WEAV Weave Communications, Inc. Common Stock
$7.31
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$4–$8
79% of range
Analyst Rating
BUY
10 analysts
Price Target
$8
+10% upside
P/E (TTM)
-20.0
ROE
-34.8%
Net Profit Margin
-11.7%
WEAV Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$7.30
Market Cap
$580M
P/E (TTM)
-20.0
EPS (TTM)
$-0.37
Revenue (TTM)
$239M
Div Yield
—
ROE
-34.8%
Debt/Equity
—
52W Range
$4 – $8
WEAV 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
$239M
2019-12-31
→
2025-12-31
EPS
$-0.37
2019-12-31
→
2025-12-31
Free Cash Flow
$15M
2021-12-31
→
2025-12-31
Margins
-11.7%
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
WEAV
Peer Median
P/E (TTM)
-20.0
52.9
P/S (TTM)
2.4
2.4
P/B
7.0
3.6
Price / FCF
38.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
WEAV
Peer Median
Gross Margin
72.1%
66.7%
Operating Margin
-12.8%
—
Net Profit Margin
-11.7%
-7.3%
ROA
-14.1%
-4.5%
ROE
-34.8%
-12.8%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
WEAV
Peer Median
Current Ratio
1.2
1.6
Quick Ratio
0.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
WEAV
Peer Median
Revenue YoY
17.0%
—
Revenue CAGR 3Y
18.9%
—
Revenue CAGR 5Y
24.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
WEAV
Peer Median
WEAV Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 3 30.0%
- Buy 6 60.0%
- Hold 1 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-18
Low
$8.00
High
$8.00
Median target
$8.00
+9.5%
Mean target
$8.00
+9.5%
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 | $0.03 | $0.02 | 0.01% |
| Dec. 31, 2025 | $0.03 | $0.04 | -0.01% |
| Sept. 30, 2025 | $0.02 | $0.02 | 0.00% |
| June 30, 2025 | $0.02 | $0.00 | 0.02% |
| March 31, 2025 | $0.01 | $0.01 | 0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| WEAV | $595M | -20.5 | 17.0% | -11.7% | -34.8% | 72.1% |
| CCSI | $414M | 5.0 | -0.20% | 24.2% | -1330.5% | 79.8% |
| SPT | — | -15.2 | 12.7% | -9.5% | -22.3% | 77.6% |
| BTBT | $613M | -6.1 | 5.1% | -70.7% | -14.1% | — |
| YEXT | $880M | 102.3 | 6.1% | 8.5% | 24.3% | 74.5% |
| OOMA | $322M | 51.1 | 6.5% | 2.4% | 7.1% | 61.1% |
| ABTC | — | -10.0 | 158.8% | -82.7% | -30.5% | — |
| RMNI | $355M | 9.9 | -1.7% | 8.8% | -132.3% | 60.4% |
| API | — | — | — | — | — | — |
| IIIV | — | 45.1 | 16.5% | — | 4.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $239M | $204M | $170M | $142M | $116M | $80M | $46M | |
| Cost of Revenue | $67M | $58M | $54M | $53M | $49M | $34M | $19M | |
| Gross Profit | $172M | $146M | $116M | $89M | $66M | $45M | $27M | |
| R&D Expense | $44M | $40M | $34M | $31M | $27M | $20M | $14M | |
| SG&A Expense | $56M | $52M | $46M | $42M | $32M | $26M | $13M | |
| Operating Expenses | $203M | $177M | $150M | $139M | $117M | $85M | $59M | |
| Operating Income | $-31M | $-31M | $-34M | $-50M | $-50M | $-40M | $-32M | |
| Interest Expense | · | $2M | $2M | $1M | $1M | $1M | $811.0K | |
| Interest Income | $2M | $2M | $2M | $1M | $0 | · | · | |
| Other Non-op | $2M | $3M | $3M | $356.0K | $-55.0K | $247.0K | $674.0K | |
| Income Tax | $-924.0K | $189.0K | $260.0K | $104.0K | $60.0K | $0 | $0 | |
| Net Income | $-28M | $-28M | $-31M | $-50M | $-52M | $-40M | $-32M | |
| EPS (Basic) | $-0.37 | $-0.40 | $-0.46 | $-0.76 | $-2.60 | $-3.75 | $-3.30 | |
| EPS (Diluted) | $-0.37 | $-0.40 | $-0.46 | $-0.76 | $-2.60 | $-3.75 | $-3.30 | |
| Shares (Basic) | 76,306,740 | 71,656,892 | 67,694,978 | 65,083,198 | 20,636,583 | 11,355,385 | 10,324,621 | |
| Shares (Diluted) | 76,306,740 | 71,656,892 | 67,694,978 | 65,083,198 | 20,636,583 | 11,355,385 | 10,324,621 | |
| EBITDA | $-19M | $-20M | $-22M | $-37M | $-38M | · | · |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $55M | $52M | $51M | $62M | $136M | $56M | · | |
| Receivables | $4M | $4M | $4M | $3M | $3M | $3M | · | |
