APIS CAPITAL ADVISORS, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BTU	PEABODY ENERGY CORP	310,000	$9,207	1.6%	$29.35	0.0%	COM	704551100
TOST	TOAST INC	242,000	$8,593	1.5%	$36.05	0.0%	CL A	888787108
MNKD	MANNKIND CORP	1,200,100	$6,805	1.2%	$5.51	0.0%	COM NEW	56400P706
HNGE	HINGE HEALTH INC	138,000	$6,410	1.1%	$48.16	0.0%	CL A	433313103
SITM	SITIME CORP	15,800	$5,580	1.0%	$312.93	0.0%	COM	82982T106
APLS	APELLIS PHARMACEUTICALS INC	192,000	$4,823	0.8%	$23.46	0.0%	COM	03753U106
FENC	FENNEC PHARMACEUTICALS INC	204,000	$1,571	0.3%	$8.21	0.0%	COM	31447P100
MOB	MOBILICOM LTD	110,080	$671	0.1%	$7.29	0.0%	ORD SHS NEW	Q6297L120
VICR	VICOR CORP	6,000	$658	0.1%	$85.01	0.0%	COM	925815102

Increased Positions (17)

GTX GARRETT MOTION INC 6.8%

Value ($000) $38,869 (+1938.4%) Shares 2,230,000 (+1492.9%) Est. Cost $15.42 Unrealized +3.2%

TPB TURNING PT BRANDS INC 3.1%

Value ($000) $17,818 (+213.8%) Shares 164,377 (+186.2%) Est. Cost $80.68 Unrealized +21.2%

LASR NLIGHT INC 1.6%

Value ($000) $9,408 (+958.3%) Shares 250,800 (+736.0%) Est. Cost $30.89 Unrealized +8.1%

SSRM SSR MINING IN 5.7%

Value ($000) $32,485 (+20.0%) Shares 1,482,000 (+33.6%) Est. Cost $14.53 Unrealized +53.1%

SNDX SYNDAX PHARMACEUTICALS INC 2.7%

Value ($000) $15,211 (+55.0%) Shares 724,000 (+13.5%) Est. Cost $13.61 Unrealized +28.2%

FEIM FREQUENCY ELECTRS INC 0.9%

Value ($000) $5,352 (+426.1%) Shares 99,400 (+231.3%) Est. Cost $34.07 Unrealized +8.0%

LPTH LIGHTPATH TECHNOLOGIES INC 0.8%

Value ($000) $4,579 (+621.8%) Shares 424,000 (+430.0%) Est. Cost $7.42 Unrealized +9.3%

CLBT CELLEBRITE DI LTD 2.6%

Value ($000) $14,785 (+30.8%) Shares 820,000 (+34.4%) Est. Cost $18.31 Unrealized -1.9%

TVTX TRAVERE THERAPEUTICS INC 1.2%

Value ($000) $7,107 (+79.1%) Shares 186,002 (+12.0%) Est. Cost $20.28 Unrealized +60.4%

SN SHARKNINJA INC 4.1%

Value ($000) $23,499 (+15.3%) Shares 210,000 (+6.3%) Est. Cost $69.33 Unrealized +42.2%

HNRG HALLADOR ENERGY COMPANY 3.0%

Value ($000) $17,403 (+4.1%) Shares 914,000 (+7.0%) Est. Cost $10.49 Unrealized +93.3%

TATT TAT TECHNOLOGIES LTD 1.0%

Value ($000) $5,649 (+11.6%) Shares 126,496 (+10.0%) Est. Cost $35.95 Unrealized +13.8%

VUZI VUZIX CORP 0.5%

Value ($000) $2,616 (+27.0%) Shares 692,000 (+5.2%) Est. Cost $2.40 Unrealized +31.1%

ANIP ANI PHARMACEUTICALS INC 2.7%

Value ($000) $15,472 (+3.0%) Shares 196,000 (+19.5%) Est. Cost $69.85 Unrealized +24.0%

SPCB SUPERCOM LTD NEW 0.2%

Value ($000) $896 (-20.8%) Shares 99,000 (+5.3%) Est. Cost $9.53 Unrealized +4.3%

TLN TALEN ENERGY CORP 5.7%

Value ($000) $32,686 (+0.6%) Shares 87,200 (+14.1%) Est. Cost $173.79 Unrealized +123.7%

