AWM Investment Company, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), AWM Investment Company, Inc. reported 101 stock positions worth $1.1 billion. Its top holding was Aehr Test Systems (AEHR) at 4.4% of the portfolio, followed by 908 Devices (MASS, 4.3%) and American Superconductor (AMSC, 4.2%). Compared with Q2 2025, it opened 24 new positions, sold out of 15, added to 18 and reduced 22. The biggest buy was a new position in Galaxy Digital Class A (GLXY) and the biggest sale American Superconductor (AMSC, shares −52%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001535264
Portfolio Value
$1.1B (Q3 2025)
SEC Filing
0001535264-25-000059 ↗ filed Nov 13, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $763.5M Q1 2024 Q2 2024: $740.2M Q2 2024 Q3 2024: $825.3M Q3 2024 Q4 2024: $820.5M Q4 2024 Q1 2025: $725.8M Q1 2025 Q2 2025: $891.5M Q2 2025 Q3 2025: $1.1B $1.1B Q3 2025 Q4 2025: $1.0B Q4 2025 Q1 2026: $903.4M Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 101 stocks · $1.1B
AEHR Aehr Test Systems 4.43% 1,566,771 $47.2M Reduce -0.5%
MASS 908 Devices Inc. 4.27% 5,199,924 $45.6M No change
AMSC American Superconductor Corp. 4.15% 745,470 $44.3M Reduce -52.2%
BKSY Blacksky Technology Inc. 3.74% 1,979,177 $39.9M Reduce -10.4%
AVAV Aerovironment Inc. 3.36% 113,893 $35.9M No change
LASR Nlight Inc. 3.25% 1,169,680 $34.7M Reduce -13.0%
ADMA Adma Biologics Inc. 3.03% 2,200,000 $32.3M No change
PI Impinj Inc. 3.02% 178,173 $32.2M No change
KOPN Kopin Corp. 2.98% 13,474,487 $31.8M Add +36.6%
GILT Gilat Satellite Networks Ltd. 2.93% 2,398,088 $31.2M No change
ASPI Asp Isotopes Inc. 2.67% 2,958,596 $28.5M Reduce -24.7%
BLZE Backblaze Inc. Class A 2.67% 3,064,526 $28.4M No change
AIOT Powerfleet Inc. 2.31% 4,702,940 $24.6M Add +2.2%
MDXH Mdxhealth 2.28% 5,221,282 $24.3M No change
MRAM Everspin Technologies Inc. 1.86% 2,126,241 $19.8M No change
NGS Natural Gas Services Group 1.78% 676,652 $18.9M No change
CEVA Ceva Inc. 1.65% 667,162 $17.6M No change
SNWV Sanuwave Health Inc. 1.60% 454,550 $17.0M Reduce -7.2%
VICR Vicor Corp. 1.55% 333,180 $16.6M Reduce -0.0%
GLXY Galaxy Digital Inc. Class A 1.46% 460,000 $15.6M New
REAL The Realreal Inc. filed as THE REALREAL INC 1.43% 1,433,847 $15.2M No change
RDCM Radcom Ltd. 1.35% 991,261 $14.4M No change
MIND MEDICINE MINDMED INC 1.34% 1,215,662 $14.3M No change
SRTA Strata Critical Medical Inc. 1.34% 2,821,468 $14.3M Add +2.0%
ARLO Arlo Technologies Inc. 1.33% 837,609 $14.2M Add +20.6%
UTI Universal Technical Institut 1.33% 434,098 $14.1M Add +2.7%
GNSS Genasys Inc. 1.30% 5,649,544 $13.8M No change
RCAT Red Cat Holdings Inc. 1.25% 1,285,856 $13.3M Reduce -36.9%
LOVE The Lovesac Co. 1.24% 777,873 $13.2M Add +6.4%
GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED 1.17% 1,529,915 $12.5M Add +2.3%
DXLG Destination XL Group Inc. 1.16% 9,399,297 $12.3M No change