| Prepaid Expense | $6M | $6M | $7M | $6M | $6M | $2M | · | |
| Current Assets | $105M | $121M | $130M | $133M | $154M | $68M | · | |
| PP&E (Net) | $9M | $8M | $10M | $11M | $25M | $18M | · | |
| PP&E (Gross) | $24M | $24M | $24M | $21M | $44M | $33M | · | |
| Accum. Depreciation | $15M | $16M | $14M | $10M | $20M | $15M | · | |
| Goodwill | $29M | $0 | · | · | · | · | · | |
| Intangibles | $7M | $0 | · | · | · | · | · | |
| Other Non-current Assets | $2M | $2M | $1M | $843.0K | $663.0K | $797.0K | · | |
| Total Assets | $208M | $189M | $201M | $208M | $187M | $93M | · | |
| Accounts Payable | $7M | $8M | $5M | $4M | $4M | $3M | · | |
| Accrued Liabilities | $28M | $18M | $18M | $14M | $12M | $10M | · | |
| Short-term Debt | · | · | · | · | $0 | $400.0K | · | |
| Current Liabilities | $85M | $77M | $73M | $72M | $54M | $44M | · | |
| Capital Leases | $35M | $39M | $43M | $47M | $7M | $7M | · | |
| Other Non-current Liabilities | $200.0K | $0 | · | · | · | · | · | |
| Total Liabilities | $126M | $122M | $122M | $125M | $75M | $55M | · | |
| Long-term Debt | · | · | · | $10M | $10M | $10M | · | |
| Total Debt | · | · | $0 | $10M | $10M | · | · | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | · | |
| Paid-in Capital | $402M | $359M | $342M | $315M | $294M | $16M | · | |
| Retained Earnings | $-319M | $-291M | $-263M | $-232M | $-182M | $-130M | · | |
| AOCI | $-127.0K | $-568.0K | $110.0K | $-29.0K | $-31.0K | $2.0K | · | |
| Stockholders' Equity | $82M | $67M | $79M | $83M | $112M | $-114M | $-86M | |
| Liabilities + Equity | $208M | $189M | $201M | $208M | $187M | $93M | · | |
| Shares Outstanding | 78,353,381 | 73,225,253 | 70,116,357 | 65,739,053 | 64,324,628 | 11,882,286 | 10,816,231 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $12M | $12M | $12M | $13M | $12M | $9M | $6M | |
| Stock-based Comp | $32M | $32M | $23M | $19M | $14M | $12M | $1M | |
| Amort. of Intangibles | $866.0K | $0 | $0 | · | · | · | · | |
| Other Non-cash | $2M | $-1M | $6M | $5M | $5M | · | · | |
| Operating Cash Flow | $18M | $14M | $10M | $-13M | $-20M | $-16M | $-22M | |
| CapEx | $2M | $2M | $2M | $2M | $7M | $3M | $2M | |
| Investing Cash Flow | $-7M | $9M | $-8M | $-54M | $-10M | $-4M | $-2M | |
| Stock Repurchased | · | · | · | · | $0 | $0 | $1M | |
| Net Stock Activity | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | $-7M | $-22M | $-14M | $-7M | $110M | $-5M | $65M | |
| Net Change in Cash | $3M | $840.0K | $-11M | $-74M | $80M | $-25M | $40M | |
| Free Cash Flow | $15M | $12M | $9M | $-15M | $-28M | · | · |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.1% | 71.4% | 68.1% | 62.5% | 57.4% | · | · | |
| Operating Margin | -12.8% | -15.4% | -20.2% | -35.0% | -43.5% | · | · | |
| Net Margin | -11.7% | -13.9% | -18.2% | -35.0% | -44.6% | · | · | |
| EBITDA Margin | -8.0% | -9.7% | -13.1% | -25.9% | -33.0% | · | · | |
| ROA | -14.1% | -14.5% | -15.2% | -25.1% | -36.9% | · | · | |
| ROE | -34.8% | -41.8% | -38.8% | -58.6% | 413.6% | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.6 | 1.8 | 1.8 | 2.8 | · | · | |
| Quick Ratio | 0.7 | 0.7 | 0.7 | 0.9 | 2.6 | · | · | |
| Debt / Equity | · | · | 0.0 | 0.1 | 0.1 | · | · | |
| LT Debt / Equity | · | · | · | 0.0 | 0.1 | · | · | |
| Interest Coverage | · | -20.6 | -17.9 | -34.5 | -42.6 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.2 | 1.0 | 0.8 | 0.7 | 0.8 | · | · | |
| Receivables Turnover | 59.1 | 56.3 | 50.1 | 44.7 | 41.4 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 17.0% | 19.9% | 20.0% | 22.7% | 45.0% | · | · | |
| Revenue CAGR 3Y | 18.9% | 20.8% | 28.7% | · | · | · | · | |
| Revenue CAGR 5Y | 24.5% | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $239M | $204M | $170M | $142M | $116M | · | · | |
| Net Income TTM | $-28M | $-28M | $-31M | $-50M | $-52M | · | · | |
