|---|---|---|---|
| ARKG · ARK ETF Trust | 1.08% | 1,952,552 NS | April 30, 2026 | N-PORT |
| IWC · iShares Trust | 0.06% | 99,556 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 25,324 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 55,271 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.01% | 259,080 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 167,381 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 741,900 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 1,306 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 12,056 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.00% | 131,062 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 1,020 NS | May 31, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.00% | 85,296 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,032 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,700 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 22,272 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 26 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 8,053 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 15,500 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 2,718 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 1,720 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 340,050 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 919,827 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,153 SH | Aug. 8, 2026 | Daily |