SMSI Smith Micro Software, Inc. - Common Stock
$2.81
Price · Aug 19, 2026
Fundamentals as of Aug 14, 2026
52W Range
$0–$5
58% of range
Analyst Rating
BUY
8 analysts
Price Target
$11
+291% upside
P/E (TTM)
-0.4
ROE
-143.7%
Net Profit Margin
-168.9%
About Smith Micro Software, Inc. - Common Stock Company overview from Wikipedia
Smith Micro Software, Inc., founded in 1982 by William W. Smith, Jr., is a developer and marketer of both enterprise and consumer-level software and services. Headquartered in Pittsburgh, Pennsylvania, Smith Micro maintains multiple domestic and international offices. United States locations include Aliso Viejo, California, and Pittsburgh, Pennsylvania. International offices are located throughout Europe and Asia. Currently, the company focuses on digital lifestyle solutions and security technologies, and is integrated into the evolving wireless media industry, as indicated by partnerships with cellular service providers such as Verizon Wireless, AT&T, and Sprint Corporation, now owned by T-Mobile US after the Sprint & T-Mobile merger in April 2020.
Read more
Smith Micro Software, Inc., founded in 1982 by William W. Smith, Jr., is a developer and marketer of both enterprise and consumer-level software and services. Headquartered in Pittsburgh, Pennsylvania, Smith Micro maintains multiple domestic and international offices. United States locations include Aliso Viejo, California, and Pittsburgh, Pennsylvania. International offices are located throughout Europe and Asia. Currently, the company focuses on digital lifestyle solutions and security technologies, and is integrated into the evolving wireless media industry, as indicated by partnerships with cellular service providers such as Verizon Wireless, AT&T, and Sprint Corporation, now owned by T-Mobile US after the Sprint & T-Mobile merger in April 2020.
Corporate history
Smith Micro's initial focus was on dial-up modem and fax software technology, distributing predominantly to OEM computer software/hardware manufacturers. Smith Micro established an IPO in 1995, and became publicly traded in the NASDAQ under the symbol SMSI. Initial stock values were approx. $12.75 per share.
As the company entered the 90's, dial-up internet was quickly being replaced by cable internet, DSL, and wireless broadband due to substantially higher speeds and increased reliability. This change led Smith Micro to venture into wireless and mobile network software. Network connection management became an expertise of the company and, Smith Micro quickly developed products of interest to large-scale mobile network operators such as AT&T, Bell Canada, Orange, Sprint, T-Mobile, Verizon, and Vodafone. While fax and modem-related products were still a part of their portfolio, the QuickLink Platform of wireless connection managers became a primary source of revenue in the early 2000s.
By 2005, Smith Micro acquired Allume Systems and their StuffIt data compression software. Soon after, Smith Micro acquired Israel-based image editing company, PhoTags. Smith Micro followed with two more acquisitions, (e frontier America and busineSMS.com Software.) By acquiring these smaller companies, Smith Micro rapidly expanded its consumer business presence, however the company retained focus on network and wireless-related products.
In early 2008, the company began to expand its portfolio with the addition of wireless access and mobile services. Smith Micro introduced multiple solutions for enhanced mobile communications, such as push-to-talk software, visual voicemail services, and video streaming. Smith Micro also expressed interest in WiMAX broadband, a newly developed cellular technology which was considered to be a 4G wireless protocol and the replacement of current 3G cellular systems.
In 2019, Smith Micro entered the retail technology space with its acquisition of ISM Connect, LLC’s Smart Retail product suite. Most recently, the company has continued to expand its family safety business through the acquisitions of Circle Media Labs’ operator business in February 2020, and the Family Safety Mobile Business of Avast Software s.r.o in April 2021.
