Does Crexendo, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Crexendo, Inc. (CXDO) 58.4 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 80, pricing power 81, returns on capital 7, balance-sheet safety 100, capital allocation 24.

Is CXDO trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $0.70 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $5.65, that is 707% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.

How has CXDO's Moat Score changed over time?

The record logs 28 readings since Jul 17, 2026; the latest reads 58.4 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Crexendo, Inc.

CXDO · Communications · $175M mkt cap · FY2025 filings · as of Oct 16, 2026 · Shallow moat ·

Doesn't clear the bar

Shallow moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $28.1M to $68.2M, increasing; diluted EPS -0.12 to 0.16, increasing.

Median gross margin 69.8% over 4y, stable.

Median ROIC -3.8%, above the 12% hurdle in 20% of years.

100

Net cash position — no leverage risk.

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

707% above value if growth stopped today

: $2M
: $0.70
: $0.70
: $5.65
: 707% above value if growth stopped today

What today’s price assumes: owner earnings growing ~52%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

17 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $65.8M (FY2010) to $68.2M (FY2025) — about 0.2% a year compounded over 15 years.

It earned 13.6% on invested capital in the latest filed year, FY2025. Across the full 16-year measurable filed record, median ROIC was −93.5%. Over the v3 recent window (10 measurable filed years), median ROIC was −3.8%. The Returns on Capital filter above scores it 7/100.

The balance sheet carried $114000 of total debt in FY2025 against $5.3M of owner earnings — roughly 0.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Returns on Capital the weakest (7/100), which is how CXDO lands at 58/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$68.2M FY2025

Revenue kept after cost of goods69.8% FY2020

Standard ROIC or separately labeled Operating ROICStandard ROIC 13.3% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$5.3M FY2025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Crexendo, Inc. makes its money

Crexendo, Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed line	Value	% of revenue	Source
	$68.2M	100%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
	$4.7M	7%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
Income before tax	$5.4M	8%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
Income tax	$300000	0%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
	$5.1M	7%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What Crexendo, Inc. owns — and owes

Crexendo, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$77.7M	100%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
Cash and equivalents	$31.4M	40%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
	$114000	0%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
Stockholders’ equity	$63.8M	82%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives Crexendo, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$5.1M	FY2025	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
Income before tax	$5.4M	FY2025	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
Operating income	$4.7M	FY2025	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
	$68.2M	FY2025	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
Ending assets	$77.7M	FY2025	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
Beginning assets	$64.9M	FY2024	10-K · FY 2024Filing detailsAccession 0001654954-25-002287 · filed Mar 4, 2025 10-K · FY 2024Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
	$63.8M	FY2025	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
	$51.4M	FY2024	10-K · FY 2024Filing detailsAccession 0001654954-25-002287 · filed Mar 4, 2025 10-K · FY 2024Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026

Source:

10-K · filed Mar 4, 2025Filing detailsAccession 0001654954-25-002287 · filed Mar 4, 2025
10-K · filed Mar 3, 2026Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Embed this chart

Flagship explainer

Where Crexendo, Inc.'s cash went

Crexendo, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$9.3M	100%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026
Depreciation and amortization	$217000	2%	10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001654954-26-001848 · filed Mar 3, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Crexendo, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 16, 2026

Flagship explainer

What Crexendo, Inc. insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.4 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

42 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (99 versus 1). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

