Senvest Capital Inc.

 
 
ANNUAL REPORT 
2024 
ANNUAL REPORT 
2024 
S 
SENVEST 

 
 
 

Financial Highlights 
SELECTED FINANCIAL DATA 
(In thousands, except per share amounts) 
(years ended December 31) 
2024 
2023 
2022 
2021 
2020 
$ 
$ 
$ 
$ 
$ 
SUMMARY OF OPERATIONS 
Total revenues and investment gains (loss) 
964,909 
432,303 
(730,345) 
2,482,176 
739,405 
Net income (loss) attributable to  
common shareholders 
258,147 
83,608 
(326,083) 
732,988 
211,717 
Diluted earnings (loss) per share 
105.06 
33.78 
(130.98) 
289.32 
80.66 
FINANCIAL DATA 
Total assets 
6,794,086 
5,132,462 
5,653,153 
6,563,902 
4,065,992 
Total equity 
2,042,514 
1,638,626 
1,593,771 
1,815,653 
1,146,114 
COMMON STOCK INFORMATION 
The company’s common shares are listed on the Toronto Stock Exchange under the symbol SEC. 
2024 
2023 
$ 
$ 
FISCAL QUARTER 
High 
Low 
High 
Low 
First 
325.00 
280.01 
344.10 
321.00 
Second 
340.00 
285.00 
319.67 
300.00 
Third 
340.00 
325.00 
327.51 
310.00 
Fourth 
380.00 
325.00 
310.00 
280.00 
1,146,114 
1,815,653 
1,593,771 1,638,626
2,042,514 
2020
2021
2022
2023
2024
Total Equity ($ Thousands)
4,065,992 
6,563,902 
5,653,153 
5,132,462 
6,794,086 
2020
2021
2022
2023
2024
Total Assets ($ Thousands)
423
721
636
656
827
2020
2021
2022
2023
2024
Book Value per Share

Management’s Discussion and Analysis 
December 31, 2024 
OVERALL PERFORMANCE 
Senvest Capital (“Senvest” or the “Company”) recorded net income attributable to common shareholders of $258.1 
million or $105.06 per basic and diluted common share for the year ended December 31, 2024. This compares to net
income attributable to common shareholders of $83.6 million or $33.78 per basic and diluted common share for the 
year ended December 31, 2023. For the current year, the US dollar strengthened against the Canadian dollar and the 
result was a currency translation gain of about $152.3 million. This amount is not reported in the Company’s 
statement of income rather it’s reflected in its statement of comprehensive income. As a result, the comprehensive 
income attributable to common shareholders was $408.8 million for the year. 
The Company’s income from equity investments was the biggest contributor to the results. The net change in fair 
value of equity investments and other holdings including securities sold short and derivative liabilities totaled $846.5 
million in the period versus $307.7 million in 2023. Most of the Company’s equity investments are held by two funds, 
Senvest Master Fund, L.P. (Senvest Partners Fund) and Senvest Technology Partners Master Fund, L.P., which are 
consolidated into the accounts of the Company. A more detailed discussion on net change in fair value of equity 
investments can be found in the year end investment letters for each of the two funds which are disclosed near the end 
of this letter.  
On a consolidated basis across the different funds, the largest holdings as at December 31, 2024, were Tower 
Semiconductors (TSEM), Wix.com (WIX), Paramount Resources (POU), MDA Space (MDA), Kornit Digital 
(KRNT), UiPath (PATH), Bank of Cyprus Holdings (BOCHGR GA) and BXP (BXP).  
The Senvest Master Fund is focused primarily on small and mid-cap companies. The fund recorded a return of 8.56% 
net of fees in the fourth quarter and is up 19.5% for the year. With most of the long portfolio invested in small and 
mid-cap stocks, the fund outperformed its most relevant benchmark, the Russell 2000 for the fourth quarter and for 
the year. The fund outperformed the S&P 500 index for the fourth quarter and underperformed it for the year but does 
not consider this index as a benchmark. The fund has issued an institutional share class which requires a minimum 
investment of $75 million US, and includes a longer duration element, which further enhances the stability of its capital 
base and its ability to make long-term investments to help generate returns for the benefit of all of our partners. 
Senvest’s internal capital is subject to the same liquidity provisions of the institutional share class.  
The Senvest Technology Partners Fund was initiated in 2003 to focus on investing in Israel related companies. In 
2019, the Fund broadened its geographic investment mandate to focus on global technology investments. After 
investing in Israel-related technology for 15 years, its holdings extended across the global technology universe. The 
Technology Fund maintained the same investment philosophy and continued to leverage the existing diligence and 
understanding of global technology and end markets. This fund recorded a return of 15.37% net of fees for the fourth 
quarter and a return of 33.5% for the year (monthly results of the two funds can be found on the Company’s website). 
As stated above both funds are consolidated into the accounts of the Company. 
The Company has a portfolio of real estate investments as at December 31, 2024. One part of this amount represents 
investments in different US real estate income trusts (REITs) and partnerships. These REITs and partnerships are not 
publicly traded and there is no established market for them. The most likely scenario for a disposal of these holdings 
is an eventual sale of the underlying real estate properties of the REITs and partnerships and the distribution to its 
holders. Also, there are minority interests in private entities whose main assets are real estate properties. As described 
above for the REITs and partnerships, the most likely scenario for a disposal of these holdings is an eventual sale of 
the underlying real estate properties.  
2
Senvest Capital Inc. 