Products
Family safety
SafePath
SafePath Home
SafePath IoT
SafePath Family
SafePath Drive
Communications
CommSuite VVM (Visual Voicemail)
CommSuite VTT (Voice to Text)
CommSuite Cloud
CommSuite Caller
Smart Retail
ViewSpot
ViewSpot Studio (Retail Display Management)
ViewSpot Dynamic Pricing Portal
ViewSpot Retail Analytics
Major acquisitions
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
SMSI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.81
Market Cap
$14M
P/E (TTM)
-0.4
EPS (TTM)
$-1.46
Revenue (TTM)
$17M
Div Yield
—
ROE
-143.7%
Debt/Equity
0.1
52W Range
$0 – $5
SMSI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$17M
2016-12-31
→
2025-12-31
EPS
$-1.46
2016-12-31
→
2025-12-31
Free Cash Flow
$-7M
2018-12-31
→
2025-12-31
Margins
-168.9%
2018-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SMSI
Peer Median
P/E (TTM)
-0.4
132.0
P/S (TTM)
0.8
29.2
P/B
0.8
0.5
EV / EBITDA
-0.6
—
Price / FCF
-2.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SMSI
Peer Median
Gross Margin
74.1%
74.4%
Operating Margin
-167.1%
—
Net Profit Margin
-168.9%
-88.4%
ROA
-80.3%
-28.6%
ROE
-143.7%
-53.3%
ROIC
-149.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SMSI
Peer Median
Debt / Equity
0.1
3.7
Current Ratio
0.7
3.9
Quick Ratio
0.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SMSI
Peer Median
Revenue YoY
-15.5%
—
Revenue CAGR 3Y
-29.0%
—
Revenue CAGR 5Y
-19.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SMSI
Peer Median
SMSI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 5 62.5%
- Hold 1 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-18
Median
$11.00
← Below all targets
$2.81
Low
$10.00
High
$12.00
Median target
$11.00
+291.4%
Mean target
$11.00
+291.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.75 | $-0.77 | 0.01% |
| Dec. 31, 2025 | $-1.00 | $-0.97 | -0.03% |
| Sept. 30, 2025 | $-1.25 | $-1.20 | -0.05% |
| June 30, 2025 | $-1.35 | $-1.29 | -0.06% |
| March 31, 2025 | $-0.16 | $-0.20 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SMSI | $14M | -0.4 | -15.5% | -168.9% | -143.7% | 74.1% |
| UPLD | $42M | -0.9 | -21.1% | -17.9% | 85.7% | 74.8% |
| CYN | $19M | -0.5 | -40.5% | -10717.7% | -54.9% | — |
| MYSE | — | — | — | — | — | — |
| BLIN | $16M | -5.3 | 0.16% | -16.4% | -25.0% | 66.6% |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17M | $21M | $41M | $49M | $58M | $51M | $43M | $26M | $23M | $28M | $40M | $37M | |
| Cost of Revenue | $5M | $6M | $11M | $14M | $13M | $5M | $4M | $4M | $5M | $8M | $8M | $9M | |
| Gross Profit | $13M | $14M | $30M | $34M | $46M | $46M | $39M | $22M | $18M | $21M | $31M | $28M | |
| R&D Expense | $11M | $14M | $17M | $29M | $26M | $18M | $12M | $9M | $9M | $16M | $14M | $14M | |
| SG&A Expense | $10M | $11M | $13M | $16M | $18M | $13M | $10M | $9M | $9M | $10M | $11M | $13M | |
| Operating Expenses | $42M | $64M | $48M | $65M | $77M | $43M | $29M | $23M | $24M | $37M | $34M | $39M | |
| Operating Income | $-29M | $-49M | $-18M | $-31M | $-31M | $4M | $10M | $-1M | $-6M | $-16M | $-3M | $-12M | |
| Other Non-op | $-164.0K | $196.0K | $-52.0K | $-115.0K | $76.0K | $-3.0K | $-14.0K | $-26.0K | $-8.0K | $-22.0K | $3.0K | $-3.0K | |
| Pretax Income | $-29M | $-49M | $-24M | $-29M | $-31M | $4M | $11M | $-3M | $-7M | $-16M | $-3M | $-12M | |
| Income Tax | $-76.0K | $-13.0K | $158.0K | $226.0K | $215.0K | $160.0K | $80.0K | $13.0K | $-546.0K | $-229.0K | $68.0K | $49.0K | |
| Net Income | $-29M | $-49M | $-24M | $-29M | $-31M | $4M | $11M | $-3M | $-7M | $-15M | $-3M | $-12M | |
| EPS (Basic) | $-1.46 | $-3.94 | $-3.01 | $-0.53 | $-0.61 | $0.10 | $0.31 | $-0.14 | $-0.49 | $-1.28 | $-0.23 | $-1.16 | |
