Potomac Capital Management, Inc. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR HOLDING CORP-A	248,900	$27,055	21.7%	$81.43	0.0%	COM	278768106
CNXX	CONX CORP	1,196,710	$4,380	3.5%	$2.57	0.0%	WRNT	212873103
ATEX	ANTERIX INC	161,400	$3,523	2.8%	$20.77	0.0%	COM	03676C100
XPER	XPERI INC-W/I	600,000	$3,516	2.8%	$6.27	0.0%	COM	98423J101
GANX	GAIN THERAPEUTICS INC	1,010,000	$3,252	2.6%	$2.67	0.0%	COM	36269B105
DUOT	DUOS TECHNOLOGIES GROUP INC	274,235	$3,085	2.5%	$9.38	0.0%	COM	266042407
GRPN	GROUPON INC	149,500	$2,633	2.1%	$18.84	0.0%	COM	399473206
IWM	ISHARES RUSSELL 2000	10,000	$2,462	2.0%	—	—	PUT	464287655
LION	LIONSGATE STUDIOS HOLDING CO	225,000	$2,054	1.7%	$7.11	0.0%	COM	53626N102
CDZI	CADIZ INC	335,000	$1,879	1.5%	$5.37	0.0%	COM	127537207
AVD	AMERICAN VANGUARD CORP	458,300	$1,751	1.4%	$4.68	0.0%	COM	030371108
BABA	ALIBABA GROUP HOLDING LTD	11,000	$1,612	1.3%	$146.58	—	ADRS	01609W102
PXLW	PIXELWORKS INC	200,000	$1,272	1.0%	$7.66	0.0%	COM	72581M404
GILT	GILAT SATELLITE NETWORKS LTD	91,200	$1,180	0.9%	$12.84	0.0%	COM	M51474118
WYY	WIDEPOINT CORP	195,670	$1,051	0.8%	$6.22	0.0%	COM	967590209
MX	MAGNACHIP SEMICONDUCT-DEP SH	386,900	$987	0.8%	$2.78	0.0%	COM	55933J203
CXDO	CREXENDO INC	152,300	$985	0.8%	$6.54	0.0%	COM	226552107
DHC	DIVERSIFIED HEALTHCARE TRUST	200,000	$970	0.8%	$4.85	—	REIT	25525P107
OWLT	OWLET INC	57,997	$939	0.8%	$11.34	0.0%	COM	69120X206
LULU	LULULEMON ATHLETICA INC	4,400	$914	0.7%	$181.15	0.0%	COM	550021109
CMTL	COMTECH TELECOMMUNICATIONS	160,912	$851	0.7%	$3.26	0.0%	COM	205826209
IDAI	T STAMP INC-CLASS A	192,760	$754	0.6%	$3.92	0.0%	COM	873048508
FENC	FENNEC PHARMACEUTICALS INC	95,100	$732	0.6%	$8.21	0.0%	COM	31447P100
ASPS	ALTISOURCE PORTFOLIO SOL	100,737	$700	0.6%	$9.47	0.0%	COM	L0175J138
DDI	DOUBLEDOWN INTERACTIVE -ADR	79,100	$683	0.5%	$8.63	—	ADRS	25862B109
XBI	SPDR S&P BIOTECH ETF	5,000	$610	0.5%	$62.92	—	PUT	78464A870
ATEX	ANTERIX INC	26,500	$578	0.5%	$20.77	0.0%	CALL	03676C100
INTZ	INTRUSION INC	473,050	$544	0.4%	$1.58	0.0%	COM	46121E304
PRTH	PRIORITY TECHNOLOGY HOLDINGS	98,938	$539	0.4%	$6.19	0.0%	COM	74275G107
LUNA	LUNA INNOVATIONS INC	461,770	$531	0.4%	$1.37	0.0%	COM	550351100
XPER	XPERI INC-W/I	90,000	$527	0.4%	$6.27	0.0%	CALL	98423J101
CDXS	CODEXIS INC	300,000	$489	0.4%	$2.04	0.0%	COM	192005106
SSTI	SHOTSPOTTER INC	60,400	$485	0.4%	$8.72	0.0%	COM	82536T107
DSP	VIANT TECHNOLOGY INC-A	37,000	$445	0.4%	$7.60	+31.4%	CALL	92557A101
XELB	XCEL BRANDS INC	408,400	$441	0.4%	$1.31	0.0%	COM	98400M200
BRLT	BRILLIANT EARTH GROUP INC-A	241,000	$422	0.3%	$2.13	0.0%	COM	109504100
VXX	IPATH SERIES B S&P 500 VIX	14,000	$371	0.3%	$26.47	—	ETF	06748M196
NN	NEXTNAV INC	22,000	$366	0.3%	$14.20	0.0%	COM	65345N106
ARLP	ALLIANCE RESOURCE PARTNERS	15,000	$348	0.3%	$23.23	—	LTDP	01877R108
PMTS	CPI CARD GROUP INC	22,956	$337	0.3%	$15.07	0.0%	COM	12634H200
RMNI	RIMINI STREET INC	83,933	$326	0.3%	$4.15	0.0%	COM	76674Q107
REE	REE AUTOMOTIVE LTD - CLASS A	408,200	$300	0.2%	$0.88	0.0%	COM	M8287R202
SCVL	SHOE CARNIVAL INC	15,572	$263	0.2%	$18.36	0.0%	COM	824889109
FPH	FIVE POINT HOLDINGS LLC-CL A	44,275	$247	0.2%	$5.91	0.0%	COM	33833Q106
CNDT	CONDUENT INC	101,000	$194	0.2%	$2.79	-21.4%	PUT	206787103
FEAM	5E ADVANCED MATERIALS INC	61,115	$186	0.1%	$4.40	0.0%	COM	33830Q208
NN	NEXTNAV INC	10,100	$168	0.1%	$14.20	0.0%	CALL	65345N106
SONM	SONIM TECHNOLOGIES INC	48,000	$151	0.1%	$8.97	0.0%	COM	83548F408
MATW	MATTHEWS INTL CORP	2,250	$59	0.0%	$24.17	0.0%	CL A	577128101
AVNW	AVIAT NETWORKS INC	2,000	$43	0.0%	$22.31	0.0%	COM NEW	05366Y201
TYGO	TIGO ENERGY INC	27,880	$38	0.0%	$2.00	0.0%	COM	88675P103
MITK	MITEK SYSTEMS INC	1,000	$11	0.0%	$9.45	0.0%	COM NEW	606710200
STTO	SINGLE TOUCH SYSTEMS INC	585,576	$0	0.0%	$0.00	0.0%	COM	82988R203

