In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Cannell Capital LLC reported 35 stock positions worth $154.0 million . Its top holding was North American Construction (NOA) at 8.4% of the portfolio, followed by SNDL (SNDL, 7.5% ) and Ategrity Specialty (ASIC, 6.2% ). Compared with Q4 2025, it opened 10 new positions, sold out of 11, added to 14 and reduced 7. The biggest buy was a new position in Ethos Technologies Inc. Class-A (LIFE) and the biggest sale an exit from Compass Class A (COMP).
Location ALTA, WY
CIK 0001058854
Portfolio Value $154.0M (Q1 2026) Holdings 35 stocks · $154.0M 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 2025 NOA North American Construction 962,731 $13.0M Reduce -10.5% SNDL SNDL Inc. 8,761,155 $11.6M No change ASIC Ategrity Specialty Holdings 486,504 $9.6M Add +51.5% NPKI NPK International Inc. 654,689 $9.5M Reduce -30.4% ETON Eton Pharmaceuticals Inc. 341,985 $8.4M Add +57.7% NGS Natural Gas Services Group 191,681 $7.2M Reduce -41.3% GBLI Global Indemnity Group LLC-A 257,360 $7.0M Add +31.4% CHEGG INC (CHGG 0 09/01/26) 6,914,000 $6.6M Add +178.7% TPB Turning Point Brands Inc. 71,692 $6.2M Add +38.2% GOLD Gold.com Inc. 150,066 $6.0M Reduce -34.1% OSUR Orasure Technologies Inc. 2,003,271 $6.0M Add +2.5% MDXG Mimedx Group Inc. 1,497,186 $5.9M Add +1.7% CVGW Calavo Growers Inc. 199,750 $5.2M Add +26.3% OWLT Owlet Inc. 998,165 $5.1M Add +131.3% LIFE Ethos Technologies Inc. Class-A 452,337 $5.1M New SJT San Juan Basin Royalty TR 909,463 $4.4M Add +8.8% GPGI Gpgi Inc. 238,175 $4.1M Reduce -34.6% BBW Build-A-Bear Workshop Inc. 107,035 $4.0M Add +38.3% APEI American Public Education 68,329 $3.9M Reduce -14.1% LEE Lee Enterprises 433,281 $3.7M Add +110.5% VRCA Verrica Pharmaceuticals Inc. 685,123 $3.6M New CVCO Cavco Industries Inc. 5,759 $2.8M Reduce -49.3% HIPO Hippo Holdings Inc. 96,642 $2.5M New ROOT Root Inc./Oh Class A 52,331 $2.3M New PNRG Primeenergy Resources Corp. 9,670 $2.3M No change ARX Accelerant Holdings Class A 156,149 $2.1M New OPRT Oportun Financial Corp. 372,697 $1.7M New NTIP Network-1 Technologies Inc. 1,141,975 $1.6M No change DGICA Donegal Group Inc. Class A 82,939 $1.4M No change CHGG Chegg Inc. 409,236 $303K New REAL The Realreal Inc. filed as THE REALREAL INC 27,504 $250K Add +70.5% FLOC Flowco Holdings Inc. Class A 10,000 $206K New SFIX Stitch Fix Inc. Class A 53,268 $176K Add +106.4% MAMA Mama's Creations Inc. 10,799 $166K New POWW Outdoor Holding Co. 35,315 $71K New
Options reported separately and not counted above: RXT puts ($2.6M), HIPO calls ($2.5M), SFIX calls ($1.5M), IWM puts ($868K), CHGG calls ($686K), CVNA puts ($685K).