Voss Capital is Optimistic on Five9 (FIVN). Here’s Why

Core Insights - Voss Capital's funds underperformed compared to major indices in Q3 2025, with returns of +5.0% and +4.9% against +12.4% for the Russell 2000 Index, +12.6% for the Russell 2000 Value Index, and +8.3% for the S&P 500 Index [1] - The Voss Value Master Fund had a total gross exposure of 205.4% and a net long exposure of 95.8% as of September 30, 2025 [1] - The fund's top 10 long positions accounted for 77.8% of its portfolio, while the top 10 short positions represented -43.5% [1] Company Focus: Five9, Inc. - Five9, Inc. is identified as an intelligent cloud software provider for contact centers, with a one-month return of -13.69% and a 52-week loss of 52.10% [2] - As of December 01, 2025, Five9's stock closed at $19.86, with a market capitalization of $1.553 billion [2] Performance Analysis of Five9, Inc. - Five9's subscription growth decreased from 16% in Q2 to 10% in Q3, leading to a negative market reaction [3] - Despite the deceleration, Voss Capital remains optimistic about Five9's future, citing robust underlying demand with Enterprise AI revenue growing over 40% and Enterprise AI bookings increasing over 80% year-over-year [3] - The current growth challenges are viewed as minor execution issues rather than indicators of structural obsolescence [3]