EquipmentShare.com Inc

    EQPT ·NASDAQ ·Services-Equipment Rental & Leasing, NEC ·Inc. in TX
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    5
    PART I
    EquipmentShare.com Inc and subsidiaries (“EquipmentShare” or the “Company”) was organized in 2014 and
    commenced operations on January 1, 2015. Effective June 30, 2025, EquipmentShare.com Inc changed its
    jurisdiction of incorporation from the state of Delaware to the state of Texas. As used in this report, unless otherwise
    indicated or the context otherwise requires, “EquipmentShare,” the “Company,” “we,” “us,” and similar terms refer
    to EquipmentShare.com Inc and its consolidated subsidiaries.
    Item 1.  Business
    Overview
    EquipmentShare is a vertically integrated platform that combines proprietary technology, a connected
    equipment fleet, and a nationwide footprint to serve the construction industry. More than a rental company,
    EquipmentShare delivers jobsite visibility and control through its cloud-based platform (“T3”), which integrates
    embedded telematics hardware, software applications, and real-time data to support both customers and internal
    operations. The T3 platform is original equipment manufacturer (“OEM”)-agnostic and gives us and our rental
    customers the ability to track mixed fleets, maximize utilization, reduce unplanned downtime, streamline
    maintenance, and improve jobsite security and operator accountability.
    We utilize our proprietary T3 platform in our equipment rental and service operations to manage construction
    equipment that is owned by the Company, as well as construction equipment that is leased from third party
    participants in the Company’s “OWN Program.” Under the OWN Program, participants may purchase from the
    Company new or used (typically less than four years old) equipment which is fully enabled with T3. Concurrently,
    the participant and the Company enter into a lease agreement whereby this qualified equipment is placed on our T3
    platform, to be rented to third party users. Rental revenue generated from equipment enrolled under the OWN
    Program is divided and shared between the Company and the owner of the equipment, and for the duration of the
    arrangement we manage the owner’s equipment utilizing the T3 platform. At the end of the sharing period under the
    OWN Program, we may assist the owner with remarketing services if the equipment is to be sold in the market as
    used construction equipment. We also offer several add-on services to the owner of the equipment.
    In addition to equipment rentals, we also offer complementary products and services, such as equipment parts,
    supplies, services, and select jobsite support offerings. These products and services are integrated with the T3
    platform to support broader jobsite needs as part of our equipment rental and services operations. We offer new and
    used equipment for sale to customers. Separately, we offer telematics software-as-a-service (“SaaS”) subscriptions,
    supported by embedded telematics hardware to customers who use the digital tools to monitor fleet performance,
    manage maintenance, and oversee jobsite activity through a single platform. We develop and enhances these tools
    and services with input from customers. We also retail building materials and hardware supplies to customers.
    As of December 31, 2025, the Company had 352 full-service branches, 9 dealership sites, and 24 building
    materials and hardware retail stores located across 45 states in the U.S. Our full-service, technology-enabled model
    supports multiple customer touchpoints and allows it to operate a high-quality, diversified rental fleet. Our branch
    network also serves as an effective distribution channel for fleet disposition and supports related activities including
    new and used equipment sales, parts, supplies and services. We are an authorized dealer for JLG, Takeuchi, Skyjack,
    Genie, and other major brands of construction and aerial equipment, and we offer equipment rentals, parts, and
    services.
    Competition
    The equipment rental industry in the U.S. is large, fragmented, and highly competitive. As of December 31,
    2024, there were more than 9,640 equipment rental providers operating in the U.S., ranging from large national and
    regional operators to small, independently owned businesses. According to internal estimates based on market data,
    the five largest rental providers accounted for approximately 36% of North American construction equipment rental
    revenue in 2024, with the remaining share divided among hundreds of local and specialized firms.
    6
    We compete with a wide range of market participants. These include national and regional rental operators with
    substantial financial and fleet resources; independently owned providers that serve local markets or niche
    geographies; equipment dealerships that also offer rentals alongside new and used equipment sales; and software or
    telematics vendors focused on construction asset tracking. While many of these companies compete on fleet
    availability, price, or regional density, few have made meaningful investments in technology infrastructure or
    integrated jobsite management solutions.
    We believe that competition in our industry is primarily shaped by a provider’s ability to deliver availability,
    pricing, service responsiveness, delivery speed, and technology integration, particularly for customers managing
    complex or distributed projects. EquipmentShare competes by offering a vertically integrated platform that
    combines physical scale, digital control, and capital efficiency. Our proprietary T3 software platform is embedded
    across our rental fleet and operations, enabling real-time visibility into equipment location, health, and usage,
    predictive maintenance, remote access control, and automated service and dispatch workflows.
    Customers
    We serve a broad base of customers from local contractors to national construction and industrial firms from our
    352 rental branches, 9 dealership sites, and 24 building materials and hardware retail store locations across 45 states.