| Market Cap | $595M | $1.17B | $804M | $301M | $976M | · | · | |
| Enterprise Value | · | · | $753M | $249M | $850M | · | · | |
| P/E | -20.5 | -39.8 | -24.9 | -6.0 | -5.8 | · | · | |
| P/S | 2.5 | 5.7 | 4.7 | 2.1 | 8.4 | · | · | |
| P/B | 7.2 | 17.4 | 10.2 | 3.6 | 8.7 | · | · | |
| P / Tangible Book | 13.0 | 17.4 | 10.2 | 3.6 | 8.7 | · | · | |
| P / Cash Flow | 33.9 | 82.4 | 78.7 | -23.6 | -47.9 | · | · | |
| P / FCF | 39.3 | 97.4 | 94.3 | -20.5 | -35.2 | · | · | |
| EV / EBITDA | · | · | -33.7 | -6.8 | -22.2 | · | · | |
| EV / FCF | · | · | 88.3 | -17.0 | -30.6 | · | · | |
| EV / Revenue | · | · | 4.4 | 1.8 | 7.3 | · | · | |
| Earnings Yield | -4.9% | -2.5% | -4.0% | -16.6% | -17.1% | · | · |
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 | $68M | $66M | $63M | $61M | $58M | $56M | $54M | $52M | $51M | $47M | $46M | $44M | $42M | $40M | $38M | $36M | |
| Cost of Revenue | $19M | $18M | $17M | $17M | $17M | $16M | $15M | $15M | $14M | $14M | $14M | $14M | $14M | $13M | $13M | $13M | |
| Gross Profit | $49M | $48M | $46M | $44M | $42M | $40M | $39M | $38M | $36M | $33M | $32M | $30M | $28M | $27M | $25M | $23M | |
| R&D Expense | $12M | $11M | $8M | $13M | $12M | $11M | $11M | $10M | $10M | $10M | $9M | $9M | $9M | $8M | $8M | $8M | |
| SG&A Expense | $14M | $14M | $13M | $14M | $15M | $15M | $14M | $13M | $14M | $12M | $12M | $12M | $12M | $10M | $10M | $11M | |
| Operating Expenses | $53M | $54M | $48M | $53M | $52M | $49M | $46M | $44M | $45M | $41M | $40M | $38M | $38M | $35M | $35M | $35M | |
| Operating Income | $-4M | $-6M | $-2M | $-9M | $-10M | $-9M | $-7M | $-7M | $-9M | $-8M | $-8M | $-8M | $-10M | $-9M | $-10M | $-12M | |
| Interest Expense | · | · | · | · | · | · | · | $405.0K | $399.0K | $319.0K | · | $512.0K | $501.0K | $472.0K | $436.0K | $380.0K | |
| Interest Income | $346.0K | $372.0K | $466.0K | $447.0K | $435.0K | $463.0K | $479.0K | $520.0K | $432.0K | $420.0K | $639.0K | $594.0K | $527.0K | $436.0K | $549.0K | $468.0K | |
| Other Non-op | $335.0K | $352.0K | $275.0K | $277.0K | $471.0K | $500.0K | $650.0K | $692.0K | $721.0K | $865.0K | $865.0K | $874.0K | $868.0K | $715.0K | $380.0K | $-17.0K | |
| Income Tax | $132.0K | $102.0K | $29.0K | $82.0K | $-1M | $71.0K | $67.0K | $56.0K | $52.0K | $14.0K | $112.0K | $79.0K | $49.0K | $20.0K | $22.0K | $31.0K | |
| Net Income | $-4M | $-6M | $-2M | $-9M | $-9M | $-9M | $-7M | $-6M | $-9M | $-7M | $-7M | $-7M | $-9M | $-8M | $-9M | $-12M | |
| EPS (Basic) | $-0.05 | $-0.07 | $-0.03 | $-0.11 | $-0.11 | $-0.12 | $-0.10 | $-0.08 | $-0.12 | $-0.10 | $-0.11 | $-0.10 | $-0.13 | $-0.12 | $-0.14 | $-0.18 | |
| EPS (Diluted) | $-0.05 | $-0.07 | $-0.03 | $-0.11 | $-0.11 | $-0.12 | $-0.10 | $-0.08 | $-0.12 | $-0.10 | $-0.11 | $-0.10 | $-0.13 | $-0.12 | $-0.14 | $-0.18 | |
| Shares (Basic) | 79,632,415 | 78,578,095 | -150,681,999 | 77,338,906 | 75,842,852 | 73,806,981 | -142,095,580 | 72,007,727 | 71,291,801 | 70,452,944 | -133,322,581 | 68,213,250 | 66,849,788 | 65,954,521 | -129,607,490 | 65,143,929 | |
| Shares (Diluted) | 79,632,415 | 78,578,095 | -150,681,999 | 77,338,906 | 75,842,852 | 73,806,981 | -142,095,580 | 72,007,727 | 71,291,801 | 70,452,944 | -133,322,581 | 68,213,250 | 66,849,788 | 65,954,521 | -129,607,490 | 65,143,929 | |
| EBITDA | $-4M | $-3M | · | $-9M | $-10M | $-7M | · | $-7M | $-9M | $-5M | · | $-8M | $-10M | $-5M | · | $-12M |
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 | $48M | $42M | $55M | $64M | $45M | $53M | $52M | $51M | $52M | $31M | · | $63M | $52M | $56M | · | $118M | |
| Receivables | $4M | $5M | $4M | $4M | $3M | $3M | $4M | $8M | $6M | $19M | · | $4M | $3M | $3M | · | $4M | |
| Prepaid Expense | $7M | $9M | $6M | $5M | $6M | $7M | $6M | $5M | $5M | $8M | · | $6M | $5M | $6M | · | $5M | |
