Voss Capital
Our archive holds 4 letters from Voss Capital, behind 17 investment theses and positions in 3 companies. Every quote below is copied verbatim from the letter it came from.
Voss Capital’s own letters pageWhat they bought and sold · 1 move
- AddedPAR TechnologyMarch 2026
“We have recently added to our position as we expect the company’s growth could accelerate while simultaneously hitting a major inflection point in profitability and cash flow.”
Read the letter
Companies held · 3
Every company Voss Capital has disclosed a position in across our archive, with the letter that last mentioned it.
- PAR TechnologyMar 2026
- Sempra EnergyMar 2026
- XPO, Inc.Mar 2026
Theses · 17
- March 2026
Sempra Energy is a simplified sum-of-the-parts opportunity driven by Oncor’s high-growth regulated transmission business, California utility re-rating, and value unlocks from a potential spin-off and asset sales.
Read the full thesis - December 2025
Cellebrite is a hardware-enabled digital forensics platform with a deep exploit library, high legal and procurement barriers, emerging AI products, and strong growth and cash generation at a discounted valuation.
Read the full thesis - December 2025
Flywire operates a deeply embedded cross-border payments platform in complex verticals with high switching costs and trades at a compelling valuation relative to peers and private comps.
Read the full thesis - December 2025
Choice Hotels is an asset-light franchisor shifting to higher-value segments and international direct franchising with a potential $700M cash unlock and significant upside from a historically depressed valuation.
Read the full thesis - December 2025
PAR Technology provides restaurant POS to Tier-1 chains, winning share despite thousands of competitors, with AI expected to accelerate product development and expand its addressable market.
Read the full thesis - September 2025
Cellebrite (CLBT) is a high-margin, cash-generating software platform transforming federal law enforcement through accelerating growth drivers and strategic acquisitions, trading at depressed valuations that imply over 90% upside as the market re-rates its long-term potential.
Read the full thesis - September 2025
Five9 (FIVN) is undervalued despite its strong growth potential in AI-enabled contact centers, trading at a significant discount compared to peers, with underlying demand remaining robust.
Read the full thesis - September 2025
Flywire is a strong investment opportunity due to its impressive growth trajectory, improved profitability, and favorable valuation compared to peers, despite market misconceptions regarding international student enrollment risks.
Read the full thesis - September 2025
PRKS is undervalued at $30/share with strong upside potential from buybacks and owned real estate, despite current challenges.
Read the full thesis - September 2025
Xponential Fitness is currently undervalued, trading at a significant discount compared to peers, with strong unit economics and cash flow potential that could lead to a substantial increase in its share price.
Read the full thesis - June 2025
Aecon Group is experiencing strong growth in its Utilities and Nuclear segments while facing challenges in its construction sectors, suggesting a potential 75% upside to $35 per share.
Read the full thesis - June 2025
Cellebrite is well-positioned for renewed growth, demonstrating strong gross margins and free cash flow, despite a minor revenue guidance cut, as they reset expectations and manage federal contract timing effectively.
Read the full thesis
- ECNJun 2025
- Five9Jun 2025
- Genius SportsJun 2025
- PhiniaJun 2025
- United Parks and ResortsJun 2025
Letter archive · 4
Funds · 2
- Voss Capital3
- Voss Value Fund1
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