BTBT Bit Digital Inc. 1.13% 4,000,000 $12.0M New
LPTH Lightpath Technologies Inc. Class A 1.08% 1,447,610 $11.5M Reduce -16.2%
GAIA Gaia Inc. 1.06% 1,912,706 $11.3M No change
WYFI Whitefiber Inc. 1.06% 416,000 $11.3M New
TALK Talkspace Inc. 1.03% 3,968,500 $11.0M No change
ASPN Aspen Aerogels Inc. 1.02% 1,555,477 $10.8M Add +8.4%
KIDS Orthopediatrics Corp. 0.96% 549,949 $10.2M Add +3.5%
VITL Vital Farms Inc. 0.94% 242,249 $10.0M No change
REAL BROKERAGE INC/THE filed as THE REAL BROKERAGE INC 0.91% 2,317,865 $9.7M No change
ARBE Arbe Robotics Ltd. 0.90% 5,788,169 $9.6M No change
IMDX Insight Molecular Diagnostic 0.88% 2,822,530 $9.4M No change
TSSI TSS Inc. 0.76% 450,000 $8.1M New
EMPD Empery Digital Inc. 0.74% 1,050,418 $7.9M New
CTRN Citi Trends Inc. 0.68% 232,477 $7.2M No change
TBCH Turtle Beach Corp. 0.67% 452,352 $7.2M No change
ACOG Alpha Cognition Inc. 0.67% 1,095,652 $7.1M No change
CRVO Cervomed Inc. 0.66% 863,200 $7.0M No change
RSVR Reservoir Media Inc. 0.65% 847,558 $6.9M No change
OOMA Ooma Inc. 0.56% 499,699 $6.0M Reduce -31.8%
INFU Infusystem Holdings Inc. 0.55% 561,656 $5.8M Reduce -55.9%
GRWG Growgeneration Corp. 0.55% 3,109,535 $5.8M No change
TLSI Trisalus Life Sciences Inc. 0.55% 1,250,000 $5.8M No change
CNTY Century Casinos Inc. 0.54% 2,195,549 $5.7M No change
LMAT Lemaitre Vascular Inc. 0.51% 62,000 $5.4M Reduce -52.3%
ALLT Allot Ltd. 0.49% 498,700 $5.3M New
AVDL Avadel Pharmaceuticals Ltd. 0.45% 316,189 $4.8M No change
PEPG Pepgen Inc. 0.44% 1,025,000 $4.7M New
OPRX Optimizerx Corp. 0.44% 230,421 $4.7M Reduce -9.8%
PVLA Palvella Therapeutics Inc. 0.41% 69,416 $4.4M No change
AIRO Airo Group Holdings Inc. 0.41% 225,000 $4.3M New
XTNT Xtant Medical Holdings Inc. 0.40% 6,594,121 $4.3M Reduce -0.0%
CRNX Crinetics Pharmaceuticals Inc. 0.39% 100,000 $4.2M Add +5.3%
VELO VELO3D Inc. 0.38% 1,333,333 $4.1M New
ABX Abacus Global Management Inc. 0.38% 710,683 $4.1M Reduce -34.4%
LSF Laird Superfood Inc. 0.38% 729,506 $4.1M Add +21.7%
FBRX Forte Biosciences Inc. 0.37% 261,821 $3.9M New
PGNY Progyny Inc. 0.36% 180,000 $3.9M No change
UCTT Ultra Clean Holdings Inc. 0.36% 140,440 $3.8M No change
SPIR Spire Global Inc. 0.34% 332,795 $3.7M Add +24.9%
APEI American Public Education 0.34% 92,500 $3.7M Reduce -6.6%
HIPO Hippo Holdings Inc. 0.34% 100,000 $3.6M New
FRGE Forge Global Holdings Inc. 0.33% 206,392 $3.5M New
OPK Opko Health Inc. 0.32% 2,200,000 $3.4M Add +10.0%
IPWR Ideal Power Inc. 0.30% 645,745 $3.2M Add +7.3%
ALMU Aeluma Inc. 0.30% 200,000 $3.2M New
AVNW Aviat Networks Inc. 0.30% 138,806 $3.2M No change
LUCD Lucid Diagnostics Inc. 0.28% 2,990,500 $3.0M New
ABEO Abeona Therapeutics Inc. 0.27% 547,000 $2.9M Add +16.4%
SNCR Synchronoss Technologies Inc. 0.27% 464,785 $2.8M Reduce -0.2%
ARGX Argenx SE - ADR 0.26% 3,750 $2.8M Reduce -75.0%
BNTC Benitec Biopharma Inc. 0.24% 182,977 $2.6M Add +32.6%
