Acuitas Investments, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), Acuitas Investments, LLC reported 66 stock positions worth $117.4 million. Its top holding was Mechanics Bancorp Class A (MCHB) at 3.8% of the portfolio, followed by Mistras (MG, 3.8%) and Natural Gas Services (NGS, 3.7%). Compared with Q4 2024, it opened 16 new positions, sold out of 13, added to 26 and reduced 5. The biggest buy was a new position in Applied Digital (APLD) and the biggest sale Truecar (TRUE, shares −95%).

Most Recent 13F
Q2 2026
Location
Seattle, WA
CIK
0001524828
Portfolio Value
$117.4M (Q1 2025)
SEC Filing
0001941040-25-000238 ↗ filed Apr 28, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $198.2M Q1 2024 Q2 2024: $186.8M Q2 2024 Q3 2024: $224.3M Q3 2024 Q4 2024: $121.8M Q4 2024 Q1 2025: $117.4M $117.4M Q1 2025 Q2 2025: $125.7M Q2 2025 Q3 2025: $155.8M Q3 2025 Q4 2025: $497K Q4 2025 Q1 2026: $1.4M Q1 2026 Q2 2026: $1.4M Q2 2026

Holdings 66 stocks · $117.4M
MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 3.83% 383,299 $4.5M Add +14.0%
MG Mistras Group Inc. 3.82% 424,062 $4.5M Add +45.1%
NGS Natural Gas Services Group 3.75% 200,200 $4.4M No change
INVX Innovex International Inc. 3.68% 240,309 $4.3M No change
ARHS Arhaus Inc. 3.58% 483,670 $4.2M Add +35.9%
ANGO Angiodynamics Inc. 3.54% 442,230 $4.2M Add +9.7%
OPRT Oportun Financial Corp. 3.34% 714,392 $3.9M Reduce -37.9%
PGNY Progyny Inc. 3.29% 172,732 $3.9M No change
SEI Solaris Energy Infrastructur 3.18% 171,317 $3.7M No change
GLDD Great Lakes Dredge & Dock Co. 3.14% 423,234 $3.7M Add +17.4%
AOSL Alpha & Omega Semiconductor 3.10% 146,373 $3.6M Add +26.3%
HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I 2.95% 416,006 $3.5M Add +21.1%
HCKT The Hackett Group Inc. 2.77% 111,100 $3.2M No change
TRC Tejon Ranch Co. 2.76% 204,679 $3.2M No change
EQX Equinox Gold Corp. 2.62% 446,574 $3.1M Add +19.7%
LGND Ligand Pharmaceuticals 2.46% 27,512 $2.9M No change
INBK First Internet Bancorp 2.39% 104,832 $2.8M No change
FTK Flotek Industries Inc. 2.28% 321,925 $2.7M Add +18.6%
TASEKO MINES LTD 2.25% 1,180,424 $2.6M Add +77.1%
APLD Applied Digital Corp. 2.25% 469,500 $2.6M New
SBH Sally Beauty Holdings Inc. 2.20% 286,575 $2.6M No change
METC Ramaco Resources Inc. Class A 2.17% 309,957 $2.6M Add +103.8%
RDCM Radcom Ltd. 2.17% 222,725 $2.5M Add +21.4%
ARAY Accuray Inc. 2.17% 1,420,207 $2.5M Add +100.4%
ORN Orion Group Holdings Inc. 1.97% 441,381 $2.3M Add +22.8%
OR Osisko Gold Royalties Ltd. 1.88% 104,441 $2.2M No change
RNGR Ranger Energy Services Class A 1.79% 148,220 $2.1M No change
GFL GFL Environmental Inc.-Sub VT 1.74% 42,300 $2.0M New
RRGB Red Robin Gourmet Burgers 1.70% 560,006 $2.0M No change
YTRA Yatra Online Inc. 1.61% 2,419,343 $1.9M No change
CRAI Cra International Inc. 1.56% 10,600 $1.8M No change
HZO Marinemax Inc. 1.53% 83,800 $1.8M No change
UROY Uranium Royalty Corp. 1.52% 1,012,976 $1.8M No change
SILC Silicom Ltd. 1.44% 113,720 $1.7M Add +8.9%
URG Ur-Energy Inc. 1.17% 2,035,096 $1.4M No change
CTKB Cytek Biosciences Inc. 1.13% 331,219 $1.3M New
CTLP Cantaloupe Inc. 1.07% 158,945 $1.3M No change
TLS Telos Corporation 0.92% 456,057 $1.1M New
METCB Ramaco Resources Inc. Class B 0.91% 149,900 $1.1M Add +1.6%
TTGT Techtarget Inc. 0.75% 59,340 $879K Add +63.3%
ODD Oddity Tech Ltd. Class A 0.71% 19,400 $839K New
VIK Viking Holdings Ltd. 0.62% 18,400 $731K New
KRNT Kornit Digital Ltd. 0.59% 36,400 $695K New
THRY Thryv Holdings Inc. 0.57% 52,251 $669K Add +31.5%
CCJ Cameco Corp. 0.55% 15,600 $642K New
VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP 0.53% 27,200 $620K New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.52% 6,600 $613K New
AVNW Aviat Networks Inc. 0.52% 31,677 $607K Add +125.1%
CLS Celestica Inc. 0.44% 6,500 $512K New
DNN Denison Mines Corp. 0.37% 336,000 $437K New
FORR Forrester Research Inc. 0.36% 46,120 $426K New
VLRS Controladora Vuela Cia-ADR 0.35% 79,400 $414K Reduce -45.4%
MGTX Meiragtx Holdings PLC 0.24% 42,115 $286K New
HBIO Harvard Bioscience Inc. 0.24% 491,092 $278K No change
OESX Orion Energy Systems Inc. 0.22% 362,242 $261K Reduce -64.4%
CAPR Capricor Therapeutics Inc. 0.17% 21,530 $204K New
BTG B2GOLD Corp. 0.11% 43,712 $124K Add +0.0%
XOMA Xoma Royalty Corporation 0.10% 5,674 $113K Reduce -90.7%
FTI Technipfmc PLC 0.09% 3,394 $108K Add +13.4%
TRUE Truecar Inc. 0.07% 55,000 $87K Reduce -94.5%
SEE Sealed Air Corp. 0.06% 2,550 $74K Add +10.9%
BWA Borgwarner Inc. 0.04% 1,800 $52K Add +20.0%
LW Lamb Weston Holdings Inc. 0.04% 950 $51K Add +239.3%
ERO Ero Copper Corp. 0.03% 3,210 $39K New
AXTA Axalta Coating Systems Ltd. 0.03% 1,000 $33K Add +42.9%
TAP Molson Coors Beverage Co. Class B 0.02% 400 $24K Add +33.3%

