CANNELL CAPITAL LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EOSE	EOS ENERGY ENTERPRISES INC	13,083	$14,993	7.3%	—	—	PUT	29415C101
FLNC	FLUENCE ENERGY INC	4,689	$9,275	4.5%	—	—	PUT	34379V103
RGTI	RIGETTI COMPUTING INC	3,399	$7,529	3.6%	—	—	PUT	76655K103
OWLT	OWLET INC	431,622	$6,988	3.4%	$11.34	0.0%	CL A NEW	69120X206
CVNA	CARVANA CO	109	$4,600	2.2%	—	—	PUT	146869102
CVGW	CALAVO GROWERS INC	158,164	$3,440	1.7%	$21.98	0.0%	COM	128246105
NPKI	NPK INTERNATIONAL INC	2,330	$2,777	1.3%	$7.33	+66.5%	CALL	651718504
QS	QUANTUMSCAPE CORP	2,234	$2,328	1.1%	—	—	PUT	74767V109
—	CHEGG INC	2,481,000	$2,204	1.1%	$0.89	—	NOTE 9/0	163092AF6
SES	SES AI CORPORATION	10,832	$1,950	0.9%	—	—	PUT	78397Q109
FCEL	FUELCELL ENERGY INC	2,612	$1,909	0.9%	—	—	PUT	35952H700
FFAI	FARADAY FUTURE INTLGT ELEC I	11,058	$1,128	0.5%	—	—	PUT	307359885
MVST	MICROVAST HOLDINGS INC	3,072	$860	0.4%	—	—	PUT	59516C106
LWLG	LIGHTWAVE LOGIC INC	1,889	$612	0.3%	—	—	PUT	532275104
ASPI	ASP ISOTOPES INC	1,109	$593	0.3%	—	—	PUT	00218A105
PLUG	PLUG POWER INC	8,091	$445	0.2%	—	—	PUT	72919P202
ABAT	AMERICAN BATTERY TECHNOLOGY	948	$317	0.2%	—	—	PUT	02451V309
OGI	ORGANIGRAM GLOBAL INC	155,682	$262	0.1%	$1.72	0.0%	COM	68617J100
UP	WHEELS UP EXPERIENCE INC	3,968	$260	0.1%	—	—	PUT	96328L205
SFIX	STITCH FIX INC	25,813	$136	0.1%	$4.56	0.0%	COM CL A	860897107
SONM	SONIM TECHNOLOGIES INC	13,626	$43	0.0%	$8.97	0.0%	COM	83548F408

Increased Positions (7)

ASIC ATEGRITY SPECIALTY IN CO HO 3.3%

Value ($000) $6,749 (+139.8%) Shares 321,211 (+125.7%) Est. Cost $19.88 Unrealized -4.9%

GOLD GOLD COM INC 3.8%

Value ($000) $7,759 (+57.9%) Shares 227,862 (+20.0%) Est. Cost $25.77 Unrealized +10.8%

BBW BUILD-A-BEAR WORKSHOP INC 2.3%

Value ($000) $4,742 (+45.6%) Shares 77,394 (+55.0%) Est. Cost $24.39 Unrealized +122.5%

APEI AMERICAN PUB ED INC 1.5%

Value ($000) $3,006 (+93.7%) Shares 79,518 (+102.3%) Est. Cost $33.79 Unrealized +5.9%

SVV SAVERS VALUE VLG INC 2.6%

Value ($000) $5,445 (-17.6%) Shares 583,008 (+16.9%) Est. Cost $10.16 Unrealized +1.1%

DGICA DONEGAL GROUP INC 0.8%

Value ($000) $1,657 (+30.6%) Shares 82,939 (+26.8%) Est. Cost $14.13 Unrealized +37.2%