| Current Assets | $105M | $101M | $105M | $103M | $99M | $120M | $121M | $123M | $121M | $120M | · | $138M | $129M | $132M | · | $136M | |
| PP&E (Net) | $10M | $10M | $9M | $9M | $9M | $9M | $8M | $9M | $10M | $10M | · | $10M | $10M | $11M | · | $11M | |
| PP&E (Gross) | $27M | $26M | $24M | $24M | $25M | $24M | $24M | $24M | $26M | $25M | · | $24M | $23M | $22M | · | · | |
| Accum. Depreciation | $17M | $16M | $15M | $15M | $16M | $15M | $16M | $16M | $16M | $15M | · | $13M | $12M | $11M | · | · | |
| Goodwill | $29M | $29M | $29M | $29M | $29M | · | $0 | · | · | · | · | · | · | · | · | · | |
| Intangibles | $6M | $7M | $7M | $7M | $8M | · | $0 | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $925.0K | · | $926.0K | $901.0K | $868.0K | · | $1M | |
| Total Assets | $209M | $204M | $208M | $206M | $204M | $188M | $189M | $192M | $191M | $190M | · | $211M | $203M | $206M | · | $213M | |
| Accounts Payable | $8M | $7M | $7M | $6M | $6M | $5M | $8M | $8M | $8M | $4M | · | $5M | $4M | $4M | · | $3M | |
| Accrued Liabilities | · | · | $28M | · | · | · | $18M | $19M | $15M | $14M | · | $17M | $14M | $15M | · | $16M | |
| Current Liabilities | $84M | $81M | $85M | $83M | $81M | $75M | $77M | $77M | $74M | $68M | · | $70M | $66M | $64M | · | $75M | |
| Capital Leases | $32M | $33M | $35M | $36M | $37M | $38M | $39M | $40M | $41M | $42M | · | $44M | $45M | $46M | · | · | |
| Other Non-current Liabilities | $200.0K | $200.0K | $200.0K | $3M | $508.0K | · | $0 | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $124M | $121M | $126M | $128M | $125M | $120M | $122M | $123M | $121M | $117M | · | $130M | $127M | $126M | · | $126M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | $10M | $10M | $10M | · | $10M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | $10M | $10M | $10M | · | $10M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Paid-in Capital | $415M | $409M | $402M | $396M | $388M | $369M | $359M | $353M | $349M | $343M | · | $337M | $324M | $319M | · | $309M | |
| Retained Earnings | $-329M | $-325M | $-319M | $-317M | $-309M | $-300M | $-291M | $-284M | $-278M | $-270M | · | $-256M | $-248M | $-239M | · | $-222M | |
| AOCI | $-522.0K | $-406.0K | $-127.0K | $-287.0K | $-215.0K | $-500.0K | $-568.0K | $-125.0K | $-286.0K | $-190.0K | · | $-105.0K | $31.0K | $-45.0K | · | $-128.0K | |
| Stockholders' Equity | $85M | $83M | $82M | $79M | $79M | $69M | $67M | $69M | $70M | $73M | $79M | $81M | $75M | $80M | $83M | $87M | |
| Liabilities + Equity | $209M | $204M | $208M | $206M | $204M | $188M | $189M | $192M | $191M | $190M | · | $211M | $203M | $206M | · | $213M | |
| Shares Outstanding | 79,913,403 | 79,384,905 | 78,353,381 | 77,990,452 | 76,893,957 | 74,914,866 | 73,225,253 | 72,517,681 | 71,682,267 | 70,980,371 | 70,116,357 | 69,341,193 | 67,323,083 | 66,337,452 | 65,739,053 | 65,453,292 |
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 | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Stock-based Comp | $7M | $7M | $4M | $10M | $9M | $9M | $9M | $8M | $8M | $7M | $6M | $6M | $6M | $5M | $6M | $5M | |
| Amort. of Intangibles | $300.0K | $341.0K | $348.0K | $400.0K | $200.0K | $0 | $0 | $0 | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-10M | · | · | · | $-3M | · | · | · | $-22M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $10M | $-6M | $6M | $6M | $5M | $-219.0K | $7M | $4M | $23M | $-20M | $4M | $3M | $2M | $2M | $-3M | $-4M | |
| CapEx | $633.0K | $521.0K | $1M | $279.0K | $544.0K | $444.0K | $383.0K | $548.0K | $741.0K | $513.0K | $178.0K | $675.0K | $218.0K | $620.0K | $704.0K | $270.0K | |
| Investing Cash Flow | $-2M | $-5M | $-13M | $16M | $-12M | $2M | $-611.0K | $-22.0K | $3M | $6M | $-3M | $3M | $-2M | $-5M | $-52M | $-586.0K | |