Portfolio Sells Q4 2024 → Q1 2025
TRUE Truecar Inc. Reduce -94.5% 0.07% −2.99
BCOV Brightcove Sold out 0.00% −2.52
AAOI Applied Optoelectronics Inc. Sold out 0.00% −2.29
ETON Eton Pharmaceuticals Inc. Sold out 0.00% −2.03
XOMA Xoma Royalty Corporation Reduce -90.7% 0.10% −1.21
AIP Arteris Inc. Sold out 0.00% −0.90
TRAK Repositrak Inc. Sold out 0.00% −0.59
VLRS Controladora Vuela Cia-ADR Reduce -45.4% 0.35% −0.54
ALAR Alarum Technologies Ltd.-ADR Sold out 0.00% −0.49
OESX Orion Energy Systems Inc. Reduce -64.4% 0.22% −0.45
OPRT Oportun Financial Corp. Reduce -37.9% 3.34% −0.32
CLMB Climb Global Solutions Inc. Sold out 0.00% −0.27
APPS Digital Turbine Inc. Sold out 0.00% −0.12
QUIK Quicklogic Corp. Sold out 0.00% −0.09
RELL Richardson Elec Ltd. Sold out 0.00% −0.03
CUTRQ Cutera Inc. Sold out 0.00% −0.02
AAP Advance Auto Parts Inc. Sold out 0.00% −0.02
AGCO Agco Corp. Sold out 0.00% −0.02

