Potomac Capital Management, Inc. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CODI	Compass Diversified	243,300	$1,912	1.7%	$6.26	0.0%	COM	20451Q104
GSIT	GSI TECHNOLOGY INC	348,400	$1,791	1.6%	$7.23	0.0%	COM	36241U106
HCKT	THE HACKET GROUP INC	117,104	$1,524	1.3%	$17.45	0.0%	COM	404609109
ARLO	ARLO TECHNOLOGIES INC	100,000	$1,423	1.2%	$12.80	0.0%	COM	04206A101
ADTN	ADTRAN HOLDINGS INC	77,200	$971	0.8%	$9.58	0.0%	COM	00486H105
QLD	PROSHARES ULTRA QQQ	12,100	$738	0.6%	$61.00	—	ETF	74347R206
MCDIF	MCDERMOTT INTERNATIONAL LTD	20,000	$520	0.5%	$26.00	—	COM	G5924V148
CSGP	COSTAR GROUP INC	12,000	$484	0.4%	$56.92	0.0%	COM	22160N109
PRCH	PORCH GROUP INC	61,500	$441	0.4%	$8.23	0.0%	COM	733245104
ATEX	ANTERIX INC	7,500	$286	0.2%	$21.24	+29.0%	PUT	03676C100
—	AXT INC	1,500	$85	0.1%	—	—	PUT	00246W953
INSG	INSEEGO CORP	300	$3	0.0%	$11.06	0.0%	COM NEW	45782B302

Increased Positions (19)

ATEX ANTERIX INC 5.8%

Value ($000) $6,637 (+88.4%) Shares 173,802 (+7.7%) Est. Cost $21.24 Unrealized +29.0%

AIOT POWERFLEET INC 2.4%

Value ($000) $2,806 (+156.1%) Shares 911,200 (+342.3%) Est. Cost $4.92 Unrealized -1.6%

ALLT ALLOT COMMUNICATIONS LTD 2.2%

Value ($000) $2,487 (-28.6%) Shares 373,400 (+5.4%) Est. Cost $4.56 Unrealized +123.7%

LSAK LESAKA TECHNOLOGIES INC 4.9%

Value ($000) $5,661 (+18.8%) Shares 1,112,242 (+11.3%) Est. Cost $5.38 Unrealized -14.6%

DUOT DUOS TECHNOLOGIES GROUP INC 1.9%

Value ($000) $2,224 (-27.9%) Shares 324,182 (+18.2%) Est. Cost $9.44 Unrealized +3.7%

GRPN GROUPON INC 1.6%

Value ($000) $1,854 (-29.6%) Shares 155,800 (+4.2%) Est. Cost $18.66 Unrealized -22.0%

DSP VIANT TECHNOLOGY INC-A 5.2%

Value ($000) $5,966 (+12.4%) Shares 532,636 (+20.8%) Est. Cost $8.20 Unrealized +35.0%

FENC FENNEC PHARMACEUTICALS INC 1.2%

Value ($000) $1,380 (+88.5%) Shares 224,400 (+136.0%) Est. Cost $8.06 Unrealized -1.4%

OWLT OWLET INC 0.3%

Value ($000) $362 (-61.4%) Shares 70,500 (+21.6%) Est. Cost $11.60 Unrealized +10.8%

FEAM 5E ADVANCED MATERIALS INC 0.6%

Value ($000) $709 (+280.3%) Shares 506,300 (+728.4%) Est. Cost $2.98 Unrealized -6.6%

WYY WIDEPOINT CORP 1.2%

Value ($000) $1,361 (+29.5%) Shares 272,780 (+39.4%) Est. Cost $6.15 Unrealized -3.1%

NN NEXTNAV INC 0.5%

Value ($000) $601 (+64.1%) Shares 37,500 (+70.5%) Est. Cost $14.76 Unrealized +5.4%

AVD AMERICAN VANGUARD CORP 1.3%

Value ($000) $1,549 (-11.5%) Shares 622,050 (+35.7%) Est. Cost $4.68 Unrealized +0.5%

CLAR CLARUS CORPORATION 2.7%

Value ($000) $3,076 (-5.2%) Shares 1,131,000 (+16.8%) Est. Cost $5.30 Unrealized -33.3%