Increased Positions (11)

DSP VIANT TECHNOLOGY INC-A 4.3%

Value ($000) $5,307 (+112.1%) Shares 440,750 (+21.4%) Est. Cost $7.60 Unrealized +31.4%

PESI PERMA-FIX ENVIRONMENTAL SVCS 3.5%

Value ($000) $4,303 (+83.1%) Shares 341,800 (+14.3%) Est. Cost $7.35 Unrealized +73.4%

INSE INSPIRED ENTERTAINMENT INC 4.9%

Value ($000) $6,089 (+37.7%) Shares 650,500 (+45.4%) Est. Cost $11.58 Unrealized -27.3%

CNDT CONDUENT INC 2.4%

Value ($000) $2,968 (+60.9%) Shares 1,545,619 (+205.9%) Est. Cost $2.79 Unrealized -21.4%

III INFORMATION SERVICES GROUP 1.4%

Value ($000) $1,687 (+96.8%) Shares 291,800 (+60.3%) Est. Cost $6.08 Unrealized -8.3%

TPCS TECHPRECISION CORP 1.0%

Value ($000) $1,205 (+203.4%) Shares 249,561 (+225.4%) Est. Cost $5.58 Unrealized -15.3%

SVC SERVICE PROPERTIES TRUST 0.3%

Value ($000) $385 (-61.5%) Shares 209,000 (+78.6%) Est. Cost $0.81 Unrealized —

AIOT POWERFLEET INC 0.9%

Value ($000) $1,096 (+119.5%) Shares 206,000 (+41.1%) Est. Cost $5.18 Unrealized -1.3%

CLAR CLARUS CORPORATION 2.6%

Value ($000) $3,244 (+8.6%) Shares 968,500 (+123.6%) Est. Cost $5.60 Unrealized -39.4%

UIS UNISYS CORP 0.2%

Value ($000) $264 (-21.6%) Shares 95,770 (+59.6%) Est. Cost $4.18 Unrealized -25.3%

