Alpha Compute (ALP) | Trefis

Alpha Compute (ALP)


Market Price (7/17/2026): $0.2005 | Market Cap: $0.5 MilSector: Financials | Industry: Asset Management & Custody Banks

Alpha Compute (ALP)


Market Price (7/17/2026): $0.2005
Market Cap: $0.5 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -649%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence. Themes include AI Chips, AI Software Platforms, and Data Centers & Infrastructure.

Weak multi-year price returns
2Y Excs Rtn is -62%, 3Y Excs Rtn is -97%

Penny stock
Mkt Price is 0.2

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -12 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7635%

High stock price volatility
Vol 12M is 171%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 41%

Key risks
ALP key risks include [1] the potential failure of its early-stage product candidates to complete clinical trials and gain regulatory approval, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -649%
1 Megatrend and thematic drivers
Megatrends include Artificial Intelligence. Themes include AI Chips, AI Software Platforms, and Data Centers & Infrastructure.
2 Weak multi-year price returns
2Y Excs Rtn is -62%, 3Y Excs Rtn is -97%
3 Penny stock
Mkt Price is 0.2
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -12 Mil
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7635%
7 High stock price volatility
Vol 12M is 171%
8 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 41%
9 Key risks
ALP key risks include [1] the potential failure of its early-stage product candidates to complete clinical trials and gain regulatory approval, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/16/2026

Alpha Compute (ALP) stock has lost about 25% since it went public on 4/21/2026 because of the following key factors:

1. Alpha Compute reported a significant net loss for fiscal year 2026. The company announced a net loss of $38.6 million for fiscal year 2026, which ended around June 2026. This loss was considerably wider than the $6.8 million loss reported in the prior fiscal year. More than half of this fiscal 2026 net loss was attributed to one-time charges related to the company's previous business ventures.

2. The company is undergoing a complex transition from legacy businesses to an AI infrastructure focus. Alpha Compute, which went public on April 21, 2026, has been actively pivoting from its former biotech and digital asset treasury operations to become an AI GPU-as-a-service (GPUaaS) and AI Confidential Compute provider. This strategic shift, while positioning the company in a high-growth sector, involved substantial one-time expenses that contributed to the widened fiscal year 2026 net loss. Investors may be exercising caution due to the uncertainties associated with this major business model change and the execution challenges of establishing a new core operation.

Show more
Updated on 7/16/2026

Alpha Compute (ALP) stock has lost about 25% since it went public on 4/21/2026 because of the following key factors:

1. Alpha Compute reported a significant net loss for fiscal year 2026. The company announced a net loss of $38.6 million for fiscal year 2026, which ended around June 2026. This loss was considerably wider than the $6.8 million loss reported in the prior fiscal year. More than half of this fiscal 2026 net loss was attributed to one-time charges related to the company's previous business ventures.

2. The company is undergoing a complex transition from legacy businesses to an AI infrastructure focus. Alpha Compute, which went public on April 21, 2026, has been actively pivoting from its former biotech and digital asset treasury operations to become an AI GPU-as-a-service (GPUaaS) and AI Confidential Compute provider. This strategic shift, while positioning the company in a high-growth sector, involved substantial one-time expenses that contributed to the widened fiscal year 2026 net loss. Investors may be exercising caution due to the uncertainties associated with this major business model change and the execution challenges of establishing a new core operation.