Insider					Shares owned after	Date	Filing detail
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	278	—Exercise or conversion of derivative security (M)	—	250,530	Oct 4, 2026	1 filed lot Table I · Common Stock: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 250,530 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Oct 6, 2026Filing detailsAccession 0001075736-26-000115 · filed Oct 6, 2026
Gaylor Douglas WalterRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	77	$5.92	$456	250,453	Oct 4, 2026	1 filed lot Table I · Common Stock: 77 shares at $5.92 · code F · owned after 250,453 · FORM 4 · filed Oct 6, 2026Filing detailsAccession 0001075736-26-000115 · filed Oct 6, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	278	—Exercise or conversion of derivative security (M)	—	7,779	Oct 4, 2026	1 filed lot Table II · Restricted Stock Units: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,779 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Oct 6, 2026Filing detailsAccession 0001075736-26-000115 · filed Oct 6, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	278	—Exercise or conversion of derivative security (M)	—	239,133	Oct 4, 2026	1 filed lot Table I · Common Stock: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 239,133 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Oct 6, 2026Filing detailsAccession 0001075736-26-000114 · filed Oct 6, 2026
KORN JEFFREY GRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	68	$5.92	$403	239,065	Oct 4, 2026	1 filed lot Table I · Common Stock: 68 shares at $5.92 · code F · owned after 239,065 · FORM 4 · filed Oct 6, 2026Filing detailsAccession 0001075736-26-000114 · filed Oct 6, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	278	—Exercise or conversion of derivative security (M)	—	7,779	Oct 4, 2026	1 filed lot Table II · Restricted Stock Units: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,779 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Oct 6, 2026Filing detailsAccession 0001075736-26-000114 · filed Oct 6, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	278	—Exercise or conversion of derivative security (M)	—	141,828	Oct 4, 2026	1 filed lot Table I · Common Stock: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 141,828 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Oct 6, 2026Filing detailsAccession 0001075736-26-000112 · filed Oct 6, 2026
Vincent RonRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	118	$5.92	$699	141,710	Oct 4, 2026	1 filed lot Table I · Common Stock: 118 shares at $5.92 · code F · owned after 141,710 · FORM 4 · filed Oct 6, 2026Filing detailsAccession 0001075736-26-000112 · filed Oct 6, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	278	—Exercise or conversion of derivative security (M)	—	7,779	Oct 4, 2026	1 filed lot Table II · Restricted Stock Units: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,779 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Oct 6, 2026Filing detailsAccession 0001075736-26-000112 · filed Oct 6, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	142,021	Sep 27, 2026	1 filed lot Table I · Common Stock: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 142,021 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000108 · filed Sep 29, 2026
Vincent RonRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	471	$6.09	$2,868	141,550	Sep 27, 2026	1 filed lot Table I · Common Stock: 471 shares at $6.09 · code F · owned after 141,550 · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000108 · filed Sep 29, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	35,557	Sep 27, 2026	1 filed lot Table II · Restricted Stock Units: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 35,557 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000108 · filed Sep 29, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	239,126	Sep 27, 2026	1 filed lot Table I · Common Stock: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 239,126 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000107 · filed Sep 29, 2026
KORN JEFFREY GRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	271	$6.09	$1,650	238,855	Sep 27, 2026	1 filed lot Table I · Common Stock: 271 shares at $6.09 · code F · owned after 238,855 · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000107 · filed Sep 29, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	35,557	Sep 27, 2026	1 filed lot Table II · Restricted Stock Units: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 35,557 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000107 · filed Sep 29, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	250,556	Sep 27, 2026	1 filed lot Table I · Common Stock: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 250,556 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000104 · filed Sep 29, 2026
Gaylor Douglas WalterRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	304	$6.09	$1,851	250,252	Sep 27, 2026	1 filed lot Table I · Common Stock: 304 shares at $6.09 · code F · owned after 250,252 · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000104 · filed Sep 29, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	35,557	Sep 27, 2026	1 filed lot Table II · Restricted Stock Units: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 35,557 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000104 · filed Sep 29, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	556	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 25, 2026	2 filed lots Table I · Common Stock: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 140,868 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000108 · filed Sep 29, 2026 Table I · Common Stock: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 141,028 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000108 · filed Sep 29, 2026