PCYO PURE CYCLE CORP 0.4%

Value ($000) $536 (+9.4%) Shares 48,756 (+4.2%) Est. Cost $5.81 Unrealized +92.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DSP	VIANT TECHNOLOGY INC-A	440,750 (+21.4%)	$5,307 (+112.1%)	4.3%	$7.60	+31.4%	COM	92557A101
PESI	PERMA-FIX ENVIRONMENTAL SVCS	341,800 (+14.3%)	$4,303 (+83.1%)	3.5%	$7.35	+73.4%	COM	714157203
INSE	INSPIRED ENTERTAINMENT INC	650,500 (+45.4%)	$6,089 (+37.7%)	4.9%	$11.58	-27.3%	COM	45782N108
CNDT	CONDUENT INC	1,545,619 (+205.9%)	$2,968 (+60.9%)	2.4%	$2.79	-21.4%	COM	206787103
III	INFORMATION SERVICES GROUP	291,800 (+60.3%)	$1,687 (+96.8%)	1.4%	$6.08	-8.3%	COM	45675Y104
TPCS	TECHPRECISION CORP	249,561 (+225.4%)	$1,205 (+203.4%)	1.0%	$5.58	-15.3%	COM	878739200
SVC	SERVICE PROPERTIES TRUST	209,000 (+78.6%)	$385 (-61.5%)	0.3%	$0.81	—	REIT	81761L102
AIOT	POWERFLEET INC	206,000 (+41.1%)	$1,096 (+119.5%)	0.9%	$5.18	-1.3%	COM	73931J109
CLAR	CLARUS CORPORATION	968,500 (+123.6%)	$3,244 (+8.6%)	2.6%	$5.60	-39.4%	COM	18270P109
UIS	UNISYS CORP	95,770 (+59.6%)	$264 (-21.6%)	0.2%	$4.18	-25.3%	COM	909214306
PCYO	PURE CYCLE CORP	48,756 (+4.2%)	$536 (+9.4%)	0.4%	$5.81	+92.4%	COM	746228303

Exited Positions (33)