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    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

    From 10-Q filed 2026-05-14 (period ending 2026-03-31).

    Item 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS  OF FINANCIAL CONDITION AND
    RESULTS OF OPERATIONS
    You should read the following discussion of our financial condition and results of operations in conjunction
    with our unaudited condensed consolidated financial statements, including the notes thereto, included elsewhere in
    this Form 10-Q. In addition to historical information, the following discussion and analysis contains forward-
    looking statements that reflect our plans, estimates, and beliefs. Our actual results and the timing of events could
    differ materially from those anticipated in the forward-looking statements. Factors that could cause or contribute to
    these differences include those discussed below and under Part I, Item 1A, “Risk Factors” in our 2025 Form 10-K
    particularly in the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” sections.
    Overview
    We are a leading tech-enabled construction solutions provider dedicated to enabling job sites to run more
    productively and safely. Through our rental service and retail centers, we offer our customers a comprehensive
    portfolio of equipment asset management solutions enabled through our T3 platform, which we believe is the
    leading sensor-to-cloud fleet management tool in the commercial construction industry and which provides value-
    added services to our customers by managing people, assets, and materials in real time.
    We are one of the largest and fastest-growing equipment rental providers in the U.S. based on revenue. As of
    March 31, 2026, we operated 371 full-service branch locations, 9 standalone dealership sites, and 27 building
    materials and hardware retail stores across 45 states, with a diversified managed fleet portfolio of more than 262,000
    pieces of equipment and approximately 357,000 trackers operating on our T3 platform. As of March 31, 2026, we
    had 8,502 employees who support us in solving industry inefficiencies by providing smart jobsite technology, as
    well as operating our equipment rental and retail and service centers.
    Our rental fleet, including support vehicles and trailers, consists of equipment that we (i) own, (ii) lease as
    lessee under operating lease arrangements with third-party lessors such as an Original Equipment Manufacturer
    (“OEM”) and financial institutions, or (iii) lease as lessee under our OWN Program. As of March 31, 2026, 179,322
    pieces of equipment were owned by us; 848 pieces of equipment were leased by us as a lessee under operating lease
    arrangements with third parties such as OEMs and financial institutions; and 82,480 pieces of equipment were
    leased by us as lessee, and rented by us to our customers, under our OWN Program. Leased equipment refers to
    equipment subject to operating lease contracts with third parties such as OEMs and financial institutions in which
    we have contracted use of the equipment for a defined period. OWN Program equipment refers to equipment sold to
    OWN Program participants and subsequently leased back and operated by us under the OWN Program lease and
    revenue-sharing structure. Both leased and OWN Program equipment are part of our equipment under management.
    Our Business Activities and Operating Environment
    We are engaged principally in the business of renting equipment that is managed by and fully enabled with our
    T3 platform. This includes equipment that we own, lease, or is rented from third parties through our OWN Program.
    Ancillary to our principal business of equipment rental and related services, we also sell used rental equipment, sell
    new equipment and consumables, and offer certain services and support to our customers.
    We operate our business through the following reportable segments: (i) Equipment Rental and Services
    Operations, comprised of recurring activity performed at our full-service branch locations, such as equipment rentals
    and related services (including allocated telematics revenue related to rental customer access to the T3 platform),
    and sales of parts, supplies and maintenance services to construction contractors and others, and (ii) Equipment
    Sales, comprised of sales by us of new or used equipment made at any of our branch locations and dealership sites,
    including equipment sales to participants in the OWN Program. All other business activities include telematics SaaS
    subscriptions, software applications, and related telematics devices purchased by customers for their owned fleet, as
    well as building materials and hardware supplies.
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    Key Factors Affecting Our Performance
    Demand for Construction Equipment. Our business is primarily impacted by the demand in the U.S. for
    construction equipment for use in non-residential, infrastructure, governmental, industrial, and residential
    construction, demolition, maintenance, energy operations, and other construction activities. Demand levels for heavy
    construction equipment are particularly dependent on the expected level of major infrastructure construction and
    repair projects, which is a function of expected economic growth and government spending.
    We expect to benefit if tariffs lead to onshoring of manufacturing and result in construction of new facilities, but