The Company also has investment properties in lands and buildings, specifically self-storage units in Madrid, Spain. 
Investment properties are initially measured at cost, including transaction costs. Subsequent to initial recognition, 
investment properties are remeasured at fair value, using the fair value model. The fair value is based on external 
valuations from third party valuators. Gains or losses arising from changes in fair value of investment properties are 
included in the Company’s net income or loss. The Company has seven self-storage units in operation and another 
four units are at various degrees of construction.  
The Company consolidates the Senvest Management LLC (SML) entity that serves as the investment manager of 
Senvest Partners and Senvest Technology Partners as well as the general partners of the funds. The portion of the 
expected residual returns of structured entities that do not belong to the Company is reflected as a non-controlling 
interest on the statement of financial position. This non-controlling interest is owned by an executive of the 
Corporation. This non-controlling interest was $22.6 million as at December 31, 2024, from $17.8 million as at 
December 31, 2023.   
At the end of December 31, 2024, Senvest had total consolidated assets of $6,794.1 million versus $5,132.5 million at 
the end of 2023. Equity investments and other holdings totaled $6,057.3 million from $4,586.0 million in December 
2023. The Company purchased $3,864.5 million of investment holdings in the year and sold $3,763.4 million of such 
holdings. The Company’s liabilities increased to $4,751.6 million this year versus $3,493.8 million in 2023, which 
was primarily due to an increase in Due to brokers and Liability for redeemable units. The proceeds of securities sold 
short were $893.7 million and the amount of shorts covered was $1,099.5 million. Overall, the trading figures were 
less than the corresponding amounts for the prior year. 
In the first quarter of 2025 the financial markets have experienced significant declines, along with tremendous 
volatility. The potential imposition of wide-ranging US tariffs on imports and retaliatory tariffs by trading partners 
have created a situation of great unease and uncertainty. Many of the indices were in correction territory and Senvest 
Master Fund L.P. and Senvest Technology Partners Master Fund L.P have both suffered double digit declines. Given 
the evolving situation and the high degree of uncertainty, it is difficult to predict how the effects would flow through 
the financial markets and the economy.  
Functional currency 
Items included in the financial statements of each of the Company’s entities are measured using the currency of the 
primary economic environment in which the entity operates (the functional currency). The functional currency of the 
Company is the US dollar. 
Presentation currency 
The Company has adopted the Canadian dollar as its presentation currency, which in the opinion of management is 
the most appropriate presentation currency. Historically, the Company’s consolidated financial statements have been 
presented in Canadian dollars, and since the Company’s shares are listed on a Canadian stock exchange, management 
believes it would better serve the use of shareholders to continue issuing consolidated financial statements in Canadian 
dollars. The US dollar consolidated financial statements described above are translated into the presentation currency 
as follows: assets and liabilities – at the closing rate at the date of the consolidated statement of financial position; and 
income and expenses – at the average rate for the period. All resulting changes are recognized in other comprehensive 
income as currency translation differences. Equity items are translated using the historical rate. 
3
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