Vincent RonRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	236	$6.09	$1,437	See lot detail	Sep 25, 2026	2 filed lots Table I · Common Stock: 118 shares at $6.09 · code F · owned after 140,750 · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000108 · filed Sep 29, 2026 Table I · Common Stock: 118 shares at $6.09 · code F · owned after 140,910 · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000108 · filed Sep 29, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	556	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 25, 2026	2 filed lots Table II · Restricted Stock Units: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 4,724 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000108 · filed Sep 29, 2026 Table II · Restricted Stock Units: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 6,668 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000108 · filed Sep 29, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	556	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 25, 2026	2 filed lots Table I · Common Stock: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 237,873 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000107 · filed Sep 29, 2026 Table I · Common Stock: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 238,083 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000107 · filed Sep 29, 2026
KORN JEFFREY GRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	136	$6.09	$828	See lot detail	Sep 25, 2026	2 filed lots Table I · Common Stock: 68 shares at $6.09 · code F · owned after 237,805 · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000107 · filed Sep 29, 2026 Table I · Common Stock: 68 shares at $6.09 · code F · owned after 238,015 · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000107 · filed Sep 29, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	556	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 25, 2026	2 filed lots Table II · Restricted Stock Units: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 4,724 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000107 · filed Sep 29, 2026 Table II · Restricted Stock Units: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 6,668 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000107 · filed Sep 29, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	556	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 25, 2026	2 filed lots Table I · Common Stock: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 249,320 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000104 · filed Sep 29, 2026 Table I · Common Stock: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 249,521 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000104 · filed Sep 29, 2026
Gaylor Douglas WalterRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	153	$6.09	$932	See lot detail	Sep 25, 2026	2 filed lots Table I · Common Stock: 77 shares at $6.09 · code F · owned after 249,243 · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000104 · filed Sep 29, 2026 Table I · Common Stock: 76 shares at $6.09 · code F · owned after 249,445 · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000104 · filed Sep 29, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	556	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 25, 2026	2 filed lots Table II · Restricted Stock Units: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 4,724 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000104 · filed Sep 29, 2026 Table II · Restricted Stock Units: 278 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 6,668 · Paired event: 278 Restricted Stock Units → 278 Common Stock · FORM 4 · filed Sep 29, 2026Filing detailsAccession 0001075736-26-000104 · filed Sep 29, 2026
Brinton JonRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	2,916	—Exercise or conversion of derivative security (M)	—	84,065	Sep 5, 2026	1 filed lot Table I · Common Stock: 2,916 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 84,065 · Paired event: 2,916 Restricted Stock Units → 2,916 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000102 · filed Sep 9, 2026
Brinton JonRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	769	$6.01	$4,622	83,296	Sep 5, 2026	1 filed lot Table I · Common Stock: 769 shares at $6.01 · code F · owned after 83,296 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000102 · filed Sep 9, 2026
Brinton JonRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	2,916	—Exercise or conversion of derivative security (M)	—	5,834	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 2,916 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 5,834 · Paired event: 2,916 Restricted Stock Units → 2,916 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000102 · filed Sep 9, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	4,166	—Exercise or conversion of derivative security (M)	—	8,334	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 4,166 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,334 · Paired event: 4,166 Restricted Stock Units → 4,166 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	4,166	—Exercise or conversion of derivative security (M)	—	250,182	Sep 5, 2026	1 filed lot Table I · Common Stock: 4,166 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 250,182 · Paired event: 4,166 Restricted Stock Units → 4,166 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026