| EPS (Diluted) | $-1.46 | $-3.94 | $-3.01 | $-0.53 | $-0.61 | $0.10 | $0.29 | $-0.14 | $-0.49 | $-1.28 | $-0.23 | $-1.16 | |
| Shares (Basic) | 20,605,000 | 12,367,000 | 8,115,000 | 55,422,000 | 51,232,000 | 40,808,000 | 34,513,000 | 22,322,000 | 13,489,000 | 11,951,000 | 11,486,000 | 10,162,000 | |
| Shares (Diluted) | 20,605,000 | 12,367,000 | 8,115,000 | 55,422,000 | 51,232,000 | 42,764,000 | 36,991,000 | 22,322,000 | 13,489,000 | 11,951,000 | 11,486,000 | 10,162,000 | |
| EBITDA | $-24M | $-43M | $-11M | $-30M | $-30M | $4M | $11M | $-714.0K | · | · | $-638.0K | $-12M |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1M | $3M | $7M | $14M | $16M | $26M | $28M | $12M | $2M | $2M | $9M | $10M | |
| Receivables | $2M | $6M | $8M | $11M | $11M | $12M | $11M | $7M | $5M | $5M | $8M | $8M | |
| Inventory | · | · | · | · | · | · | · | · | · | $12.0K | $39.0K | $97.0K | |
| Prepaid Expense | $1M | $1M | $2M | $2M | $2M | $1M | $802.0K | $795.0K | $576.0K | $726.0K | $692.0K | $765.0K | |
| Current Assets | $5M | $10M | $17M | $27M | $29M | $39M | $40M | $20M | $8M | $8M | $22M | $23M | |
| PP&E (Net) | $331.0K | $538.0K | $883.0K | $1M | $3M | $2M | $2M | $865.0K | $1M | $2M | $2M | $4M | |
| PP&E (Gross) | · | $9M | $9M | $15M | $15M | $14M | $13M | $21M | $21M | $21M | $23M | $23M | |
| Accum. Depreciation | $7M | $8M | $8M | $13M | $12M | $11M | $11M | $20M | $20M | $19M | $20M | $18M | |
| Goodwill | $0 | $11M | $35M | $35M | $35M | $12M | $8M | $4M | $4M | $4M | · | · | |
| Intangibles | $18M | $24M | $30M | $36M | $43M | $13M | $5M | $238.0K | $487.0K | $745.0K | · | · | |
| Other Non-current Assets | $500.0K | $496.0K | $482.0K | $490.0K | $620.0K | $694.0K | $234.0K | $140.0K | $146.0K | $149.0K | $195.0K | $214.0K | |
| Total Assets | $25M | $48M | $86M | $104M | $115M | $73M | $61M | $25M | $14M | $14M | $24M | $27M | |
| Accounts Payable | $2M | $2M | $3M | $3M | $3M | $2M | $2M | $1M | $1M | $2M | $2M | $2M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | $4M | $5M | $6M | |
| Short-term Debt | $1M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $6M | $6M | $8M | $21M | $9M | $8M | $6M | $3M | $5M | $6M | $7M | $9M | |
| Capital Leases | $417.0K | $1M | $2M | $3M | $4M | $5M | $6M | · | · | · | · | · | |
| Deferred Tax | $0 | $128.0K | $168.0K | $178.0K | $117.0K | $59.0K | · | · | · | $181.0K | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | $66.0K | $134.0K | $534.0K | $766.0K | $2M | $3M | $4M | |
| Long-term Debt | · | · | · | · | · | · | · | · | $4M | $3M | · | · | |
| Total Debt | $1M | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $5.0K | $18.0K | $9.0K | $56.0K | $54.0K | $41.0K | $38.0K | $28.0K | $14.0K | $12.0K | $46.0K | $45.0K | |
| Paid-in Capital | $403M | $395M | · | · | · | · | · | · | · | $229M | · | · | |
| Retained Earnings | · | $-355M | $-306M | $-282M | $-252M | $-221M | $-225M | $-236M | $-233M | $-226M | $-211M | $-208M | |
| AOCI | $-385M | $-355M | · | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $18M | $41M | $75M | $76M | $101M | $59M | $49M | $21M | $5M | $3M | $14M | $15M | |
| Liabilities + Equity | $25M | $48M | $86M | $104M | $115M | $73M | $61M | $25M | $14M | $14M | $24M | $27M | |
| Shares Outstanding | 5,159,618 | 17,673,404 | 9,347,979 | 56,197,910 | 54,259,390 | 41,232,804 | 38,475,084 | 28,241,129 | 14,268,765 | 12,297,954 | 11,432,318 | 45,000,891 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $5M | $6M | $7M | $8M | $1M | $700.0K | $400.0K | $500.0K | $700.0K | $1M | $2M | $3M | |
| Stock-based Comp | $4M | $5M | $5M | $5M | $5M | · | · | · | · | · | $2M | $4M | |