RIOT RIOT PLATFORMS INC 0.8%

Value ($000) $4,426 (+3.4%) Shares 349,334 (+55.3%) Est. Cost $15.01 Unrealized +14.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GTX	GARRETT MOTION INC	2,230,000 (+1492.9%)	$38,869 (+1938.4%)	6.8%	$15.42	+3.2%	COM	366505105
TPB	TURNING PT BRANDS INC	164,377 (+186.2%)	$17,818 (+213.8%)	3.1%	$80.68	+21.2%	COM	90041L105
LASR	NLIGHT INC	250,800 (+736.0%)	$9,408 (+958.3%)	1.6%	$30.89	+8.1%	COM	65487K100
SSRM	SSR MINING IN	1,482,000 (+33.6%)	$32,485 (+20.0%)	5.7%	$14.53	+53.1%	COM	784730103
SNDX	SYNDAX PHARMACEUTICALS INC	724,000 (+13.5%)	$15,211 (+55.0%)	2.7%	$13.61	+28.2%	COM	87164F105
FEIM	FREQUENCY ELECTRS INC	99,400 (+231.3%)	$5,352 (+426.1%)	0.9%	$34.07	+8.0%	COM	358010106
LPTH	LIGHTPATH TECHNOLOGIES INC	424,000 (+430.0%)	$4,579 (+621.8%)	0.8%	$7.42	+9.3%	COM CL A	532257805
CLBT	CELLEBRITE DI LTD	820,000 (+34.4%)	$14,785 (+30.8%)	2.6%	$18.31	-1.9%	ORDINARY SHARES	M2197Q107
TVTX	TRAVERE THERAPEUTICS INC	186,002 (+12.0%)	$7,107 (+79.1%)	1.2%	$20.28	+60.4%	COM	89422G107
SN	SHARKNINJA INC	210,000 (+6.3%)	$23,499 (+15.3%)	4.1%	$69.33	+42.2%	COM SHS	G8068L108
HNRG	HALLADOR ENERGY COMPANY	914,000 (+7.0%)	$17,403 (+4.1%)	3.0%	$10.49	+93.3%	COM	40609P105
TATT	TAT TECHNOLOGIES LTD	126,496 (+10.0%)	$5,649 (+11.6%)	1.0%	$35.95	+13.8%	ORD NEW	M8740S227
VUZI	VUZIX CORP	692,000 (+5.2%)	$2,616 (+27.0%)	0.5%	$2.40	+31.1%	COM NEW	92921W300
ANIP	ANI PHARMACEUTICALS INC	196,000 (+19.5%)	$15,472 (+3.0%)	2.7%	$69.85	+24.0%	COM	00182C103
SPCB	SUPERCOM LTD NEW	99,000 (+5.3%)	$896 (-20.8%)	0.2%	$9.53	+4.3%	ORD SHS	M87095309
TLN	TALEN ENERGY CORP	87,200 (+14.1%)	$32,686 (+0.6%)	5.7%	$173.79	+123.7%	COM	87422Q109
RIOT	RIOT PLATFORMS INC	349,334 (+55.3%)	$4,426 (+3.4%)	0.8%	$15.01	+14.0%	COM	767292105

Exited Positions (15)