CNXXW CONX CORP 11.9%

Value ($000) $14,807 Shares 1,383,803 Est. Cost $10.70 Unrealized —

— ISHARES TR 5.2%

Value ($000) $6,523 Shares 32,500 Est. Cost $200.71 Unrealized —

— DISH NETWORK CORPORATION 3.7%

Value ($000) $4,606 Shares 798,200 Est. Cost $7.51 Unrealized —

— BLUEGREEN VACATIONS HLDG COR 2.9%

Value ($000) $3,553 Shares 47,300 Est. Cost $33.70 Unrealized —

GAMB GAMBLING COM GROUP LIMITED 1.7%

Value ($000) $2,138 Shares 219,300 Est. Cost $10.08 Unrealized -36.9%

— ENZO BIOCHEM INC 1.7%

Value ($000) $2,060 Shares 1,481,742 Est. Cost $2.19 Unrealized —

— LIONS GATE ENTMNT CORP 1.5%

Value ($000) $1,869 Shares 171,500 Est. Cost $15.33 Unrealized —

ASPN ASPEN AEROGELS INC 1.5%

Value ($000) $1,850 Shares 117,226 Est. Cost $10.96 Unrealized -53.0%

— INTEVAC INC 1.4%

Value ($000) $1,715 Shares 397,089 Est. Cost $2.50 Unrealized —

— COMPOSECURE INC 1.2%

Value ($000) $1,493 Shares 276,390 Est. Cost $5.40 Unrealized —

SMTC SEMTECH CORP 1.0%

Value ($000) $1,275 Shares 58,200 Est. Cost $18.55 Unrealized +282.4%

— BARCLAYS BANK PLC 1.0%

Value ($000) $1,203 Shares 77,500 Est. Cost $15.52 Unrealized —

OEC ORION S.A. 0.8%

Value ($000) $1,054 Shares 38,000 Est. Cost $18.63 Unrealized -70.9%

— XCEL BRANDS INC 0.8%

Value ($000) $1,005 Shares 779,452 Est. Cost $1.22 Unrealized —

YTRA YATRA ONLINE INC 0.7%

Value ($000) $876 Shares 537,467 Est. Cost $2.04 Unrealized -19.5%

CALY TOPGOLF CALLAWAY BRANDS CORP 0.6%

Value ($000) $746 Shares 52,000 Est. Cost $20.60 Unrealized -48.8%

STKS THE ONE GROUP HOSPITALITY IN 0.5%

Value ($000) $613 Shares 100,100 Est. Cost $11.35 Unrealized —

— VERTEX ENERGY INC 0.5%

Value ($000) $610 Shares 180,000 Est. Cost $6.67 Unrealized —

— ALTISOURCE PORTFOLIO SOLNS S 0.5%

Value ($000) $585 Shares 164,415 Est. Cost $4.34 Unrealized —

— VERU INC 0.4%

Value ($000) $471 Shares 654,000 Est. Cost $0.72 Unrealized —

CFLT CONFLUENT INC 0.4%

Value ($000) $452 Shares 19,300 Est. Cost $23.38 Unrealized +5.0%

— POWERSCHOOL HOLDINGS INC 0.3%

Value ($000) $375 Shares 15,900 Est. Cost $16.30 Unrealized —

— ATHIRA PHARMA INC 0.3%

Value ($000) $363 Shares 149,585 Est. Cost $1.22 Unrealized —

TALK TALKSPACE INC 0.3%

Value ($000) $337 Shares 132,800 Est. Cost $1.85 Unrealized +71.7%

APLD APPLIED DIGITAL CORP 0.3%

Value ($000) $337 Shares 50,000 Est. Cost $5.38 Unrealized +435.6%

— QURATE RETAIL INC 0.2%

Value ($000) $216 Shares 6,000 Est. Cost $35.96 Unrealized —

— BIOMERICA INC 0.2%

Value ($000) $210 Shares 167,700 Est. Cost $1.87 Unrealized —

CHGG CHEGG INC 0.2%

Value ($000) $199 Shares 17,500 Est. Cost $9.49 Unrealized -88.5%

MSGE MADISON SQUARE GARDEN ENTMT 0.2%

Value ($000) $191 Shares 6,000 Est. Cost $32.70 Unrealized +47.1%

INVE IDENTIV INC 0.1%

Value ($000) $178 Shares 21,600 Est. Cost $7.53 Unrealized -52.1%

COYA COYA THERAPEUTICS INC 0.1%

Value ($000) $156 Shares 21,101 Est. Cost $5.55 Unrealized +9.6%

AEYE AUDIOEYE INC 0.1%

Value ($000) $110 Shares 20,300 Est. Cost $5.07 Unrealized +153.7%

— LIONS GATE ENTMNT CORP 0.0%

Value ($000) $62 Shares 6,059 Est. Cost $10.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNXXW	CONX CORP	1,383,803	$14,807	11.9%	$10.70	—	—	212873111
—	ISHARES TR	32,500	$6,523	5.2%	$200.71	—	—	464287955
—	DISH NETWORK CORPORATION	798,200	$4,606	3.7%	$7.51	—	—	25470M109
—	BLUEGREEN VACATIONS HLDG COR	47,300	$3,553	2.9%	$33.70	—	—	096308101
GAMB	GAMBLING COM GROUP LIMITED	219,300	$2,138	1.7%	$10.08	-36.9%	—	G3R239101
—	ENZO BIOCHEM INC	1,481,742	$2,060	1.7%	$2.19	—	—	294100102
—	LIONS GATE ENTMNT CORP	171,500	$1,869	1.5%	$15.33	—	—	535919401
ASPN	ASPEN AEROGELS INC	117,226	$1,850	1.5%	$10.96	-53.0%	—	04523Y105
—	INTEVAC INC	397,089	$1,715	1.4%	$2.50	—	—	461148108
—	COMPOSECURE INC	276,390	$1,493	1.2%	$5.40	—	—	20459V113
SMTC	SEMTECH CORP	58,200	$1,275	1.0%	$18.55	+282.4%	—	816850101
—	BARCLAYS BANK PLC	77,500	$1,203	1.0%	$15.52	—	—	06748F324
OEC	ORION S.A.	38,000	$1,054	0.8%	$18.63	-70.9%	—	L72967109
—	XCEL BRANDS INC	779,452	$1,005	0.8%	$1.22	—	—	98400M101
YTRA	YATRA ONLINE INC	537,467	$876	0.7%	$2.04	-19.5%	—	G98338109
CALY	TOPGOLF CALLAWAY BRANDS CORP	52,000	$746	0.6%	$20.60	-48.8%	—	131193104
STKS	THE ONE GROUP HOSPITALITY IN	100,100	$613	0.5%	$11.35	—	—	88338K103
—	VERTEX ENERGY INC	180,000	$610	0.5%	$6.67	—	—	92534K107
—	ALTISOURCE PORTFOLIO SOLNS S	164,415	$585	0.5%	$4.34	—	—	L0175J104
—	VERU INC	654,000	$471	0.4%	$0.72	—	—	92536C103
CFLT	CONFLUENT INC	19,300	$452	0.4%	$23.38	+5.0%	—	20717M103
—	POWERSCHOOL HOLDINGS INC	15,900	$375	0.3%	$16.30	—	—	73939C106
—	ATHIRA PHARMA INC	149,585	$363	0.3%	$1.22	—	—	04746L104
TALK	TALKSPACE INC	132,800	$337	0.3%	$1.85	+71.7%	—	87427V103
APLD	APPLIED DIGITAL CORP	50,000	$337	0.3%	$5.38	+435.6%	—	038169207
—	QURATE RETAIL INC	6,000	$216	0.2%	$35.96	—	—	74915M308
—	BIOMERICA INC	167,700	$210	0.2%	$1.87	—	—	09061H307
CHGG	CHEGG INC	17,500	$199	0.2%	$9.49	-88.5%	—	163092109
MSGE	MADISON SQUARE GARDEN ENTMT	6,000	$191	0.2%	$32.70	+47.1%	—	558256103
INVE	IDENTIV INC	21,600	$178	0.1%	$7.53	-52.1%	—	45170X205
COYA	COYA THERAPEUTICS INC	21,101	$156	0.1%	$5.55	+9.6%	—	22407B108
AEYE	AUDIOEYE INC	20,300	$110	0.1%	$5.07	+153.7%	—	050734201
—	LIONS GATE ENTMNT CORP	6,059	$62	0.0%	$10.19	—	—	535919500