| Deferred Tax | $-128.0K | $-40.0K | $-10.0K | $61.0K | $58.0K | $153.0K | $97.0K | $213.0K | $-585.0K | $-137.0K | $0 | $0 | |
| Amort. of Intangibles | $5M | $6M | $7M | $6M | $8M | $3M | $900.0K | $200.0K | $300.0K | $200.0K | · | · | |
| Restructuring | · | · | · | · | · | $19.0K | $194.0K | $173.0K | $-123.0K | $303.0K | · | $2M | |
| Other Non-cash | $13M | $24M | $5M | $4M | $17M | $3M | $-1M | $-847.0K | · | · | $-2M | · | |
| Operating Cash Flow | $-7M | $-14M | $-7M | $-19M | $-13M | $8M | $10M | $-3M | $-7M | $-12M | $-55.0K | $-7M | |
| CapEx | $88.0K | $20.0K | $4.0K | $49.0K | $830.0K | $1M | $2M | $173.0K | $77.0K | $500.0K | $124.0K | $216.0K | |
| Investing Cash Flow | $1M | $178.0K | $132.0K | $115.0K | $-58M | $-15M | $-5M | $-173.0K | $-77.0K | · | · | · | |
| Debt Issued | · | · | · | · | · | · | · | · | · | $2M | · | · | |
| Stock Issued | · | · | $0 | $3M | $60M | · | · | · | · | · | · | $5M | |
| Net Stock Activity | · | · | $0 | $3M | $60M | · | · | · | · | · | · | $5M | |
| Financing Cash Flow | $5M | $10M | $-60.0K | $17M | $61M | $4M | $11M | $13M | $7M | · | · | · | |
| Net Change in Cash | $-1M | $-4M | $-7M | $-2M | $-10M | $-3M | $16M | $10M | $-24.0K | $-7M | $-1M | $-2M | |
| Taxes Paid | $60.0K | $80.0K | $187.0K | $253.0K | $84.0K | $-173.0K | $104.0K | · | · | · | · | · | |
| Free Cash Flow | $-7M | $-14M | $-7M | $-19M | $-14M | $7M | $8M | $-3M | · | · | $-179.0K | $-7M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.1% | 70.2% | 74.2% | 70.7% | 78.3% | 89.9% | 90.9% | 83.5% | · | · | 79.4% | 74.8% | |
| Operating Margin | -167.1% | -240.3% | -44.2% | -63.7% | -53.0% | 6.9% | 23.3% | -4.6% | · | · | -6.4% | -31.8% | |
| Net Margin | -168.9% | -236.9% | -59.7% | -60.4% | -53.1% | 8.1% | 24.7% | -10.4% | · | · | -6.6% | -31.9% | |
| Pretax Margin | -169.3% | -237.0% | -59.3% | -59.9% | -52.8% | 8.4% | 24.9% | -10.4% | · | · | -6.4% | -31.8% | |
| EBITDA Margin | -136.0% | -209.7% | -26.1% | -61.3% | -50.9% | 8.2% | 24.2% | -2.7% | · | · | -1.6% | -31.8% | |
| ROA | -80.3% | -72.9% | -25.8% | -26.9% | -33.0% | 6.2% | 24.8% | -14.0% | · | · | -10.0% | -40.1% | |
| ROE | -143.7% | -124.1% | -32.0% | -36.6% | -30.4% | 7.2% | 22.9% | -23.1% | · | · | -18.0% | -71.4% | |
| ROIC | -149.2% | -121.2% | -24.1% | -40.8% | -31.0% | 5.8% | 20.6% | -5.9% | · | · | -18.6% | -79.1% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 1.8 | 2.2 | 1.3 | 3.1 | 4.7 | 7.0 | 5.9 | · | · | 3.0 | 2.6 | |
| Quick Ratio | 0.5 | 1.5 | 2.0 | 1.2 | 2.8 | 4.6 | 6.8 | 5.7 | · | · | 2.4 | 2.1 | |
| Debt / Equity | 0.1 | · | · | · | · | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.3 | 0.4 | 0.4 | 0.6 | 0.8 | 1.0 | 1.3 | · | · | 1.5 | 1.3 | |
| Inventory Turnover | · | · | · | · | · | · | · | · | · | · | 119.9 | 70.6 | |
| Receivables Turnover | 4.6 | 3.0 | 4.4 | 4.6 | 5.1 | 4.4 | 4.8 | 4.3 | · | · | 4.8 | 4.7 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -15.5% | -49.7% | -15.8% | -17.0% | 13.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -29.0% | -29.4% | -7.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -19.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $17M | $21M | $41M | $49M | $58M | $51M | $43M | $26M | $23M | $28M | $40M | $37M | |
| Net Income TTM | $-29M | $-49M | $-24M | $-29M | $-31M | $4M | $11M | $-3M | $-7M | $-15M | $-3M | $-12M | |
| Market Cap | $14M | $23M | $497M | $944M | $2.14B | $1.79B | $1.23B | $407M | · | · | $1.07B | $1.40B | |
| Enterprise Value | $13M | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -0.4 | -0.3 | -2.2 | -31.7 | -64.5 | 433.6 | 109.8 | -102.9 | -46.4 | -9.8 | -101.6 | -26.8 | |
