NVTS Navitas Semiconductor Corporation - Common Stock
$12.62
Price · Aug 19, 2026
Fundamentals as of Jul 27, 2026
52W Range
$5–$34
25% of range
Analyst Rating
HOLD
14 analysts
Price Target
$14
+12% upside
P/E (TTM)
-12.5
ROE
—
Net Profit Margin
—
NVTS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$12.62
Market Cap
—
P/E (TTM)
-12.5
EPS (TTM)
$-0.57
Revenue (TTM)
$46M
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$5 – $34
NVTS 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
$46M
2020-12-31
→
2025-12-31
EPS
$-0.57
2020-12-31
→
2025-12-31
Free Cash Flow
—
2023-12-31
→
2023-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NVTS
Peer Median
P/E (TTM)
-12.5
126.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NVTS
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NVTS
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NVTS
Peer Median
Revenue YoY
-44.9%
—
Revenue CAGR 3Y
6.6%
—
Revenue CAGR 5Y
31.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NVTS
Peer Median
NVTS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 3 21.4%
- Buy 4 28.6%
- Hold 6 42.9%
- Sell 1 7.1%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-14
Median
$13.00
Mean
$14.07
Now
$12.62
Low
$8.00
High
$21.00
Median target
$13.00
+3.0%
Mean target
$14.07
+11.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.04 | $-0.04 | 0.00% |
| March 31, 2026 | $-0.04 | $-0.05 | 0.01% |
| Dec. 31, 2025 | $-0.05 | $-0.05 | 0.00% |
| Sept. 30, 2025 | $-0.05 | $-0.05 | 0.00% |
| June 30, 2025 | $-0.05 | $-0.05 | -0.00% |
| March 31, 2025 | $-0.06 | $-0.06 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NVTS | — | -12.5 | -44.9% | — | — | — |
| RGTI | — | — | — | — | — | — |
| PI | $5.26B | -470.3 | -1.4% | -3.0% | -5.5% | 52.5% |
| DIOD | $2.26B | 34.5 | 13.0% | 4.5% | 3.6% | 31.2% |
| SYNA | $4.73B | -9.6 | 11.4% | -41.0% | -42.4% | 44.7% |
| OLED | $5.52B | 23.0 | 0.45% | 37.2% | 13.9% | 76.3% |
| AMBA | $2.74B | -35.6 | 37.1% | -19.4% | -13.0% | 59.2% |
| POWI | $1.97B | 91.1 | 5.9% | 5.0% | 3.1% | 54.5% |
| PENG | $1.27B | 86.2 | 16.9% | 1.8% | 6.5% | 28.8% |
| AMBQ | $522M | -6.2 | -4.7% | -50.3% | 50.3% | 44.3% |
| WOLF | — | — | -6.1% | -212.4% | 4320.0% | -16.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $46M | $83M | $79M | $38M | $24M | $12M | |
| Cost of Revenue | $32M | $55M | $48M | $26M | $13M | $8M | |
| Gross Profit | · | · | · | · | $11M | $4M | |
| R&D Expense | $50M | $76M | $69M | $50M | $27M | $13M | |
| SG&A Expense | $35M | $63M | $62M | $78M | $51M | $9M | |
| Operating Expenses | $122M | $159M | $149M | $136M | $79M | $23M | |
| Operating Income | $-108M | $-131M | $-118M | $-124M | $-69M | $-19M | |
| Other Non-op | $6.0K | $102.0K | $84.0K | $-1M | $-143.0K | $0 | |
| Pretax Income | $-117M | $-89M | $-146M | $50M | $-153M | $-19M | |
| Income Tax | $50.0K | $-342.0K | $-517.0K | $-23M | $47.0K | $5.0K | |
| Net Income | $-117M | $-85M | $-145M | $74M | $-153M | $-19M | |
| EPS (Basic) | $-0.57 | $-0.46 | $-0.86 | $0.55 | $-3.90 | $-1.17 | |
| EPS (Diluted) | $-0.57 | $-0.46 | $-0.86 | $0.51 | $-3.90 | $-1.17 | |
| Shares (Basic) | 205,573,000 | 182,460,000 | 168,927,000 | 133,668,000 | 39,167,000 | 16,246,000 | |
| Shares (Diluted) | 205,573,000 | 182,460,000 | 168,927,000 | 145,743,000 | 39,167,000 | 16,246,000 | |
| EBITDA | · | · | $-118M | · | · | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $237M | $87M | $152M | $110M | $268M | $39M | |
| Receivables | $4M | $14M | $26M | $9M | $8M | $4M | |
| Inventory | $13M | $15M | $22M | $19M | $12M | $3M | |
| Prepaid Expense | $4M | $4M | $6M | $4M | $3M | $522.0K | |
| Current Assets | $260M | $122M | $206M | $142M | $291M | $47M | |
| PP&E (Net) | $10M | $15M | $9M | $7M | $2M | $722.0K | |
| PP&E (Gross) | $20M | $23M | $14M | $10M | $4M | $2M | |
| Accum. Depreciation | $11M | $8M | $5M | $3M | $2M | $1M | |
| Goodwill | $163M | $163M | $163M | $162M | $0 | · | |
