In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Cannell Capital LLC reported 45 stock positions worth $295.7 million . Its top holding was North American Construction (NOA) at 9.6% of the portfolio, followed by Cavco Industries (CVCO, 8.9% ) and Gpgi (GPGI, 7.8% ). Compared with Q4 2024, it opened 6 new positions, sold out of 9, added to 12 and reduced 25. The biggest buy was San Juan Basin Royalty TR (SJT, shares +66% ) and the biggest sale an exit from Caesars Entertainment (CZR).
Location ALTA, WY
CIK 0001058854
Portfolio Value $295.7M (Q1 2025) Holdings 45 stocks · $295.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 NOA North American Construction 1,797,815 $28.4M Add +5.7% CVCO Cavco Industries Inc. 50,520 $26.3M Reduce -39.8% GPGI Gpgi Inc. filed as COMPOSECURE INC 2,115,322 $23.0M Reduce -7.2% COMP Compass Inc. Class A 2,235,773 $19.5M Reduce -22.0% SJT San Juan Basin Royalty TR 3,045,408 $16.8M Add +66.4% UTI Universal Technical Institut 639,145 $16.4M Reduce -54.6% MDXG Mimedx Group Inc. 2,132,960 $16.2M Reduce -41.4% SNDL SNDL Inc. 8,994,424 $12.7M Reduce -11.6% CRON Cronos Group Inc. 6,331,242 $11.5M Add +284.8% INSE Inspired Entertainment Inc. 1,150,227 $9.8M Reduce -34.3% GBLI Global Indemnity Group LLC-A 278,472 $9.6M Add +13.2% ETON Eton Pharmaceuticals Inc. 691,367 $9.0M Add +81.3% NXDR Nextdoor Holdings Inc. 5,701,111 $8.7M Reduce -15.3% ARKO Arko Corp. 2,159,798 $8.5M Reduce -20.3% TRUE Truecar Inc. 4,594,741 $7.3M Reduce -23.1% CLH Clean Harbors Inc. 31,618 $6.2M Reduce -55.7% SWKH SWK Holdings Corp. filed as SWK HLDGS CORP 354,759 $6.2M Add +0.1% BBW Build-A-Bear Workshop Inc. 154,243 $5.7M Reduce -51.3% LPRO Open Lending Corp. 1,921,844 $5.3M Reduce -23.1% GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 186,776 $4.7M Add +217.3% OSUR Orasure Technologies Inc. 1,394,453 $4.7M Reduce -4.9% TDAY USA Today Co. Inc. filed as GANNETT CO INC 1,525,686 $4.4M Reduce -48.7% REAL The Realreal Inc. filed as THE REALREAL INC 815,362 $4.4M New RHLD Resolute Holdings Manag 136,896 $4.3M New TIPT Tiptree Inc. 148,416 $3.6M Reduce -72.8% PRSU Pursuit Attractions and Hosp 79,959 $2.8M Reduce -76.5% LEE Lee Enterprises 226,003 $2.3M Add +5.0% NGS Natural Gas Services Group 87,423 $1.9M New PRTS Carparts.com Inc. 1,789,521 $1.8M Add +54.7% TTSH Tile Shop Hldgs Inc. 230,997 $1.5M Reduce -9.6% DGICA Donegal Group Inc. Class A 72,100 $1.4M No change PNRG Primeenergy Resources Corp. 6,053 $1.4M No change PPIH Perma-Pipe International Hol 110,101 $1.4M Reduce -7.6% CONTEXTLOGIC INC - A 172,386 $1.2M Add +9.0% GSAT Globalstar Inc. 50,740 $1.1M Add +0.3% TPB Turning Point Brands Inc. 16,698 $993K New MITK Mitek Systems Inc. 106,200 $876K Reduce -45.4% LUCK Lucky Strike Entertainment C 73,391 $716K Reduce -50.0% EEX Emerald Holding Inc. 163,299 $642K Reduce -92.5% LDI Loandepot Inc. Class A 496,489 $591K Reduce -88.6% WINA Winmark Corp. 1,647 $524K Reduce -25.1% NTIP Network-1 Technologies Inc. 367,290 $477K Add +5.8% LAZYDAYS HLDGS INC 1,216,114 $395K Reduce -0.2% CBNA Chain Bridge Bancorp Inc. Class A 15,472 $368K New OPRT Oportun Financial Corp. 22,342 $123K New
Options reported separately and not counted above: SJT calls ($2.9M), ARKO calls ($920K), TRUE calls ($296K).
