Telemark Asset Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLTR	PALANTIR TECHNOLOGIES INC	100,000	$17,775	1.8%	$181.03	0.0%	CL A	69608A108
MDB	MONGODB INC	40,000	$16,788	1.7%	$363.83	0.0%	CL A	60937P106
APP	APPLOVIN CORP	20,000	$13,476	1.3%	$630.10	0.0%	COM CL A	03831W108
MOD	MODINE MFG CO	100,000	$13,351	1.3%	$148.95	0.0%	COM	607828100
FSLR	FIRST SOLAR INC	50,000	$13,062	1.3%	$252.20	0.0%	COM	336433107
AMAT	APPLIED MATLS INC	40,000	$10,280	1.0%	$239.49	0.0%	COM	038222105
DOCN	DIGITALOCEAN HLDGS INC	200,000	$9,624	1.0%	$44.03	0.0%	COM	25402D102
ORA	ORMAT TECHNOLOGIES INC	80,000	$8,838	0.9%	$109.32	0.0%	COM	686688102
ALNT	ALLIENT INC	150,000	$8,063	0.8%	$52.29	0.0%	COM	019330109
BETA	BETA TECHNOLOGIES INC	200,000	$5,642	0.6%	$29.84	0.0%	COM SHS CL A	086921103
LPTH	LIGHTPATH TECHNOLOGIES INC	385,000	$4,158	0.4%	$8.10	0.0%	COM CL A	532257805
RIVN	RIVIAN AUTOMOTIVE INC	200,000	$3,942	0.4%	$15.87	0.0%	COM CL A	76954A103
EPAC	ENERPAC TOOL GROUP CORP	100,000	$3,824	0.4%	$39.59	0.0%	CL A COM	292765104
ANDG	ANDERSEN GROUP INC	100,000	$2,593	0.3%	$25.14	0.0%	CL A	033853102

Increased Positions (8)

NOVT NOVANTA INC 4.5%

Value ($000) $44,621 (+78.2%) Shares 375,000 (+50.0%) Est. Cost $120.44 Unrealized -5.5%

MSFT MICROSOFT CORP 1.4%

Value ($000) $14,509 (+180.1%) Shares 30,000 (+200.0%) Est. Cost $477.85 Unrealized +4.8%

ASML ASML HOLDING N V 1.1%

Value ($000) $10,699 (+176.3%) Shares 10,000 (+150.0%) Est. Cost $962.47 Unrealized —

SHLS SHOALS TECHNOLOGIES GROUP IN 1.3%

Value ($000) $12,750 (+72.1%) Shares 1,500,000 (+50.0%) Est. Cost $6.49 Unrealized +38.3%

LRCX LAM RESEARCH CORP 0.9%

Value ($000) $8,559 (+155.7%) Shares 50,000 (+100.0%) Est. Cost $130.44 Unrealized +19.1%

CAMT CAMTEK LTD 0.7%

Value ($000) $7,444 (+136.2%) Shares 70,000 (+133.3%) Est. Cost $102.58 Unrealized +9.5%

KOPN KOPIN CORP 1.6%

Value ($000) $16,380 (+34.8%) Shares 7,000,000 (+40.0%) Est. Cost $1.93 Unrealized +49.4%

MCHP MICROCHIP TECHNOLOGY INC. 2.2%

Value ($000) $22,302 (+15.8%) Shares 350,000 (+16.7%) Est. Cost $58.67 Unrealized +4.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NOVT	NOVANTA INC	375,000 (+50.0%)	$44,621 (+78.2%)	4.5%	$120.44	-5.5%	COM	67000B104
MSFT	MICROSOFT CORP	30,000 (+200.0%)	$14,509 (+180.1%)	1.4%	$477.85	+4.8%	COM	594918104
ASML	ASML HOLDING N V	10,000 (+150.0%)	$10,699 (+176.3%)	1.1%	$962.47	—	N Y REGISTRY SHS	N07059210
SHLS	SHOALS TECHNOLOGIES GROUP IN	1,500,000 (+50.0%)	$12,750 (+72.1%)	1.3%	$6.49	+38.3%	CL A	82489W107
LRCX	LAM RESEARCH CORP	50,000 (+100.0%)	$8,559 (+155.7%)	0.9%	$130.44	+19.1%	COM NEW	512807306
CAMT	CAMTEK LTD	70,000 (+133.3%)	$7,444 (+136.2%)	0.7%	$102.58	+9.5%	ORD	M20791105
KOPN	KOPIN CORP	7,000,000 (+40.0%)	$16,380 (+34.8%)	1.6%	$1.93	+49.4%	COM	500600101
MCHP	MICROCHIP TECHNOLOGY INC.	350,000 (+16.7%)	$22,302 (+15.8%)	2.2%	$58.67	+4.6%	COM	595017104