3. Alpha Compute faces a low current revenue base and projected future losses despite new contracts. Although the company secured a $32.2 million, two-year contract in fiscal Q2 2026, translating to $16.1 million in annual contracted revenue—a significant increase from approximately $30,000 in fiscal Q1 2026—its overall revenue base remains small. Analyst forecasts for fiscal 2026 projected $0 in revenue and a loss of -$14.894 million. Furthermore, analysts anticipate Alpha Compute will continue to incur net losses in fiscal 2027 (approximately -$9.91 million) and fiscal 2029 (approximately -$57,964), with profitability not expected until fiscal 2030 (forecasted at $753,531). This indicates a long path to sustained profitability, which can deter investors in the short term.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

3/31/2026 to 7/16/2026
ReturnCorrelation
ALP  
Market (SPY)15.4%17.4%
Sector (XLF)14.9%9.1%

Fundamental Drivers

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Market Drivers

12/31/2025 to 7/16/2026
ReturnCorrelation
ALP  
Market (SPY)10.4%17.4%
Sector (XLF)4.1%9.1%

Fundamental Drivers

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Market Drivers

6/30/2025 to 7/16/2026
ReturnCorrelation
ALP  
Market (SPY)22.5%17.4%
Sector (XLF)9.7%9.1%

Fundamental Drivers

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Market Drivers

6/30/2023 to 7/16/2026
ReturnCorrelation
ALP  
Market (SPY)75.3%17.4%
Sector (XLF)75.9%9.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ALP Return-----14%14%
Peers Return52%-31%92%61%33%-0%326%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
ALP Win Rate-----50% 
Peers Win Rate65%33%72%70%55%49% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
ALP Max Drawdown------ 
Peers Max Drawdown-15%-42%-17%-20%-28%-24% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, AMZN, GOOGL, NVDA, IBM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/16/2026 (YTD)

How Low Can It Go

ALP has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2025 US Tariff Shock
  % Loss-15.5%-18.8%
  % Gain to Breakeven18.4%23.1%
  Time to Breakeven80 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.7%-9.5%
  % Gain to Breakeven12.0%10.5%
  Time to Breakeven26 days24 days
2023 SVB Regional Banking Crisis
  % Loss-16.1%-6.7%
  % Gain to Breakeven19.1%7.1%
  Time to Breakeven270 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-19.7%-19.2%
  % Gain to Breakeven24.5%23.8%
  Time to Breakeven123 days105 days

Compare to MSFT, AMZN, GOOGL, NVDA, IBM

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

ALP has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.4%-12.2%
  % Gain to Breakeven27.3%13.9%
  Time to Breakeven272 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.1%-17.9%
  % Gain to Breakeven35.3%21.8%
  Time to Breakeven162 days123 days
2008-2009 Global Financial Crisis
  % Loss-78.3%-53.4%
  % Gain to Breakeven359.8%114.4%
  Time to Breakeven2329 days1085 days

Compare to MSFT, AMZN, GOOGL, NVDA, IBM

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Alpha Compute (ALP)

Portage Biotech Inc., together with its subsidiaries, researches and develops pharmaceutical and biotechnology products. The company's product includes IMM60, an iNKT cell activator; IMM65, a PLGA-nanoparticle combined with a NY-ESO-1 peptide vaccine; INT230-6 that is in Phase I/II clinical trials for the treatment of solid tumors; STING, a small molecule that binds to the stimulator of interferon genes in cancer; CellPorter, a cell permeable peptide platform technology derived from human proteins; PPL-003, an ophthalmic solution; and SBI-101, a blood-conditioning technology to restore balance to the immune system after acute vital organ injury, such as acute kidney injury. It also focuses on nanolipogel technology for use in immune-oncology; and antibodies against a novel T-cell for use as a monotherapy and combination therapy for solid and haematological malignancies. In addition, the company develops antibodies implicated in the inflammatory tumor and tumor-infiltrating immune cell microenvironments; and FOXO4-P53 modulator and C-RAF inhibitor. Portage Biotech Inc. is based in Tortola, British Virgin Islands.

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Brittany Kaiser, Chief Executive Officer
Brittany Kaiser is a serial entrepreneur and activist, recognized globally for her expertise in technology and legislative reform. She has advised governments, companies, and campaigns on policy and strategy throughout her career. Notably, Ms. Kaiser is a former business development director and whistleblower for Cambridge Analytica, subsequently focusing on ethical technology through education and legislative advocacy. She is a co-founder and President of the Own Your Data Foundation and has guided three companies to public listing on Nasdaq, including Gryphon Digital Mining (now American Bitcoin). She is also the best-selling author of "Targeted" and the primary subject of the Netflix documentary "The Great Hack."