Risks 
Financial risk factors 
The Company’s activities expose it to a variety of financial risks: market risk (including fair value interest rate risk, 
cash flow interest rate risk, currency risk and equity price risk), credit risk and liquidity risk. 
The Company’s overall risk management program seeks to maximize the returns derived for the level of risk to which 
the Company is exposed and seeks to minimize potential adverse effects on the Company’s financial performance. 
Managing these risks is carried out by management under policies approved by the Board of Directors.  
The Company uses different methods to measure and manage the various types of risk to which it is exposed; these 
methods are explained below. 
Market risk 
Fair value and cash flow interest rate risks 
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of 
changes in market interest rates. 
The majority of the Company’s debt is based on floating rates which expose the Company to cash flow interest rate 
risk. The Company does not have a long-term stream of cash flows that it can match against this type of fixed debt, so 
it prefers to use short-term floating rate debt. The Company does not mitigate its exposure to interest rate fluctuation 
on floating rate debt. If interest rates spike, then the Company could enter into interest rate swaps or more probably 
just reduce its debt level. As at December 31, 2024, the Company has listed equity securities of $5,680 (2023 – 
$4,142.1). It can sell these securities to reduce its floating rate debt. As at December 31, 2024, a 1% increase or 
decrease in interest rates, with all other variables remaining constant, would impact interest expense by approximately 
$16.5 over the next 12 months (2023 – $8.8). 
The Company holds held for trading financial assets in debt securities of $23.7 (2023 – $22.4).
Debt securities are usually highly sensitive to interest rate changes. Theoretically, when interest rates rise, it causes 
the value of debt securities to decline. The opposite generally happens when interest rates fall, then debt securities 
usually rise in value. A change of 100 basis points in the yield to maturity will affect the fair value of the debt securities 
held for trading. 
2024 
2023 
Financial assets 
Held for trading 
Financial assets 
Held for trading 
Debt securities 
Debt securities 
$
$
An increase of 100 basis points in the yield to maturity 
(700) 
(3,721) 
A decrease of 100 basis points in the yield to maturity 
731 
2,429 
4
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

Currency risks 
Currency risk refers to the risk that values of monetary financial assets and liabilities denominated in foreign currencies 
will vary as a result of changes in underlying foreign exchange rates.  
The Company is exposed to currency risk due to potential variations in currencies other than the US dollar. The 
following tables summarize the Company’s main monetary financial assets and financial liabilities whose fair value 
is predominantly determined in currencies other than the US dollar, the Company’s functional currency, and the effect 
on pre-tax net income of a 10% change in currency exchange rates: 
2024 
(in thousands of 
Canadian dollars) 
Financial 
assets 
$ 
Financial 
liabilities 
$ 
Net 
exposure 
$ 
Net effect of a 
10% increase 
or decrease 
$ 
Canadian dollar 
195,884 
-
195,884
19,588 
Euro 
9,448 
(40,257) 
(30,809)
(3,081) 
British Pound 
-
(2,660)
(2,660) 
(266) 
Israeli shekel 
311 
- 
311 
31 
205,643 
(42,917) 
162,726 
16,272 
Equity price risk 
Equity price risk is the risk that the fair value of equity investments and other holdings and equities sold short, and 
derivatives will vary as a result of changes in the market prices of the holdings. The majority of the Company’s equity 
investments and other holdings and all of the securities sold short, and derivatives are based on quoted market prices 
as at the consolidated statement of financial position date. Changes in the market price of quoted securities and 
derivatives may be related to a change in the financial outlook of the investee entities or due to the market in general. 
Where non-monetary financial instruments − for example, equity securities − are traded in currencies other than the 
US dollar, the price, initially expressed in a foreign currency and then converted into US dollars, will also fluctuate 
because of changes in foreign exchange rates. 
Securities sold short represent obligations of the Company to make future delivery of specific securities and create an 
obligation to purchase the security at market prices prevailing at the later delivery date. This creates the risk that the 
Company’s ultimate obligation to satisfy the delivery requirements will exceed the amount of the proceeds initially 
received or the liability recorded in the consolidated financial statements. In addition, the Company has entered into 
derivative financial instruments, which have a notional value greater than their fair value, which is recorded in the 
consolidated financial statements. This creates a risk that the Company could settle these instruments at a value greater 
or less than the amount that they have been recorded in the consolidated financial statements. 
The Company’s equity investments and other holdings have a downside risk limited to their carrying value, while the 
risk of equities sold short, and derivatives is open ended. The Company is subject to commercial margin requirements 
which act as a barrier to the open-ended risks of the securities sold short and derivatives. The Company closely 
monitors both its equity investments and other holdings, and its equities sold short and derivatives. 
5
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