Exited Positions (5)

CSGP COSTAR GROUP INC 4.6%

Value ($000) $46,404 Shares 550,000 Est. Cost $79.51 Unrealized -10.9%

TWLO TWILIO INC 2.0%

Value ($000) $20,018 Shares 200,000 Est. Cost $109.45 Unrealized +13.2%

FFIV F5 INC 1.3%

Value ($000) $12,928 Shares 40,000 Est. Cost $205.16 Unrealized +31.1%

MRNA MODERNA INC 1.3%

Value ($000) $12,915 Shares 500,000 Est. Cost $27.90 Unrealized -2.6%

SNOW SNOWFLAKE INC 0.9%

Value ($000) $9,022 Shares 40,000 Est. Cost $214.74 Unrealized +13.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSGP	COSTAR GROUP INC	550,000	$46,404	4.6%	$79.51	-10.9%	—	22160N109
TWLO	TWILIO INC	200,000	$20,018	2.0%	$109.45	+13.2%	—	90138F102
FFIV	F5 INC	40,000	$12,928	1.3%	$205.16	+31.1%	—	315616102
MRNA	MODERNA INC	500,000	$12,915	1.3%	$27.90	-2.6%	—	60770K107
SNOW	SNOWFLAKE INC	40,000	$9,022	0.9%	$214.74	+13.7%	—	833445109

Decreased Positions (21)

AMSC AMERICAN SUPERCONDUCTOR CORP 1.8%

Value ($000) $17,841 (-56.5%) Shares 619,900 (-10.2%) Est. Cost $15.18 Unrealized +184.8%

META META PLATFORMS INC 2.6%

Value ($000) $26,404 (-40.1%) Shares 40,000 (-33.3%) Est. Cost $439.93 Unrealized +51.7%

GRMN GARMIN LTD 1.0%

Value ($000) $10,143 (-58.8%) Shares 50,000 (-50.0%) Est. Cost $105.53 Unrealized +105.3%

FNV FRANCO NEV CORP 2.1%

Value ($000) $20,728 (-38.0%) Shares 100,000 (-33.3%) Est. Cost $152.93 Unrealized +32.6%

RRC RANGE RES CORP 1.1%

Value ($000) $10,578 (-53.2%) Shares 300,000 (-50.0%) Est. Cost $35.38 Unrealized +5.3%

AXON AXON ENTERPRISE INC 1.1%

Value ($000) $11,359 (-47.2%) Shares 20,000 (-33.3%) Est. Cost $176.27 Unrealized +252.0%

ASPN ASPEN AEROGELS INC 0.3%

Value ($000) $2,830 (-77.3%) Shares 1,000,000 (-44.2%) Est. Cost $9.67 Unrealized -46.7%

EQT EQT CORP 1.6%

Value ($000) $16,080 (-34.3%) Shares 300,000 (-33.3%) Est. Cost $45.23 Unrealized +24.1%

ASPI ASP ISOTOPES INC 0.4%

Value ($000) $4,414 (-65.4%) Shares 825,000 (-37.7%) Est. Cost $2.66 Unrealized +199.3%

BV BRIGHTVIEW HLDGS INC 0.8%

Value ($000) $8,236 (-46.6%) Shares 650,000 (-43.5%) Est. Cost $13.55 Unrealized -6.3%

CLH CLEAN HARBORS INC 1.9%

Value ($000) $18,758 (-26.6%) Shares 80,000 (-27.3%) Est. Cost $113.65 Unrealized +101.0%

BWXT BWX TECHNOLOGIES INC 1.7%

Value ($000) $17,284 (-25.0%) Shares 100,000 (-20.0%) Est. Cost $103.91 Unrealized +80.4%

WCN WASTE CONNECTIONS INC 2.1%

Value ($000) $21,043 (-20.2%) Shares 120,000 (-20.0%) Est. Cost $155.44 Unrealized +11.2%