Gaylor Douglas WalterRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	1,140	$6.01	$6,851	249,042	Sep 5, 2026	1 filed lot Table I · Common Stock: 1,140 shares at $6.01 · code F · owned after 249,042 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	4,166	—Exercise or conversion of derivative security (M)	—	8,334	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 4,166 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,334 · Paired event: 4,166 Restricted Stock Units → 4,166 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	4,166	—Exercise or conversion of derivative security (M)	—	142,355	Sep 5, 2026	1 filed lot Table I · Common Stock: 4,166 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 142,355 · Paired event: 4,166 Restricted Stock Units → 4,166 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026
Vincent RonRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	1,765	$6.01	$10,608	140,590	Sep 5, 2026	1 filed lot Table I · Common Stock: 1,765 shares at $6.01 · code F · owned after 140,590 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	5,000	—Exercise or conversion of derivative security (M)	—	10,000	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 5,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,000 · Paired event: 5,000 Restricted Stock Units → 5,000 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	5,000	—Exercise or conversion of derivative security (M)	—	238,813	Sep 5, 2026	1 filed lot Table I · Common Stock: 5,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 238,813 · Paired event: 5,000 Restricted Stock Units → 5,000 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026
KORN JEFFREY GRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	1,218	$6.01	$7,320	237,595	Sep 5, 2026	1 filed lot Table I · Common Stock: 1,218 shares at $6.01 · code F · owned after 237,595 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026
Aaker Christopher RyanRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,666	—Exercise or conversion of derivative security (M)	—	13,154	Sep 5, 2026	1 filed lot Table I · Common Stock: 1,666 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 13,154 · Paired event: 1,666 Restricted Stock Units → 1,666 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000094 · filed Sep 9, 2026
Aaker Christopher RyanRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	538	$6.01	$3,233	12,616	Sep 5, 2026	1 filed lot Table I · Common Stock: 538 shares at $6.01 · code F · owned after 12,616 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000094 · filed Sep 9, 2026
Aaker Christopher RyanRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,666	—Exercise or conversion of derivative security (M)	—	3,334	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 1,666 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,334 · Paired event: 1,666 Restricted Stock Units → 1,666 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000094 · filed Sep 9, 2026
Brinton JonRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	6,250	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	2 filed lots Table I · Common Stock: 2,917 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 79,463 · Paired event: 2,917 Restricted Stock Units → 2,917 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000102 · filed Sep 9, 2026 Table I · Common Stock: 3,333 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 82,027 · Paired event: 3,333 Restricted Stock Units → 3,333 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000102 · filed Sep 9, 2026
Brinton JonRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	1,647	$6.01	$9,898	See lot detail	Sep 4, 2026	2 filed lots Table I · Common Stock: 769 shares at $6.01 · code F · owned after 78,694 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000102 · filed Sep 9, 2026 Table I · Common Stock: 878 shares at $6.01 · code F · owned after 81,149 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000102 · filed Sep 9, 2026
Brinton JonRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	6,250	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	2 filed lots Table II · Restricted Stock Units: 2,917 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 17,500 · Paired event: 2,917 Restricted Stock Units → 2,917 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000102 · filed Sep 9, 2026 Table II · Restricted Stock Units: 3,333 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 33,334 · Paired event: 3,333 Restricted Stock Units → 3,333 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000102 · filed Sep 9, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	11,110	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	3 filed lots Table I · Common Stock: 5,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 242,945 · Paired event: 5,000 Restricted Stock Units → 5,000 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026 Table I · Common Stock: 277 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 241,854 · Paired event: 277 Restricted Stock Units → 277 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026 Table I · Common Stock: 5,833 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 247,610 · Paired event: 5,833 Restricted Stock Units → 5,833 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026