Wes Levitt, Chief Financial Officer
Wes Levitt oversees Alpha Compute Corp.'s finance, accounting, and capital markets operations, a role he assumed in October 2025 during the company's prior iteration as AlphaTON Capital. Previously, Mr. Levitt served as Co-CIO at Alpha Sigma Capital Advisors, where he was responsible for investment strategy, asset allocation, and portfolio oversight for a prominent blockchain industry fund. He also held the position of Head of Strategy at Theta Labs, where he directed global corporate strategy, marketing, analytics, and token infrastructure initiatives. His experience includes serving as Chief Financial Officer for a special-purpose acquisition company (SPAC).

Enzo Villani, Executive Chairman & Chief Investment Officer
Enzo Villani serves as Executive Chairman and Chief Investment Officer for Alpha Compute Corp. He played a significant role in developing the core firmware for Telegram's Cocoon AI launch and in securing hardware-level encryption capabilities for the company. Mr. Villani emphasizes Alpha Compute's strategic position as a specialized and scalable AI compute company, aiming to lead in the rapidly evolving AI infrastructure market.

Yury Mitin, Chief Business Development Officer
Yury Mitin is the Chief Business Development Officer of Alpha Compute Corp. He was part of the leadership team when the company, then AlphaTON Capital, focused on developing the TON digital asset treasury strategy within the Telegram ecosystem.

AI Analysis | Feedback

  1. Clinical Development and Regulatory Approval Risk: Portage Biotech Inc. is primarily a research and development company with its product candidates, such as INT230-6, in early-stage clinical trials (Phase I/II). The biotechnology drug development process is inherently uncertain, lengthy, and expensive, with a high rate of failure at each clinical trial stage due to issues with efficacy, safety, or unforeseen complications. There is no guarantee that any of the company's product candidates will successfully complete clinical trials or receive the necessary regulatory approvals (e.g., from the FDA or EMA). Failure to successfully advance product candidates through clinical development or to obtain regulatory approvals would severely impact the company's ability to generate revenue and its overall business viability.
  2. Funding and Liquidity Risk: As a biotechnology company focused on research and development without currently marketed products generating substantial revenue, Portage Biotech Inc. is expected to incur significant operating expenses for its R&D activities and clinical trials. The company will require substantial additional capital to continue funding its development programs and to pursue potential commercialization. The ability to raise this capital through equity financing, debt, or strategic partnerships will depend on various factors, including the progress of its pipeline, market conditions, and investor confidence. There is a risk that adequate funding may not be available on favorable terms or at all, which could force the company to delay, scale back, or abandon its development efforts.
  3. Intellectual Property Risk: The success and value of Portage Biotech Inc. are heavily dependent on its ability to obtain, maintain, and protect its proprietary technologies, drug candidates, and discoveries through patents and other intellectual property rights. There is a risk that the company's patent applications may not be granted, that existing patents may be challenged, invalidated, or circumvented by competitors, or that they may not provide adequate protection against competitive products or technologies. Intellectual property disputes or the inability to effectively protect its intellectual property could significantly undermine the company's competitive position, diminish its asset value, and negatively affect its future prospects.