The impact of a 30% change in the market prices of the Company’s listed equity investments and other holdings and 
equities sold short and derivatives would be as follows: 
2024 
(in thousands of 
Canadian 
dollars) 
Fair 
value 
$ 
Estimated 
fair value 
with a 30% 
price increase 
$ 
Estimated 
fair value 
with a 30% 
price decrease 
$ 
Equity investments and other holdings 
Listed equity securities and 
derivatives 
5,662,818 
7,361,663 
3,963,973 
Equities sold short and derivative 
liabilities 
(404,849) 
(526,304) 
(283,394) 
Pre-tax impact on net loss 
1,577,390 
(1,577,390) 
Liquidity risk 
Liquidity risk is the risk the Company will encounter difficulties in meeting its financial obligations. The Company’s 
largest assets are equity investments and other holdings. Most of these assets are made up of equities in listed 
companies which can be liquidated in a relatively short time. Due to its large holding of liquid assets, the Company 
believes that it has sufficient resources to meet its obligations as they come due. All financial liabilities other than 
equities sold short, derivative liabilities, mortgages, lease liabilities and liability for redeemable units as at the 
consolidated statement of financial position date mature or are expected to be repaid within one year (2023 – one year). 
The liquidity risk related to these liabilities is managed by maintaining a portfolio of liquid investment assets.  
Credit risk 
Credit risk is the risk that a counterparty will fail to fulfill its obligations under a contract and will cause the Company 
to suffer a loss.  
The Company is exposed to credit risk from cash and cash equivalents, restricted short-term investments, due from 
broker and debt investments. Credit risk arising from funds held at financial institutions are managed by only investing 
with financial institutions with a minimum A rating. The Company manages its credit risk exposure from debt 
securities by closely monitoring the debt issuer and the ratings issued by various bond rating agencies. All debt security 
investments measured at fair value through profit or loss are traded over stock exchanges therefore exiting a position 
with increased risk is relatively easy if the credit worthiness of an issuer falls below the Company’s threshold for credit 
risk exposure. All non-trading convertible debt securities are convertible into equity of the issuer and are measured at 
fair value using independent third-party appraisals. The Company closely monitors the debt issuer in order to identify 
when the credit risk falls below the Company’s threshold at which point the Company may exercise its option to 
redeem its debt holdings or dispose of it in the less liquid private markets. 
6
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

