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]

Core Insights - The AI-driven bull run that began in 2023 and 2024 continues into 2025, with AI infrastructure developers poised for significant growth [1] - Despite the overall positive trend, several AI stocks have underperformed in 2025, presenting potential growth opportunities [2] Company Summaries Five9 Inc. (FIVN) - Five9 is a contact center software solutions provider benefiting from increased subscription revenues and enterprise AI traction [4][9] - The company offers a virtual contact center cloud platform with applications for customer service, sales, and marketing [5] - FIVN's expected revenue and earnings growth rates for the current year are 10.6% and 16.6%, respectively, with a 4.3% improvement in earnings estimates over the last 90 days [9] TaskUs Inc. (TASK) - TaskUs provides outsourced digital services across various sectors, including social media and e-commerce [11] - The company has formed strategic partnerships to enhance its agentic AI consulting services, driving double-digit growth [12][13] - TASK's expected revenue and earnings growth rates for the current year are 17.8% and 16.3%, respectively, with a 4.2% improvement in earnings estimates over the last 60 days [13] Workday Inc. (WDAY) - Workday's diversified product portfolio and cloud-based business model are key growth drivers, supported by significant investments [15][16] - The company has strong customer wins across various sectors, contributing to its revenue growth [16] - WDAY's expected revenue and earnings growth rates for the current year are 12.7% and 21.1%, respectively, with a 0.3% improvement in earnings estimates over the last 60 days [17] GitLab Inc. (GTLB) - GitLab offers a DevOps platform that enhances visibility and control over the DevOps lifecycle, with significant innovations in its product portfolio [18] - The introduction of GitLab Duo Workflow, a secure agentic AI, is expected to expand its market presence [19] - GTLB's expected revenue and earnings growth rates for the current year are 23.8% and 12.2%, respectively, with a notable 10.7% improvement in earnings estimates over the last 60 days [19] BILL Holdings Inc. (BILL) - BILL Holdings focuses on AI-enabled financial software for small and medium businesses, benefiting from a growing client base [21][22] - The company is enhancing customer experience through its AI-powered financial operations platform [22] - BILL's expected revenue and earnings growth rates for the current year are 10.5% and -3.2%, respectively, with a 0.5% improvement in earnings estimates over the last 30 days [23]