NTIP NETWORK-1 TECHNOLOGIES INC 0.7%

Value ($000) $1,496 (-6.8%) Shares 1,141,975 (+6.7%) Est. Cost $1.74 Unrealized -16.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASIC	ATEGRITY SPECIALTY IN CO HO	321,211 (+125.7%)	$6,749 (+139.8%)	3.3%	$19.88	-4.9%	COM	04681Y103
GOLD	GOLD COM INC	227,862 (+20.0%)	$7,759 (+57.9%)	3.8%	$25.77	+10.8%	COM	00181T107
BBW	BUILD-A-BEAR WORKSHOP INC	77,394 (+55.0%)	$4,742 (+45.6%)	2.3%	$24.39	+122.5%	COM	120076104
APEI	AMERICAN PUB ED INC	79,518 (+102.3%)	$3,006 (+93.7%)	1.5%	$33.79	+5.9%	COM	02913V103
SVV	SAVERS VALUE VLG INC	583,008 (+16.9%)	$5,445 (-17.6%)	2.6%	$10.16	+1.1%	COM	80517M109
DGICA	DONEGAL GROUP INC	82,939 (+26.8%)	$1,657 (+30.6%)	0.8%	$14.13	+37.2%	CL A	257701201
NTIP	NETWORK-1 TECHNOLOGIES INC	1,141,975 (+6.7%)	$1,496 (-6.8%)	0.7%	$1.74	-16.7%	COM	64121N109

Exited Positions (28)

