Topline Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Topline Capital Management, LLC reported 42 stock positions worth $583.5 million. Its top holding was Cognyte Software (CGNT) at 11.1% of the portfolio, followed by Nerdwallet Class A (NRDS, 9.9%) and Green Dot Class A (GDOT, 9.2%). Compared with Q1 2025, it opened 12 new positions, sold out of 8, added to 12 and reduced 16. The biggest buy was Nutex Health (NUTX, shares +72%) and the biggest sale Paysafe (PSFE, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001792549
- Portfolio Value
- $583.5M (Q2 2025)
- SEC Filing
- 0001085146-25-005251 ↗ filed Aug 14, 2025
Holdings Value
Holdings 42 stocks · $583.5M
| CGNT Cognyte Software Ltd. | 11.13% | 7,027,290 | $64.9M | Reduce -1.0% |
| NRDS Nerdwallet Inc. Class A | 9.87% | 5,251,145 | $57.6M | No change |
| GDOT Green Dot Corp. Class A | 9.17% | 4,965,286 | $53.5M | Add +7.2% |
| BL Blackline Inc. | 8.11% | 835,372 | $47.3M | Reduce -8.6% |
| PAYS Paysign Inc. | 6.69% | 5,421,737 | $39.0M | Add +1.6% |
| NUTX Nutex Health Inc. | 6.60% | 309,131 | $38.5M | Add +72.0% |
| PRAA Pra Group Inc. | 5.69% | 2,250,629 | $33.2M | Add +168.3% |
| SPNS Sapiens International Corp. | 5.20% | 1,037,075 | $30.3M | Add +9.7% |
| FRSH Freshworks Inc. Class A | 4.94% | 1,933,213 | $28.8M | Add +27.2% |
| RSI Rush Street Interactive Inc. | 4.61% | 1,807,124 | $26.9M | Reduce -23.6% |
| PHLT Performant Healthcare Inc. | 3.74% | 5,462,442 | $21.8M | Reduce -8.1% |
| CTKB Cytek Biosciences Inc. | 3.05% | 5,231,260 | $17.8M | Add +255.7% |
| UNF Unifirst Corp. | 2.41% | 74,562 | $14.0M | Add +52.3% |
| LAW CS Disco Inc. | 2.22% | 2,965,268 | $13.0M | Add +66.2% |
| KRMD Koru Medical Systems Inc. | 2.21% | 3,608,347 | $12.9M | Reduce -5.6% |
| CTEV Claritev Corp. | 1.89% | 243,935 | $11.0M | Reduce -12.3% |
| ACCS Access Newswire Inc. | 1.50% | 709,264 | $8.7M | No change |
| OPXS Optex Systems Holdings Inc. | 1.36% | 691,256 | $7.9M | Reduce -11.4% |
| PSFE Paysafe Ltd. | 1.34% | 620,000 | $7.8M | Reduce -69.3% |
| ELA Envela Corp. | 0.90% | 862,433 | $5.3M | Add +14.2% |
| MITK Mitek Systems Inc. | 0.90% | 528,766 | $5.2M | New |
| JYNT The Joint Corp. | 0.89% | 449,204 | $5.2M | Add +18.7% |
| IDN Intellicheck Inc. | 0.83% | 894,649 | $4.8M | Reduce -11.8% |
| WK Workiva Inc. | 0.68% | 58,000 | $4.0M | New |
| CCRD Corecard Corp. | 0.64% | 128,894 | $3.7M | Reduce -59.8% |
| HGBL Heritage Global Inc. | 0.64% | 1,678,507 | $3.7M | Reduce -1.0% |
| S Sentinelone Inc. Class A | 0.55% | 175,269 | $3.2M | New |
| ILMN Illumina Inc. | 0.40% | 24,600 | $2.3M | Reduce -9.6% |
| EXFY Expensify Inc. Class A | 0.34% | 776,796 | $2.0M | Reduce -17.5% |
| NEPH Nephros Inc. | 0.33% | 477,449 | $2.0M | Add +13.1% |
| DCBO Docebo Inc. | 0.27% | 55,257 | $1.6M | New |
| NTWK Netsol Technologies Inc. | 0.25% | 467,750 | $1.5M | Reduce -4.1% |
| SVCO Silvaco Group Inc. | 0.19% | 232,290 | $1.1M | New |
| FLYYQ Spirit Aviation Holdings Inc. | 0.17% | 202,457 | $1.0M | New |
| CRGO Freightos Ltd. | 0.11% | 270,696 | $658K | New |
| CCEL Cryo-Cell Intl Inc. | 0.04% | 40,553 | $210K | Reduce -15.2% |
| INNV Innovage Holding Corp. | 0.03% | 43,378 | $160K | Reduce -38.2% |
| INMD Inmode Ltd. | 0.03% | 11,047 | $160K | New |
| RSSS Research Solutions Inc. | 0.02% | 43,629 | $125K | New |