XPER XPERI INC-W/I 3.0%

Value ($000) $3,468 (-1.4%) Shares 619,300 (+3.2%) Est. Cost $6.25 Unrealized -8.2%

FPH FIVE POINT HOLDINGS LLC-CL A 0.3%

Value ($000) $290 (+17.3%) Shares 60,000 (+35.5%) Est. Cost $5.81 Unrealized -5.2%

SCVL SHOE CARNIVAL INC 0.3%

Value ($000) $293 (+11.5%) Shares 18,800 (+20.7%) Est. Cost $18.57 Unrealized +5.3%

PRTH PRIORITY TECHNOLOGY HOLDINGS 0.4%

Value ($000) $514 (-4.8%) Shares 108,800 (+10.0%) Est. Cost $6.14 Unrealized -7.6%

BRLT BRILLIANT EARTH GROUP INC-A 0.4%

Value ($000) $419 (-0.7%) Shares 315,000 (+30.7%) Est. Cost $2.00 Unrealized -20.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATEX	ANTERIX INC	173,802 (+7.7%)	$6,637 (+88.4%)	5.8%	$21.24	+29.0%	COM	03676C100
AIOT	POWERFLEET INC	911,200 (+342.3%)	$2,806 (+156.1%)	2.4%	$4.92	-1.6%	COM	73931J109
ALLT	ALLOT COMMUNICATIONS LTD	373,400 (+5.4%)	$2,487 (-28.6%)	2.2%	$4.56	+123.7%	COM	M0854Q105
LSAK	LESAKA TECHNOLOGIES INC	1,112,242 (+11.3%)	$5,661 (+18.8%)	4.9%	$5.38	-14.6%	COM	64107N206
DUOT	DUOS TECHNOLOGIES GROUP INC	324,182 (+18.2%)	$2,224 (-27.9%)	1.9%	$9.44	+3.7%	COM	266042407
GRPN	GROUPON INC	155,800 (+4.2%)	$1,854 (-29.6%)	1.6%	$18.66	-22.0%	COM	399473206
DSP	VIANT TECHNOLOGY INC-A	532,636 (+20.8%)	$5,966 (+12.4%)	5.2%	$8.20	+35.0%	COM	92557A101
FENC	FENNEC PHARMACEUTICALS INC	224,400 (+136.0%)	$1,380 (+88.5%)	1.2%	$8.06	-1.4%	COM	31447P100
OWLT	OWLET INC	70,500 (+21.6%)	$362 (-61.4%)	0.3%	$11.60	+10.8%	COM	69120X206
FEAM	5E ADVANCED MATERIALS INC	506,300 (+728.4%)	$709 (+280.3%)	0.6%	$2.98	-6.6%	COM	33830Q208
WYY	WIDEPOINT CORP	272,780 (+39.4%)	$1,361 (+29.5%)	1.2%	$6.15	-3.1%	COM	967590209
NN	NEXTNAV INC	37,500 (+70.5%)	$601 (+64.1%)	0.5%	$14.76	+5.4%	COM	65345N106
AVD	AMERICAN VANGUARD CORP	622,050 (+35.7%)	$1,549 (-11.5%)	1.3%	$4.68	+0.5%	COM	030371108
CLAR	CLARUS CORPORATION	1,131,000 (+16.8%)	$3,076 (-5.2%)	2.7%	$5.30	-33.3%	COM	18270P109
XPER	XPERI INC-W/I	619,300 (+3.2%)	$3,468 (-1.4%)	3.0%	$6.25	-8.2%	COM	98423J101
FPH	FIVE POINT HOLDINGS LLC-CL A	60,000 (+35.5%)	$290 (+17.3%)	0.3%	$5.81	-5.2%	COM	33833Q106
SCVL	SHOE CARNIVAL INC	18,800 (+20.7%)	$293 (+11.5%)	0.3%	$18.57	+5.3%	COM	824889109
PRTH	PRIORITY TECHNOLOGY HOLDINGS	108,800 (+10.0%)	$514 (-4.8%)	0.4%	$6.14	-7.6%	COM	74275G107
BRLT	BRILLIANT EARTH GROUP INC-A	315,000 (+30.7%)	$419 (-0.7%)	0.4%	$2.00	-20.1%	COM	109504100