IWM ISHARES TR 129.9%

Value ($000) $267,995 Shares 11,076 Est. Cost — Unrealized —

LINC LINCOLN EDL SVCS CORP 6.6%

Value ($000) $13,548 Shares 576,505 Est. Cost $21.04 Unrealized +3.6%

OPRT OPORTUN FINL CORP 4.4%

Value ($000) $9,075 Shares 1,470,870 Est. Cost $5.99 Unrealized -12.0%

LUXE LUXEXPERIENCE BV 4.3%

Value ($000) $8,891 Shares 1,045,962 Est. Cost $8.28 Unrealized —

KSPI KASPI KZ JSC 4.3%

Value ($000) $8,887 Shares 108,799 Est. Cost $82.47 Unrealized —

PDFS PDF SOLUTIONS INC 4.2%

Value ($000) $8,709 Shares 337,315 Est. Cost $21.84 Unrealized +26.7%

SRTA STRATA CRITICAL MEDICAL INC 3.9%

Value ($000) $8,088 Shares 1,598,489 Est. Cost $3.79 Unrealized +27.6%

ASR GRUPO AEROPORTUARIO DEL SURE 3.8%

Value ($000) $7,799 Shares 24,120 Est. Cost $321.45 Unrealized —

NATL NCR ATLEOS CORPORATION 3.8%

Value ($000) $7,770 Shares 197,650 Est. Cost $34.80 Unrealized +7.8%

NXDR NEXTDOOR HOLDINGS INC 3.8%

Value ($000) $7,756 Shares 3,711,008 Est. Cost $2.23 Unrealized -11.9%

CRTO CRITEO S A 3.6%

Value ($000) $7,425 Shares 328,543 Est. Cost $22.60 Unrealized —

WTTR SELECT WATER SOLUTIONS INC 3.5%

Value ($000) $7,193 Shares 672,830 Est. Cost $8.64 Unrealized —

PINS PINTEREST INC 3.2%

Value ($000) $6,642 Shares 206,468 Est. Cost $33.87 Unrealized -15.0%

MATW MATTHEWS INTL CORP 3.1%

Value ($000) $6,492 Shares 267,369 Est. Cost $20.58 Unrealized +17.4%

MGNI MAGNITE INC 2.8%

Value ($000) $5,775 Shares 265,152 Est. Cost $19.37 Unrealized -14.3%

UTI UNIVERSAL TECHNICAL INST INC 2.7%

Value ($000) $5,510 Shares 169,273 Est. Cost $14.58 Unrealized +94.2%

CLH CLEAN HARBORS INC 2.6%

Value ($000) $5,357 Shares 23,067 Est. Cost $210.52 Unrealized +8.5%

SCHL SCHOLASTIC CORP 2.6%

Value ($000) $5,320 Shares 1,943 Est. Cost $24.29 Unrealized +17.1%

SCHL SCHOLASTIC CORP 2.1%

Value ($000) $4,229 Shares 154,463 Est. Cost $24.29 Unrealized +17.1%

NBIS NEBIUS GROUP N.V. 1.9%

Value ($000) $3,986 Shares 35,500 Est. Cost $34.43 Unrealized +201.0%

APG API GROUP CORP 1.0%

Value ($000) $2,159 Shares 62,825 Est. Cost $28.64 Unrealized +29.1%

INVE IDENTIV INC 1.0%

Value ($000) $2,107 Shares 610,855 Est. Cost $3.21 Unrealized +12.4%

CBNA CHAIN BRIDGE BANCORP INC 1.0%

Value ($000) $2,016 Shares 61,609 Est. Cost $27.25 Unrealized +18.6%

MSOS ADVISORSHARES TR 0.9%

Value ($000) $1,852 Shares 3,866 Est. Cost — Unrealized —

BV BRIGHTVIEW HLDGS INC 0.9%

Value ($000) $1,850 Shares 138,063 Est. Cost $14.96 Unrealized -15.1%

— TILE SHOP HLDGS INC 0.8%

Value ($000) $1,551 Shares 256,392 Est. Cost $6.48 Unrealized —

AEYE AUDIOEYE INC 0.3%

Value ($000) $544 Shares 39,277 Est. Cost $12.45 Unrealized +3.3%

APLD APPLIED DIGITAL CORP 0.2%

Value ($000) $474 Shares 20,681 Est. Cost $14.81 Unrealized +94.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	11,076	$267,995	129.9%	—	—	PUT	464287655
LINC	LINCOLN EDL SVCS CORP	576,505	$13,548	6.6%	$21.04	+3.6%	—	533535100
OPRT	OPORTUN FINL CORP	1,470,870	$9,075	4.4%	$5.99	-12.0%	—	68376D104
LUXE	LUXEXPERIENCE BV	1,045,962	$8,891	4.3%	$8.28	—	—	55406W103
KSPI	KASPI KZ JSC	108,799	$8,887	4.3%	$82.47	—	—	48581R205
PDFS	PDF SOLUTIONS INC	337,315	$8,709	4.2%	$21.84	+26.7%	—	693282105
SRTA	STRATA CRITICAL MEDICAL INC	1,598,489	$8,088	3.9%	$3.79	+27.6%	—	092667104
ASR	GRUPO AEROPORTUARIO DEL SURE	24,120	$7,799	3.8%	$321.45	—	—	40051E202
NATL	NCR ATLEOS CORPORATION	197,650	$7,770	3.8%	$34.80	+7.8%	—	63001N106
NXDR	NEXTDOOR HOLDINGS INC	3,711,008	$7,756	3.8%	$2.23	-11.9%	—	65345M108
CRTO	CRITEO S A	328,543	$7,425	3.6%	$22.60	—	—	226718104
WTTR	SELECT WATER SOLUTIONS INC	672,830	$7,193	3.5%	$8.64	—	—	81617J301
PINS	PINTEREST INC	206,468	$6,642	3.2%	$33.87	-15.0%	—	72352L106
MATW	MATTHEWS INTL CORP	267,369	$6,492	3.1%	$20.58	+17.4%	—	577128101
MGNI	MAGNITE INC	265,152	$5,775	2.8%	$19.37	-14.3%	—	55955D100
UTI	UNIVERSAL TECHNICAL INST INC	169,273	$5,510	2.7%	$14.58	+94.2%	—	913915104
CLH	CLEAN HARBORS INC	23,067	$5,357	2.6%	$210.52	+8.5%	—	184496107
SCHL	SCHOLASTIC CORP	1,943	$5,320	2.6%	$24.29	+17.1%	CALL	807066105
SCHL	SCHOLASTIC CORP	154,463	$4,229	2.1%	$24.29	+17.1%	—	807066105
NBIS	NEBIUS GROUP N.V.	35,500	$3,986	1.9%	$34.43	+201.0%	—	N97284108
APG	API GROUP CORP	62,825	$2,159	1.0%	$28.64	+29.1%	—	00187Y100
INVE	IDENTIV INC	610,855	$2,107	1.0%	$3.21	+12.4%	—	45170X205
CBNA	CHAIN BRIDGE BANCORP INC	61,609	$2,016	1.0%	$27.25	+18.6%	—	15746L100
MSOS	ADVISORSHARES TR	3,866	$1,852	0.9%	—	—	CALL	00768Y453
BV	BRIGHTVIEW HLDGS INC	138,063	$1,850	0.9%	$14.96	-15.1%	—	10948C107
—	TILE SHOP HLDGS INC	256,392	$1,551	0.8%	$6.48	—	—	88677Q109
AEYE	AUDIOEYE INC	39,277	$544	0.3%	$12.45	+3.3%	—	050734201
APLD	APPLIED DIGITAL CORP	20,681	$474	0.2%	$14.81	+94.5%	—	038169207