CLBT CELLEBRITE DI LTD 0.7%

Value ($000) $7,212 (-35.1%) Shares 400,000 (-33.3%) Est. Cost $15.72 Unrealized +14.2%

CDXS CODEXIS INC 0.6%

Value ($000) $6,270 (-35.8%) Shares 3,846,411 (-3.8%) Est. Cost $5.19 Unrealized -60.7%

TSM TAIWAN SEMICONDUCTOR MFG LTD 3.0%

Value ($000) $30,389 (-9.3%) Shares 100,000 (-16.7%) Est. Cost $143.68 Unrealized —

GLW CORNING INC 1.7%

Value ($000) $17,512 (-11.0%) Shares 200,000 (-16.7%) Est. Cost $35.78 Unrealized +140.3%

ADI ANALOG DEVICES INC 2.3%

Value ($000) $23,052 (-6.2%) Shares 85,000 (-15.0%) Est. Cost $216.01 Unrealized +16.0%

HLMN HILLMAN SOLUTIONS CORP 0.8%

Value ($000) $8,227 (-10.4%) Shares 950,000 (-5.0%) Est. Cost $9.00 Unrealized +0.1%

BDSX BIODESIX INC 0.2%

Value ($000) $2,229 (-28.7%) Shares 327,824 (-20.8%) Est. Cost $7.69 Unrealized -4.3%

WGS GENEDX HOLDINGS CORP 1.3%

Value ($000) $13,006 (+0.6%) Shares 100,000 (-16.7%) Est. Cost $108.95 Unrealized +26.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMSC	AMERICAN SUPERCONDUCTOR CORP	619,900 (-10.2%)	$17,841 (-56.5%)	1.8%	$15.18	+184.8%	SHS NEW	030111207
META	META PLATFORMS INC	40,000 (-33.3%)	$26,404 (-40.1%)	2.6%	$439.93	+51.7%	CL A	30303M102
GRMN	GARMIN LTD	50,000 (-50.0%)	$10,143 (-58.8%)	1.0%	$105.53	+105.3%	SHS	H2906T109
FNV	FRANCO NEV CORP	100,000 (-33.3%)	$20,728 (-38.0%)	2.1%	$152.93	+32.6%	COM	351858105
RRC	RANGE RES CORP	300,000 (-50.0%)	$10,578 (-53.2%)	1.1%	$35.38	+5.3%	COM	75281A109
AXON	AXON ENTERPRISE INC	20,000 (-33.3%)	$11,359 (-47.2%)	1.1%	$176.27	+252.0%	COM	05464C101
ASPN	ASPEN AEROGELS INC	1,000,000 (-44.2%)	$2,830 (-77.3%)	0.3%	$9.67	-46.7%	COM	04523Y105
EQT	EQT CORP	300,000 (-33.3%)	$16,080 (-34.3%)	1.6%	$45.23	+24.1%	COM	26884L109
ASPI	ASP ISOTOPES INC	825,000 (-37.7%)	$4,414 (-65.4%)	0.4%	$2.66	+199.3%	COM	00218A105
BV	BRIGHTVIEW HLDGS INC	650,000 (-43.5%)	$8,236 (-46.6%)	0.8%	$13.55	-6.3%	COM	10948C107
CLH	CLEAN HARBORS INC	80,000 (-27.3%)	$18,758 (-26.6%)	1.9%	$113.65	+101.0%	COM	184496107
BWXT	BWX TECHNOLOGIES INC	100,000 (-20.0%)	$17,284 (-25.0%)	1.7%	$103.91	+80.4%	COM	05605H100
WCN	WASTE CONNECTIONS INC	120,000 (-20.0%)	$21,043 (-20.2%)	2.1%	$155.44	+11.2%	COM	94106B101
CLBT	CELLEBRITE DI LTD	400,000 (-33.3%)	$7,212 (-35.1%)	0.7%	$15.72	+14.2%	ORDINARY SHARES	M2197Q107
CDXS	CODEXIS INC	3,846,411 (-3.8%)	$6,270 (-35.8%)	0.6%	$5.19	-60.7%	COM	192005106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	100,000 (-16.7%)	$30,389 (-9.3%)	3.0%	$143.68	—	SPONSORED ADS	874039100
GLW	CORNING INC	200,000 (-16.7%)	$17,512 (-11.0%)	1.7%	$35.78	+140.3%	COM	219350105
ADI	ANALOG DEVICES INC	85,000 (-15.0%)	$23,052 (-6.2%)	2.3%	$216.01	+16.0%	COM	032654105
HLMN	HILLMAN SOLUTIONS CORP	950,000 (-5.0%)	$8,227 (-10.4%)	0.8%	$9.00	+0.1%	COM	431636109
BDSX	BIODESIX INC	327,824 (-20.8%)	$2,229 (-28.7%)	0.2%	$7.69	-4.3%	COM	09075X207
WGS	GENEDX HOLDINGS CORP	100,000 (-16.7%)	$13,006 (+0.6%)	1.3%	$108.95	+26.0%	COM CL A	81663L200