| Intangibles | $53M | $72M | $91M | $106M | $170.0K | $515.0K | |
| Other Non-current Assets | $8M | $10M | $7M | $3M | $2M | $102.0K | |
| Total Assets | $500M | $390M | $486M | $425M | $296M | $49M | |
| Accrued Liabilities | · | · | · | · | · | $90.5K | |
| Current Liabilities | $52M | $21M | $48M | $20M | $11M | $6M | |
| Capital Leases | $4M | $6M | $7M | $5M | $0 | · | |
| Deferred Tax | $405.0K | $441.0K | $1M | $2M | $0 | · | |
| Other Non-current Liabilities | $0 | $5M | $2M | $0 | $60.0K | $88.0K | |
| Total Liabilities | $57M | $42M | $105M | $41M | $230M | $11M | |
| Long-term Debt | · | · | · | $0 | $7M | $6M | |
| Common Stock | · | · | $21.0K | $18.0K | $15.0K | $2.0K | |
| Paid-in Capital | $945M | $733M | $681M | $536M | $294M | $4M | |
| Retained Earnings | $-502M | $-385M | $-300M | $-155M | $-229M | $-76M | |
| AOCI | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-2.0K | $-1.0K | |
| Stockholders' Equity | $444M | $348M | $381M | $385M | $66M | $-72M | |
| Liabilities + Equity | $500M | $390M | $486M | $425M | $296M | $49M | |
| Shares Outstanding | · | · | 179,196,418 | 153,629,000 | 117,751,000 | 16,774,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $14M | $43M | $54M | $63M | $41M | $1M | |
| Deferred Tax | $-39.0K | $-595.0K | $-790.0K | $-23M | $0 | $0 | |
| Amort. of Intangibles | $19M | $19M | $19M | $7M | $345.0K | $167.0K | |
| Restructuring | $18M | $1M | $0 | · | · | · | |
| Operating Cash Flow | $-43M | $-59M | $-41M | $-44M | $-42M | $-21M | |
| CapEx | $1M | $7M | $5M | $5M | $2M | $223.0K | |
| Investing Cash Flow | $-1M | $-9M | $-6M | $-108M | $-3M | $-215.0K | |
| Debt Issued | · | · | · | $0 | $2M | $6M | |
| Net Debt Issued | · | · | $0 | · | · | · | |
| Stock Issued | $1M | $812.0K | $2M | $2M | $517.0K | $31.0K | |
| Stock Repurchased | · | · | $0 | $550.0K | $0 | · | |
| Net Stock Activity | · | · | $2M | · | · | · | |
| Financing Cash Flow | $195M | $3M | $90M | $-6M | $275M | $54M | |
| Net Change in Cash | $150M | $-65M | $43M | $-158M | $229M | $33M | |
| Taxes Paid | $243.0K | $296.0K | $160.0K | $193.0K | $32.0K | $2.0K | |
| Free Cash Flow | · | · | $-45M | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | -148.7% | · | · | · | |
| Net Margin | · | · | -183.0% | · | · | · | |
| Pretax Margin | · | · | -184.3% | · | · | · | |
| EBITDA Margin | · | · | -148.7% | · | · | · | |
| ROA | · | · | -31.9% | · | · | · | |
| ROE | · | · | -37.1% | · | · | · | |
| ROIC | · | · | -30.9% | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | · | · | 4.1 | · | · | · | |
| Quick Ratio | · | · | 3.5 | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | 0.2 | · | · | · | |
| Inventory Turnover | · | · | 2.3 | · | · | · | |
| Receivables Turnover | · | · | 4.5 | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | -44.9% | 4.8% | 109.4% | 59.9% | 100.3% | · | |
| Revenue CAGR 3Y | 6.6% | 52.0% | 88.6% | · | · | · | |
| Revenue CAGR 5Y | 31.1% | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $46M | $83M | $79M | $38M | $24M | $12M | |
| Net Income TTM | $-117M | $-85M | $-145M | $74M | $-153M | $-19M | |
| Market Cap | · | · | $1.45B | · | · | · | |
| P/E | -12.5 | -7.8 | -9.4 | 6.9 | -4.4 | · | |
| P/S | · | · | 18.2 | · | · | · | |
| P/B | · | · | 3.8 | · | · | · | |
| P / Tangible Book | · | · | 11.4 | 4.6 | 30.6 | · | |
| P / Cash Flow | · | · | -36.1 | · | · | · | |
| P / FCF | · | · | -32.2 | · | · | · | |
| Earnings Yield | -8.0% | -12.9% | -10.7% | 14.5% | -22.9% | · |
Income Statement 16
| 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 | $11M | $9M | $7M | $10M | $14M | $14M | $18M | $22M | $20M | $23M | $26M | $22M | $18M | $13M | $12M | $10M | |
| Cost of Revenue | $6M | $5M | $5M | $6M | $12M | $9M | $16M | $13M | $12M | $14M | $15M | $15M | $11M | $8M | $7M | $10M | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $391.0K | |