NKTR Nektar Therapeutics 0.21% 40,000 $2.3M New
BDTX Black Diamond Therapeutics I 0.21% 600,000 $2.3M Add +20.0%
PAYS Paysign Inc. 0.18% 306,736 $1.9M New
DHX Dhi Group Inc. 0.18% 681,000 $1.9M No change
INDV Indivior Ltd. 0.17% 75,605 $1.8M New
NKTX Nkarta Inc. 0.16% 800,000 $1.7M Add +14.3%
SYNX Silynxcom Ltd. 0.14% 1,040,314 $1.5M Reduce -0.3%
AYTU Aytu Biopharma Inc. 0.11% 619,574 $1.2M Reduce -0.1%
ANRO Alto Neuroscience Inc. 0.11% 280,483 $1.1M No change
RNXT Renovorx Inc. 0.10% 863,790 $1.1M Reduce -53.8%
IMRX Immuneering Corp. Class A 0.10% 150,000 $1.1M New
NEUROONE MED TECHNOLOGIES CO 0.08% 916,667 $815K New
BFLY Butterfly Network Inc. 0.07% 400,000 $772K New
DRAGONFLY ENERGY HOLDINGS CO 0.07% 1,250,000 $744K New
MFI MF International Ltd. Class A filed as MF INTL LTD 0.07% 19,146 $704K New
SERA Sera Prognostics Inc. Class A 0.06% 207,382 $635K Reduce -69.5%
DCTH Delcath Systems Inc. 0.06% 57,721 $621K New
MODULAR MED INC 0.06% 878,628 $615K No change
SABS Sab Biotherapeutics Inc. 0.04% 200,000 $402K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $868K (not counted above)
SecurityClassShares / PrincipalValueChange
MOBBW Mobilicom Ltd. -27 *W EXP 08/31/202 200,000$868KReduce -44.9%

Total filed on the 13F, all lines: $1.1B.

Portfolio Sells Q2 2025 → Q3 2025
AMSC American Superconductor Corp. Reduce -52.2% 4.15% −2.26
BKSY Blacksky Technology Inc. Reduce -10.4% 3.74% −1.36
ONDS Ondas Inc. Sold out 0.00% −1.25
Bit Digital, Inc. Sold out 0.00% −0.74
LMAT Lemaitre Vascular Inc. Reduce -52.3% 0.51% −0.70
ARGX Argenx SE - ADR Reduce -75.0% 0.26% −0.67
RGEN Repligen Corp. Sold out 0.00% −0.63
NATR Natures Sunshine Prods Inc. Sold out 0.00% −0.58
BRPHF Galaxy Digital HLD Ltd. Class A Sold out 0.00% −0.58
ASPI Asp Isotopes Inc. Reduce -24.7% 2.67% −0.57
NONE Sold out 0.00% −0.55
OOMA Ooma Inc. Reduce -31.8% 0.56% −0.50
Allot Ltd. (Israel) Sold out 0.00% −0.48
FORGE GLOBAL HOLDINGS INC Sold out 0.00% −0.44
RCAT Red Cat Holdings Inc. Reduce -36.9% 1.25% −0.42
Forte Biosciences, Inc. Sold out 0.00% −0.38
INFU Infusystem Holdings Inc. Reduce -55.9% 0.55% −0.34
ELDN Eledon Pharmaceuticals Inc. Sold out 0.00% −0.33
ABX Abacus Global Management Inc. Reduce -34.4% 0.38% −0.24
SNWV Sanuwave Health Inc. Reduce -7.2% 1.60% −0.21
RNXT Renovorx Inc. Reduce -53.8% 0.10% −0.17
ECOR Electrocore Inc. Sold out 0.00% −0.16
SERA Sera Prognostics Inc. Class A Reduce -69.5% 0.06% −0.15
XTNT Xtant Medical Holdings Inc. Reduce -0.0% 0.40% −0.15
VICR Vicor Corp. Reduce -0.0% 1.55% −0.14
STIM Neuronetics Inc. Sold out 0.00% −0.10
SNCR Synchronoss Technologies Inc. Reduce -0.2% 0.27% −0.09
TEAD Teads Holding Co. Sold out 0.00% −0.08
MFI MF International Ltd. Class A Sold out 0.00% −0.08
NMTC NeuroOne Medical Technologies Sold out 0.00% −0.07
SYNX Silynxcom Ltd. Reduce -0.3% 0.14% −0.06
