In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Cannell Capital LLC reported 36 stock positions worth $156.7 million . Its top holding was North American Construction (NOA) at 9.9% of the portfolio, followed by SNDL (SNDL, 9.3% ) and NPK International (NPKI, 7.2% ). Compared with Q3 2025, it opened 6 new positions, sold out of 25, added to 7 and reduced 20. The biggest buy was a new position in Owlet (OWLT) and the biggest sale an exit from Lincoln Educational Services (LINC).
Location ALTA, WY
CIK 0001058854
Portfolio Value $156.7M (Q4 2025) Holdings 36 stocks · $156.7M 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 Q3 2025 NOA North American Construction 1,075,307 $15.5M Reduce -17.5% SNDL SNDL Inc. 8,761,155 $14.5M Reduce -2.1% NPKI NPK International Inc. 940,756 $11.2M Reduce -35.3% NGS Natural Gas Services Group 326,252 $11.0M Reduce -9.1% MDXG Mimedx Group Inc. 1,471,551 $10.0M Reduce -26.9% GOLD Gold.com Inc. 227,862 $7.8M Add +20.0% GPGI Gpgi Inc. filed as COMPOSECURE INC 363,990 $7.0M Reduce -63.8% OWLT Owlet Inc. 431,622 $7.0M New ASIC Ategrity Specialty Holdings 321,211 $6.7M Add +125.7% CVCO Cavco Industries Inc. 11,360 $6.7M Reduce -64.7% TPB Turning Point Brands Inc. 51,876 $5.6M Reduce -71.2% GBLI Global Indemnity Group LLC-A 195,898 $5.6M Reduce -30.6% COMP Compass Inc. Class A 515,309 $5.4M Reduce -71.7% SVV Savers Value Village Inc. 583,008 $5.4M Add +16.9% BBW Build-A-Bear Workshop Inc. 77,394 $4.7M Add +55.0% OSUR Orasure Technologies Inc. 1,954,012 $4.7M Reduce -6.9% SJT San Juan Basin Royalty TR 835,799 $4.7M Reduce -31.1% ETON Eton Pharmaceuticals Inc. 216,917 $3.7M Reduce -52.4% CVGW Calavo Growers Inc. 158,164 $3.4M New APEI American Public Education 79,518 $3.0M Add +102.3% CHEGG INC (CHGG 0 09/01/26) 2,481,000 $2.2M New GSAT Globalstar Inc. 29,268 $1.8M Reduce -59.4% DGICA Donegal Group Inc. Class A 82,939 $1.7M Add +26.8% PNRG Primeenergy Resources Corp. 9,670 $1.7M No change NTIP Network-1 Technologies Inc. 1,141,975 $1.5M Add +6.7% SWKH SWK Holdings Corp. filed as SWK HLDGS CORP 63,069 $1.1M Reduce -73.9% LEE Lee Enterprises 205,846 $986K No change WINA Winmark Corp. 1,647 $667K No change PPIH Perma-Pipe International Hol 15,071 $458K Reduce -87.6% OGI Organigram Global Inc. 155,682 $262K New REAL The Realreal Inc. filed as THE REALREAL INC 16,132 $255K Reduce -95.5% MLCI Mount Logan Capital Inc. 17,018 $140K Reduce -74.2% SFIX Stitch Fix Inc. Class A 25,813 $136K New CRON Cronos Group Inc. 34,699 $91K Reduce -98.2% LPRO Open Lending Corp. 40,740 $63K Reduce -98.4% SONM Dna X Inc. filed as SONIM TECHNOLOGIES INC 13,626 $43K New
Options reported separately and not counted above: EOSE puts ($15.0M), FLNC puts ($9.3M), RGTI puts ($7.5M), CVNA puts ($4.6M), NPKI calls ($2.8M), QS puts ($2.3M), SES puts ($1.9M), FCEL puts ($1.9M), FARADAY FUTURE INTLGT ELEC I puts ($1.1M), MVST puts ($860K), LWLG puts ($612K), ASPI puts ($593K), and 3 more.