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ COMP Compass Inc. Class A Sold out 0.00% −3.48 SVV Savers Value Village Inc. Sold out 0.00% −3.47 CVCO Cavco Industries Inc. Reduce -49.3% 1.81% −2.47 NGS Natural Gas Services Group Reduce -41.3% 4.70% −2.31 GPGI Gpgi Inc. Reduce -34.6% 2.64% −1.83 NOA North American Construction Reduce -10.5% 8.42% −1.44 GSAT Globalstar Inc. Sold out 0.00% −1.14 GOLD Gold.com Inc. Reduce -34.1% 3.90% −1.05 NPKI NPK International Inc. Reduce -30.4% 6.16% −1.00 SWKH SWK Holdings Corp. Sold out 0.00% −0.69 WINA Winmark Corp. Sold out 0.00% −0.43 PPIH Perma-Pipe International Hol Sold out 0.00% −0.29 OGI Organigram Global Inc. Sold out 0.00% −0.17 MLCI Mount Logan Capital Inc. Sold out 0.00% −0.09 CRON Cronos Group Inc. Sold out 0.00% −0.06 LPRO Open Lending Corp. Sold out 0.00% −0.04 SONM Dna X Inc. Sold out 0.00% −0.03 APEI American Public Education Reduce -14.1% 2.52% +0.61
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ LIFE Ethos Technologies Inc. Class-A New 3.28% +3.28 ETON Eton Pharmaceuticals Inc. Add +57.7% 5.48% +3.14 CHEGG INC (CHGG 0 09/01/26) Add +178.7% 4.29% +2.88 VRCA Verrica Pharmaceuticals Inc. New 2.35% +2.35 ASIC Ategrity Specialty Holdings Add +51.5% 6.24% +1.94 LEE Lee Enterprises Add +110.5% 2.42% +1.79 HIPO Hippo Holdings Inc. New 1.64% +1.64 ROOT Root Inc./Oh Class A New 1.50% +1.50 ARX Accelerant Holdings Class A New 1.35% +1.35 CVGW Calavo Growers Inc. Add +26.3% 3.34% +1.15 OPRT Oportun Financial Corp. New 1.12% +1.12 GBLI Global Indemnity Group LLC-A Add +31.4% 4.55% +1.00 OSUR Orasure Technologies Inc. Add +2.5% 3.90% +0.88 TPB Turning Point Brands Inc. Add +38.2% 4.04% +0.45 CHGG Chegg Inc. New 0.20% +0.20 FLOC Flowco Holdings Inc. Class A New 0.13% +0.13 MAMA Mama's Creations Inc. New 0.11% +0.11 POWW Outdoor Holding Co. New 0.05% +0.05 SFIX Stitch Fix Inc. Class A Add +106.4% 0.11% +0.03 REAL The Realreal Inc. Add +70.5% 0.16% −0.00 SJT San Juan Basin Royalty TR Add +8.8% 2.84% −0.16 BBW Build-A-Bear Workshop Inc. Add +38.3% 2.60% −0.42 OWLT Owlet Inc. Add +131.3% 3.33% −1.13 MDXG Mimedx Group Inc. Add +1.7% 3.84% −2.52
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ EOSE Eos Energy Enterprises Inc. put Sold out 13,083 $15.0Mbefore exit FLNC Fluence Energy Inc. put Sold out 4,689 $9.3Mbefore exit RGTI Rigetti Computing Inc. put Sold out 3,399 $7.5Mbefore exit NPKI NPK International Inc. call Sold out 2,330 $2.8Mbefore exit RXT Rackspace Technology Inc. put New 26,748 $2.6M HIPO Hippo Holdings Inc. call New 946 $2.5M QS Quantumscape Corp. put Sold out 2,234 $2.3Mbefore exit SES Ses AI Corp. put Sold out 10,832 $1.9Mbefore exit FCEL Fuelcell Energy Inc. put Sold out 2,612 $1.9Mbefore exit SFIX Stitch Fix Inc. Class A call New 4,483 $1.5M FARADAY FUTURE INTLGT ELEC I put Sold out 11,058 $1.1Mbefore exit IWM iShares Russell 2000 ETF put New 35 $868K MVST Microvast Holdings Inc. put Sold out 3,072 $860Kbefore exit CHGG Chegg Inc. call New 9,259 $686K LWLG Lightwave Logic Inc. put Sold out 1,889 $612Kbefore exit ASPI Asp Isotopes Inc. put Sold out 1,109 $593Kbefore exit PLUG Plug Power Inc. put Sold out 8,091 $445Kbefore exit ABAT American Battery Technology put Sold out 948 $317Kbefore exit UP Wheels Up Experience Inc. put Sold out 3,968 $260Kbefore exit
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