Cannell Capital LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Cannell Capital LLC reported 55 stock positions worth $320.0 million. Its top holding was Gpgi (GPGI) at 9.2% of the portfolio, followed by North American Construction (NOA, 7.7%) and Cavco Industries (CVCO, 6.4%). Compared with Q1 2025, it opened 20 new positions, sold out of 10, added to 12 and reduced 20. The biggest buy was a new position in NPK International (NPKI) and the biggest sale Compass Class A (COMP, shares −27%).
- Most Recent 13F
- Q2 2026
- Location
- ALTA, WY
- CIK
- 0001058854
- Portfolio Value
- $320.0M (Q2 2025)
- SEC Filing
- 0001941040-25-000491 ↗ filed Aug 15, 2025
Holdings Value
Holdings 55 stocks · $320.0M
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 9.22% | 2,093,321 | $29.5M | Reduce -1.0% |
| NOA North American Construction | 7.73% | 1,547,321 | $24.7M | Reduce -13.9% |
| CVCO Cavco Industries Inc. | 6.44% | 47,448 | $20.6M | Reduce -6.1% |
| SJT San Juan Basin Royalty TR | 4.17% | 2,231,524 | $13.3M | Reduce -26.7% |
| NPKI NPK International Inc. | 4.04% | 1,517,890 | $12.9M | New |
| UTI Universal Technical Institut | 4.00% | 377,732 | $12.8M | Reduce -40.9% |
| MDXG Mimedx Group Inc. | 3.96% | 2,073,926 | $12.7M | Reduce -2.8% |
| OPRT Oportun Financial Corp. | 3.58% | 1,601,244 | $11.5M | Add +7067.0% |
| SNDL SNDL Inc. | 3.39% | 8,951,755 | $10.8M | Reduce -0.5% |
| COMP Compass Inc. Class A | 3.21% | 1,633,870 | $10.3M | Reduce -26.9% |
| NXDR Nextdoor Holdings Inc. | 2.81% | 5,420,290 | $9.0M | Reduce -4.9% |
| GBLI Global Indemnity Group LLC-A | 2.77% | 282,313 | $8.9M | Add +1.4% |
| NGS Natural Gas Services Group | 2.67% | 331,616 | $8.6M | Add +279.3% |
| TRUE Truecar Inc. | 2.28% | 3,835,473 | $7.3M | Reduce -16.5% |
| LPRO Open Lending Corp. | 2.18% | 3,596,490 | $7.0M | Add +87.1% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 2.14% | 1,429,207 | $6.8M | Add +75.3% |
| BBW Build-A-Bear Workshop Inc. | 1.99% | 123,472 | $6.4M | Reduce -19.9% |
| ARKO Arko Corp. | 1.94% | 1,468,372 | $6.2M | Reduce -32.0% |
| MATW Matthews Intl Corp. Class A | 1.85% | 247,827 | $5.9M | New |
| WTTR Select Water Solutions Inc. | 1.82% | 672,830 | $5.8M | New |
| OSUR Orasure Technologies Inc. | 1.75% | 1,864,989 | $5.6M | Add +33.7% |
| CRON Cronos Group Inc. | 1.75% | 2,927,460 | $5.6M | Reduce -53.8% |
| ETON Eton Pharmaceuticals Inc. | 1.73% | 388,175 | $5.5M | Reduce -43.9% |
| GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC | 1.58% | 228,384 | $5.1M | Add +22.3% |
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 1.45% | 314,619 | $4.6M | Reduce -11.3% |
| TPB Turning Point Brands Inc. | 1.43% | 60,279 | $4.6M | Add +261.0% |
| SVV Savers Value Village Inc. | 1.26% | 395,387 | $4.0M | New |
| LINC Lincoln Educational Services | 1.19% | 165,394 | $3.8M | New |
| APG Api Group Corp. | 1.11% | 69,524 | $3.5M | New |
| SRTA Strata Critical Medical Inc. filed as BLADE AIR MOBILITY INC | 1.09% | 862,844 | $3.5M | New |
| BV Brightview Holdings Inc. | 1.02% | 195,152 | $3.2M | New |