| Financing Cash Flow | $-3M | $-2M | $-3M | $-2M | $-2M | $-225.0K | $-6M | $-5M | $-5M | $-7M | $-13M | $5M | $-3M | $-2M | $-2M | $-1M | |
| Net Change in Cash | $5M | $-13M | $-9M | $20M | $-9M | $2M | $493.0K | $-556.0K | $21M | $-20M | $-13M | $11M | $-4M | $-6M | $-56M | $-6M | |
| Taxes Paid | $65.0K | $101.0K | · | $1M | $-1M | $71.0K | · | $56.0K | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $-6M | · | · | · | $-663.0K | · | · | · | $-20M | · | · | · | $921.0K | · | · |
Profitability 6
| 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 | 72.0% | 72.6% | · | 72.3% | 71.8% | 71.6% | · | 72.0% | 71.4% | 69.9% | · | 68.8% | 67.3% | 67.1% | · | 64.0% | |
| Operating Margin | -6.5% | -9.2% | · | -14.6% | -17.4% | -16.7% | · | -12.7% | -18.3% | -17.3% | · | -18.4% | -23.6% | -21.5% | · | -32.7% | |
| Net Margin | -6.3% | -8.8% | · | -14.1% | -14.9% | -15.8% | · | -11.2% | -16.9% | -15.3% | · | -16.4% | -21.6% | -19.9% | · | -32.6% | |
| EBITDA Margin | -6.5% | -4.4% | · | -14.6% | -17.4% | -11.7% | · | -12.7% | -18.3% | -10.8% | · | -18.4% | -23.6% | -13.8% | · | -32.7% | |
| ROA | -2.1% | -2.9% | · | -4.3% | -4.4% | -4.7% | · | -2.9% | -4.3% | -3.6% | · | -3.4% | -4.3% | -3.6% | · | -7.7% | |
| ROE | -5.2% | -7.6% | · | -11.8% | -11.7% | -12.4% | · | -7.8% | -11.8% | -9.4% | · | -8.5% | -10.7% | -8.6% | · | 46.6% |
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 | 1.2 | 1.2 | · | 1.2 | 1.2 | 1.6 | · | 1.6 | 1.6 | 1.8 | · | 2.0 | 2.0 | 2.0 | · | 1.8 | |
| Quick Ratio | 0.6 | 0.6 | · | 0.8 | 0.6 | 0.8 | · | 0.8 | 0.8 | 0.7 | · | 1.0 | 0.8 | 0.9 | · | 1.6 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | 0.1 | 0.1 | 0.1 | · | 0.0 | |
| Interest Coverage | · | · | · | · | · | · | · | -16.4 | -23.2 | -25.6 | · | -15.7 | -19.6 | -18.0 | · | -31.2 |
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 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 17.2 | 16.9 | · | 9.7 | 13.1 | 5.0 | · | 8.7 | 11.5 | 4.3 | · | 11.8 | 13.3 | 13.3 | · | 8.8 |
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 | $253M | $241M | · | $228M | $217M | $206M | · | $194M | $183M | $172M | · | $161M | $152M | $144M | · | $135M | |
| Net Income TTM | $-27M | $-32M | · | $-32M | $-32M | $-30M | · | $-29M | $-32M | $-31M | · | $-36M | $-43M | $-48M | · | $-55M | |
| Market Cap | $479M | $367M | · | $521M | $640M | $831M | · | $928M | $647M | $815M | · | $565M | $748M | $330M | · | $331M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $512M | $706M | $284M | · | $222M | |
| P/E | -17.6 | -11.3 | · | -15.9 | -19.3 | -26.4 | · | -32.0 | -20.0 | -25.5 | · | -15.4 | -16.8 | -6.7 | · | -1.6 | |
| P/S | 1.9 | 1.5 | · | 2.3 | 2.9 | 4.0 | · | 4.8 | 3.5 | 4.7 | · | 3.5 | 4.9 | 2.3 | · | 2.5 | |
| P/B | 5.6 | 4.4 | · | 6.6 | 8.1 | 12.1 | · | 13.5 | 9.3 | 11.1 | · | 7.0 | 9.9 | 4.1 | · | 3.8 | |
| P / Tangible Book | 9.8 | 7.8 | · | 12.5 | 15.3 | 12.1 | · | 13.5 | 9.3 | 11.1 | · | 7.0 | 9.9 | 4.1 | · | 3.8 | |
| P / Cash Flow | · | -64.3 | · | · | · | -3793.6 | · | · | · | -41.4 | · | · | · | 214.0 | · | · | |
| P / FCF | · | -58.9 | · | · | · | -1253.1 | · | · | · | -40.3 | · | · | · | 358.0 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | -63.8 | -71.8 | -51.8 | · | -18.7 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | 307.9 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | 3.2 | 4.6 | 2.0 | · | 1.6 | |
| Earnings Yield | -5.7% | -8.9% | · | -6.3% | -5.2% | -3.8% | · | -3.1% | -5.0% | -3.9% | · | -6.5% | -5.9% | -14.9% | · | -63.8% |
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 | $239M | $204M | $170M | $142M | $116M |
| Gross Margin % | 72.1% | 71.4% | 68.1% | 62.5% | 57.4% |
| Operating Margin % | -12.8% | -15.4% | -20.2% | -35.0% | -43.5% |
| Net Income | $-28M | $-28M | $-31M | $-50M | $-52M |