Exited Positions (18)

CNDT CONDUENT INC 2.6%

Value ($000) $2,968 Shares 1,545,619 Est. Cost $2.79 Unrealized -40.6%

IWM ISHARES RUSSELL 2000 2.1%

Value ($000) $2,462 Shares 10,000 Est. Cost — Unrealized —

EFXT ENERFLEX LTD 1.7%

Value ($000) $1,981 Shares 128,400 Est. Cost $4.26 Unrealized +311.8%

XBI SPDR S&P BIOTECH ETF 0.8%

Value ($000) $975 Shares 8,000 Est. Cost $62.92 Unrealized —

LULU LULULEMON ATHLETICA INC 0.8%

Value ($000) $914 Shares 4,400 Est. Cost $181.15 Unrealized +4.2%

CMTL COMTECH TELECOMMUNICATIONS 0.7%

Value ($000) $851 Shares 160,912 Est. Cost $3.26 Unrealized +73.3%

ASPS ALTISOURCE PORTFOLIO SOL 0.6%

Value ($000) $700 Shares 100,737 Est. Cost $9.47 Unrealized -37.8%

XBI SPDR S&P BIOTECH ETF 0.5%

Value ($000) $610 Shares 5,000 Est. Cost $62.92 Unrealized —

ATEX ANTERIX INC 0.5%

Value ($000) $578 Shares 26,500 Est. Cost $21.24 Unrealized +29.0%

SSTI SHOTSPOTTER INC 0.4%

Value ($000) $485 Shares 60,400 Est. Cost $8.72 Unrealized -12.8%

DSP VIANT TECHNOLOGY INC-A 0.4%

Value ($000) $445 Shares 37,000 Est. Cost $8.20 Unrealized +35.0%

VXX IPATH SERIES B S&P 500 VIX 0.3%

Value ($000) $371 Shares 14,000 Est. Cost $26.47 Unrealized —

ARLP ALLIANCE RESOURCE PARTNERS 0.3%

Value ($000) $348 Shares 15,000 Est. Cost $23.23 Unrealized —

CNDT CONDUENT INC 0.2%

Value ($000) $194 Shares 101,000 Est. Cost $2.79 Unrealized -40.6%

SONM SONIM TECHNOLOGIES INC 0.1%

Value ($000) $151 Shares 48,000 Est. Cost $8.97 Unrealized -43.2%

TYGO TIGO ENERGY INC 0.0%

Value ($000) $38 Shares 27,880 Est. Cost $2.00 Unrealized +49.2%

MITK MITEK SYSTEMS INC 0.0%

Value ($000) $11 Shares 1,000 Est. Cost $9.45 Unrealized +18.6%

STTO SINGLE TOUCH SYSTEMS INC 0.0%

Value ($000) $0 Shares 585,576 Est. Cost $0.00 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNDT	CONDUENT INC	1,545,619	$2,968	2.6%	$2.79	-40.6%	—	206787103
IWM	ISHARES RUSSELL 2000	10,000	$2,462	2.1%	—	—	PUT	464287655
EFXT	ENERFLEX LTD	128,400	$1,981	1.7%	$4.26	+311.8%	—	29269R105
XBI	SPDR S&P BIOTECH ETF	8,000	$975	0.8%	$62.92	—	—	78464A870
LULU	LULULEMON ATHLETICA INC	4,400	$914	0.8%	$181.15	+4.2%	—	550021109
CMTL	COMTECH TELECOMMUNICATIONS	160,912	$851	0.7%	$3.26	+73.3%	—	205826209
ASPS	ALTISOURCE PORTFOLIO SOL	100,737	$700	0.6%	$9.47	-37.8%	—	L0175J138
XBI	SPDR S&P BIOTECH ETF	5,000	$610	0.5%	$62.92	—	PUT	78464A870
ATEX	ANTERIX INC	26,500	$578	0.5%	$21.24	+29.0%	CALL	03676C100
SSTI	SHOTSPOTTER INC	60,400	$485	0.4%	$8.72	-12.8%	—	82536T107
DSP	VIANT TECHNOLOGY INC-A	37,000	$445	0.4%	$8.20	+35.0%	CALL	92557A101
VXX	IPATH SERIES B S&P 500 VIX	14,000	$371	0.3%	$26.47	—	—	06748M196
ARLP	ALLIANCE RESOURCE PARTNERS	15,000	$348	0.3%	$23.23	—	—	01877R108
CNDT	CONDUENT INC	101,000	$194	0.2%	$2.79	-40.6%	PUT	206787103
SONM	SONIM TECHNOLOGIES INC	48,000	$151	0.1%	$8.97	-43.2%	—	83548F408
TYGO	TIGO ENERGY INC	27,880	$38	0.0%	$2.00	+49.2%	—	88675P103
MITK	MITEK SYSTEMS INC	1,000	$11	0.0%	$9.45	+18.6%	—	606710200
STTO	SINGLE TOUCH SYSTEMS INC	585,576	$0	0.0%	$0.00	0.0%	—	82988R203