AYTU Aytu Biopharma Inc. Reduce -0.1% 0.11% −0.04
APEI American Public Education Reduce -6.6% 0.34% +0.00
OPRX Optimizerx Corp. Reduce -9.8% 0.44% +0.06
LASR Nlight Inc. Reduce -13.0% 3.25% +0.28
LPTH Lightpath Technologies Inc. Class A Reduce -16.2% 1.08% +0.48
AEHR Aehr Test Systems Reduce -0.5% 4.43% +2.14

Portfolio Buys Q2 2025 → Q3 2025
GLXY Galaxy Digital Inc. Class A New 1.46% +1.46
KOPN Kopin Corp. Add +36.6% 2.98% +1.29
BTBT Bit Digital Inc. New 1.13% +1.13
WYFI Whitefiber Inc. New 1.06% +1.06
TSSI TSS Inc. New 0.76% +0.76
EMPD Empery Digital Inc. New 0.74% +0.74
ALLT Allot Ltd. New 0.49% +0.49
PEPG Pepgen Inc. New 0.44% +0.44
AIRO Airo Group Holdings Inc. New 0.41% +0.41
VELO VELO3D Inc. New 0.38% +0.38
FBRX Forte Biosciences Inc. New 0.37% +0.37
HIPO Hippo Holdings Inc. New 0.34% +0.34
FRGE Forge Global Holdings Inc. New 0.33% +0.33
ALMU Aeluma Inc. New 0.30% +0.30
LUCD Lucid Diagnostics Inc. New 0.28% +0.28
NKTR Nektar Therapeutics New 0.21% +0.21
PAYS Paysign Inc. New 0.18% +0.18
INDV Indivior Ltd. New 0.17% +0.17
IMRX Immuneering Corp. Class A New 0.10% +0.10
SRTA Strata Critical Medical Inc. Add +2.0% 1.34% +0.09
AIOT Powerfleet Inc. Add +2.2% 2.31% +0.09
CRNX Crinetics Pharmaceuticals Inc. Add +5.3% 0.39% +0.08
NEUROONE MED TECHNOLOGIES CO New 0.08% +0.08
BDTX Black Diamond Therapeutics I Add +20.0% 0.21% +0.07
BFLY Butterfly Network Inc. New 0.07% +0.07
DRAGONFLY ENERGY HOLDINGS CO New 0.07% +0.07
MFI MF International Ltd. Class A New 0.07% +0.07
ASPN Aspen Aerogels Inc. Add +8.4% 1.02% +0.06
BNTC Benitec Biopharma Inc. Add +32.6% 0.24% +0.06
DCTH Delcath Systems Inc. New 0.06% +0.06
SABS Sab Biotherapeutics Inc. New 0.04% +0.04
NKTX Nkarta Inc. Add +14.3% 0.16% +0.03
OPK Opko Health Inc. Add +10.0% 0.32% +0.02
ARLO Arlo Technologies Inc. Add +20.6% 1.33% +0.01
IPWR Ideal Power Inc. Add +7.3% 0.30% −0.00
SPIR Spire Global Inc. Add +24.9% 0.34% −0.01
ABEO Abeona Therapeutics Inc. Add +16.4% 0.27% −0.03
LSF Laird Superfood Inc. Add +21.7% 0.38% −0.04
LOVE The Lovesac Co. Add +6.4% 1.24% −0.26
UTI Universal Technical Institut Add +2.7% 1.33% −0.28
KIDS Orthopediatrics Corp. Add +3.5% 0.96% −0.32
GRSD Grandstand Ltd. Add +2.3% 1.17% −0.82

Notes & Other Activity Q2 2025 → Q3 2025
MOBBW Mobilicom Ltd. -27 *W EXP 08/31/202 Reduce -44.9% 200,000 $868K
ABLLW East Resources Acquis -CW27 *W EXP 06/30/202 Sold out 60,561 $68Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 106$1.2BLASR, VICR, MASS, LPTH, AMSC
Q1 2026 98$903.4MAEHR, LASR, VICR, BKSY, GILT
Q4 2025 102$1.0BLASR, ADMA, VICR, BKSY, AEHR
Q3 2025 101$1.1BAEHR, MASS, AMSC, BKSY, AVAV
Q2 2025 92$891.5MAMSC, BKSY, ADMA, MASS, AVAV
Q1 2025 93$725.8MADMA, AMSC, AIOT, MASS, ASPI
Q4 2024 85$820.5MADMA, AMSC, AIOT, BKSY, PI
Q3 2024 96$825.3MADMA, PI, AMSC, ASPN, DXLG
Q2 2024 98$740.2MADMA, AMSC, PI, DXLG, ASPN
Q1 2024 114$763.5MPI, ADMA, AMSC, ASPN, DXLG