| R&D Expense | $13M | $15M | $12M | $13M | $11M | $13M | $19M | $18M | $19M | $20M | $18M | $17M | $17M | $17M | $16M | $12M | |
| SG&A Expense | $13M | $11M | $10M | $5M | $8M | $12M | $16M | $15M | $15M | $16M | $15M | $14M | $13M | $19M | $16M | $24M | |
| Operating Expenses | $31M | $31M | $44M | $23M | $24M | $31M | $41M | $38M | $39M | $41M | $38M | $36M | $35M | $41M | $36M | $38M | |
| Operating Income | $-27M | $-28M | $-41M | $-19M | $-22M | $-25M | $-39M | $-29M | $-31M | $-32M | $-27M | $-29M | $-27M | $-35M | $-31M | $-37M | |
| Other Non-op | $10.0K | $10.0K | $10.0K | $-59.0K | $37.0K | $18.0K | $-38.0K | $26.0K | $31.0K | $83.0K | $33.0K | $20.0K | $20.0K | $11.0K | $68.0K | $-74.0K | |
| Pretax Income | $-228M | $-34M | $-33M | $-19M | $-49M | $-16M | $-44M | $-19M | $-22M | $-4M | $-33M | $8M | $-59M | $-62M | $-21M | $-43M | |
| Income Tax | $71.0K | $67.0K | $-61.0K | $-19.0K | $48.0K | $82.0K | $-598.0K | $125.0K | $61.0K | $70.0K | $-505.0K | $23.0K | $-96.0K | $61.0K | $-13M | $-10M | |
| Net Income | $-228M | $-34M | $-32M | $-19M | $-49M | $-17M | $-40M | $-19M | $-22M | $-4M | $-33M | $8M | $-59M | $-62M | $-7M | $-33M | |
| EPS (Basic) | $-0.95 | $-0.15 | $-0.14 | $-0.09 | $-0.25 | $-0.09 | $-0.22 | $-0.10 | $-0.12 | $-0.02 | $-0.16 | $0.04 | $-0.35 | $-0.39 | $-0.15 | $-0.24 | |
| EPS (Diluted) | $-0.95 | $-0.15 | $-0.14 | $-0.09 | $-0.25 | $-0.09 | $-0.22 | $-0.10 | $-0.12 | $-0.02 | $-0.16 | $0.04 | $-0.35 | $-0.39 | $-0.12 | $-0.24 | |
| Shares (Basic) | 240,643,000 | 229,988,000 | -393,848,000 | 212,681,000 | 198,956,000 | 187,784,000 | -365,118,000 | 184,672,000 | 183,127,000 | 179,779,000 | -328,574,000 | 175,103,000 | 165,606,000 | 156,792,000 | -248,359,000 | 138,455,000 | |
| Shares (Diluted) | 240,643,000 | 229,988,000 | -393,848,000 | 212,681,000 | 198,956,000 | 187,784,000 | -365,118,000 | 184,672,000 | 183,127,000 | 179,779,000 | -339,097,000 | 185,626,000 | 165,606,000 | 156,792,000 | -255,993,000 | 138,455,000 | |
| EBITDA | $-27M | $-28M | · | $-19M | $-22M | $-25M | · | $-29M | $-31M | $-32M | · | $-29M | $-27M | $-35M | · | $-37M |
Balance Sheet 26
| 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 | $557M | $221M | $237M | $151M | $161M | $75M | $87M | $99M | $112M | $130M | $152M | $177M | $178M | $101M | $110M | $125M | |
| Receivables | $5M | $4M | $4M | $10M | $12M | $12M | $14M | $21M | $23M | $22M | $26M | $18M | $15M | $7M | $9M | $11M | |
| Inventory | $20M | $15M | $13M | $15M | $15M | $16M | $15M | $21M | $25M | $33M | $22M | $16M | $19M | $19M | $19M | $17M | |
| Prepaid Expense | $20M | $4M | $4M | $4M | $4M | $5M | $4M | $4M | $5M | $6M | $6M | $5M | $4M | $3M | $4M | $3M | |
| Current Assets | $602M | $246M | $260M | $179M | $193M | $108M | $122M | $145M | $165M | $191M | $206M | $215M | $216M | $130M | $142M | $156M | |
| PP&E (Net) | $9M | $9M | $10M | $14M | $15M | $15M | $15M | $13M | $13M | $12M | $9M | $8M | $7M | $7M | $7M | $6M | |
| PP&E (Gross) | $21M | $21M | $20M | $25M | $24M | $23M | $23M | $20M | $20M | $17M | $14M | $13M | $11M | $10M | $10M | $8M | |
| Accum. Depreciation | $12M | $11M | $11M | $10M | $9M | $9M | $8M | $7M | $6M | $6M | $5M | $5M | $4M | $4M | $3M | $3M | |
| Goodwill | $163M | $163M | $163M | $163M | $163M | $163M | $163M | $163M | $163M | $163M | $163M | $163M | $163M | $161M | $162M | $160M | |
| Intangibles | $44M | $49M | $53M | $58M | $63M | $67M | $72M | $77M | $82M | $86M | $91M | $96M | $101M | $106M | $106M | $110M | |
| Other Non-current Assets | $10M | $8M | $8M | $9M | $9M | $10M | $10M | $9M | $9M | $8M | $7M | $6M | $6M | $6M | $3M | $4M | |
| Total Assets | $832M | $481M | $500M | $430M | $449M | $371M | $390M | $419M | $439M | $468M | $486M | $494M | $499M | $416M | $425M | $443M | |
| Current Liabilities | $28M | $57M | $52M | $23M | $23M | $19M | $21M | $26M | $29M | $42M | $48M | $45M | $36M | $23M | $20M | $19M | |
| Capital Leases | $3M | $4M | $4M | $4M | $5M | $5M | $6M | $6M | $6M | $6M | $7M | $5M | $5M | $5M | $5M | $5M | |