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ LINC Lincoln Educational Services Sold out 0.00% −3.56 OPRT Oportun Financial Corp. Sold out 0.00% −2.38 LUXE Luxexperience BV Sold out 0.00% −2.33 KSPI JSC Kaspi.kz ADR Sold out 0.00% −2.33 PDFS PDF Solutions Inc. Sold out 0.00% −2.29 SRTA Strata Critical Medical Inc. Sold out 0.00% −2.12 ASR Grupo Aeroportuario Sur-ADR Sold out 0.00% −2.05 NATL NCR Atleos Corp. Sold out 0.00% −2.04 NXDR Nextdoor Holdings Inc. Sold out 0.00% −2.04 CRTO Criteo SA-Spon Sold out 0.00% −1.95 WTTR Select Water Solutions Inc. Sold out 0.00% −1.89 PINS Pinterest Inc. Class A Sold out 0.00% −1.74 MATW Matthews Intl Corp. Class A Sold out 0.00% −1.70 MGNI Magnite Inc. Sold out 0.00% −1.52 UTI Universal Technical Institut Sold out 0.00% −1.45 LPRO Open Lending Corp. Reduce -98.4% 0.04% −1.41 CLH Clean Harbors Inc. Sold out 0.00% −1.41 CRON Cronos Group Inc. Reduce -98.2% 0.06% −1.37 SCHL Scholastic Corp. Sold out 0.00% −1.11 TPB Turning Point Brands Inc. Reduce -71.2% 3.59% −1.09 NBIS Nebius Group NV Sold out 0.00% −1.05 GPGI Gpgi Inc. Reduce -63.8% 4.48% −1.02 REAL The Realreal Inc. Reduce -95.5% 0.16% −0.84 CVCO Cavco Industries Inc. Reduce -64.7% 4.28% −0.62 APG Api Group Corp. Sold out 0.00% −0.57 INVE Inve Technologies Inc. Sold out 0.00% −0.55 CBNA Chain Bridge Bancorp Inc. Class A Sold out 0.00% −0.53 BV Brightview Holdings Inc. Sold out 0.00% −0.49 PPIH Perma-Pipe International Hol Reduce -87.6% 0.29% −0.45 TTSH Tile Shop Hldgs Inc. Sold out 0.00% −0.41 COMP Compass Inc. Class A Reduce -71.7% 3.48% −0.36 ETON Eton Pharmaceuticals Inc. Reduce -52.4% 2.34% −0.26 SWKH SWK Holdings Corp. Reduce -73.9% 0.69% −0.23 AEYE Audioeye Inc. Sold out 0.00% −0.14 APLD Applied Digital Corp. Sold out 0.00% −0.12 MLCI Mount Logan Capital Inc. Reduce -74.2% 0.09% −0.05 GSAT Globalstar Inc. Reduce -59.4% 1.14% +0.45 SJT San Juan Basin Royalty TR Reduce -31.1% 3.00% +1.07 OSUR Orasure Technologies Inc. Reduce -6.9% 3.02% +1.25 GBLI Global Indemnity Group LLC-A Reduce -30.6% 3.55% +1.39 MDXG Mimedx Group Inc. Reduce -26.9% 6.36% +2.67 NPKI NPK International Inc. Reduce -35.3% 7.16% +2.84 SNDL SNDL Inc. Reduce -2.1% 9.28% +2.98 NGS Natural Gas Services Group Reduce -9.1% 7.01% +4.37 NOA North American Construction Reduce -17.5% 9.86% +5.00
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ OWLT Owlet Inc. New 4.46% +4.46 GOLD Gold.com Inc. Add +20.0% 4.95% +3.66 ASIC Ategrity Specialty Holdings Add +125.7% 4.31% +3.57 CVGW Calavo Growers Inc. New 2.20% +2.20 BBW Build-A-Bear Workshop Inc. Add +55.0% 3.03% +2.17 SVV Savers Value Village Inc. Add +16.9% 3.47% +1.74 APEI American Public Education Add +102.3% 1.92% +1.51 CHEGG INC (CHGG 0 09/01/26) New 1.41% +1.41 DGICA Donegal Group Inc. Class A Add +26.8% 1.06% +0.72 NTIP Network-1 Technologies Inc. Add +6.7% 0.95% +0.53 OGI Organigram Global Inc. New 0.17% +0.17 SFIX Stitch Fix Inc. Class A New 0.09% +0.09 SONM Dna X Inc. New 0.03% +0.03
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 11,076 $268.0Mbefore exit EOSE Eos Energy Enterprises Inc. put New 13,083 $15.0M FLNC Fluence Energy Inc. put New 4,689 $9.3M RGTI Rigetti Computing Inc. put New 3,399 $7.5M SCHL Scholastic Corp. call Sold out 1,943 $5.3Mbefore exit CVNA Carvana Co. put New 109 $4.6M NPKI NPK International Inc. call New 2,330 $2.8M QS Quantumscape Corp. put New 2,234 $2.3M SES Ses AI Corp. put New 10,832 $1.9M FCEL Fuelcell Energy Inc. put New 2,612 $1.9M MSOS Advisorshares Pure US Cann call Sold out 3,866 $1.9Mbefore exit FARADAY FUTURE INTLGT ELEC I put New 11,058 $1.1M MVST Microvast Holdings Inc. put New 3,072 $860K LWLG Lightwave Logic Inc. put New 1,889 $612K ASPI Asp Isotopes Inc. put New 1,109 $593K PLUG Plug Power Inc. put New 8,091 $445K ABAT American Battery Technology put New 948 $317K UP Wheels Up Experience Inc. put New 3,968 $260K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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