| P/S | 0.8 | 1.1 | 12.2 | 19.5 | 36.6 | 34.9 | 28.3 | 15.5 | · | · | 27.0 | 37.8 | |
| P/B | 0.8 | 0.6 | 6.6 | 12.4 | 21.2 | 30.4 | 25.2 | 19.8 | · | · | 76.2 | 93.7 | |
| P / Tangible Book | · | 3.8 | 45.9 | 188.1 | 93.3 | 53.0 | · | · | · | · | · | · | |
| P / Cash Flow | -1.9 | -1.6 | -71.2 | -49.0 | -165.3 | 225.6 | 122.7 | -141.5 | · | · | -19422.5 | -203.9 | |
| P / FCF | -1.9 | -1.6 | -71.2 | -48.9 | -155.4 | 270.8 | 147.1 | -133.5 | · | · | -5967.8 | -197.7 | |
| EV / EBITDA | -0.6 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | -1.8 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 0.8 | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -270.4% | -300.8% | -45.3% | -3.1% | -1.6% | 0.23% | 0.91% | -0.97% | -2.2% | -10.2% | -0.98% | -3.7% |
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 | $4M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $6M | $9M | $11M | $10M | $11M | $11M | $12M | |
| Cost of Revenue | $811.0K | $911.0K | $940.0K | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $4M | |
| Gross Profit | $4M | $3M | $3M | $3M | $3M | $3M | $4M | $3M | $4M | $4M | $6M | $8M | $8M | $8M | $8M | $8M | |
| R&D Expense | $1M | $2M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $6M | $7M | $7M | |
| SG&A Expense | $2M | $2M | $2M | $2M | $3M | $3M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | |
| Operating Expenses | $6M | $7M | $7M | $8M | $18M | $9M | $8M | $10M | $11M | $35M | $12M | $11M | $11M | $15M | $15M | $16M | |
| Operating Income | $-2M | $-3M | $-4M | $-4M | $-15M | $-5M | $-4M | $-7M | $-7M | $-31M | $-6M | $-2M | $-3M | $-7M | $-7M | $-8M | |
| Other Non-op | $-46.0K | $-1.0K | $-14.0K | $-18.0K | $-67.0K | $-65.0K | $66.0K | $-71.0K | $-18.0K | $219.0K | $9.0K | $15.0K | $-36.0K | $-40.0K | $-92.0K | $9.0K | |
| Pretax Income | $-3M | $-4M | $-5M | $-5M | $-15M | $-5M | $-4M | $-6M | $-7M | $-31M | $-7M | $-5M | $-6M | $-7M | $-8M | $-6M | |
| Income Tax | $0 | $0 | $-77.0K | $0 | $0 | $1.0K | $-52.0K | $0 | $0 | $39.0K | $133.0K | $14.0K | $2.0K | $9.0K | $149.0K | $27.0K | |
| Net Income | $-3M | $-4M | $-5M | $-5M | $-15M | $-5M | $-4M | $-6M | $-7M | $-31M | $-7M | $-5M | $-6M | $-7M | $-8M | $-6M | |
| EPS (Basic) | $-0.52 | $-0.15 | $-0.15 | $-0.25 | $-3.88 | $-0.28 | $0.54 | $-0.54 | $-0.66 | $-3.28 | $-0.70 | $-0.61 | $-0.73 | $-0.97 | $-0.15 | $-0.10 | |
| EPS (Diluted) | $-0.52 | $-0.15 | $-0.15 | $-0.25 | $-3.88 | $-0.28 | $0.54 | $-0.54 | $-0.66 | $-3.28 | $-0.70 | $-0.61 | $-0.73 | $-0.97 | $-0.15 | $-0.10 | |
| Shares (Basic) | 5,212,000 | 25,695,000 | -38,005,000 | 20,977,000 | 3,883,000 | 18,216,000 | -19,498,000 | 11,832,000 | 10,567,000 | 9,466,000 | -15,232,000 | 8,419,000 | 7,807,000 | 7,121,000 | -109,984,000 | 55,722,000 | |
| Shares (Diluted) | 5,212,000 | 25,695,000 | -38,005,000 | 20,977,000 | 3,883,000 | 18,216,000 | -19,498,000 | 11,832,000 | 10,567,000 | 9,466,000 | -15,232,000 | 8,419,000 | 7,807,000 | 7,121,000 | -109,984,000 | 55,722,000 | |
| EBITDA | $-2M | $-2M | · | $-4M | $-15M | $-4M | · | $-5M | $-5M | $-30M | · | $-614.0K | $-2M | $-5M | · | $-8M |
Balance Sheet 24
| 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 | $3M | $2M | $1M | $1M | $1M | $2M | $3M | $2M | $6M | $6M | $7M | $8M | $6M | $9M | $14M | $19M | |
| Receivables | $3M | $3M | $2M | $3M | $3M | $3M | $6M | $3M | $4M | $4M | $8M | $10M | $12M | $11M | $11M | $9M | |
| Prepaid Expense | $1M | $1M | $1M | $1M | $2M | $1M | $1M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $2M | $1M | |
| Current Assets | $7M | $6M | $5M | $5M | $6M | $7M | $10M | $6M | $12M | $12M | $17M | $21M | $22M | $23M | $27M | $30M | |