| Deferred Tax | $405.0K | $405.0K | $405.0K | $371.0K | $406.0K | $428.0K | $441.0K | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $13M | |
| Other Non-current Liabilities | · | · | $0 | · | · | · | $5M | · | · | · | $2M | · | · | · | · | $0 | |
| Total Liabilities | $31M | $61M | $57M | $59M | $61M | $29M | $42M | $39M | $51M | $70M | $105M | $91M | $116M | $71M | $41M | $61M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $5M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $5M | |
| Common Stock | · | · | · | · | · | · | · | · | $21.0K | $21.0K | · | $19.0K | $19.0K | $18.0K | $18.0K | $18.0K | |
| Paid-in Capital | $1.57B | $956M | $945M | $841M | $840M | $743M | $733M | $726M | $714M | $702M | $681M | $671M | $659M | $561M | $536M | $525M | |
| Retained Earnings | $-764M | $-536M | $-502M | $-470M | $-451M | $-402M | $-385M | $-345M | $-326M | $-304M | $-300M | $-268M | $-275M | $-217M | $-155M | $-148M | |
| AOCI | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-7.0K | $-8.0K | |
| Stockholders' Equity | $801M | $420M | $444M | $371M | $389M | $342M | $348M | $381M | $388M | $398M | $381M | $403M | $383M | $345M | $381M | $378M | |
| Liabilities + Equity | $832M | $481M | $500M | $430M | $449M | $371M | $390M | $419M | $439M | $468M | $486M | $494M | $499M | $416M | $425M | $443M | |
| Shares Outstanding | · | · | · | · | · | · | · | · | 183,502,186 | 182,996,785 | · | 178,584,150 | 173,649,862 | 160,943,107 | 153,628,838 | 152,015,458 |
Cash Flow 16
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $8M | $10M | $8M | $467.0K | $-913.0K | $7M | $5M | $11M | $13M | $14M | $12M | $12M | $13M | $17M | $11M | $16M | |
| Deferred Tax | $0 | $0 | $31.0K | $-35.0K | $-22.0K | $-13.0K | $-595.0K | $0 | $0 | $0 | $-795.0K | $0 | $0 | $5.0K | $-13M | $-10M | |
| Amort. of Intangibles | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $2M | |
| Restructuring | $344.0K | $450.0K | $16M | $0 | $0 | $1M | $1M | $0 | $0 | $0 | · | · | · | · | · | · | |
| Operating Cash Flow | $-32M | $-16M | $-8M | $-10M | $-11M | $-14M | $-10M | $-14M | $-15M | $-20M | $-24M | $-244.0K | $-9M | $-8M | $-9M | $-17M | |
| CapEx | $227.0K | $388.0K | $48.0K | $710.0K | $679.0K | $41.0K | $562.0K | $570.0K | $3M | $3M | $1M | $2M | $889.0K | $815.0K | $1M | $1M | |
| Investing Cash Flow | $-2M | $-388.0K | $-2.0K | $-710.0K | $-633.0K | $-41.0K | $-562.0K | $-570.0K | $-3M | $-5M | $-1M | $-2M | $-889.0K | $-2M | $-1M | $-98M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Stock Issued | $-792.0K | $804.0K | $5.0K | $5.0K | $892.0K | $131.0K | $378.0K | $19.0K | $179.0K | $236.0K | $169.0K | $900.0K | $633.0K | $221.0K | $199.0K | $632.0K | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | $804.0K | · | · | · | $131.0K | · | · | · | $236.0K | · | · | · | $221.0K | · | · | |
| Financing Cash Flow | $369M | $2M | $95M | $608.0K | $98M | $949.0K | $378.0K | $914.0K | $179.0K | $2M | $1M | $900.0K | $87M | $221.0K | $-4M | $-168.0K | |
| Net Change in Cash | $335M | $-15M | $87M | $-10M | $86M | $-13M | $-10M | $-13M | $-18M | $-23M | $-24M | $-1M | $77M | $-10M | $-14M | $-116M | |
| Taxes Paid | $37.0K | $25.0K | $-16.0K | $72.0K | $123.0K | $64.0K | $98.0K | $82.0K | $89.0K | $27.0K | $96.0K | $64.0K | $-10.0K | $10.0K | $-170.0K | $175.0K | |
| Free Cash Flow | · | $-17M | · | · | · | $-14M | · | · | · | $-23M | · | · | · | $-9M | · | · |
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 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 3.8% | |
| Operating Margin | -258.2% | -322.9% | · | -192.0% | -149.4% | -180.5% | · | -133.6% | -152.1% | -136.2% | · | -130.3% | -150.7% | -265.5% | · | -365.4% | |
| Net Margin | -2167.5% | -392.9% | · | -190.2% | -338.7% | -120.0% | · | -86.4% | -109.1% | -15.9% | · | 34.2% | -324.0% | -463.0% | · | -318.2% | |