Capital risk management 
The Company’s objective when managing its capital is to maintain a solid capital structure appropriate for the nature 
of its business. The Company considers its capital to be its equity. The Company manages its capital structure in light 
of changes in economic conditions. To maintain or adjust its capital structure, the Company initiates normal course 
issuer bids or adjusts the amount of dividends paid. The Company monitors capital on the basis of its net debt -to-
capital ratio. Net liabilities used in the net debt-to-capital ratio is calculated by subtracting the due from broker balances 
from total liabilities. The net debt-to-capital ratio is as follows: 
(in millions of 
Canadian dollars) 
December 31, 2024
December 31, 2023
$4,278.5 
$3,147.5 
   $2,042.5
 $1,638.6 
Total net liabilities  
Total equity 
Net liabilities to capital ratio 
2.09 
 1.92 
The Company’s objective is to maintain a debt-to-capital ratio below 3.0. The Company believes that limiting its debt-
to-capital ratio in this manner is the best way to monitor risk. The Company’s debt to capital ratio was at 2.09 as at 
December 31, 2024, from 1.92 at the end of 2023. The Company does not have any externally imposed restrictive 
covenants or capital requirements, other than those included in the credit facility. 
Investment Risk 
To the extent not discussed above, the Company is subject to additional risks with respect to the investments made. 
The value of the Company’s portfolio may decrease as well as increase, due to a variety of factors, including general 
economic conditions, and market factors. Additionally, investment decisions made by the Company may not always 
be profitable or prove to have been correct. Investment strategies, at any given time, may incur significant losses. 
Losses can occur for a number of reasons, including but not limited to, an overall decline in the underlying market, a 
lack of liquidity in the underlying markets, excessive volatility in a particular market, government intervention or 
monetary and/or fiscal policies of a specific region or country. The profitability of a significant portion of the 
Company’s investments also depends to a great extent upon the Company’s ability to correctly assess the future course 
of the price movements of securities and other investments.  There can be no assurance that the Company will be able 
to accurately predict these price movements.   
The Company’s investment strategy is speculative and involves risk. The Company trades in options and other 
derivatives, as well as using short sales and utilizing leverage. The portfolio may not be diversified among a wide 
range of issuers or industries.  In addition, the Company may take concentrated positions in its high conviction ideas, 
invest in high yield securities or invest in foreign markets outside the US and Canada. Accordingly, the investment 
portfolio may be subject to more rapid change in value than would be the case if the Company were required to 
maintain a wide diversification in the portfolios among industries, areas, types of securities and issuers. 
The Company may make investments in the securities of high growth companies. More specifically, the Company 
may have significant investments in smaller-to-medium sized companies with market capitalizations of less than $2 
billion US.  While smaller companies may have potential for rapid growth, they often involve higher risks because 
they lack the management experience, financial resources, product diversification, and competitive strengths of larger 
7
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

corporations. These factors make smaller companies far more likely than their larger counterparts to experience 
significant operating and financial setbacks that threaten their short-term and long-term viability. In addition, in many 
instances, the frequency and volume of their trading is substantially less than is typical of larger companies.  As a 
result, the securities of smaller companies may be subject to wider price fluctuations and exiting investments in such 
securities at appropriate prices may be difficult, or subject to substantial delay. Furthermore, some of the portfolio 
may be invested in technology, technology-related markets and biotech. These types of companies may allocate greater 
than usual amounts to research and product development. The securities of such companies may experience above-
average price movements associated with the perceived prospects of success of the research and development 
programs. Also, these companies could be adversely affected by lack of commercial acceptance of a new product or 
products or by technological change and obsolescence.  Some of these companies may have limited operating histories.  
As a result, these companies may face undeveloped or limited markets, have limited products, have no proven profit-
making history, operate at a loss or with substantial variations in operating results from period to period, have limited 
access to capital and/or be in the developmental stages of their businesses. 
The Company tries to manage the above risks by monitoring its leverage, actively following its investee companies 
and trying to react to market conditions. At the same time the Company expects its portfolio to exhibit a higher degree 
of volatility than portfolios that invest in larger more stable companies and that invest within more defined limits. As 
at December 31, 2024, approximately 93% of the Company’s portfolio was invested in Level 1 securities. The 
Company monitors its Level 1 securities as a percentage of its total investments; however, it does not have a fixed 
number that this percentage cannot fall below.  
Climate Change Risk 
Climate change risk refers to the physical risks and transition-related risks related to the changes in climate patterns 
that may have a significant impact on communities and the economy. While the direct exposure of the Corporation’s 
operations to climate change risk is relatively low, as an investor in equities and other assets, the Corporation could 
indirectly be impacted by this risk through its portfolio investments. 
The Corporation’s portfolio investments face the potential direct impact of more frequent and more intense extreme 
weather events, as well as the potential indirect impact of any related supply chain disruptions. The exposure of the 
Corporation’s portfolio investments to climate change risk also arises from the movement toward a low-emission 
economy, which may result in increased reputational, market, regulatory, policy, legal and technology-related risks. 
Existing portfolio investments in carbon-intensive industries and in other markets which are dependent on such 
industries may be more exposed to such transitional risks as a result of significant changes in customer perceptions 
and preferences, the increasing cost of carbon emissions and competition from renewable energy. 
Critical accounting estimates and judgments 
Critical accounting estimates 
The Company makes accounting estimates that are subject to measurement uncertainty because they require the use 
of judgement and assumptions. The Company uses judgement and assumptions in designing and selecting 
measurement or valuations techniques that are appropriate to the circumstances and applies inputs that correlate to the 
measurement or valuation technique selected. Inputs selected also require the use of judgment and assumptions. 
8
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

