CANNELL CAPITAL LLC's Q4 2025 13F: 6 new positions, 25 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 17, 2026 · 36 reported positions · accession 0001420506-26-000561
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | TURNING PT BRANDS INC (TPB) | 4.7% | 3.6% | −1.1 pts | −128K sh | −71% |
| Reduced | COMPASS INC (COMP) | 3.8% | 3.5% | −0.4 pts | −1.31M sh | −72% |
| Reduced | COMPOSECURE INC (CMPO) | 5.5% | 4.5% | −1.0 pts | −641K sh | −64% |
| Reduced | CAVCO INDS INC DEL (CVCO) | 4.9% | 4.3% | −0.6 pts | −20,801 sh | −65% |
| New | OWLET INC (OWLT) | — | 4.5% | +4.5 pts | +432K sh | new |
| Reduced | NPK INTERNATIONAL INC (NPKI) | 4.3% | 7.2% | +2.8 pts | −513K sh | −35% |
| Exited | LINCOLN EDL SVCS CORP (LINC) | 3.6% | — | −3.6 pts | −577K sh | −100% |
| Reduced | THE REALREAL INC (REAL) | 1.0% | 0.2% | −0.8 pts | −343K sh | −96% |
| Reduced | CRONOS GROUP INC (CRON) | 1.4% | 0.1% | −1.4 pts | −1.92M sh | −98% |
| Reduced | ETON PHARMACEUTICALS INC (ETON) | 2.6% | 2.3% | −0.3 pts | −238K sh | −52% |
| Reduced | OPEN LENDING CORP (LPRO) | 1.5% | 0.0% | −1.4 pts | −2.58M sh | −98% |
| Increased | ATEGRITY SPECIALTY IN CO HO (ASIC) | 0.7% | 4.3% | +3.6 pts | +179K sh | +126% |
| Exited | OPORTUN FINL CORP (OPRT) | 2.4% | — | −2.4 pts | −1.47M sh | −100% |
| Reduced | MIMEDX GROUP INC (MDXG) | 3.7% | 6.4% | +2.7 pts | −542K sh | −27% |
| Exited | LUXEXPERIENCE BV (LUXE) | 2.3% | — | −2.3 pts | −1.05M sh | −100% |
| Exited | KASPI KZ JSC (KSPI) | 2.3% | — | −2.3 pts | −109K sh | −100% |
| Exited | PDF SOLUTIONS INC (PDFS) | 2.3% | — | −2.3 pts | −337K sh | −100% |
| New | CALAVO GROWERS INC (CVGW) | — | 2.2% | +2.2 pts | +158K sh | new |
| Exited | STRATA CRITICAL MEDICAL INC (SRTA) | 2.1% | — | −2.1 pts | −1.6M sh | −100% |
| Reduced | NORTH AMERN CONSTR GROUP LTD (NOA) | 4.9% | 9.9% | +5.0 pts | −229K sh | −18% |
| Reduced | PERMA-PIPE INTL HLDGS INC (PPIH) | 0.7% | 0.3% | −0.5 pts | −106K sh | −88% |
| Exited | GRUPO AEROPORTUARIO DEL SURE (ASR) | 2.0% | — | −2.0 pts | −24,120 sh | −100% |
| Exited | NCR ATLEOS CORPORATION (NATL) | 2.0% | — | −2.0 pts | −198K sh | −100% |
| Exited | NEXTDOOR HOLDINGS INC (NXDR) | 2.0% | — | −2.0 pts | −3.71M sh | −100% |
| Reduced | SWK HLDGS CORP (SWKH) | 0.9% | 0.7% | −0.2 pts | −178K sh | −74% |
| Exited | CRITEO S A (CRTO) | 1.9% | — | −1.9 pts | −329K sh | −100% |
| Exited | SELECT WATER SOLUTIONS INC (WTTR) | 1.9% | — | −1.9 pts | −673K sh | −100% |
| Exited | PINTEREST INC (PINS) | 1.7% | — | −1.7 pts | −206K sh | −100% |
| Exited | MATTHEWS INTL CORP (MATW) | 1.7% | — | −1.7 pts | −267K sh | −100% |
| Reduced | GLOBALSTAR INC (GSAT) | 0.7% | 1.1% | +0.5 pts | −42,761 sh | −59% |
| Reduced | GLOBAL INDEMNITY GROUP LLC (GBLI) | 2.2% | 3.5% | +1.4 pts | −86,415 sh | −31% |
| Exited | MAGNITE INC (MGNI) | 1.5% | — | −1.5 pts | −265K sh | −100% |
| Exited | UNIVERSAL TECHNICAL INST INC (UTI) | 1.4% | — | −1.4 pts | −169K sh | −100% |
| New | CHEGG INC (CHGG 0 09/01/26) | — | 1.4% | +1.4 pts | +2.48M sh | new |
| Exited | CLEAN HARBORS INC (CLH) | 1.4% | — | −1.4 pts | −23,067 sh | −100% |
| Reduced | SAN JUAN BASIN RTY TR (SJT) | 1.9% | 3.0% | +1.1 pts | −377K sh | −31% |
| Exited | SCHOLASTIC CORP (SCHL) | 1.1% | — | −1.1 pts | −154K sh | −100% |