| Pretax Margin | -2166.8% | -392.2% | · | -187.2% | -336.8% | -117.5% | · | -85.8% | -108.8% | -15.6% | · | 34.3% | -324.6% | -466.4% | · | -419.4% | |
| EBITDA Margin | -258.2% | -322.9% | · | -192.0% | -149.4% | -180.5% | · | -133.6% | -152.1% | -136.2% | · | -130.3% | -150.7% | -265.5% | · | -365.4% | |
| ROA | -35.6% | -7.9% | · | -4.5% | -11.1% | -4.0% | · | -4.1% | -4.8% | -0.83% | · | 1.6% | -14.9% | -17.6% | · | -9.4% | |
| ROE | -38.4% | -8.9% | · | -5.1% | -12.6% | -4.5% | · | -4.8% | -5.8% | -0.99% | · | 1.9% | -18.6% | -22.7% | · | -18.9% | |
| ROIC | -3.4% | -6.6% | · | -5.2% | -5.6% | -7.4% | · | -7.7% | -8.0% | -8.1% | · | -7.1% | -7.1% | -10.3% | · | -7.5% |
Liquidity & Solvency 4
| 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 | 21.8 | 4.3 | · | 7.9 | 8.2 | 5.6 | · | 5.6 | 5.7 | 4.6 | · | 4.7 | 6.0 | 5.5 | · | 8.4 | |
| Quick Ratio | 20.3 | 4.0 | · | 7.1 | 7.4 | 4.5 | · | 4.6 | 4.7 | 3.6 | · | 4.3 | 5.4 | 4.6 | · | 7.3 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.0 |
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 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | 0.4 | 0.3 | · | 0.3 | 0.6 | 0.4 | · | 0.7 | 0.6 | 0.5 | · | 0.9 | 0.6 | 0.5 | · | 1.2 | |
| Receivables Turnover | 1.2 | 1.1 | · | 0.7 | 0.8 | 0.8 | · | 1.1 | 1.1 | 1.6 | · | 1.5 | 1.5 | 1.6 | · | 1.9 |
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 | $44M | $47M | · | $60M | $71M | $79M | · | $87M | $84M | $77M | · | $64M | $50M | $39M | · | $31M | |
| Net Income TTM | $-330M | $-119M | · | $-104M | $-107M | $-62M | · | $-37M | $-77M | $-117M | · | $-145M | $-119M | $19M | · | $74M | |
| Market Cap | · | · | · | · | · | · | · | · | $721M | $873M | · | $1.24B | $1.83B | $1.18B | · | $737M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $617M | |
| P/E | -12.4 | -15.1 | · | -13.6 | -11.7 | -6.2 | · | -12.2 | -8.7 | -6.6 | · | -7.4 | -14.6 | 30.5 | · | 18.7 | |
| P/S | · | · | · | · | · | · | · | · | 8.6 | 11.4 | · | 19.5 | 36.4 | 30.2 | · | 23.6 | |
| P/B | · | · | · | · | · | · | · | · | 1.9 | 2.2 | · | 3.1 | 4.8 | 3.4 | · | 2.0 | |
| P / Tangible Book | · | · | · | · | · | · | · | · | 5.0 | 5.9 | · | 8.6 | 15.3 | 15.2 | · | 6.9 | |
| P / Cash Flow | · | · | · | · | · | · | · | · | · | -44.1 | · | · | · | -148.5 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -38.5 | · | · | · | -134.7 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | -16.5 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 19.8 | |
| Earnings Yield | -8.0% | -6.6% | · | -7.3% | -8.6% | -16.1% | · | -8.2% | -11.5% | -15.1% | · | -13.5% | -6.8% | 3.3% | · | 5.4% |
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 | $46M | $83M | $79M | $38M | $24M |
| Operating Margin % | — | — | -148.7% | — | — |
| Net Income | $-117M | $-85M | $-145M | $74M | $-153M |
| Diluted EPS | $-0.57 | $-0.46 | $-0.86 | $0.51 | $-3.90 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | — | — | 4.1 | — | — |
| Quick Ratio | — | — | 3.5 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | — | $-45M | — | — |
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Institutional owners (13F) 415 filers · $2.2B 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 |
|---|---|---|---|---|
| 136 (+68 vs prior Q) | 45 (+9 vs prior Q) | 114 (-3 vs prior Q) | 95 (+23 vs prior Q) | +54.4M |
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 |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $161,261,381 | 8,998,961 | 7.37% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $160,932,854 | 8,980,628 | 7.36% | Shares |
| STATE STREET CORP | $147,151,944 | 8,211,604 | 6.73% | Shares |
| Capricorn Investment Group LLC | $127,846,387 | 7,134,285 | 5.85% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $99,864,576 | 5,572,800 | 4.57% | Call option |
| JANE STREET GROUP, LLC | $95,907,840 | 5,352,000 | 4.39% | Put option |
| GOLDMAN SACHS GROUP INC | $92,393,600 | 5,155,893 | 4.22% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $77,447,922 | 4,320,953 | 3.54% | Shares |