    our results will be negatively affected if construction of energy transition infrastructure is reduced due to lower
    subsidies or other factors.
    Seasonality and Weather Conditions. The rental of construction equipment is seasonal, which causes our
    quarterly results and our available cash flow to fluctuate during the year. Our customers generally purchase and rent
    equipment in preparation for, or in conjunction with, their busy season, which is typically late spring to November.
    However, weather conditions impact the timing of our customers’ busy season, which may cause greater than
    expected fluctuations in our quarterly financial results year over year. Seasonal weather trends, particularly severe
    wet or dry conditions, can have a significant impact on regional construction market performance by affecting the
    ability to undertake construction projects. In addition, numerous external factors such as credit markets, government
    subsidies and tariffs, commodity prices, and other circumstances may disrupt normal rental and/or purchasing
    practices and sentiment, further contributing to the fluctuations.
    Moreover, because equipment sale transactions with OWN Program participants occur unevenly throughout the
    year, depending on demand, period-over-period comparisons may not reflect underlying trends. These transactions
    may also result in a higher percentage of our revenue being attributable to an OWN Program participant for the
    period during which one or more equipment sale transactions with such party occurred. The OWN Program has
    consistently attracted strong demand across multiple, sources of capital, including institutional investors who
    purchase as a buying group through a collective vehicle and finance their equipment purchases through asset-backed
    securities (“ABS”). To satisfy this demand, the Company has organized for these investors sales of large packages
    of equipment and has conducted these sales on an episodic basis. Accordingly, period-over-period comparisons may
    not reflect underlying trends and fluctuations in our operating results and makes it difficult for us to predict our
    future operating results.
    Costs of Equipment and Inflation. Significant changes in the purchase price or residual values of equipment or
    interest rates can have a significant effect on our profitability depending on our ability to adjust pricing for these
    changes. Inflationary pressures and other factors have led to increases in the prices of some equipment and products
    that we purchase, and in the costs of our operations, which may be partially offset by increases in the prices we
    charge our customers. A sizeable portion of the equipment we lease as lessee through our OWN Program is owned
    by third parties who have financed equipment purchases through the issuance of ABS, and a reduction in residual
    values could trigger liquidation events for these OWN Program participants and may require them to sell their
    construction equipment, which may cause a disruption in our ability to lease and re-rent the construction equipment
    to our customers.
    Our profitability is dependent upon a number of other factors, including the volume, mix, and pricing of rental
    transactions, and the utilization of equipment.
    Our business requires significant expenditures for equipment, and we require substantial liquidity and/or access
    to capital to finance such expenditures. See “—Liquidity and Capital Resources” below.
    Geographic and Fleet Expansion
    Our geographic expansion of full-service equipment rental branch locations, and the corresponding increase in
    total equipment rental fleet size as we supply new branch locations, is one of the primary factors affecting our
    results. The additional branch locations and rental fleet, combined with equipment sales, were the primary drivers
    for total revenue increasing from $716 million for the three months ended March 31, 2025 to $989 million for the
    three months ended March 31, 2026, or at an annual growth rate of 38%.
    34
    In line with customer demand and our growth strategy, we have increased the number of full-service equipment
    rental branch locations from 292 as of March 31, 2025 to 371 as of March 31, 2026, an increase of 79 new full-
    service equipment rental branch locations. In conjunction with the opening of these new full-service equipment
    rental branch locations, we incurred $50 million and $55 million of new market startup costs during the three
    months ended March 31, 2026 and 2025, respectively.
    We correspondingly increased our fleet size from 207,366 units of equipment under management as of
    March 31, 2025 to 262,650 as of March 31, 2026, reflecting the growth in original equipment cost (“OEC”) under
    management, which includes equipment we own and rent to customers, as well as equipment owned by third parties
    and leased by us, as lessee through our OWN Program, and re-rented to customers, from $7,013 million as of
    March 31, 2025 to $9,065 million as of March 31, 2026, or an increase of 29%.
    Expansion of OWN Program
    The growth in our business through geographic and fleet expansion has been partially achieved through the
    execution of our strategy to expand our OWN Program. Under the OWN Program, participants may purchase from
    us new or used (typically less than four years old) equipment which is fully enabled with T3. Concurrently, we enter
    into a lease arrangement with the participant whereby we are the lessee and this qualified equipment is placed on our