| Diluted EPS | $-0.37 | $-0.40 | $-0.46 | $-0.76 | $-2.60 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.0 | 0.1 | 0.1 |
| Current Ratio | 1.2 | 1.6 | 1.8 | 1.8 | 2.8 |
| Quick Ratio | 0.7 | 0.7 | 0.7 | 0.9 | 2.6 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $15M | $12M | $9M | $-15M | $-28M |
Latest News Recent headlines mentioning this company
My Metrics Your personal watchlist — selected rows from Full Fundamentals
📊
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 204 filers · $404.5M 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 |
|---|---|---|---|---|
| 43 (+1 vs prior Q) | 28 (-5 vs prior Q) | 83 (+29 vs prior Q) | 35 (-18 vs prior Q) | +7.6M |
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 |
|---|---|---|---|---|
| Newtyn Management, LLC | $40,672,100 | 6,790,000 | 10.05% | Shares |
| VANGUARD GROUP INC | $40,238,112 | 5,301,464 | 9.95% | Shares |
| CROSSLINK CAPITAL INC | $25,590,532 | 4,272,209 | 6.33% | Shares |
| Pelion, Inc. | $23,371,376 | 3,498,709 | 5.78% | Shares |
| DISCIPLINED GROWTH INVESTORS INC /MN | $17,963,465 | 2,998,909 | 4.44% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $17,453,991 | 2,913,855 | 4.31% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $16,625,586 | 2,775,557 | 4.11% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $14,652,762 | 2,446,204 | 3.62% | Shares |
| Gumshoe Capital Management LLC | $12,932,793 | 2,159,064 | 3.20% | Shares |
| STATE STREET CORP | $12,156,861 | 2,029,526 | 3.01% | Shares |
| Divisar Capital Management LLC | $12,121,400 | 2,023,606 | 3.00% | Shares |
| CenterBook Partners LP | $9,862,343 | 1,646,468 | 2.44% | Shares |
| Pale Fire Capital SE | $8,941,908 | 1,492,806 | 2.21% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $8,631,955 | 1,440,491 | 2.13% | Shares |
| AXA Investment Managers S.A. | $8,193,995 | 1,226,646 | 2.03% | Shares |
| Huber Capital Management LLC | $7,906,693 | 1,319,982 | 1.95% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $7,347,610 | 1,226,646 | 1.82% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $6,670,200 | 1,113,556 | 1.65% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $6,432,194 | 1,073,822 | 1.59% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $6,310,094 | 1,053,438 | 1.56% | Shares |
| Engine Capital Management, LP | $6,298,635 | 1,051,525 | 1.56% | Shares |
| ArrowMark Colorado Holdings LLC | $4,932,352 | 823,431 | 1.22% | Shares |
| Harber Asset Management LLC | $4,706,265 | 785,687 | 1.16% | Shares |
| Lane Generational LLC | $4,536,239 | 757,302 | 1.12% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $4,323,414 | 721,772 | 1.07% | Shares |
| Y-Intercept (Hong Kong) Ltd | $3,896,453 | 650,493 | 0.96% | Shares |
| Bank of New York Mellon Corp | $3,855,577 | 643,669 | 0.95% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,574,694 | 596,777 | 0.88% | Shares |
| Meros Investment Management, LP | $3,323,468 | 554,836 | 0.82% | Shares |
| GOLDMAN SACHS GROUP INC | $3,129,745 | 522,495 | 0.77% | Shares |
| WASATCH ADVISORS LP | $3,057,063 | 661,702 | 0.76% | Shares |
| CITIGROUP INC | $3,014,366 | 503,233 | 0.75% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,903,970 | 484,803 | 0.72% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,827,663 | 472,064 | 0.70% | Shares |
| BARCLAYS PLC | $2,785,560 | 465,035 | 0.69% | Shares |
| Potrero Capital Research LLC | $2,530,266 | 422,415 | 0.63% | Shares |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC | $2,181,929 | 364,262 | 0.54% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,101,993 | 350,917 | 0.52% | Shares |
| Quantinno Capital Management LP | $2,088,282 | 348,628 | 0.52% | Shares |