| LUXE Luxexperience BV | 1.01% | 408,495 | $3.2M | New |
| ASR Grupo Aeroportuario Sur-ADR | 1.01% | 10,167 | $3.2M | New |
| MGNI Magnite Inc. | 0.95% | 126,578 | $3.1M | New |
| PINS Pinterest Inc. Class A | 0.94% | 83,598 | $3.0M | New |
| CLH Clean Harbors Inc. | 0.93% | 12,937 | $3.0M | Reduce -59.1% |
| SII Sprott Inc. | 0.89% | 41,439 | $2.9M | New |
| NBIS Nebius Group NV | 0.77% | 44,527 | $2.5M | New |
| REVG Rev Group Inc. | 0.72% | 48,196 | $2.3M | New |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.71% | 26,713 | $2.3M | New |
| PPIH Perma-Pipe International Hol | 0.67% | 93,911 | $2.1M | Reduce -14.7% |
| INVE Inve Technologies Inc. filed as IDENTIV INC | 0.62% | 607,132 | $2.0M | New |
| ATRO Astronics Corp. | 0.50% | 47,501 | $1.6M | New |
| TTSH Tile Shop Hldgs Inc. | 0.46% | 231,181 | $1.5M | Add +0.1% |
| LEE Lee Enterprises | 0.45% | 226,003 | $1.4M | No change |
| DGICA Donegal Group Inc. Class A | 0.41% | 65,434 | $1.3M | Reduce -9.3% |
| GSAT Globalstar Inc. | 0.38% | 51,320 | $1.2M | Add +1.1% |
| PNRG Primeenergy Resources Corp. | 0.31% | 6,702 | $981K | Add +10.7% |
| WINA Winmark Corp. | 0.19% | 1,647 | $622K | No change |
| CBNA Chain Bridge Bancorp Inc. Class A | 0.15% | 18,145 | $468K | Add +17.3% |
| NTIP Network-1 Technologies Inc. | 0.14% | 367,290 | $448K | No change |
| CTLP Cantaloupe Inc. | 0.12% | 33,492 | $368K | New |
| ASIC Ategrity Specialty Holdings | 0.07% | 10,000 | $215K | New |
| LAZYDAYS HLDGS INC | 0.03% | 455,297 | $111K | Reduce -62.6% |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 0.03% | 30,511 | $109K | Reduce -98.0% |
Options reported separately and not counted above: IWM puts ($14.2M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $104K (not counted above)
Total filed on the 13F, all lines: $320.1M.
Portfolio Sells Q1 2025 → Q2 2025
| COMP Compass Inc. Class A | Reduce -26.9% | 3.21% | −3.39 |
| INSE Inspired Entertainment Inc. | Sold out | 0.00% | −3.32 |
| CVCO Cavco Industries Inc. | Reduce -6.1% | 6.44% | −2.44 |
| CRON Cronos Group Inc. | Reduce -53.8% | 1.75% | −2.13 |
| NOA North American Construction | Reduce -13.9% | 7.73% | −1.87 |
| UTI Universal Technical Institut | Reduce -40.9% | 4.00% | −1.55 |
| SJT San Juan Basin Royalty TR | Reduce -26.7% | 4.17% | −1.52 |
| MDXG Mimedx Group Inc. | Reduce -2.8% | 3.96% | −1.52 |
| TDAY USA Today Co. Inc. | Reduce -98.0% | 0.03% | −1.46 |
| RHLD Resolute Holdings Manag | Sold out | 0.00% | −1.45 |
| ETON Eton Pharmaceuticals Inc. | Reduce -43.9% | 1.73% | −1.31 |
| TIPT Tiptree Inc. | Sold out | 0.00% | −1.21 |
| CLH Clean Harbors Inc. | Reduce -59.1% | 0.93% | −1.17 |
| PRSU Pursuit Attractions and Hosp | Sold out | 0.00% | −0.96 |
| ARKO Arko Corp. | Reduce -32.0% | 1.94% | −0.94 |
| SNDL SNDL Inc. | Reduce -0.5% | 3.39% | −0.90 |
| SWKH SWK Holdings Corp. | Reduce -11.3% | 1.45% | −0.64 |
| PRTS Carparts.com Inc. | Sold out | 0.00% | −0.61 |
| CONTEXTLOGIC INC - A | Sold out | 0.00% | −0.41 |
| MITK Mitek Systems Inc. | Sold out | 0.00% | −0.30 |
| LUCK Lucky Strike Entertainment C | Sold out | 0.00% | −0.24 |