GEO GEO GROUP INC NEW 3.1%

Value ($000) $17,621 Shares 860,000 Est. Cost $24.05 Unrealized -30.7%

GNRC GENERAC HLDGS INC 2.2%

Value ($000) $12,555 Shares 75,000 Est. Cost $128.70 Unrealized +25.4%

QURE UNIQURE NV 0.6%

Value ($000) $3,724 Shares 63,800 Est. Cost $18.16 Unrealized +112.5%

WLFC WILLIS LEASE FIN CORP 0.6%

Value ($000) $3,482 Shares 25,400 Est. Cost $181.30 Unrealized -28.6%

IPGP IPG PHOTONICS CORP 0.5%

Value ($000) $2,772 Shares 35,000 Est. Cost $78.12 Unrealized +4.4%

ETON ETON PHARMACEUTICALS INC 0.4%

Value ($000) $2,555 Shares 117,600 Est. Cost $15.89 Unrealized +10.8%

— SCPHARMACEUTICALS INC 0.4%

Value ($000) $2,495 Shares 440,000 Est. Cost $3.71 Unrealized —

TIC ACUREN CORP 0.4%

Value ($000) $2,476 Shares 186,000 Est. Cost $11.40 Unrealized -2.4%

TGEN TECOGEN INC NEW 0.2%

Value ($000) $1,348 Shares 153,000 Est. Cost $8.02 Unrealized -6.4%

CAAP CORPORACION AMER ARPTS S A 0.1%

Value ($000) $725 Shares 40,000 Est. Cost $20.14 Unrealized +11.2%

PVLA PALVELLA THERAPEUTICS INC NE 0.1%

Value ($000) $627 Shares 10,000 Est. Cost $44.59 Unrealized +91.3%

AIP ARTERIS INC 0.1%

Value ($000) $606 Shares 60,000 Est. Cost $9.52 Unrealized +52.2%

— MOBILICOM LTD 0.1%

Value ($000) $558 Shares 60,000 Est. Cost $9.30 Unrealized —

IDR IDAHO STRATEGIC RESOURCES 0.1%

Value ($000) $338 Shares 10,000 Est. Cost $23.61 Unrealized +61.9%

VELO VELO3D INC 0.1%

Value ($000) $318 Shares 103,744 Est. Cost $3.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GEO	GEO GROUP INC NEW	860,000	$17,621	3.1%	$24.05	-30.7%	—	36162J106
GNRC	GENERAC HLDGS INC	75,000	$12,555	2.2%	$128.70	+25.4%	—	368736104
QURE	UNIQURE NV	63,800	$3,724	0.6%	$18.16	+112.5%	—	N90064101
WLFC	WILLIS LEASE FIN CORP	25,400	$3,482	0.6%	$181.30	-28.6%	—	970646105
IPGP	IPG PHOTONICS CORP	35,000	$2,772	0.5%	$78.12	+4.4%	—	44980X109
ETON	ETON PHARMACEUTICALS INC	117,600	$2,555	0.4%	$15.89	+10.8%	—	29772L108
—	SCPHARMACEUTICALS INC	440,000	$2,495	0.4%	$3.71	—	—	810648105
TIC	ACUREN CORP	186,000	$2,476	0.4%	$11.40	-2.4%	—	00510N102
TGEN	TECOGEN INC NEW	153,000	$1,348	0.2%	$8.02	-6.4%	—	87876P201
CAAP	CORPORACION AMER ARPTS S A	40,000	$725	0.1%	$20.14	+11.2%	—	L1995B107
PVLA	PALVELLA THERAPEUTICS INC NE	10,000	$627	0.1%	$44.59	+91.3%	—	697947109
AIP	ARTERIS INC	60,000	$606	0.1%	$9.52	+52.2%	—	04302A104
—	MOBILICOM LTD	60,000	$558	0.1%	$9.30	—	—	60742B102
IDR	IDAHO STRATEGIC RESOURCES	10,000	$338	0.1%	$23.61	+61.9%	—	645827205
VELO	VELO3D INC	103,744	$318	0.1%	$3.07	—	—	92259N302

Decreased Positions (15)

CELC CELCUITY INC 10.5%

Value ($000) $60,043 (+56.6%) Shares 602,000 (-22.4%) Est. Cost $40.03 Unrealized +105.4%

ARMN ARIS MNG CORP 6.8%

Value ($000) $39,310 (+59.5%) Shares 2,424,000 (-3.6%) Est. Cost $6.45 Unrealized +90.7%

MGNI MAGNITE INC 1.7%

Value ($000) $9,803 (-46.4%) Shares 604,000 (-28.0%) Est. Cost $14.73 Unrealized +12.7%

SNDK SANDISK CORP 4.8%

Value ($000) $27,536 (+43.5%) Shares 116,000 (-32.2%) Est. Cost $58.39 Unrealized +243.0%

SIMO SILICON MOTION TECHNOLOGY CO 3.5%

Value ($000) $19,845 (-26.8%) Shares 214,080 (-25.1%) Est. Cost $69.56 Unrealized —

WDC WESTERN DIGITAL CORP 5.4%

Value ($000) $30,991 (+24.8%) Shares 179,900 (-13.0%) Est. Cost $81.60 Unrealized +85.7%

ABVX ABIVAX SA 2.1%

Value ($000) $12,002 (+34.1%) Shares 89,000 (-15.6%) Est. Cost $84.90 Unrealized —

LQDA LIQUIDIA CORPORATION 2.1%

Value ($000) $12,251 (+28.0%) Shares 355,200 (-15.6%) Est. Cost $21.69 Unrealized +31.2%