Decreased Positions (9)

ALLT ALLOT COMMUNICATIONS LTD 2.8%

Value ($000) $3,483 (+114.0%) Shares 354,288 (-64.1%) Est. Cost $4.26 Unrealized +125.3%

GPGI COMPOSECURE INC 1.8%

Value ($000) $2,256 (+169.5%) Shares 117,000 (-24.5%) Est. Cost $6.50 Unrealized +207.0%

EFXT ENERFLEX LTD 1.6%

Value ($000) $1,981 (+96.0%) Shares 128,400 (-40.7%) Est. Cost $4.26 Unrealized +212.2%

EOLS EVOLUS INC 0.8%

Value ($000) $939 (-42.4%) Shares 141,172 (-8.8%) Est. Cost $7.57 Unrealized -10.5%

KVHI KVH INDUSTRIES INC 2.6%

Value ($000) $3,252 (-11.6%) Shares 466,600 (-33.3%) Est. Cost $9.51 Unrealized -36.5%

BAC BANK OF AMERICA CORP 0.9%

Value ($000) $1,100 (+29.4%) Shares 20,000 (-20.8%) Est. Cost $41.02 Unrealized +28.4%

LSAK LESAKA TECHNOLOGIES INC 3.8%

Value ($000) $4,766 (-3.7%) Shares 999,116 (-34.6%) Est. Cost $5.47 Unrealized -24.0%

BW BABCOCK & WILCOX ENTERPR 0.3%

Value ($000) $406 (-15.7%) Shares 64,000 (-80.6%) Est. Cost $7.12 Unrealized -30.8%

XBI SPDR S&P BIOTECH ETF 0.8%

Value ($000) $975 (-5.4%) Shares 8,000 (-30.8%) Est. Cost $62.92 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALLT	ALLOT COMMUNICATIONS LTD	354,288 (-64.1%)	$3,483 (+114.0%)	2.8%	$4.26	+125.3%	COM	M0854Q105
GPGI	COMPOSECURE INC	117,000 (-24.5%)	$2,256 (+169.5%)	1.8%	$6.50	+207.0%	COM	20459V105
EFXT	ENERFLEX LTD	128,400 (-40.7%)	$1,981 (+96.0%)	1.6%	$4.26	+212.2%	COM	29269R105
EOLS	EVOLUS INC	141,172 (-8.8%)	$939 (-42.4%)	0.8%	$7.57	-10.5%	COM	30052C107
KVHI	KVH INDUSTRIES INC	466,600 (-33.3%)	$3,252 (-11.6%)	2.6%	$9.51	-36.5%	COM	482738101
BAC	BANK OF AMERICA CORP	20,000 (-20.8%)	$1,100 (+29.4%)	0.9%	$41.02	+28.4%	COM	060505104
LSAK	LESAKA TECHNOLOGIES INC	999,116 (-34.6%)	$4,766 (-3.7%)	3.8%	$5.47	-24.0%	COM	64107N206
BW	BABCOCK & WILCOX ENTERPR	64,000 (-80.6%)	$406 (-15.7%)	0.3%	$7.12	-30.8%	COM	05614L209
XBI	SPDR S&P BIOTECH ETF	8,000 (-30.8%)	$975 (-5.4%)	0.8%	$62.92	—	ETF	78464A870