Sprinklr: A Diminishing Trace

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The matter of Sprinklr, designated CXM, has come to our attention. Specifically, the divestment of 374,479 shares by Battery Management, an action formally recorded with the Securities and Exchange Commission. The sum realized, approximately $2.85 million, feels less like a transaction and more like a subtraction, a diminishing trace in the vast ledger of capital flows. It is a small severing, perhaps, but one that invites a closer inspection of the underlying condition.

The Unfolding of Events

The documentation, dated February 17, 2026, details the aforementioned sale, occurring within the fourth quarter of 2025. The value, calculated by referencing the average closing price—a metric that feels increasingly arbitrary—is presented as a definitive figure. However, the true value, as any seasoned observer knows, resides not in the calculation, but in the unspoken implications. The fund’s position, once a discernible presence, has been reduced, its value eroded not merely by the sale itself, but by the relentless current of market forces. The reduction in value—$2.75 million—is presented as a simple accounting, but it feels like an admission of something less tangible, a recognition of a fading promise.

Further Observations

  • The repositioning leaves Sprinklr representing a mere 2.99% of Battery Management’s 13F AUM. A negligible fraction, reduced from 4.1% in the previous quarter. It is a quiet relegation, a descent into statistical insignificance.
  • The fund’s dominant holdings, listed for our consideration, present a curious hierarchy:
    • NASDAQ:TTAN: $351.44 million (56.4% of AUM)
    • NASDAQ:KDK: $124.01 million (19.9% of AUM)
    • NASDAQ:BRZE: $111.95 million (18.0% of AUM)
    • NYSE:CXM: $18.64 million (3.0% of AUM)
    • NASDAQ:CSBR: $16.73 million (2.7% of AUM)

    The order is significant, of course. Or perhaps not. Perhaps it is merely a random arrangement, a meaningless sequence in the endless procession of numbers.

  • As of the aforementioned date, Sprinklr shares were valued at $5.57, a figure representing a 40.0% decline over the preceding year. A substantial depreciation, surpassed only by its underperformance relative to the S&P 500, which has inexplicably surged ahead by 49.89 percentage points.

A Brief Examination of the Subject

Metric Value
Price (as of market close February 17, 2026) $5.57
Market capitalization $1.41 billion
Revenue (TTM) $796.39 million
Net income (TTM) $121.61 million

Sprinklr purports to offer a unified customer experience management platform. A grand claim, suggesting a seamless integration of disparate elements. They provide products for research, care, marketing, advertising, and social engagement. A comprehensive suite, designed to capture and analyze the ever-elusive customer. They target large global brands, those entities most adept at obscuring their true intentions. Their strategy centers on delivering a unified platform. A circular concept, endlessly repeating itself.

The company positions itself as a leading provider of enterprise customer experience software. A claim that feels increasingly tenuous. Its competitive edge lies in the breadth of its product suite and the ability to serve complex, global clients. A labyrinthine structure, designed to confound and control.

The Implications of This Transaction

Capital discipline, they say, is paramount when growth stories falter. And falter this one has. The latest earnings release reveals revenue of $219.1 million, a mere 9% increase year over year. Subscription revenue climbed 5% to $190.3 million. Non-GAAP operating margin improved to 15%. Free cash flow generated during the quarter: $15.5 million. On paper, a picture of stability. But the markets, those fickle and unpredictable entities, demand acceleration, not stabilization.

Remaining performance obligations declined 5% year over year. The stock has fallen 40% over the past 12 months, trailing the S&P 500 by a considerable margin. Against a portfolio dominated by high conviction names—TTAN at 56% of assets, KDK and BRZE near 20% and 18% respectively—Sprinklr was already a minor holding. After the trim, it represents a mere 3% of assets. It is not an abandonment, perhaps, but a reallocation. A recognition that opportunity costs must be considered. The inevitable pruning of a failing branch, lest it infect the entire tree.

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2026-02-20 19:03