# Topline Capital Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1792549. Source: https://holderbook.com/funds/1792549-topline-capital-management-llc/

- Reported value: $385.7M
- Positions: 36
- Weight of the ten largest: 80.9%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PRA GROUP INC | [PRAA](https://holderbook.com/stocks/PRAA/) | $73.0M | 3,845,334 | 18.9% | 6 |
| WORKIVA INC | [WK](https://holderbook.com/stocks/WK/) | $42.3M | 871,101 | 11.0% | 5 |
| PAYSIGN INC | [PAYS](https://holderbook.com/stocks/PAYS/) | $38.0M | 4,639,061 | 9.9% | 7 |
| DOUBLEVERIFY HLDGS INC | [DV](https://holderbook.com/stocks/DV/) | $34.8M | 3,214,515 | 9.0% | 3 |
| NERDWALLET INC | [NRDS](https://holderbook.com/stocks/NRDS/) | $30.4M | 3,289,285 | 7.9% | 7 |
| CYTEK BIOSCIENCES INC | [CTKB](https://holderbook.com/stocks/CTKB/) | $27.8M | 6,283,450 | 7.2% | 7 |
| COGNYTE SOFTWARE LTD | [CGNT](https://holderbook.com/stocks/CGNT/) | $27.6M | 3,143,271 | 7.2% | 7 |
| KORU MEDICAL SYSTEMS INC | [KRMD](https://holderbook.com/stocks/KRMD/) | $14.2M | 3,373,842 | 3.7% | 7 |
| ENVELA CORP | [ELA](https://holderbook.com/stocks/ELA/) | $11.9M | 413,150 | 3.1% | 7 |
| DOCEBO INC | [DCBO](https://holderbook.com/stocks/DCBO/) | $11.9M | 664,727 | 3.1% | 5 |
| ZEVIA PBC | [ZVIA](https://holderbook.com/stocks/ZVIA/) | $11.7M | 7,177,524 | 3.0% | 3 |
| NUTEX HEALTH INC | [NUTX](https://holderbook.com/stocks/NUTX/) | $7.1M | 41,764 | 1.9% | 7 |
| N-ABLE INC | [NABL](https://holderbook.com/stocks/NABL/) | $7.0M | 1,902,005 | 1.8% | 4 |
| OPTEX SYS HLDGS INC | [OPXS](https://holderbook.com/stocks/OPXS/) | $6.3M | 449,363 | 1.6% | 7 |
| CS DISCO INC | [LAW](https://holderbook.com/stocks/LAW/) | $5.5M | 1,466,665 | 1.4% | 7 |
| ACCESS NEWSWIRE INC | [ACCS](https://holderbook.com/stocks/ACCS/) | $4.6M | 709,264 | 1.2% | 7 |
| NATIONAL PRESTO INDS INC | [NPK](https://holderbook.com/stocks/NPK/) | $4.0M | 32,282 | 1.0% | 1 |
| ATRICURE INC | [ATRC](https://holderbook.com/stocks/ATRC/) | $3.9M | 138,490 | 1.0% | 1 |
| SPROUT SOCIAL INC | [SPT](https://holderbook.com/stocks/SPT/) | $3.8M | 501,772 | 1.0% | 4 |
| CERUS CORP | [CERS](https://holderbook.com/stocks/CERS/) | $3.1M | 1,051,676 | 0.8% | 1 |
| MERIDIAN HOLDINGS INC | [MRDN](https://holderbook.com/stocks/MRDN/) | $2.6M | 186,440 | 0.7% | 2 |
| SENTINELONE INC | [S](https://holderbook.com/stocks/S/) | $2.2M | 128,038 | 0.6% | 3 |
| HERITAGE GLOBAL INC | [HGBL](https://holderbook.com/stocks/HGBL/) | $2.2M | 1,785,488 | 0.6% | 7 |
| NEPHROS INC | [NEPH](https://holderbook.com/stocks/NEPH/) | $1.9M | 535,698 | 0.5% | 7 |
| MITEK SYS INC | [MITK](https://holderbook.com/stocks/MITK/) | $1.9M | 93,985 | 0.5% | 5 |
| TEJON RANCH CO | [TRC](https://holderbook.com/stocks/TRC/) | $1.6M | 85,229 | 0.4% | 3 |
| SIMULATIONS PLUS INC | [SLP](https://holderbook.com/stocks/SLP/) | $1.5M | 84,412 | 0.4% | 2 |
| SIFCO INDS INC | [SIF](https://holderbook.com/stocks/SIF/) | $833.3K | 35,610 | 0.2% | 1 |
| SMITH MIDLAND CORP | [SMID](https://holderbook.com/stocks/SMID/) | $580.3K | 20,012 | 0.2% | 1 |
| PERMA-PIPE INTL HLDGS INC | [PPIH](https://holderbook.com/stocks/PPIH/) | $451.0K | 16,561 | 0.1% | 1 |
| TAYLOR DEVICES INC | [TAYD](https://holderbook.com/stocks/TAYD/) | $259.8K | 4,427 | 0.1% | 1 |
| INNOVATIVE SOLUTIONS & SUPPO | [ISSC](https://holderbook.com/stocks/ISSC/) | $241.6K | 13,424 | 0.1% | 1 |
| MESA LABS INC | [MLAB](https://holderbook.com/stocks/MLAB/) | $236.3K | 2,374 | 0.1% | 1 |
| FRESHWORKS INC | [FRSH](https://holderbook.com/stocks/FRSH/) | $109.9K | 10,860 | 0.0% | 7 |
| 1STDIBS COM INC | [DIBS](https://holderbook.com/stocks/DIBS/) | $50.3K | 10,256 | 0.0% | 5 |
| RESEARCH SOLUTIONS INC | [RSSS](https://holderbook.com/stocks/RSSS/) | $26.5K | 11,430 | 0.0% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +12.4% | +14.8% | -2.4% | 100% |
| Q1 2026 | -21.6% | -4.6% | -17.0% | 100% |
| Q4 2025 | +13.9% | +2.4% | +11.6% | 99% |
| Q3 2025 | +6.8% | +7.8% | -1.0% | 100% |
| Q2 2025 | +25.6% | +10.5% | +15.1% | 100% |
| Q1 2025 | -15.4% | -4.6% | -10.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $385.7M | 36 |
| Q1 2026 | $605.3M | 43 |
| Q4 2025 | $1.1B | 49 |
| Q3 2025 | $581.6M | 42 |
| Q2 2025 | $583.5M | 42 |
| Q1 2025 | $436.8M | 38 |
| Q4 2024 | $528.8M | 36 |