Unchanged Positions (13)

CCJ CAMECO CORP 9.1%

Value ($000) $91,490 Shares 1,000,000 Est. Cost $26.31 Unrealized +241.9%

TER TERADYNE INC 1.4%

Value ($000) $13,549 Shares 70,000 Est. Cost $109.09 Unrealized +57.2%

ALM ALMONTY INDS INC 1.1%

Value ($000) $11,453 Shares 1,300,000 Est. Cost $4.80 Unrealized +53.3%

GOOGL ALPHABET INC 1.6%

Value ($000) $15,650 Shares 50,000 Est. Cost $189.15 Unrealized +51.0%

KARO KAROOOOO LTD 1.0%

Value ($000) $10,244 Shares 225,150 Est. Cost $45.96 Unrealized +1.9%

AMZN AMAZON COM INC 4.6%

Value ($000) $46,164 Shares 200,000 Est. Cost $112.45 Unrealized +103.5%

ARM ARM HOLDINGS PLC 0.5%

Value ($000) $5,466 Shares 50,000 Est. Cost $58.93 Unrealized —

SHOP SHOPIFY INC 2.1%

Value ($000) $20,926 Shares 130,000 Est. Cost $108.22 Unrealized +48.4%

TRMB TRIMBLE INC 2.3%

Value ($000) $23,505 Shares 300,000 Est. Cost $70.32 Unrealized +13.3%

HEI/A HEICO CORP NEW 3.2%

Value ($000) $31,554 Shares 125,000 Est. Cost $76.92 Unrealized +221.1%

HEI HEICO CORP NEW 4.5%

Value ($000) $45,303 Shares 140,000 Est. Cost $102.77 Unrealized +207.5%

MIR MIRION TECHNOLOGIES INC 1.2%

Value ($000) $11,710 Shares 500,000 Est. Cost $11.52 Unrealized +116.5%

NVDA NVIDIA CORPORATION 11.2%

Value ($000) $111,900 Shares 600,000 Est. Cost $93.50 Unrealized +99.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CCJ	CAMECO CORP	1,000,000	$91,490	9.1%	$26.31	+241.9%	COM	13321L108
TER	TERADYNE INC	70,000	$13,549	1.4%	$109.09	+57.2%	COM	880770102
ALM	ALMONTY INDS INC	1,300,000	$11,453	1.1%	$4.80	+53.3%	COM NEW	020398707
GOOGL	ALPHABET INC	50,000	$15,650	1.6%	$189.15	+51.0%	CAP STK CL A	02079K305
KARO	KAROOOOO LTD	225,150	$10,244	1.0%	$45.96	+1.9%	ORD SHS	Y4600W108
AMZN	AMAZON COM INC	200,000	$46,164	4.6%	$112.45	+103.5%	COM	023135106
ARM	ARM HOLDINGS PLC	50,000	$5,466	0.5%	$58.93	—	SPONSORED ADS	042068205
SHOP	SHOPIFY INC	130,000	$20,926	2.1%	$108.22	+48.4%	CL A SUB VTG SHS	82509L107
TRMB	TRIMBLE INC	300,000	$23,505	2.3%	$70.32	+13.3%	COM	896239100
HEI/A	HEICO CORP NEW	125,000	$31,554	3.2%	$76.92	+221.1%	CL A	422806208
HEI	HEICO CORP NEW	140,000	$45,303	4.5%	$102.77	+207.5%	COM	422806109
MIR	MIRION TECHNOLOGIES INC	500,000	$11,710	1.2%	$11.52	+116.5%	COM CL A	60471A101
NVDA	NVIDIA CORPORATION	600,000	$111,900	11.2%	$93.50	+99.1%	COM	67066G104