| PP&E (Net) | $160.0K | $274.0K | $331.0K | $372.0K | $423.0K | $468.0K | $538.0K | $615.0K | $701.0K | $790.0K | $883.0K | $998.0K | $1M | $1M | $1M | $2M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | $9M | · | · | · | $15M | · | |
| Accum. Depreciation | · | · | $7M | · | · | · | $8M | · | · | · | $8M | · | · | · | $13M | · | |
| Goodwill | · | · | $0 | $0 | $0 | $11M | $11M | $11M | $11M | $11M | $35M | $35M | $35M | $35M | $35M | $35M | |
| Intangibles | $16M | $17M | $18M | $20M | $21M | $22M | $24M | $25M | $26M | $28M | $30M | $32M | $33M | $35M | $36M | $38M | |
| Other Non-current Assets | $484.0K | $499.0K | $500.0K | $493.0K | $496.0K | $495.0K | $496.0K | $504.0K | $511.0K | $480.0K | $482.0K | $475.0K | $485.0K | $487.0K | $490.0K | $547.0K | |
| Total Assets | $26M | $26M | $25M | $27M | $30M | $43M | $48M | $46M | $53M | $55M | $86M | $92M | $95M | $98M | $104M | $109M | |
| Accounts Payable | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $4M | |
| Short-term Debt | $0 | $0 | $1M | $731.0K | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $5M | $4M | $6M | $7M | $6M | $6M | $6M | $6M | $8M | $7M | $8M | $12M | $17M | $20M | $21M | $13M | |
| Capital Leases | $2M | $1M | $417.0K | $501.0K | $646.0K | $902.0K | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | |
| Deferred Tax | · | · | $0 | $128.0K | $128.0K | $128.0K | $128.0K | $168.0K | $168.0K | $168.0K | $168.0K | $178.0K | $178.0K | $178.0K | $178.0K | $117.0K | |
| Total Debt | $0 | $0 | · | $731.0K | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $6.0K | $26.0K | $26.0K | $21.0K | $19.0K | $19.0K | $18.0K | $12.0K | $11.0K | $10.0K | $9.0K | $70.0K | $65.0K | $61.0K | $56.0K | $56.0K | |
| Paid-in Capital | $409M | $407M | $403M | $400M | $397M | · | $395M | · | · | · | · | · | · | · | · | · | |
| Retained Earnings | · | · | · | · | · | $-360M | · | $-350M | $-344M | $-337M | $-306M | $-299M | $-294M | $-288M | $-282M | $-274M | |
| AOCI | $-391M | $-389M | $-385M | $-380M | $-375M | · | $-355M | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $17M | $18M | $18M | $20M | $22M | $37M | $41M | $38M | $43M | $45M | $75M | $77M | $74M | $74M | $76M | $83M | |
| Liabilities + Equity | $26M | $26M | $25M | $27M | $30M | $43M | $48M | $46M | $53M | $55M | $86M | $92M | $95M | $98M | $104M | $109M | |
| Shares Outstanding | 5,589,880 | 25,609,766 | 25,798,092 | 21,477,754 | 19,382,014 | 19,458,750 | 17,673,404 | 11,857,234 | 10,625,467 | 9,601,504 | 9,347,979 | 70,384,838 | 65,202,050 | 60,595,949 | 56,197,910 | 56,260,670 |
Cash Flow 11
| 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 | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Stock-based Comp | $171.0K | $586.0K | $781.0K | $645.0K | $1M | $1M | $983.0K | $1M | $1M | $1M | $2M | $1M | $1M | $945.0K | $1M | $1M | |
| Amort. of Intangibles | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-cash | · | $-2M | · | · | · | $2M | · | · | · | $27M | · | · | · | $-1M | · | · | |
| Operating Cash Flow | $-882.0K | $-4M | $-2M | $-2M | $-2M | $-602.0K | $-5M | $-4M | $-4M | $-1M | $-1M | $2M | $-2M | $-5M | $-5M | $-3M | |
| CapEx | $61.0K | $11.0K | $36.0K | $21.0K | $27.0K | $4.0K | $3.0K | $6.0K | $7.0K | $4.0K | $-1.0K | · | · | · | $-36.0K | $-27.0K | |
| Investing Cash Flow | $-12.0K | $-11.0K | $-36.0K | $279.0K | $960.0K | $-4.0K | $-3.0K | $-6.0K | $-7.0K | $194.0K | $66.0K | $-8.0K | $71.0K | $3.0K | $106.0K | $38.0K | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $3M | |
| Financing Cash Flow | $2M | $4M | $2M | $2M | $421.0K | $86.0K | $6M | $-298.0K | $4M | $181.0K | $100.0K | $32.0K | $-222.0K | $30.0K | $-298.0K | $16M | |