Gaylor Douglas WalterRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	3,039	$6.01	$18,264	See lot detail	Sep 4, 2026	3 filed lots Table I · Common Stock: 1,368 shares at $6.01 · code F · owned after 241,577 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026 Table I · Common Stock: 77 shares at $6.01 · code F · owned after 241,777 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026 Table I · Common Stock: 1,594 shares at $6.01 · code F · owned after 246,016 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	11,110	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	3 filed lots Table II · Restricted Stock Units: 5,833 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 58,334 · Paired event: 5,833 Restricted Stock Units → 5,833 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026 Table II · Restricted Stock Units: 5,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 30,000 · Paired event: 5,000 Restricted Stock Units → 5,000 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026 Table II · Restricted Stock Units: 277 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,057 · Paired event: 277 Restricted Stock Units → 277 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000100 · filed Sep 9, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	11,110	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	3 filed lots Table I · Common Stock: 5,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 136,785 · Paired event: 5,000 Restricted Stock Units → 5,000 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026 Table I · Common Stock: 277 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 134,944 · Paired event: 277 Restricted Stock Units → 277 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026 Table I · Common Stock: 5,833 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 140,659 · Paired event: 5,833 Restricted Stock Units → 5,833 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026
Vincent RonRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	4,706	$6.01	$28,283	See lot detail	Sep 4, 2026	3 filed lots Table I · Common Stock: 2,118 shares at $6.01 · code F · owned after 134,667 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026 Table I · Common Stock: 118 shares at $6.01 · code F · owned after 134,826 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026 Table I · Common Stock: 2,470 shares at $6.01 · code F · owned after 138,189 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	11,110	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	3 filed lots Table II · Restricted Stock Units: 5,833 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 58,334 · Paired event: 5,833 Restricted Stock Units → 5,833 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026 Table II · Restricted Stock Units: 5,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 30,000 · Paired event: 5,000 Restricted Stock Units → 5,000 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026 Table II · Restricted Stock Units: 277 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,057 · Paired event: 277 Restricted Stock Units → 277 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000098 · filed Sep 9, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 3 paired events	11,110	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	3 filed lots Table I · Common Stock: 5,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 230,409 · Paired event: 5,000 Restricted Stock Units → 5,000 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026 Table I · Common Stock: 277 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 229,468 · Paired event: 277 Restricted Stock Units → 277 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026 Table I · Common Stock: 5,833 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 235,233 · Paired event: 5,833 Restricted Stock Units → 5,833 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026
KORN JEFFREY GRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	2,706	$6.01	$16,263	See lot detail	Sep 4, 2026	3 filed lots Table I · Common Stock: 1,218 shares at $6.01 · code F · owned after 229,191 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026 Table I · Common Stock: 68 shares at $6.01 · code F · owned after 229,400 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026 Table I · Common Stock: 1,420 shares at $6.01 · code F · owned after 233,813 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 3 paired events	11,110	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	3 filed lots Table II · Restricted Stock Units: 5,833 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 58,334 · Paired event: 5,833 Restricted Stock Units → 5,833 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026 Table II · Restricted Stock Units: 5,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 30,000 · Paired event: 5,000 Restricted Stock Units → 5,000 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026 Table II · Restricted Stock Units: 277 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,057 · Paired event: 277 Restricted Stock Units → 277 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000096 · filed Sep 9, 2026
Aaker Christopher RyanRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events	4,166	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	2 filed lots Table I · Common Stock: 2,083 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,749 · Paired event: 2,083 Restricted Stock Units → 2,083 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000094 · filed Sep 9, 2026 Table I · Common Stock: 2,083 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,160 · Paired event: 2,083 Restricted Stock Units → 2,083 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000094 · filed Sep 9, 2026