| Increased | BUILD-A-BEAR WORKSHOP INC (BBW) | 0.9% | 3.0% | +2.2 pts | +27,457 sh | +55% |
| Exited | NEBIUS GROUP N.V. (NBIS) | 1.0% | — | −1.0 pts | −35,500 sh | −100% |
| Increased | AMERICAN PUB ED INC (APEI) | 0.4% | 1.9% | +1.5 pts | +40,208 sh | +102% |
| Increased | GOLD COM INC (GOLD) | 1.3% | 5.0% | +3.7 pts | +37,929 sh | +20% |
| Reduced | NATURAL GAS SVCS GROUP INC (NGS) | 2.6% | 7.0% | +4.4 pts | −32,769 sh | −9% |
| Exited | API GROUP CORP (APG) | 0.6% | — | −0.6 pts | −62,825 sh | −100% |
| Exited | IDENTIV INC (INVE) | 0.6% | — | −0.6 pts | −611K sh | −100% |
| Exited | CHAIN BRIDGE BANCORP INC (CBNA) | 0.5% | — | −0.5 pts | −61,609 sh | −100% |
| Increased | SAVERS VALUE VLG INC (SVV) | 1.7% | 3.5% | +1.7 pts | +84,354 sh | +17% |
| Exited | BRIGHTVIEW HLDGS INC (BV) | 0.5% | — | −0.5 pts | −138K sh | −100% |
| Exited | TILE SHOP HLDGS INC (TTSH) | 0.4% | — | −0.4 pts | −256K sh | −100% |
| Reduced | MOUNT LOGAN CAP INC (MLCI) | 0.1% | 0.1% | 0.0 pts | −48,851 sh | −74% |
| Reduced | ORASURE TECHNOLOGIES INC (OSUR) | 1.8% | 3.0% | +1.2 pts | −146K sh | −7% |
The 50 largest of 58 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 62.1% of the equity book
Changes in the top 10 this quarter: GOLD entered · OWLT entered · ASIC entered · TPB left · COMP left · LINC left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | NORTH AMERN CONSTR GROUP LTD (NOA) | 4.9% | 9.9% | |
| 2 | SNDL INC (SNDL) | 6.3% | 9.3% | |
| 3 | NPK INTERNATIONAL INC (NPKI) | 4.3% | 7.2% | |
| 4 | NATURAL GAS SVCS GROUP INC (NGS) | 2.6% | 7.0% | |
| 5 | MIMEDX GROUP INC (MDXG) | 3.7% | 6.4% | |
| 6 | GOLD COM INC (GOLD) | 1.3% | 5.0% | Entered the top 10 |
| 7 | COMPOSECURE INC (CMPO) | 5.5% | 4.5% | |
| 8 | OWLET INC (OWLT) | 0.0% | 4.5% | Entered the top 10 |
| 9 | ATEGRITY SPECIALTY IN CO HO (ASIC) | 0.7% | 4.3% | Entered the top 10 |
| 10 | CAVCO INDS INC DEL (CVCO) | 4.9% | 4.3% | |
| — | TURNING PT BRANDS INC (TPB) | 4.7% | 3.6% | Left the top 10 |
| — | COMPASS INC (COMP) | 3.8% | 3.5% | Left the top 10 |
| — | LINCOLN EDL SVCS CORP (LINC) | 3.6% | 0.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| Exited | ISHARES TR (IWM) | Put | 1.11M | 0 | $0 |
| New | EOS ENERGY ENTERPRISES INC (EOSE) | Put | 0 | 1.31M | $15M |
| New | FLUENCE ENERGY INC (FLNC) | Put | 0 | 469K | $9.27M |
| New | RIGETTI COMPUTING INC (RGTI) | Put | 0 | 340K | $7.53M |
| Exited | SCHOLASTIC CORP (SCHL) | Call | 194K | 0 | $0 |
| New | CARVANA CO (CVNA) | Put | 0 | 10,900 | $4.6M |
| New | NPK INTERNATIONAL INC (NPKI) | Call | 0 | 233K | $2.78M |
| New | QUANTUMSCAPE CORP (QS) | Put | 0 | 223K | $2.33M |
| New | SES AI CORPORATION (SES) | Put | 0 | 1.08M | $1.95M |
| New | FUELCELL ENERGY INC (FCEL) | Put | 0 | 261K | $1.91M |
| Exited | ADVISORSHARES TR (MSOS) | Call | 387K | 0 | $0 |
| New | FARADAY FUTURE INTLGT ELEC I (FFAI) | Put | 0 | 1.11M | $1.13M |
| New | MICROVAST HOLDINGS INC (MVST) | Put | 0 | 307K | $860K |
| New | LIGHTWAVE LOGIC INC (LWLG) | Put | 0 | 189K | $612K |
| New | ASP ISOTOPES INC (ASPI) | Put | 0 | 111K | $593K |
| New | PLUG POWER INC (PLUG) | Put | 0 | 8,091 | $445K |
| New | AMERICAN BATTERY TECHNOLOGY (ABAT) | Put | 0 | 94,800 | $317K |
| New | WHEELS UP EXPERIENCE INC (UP) | Put | 0 | 397K | $260K |