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ALPMSFTAMZNGOOGLNVDAIBMMedian
NameAlpha Co.MicrosoftAmazon.c.Alphabet NVIDIA Internat. 
Mkt Price0.20401.10249.89354.46207.40219.05234.47
Mkt Cap0.02,978.62,684.64,288.65,036.9205.62,831.6
Rev LTM0318,273742,776422,499253,49168,912285,882
Op Inc LTM-12148,95785,422138,129162,28512,946111,776
FCF LTM-72,916-2,47264,429119,07612,25864,429
FCF 3Y Avg-70,95221,34669,47476,82512,26969,474
CFO LTM-170,141148,531174,353125,64813,992148,531
CFO 3Y Avg-136,991120,527138,01380,77713,988120,527

Growth & Margins

ALPMSFTAMZNGOOGLNVDAIBMMedian
NameAlpha Co.MicrosoftAmazon.c.Alphabet NVIDIA Internat. 
Rev Chg LTM-17.9%14.2%17.5%70.7%9.7%17.5%
Rev Chg 3Y Avg-15.3%12.3%14.1%121.7%4.5%14.1%
Rev Chg Q-18.3%16.6%21.8%85.2%9.5%18.3%
QoQ Delta Rev Chg LTM-4.2%3.6%4.9%17.4%2.0%4.2%
Op Inc Chg LTM35.9%22.0%19.2%17.5%88.3%26.0%24.0%
Op Inc Chg 3Y Avg13.6%20.7%108.4%24.3%376.9%15.6%22.5%
Op Mgn LTM-46.8%11.5%32.7%64.0%18.8%32.7%
Op Mgn 3Y Avg-45.6%10.2%31.5%60.6%16.8%31.5%
QoQ Delta Op Mgn LTM-0.1%0.3%0.7%3.6%0.3%0.3%
CFO/Rev LTM-53.5%20.0%41.3%49.6%20.3%41.3%
CFO/Rev 3Y Avg-49.5%18.1%37.3%50.5%21.7%37.3%
FCF/Rev LTM-22.9%-0.3%15.2%47.0%17.8%17.8%
FCF/Rev 3Y Avg-26.1%3.5%19.3%48.3%19.0%19.3%

Valuation

ALPMSFTAMZNGOOGLNVDAIBMMedian
NameAlpha Co.MicrosoftAmazon.c.Alphabet NVIDIA Internat. 
Mkt Cap0.02,978.62,684.64,288.65,036.9205.62,831.6
P/S-9.43.610.219.93.09.4
P/Op Inc-0.020.031.431.031.015.925.5
P/EBIT0.018.922.821.926.516.420.4
P/E-0.023.829.626.831.619.125.3
P/CFO-17.518.124.640.114.718.1
Total Yield-7,630.4%5.1%3.4%4.0%3.2%8.3%3.7%
Dividend Yield0.0%0.9%0.0%0.2%0.0%3.1%0.1%
FCF Yield 3Y Avg-2.5%1.1%3.2%2.4%5.9%2.5%
D/E0.00.00.10.00.00.30.0
Net D/E-6.5-0.00.0-0.0-0.00.3-0.0

Returns

ALPMSFTAMZNGOOGLNVDAIBMMedian
NameAlpha Co.MicrosoftAmazon.c.Alphabet NVIDIA Internat. 
1M Rtn-17.1%1.8%1.6%-5.0%-0.0%-19.1%-2.5%
3M Rtn-27.2%-4.4%0.1%5.6%4.7%-12.1%-2.1%
6M Rtn-27.2%-11.8%4.9%6.7%11.0%-25.5%-3.4%
12M Rtn-27.2%-20.0%12.0%94.3%21.2%-20.3%-4.0%
3Y Rtn-27.2%18.8%87.1%186.9%347.3%79.8%83.4%
1M Excs Rtn-24.8%0.6%1.8%-3.8%-2.1%-18.2%-2.9%
3M Excs Rtn-34.5%-9.5%-6.7%-2.1%-2.9%-17.1%-8.1%
6M Excs Rtn-35.4%-22.6%-5.2%-2.5%3.6%-35.0%-13.9%
12M Excs Rtn-47.8%-40.7%-10.3%74.7%1.0%-41.2%-25.5%
3Y Excs Rtn-96.9%-46.2%24.3%135.6%320.3%9.8%17.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20022001
Business Services3876
Product Development 96
Total38172