    T3 platform, to be rented to third party users. Rental revenue generated from equipment enrolled under the OWN
    Program is divided and shared between us and the owner of the equipment, and for the duration of the arrangement
    we manage the owner’s equipment utilizing the T3 platform.
    Amounts we pay to OWN Program participants to lease their equipment are presented as OWN Program
    payouts within cost of revenues. At the end of the sharing period under the OWN Program, we may assist the owner
    with remarketing services if the equipment is to be sold in the market as used construction equipment. We also offer
    several add-on services to the owner of the equipment. Participants in the OWN Program include institutional
    investors and ABS entities, high-net-worth individuals, family offices, and other third parties.
    Revenue earned from equipment that is in the OWN Program has no depreciation expense or interest expense
    for us because we do not own, and therefore do not finance, such equipment. Thus, we have been able to implement
    this portion of our managed fleet growth without taking on additional debt and increasing our debt costs. When
    rental equipment is enrolled in the OWN Program, rather than purchased and owned by us, we incur lease expense
    in the form of OWN Program payouts, which are recorded as cost of revenues, instead of depreciation expense and
    interest expense associated with rental equipment that is purchased. OWN Program payouts were $217 million and
    $154 million for the three months ended  March 31, 2026 and 2025, respectively. This expansion increases cost of
    revenues (before depreciation expense) and decreases depreciation expense and interest expense, which affects gross
    profit (before depreciation expense), EBITDA (which we define and calculate as net income before interest expense,
    income taxes, depreciation expense and amortization expense, and non-cash stock compensation expense), and
    EBITDA margins. We expect to further increase our usage of the OWN Program, which will increase OWN
    Program payouts in cost of revenues and reduce gross profit (before depreciation) and EBITDA margins, as
    compared to rental equipment that is purchased and placed in our rental fleet. In addition, OWN Program payouts
    plus depreciation have grown at a faster rate than the growth of revenue. Total equipment rental fleet OEC under the
    Company’s management increased $2,052 million, or 29%, from $7,013 million as of March 31, 2025 to $9,065
    million as of March 31, 2026. The total equipment rental fleet OEC enrolled in the OWN Program grew by $1,414
    million, or 39%, Company-owned equipment rental fleet OEC grew by $717 million, or 22%, and the equipment
    rental fleet OEC under operating leases decreased by $79 million during the same period. During the three months
    ended March 31, 2026, OWN Program payouts increased 41% compared to the three months ended March 31, 2025;
    of that increase, 41% was attributed to the growth of the average equipment rental fleet OEC enrolled in the OWN
    Program. Because the OWN Program payouts are variable and primarily based on the amount of rental revenue
    generated by the applicable equipment during the period, changes in demand from our customers for specific types
    of rental equipment affects the amount of equipment rental and related services revenue generated.
    35
    Components of Revenues and Expenses
    Our revenues are primarily derived from the rental or sale of construction equipment, as well as related parts,
    supplies and services, and consist of:
    Equipment rental and related services (includes revenue associated with the rental of equipment including
    ancillary revenue from equipment delivery and pickup, rental protection plans, and fueling charges);
    Sales of new or used rental equipment and sales of new equipment, including revenue from equipment sales
    subsequently listed on our marketplace under the OWN Program;
    Sales of equipment parts, supplies, and services (primarily relating to warranty services and maintenance
    and repair services provided to customers); and
    Sales that we call “platform revenue,” which includes telematics software-as-a-service and related hardware
    revenues, as well as the sale of building materials, small tools and construction supplies at our retail
    locations.
    Our expenses primarily consist of:
    Direct operating costs (primarily costs incurred at our rental branch locations that collectively support our
    Equipment Rental and Services Operations segment, including, but not limited to, wages and related
    benefits, service costs in connection with our rental equipment, site operating costs, pickup and delivery
    expenses in connection with rental equipment, maintenance, fuel, parts, and supplies);
    OWN Program payouts;
    Equipment sales cost of revenues;
    Platform expense;
    Depreciation and amortization expense relating to equipment used in operations and capitalized software;
    Selling, general and administrative expenses; and
    Interest expense.
    Our revenues and expenses are described in more detail below.
    Revenues
    Equipment Rental and Related Services
    Our core service is the rental of equipment to customers on a daily, weekly, and monthly basis, enabled by our
    T3 platform. The equipment we rent includes company-owned equipment, equipment we lease as a lessee, and
    equipment that is leased from other parties in the OWN Program and re-rented to customers. We generate rental