| EEX Emerald Holding Inc. | Sold out | 0.00% | −0.22 |
| LDI Loandepot Inc. Class A | Sold out | 0.00% | −0.20 |
| TRUE Truecar Inc. | Reduce -16.5% | 2.28% | −0.18 |
| NXDR Nextdoor Holdings Inc. | Reduce -4.9% | 2.81% | −0.14 |
| LAZYDAYS HLDGS INC | Reduce -62.6% | 0.03% | −0.10 |
| DGICA Donegal Group Inc. Class A | Reduce -9.3% | 0.41% | −0.07 |
| BBW Build-A-Bear Workshop Inc. | Reduce -19.9% | 1.99% | +0.05 |
| PPIH Perma-Pipe International Hol | Reduce -14.7% | 0.67% | +0.21 |
| GPGI Gpgi Inc. | Reduce -1.0% | 9.22% | +1.44 |
Portfolio Buys Q1 2025 → Q2 2025
| NPKI NPK International Inc. | New | 4.04% | +4.04 |
| OPRT Oportun Financial Corp. | Add +7067.0% | 3.58% | +3.54 |
| NGS Natural Gas Services Group | Add +279.3% | 2.67% | +2.03 |
| MATW Matthews Intl Corp. Class A | New | 1.85% | +1.85 |
| WTTR Select Water Solutions Inc. | New | 1.82% | +1.82 |
| SVV Savers Value Village Inc. | New | 1.26% | +1.26 |
| LINC Lincoln Educational Services | New | 1.19% | +1.19 |
| APG Api Group Corp. | New | 1.11% | +1.11 |
| TPB Turning Point Brands Inc. | Add +261.0% | 1.43% | +1.09 |
| SRTA Strata Critical Medical Inc. | New | 1.09% | +1.09 |
| BV Brightview Holdings Inc. | New | 1.02% | +1.02 |
| LUXE Luxexperience BV | New | 1.01% | +1.01 |
| ASR Grupo Aeroportuario Sur-ADR | New | 1.01% | +1.01 |
| MGNI Magnite Inc. | New | 0.95% | +0.95 |
| PINS Pinterest Inc. Class A | New | 0.94% | +0.94 |
| SII Sprott Inc. | New | 0.89% | +0.89 |
| NBIS Nebius Group NV | New | 0.77% | +0.77 |
| REVG Rev Group Inc. | New | 0.72% | +0.72 |
| KSPI JSC Kaspi.kz ADR | New | 0.71% | +0.71 |
| REAL The Realreal Inc. | Add +75.3% | 2.14% | +0.65 |
| INVE Inve Technologies Inc. | New | 0.62% | +0.62 |
| ATRO Astronics Corp. | New | 0.50% | +0.50 |
| LPRO Open Lending Corp. | Add +87.1% | 2.18% | +0.39 |
| OSUR Orasure Technologies Inc. | Add +33.7% | 1.75% | +0.16 |
| CTLP Cantaloupe Inc. | New | 0.12% | +0.12 |
| ASIC Ategrity Specialty Holdings | New | 0.07% | +0.07 |
| CBNA Chain Bridge Bancorp Inc. Class A | Add +17.3% | 0.15% | +0.02 |
| GSAT Globalstar Inc. | Add +1.1% | 0.38% | +0.02 |
| GOLD Gold.com Inc. | Add +22.3% | 1.58% | −0.02 |
| TTSH Tile Shop Hldgs Inc. | Add +0.1% | 0.46% | −0.05 |
| PNRG Primeenergy Resources Corp. | Add +10.7% | 0.31% | −0.16 |
| GBLI Global Indemnity Group LLC-A | Add +1.4% | 2.77% | −0.48 |
Options Activity Q1 2025 → Q2 2025
| IWM iShares Russell 2000 ETF | put | New | 65,800 | $14.2M |
| SJT San Juan Basin Royalty TR | call | Sold out | 519,200 | $2.9Mbefore exit |
| ARKO Arko Corp. | call | Sold out | 232,900 | $920Kbefore exit |
| TRUE Truecar Inc. | call | Sold out | 187,600 | $296Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | Reduce -90.7% | 16,560 | $104K |
| Colombier Acquisition - 29 | *W EXP 11/24/202 | Sold out | 23,300 | $19Kbefore exit |
| ARKOW Arko Corp. -CW25 | *W EXP 12/22/202 | Reduce -82.7% | 63,546 | $807 |
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 2024Amended | 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 |