Decreased Positions (20)

GPGI COMPOSECURE INC 3.4%

Value ($000) $7,018 (-66.5%) Shares 363,990 (-63.8%) Est. Cost $6.00 Unrealized +232.8%

TPB TURNING PT BRANDS INC 2.7%

Value ($000) $5,623 (-68.4%) Shares 51,876 (-71.2%) Est. Cost $82.43 Unrealized +18.6%

CVCO CAVCO INDS INC DEL 3.3%

Value ($000) $6,711 (-64.1%) Shares 11,360 (-64.7%) Est. Cost $303.86 Unrealized +86.5%

SNDL SNDL INC 7.1%

Value ($000) $14,544 (-39.4%) Shares 8,761,155 (-2.1%) Est. Cost $1.89 Unrealized +6.0%

COMP COMPASS INC 2.6%

Value ($000) $5,447 (-62.8%) Shares 515,309 (-71.7%) Est. Cost $4.66 Unrealized +95.8%

ETON ETON PHARMACEUTICALS INC 1.8%

Value ($000) $3,668 (-62.9%) Shares 216,917 (-52.4%) Est. Cost $12.99 Unrealized +35.4%

LPRO OPEN LENDING CORP 0.0%

Value ($000) $63 (-98.9%) Shares 40,740 (-98.4%) Est. Cost $6.22 Unrealized -71.5%

CRON CRONOS GROUP INC 0.0%

Value ($000) $91 (-98.3%) Shares 34,699 (-98.2%) Est. Cost $1.97 Unrealized +31.1%

NPKI NPK INTERNATIONAL INC 5.4%

Value ($000) $11,214 (-31.8%) Shares 940,756 (-35.3%) Est. Cost $7.33 Unrealized +66.5%

MDXG MIMEDX GROUP INC 4.8%

Value ($000) $9,962 (-29.1%) Shares 1,471,551 (-26.9%) Est. Cost $6.45 Unrealized +8.7%

REAL THE REALREAL INC 0.1%

Value ($000) $255 (-93.3%) Shares 16,132 (-95.5%) Est. Cost $6.69 Unrealized +95.2%

NOA NORTH AMERN CONSTR GROUP LTD 7.5%

Value ($000) $15,452 (-16.5%) Shares 1,075,307 (-17.5%) Est. Cost $11.58 Unrealized +22.9%

GBLI GLOBAL INDEMNITY GROUP LLC 2.7%

Value ($000) $5,560 (-32.2%) Shares 195,898 (-30.6%) Est. Cost $30.79 Unrealized -8.5%

SJT SAN JUAN BASIN RTY TR 2.3%

Value ($000) $4,697 (-35.9%) Shares 835,799 (-31.1%) Est. Cost $4.56 Unrealized —

SWKH SWK HLDGS CORP 0.5%

Value ($000) $1,085 (-69.1%) Shares 63,069 (-73.9%) Est. Cost $11.61 Unrealized +42.3%

PPIH PERMA-PIPE INTL HLDGS INC 0.2%

Value ($000) $458 (-83.9%) Shares 15,071 (-87.6%) Est. Cost $13.04 Unrealized +110.3%

OSUR ORASURE TECHNOLOGIES INC 2.3%

Value ($000) $4,729 (-29.8%) Shares 1,954,012 (-6.9%) Est. Cost $4.80 Unrealized -45.2%

NGS NATURAL GAS SVCS GROUP INC 5.3%

Value ($000) $10,978 (+9.2%) Shares 326,252 (-9.1%) Est. Cost $23.14 Unrealized +28.3%

GSAT GLOBALSTAR INC 0.9%

Value ($000) $1,787 (-31.8%) Shares 29,268 (-59.4%) Est. Cost $25.45 Unrealized +117.0%