Portfolio Buys Q4 2024 → Q1 2025
APLD Applied Digital Corp. New 2.25% +2.25
GFL GFL Environmental Inc.-Sub VT New 1.74% +1.74
MG Mistras Group Inc. Add +45.1% 3.82% +1.65
TASEKO MINES LTD Add +77.1% 2.25% +1.19
CTKB Cytek Biosciences Inc. New 1.13% +1.13
EQX Equinox Gold Corp. Add +19.7% 2.62% +1.08
ARAY Accuray Inc. Add +100.4% 2.17% +1.01
TLS Telos Corporation New 0.92% +0.92
METC Ramaco Resources Inc. Class A Add +103.8% 2.17% +0.89
ARHS Arhaus Inc. Add +35.9% 3.58% +0.84
ODD Oddity Tech Ltd. Class A New 0.71% +0.71
MCHB Mechanics Bancorp Class A Add +14.0% 3.83% +0.68
VIK Viking Holdings Ltd. New 0.62% +0.62
KRNT Kornit Digital Ltd. New 0.59% +0.59
CCJ Cameco Corp. New 0.55% +0.55
VTMX Corp. Inmobiliaria Vesta-ADR New 0.53% +0.53
KSPI JSC Kaspi.kz ADR New 0.52% +0.52
ANGO Angiodynamics Inc. Add +9.7% 3.54% +0.50
CLS Celestica Inc. New 0.44% +0.44
DNN Denison Mines Corp. New 0.37% +0.37
FORR Forrester Research Inc. New 0.36% +0.36
HOS Hornbeck Offshore Services I Add +21.1% 2.95% +0.32
AVNW Aviat Networks Inc. Add +125.1% 0.52% +0.31
RDCM Radcom Ltd. Add +21.4% 2.17% +0.31
MGTX Meiragtx Holdings PLC New 0.24% +0.24
CAPR Capricor Therapeutics Inc. New 0.17% +0.17
FTK Flotek Industries Inc. Add +18.6% 2.28% +0.16
TTGT Techtarget Inc. Add +63.3% 0.75% +0.16
THRY Thryv Holdings Inc. Add +31.5% 0.57% +0.09
SILC Silicom Ltd. Add +8.9% 1.44% +0.04
ERO Ero Copper Corp. New 0.03% +0.03
LW Lamb Weston Holdings Inc. Add +239.3% 0.04% +0.03
FTI Technipfmc PLC Add +13.4% 0.09% +0.02
BTG B2GOLD Corp. Add +0.0% 0.11% +0.02
AXTA Axalta Coating Systems Ltd. Add +42.9% 0.03% +0.01
TAP Molson Coors Beverage Co. Class B Add +33.3% 0.02% +0.01
BWA Borgwarner Inc. Add +20.0% 0.04% +0.00
SEE Sealed Air Corp. Add +10.9% 0.06% −0.00
ORN Orion Group Holdings Inc. Add +22.8% 1.97% −0.20
GLDD Great Lakes Dredge & Dock Co. Add +17.4% 3.14% −0.21
METCB Ramaco Resources Inc. Class B Add +1.6% 0.91% −0.29
AOSL Alpha & Omega Semiconductor Add +26.3% 3.10% −0.42

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 7$1.4MSLB, UAN, FSLR, MCHX, BBD
Q1 2026 9$1.4MSLB, VTMX, MCHX, CRESY, NFGC
Q4 2025 1$497KRDCM
Q3 2025Amended 52$155.8MSEI, AOSL, MG, NGS, ANGO
Q2 2025 53$125.7MSEI, OPRT, NGS, GLDD, MCHB
Q1 2025 66$117.4MMCHB, MG, NGS, INVX, ARHS
Q4 2024 63$121.8MNGS, SEI, OPRT, AOSL, GLDD
Q3 2024 117$224.3MSBH, MCHB, AAOI, SEI, HOS
Q2 2024 118$186.8MORN, NGVC, AOSL, ARHS, RRGB
Q1 2024 123$198.2MARHS, ORN, MCHB, NGVC, RRGB