Aaker Christopher RyanRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	1,344	$6.01	$8,077	See lot detail	Sep 4, 2026	2 filed lots Table I · Common Stock: 672 shares at $6.01 · code F · owned after 10,077 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000094 · filed Sep 9, 2026 Table I · Common Stock: 672 shares at $6.01 · code F · owned after 11,488 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000094 · filed Sep 9, 2026
Aaker Christopher RyanRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	4,166	—Exercise or conversion of derivative security (M)	—	See lot detail	Sep 4, 2026	2 filed lots Table II · Restricted Stock Units: 2,083 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,501 · Paired event: 2,083 Restricted Stock Units → 2,083 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000094 · filed Sep 9, 2026 Table II · Restricted Stock Units: 2,083 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 20,834 · Paired event: 2,083 Restricted Stock Units → 2,083 Common Stock · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001075736-26-000094 · filed Sep 9, 2026
Wang David Tzat-kinRole not disclosed	Open-market or private sale (S)Table I · Disposed · Common Stock	25,000	$6.50	$162,500	534,747	Aug 27, 2026	1 filed lot Table I · Common Stock: 25,000 shares at $6.50 · code S · owned after 534,747 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0001075736-26-000092 · filed Sep 1, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	132,256	Aug 27, 2026	1 filed lot Table I · Common Stock: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 132,256 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Aug 27, 2026Filing detailsAccession 0001075736-26-000090 · filed Aug 27, 2026
Vincent RonRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	471	$6.42	$3,024	131,785	Aug 27, 2026	1 filed lot Table I · Common Stock: 471 shares at $6.42 · code F · owned after 131,785 · FORM 4 · filed Aug 27, 2026Filing detailsAccession 0001075736-26-000090 · filed Aug 27, 2026
Vincent RonRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	36,668	Aug 27, 2026	1 filed lot Table II · Restricted Stock Units: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 36,668 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Aug 27, 2026Filing detailsAccession 0001075736-26-000090 · filed Aug 27, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	225,680	Aug 27, 2026	1 filed lot Table I · Common Stock: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 225,680 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Aug 27, 2026Filing detailsAccession 0001075736-26-000088 · filed Aug 27, 2026
KORN JEFFREY GRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	271	$6.42	$1,740	225,409	Aug 27, 2026	1 filed lot Table I · Common Stock: 271 shares at $6.42 · code F · owned after 225,409 · FORM 4 · filed Aug 27, 2026Filing detailsAccession 0001075736-26-000088 · filed Aug 27, 2026
KORN JEFFREY GRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	36,668	Aug 27, 2026	1 filed lot Table II · Restricted Stock Units: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 36,668 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Aug 27, 2026Filing detailsAccession 0001075736-26-000088 · filed Aug 27, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	238,249	Aug 27, 2026	1 filed lot Table I · Common Stock: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 238,249 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Aug 27, 2026Filing detailsAccession 0001075736-26-000086 · filed Aug 27, 2026
Gaylor Douglas WalterRole not disclosed	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	304	$6.42	$1,952	237,945	Aug 27, 2026	1 filed lot Table I · Common Stock: 304 shares at $6.42 · code F · owned after 237,945 · FORM 4 · filed Aug 27, 2026Filing detailsAccession 0001075736-26-000086 · filed Aug 27, 2026
Gaylor Douglas WalterRole not disclosed	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event	1,111	—Exercise or conversion of derivative security (M)	—	36,668	Aug 27, 2026	1 filed lot Table II · Restricted Stock Units: 1,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 36,668 · Paired event: 1,111 Restricted Stock Units → 1,111 Common Stock · FORM 4 · filed Aug 27, 2026Filing detailsAccession 0001075736-26-000086 · filed Aug 27, 2026

Source-event as of Oct 4, 2026. Retrieved Oct 16, 2026.

Track record

How Crexendo, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored CXDO on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, CXDO did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Communications context

#19 of 136 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#17LTH Life Time Group Holdings, Inc.60.3 out of 100, Narrow moatNarrow moat
#18GSAT GLOBALSTAR, INC.59.7 out of 100, Shallow moatShallow moat
#20DIS WALT DISNEY CO/58.1 out of 100, Shallow moatShallow moat
#21CTGG QWEST CORP56.5 out of 100, Shallow moatShallow moat

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Common questions about CXDO

Does Crexendo, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Crexendo, Inc. (CXDO) 58.4 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 80, pricing power 81, returns on capital 7, balance-sheet safety 100, capital allocation 24.
Is CXDO trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $0.70 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $5.65, that is 707% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has CXDO's Moat Score changed over time?: The record logs 28 readings since Jul 17, 2026; the latest reads 58.4 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CXDO. See the disclaimer.