Consolidation of entities in which the Company holds less than 50% of the voting rights. 
Management considers the Company to have de facto control of Senvest Management L.L.C. (RIMA), RIMA Senvest 
Master Fund GP, L.L.C., and Senvest Technology Partners GP, L.L.C. three legal entities wholly owned by an 
executive of the Company, because of the Company’s Board representation and the contractual terms of the investment 
advisory agreement. RIMA is the investment adviser to the Funds, whereas RIMA Senvest Master Fund GP, L.L.C. 
is the General Partner of Senvest Master fund LP and Senvest Technology Partners GP LLC is the General Partner of 
Senvest Technology Partners Master Fund LP. As compensation for its sub-advisory services, the Company is entitled 
to receive 60% of the net management fees through RIMA and incentive allocation earned through the General 
Partners each fiscal year.  
Management considers that the Company has control of Senvest Master Fund LP, Senvest Technology Partners Master 
Fund LP and Senvest Cyprus Recovery Investment Partners LP even though the Company has less than 50% of the 
voting rights in each of the Funds. The Company assessed that the removal rights of non-affiliated unitholders are 
exercisable but not strong enough given the Company’s decision-making authority over relevant activities, the 
remuneration to which it is entitled and its exposure to returns. The Company, through its structured entities, is the 
majority unitholder of each of the Funds and acts as a principal while there are no other unitholders forming a group 
to exercise their votes collectively. 
Fair value estimates of investment properties 
The Company has adopted the fair value model in measuring its investment properties. The fair value of the investment 
properties is performed by external independent knowledgeable valuators located in the area of the properties. Inputs 
used in the property valuation models are based on appropriate assumptions that reflect the type of property and 
location. Management reviews the assumptions made and models used to ensure they correlate with their expectation 
and understanding of the market. Changes in assumptions about these factors could affect the reported fair value of 
financial instruments. 
Fair value estimates of financial instruments 
The fair value of financial instruments, including real estate investments, where no active market exists or where listed 
prices are not otherwise available are determined by using valuation techniques. In these cases, the fair values are 
estimated from observable data in respect of similar financial instruments or by using models. Where market 
observable inputs are not available, they are estimated based on appropriate assumptions. To the extent practical, 
models use only observable data; however, areas such as credit risk (both the Company’s own credit risk and 
counterparty credit risk), volatilities and correlations require management to make estimates. Changes in assumptions 
about these factors could affect the reported fair value of financial instruments. 
Financial instruments in Level 1 
The fair value of financial assets and financial liabilities traded in active markets are based on quoted market prices at 
the close of trading on the year-end date. The quoted market price used for financial assets and financial liabilities 
held by the Company is the close price. Investments classified in Level 1 include active listed equities and derivatives 
traded on an exchange. The financial assets classified as Level 1 were approximately 93% of the total financial assets. 
9
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