| Net Change in Cash | $1M | $248.0K | $100.0K | $-7.0K | $-887.0K | $-520.0K | $1M | $-4M | $-527.0K | $-970.0K | $-857.0K | $2M | $-2M | $-5M | $-5M | $14M | |
| Free Cash Flow | · | $-4M | · | · | · | $-606.0K | · | · | · | $-1M | · | · | · | · | · | · |
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 | 81.3% | 78.4% | · | 73.9% | 73.5% | 72.8% | · | 71.6% | 68.7% | 65.7% | · | 77.0% | 75.0% | 70.0% | · | 69.0% | |
| Operating Margin | -54.6% | -79.9% | · | -103.2% | -338.3% | -112.8% | · | -140.0% | -135.8% | -542.4% | · | -19.8% | -31.4% | -63.4% | · | -71.1% | |
| Net Margin | -61.0% | -92.3% | · | -104.3% | -340.8% | -112.1% | · | -137.0% | -134.8% | -534.8% | · | -46.7% | -54.8% | -63.0% | · | -49.7% | |
| Pretax Margin | -61.0% | -92.3% | · | -104.3% | -340.8% | -112.0% | · | -137.0% | -134.8% | -534.1% | · | -46.5% | -54.8% | -62.9% | · | -49.5% | |
| EBITDA Margin | -54.6% | -50.4% | · | -103.2% | -338.3% | -83.5% | · | -109.4% | -105.8% | -509.4% | · | -5.6% | -15.7% | -48.0% | · | -71.1% | |
| ROA | -9.6% | -11.3% | · | -12.4% | -36.5% | -10.5% | · | -9.2% | -9.4% | -40.4% | · | -5.1% | -5.8% | -6.7% | · | -4.8% | |
| ROE | -13.3% | -14.2% | · | -15.7% | -46.1% | -12.6% | · | -11.1% | -11.8% | -52.0% | · | -6.4% | -7.0% | -8.2% | · | -6.2% | |
| ROIC | -13.7% | -18.4% | · | -21.8% | -66.7% | -14.2% | · | -17.2% | -16.3% | -69.3% | · | -2.8% | -4.4% | -9.4% | · | -10.0% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.4 | · | 0.8 | 0.9 | 1.2 | · | 1.0 | 1.5 | 1.7 | · | 1.7 | 1.3 | 1.1 | · | 2.3 | |
| Quick Ratio | 1.2 | 1.1 | · | 0.6 | 0.7 | 1.0 | · | 0.8 | 1.3 | 1.5 | · | 1.5 | 1.1 | 1.0 | · | 2.2 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | · | · | · | · | · | · | · | · | · | · | · | · |
Efficiency 2
| 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 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.6 | 1.4 | · | 1.5 | 1.3 | 1.2 | · | 0.7 | 0.7 | 0.7 | · | 1.1 | 0.9 | 0.9 | · | 1.1 |
Valuation (TTM) 14
| 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 | $17M | $18M | · | $18M | $19M | $20M | · | $27M | $32M | $38M | · | $44M | $46M | $48M | · | $54M | |
| Net Income TTM | $-26M | $-29M | · | $-31M | $-34M | $-49M | · | $-49M | $-49M | $-49M | · | $-23M | $-27M | $-28M | · | $-40M | |
| Market Cap | $15M | $18M | · | $15M | $17M | $14M | · | $12M | $23M | $26M | · | $681M | $579M | $562M | · | $1.02B | |
| Enterprise Value | $12M | $17M | · | $15M | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -0.6 | -0.5 | · | -0.4 | -0.4 | -0.2 | · | -0.2 | -0.4 | -0.5 | · | -4.0 | -4.6 | -6.9 | · | -25.1 | |
| P/S | 0.9 | 1.0 | · | 0.9 | 0.9 | 0.7 | · | 0.5 | 0.7 | 0.7 | · | 15.5 | 12.7 | 11.7 | · | 19.0 | |
| P/B | 0.9 | 1.0 | · | 0.8 | 0.7 | 0.4 | · | 0.3 | 0.5 | 0.6 | · | 8.9 | 7.8 | 7.6 | · | 12.2 | |
| P / Tangible Book | 12.5 | 18.0 | · | 125.7 | 12.2 | 4.5 | · | 6.9 | 4.2 | 3.9 | · | 68.5 | 95.0 | 140.7 | · | 97.1 | |
| P / Cash Flow | · | -4.9 | · | · | · | -23.6 | · | · | · | -19.4 | · | · | · | -105.4 | · | · | |
| P / FCF | · | -4.9 | · | · | · | -23.4 | · | · | · | -19.4 | · | · | · | · | · | · | |
| EV / EBITDA | -5.1 | -7.8 | · | -3.3 | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -4.4 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 0.7 | 0.9 | · | 0.8 | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -179.1% | -202.8% | · | -256.9% | -262.8% | -652.1% | · | -499.0% | -238.9% | -205.5% | · | -24.9% | -22.0% | -14.5% | · | -4.0% |
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 | $17M | $21M | $41M | $49M | $58M |