Decreased Positions (15)

SATS ECHOSTAR HOLDING CORP-A 20.2%

Value ($000) $23,180 (-14.3%) Shares 198,000 (-20.4%) Est. Cost $81.43 Unrealized +42.9%

INSE INSPIRED ENTERTAINMENT INC 3.8%

Value ($000) $4,396 (-27.8%) Shares 616,600 (-5.2%) Est. Cost $11.58 Unrealized -23.6%

PESI PERMA-FIX ENVIRONMENTAL SVCS 2.8%

Value ($000) $3,172 (-26.3%) Shares 296,700 (-13.2%) Est. Cost $7.35 Unrealized +97.2%

DHC DIVERSIFIED HEALTHCARE TRUST 0.3%

Value ($000) $398 (-58.9%) Shares 60,000 (-70.0%) Est. Cost $4.85 Unrealized —

XPER XPERI INC-W/I 0.0%

Value ($000) $6 (-98.9%) Shares 1,000 (-98.9%) Est. Cost $6.25 Unrealized -8.2%

IDAI T STAMP INC-CLASS A 0.3%

Value ($000) $385 (-49.0%) Shares 160,900 (-16.5%) Est. Cost $3.92 Unrealized -10.5%

GPGI GPGI INC 1.7%

Value ($000) $1,941 (-14.0%) Shares 113,500 (-3.0%) Est. Cost $6.50 Unrealized +259.2%

BABA ALIBABA GROUP HOLDING LTD 1.2%

Value ($000) $1,355 (-16.0%) Shares 10,800 (-1.8%) Est. Cost $146.58 Unrealized —

INTZ INTRUSION INC 0.3%

Value ($000) $382 (-29.8%) Shares 465,415 (-1.6%) Est. Cost $1.58 Unrealized -29.9%

PMTS CPI CARD GROUP INC 0.2%

Value ($000) $176 (-47.9%) Shares 12,100 (-47.3%) Est. Cost $15.07 Unrealized -13.5%

CXDO CREXENDO INC 0.7%

Value ($000) $861 (-12.6%) Shares 139,568 (-8.4%) Est. Cost $6.54 Unrealized +1.1%

GILT GILAT SATELLITE NETWORKS LTD 1.0%

Value ($000) $1,094 (-7.3%) Shares 72,842 (-20.1%) Est. Cost $12.84 Unrealized +29.8%

CDXS CODEXIS INC 0.4%

Value ($000) $447 (-8.6%) Shares 274,200 (-8.6%) Est. Cost $2.04 Unrealized -30.1%

MX MAGNACHIP SEMICONDUCT-DEP SH 0.9%

Value ($000) $1,022 (+3.6%) Shares 365,000 (-5.7%) Est. Cost $2.78 Unrealized +3.6%