    revenue from equipment that is in our OWN Program by leasing equipment from owners on a month-to-month or
    longer basis and then renting that equipment to our customers. Under nearly all of our OWN Program contracts, we
    have control over the equipment and the equipment owner is not able to redeploy or retrieve the equipment while
    under rent. Depending on the terms and conditions, we present rental revenue that we generate and OWN Program
    payouts that we incur on OWN Program contracts either on a gross basis or a net basis.
    In addition to equipment rental revenue, including from our OWN Program, we also generate revenue from
    rental customers from the sale of rental protection plan (“RPP”) services designed to protect them from potential
    damage or loss to the equipment they rent, environmental fees assessed on the rental asset and fuel recovery fees that
    we charge to our customers.
    36
    Equipment Sales
    We have established a retail process to sell new and used equipment as a recurring part of our business. In
    addition, we sell equipment assets to third parties, including third parties who have financed equipment purchases
    through the issuance of ABS, and allow the customer to place the equipment in our OWN Program to be rented to
    our customers. We sell new and used equipment through a variety of channels, including retail sales to customers
    and other third parties, sales to wholesalers, brokered sales, and auctions. We generate revenue from the sale of new
    and used equipment, which we present net of sales and other tax amounts collected from customers and remitted to
    government authorities. When we act as agent in connection with the sale of new equipment to, for example, a
    contractor or an OWN Program participant, among other reasons, we present revenue from the sale of such
    equipment net in our consolidated statements of net income. When we are the principal in the transaction, we present
    revenue from the sale of equipment on a gross basis, with sales revenue included in equipment sales revenue and the
    related cost of revenues included in equipment sales cost of revenues in our consolidated statements of net income.
    Equipment Parts, Supplies, and Services
    As an integral part of our Equipment Rental and Services Operations, we sell equipment parts and supplies and
    provide maintenance, and repair services to customers, as well as the owners of equipment who are participants in
    our OWN Program. Revenue generated from the sale of equipment parts and supplies is presented net of sales and
    other tax amounts collected from customers and remitted to government authorities. We also generate revenue from
    the provision of ad hoc and preventative maintenance, and repair services to our customers, as well as warranty
    repairs. We provide warranty repair services on behalf of OEMs in order to fulfill the warranty extended by OEMs
    to their customers. Revenue that we generate from warranty repair services represents compensation for the service
    performed by us and is presented on a gross basis.
    Platform Revenue
    Platform revenue is comprised of revenue from telematics services and the sale of custom electronic
    components, including telematics tracker devices and cloud-based access control keypads, and revenue from
    building materials and hardware supplies. Revenue from telematics is generated through monthly subscriptions to
    our T3 platform and its full suite of capabilities, which we provide to our customers as a SaaS subscription. In
    addition, our equipment rental arrangements also provide customers with access to our T3 platform and we allocate
    a portion of the transaction consideration from equipment rentals to telematics revenue. Our T3 platform provides
    customers with access to proprietary digital tools to help manage their jobsites more productively and safely and
    enables customers to streamline maintenance and prevent theft, and equipment misuse. Our T3 platform also enables
    equipment owners with subscriptions to place their equipment on our OWN Program to be rented to our customers.
    Revenue from building materials and hardware supplies is derived from the sale of such materials and supplies at
    our retail stores.
    Cost of Revenues
    Direct Operating Costs
    Direct operating costs include the costs that we incur at our rental branch locations that collectively support our
    Equipment Rental and Services Operations segment, including, but not limited to, wages and related benefits,
    service costs in connection with our rental equipment, site operating costs, pickup and delivery expenses in
    connection with rental equipment, maintenance, fuel, parts, and supplies.
    OWN Program Payouts
    Amounts we pay to OWN Program participants, as a variable lease expense for their share of rental revenue
    generated by us from equipment enrolled under the OWN Program, are presented as OWN Program payouts within
    cost of revenues.
    37
    Equipment Sales
    Equipment sales cost of revenues includes our OEC, less accumulated depreciation, related to equipment that
    we sell when we act as the principal in the transaction.
    Platform Expense
    Platform expense primarily represents (1) costs relating to the telematics services provided to customers,
    including the cost of tracker devices and cloud-based access control keypads installed on equipment owned by our