Operating Income by Segment
$ Mil2021200320022001
Single Segment-12   
Product Development -61-087
Business Services  3876
Incubation  -594-1,008
Total-12-61-557-846


Assets by Segment
$ Mil20252024202320222021
Single Segment2899195175
Total2899195175


Price Behavior

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ALP Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta1.712.05-3.170.57-2.62-1.69
Up Beta7.957.25-7.791.461.00-2.51
Down Beta-2.431.201.81-4.120.68-4.35
Up Capture-87%87%66%40%18%2%
Bmk +ve Days11244067140429
Stock +ve Days81620202020
Down Capture300%59%202%85%56%30%
Bmk -ve Days10172358112321
Stock -ve Days132427272727

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ALP
ALP-27.3%171.4%0.06-
Sector ETF (XLF)11.2%14.6%0.519.1%
Equity (SPY)21.8%12.6%1.2917.4%
Gold (GLD)19.1%28.0%0.6114.2%
Commodities (DBC)27.9%18.9%1.165.3%
Real Estate (VNQ)16.9%14.0%0.88-14.2%
Bitcoin (BTCUSD)-45.3%42.8%-1.2925.3%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ALP
ALP-6.2%171.4%0.06-
Sector ETF (XLF)11.6%18.5%0.499.1%
Equity (SPY)13.2%17.1%0.6017.4%
Gold (GLD)16.7%18.4%0.7314.2%
Commodities (DBC)8.5%19.5%0.335.3%
Real Estate (VNQ)3.2%18.9%0.07-14.2%
Bitcoin (BTCUSD)14.5%53.5%0.4525.3%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ALP
ALP-3.1%171.4%0.06-
Sector ETF (XLF)14.1%22.0%0.589.1%
Equity (SPY)15.4%17.9%0.7317.4%
Gold (GLD)10.9%16.1%0.5514.2%
Commodities (DBC)6.5%18.0%0.285.3%
Real Estate (VNQ)5.2%20.7%0.22-14.2%
Bitcoin (BTCUSD)57.8%66.2%0.9825.3%

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Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity1.0 Mil
Short Interest: % Change Since 6152026-3.4%
Average Daily Volume4.0 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity2.5 Mil
Short % of Basic Shares41.5%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202607/16/202620-F
09/30/202501/13/20266-K
03/31/202507/25/202520-F
09/30/202411/26/20246-K
06/30/202408/27/20246-K
03/31/202408/14/202420-F
12/31/202302/28/20246-K
09/30/202311/28/20236-K
06/30/202308/30/20236-K
03/31/202307/31/202320-F
12/31/202203/01/20236-K
09/30/202211/29/20226-K
06/30/202208/29/20226-K
03/31/202208/01/202220-F
12/31/202102/25/20226-K
09/30/202111/23/20216-K
Collapse to Preview
Report DateFiling DateFiling
03/31/202607/16/202620-F
09/30/202501/13/20266-K
03/31/202507/25/202520-F
09/30/202411/26/20246-K
06/30/202408/27/20246-K
03/31/202408/14/202420-F
12/31/202302/28/20246-K
09/30/202311/28/20236-K
06/30/202308/30/20236-K
03/31/202307/31/202320-F
12/31/202203/01/20236-K
09/30/202211/29/20226-K
06/30/202208/29/20226-K
03/31/202208/01/202220-F
12/31/202102/25/20226-K
09/30/202111/23/20216-K
06/30/202108/30/20216-K
03/31/202107/29/202120-F
12/31/202003/01/20216-K
09/30/202012/01/20206-K
06/30/202010/16/20206-K
03/31/202008/18/202020-F
12/31/201903/03/20206-K
09/30/201912/31/20196-K
06/30/201912/31/20196-K
03/31/201912/30/201920-F
09/30/201811/21/20186-K
06/30/201808/28/20186-K
Core Cache Last Updated: 7/16/2026