LION LIONSGATE STUDIOS HOLDING CO 1.8%

Value ($000) $2,081 (+1.3%) Shares 216,975 (-3.6%) Est. Cost $7.11 Unrealized +26.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR HOLDING CORP-A	198,000 (-20.4%)	$23,180 (-14.3%)	20.2%	$81.43	+42.9%	COM	278768106
INSE	INSPIRED ENTERTAINMENT INC	616,600 (-5.2%)	$4,396 (-27.8%)	3.8%	$11.58	-23.6%	COM	45782N108
PESI	PERMA-FIX ENVIRONMENTAL SVCS	296,700 (-13.2%)	$3,172 (-26.3%)	2.8%	$7.35	+97.2%	COM	714157203
DHC	DIVERSIFIED HEALTHCARE TRUST	60,000 (-70.0%)	$398 (-58.9%)	0.3%	$4.85	—	REIT	25525P107
XPER	XPERI INC-W/I	1,000 (-98.9%)	$6 (-98.9%)	0.0%	$6.25	-8.2%	CALL	98423J101
IDAI	T STAMP INC-CLASS A	160,900 (-16.5%)	$385 (-49.0%)	0.3%	$3.92	-10.5%	COM	873048508
GPGI	GPGI INC	113,500 (-3.0%)	$1,941 (-14.0%)	1.7%	$6.50	+259.2%	COM	20459V105
BABA	ALIBABA GROUP HOLDING LTD	10,800 (-1.8%)	$1,355 (-16.0%)	1.2%	$146.58	—	ADRS	01609W102
INTZ	INTRUSION INC	465,415 (-1.6%)	$382 (-29.8%)	0.3%	$1.58	-29.9%	COM	46121E304
PMTS	CPI CARD GROUP INC	12,100 (-47.3%)	$176 (-47.9%)	0.2%	$15.07	-13.5%	COM	12634H200
CXDO	CREXENDO INC	139,568 (-8.4%)	$861 (-12.6%)	0.7%	$6.54	+1.1%	COM	226552107
GILT	GILAT SATELLITE NETWORKS LTD	72,842 (-20.1%)	$1,094 (-7.3%)	1.0%	$12.84	+29.8%	COM	M51474118
CDXS	CODEXIS INC	274,200 (-8.6%)	$447 (-8.6%)	0.4%	$2.04	-30.1%	COM	192005106
MX	MAGNACHIP SEMICONDUCT-DEP SH	365,000 (-5.7%)	$1,022 (+3.6%)	0.9%	$2.78	+3.6%	COM	55933J203
LION	LIONSGATE STUDIOS HOLDING CO	216,975 (-3.6%)	$2,081 (+1.3%)	1.8%	$7.11	+26.1%	COM	53626N102

Unchanged Positions (21)