| DIBS 1STDIBS.COM Inc. | 0.02% | 43,504 | $120K | New |
| BTMD Biote Corp. Class A | 0.02% | 28,595 | $115K | New |
| GOLDEN MATRIX GROUP INC | 0.02% | 53,215 | $90K | New |
Portfolio Sells Q1 2025 → Q2 2025
| PSFE Paysafe Ltd. | Reduce -69.3% | 1.34% | −5.90 |
| BL Blackline Inc. | Reduce -8.6% | 8.11% | −2.02 |
| CGNT Cognyte Software Ltd. | Reduce -1.0% | 11.13% | −1.55 |
| RSI Rush Street Interactive Inc. | Reduce -23.6% | 4.61% | −1.19 |
| CVEO Civeo Corp. | Sold out | 0.00% | −1.12 |
| CCRD Corecard Corp. | Reduce -59.8% | 0.64% | −0.73 |
| GRSD Grandstand Ltd. | Sold out | 0.00% | −0.65 |
| QTRX Quanterix Corp. | Sold out | 0.00% | −0.58 |
| EXFY Expensify Inc. Class A | Reduce -17.5% | 0.34% | −0.31 |
| VSTS Vestis Corp. | Sold out | 0.00% | −0.29 |
| PHLT Performant Healthcare Inc. | Reduce -8.1% | 3.74% | −0.28 |
| CMBMF Cambium Networks Corp. | Sold out | 0.00% | −0.23 |
| SEMR Semrush Holdings Inc. Class A | Sold out | 0.00% | −0.21 |
| HGBL Heritage Global Inc. | Reduce -1.0% | 0.64% | −0.21 |
| NABL N-Able Inc. | Sold out | 0.00% | −0.17 |
| ILMN Illumina Inc. | Reduce -9.6% | 0.40% | −0.09 |
| GAIA Gaia Inc. | Sold out | 0.00% | −0.04 |
| CCEL Cryo-Cell Intl Inc. | Reduce -15.2% | 0.04% | −0.03 |
| NTWK Netsol Technologies Inc. | Reduce -4.1% | 0.25% | −0.02 |
| INNV Innovage Holding Corp. | Reduce -38.2% | 0.03% | −0.02 |
| KRMD Koru Medical Systems Inc. | Reduce -5.6% | 2.21% | −0.01 |
| IDN Intellicheck Inc. | Reduce -11.8% | 0.83% | +0.12 |
| OPXS Optex Systems Holdings Inc. | Reduce -11.4% | 1.36% | +0.35 |
| CTEV Claritev Corp. | Reduce -12.3% | 1.89% | +0.57 |
Portfolio Buys Q1 2025 → Q2 2025
| NUTX Nutex Health Inc. | Add +72.0% | 6.60% | +4.66 |
| PAYS Paysign Inc. | Add +1.6% | 6.69% | +4.10 |
| PRAA Pra Group Inc. | Add +168.3% | 5.69% | +1.73 |
| CTKB Cytek Biosciences Inc. | Add +255.7% | 3.05% | +1.70 |
| MITK Mitek Systems Inc. | New | 0.90% | +0.90 |
| WK Workiva Inc. | New | 0.68% | +0.68 |
| LAW CS Disco Inc. | Add +66.2% | 2.22% | +0.55 |
| S Sentinelone Inc. Class A | New | 0.55% | +0.55 |
| UNF Unifirst Corp. | Add +52.3% | 2.41% | +0.46 |
| DCBO Docebo Inc. | New | 0.27% | +0.27 |
| GDOT Green Dot Corp. Class A | Add +7.2% | 9.17% | +0.22 |
| SVCO Silvaco Group Inc. | New | 0.19% | +0.19 |
| FLYYQ Spirit Aviation Holdings Inc. | New | 0.17% | +0.17 |
| NEPH Nephros Inc. | Add +13.1% | 0.33% | +0.17 |
| CRGO Freightos Ltd. | New | 0.11% | +0.11 |
| FRSH Freshworks Inc. Class A | Add +27.2% | 4.94% | +0.03 |
| INMD Inmode Ltd. | New | 0.03% | +0.03 |
| RSSS Research Solutions Inc. | New | 0.02% | +0.02 |
| DIBS 1STDIBS.COM Inc. | New | 0.02% | +0.02 |
| BTMD Biote Corp. Class A | New | 0.02% | +0.02 |
| GOLDEN MATRIX GROUP INC | New | 0.02% | +0.02 |
| ELA Envela Corp. | Add +14.2% | 0.90% | −0.17 |
| JYNT The Joint Corp. | Add +18.7% | 0.89% | −0.19 |
| SPNS Sapiens International Corp. | Add +9.7% | 5.20% | −0.66 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 36 | $385.7M | PRAA, WK, PAYS, DV, NRDS |
| Q1 2026 | 43 | $605.3M | PRAA, WK, NRDS, DV, FRSH |
| Q4 2025 | 49 | $1.1B | S, NUTX, DV, FRSH, NRDS |
| Q3 2025 | 42 | $581.6M | GDOT, CGNT, NUTX, NRDS, PRAA |
| Q2 2025 | 42 | $583.5M | CGNT, NRDS, GDOT, BL, PAYS |
| Q1 2025 | 38 | $436.8M | CGNT, NRDS, BL, GDOT, PSFE |
| Q4 2024 | 36 | $528.8M | CGNT, NRDS, BL, GDOT, PSFE |