| Gross Margin % | 74.1% | 70.2% | 74.2% | 70.7% | 78.3% |
| Operating Margin % | -167.1% | -240.3% | -44.2% | -63.7% | -53.0% |
| Net Income | $-29M | $-49M | $-24M | $-29M | $-31M |
| Diluted EPS | $-1.46 | $-3.94 | $-3.01 | $-0.53 | $-0.61 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.1 | — | — | — | — |
| Current Ratio | 0.7 | 1.8 | 2.2 | 1.3 | 3.1 |
| Quick Ratio | 0.5 | 1.5 | 2.0 | 1.2 | 2.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-7M | $-14M | $-7M | $-19M | $-14M |
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Institutional owners (13F) 3 filers · $55K total · As of Dec. 31, 2025
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 — Q1 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 2 (+1 vs prior Q) | 4 (-2 vs prior Q) | 4 (-4 vs prior Q) | 4 (-3 vs prior Q) | -417K |
Compared to Q4 2025. 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 GROUP INC | $48,027 | 88,939 | 87.72% | Shares |
| Lindbrook Capital, LLC | $6,711 | 9,156 | 12.26% | Shares |
| Iron Horse Wealth Management, LLC | $11 | 13 | 0.02% | Shares |
Company insiders 29 insiders · 14 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| SMITH WILLIAM W JR | President & CEO | June 17, 2022 F | 455,339 | 0 | 0 | $0 |
| James M Kempton | VP, CFO and Treasurer | May 18, 2022 F | 112,604 | 0 | 0 | $0 |
| Timothy C. Huffmyer | Chief Financial Officer | Aug. 17, 2021 F | 324,598 | 0 | 0 | $0 |
| Steven Yasbek | Former VP & CFO | June 30, 2017 F | 74,585 | 0 | 0 | $0 |
| Andrew C Schmidt | FORMER VP &CFO | Nov. 3, 2014 S | 233,174 | 0 | 0 | $0 |
| Robert W Scheussler | Sr. VP/COO/CFO | Dec. 16, 2004 M | 1,000 | 0 | 0 | $0 |
| Rick Carpenter | SVP - Engineering | Feb. 23, 2015 A | 595,141 | 0 | 0 | $0 |
| Christopher G Lippincott | FORMER SVP-Global Ops | Nov. 4, 2014 S | 250,502 | 0 | 0 | $0 |
| Daniel Rawlings | Chief Revenue Officer | July 10, 2014 S | 92,293 | 0 | 0 | $0 |
| Von Cameron | EVP - Sales | Sept. 9, 2013 D | 404,660 | 0 | 0 | $0 |
| Jonathan Kahn | EVP - Productivity & Graphics | Dec. 10, 2010 M | 145,036 | 0 | 0 | $0 |
| David P Sperling | CTO | Dec. 7, 2010 S | 143,105 | 0 | 0 | $0 |
| Robert Elliott | Chief Marketing Officer | Nov. 8, 2010 S | 102,403 | 0 | 0 | $0 |
| Mark Mcmillan | EVP of Sales | Dec. 14, 2007 S | 22,500 | 0 | 0 | $0 |
| Chetan Sharma | Director | April 11, 2022 A | 18,082 | 0 | 0 | $0 |
| Asha Keddy | Director | April 11, 2022 A | 18,082 | 0 | 0 | $0 |
| Andrew Arno | Director | Jan. 18, 2022 A | 262,605 | 0 | 0 | $0 |
| Steven Lawrence Elfman | Director | Jan. 18, 2022 A | 138,750 | 0 | 0 | $0 |
| Smauel Gulko | Director | Jan. 18, 2022 A | 144,250 | 0 | 0 | $0 |
| Gregory J Szabo | Director | Jan. 18, 2022 A | 164,000 | 0 | 0 | $0 |
| Thomas G Campbell | Director | Jan. 18, 2022 A | 62,000 | 0 | 0 | $0 |
| James E Straight | Director | Aug. 11, 2011 S | 0 | 0 | 0 | $0 |
| Ted L Hoffman | Director | July 11, 2011 D | 30,832 | 0 | 0 | $0 |
| William Keiper | Director | July 11, 2011 D | 41,332 | 0 | 0 | $0 |
| The William W. Smith, Jr. Revocable Trust | 10% owner | June 4, 2010 S | 2,133,115 | 0 | 0 | $0 |
| The Rhonda L. Smith Living Trust, U/A/D 9/01/04 | 10% owner | March 16, 2006 S | 2,164,115 | 0 | 0 | $0 |
| Rhonda L Smith | 10% owner | March 16, 2006 S | 2,164,115 | 0 | 0 | $0 |
| SMITH FAMILY TRUST U/A/D 12/5/95 | 10% owner | Dec. 15, 2004 S | 7,397,230 | 0 | 0 | $0 |
| William R Wyand | — | Aug. 8, 2007 M | 35,250 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| SMITH WILLIAM W JR ×6 filings | July 14, 2026 | 56.50% | Amendment | — | 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 2 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.