GANX GAIN THERAPEUTICS INC 1.7%

Value ($000) $1,957 Shares 1,008,600 Est. Cost $2.67 Unrealized -22.3%

CNXX CONX CORP 4.7%

Value ($000) $5,457 Shares 1,196,710 Est. Cost $2.57 Unrealized +51.1%

KVHI KVH INDUSTRIES INC 3.6%

Value ($000) $4,174 Shares 465,900 Est. Cost $9.51 Unrealized -29.7%

III INFORMATION SERVICES GROUP 1.0%

Value ($000) $1,121 Shares 291,800 Est. Cost $6.08 Unrealized -11.7%

BW BABCOCK & WILCOX ENTERPR 0.8%

Value ($000) $940 Shares 64,000 Est. Cost $7.12 Unrealized +24.8%

TPCS TECHPRECISION CORP 0.7%

Value ($000) $751 Shares 249,561 Est. Cost $5.58 Unrealized -16.3%

EOLS EVOLUS INC 0.5%

Value ($000) $582 Shares 141,500 Est. Cost $7.57 Unrealized -35.3%

CDZI CADIZ INC 1.4%

Value ($000) $1,645 Shares 335,000 Est. Cost $5.37 Unrealized +5.9%

PXLW PIXELWORKS INC 0.9%

Value ($000) $1,080 Shares 200,000 Est. Cost $7.66 Unrealized -17.3%

XELB XCEL BRANDS INC 0.6%

Value ($000) $633 Shares 408,400 Est. Cost $1.31 Unrealized +19.2%

BAC BANK OF AMERICA CORP 0.8%

Value ($000) $975 Shares 20,000 Est. Cost $41.02 Unrealized +30.8%

SVC SERVICE PROPERTIES TRUST 0.2%

Value ($000) $283 Shares 209,000 Est. Cost $0.81 Unrealized —

UIS UNISYS CORP 0.2%

Value ($000) $198 Shares 95,600 Est. Cost $4.18 Unrealized -36.4%

REE REE AUTOMOTIVE LTD - CLASS A 0.2%

Value ($000) $245 Shares 408,200 Est. Cost $0.88 Unrealized -25.2%

RMNI RIMINI STREET INC 0.2%

Value ($000) $275 Shares 83,933 Est. Cost $4.15 Unrealized -15.1%

PCYO PURE CYCLE CORP 0.4%

Value ($000) $490 Shares 48,756 Est. Cost $5.81 Unrealized +93.0%

LUNA LUNA INNOVATIONS INC 0.4%

Value ($000) $508 Shares 461,770 Est. Cost $1.37 Unrealized -3.6%

DDI DOUBLEDOWN INTERACTIVE -ADR 0.6%

Value ($000) $668 Shares 79,100 Est. Cost $8.63 Unrealized —

NN NEXTNAV INC 0.1%

Value ($000) $160 Shares 10,000 Est. Cost $14.76 Unrealized +5.4%

AVNW AVIAT NETWORKS INC 0.0%

Value ($000) $45 Shares 2,000 Est. Cost $22.31 Unrealized +3.8%

MATW MATTHEWS INTL CORP 0.1%

Value ($000) $58 Shares 2,250 Est. Cost $24.17 Unrealized +10.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GANX	GAIN THERAPEUTICS INC	1,008,600	$1,957	1.7%	$2.67	-22.3%	COM	36269B105
CNXX	CONX CORP	1,196,710	$5,457	4.7%	$2.57	+51.1%	WRNT	212873103
KVHI	KVH INDUSTRIES INC	465,900	$4,174	3.6%	$9.51	-29.7%	COM	482738101
III	INFORMATION SERVICES GROUP	291,800	$1,121	1.0%	$6.08	-11.7%	COM	45675Y104
BW	BABCOCK & WILCOX ENTERPR	64,000	$940	0.8%	$7.12	+24.8%	COM	05614L209
TPCS	TECHPRECISION CORP	249,561	$751	0.7%	$5.58	-16.3%	COM	878739200
EOLS	EVOLUS INC	141,500	$582	0.5%	$7.57	-35.3%	COM	30052C107
CDZI	CADIZ INC	335,000	$1,645	1.4%	$5.37	+5.9%	COM	127537207
PXLW	PIXELWORKS INC	200,000	$1,080	0.9%	$7.66	-17.3%	COM	72581M404
XELB	XCEL BRANDS INC	408,400	$633	0.6%	$1.31	+19.2%	COM	98400M200
BAC	BANK OF AMERICA CORP	20,000	$975	0.8%	$41.02	+30.8%	COM	060505104
SVC	SERVICE PROPERTIES TRUST	209,000	$283	0.2%	$0.81	—	REIT	81761L102
UIS	UNISYS CORP	95,600	$198	0.2%	$4.18	-36.4%	COM	909214306
REE	REE AUTOMOTIVE LTD - CLASS A	408,200	$245	0.2%	$0.88	-25.2%	COM	M8287R202
RMNI	RIMINI STREET INC	83,933	$275	0.2%	$4.15	-15.1%	COM	76674Q107
PCYO	PURE CYCLE CORP	48,756	$490	0.4%	$5.81	+93.0%	COM	746228303
LUNA	LUNA INNOVATIONS INC	461,770	$508	0.4%	$1.37	-3.6%	COM	550351100
DDI	DOUBLEDOWN INTERACTIVE -ADR	79,100	$668	0.6%	$8.63	—	ADRS	25862B109
NN	NEXTNAV INC	10,000	$160	0.1%	$14.76	+5.4%	CALL	65345N106
AVNW	AVIAT NETWORKS INC	2,000	$45	0.0%	$22.31	+3.8%	COM NEW	05366Y201
MATW	MATTHEWS INTL CORP	2,250	$58	0.1%	$24.17	+10.0%	CL A	577128101