Other holdings (3): bonds, preferreds, convertibles and warrants · $716K (not counted above) Security Class Shares / Principal Value Change CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 177,104 $677K Add +18.1% ARKOW Arko Corp. -CW25 *W EXP 12/22/202 367,790 $21K Add +21.6% Colombier Acquisition - 29 *W EXP 11/24/202 23,300 $19K No change
Total filed on the 13F, all lines: $296.4M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ CZR Caesars Entertainment Inc. Sold out 0.00% −2.78 TRUE Truecar Inc. Reduce -23.1% 2.45% −2.13 PRSU Pursuit Attractions and Hosp Reduce -76.5% 0.96% −2.02 EEX Emerald Holding Inc. Reduce -92.5% 0.22% −1.95 UTI Universal Technical Institut Reduce -54.6% 5.55% −1.90 MDXG Mimedx Group Inc. Reduce -41.4% 5.48% −1.73 LDI Loandepot Inc. Class A Reduce -88.6% 0.20% −1.63 TDAY USA Today Co. Inc. Reduce -48.7% 1.49% −1.61 COLOMBIER ACQUISITION CORP Sold out 0.00% −1.33 LPRO Open Lending Corp. Reduce -23.1% 1.79% −1.28 CLH Clean Harbors Inc. Reduce -55.7% 2.11% −1.28 ARLO Arlo Technologies Inc. Sold out 0.00% −1.14 TIPT Tiptree Inc. Reduce -72.8% 1.21% −1.13 SPWH Sportsman's Warehouse Holdin Sold out 0.00% −1.07 BBW Build-A-Bear Workshop Inc. Reduce -51.3% 1.94% −1.07 ARKO Arko Corp. Reduce -20.3% 2.88% −0.79 MNTX Manitex International Inc. Sold out 0.00% −0.52 NXDR Nextdoor Holdings Inc. Reduce -15.3% 2.95% −0.34 FTHM Fathom Holdings Inc. Sold out 0.00% −0.23 CDMO Avid Bioservices Inc. Sold out 0.00% −0.22 MITK Mitek Systems Inc. Reduce -45.4% 0.30% −0.15 FLWS 1-800-Flowers.com Inc. Class A Sold out 0.00% −0.13 LAZYDAYS HLDGS INC Reduce -0.2% 0.13% −0.11 LUCK Lucky Strike Entertainment C Reduce -50.0% 0.24% −0.06 HYFM Hydrofarm Hldgs Group Inc. Sold out 0.00% −0.05 WINA Winmark Corp. Reduce -25.1% 0.18% −0.00 INSE Inspired Entertainment Inc. Reduce -34.3% 3.32% +0.06 PPIH Perma-Pipe International Hol Reduce -7.6% 0.46% +0.10 TTSH Tile Shop Hldgs Inc. Reduce -9.6% 0.51% +0.14 OSUR Orasure Technologies Inc. Reduce -4.9% 1.59% +0.50 SNDL SNDL Inc. Reduce -11.6% 4.29% +0.54 GPGI Gpgi Inc. Reduce -7.2% 7.78% +0.58 CVCO Cavco Industries Inc. Reduce -39.8% 8.88% +1.16 COMP Compass Inc. Class A Reduce -22.0% 6.60% +3.15
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ SJT San Juan Basin Royalty TR Add +66.4% 5.70% +4.25 CRON Cronos Group Inc. Add +284.8% 3.88% +3.19 NOA North American Construction Add +5.7% 9.60% +2.03 ETON Eton Pharmaceuticals Inc. Add +81.3% 3.03% +1.99 REAL The Realreal Inc. New 1.49% +1.49 RHLD Resolute Holdings Manag New 1.45% +1.45 GBLI Global Indemnity Group LLC-A Add +13.2% 3.24% +1.42 GOLD Gold.com Inc. Add +217.3% 1.60% +1.27 SWKH SWK Holdings Corp. Add +0.1% 2.09% +0.93 NGS Natural Gas Services Group New 0.65% +0.65 PRTS Carparts.com Inc. Add +54.7% 0.61% +0.35 TPB Turning Point Brands Inc. New 0.34% +0.34 CONTEXTLOGIC INC - A Add +9.0% 0.41% +0.18 LEE Lee Enterprises Add +5.0% 0.79% +0.14 CBNA Chain Bridge Bancorp Inc. Class A New 0.12% +0.12 NTIP Network-1 Technologies Inc. Add +5.8% 0.16% +0.07 OPRT Oportun Financial Corp. New 0.04% +0.04 GSAT Globalstar Inc. Add +0.3% 0.36% +0.03
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SJT San Juan Basin Royalty TR call New 519,200 $2.9M ARKO Arko Corp. call New 232,900 $920K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 Add +18.1% 177,104 $677K ARKOW Arko Corp. -CW25 *W EXP 12/22/202 Add +21.6% 367,790 $21K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 34 $143.2M ASIC, SNDL, NOA, CHEGG INC (CHGG 0 09/01/26), LIFE Q1 2026 35 $154.0M NOA, SNDL, ASIC, NPKI, ETON Q4 2025 36 $156.7M NOA, SNDL, NPKI, NGS, MDXG Q3 2025 55 $380.9M SNDL, GPGI, CVCO, NOA, TPB Q2 2025 55 $320.0M GPGI, NOA, CVCO, SJT, NPKI Q1 2025 45 $295.7M NOA, CVCO, GPGI, COMP, SJT Q4 2024 48 $485.8M CVCO, NOA, UTI, MDXG, GPGI Q3 2024 Amended 47 $455.9M NOA, GPGI, CVCO, TRUE, PRSU Q2 2024 58 $418.0M NOA, TRUE, MDXG, UTI, PRSU Q1 2024 52 $445.4M NOA, TRUE, CVCO, ARLO, PRSU