| CITADEL ADVISORS LLC | $71,755,264 | 4,004,200 | 3.28% | Call option |
| Connor, Clark & Lunn Investment Management Ltd. | $69,370,237 | 3,871,107 | 3.17% | Shares |
| JANE STREET GROUP, LLC | $63,022,848 | 3,516,900 | 2.88% | Call option |
| CITADEL ADVISORS LLC | $54,765,975 | 3,056,137 | 2.50% | Shares |
| CITADEL ADVISORS LLC | $51,799,552 | 2,890,600 | 2.37% | Put option |
| JANE STREET GROUP, LLC | $50,747,487 | 2,831,891 | 2.32% | Shares |
| TWO SIGMA INVESTMENTS, LP | $49,255,862 | 2,748,653 | 2.25% | Shares |
| NEUBERGER BERMAN GROUP LLC | $40,992,466 | 2,287,526 | 1.87% | Shares |
| D. E. Shaw & Co., Inc. | $39,680,758 | 2,214,328 | 1.81% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $37,805,824 | 2,109,700 | 1.73% | Put option |
| GOLDMAN SACHS GROUP INC | $30,354,688 | 1,693,900 | 1.39% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $29,310,633 | 1,635,638 | 1.34% | Shares |
| UBS Group AG | $29,299,200 | 1,635,000 | 1.34% | Call option |
| FMR LLC | $27,834,455 | 1,553,262 | 1.27% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $25,547,397 | 1,425,636 | 1.17% | Shares |
| JPMORGAN CHASE & CO | $23,989,944 | 1,343,123 | 1.10% | Shares |
| PICTON MAHONEY ASSET MANAGEMENT | $23,654,400 | 1,320,000 | 1.08% | Call option |
| FIRST TRUST ADVISORS LP | $22,844,272 | 1,274,792 | 1.04% | Shares |
| ALLIANCEBERNSTEIN L.P. | $22,732,217 | 2,592,043 | 1.04% | Shares |
| Walleye Trading LLC | $20,817,664 | 1,161,700 | 0.95% | Call option |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $18,290,000 | 1,020,650 | 0.84% | Shares |
| MILLENNIUM MANAGEMENT LLC | $16,500,234 | 920,772 | 0.75% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $15,141,307 | 844,939 | 0.69% | Shares |
| Point72 Asset Management, L.P. | $14,857,759 | 829,116 | 0.68% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $12,558,784 | 700,825 | 0.57% | Shares |
| Walleye Trading LLC | $12,472,320 | 696,000 | 0.57% | Put option |
| D. E. Shaw & Co., Inc. | $12,366,592 | 690,100 | 0.57% | Call option |
| WELLINGTON MANAGEMENT GROUP LLP | $10,252,605 | 572,132 | 0.47% | Shares |
| ALGERT GLOBAL LLC | $10,047,314 | 560,676 | 0.46% | Shares |
| Schonfeld Strategic Advisors LLC | $9,862,916 | 550,386 | 0.45% | Shares |
| VANGUARD GROUP INC | $8,897,090 | 1,246,091 | 0.41% | Shares |
| RHUMBLINE ADVISERS | $8,074,060 | 450,562 | 0.37% | Shares |
| Old West Investment Management, LLC | $7,657,610 | 427,322 | 0.35% | Shares |
| Allianz Asset Management GmbH | $7,549,696 | 421,300 | 0.35% | Put option |
| Swiss National Bank | $7,470,848 | 416,900 | 0.34% | Shares |
| IMC-Chicago, LLC | $7,224,591 | 403,158 | 0.33% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $6,291,945 | 351,113 | 0.29% | Shares |
| LPL Financial LLC | $5,970,449 | 333,172 | 0.27% | Shares |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | $5,376,000 | 300,000 | 0.25% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,373,420 | 299,856 | 0.25% | Shares |
| Baird Financial Group, Inc. | $5,359,155 | 299,060 | 0.25% | Shares |
| Nuveen, LLC | $5,253,624 | 293,171 | 0.24% | Shares |
| Inspire Advisors, LLC | $5,135,456 | 286,577 | 0.23% | Shares |
| Ariose Capital Management Ltd | $5,028,029 | 280,582 | 0.23% | Shares |
| AXIOM INVESTORS LLC /DE | $4,991,795 | 278,560 | 0.23% | Shares |
| Allianz Asset Management GmbH | $4,768,512 | 266,100 | 0.22% | Call option |
| Davidson Kempner Capital Management LP | $4,480,000 | 250,000 | 0.20% | Shares |
| PEAK6 LLC | $4,444,160 | 248,000 | 0.20% | Call option |
| VICTORY CAPITAL MANAGEMENT INC | $4,365,616 | 243,617 | 0.20% | Shares |
| CITIGROUP INC | $4,309,437 | 240,482 | 0.20% | Shares |
| BlackRock, Inc. | $4,292,736 | 239,550 | 0.20% | Shares |
| TUDOR INVESTMENT CORP ET AL | $4,004,869 | 223,486 | 0.18% | Shares |
| XTX Topco Ltd | $3,810,132 | 212,619 | 0.17% | Shares |