NGD NEW GOLD INC CDA 4.3%

Value ($000) $24,963 (+8.9%) Shares 2,866,000 (-10.3%) Est. Cost $4.37 Unrealized +72.3%

STX SEAGATE TECHNOLOGY HLDNGS PL 4.4%

Value ($000) $25,446 (-5.7%) Shares 92,400 (-19.2%) Est. Cost $137.93 Unrealized +87.7%

DCTH DELCATH SYS INC 0.2%

Value ($000) $1,374 (-48.1%) Shares 136,000 (-44.7%) Est. Cost $11.68 Unrealized -14.9%

ALMU AELUMA INC 0.6%

Value ($000) $3,468 (-15.0%) Shares 202,000 (-20.3%) Est. Cost $7.25 Unrealized +117.7%

DYAI DYADIC INTL INC DEL 0.2%

Value ($000) $1,401 (-22.9%) Shares 1,490,000 (-3.2%) Est. Cost $0.97 Unrealized +3.9%

CLS CELESTICA INC 1.2%

Value ($000) $7,025 (+3.9%) Shares 23,764 (-13.4%) Est. Cost $50.56 Unrealized +496.1%

LODE COMSTOCK INC 0.3%

Value ($000) $1,820 (+5.6%) Shares 484,000 (-4.0%) Est. Cost $2.89 Unrealized +17.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CELC	CELCUITY INC	602,000 (-22.4%)	$60,043 (+56.6%)	10.5%	$40.03	+105.4%	COM	15102K100
ARMN	ARIS MNG CORP	2,424,000 (-3.6%)	$39,310 (+59.5%)	6.8%	$6.45	+90.7%	COM	04040Y109
MGNI	MAGNITE INC	604,000 (-28.0%)	$9,803 (-46.4%)	1.7%	$14.73	+12.7%	COM	55955D100
SNDK	SANDISK CORP	116,000 (-32.2%)	$27,536 (+43.5%)	4.8%	$58.39	+243.0%	COM	80004C200
SIMO	SILICON MOTION TECHNOLOGY CO	214,080 (-25.1%)	$19,845 (-26.8%)	3.5%	$69.56	—	SPONSORED ADR	82706C108
WDC	WESTERN DIGITAL CORP	179,900 (-13.0%)	$30,991 (+24.8%)	5.4%	$81.60	+85.7%	COM	958102105
ABVX	ABIVAX SA	89,000 (-15.6%)	$12,002 (+34.1%)	2.1%	$84.90	—	SPONSORED ADS	00370M103
LQDA	LIQUIDIA CORPORATION	355,200 (-15.6%)	$12,251 (+28.0%)	2.1%	$21.69	+31.2%	COM NEW	53635D202
NGD	NEW GOLD INC CDA	2,866,000 (-10.3%)	$24,963 (+8.9%)	4.3%	$4.37	+72.3%	COM	644535106
STX	SEAGATE TECHNOLOGY HLDNGS PL	92,400 (-19.2%)	$25,446 (-5.7%)	4.4%	$137.93	+87.7%	ORD SHS	G7997R103
DCTH	DELCATH SYS INC	136,000 (-44.7%)	$1,374 (-48.1%)	0.2%	$11.68	-14.9%	COM NEW	24661P807
ALMU	AELUMA INC	202,000 (-20.3%)	$3,468 (-15.0%)	0.6%	$7.25	+117.7%	COM	00776X109
DYAI	DYADIC INTL INC DEL	1,490,000 (-3.2%)	$1,401 (-22.9%)	0.2%	$0.97	+3.9%	COM	26745T101
CLS	CELESTICA INC	23,764 (-13.4%)	$7,025 (+3.9%)	1.2%	$50.56	+496.1%	COM	15101Q207
LODE	COMSTOCK INC	484,000 (-4.0%)	$1,820 (+5.6%)	0.3%	$2.89	+17.6%	COM SHS	205750409

Unchanged Positions (2)

ALM ALMONTY INDS INC 0.5%

Value ($000) $2,978 Shares 338,000 Est. Cost $4.80 Unrealized +53.3%

SLDB SOLID BIOSCIENCES INC 0.2%

Value ($000) $1,105 Shares 196,000 Est. Cost $3.95 Unrealized +37.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALM	ALMONTY INDS INC	338,000	$2,978	0.5%	$4.80	+53.3%	COM NEW	020398707
SLDB	SOLID BIOSCIENCES INC	196,000	$1,105	0.2%	$3.95	+37.4%	COM NEW	83422E204