    customers, and other custom electronic components; (2) the cost of building supplies, materials and hardware sold to
    customers; and (3) other operating costs for our retail stores.
    Depreciation and Amortization
    Depreciation and amortization includes non-cash expenses relating to the depreciation of our rental equipment
    in the fleet and the amortization of capitalized costs relating to the development of our T3 platform.
    Depreciation of rental equipment includes depreciation of various classes of our construction equipment,
    delivery vehicles, trailers, and installed telematics tracker devices. We estimate that we may hold the asset in its
    rental fleet for a period of five to ten years to generate rental revenue, after which it will be sold or otherwise
    disposed of to another party. We also estimate the residual value of the equipment at the time of expected disposal.
    Depreciation expense is calculated using a straight-line method and recorded over the estimated holding period.
    The total capitalized cost of our T3 platform includes direct costs that result in additional functionality of our
    software, including payroll and related costs for employees directly associated with the development project.
    Capitalized software is amortized over an estimated useful life of five years.
    Selling, General and Administrative Expenses
    Selling, general and administrative expenses primarily include costs associated with operating leases, costs
    incurred by us in connection with marketing of manufacturers’ equipment, net of reimbursements we receive from
    such manufacturers for such costs, payroll costs, insurance costs, legal costs, marketing and travel costs, technology
    costs, and certification and training costs. In addition, depreciation of our buildings and improvements, including
    leasehold improvements, furniture, fixtures, office equipment, and capitalized startup costs are classified within
    selling, general and administrative expenses.
    Other Income (Expense)
    Gain on Sale of Properties and Other Assets
    Gain on the sale of properties and other assets primarily relate to properties in sale leaseback transactions with
    other parties.
    Interest Expense
    Interest expense primarily represents interest on our outstanding debt. Any interest or penalties incurred relating
    to income tax filings, if any, are also reported within interest expense.
    Other Income, Net
    Other income, net includes gains and losses on investments in equity securities, realized gains on available-for-
    sale debt securities, fees relating to properties assigned to other parties, construction development fees earned for
    managing construction activities at properties owned by other parties, and other miscellaneous income.
    38
    Results of Operations
    Three Months Ended March 31, 2026 Compared with Three Months Ended March 31, 2025
    Three Months Ended March 31,
    2026
    2025
    $ Change
    % Change
    ($ in millions)
    Revenues
    Equipment rental and related services ................
    $683
    $495
    $188
    38%
    Equipment sales ..................................................
    179
    145
    34
    23%
    Equipment parts and supplies and services .........
    77
    58
    19
    33%
    Platform revenue:
    Telematics ......................................................
    31
    10
    21
    210%
    Other ...............................................................
    19
    8
    11
    138%
    Total revenue ....................................................
    989
    716
    273
    38%
    Cost of revenues
    Direct operating costs ..........................................
    222
    171
    51
    30%
    OWN Program payouts .......................................
    217
    154
    63
    41%
    Equipment sales ..................................................
    146
    113
    33
    29%
    Platform expense .................................................
    28
    8
    20
    250%
    Depreciation and amortization ............................
    89
    70
    19
    27%
    Total cost of revenues ......................................
    702
    516
    186
    36%
    Gross profit .......................................................
    287
    200
    87
    44%
    Selling, general and administrative expenses .....
    286
    210
    76
    36%
    Operating income (loss) ....................................
    1

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    Held by

    holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

    Holder Type ETF MF Position ($) % of holder Δ % of holder Holder AUM

    Recent insider activity

    Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 2 transactions across 2 insiders. Net: +31,803 shares, $741,271.

    Date Insider Role Action Shares Price Value
    2026-05-19 HILL W BRYAN Director Buy +21,803 $22.89 $499,071
    2026-05-15 BHATIA NAVEEN Director Buy +10,000 $24.22 $242,200

    Source: SEC Form 4 filings.

    Recent SEC filings

    • 2026-06-10 8-K Officer/Director Change; Shareholder Vote Results; Regulation FD Disclosure; Financial Statements and Exhibits
    • 2026-05-14 10-Q Quarterly Report
    • 2026-05-13 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-03-19 10-K Annual Report
    • 2026-03-18 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-01-26 8-K Material Modification to Rights; Bylaws/Articles Amended; Financial Statements and Exhibits
    • 2026-01-13 S-1/A Registration Statement (Amended)
    • 2025-12-09 S-1 Registration Statement