| AMERIPRISE FINANCIAL INC | $3,705,712 | 206,792 | 0.17% | Shares |
| Torrey Growth & Income Advisors | $3,259,979 | 186,551 | 0.15% | Shares |
| Jefferies Financial Group Inc. | $3,064,033 | 170,984 | 0.14% | Shares |
| Bank of New York Mellon Corp | $2,976,082 | 166,076 | 0.14% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,975,795 | 166,060 | 0.14% | Shares |
| DIKER MANAGEMENT LLC | $2,752,000 | 153,564 | 0.13% | Shares |
| WOLVERINE TRADING, LLC | $2,709,192 | 376,800 | 0.12% | Call option |
| Caitong International Asset Management Co., Ltd | $2,628,936 | 146,704 | 0.12% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $2,609,152 | 145,600 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,605,926 | 145,420 | 0.12% | Shares |
| Philadelphia Investment Partners, LLC | $2,305,134 | 128,634 | 0.11% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,256,809 | 125,938 | 0.10% | Shares |
| Cetera Investment Advisers | $2,251,612 | 125,648 | 0.10% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,247,168 | 125,400 | 0.10% | Call option |
| 180 WEALTH ADVISORS, LLC | $2,210,109 | 123,332 | 0.10% | Shares |
| WOLVERINE TRADING, LLC | $2,135,430 | 297,000 | 0.10% | Put option |
| Engineers Gate Manager LP | $2,101,891 | 117,293 | 0.10% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,992,719 | 227,220 | 0.09% | Shares |
| DNB Asset Management AS | $1,984,909 | 110,765 | 0.09% | Shares |
| Allianz Asset Management GmbH | $1,974,121 | 110,163 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $1,971,200 | 110,000 | 0.09% | Call option |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,934,195 | 107,935 | 0.09% | Shares |
| MetLife Investment Management, LLC | $1,926,149 | 107,486 | 0.09% | Shares |
| Qube Research & Technologies Ltd | $1,921,615 | 107,233 | 0.09% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $1,874,611 | 104,610 | 0.09% | Shares |
| Informed Momentum Co LLC | $1,857,318 | 103,645 | 0.08% | Shares |
| Toroso Investments, LLC | $1,857,293 | 260,125 | 0.08% | Shares |
| Long Corridor Asset Management Ltd | $1,792,000 | 100,000 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $1,775,478 | 99,078 | 0.08% | Shares |
| Wealth Management Associates, Inc. | $1,743,078 | 97,270 | 0.08% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $1,609,216 | 89,800 | 0.07% | Put option |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $1,598,482 | 89,201 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,516,964 | 84,652 | 0.07% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,511,301 | 84,336 | 0.07% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $1,465,856 | 81,800 | 0.07% | Call option |
| CSS LLC/IL | $1,424,640 | 79,500 | 0.07% | Put option |
| ExodusPoint Capital Management, LP | $1,405,358 | 78,424 | 0.06% | Shares |
| Balyasny Asset Management L.P. | $1,367,296 | 76,300 | 0.06% | Call option |
| WCG Wealth Advisors LLC | $1,313,105 | 73,276 | 0.06% | Shares |
Company insiders 13 insiders · 4 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Chris Allexandre | PRESIDENT AND CEO | May 27, 2026 S | 1,072,633 | 0 | 1 | $-423,805 |
| Eugene Sheridan | Chief Executive Officer | Oct. 19, 2021 A | 2,736,000 | 0 | 0 | $0 |
| Todd Glickman | Interim Chf Financial Officer | Oct. 19, 2021 A | 920,184 | 0 | 0 | $0 |
| Daniel M. Kinzer | Chief Oprtng and Tech Officer | Oct. 19, 2021 A | 4,414,435 | 0 | 0 | $0 |
| Dipender Saluja | Director | July 31, 2026 A | 145,097 | 0 | 0 | $0 |
| Gary Kent Wunderlich JR | Director | June 2, 2026 G | 7,684 | 0 | 2 | $-3,041,573 |
| Singh Ranbir | Director | May 28, 2026 S | 14,943,475 | 0 | 2 | $-108,702,602 |
| Richard J Hendrix | Director | May 28, 2026 S | 101,709 | 0 | 3 | $-4,188,072 |
| Davin Lee | Director | April 30, 2026 A | 3,430 | 0 | 0 | $0 |
| Gregory Michael Fischer | Director | April 28, 2026 A | 4,839 | 0 | 0 | $0 |
| Brian Long | Director | June 5, 2025 S | 0 | 0 | 13 | $-50,406,607 |