MLCI MOUNT LOGAN CAP INC 0.1%

Value ($000) $140 (-72.7%) Shares 17,018 (-74.2%) Est. Cost $5.02 Unrealized +54.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GPGI	COMPOSECURE INC	363,990 (-63.8%)	$7,018 (-66.5%)	3.4%	$6.00	+232.8%	COM CL A	20459V105
TPB	TURNING PT BRANDS INC	51,876 (-71.2%)	$5,623 (-68.4%)	2.7%	$82.43	+18.6%	COM	90041L105
CVCO	CAVCO INDS INC DEL	11,360 (-64.7%)	$6,711 (-64.1%)	3.3%	$303.86	+86.5%	COM	149568107
SNDL	SNDL INC	8,761,155 (-2.1%)	$14,544 (-39.4%)	7.1%	$1.89	+6.0%	COM	83307B101
COMP	COMPASS INC	515,309 (-71.7%)	$5,447 (-62.8%)	2.6%	$4.66	+95.8%	CL A	20464U100
ETON	ETON PHARMACEUTICALS INC	216,917 (-52.4%)	$3,668 (-62.9%)	1.8%	$12.99	+35.4%	COM	29772L108
LPRO	OPEN LENDING CORP	40,740 (-98.4%)	$63 (-98.9%)	0.0%	$6.22	-71.5%	COM	68373J104
CRON	CRONOS GROUP INC	34,699 (-98.2%)	$91 (-98.3%)	0.0%	$1.97	+31.1%	COM	22717L101
NPKI	NPK INTERNATIONAL INC	940,756 (-35.3%)	$11,214 (-31.8%)	5.4%	$7.33	+66.5%	COM SHS	651718504
MDXG	MIMEDX GROUP INC	1,471,551 (-26.9%)	$9,962 (-29.1%)	4.8%	$6.45	+8.7%	COM	602496101
REAL	THE REALREAL INC	16,132 (-95.5%)	$255 (-93.3%)	0.1%	$6.69	+95.2%	COM	88339P101
NOA	NORTH AMERN CONSTR GROUP LTD	1,075,307 (-17.5%)	$15,452 (-16.5%)	7.5%	$11.58	+22.9%	COM	656811106
GBLI	GLOBAL INDEMNITY GROUP LLC	195,898 (-30.6%)	$5,560 (-32.2%)	2.7%	$30.79	-8.5%	COM CL A	37959R103
SJT	SAN JUAN BASIN RTY TR	835,799 (-31.1%)	$4,697 (-35.9%)	2.3%	$4.56	—	UNIT BEN INT	798241105
SWKH	SWK HLDGS CORP	63,069 (-73.9%)	$1,085 (-69.1%)	0.5%	$11.61	+42.3%	COM NEW	78501P203
PPIH	PERMA-PIPE INTL HLDGS INC	15,071 (-87.6%)	$458 (-83.9%)	0.2%	$13.04	+110.3%	COM	714167103
OSUR	ORASURE TECHNOLOGIES INC	1,954,012 (-6.9%)	$4,729 (-29.8%)	2.3%	$4.80	-45.2%	COM	68554V108
NGS	NATURAL GAS SVCS GROUP INC	326,252 (-9.1%)	$10,978 (+9.2%)	5.3%	$23.14	+28.3%	COM	63886Q109
GSAT	GLOBALSTAR INC	29,268 (-59.4%)	$1,787 (-31.8%)	0.9%	$25.45	+117.0%	COM NEW	378973507
MLCI	MOUNT LOGAN CAP INC	17,018 (-74.2%)	$140 (-72.7%)	0.1%	$5.02	+54.8%	COM	62188E103

Unchanged Positions (3)

WINA WINMARK CORP 0.3%

Value ($000) $667 Shares 1,647 Est. Cost $204.41 Unrealized +109.3%

LEE LEE ENTERPRISES INC 0.5%

Value ($000) $986 Shares 205,846 Est. Cost $21.34 Unrealized -80.0%

PNRG PRIMEENERGY RESOURCES CORP 0.8%

Value ($000) $1,654 Shares 9,670 Est. Cost $104.31 Unrealized +54.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WINA	WINMARK CORP	1,647	$667	0.3%	$204.41	+109.3%	COM	974250102
LEE	LEE ENTERPRISES INC	205,846	$986	0.5%	$21.34	-80.0%	COM	523768406
PNRG	PRIMEENERGY RESOURCES CORP	9,670	$1,654	0.8%	$104.31	+54.1%	COM	74158E104