| JANE STREET GROUP, LLC | $1,723,802 | 287,780 | 0.43% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,644,387 | 274,522 | 0.41% | Shares |
| COMERICA BANK | $1,610,219 | 212,150 | 0.40% | Shares |
| CITADEL ADVISORS LLC | $1,478,679 | 246,858 | 0.37% | Shares |
| Man Group plc | $1,348,397 | 225,108 | 0.33% | Shares |
| IEQ CAPITAL, LLC | $1,254,810 | 209,484 | 0.31% | Shares |
| FIFTH THIRD BANCORP | $1,252,545 | 209,106 | 0.31% | Shares |
| MARSHALL WACE, LLP | $1,062,583 | 177,393 | 0.26% | Shares |
| FMR LLC | $1,061,117 | 177,148 | 0.26% | Shares |
| Crescent Grove Advisors, LLC | $725,862 | 121,179 | 0.18% | Shares |
| FRANKLIN RESOURCES INC | $691,719 | 115,479 | 0.17% | Shares |
| TWO SIGMA ADVISERS, LP | $690,690 | 91,000 | 0.17% | Shares |
| Campbell & CO Investment Adviser LLC | $660,949 | 110,342 | 0.16% | Shares |
| FEDERATED HERMES, INC. | $658,361 | 109,910 | 0.16% | Shares |
| MORGAN STANLEY | $541,185 | 90,348 | 0.13% | Shares |
| RAYMOND JAMES FINANCIAL INC | $504,346 | 84,198 | 0.12% | Shares |
| RHUMBLINE ADVISERS | $475,876 | 79,447 | 0.12% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $474,043 | 79,139 | 0.12% | Shares |
| EntryPoint Capital, LLC | $471,461 | 78,708 | 0.12% | Shares |
| Cubist Systematic Strategies, LLC | $463,730 | 69,421 | 0.11% | Shares |
| Mariner, LLC | $438,238 | 73,165 | 0.11% | Shares |
| Nebula Research & Development LLC | $432,732 | 52,011 | 0.11% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $414,855 | 69,258 | 0.10% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $401,480 | 67,025 | 0.10% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $393,148 | 65,634 | 0.10% | Shares |
| CAXTON ASSOCIATES LP | $369,822 | 23,230 | 0.09% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $367,796 | 53,073 | 0.09% | Shares |
| Aspen Grove Capital, LLC | $360,017 | 60,103 | 0.09% | Shares |
| WELLS FARGO & COMPANY/MN | $358,867 | 59,911 | 0.09% | Shares |
| Point72 Asset Management, L.P. | $331,918 | 55,412 | 0.08% | Shares |
| Palatine Hill Wealth Management, LLC | $311,486 | 52,001 | 0.08% | Shares |
| CWM, LLC | $298,207 | 64,547 | 0.07% | Shares |
| GAGNON SECURITIES LLC | $294,367 | 49,143 | 0.07% | Shares |
| Rangeley Capital, LLC | $273,743 | 45,700 | 0.07% | Shares |
| ALLIANCEBERNSTEIN L.P. | $271,564 | 58,780 | 0.07% | Shares |
| ExodusPoint Capital Management, LP | $266,345 | 44,465 | 0.07% | Shares |
| Arax Advisory Partners | $265,855 | 44,383 | 0.07% | Shares |
| Teton Advisors, LLC | $258,552 | 43,164 | 0.06% | Shares |
| MetLife Investment Management, LLC | $257,265 | 42,949 | 0.06% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $235,419 | 39,302 | 0.06% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $234,531 | 30,900 | 0.06% | Shares |
| XTX Topco Ltd | $231,999 | 38,731 | 0.06% | Shares |
| Truvestments Capital LLC | $231,963 | 38,725 | 0.06% | Shares |
| Z3 Capital Partners, LLC | $230,915 | 38,550 | 0.06% | Shares |
| LPL Financial LLC | $224,320 | 37,449 | 0.06% | Shares |
| AlphaQuest LLC | $199,230 | 26,249 | 0.05% | Shares |
| Sequoia Financial Advisors, LLC | $195,646 | 32,662 | 0.05% | Shares |
| Schonfeld Strategic Advisors LLC | $195,147 | 32,579 | 0.05% | Shares |
| Argos Wealth Advisors, LLC | $191,638 | 31,993 | 0.05% | Shares |
| Three Bridge Wealth Advisors, LLC | $187,918 | 31,372 | 0.05% | Shares |
| BlackRock, Inc. | $187,511 | 31,304 | 0.05% | Shares |
| Magnetar Financial LLC | $186,726 | 31,173 | 0.05% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $182,048 | 30,392 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $180,131 | 30,072 | 0.04% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $179,748 | 30,008 | 0.04% | Shares |
| PNC Financial Services Group, Inc. | $170,589 | 28,479 | 0.04% | Shares |
| GABELLI FUNDS LLC | $167,720 | 28,000 | 0.04% | Shares |