| David Moxam | Director | Oct. 19, 2021 A | 12,839,519 | 0 | 0 | $0 |
| MalibuIQ, LLC | 10% owner | Oct. 19, 2021 A | 12,839,519 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 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 |
|---|---|---|---|---|---|
| Singh Ranbir ×4 filings | May 29, 2026 | 6.40% | Amendment | — | SEC |
| Capricorn-Libra Investment Group, LP, Capricorn-Libra Partners, LLC, Technology Impact Fund, LP, TIF Partners, LLC, Dipender Saluja | Dec. 16, 2025 | 3.50% | Amendment | — | SEC |
| Capricorn-Libra Investment Group, L.P., Capricorn-Libra Partners, LLC, Technology Impact Fund, L.P., TIF Partners, LLC, Dipender Saluja | Feb. 18, 2022 | — | Initial filing | Passive investment | 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 44 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 |
|---|---|---|---|---|
| AIS · Tidal Trust III | 3.33% | 873,345 NS | May 31, 2026 | N-PORT |
| PBW · Invesco Exchange-Traded Fund Trust | 0.98% | 323,052 SH | Aug. 8, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.62% | 391,920 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.46% | 47,410 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.26% | 4,005 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.21% | 157,898 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.19% | 197,085 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.17% | 74,926 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.14% | 1,667,936 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.14% | 151,541 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.14% | 9,569 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.13% | 36,510 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.11% | 952,382 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.10% | 88,127 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.10% | 1,057,855 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.08% | 7,485 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.08% | 43,529 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.07% | 4,656,549 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.06% | 7,571 NS | May 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.04% | 447,800 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.04% | 2,309,237 SH | Aug. 8, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.04% | 1,486,600 SH | Aug. 8, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.04% | 3,608,436 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.04% | 89,011 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.04% | 8,747 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.03% | 118,918 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 65,714 SH | Aug. 8, 2026 | Daily |
| SMMV · iShares Trust | 0.03% | 6,977 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.03% | 248,293 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 12,959 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.02% | 190 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.02% | 6,407 NS | May 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.02% | 2,343,257 SH | Aug. 8, 2026 | Daily |
| IGM · iShares Trust | 0.01% | 93,304 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 6,485,668 SH | Aug. 8, 2026 | Daily |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 28,529 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 112,927 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 5,852 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 24,855 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 269,844 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 55,028 SH | Aug. 8, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 20,055 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 104 NS | April 30, 2026 | N-PORT |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 15,104 SH | Aug. 8, 2026 | Daily |