| JPMORGAN CHASE & CO | $166,319 | 27,132 | 0.04% | Shares |
| Abel Hall, LLC | $157,621 | 26,314 | 0.04% | Shares |
| Lido Advisors, LLC | $156,405 | 26,111 | 0.04% | Shares |
| Invesco Ltd. | $154,985 | 25,874 | 0.04% | Shares |
Company insiders 21 insiders · 12 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Brett T White | Chief Executive Officer | June 15, 2026 F | 2,919,949 | 0 | 0 | $0 |
| Roy Banks | Chief Executive Officer | March 17, 2022 A | 521,743 | 0 | 0 | $0 |
| Jason Paul Christiansen | Chief Financial Officer | July 15, 2026 F | 715,733 | 0 | 0 | $0 |
| Alan Taylor | Chief Financial Officer | March 19, 2025 S | 207,986 | 0 | 0 | $0 |
| Marcus Bertilson | Chief Operating Officer | June 15, 2026 F | 744,561 | 0 | 0 | $0 |
| Marty Smuin | Chief Operating Officer | Nov. 16, 2021 P | 370,635 | 0 | 0 | $0 |
| Joseph David Mcneil | Chief Revenue Officer | June 15, 2026 F | 752,340 | 0 | 0 | $0 |
| Branden Neish | Chief Product &Technology Ofcr | March 20, 2025 S | 442,243 | 0 | 0 | $0 |
| Erin Goodsell | Chief Legal Officer & Corp.Sec | March 19, 2025 S | 522,154 | 0 | 0 | $0 |
| Matthew C. Hyde | Chief Revenue Officer | Oct. 2, 2023 S | 565,665 | 0 | 0 | $0 |
| Ashish Chaudhary | Chief Technology Officer | Nov. 4, 2022 D | 216,193 | 0 | 0 | $0 |
| Wendy Harper | Chief Legal Officer & Corp.Sec | March 17, 2022 A | 220,988 | 0 | 0 | $0 |
| David Richard Silverman | Director | June 10, 2026 A | 125,106 | 0 | 0 | $0 |
| Debora B Tomlin | Director | June 10, 2026 A | 124,677 | 0 | 0 | $0 |
| Tyler Newton | Director | June 10, 2026 A | 124,677 | 0 | 0 | $0 |
| Adrian Mcdermott | Director | June 10, 2026 A | 76,249 | 0 | 0 | $0 |
| Stuart C. Harvey JR | Director | June 10, 2026 A | 127,337 | 0 | 0 | $0 |
| George P Scanlon | Director | June 10, 2026 A | 153,681 | 0 | 0 | $0 |
| Herbert Edward Robson II | Director | March 28, 2026 A | 68,752 | 0 | 0 | $0 |
| Blake G Modersitzki | Director | May 24, 2023 A | 91,714 | 0 | 0 | $0 |
| Crosslink Capital, Inc. | 10% owner | May 22, 2024 A | 717,603 | 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 |
|---|---|---|---|---|---|
| Crosslink Capital, Inc., Crosslink Capital Management, LLC, Michael J. Stark ×5 filings | Dec. 5, 2025 | 4.70% | 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 22 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 |
|---|---|---|---|---|
| DAT · ProShares Trust | 0.74% | 6,789 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.23% | 103,390 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.10% | 221,850 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 78,771 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.03% | 599,708 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 70,171 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 1,714,846 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 376,620 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 3,107 NS | May 31, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 0.01% | 1,515,377 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 28,572 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 314,460 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 2,428 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 2,457 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 3,379 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 62 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 120,363 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 44,594 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 13,638 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 805,802 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,040,164 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,788 SH | Aug. 8, 2026 | Daily |