Financial instruments in Level 2 
Financial instruments classified with Level 2 trade in markets that are not considered to be active but are valued based 
on quoted market prices, broker quotations or valuation techniques, such as financial models, that use market data. 
These valuation techniques maximize the use of observable market data where available and rely as little as possible 
on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument 
is included in Level 2. These include corporate bonds, thinly traded listed equities and derivatives, over-the-counter 
derivatives and private equities.  
The Company uses a variety of methods and makes assumptions that are based on market conditions existing at each 
year-end date. Valuation techniques used for non-standardized financial instruments such as options and other over-
the-counter derivatives include the use of comparable recent arm’s length transactions, reference to other instruments 
that are substantially the same, discounted cash flow analyses, option pricing models and other valuation techniques 
commonly used by market participants, making maximum use of market inputs and relying as little as possible on 
entity-specific inputs. The financial assets classified as Level 2 were approximately 2% of the total financial assets. 
Financial instruments in Level 3 
Investments classified in Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 instruments 
consist of unlisted equity investments, debt securities and real estate investments. As observable prices are not 
available for these securities, the Company has used valuation techniques to derive the fair value.  The financial assets 
classified as Level 3 were approximately 5% of the total fair value of financial assets. 
Level 3 valuations are reviewed by the Company’s Chief Financial Officer (CFO), who reports directly to the Board 
on a quarterly basis in line with the Company’s reporting dates. The Board considers the appropriateness of the 
valuation models and inputs used. On an annual basis, close to the year-end date, the Company obtains independent, 
third party appraisals to determine the fair value of the Company’s most significant Level 3 holdings.  
The Company’s CFO reviews the results of the independent valuations. Emphasis is placed on the valuation model 
used to determine its appropriateness, the assumptions made to determine whether it is consistent with the nature of 
the investment, and market conditions and inputs such as cash flow and discount rates to determine reasonableness. 
As at December 31, 2024, Level 3 instruments are in various entities and industries. 
Real estate investments are made up of investments in private real estate companies, and in real estate income trusts 
and partnerships. The real estate companies are involved with various types of buildings in different geographical 
locations. For the main Level 3 instruments, the Company relied on appraisals carried out by independent third party 
valuators. There was no established market for any of these investments, so the most likely scenario is a disposal of 
the underlying assets. For the investments in real estate income trusts and partnerships, the Company relied mainly on 
audited financial statements, valuing the assets at fair value. The most likely scenario is an eventual sale of the 
underlying properties and the subsequent distribution to the holders. 
Income taxes 
The Company is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining 
the consolidated provision for income taxes. There are many transactions and calculations for which the ultimate tax 
determination is uncertain. The Company recognizes liabilities for anticipated tax audit issues based on estimates of 
10
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that 
were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the 
year in which such determination is made. 
QUARTERLY RESULTS 
(In thousands of Canadian dollars except for earnings (loss) per share information) 
Year 
Total revenue and 
investment gains (losses)
(l
)
Net income (loss)- 
common shareholders 
Earnings (loss) 
per share 
2024-4 
   433,827 
     107,070 
         43.67 
2024-3 
   500,463 
 170,457 
 69.24 
2024-2 
(133,821) 
(71,690) 
(29.02) 
2024-1 
164,440 
52,310 
21.17 
2023-4 
281,084 
85,665 
34.61 
2023-3 
(147,432) 
(67,029) 
(27.07) 
2023-2 
120,082 
21,222 
8.58 
2023-1 
178,571 
43,750 
17.66 
SELECTED ANNUAL INFORMATION 
(In thousands of Canadian dollars except for earnings per share information) 
2024 
2023 
2022 
Total revenue and investment 
gains (losses) 
964,909 
432,303 
(730,345) 
Net income (loss) – common 
shareholders 
258,147 
83,608 
(326,083) 
Earnings (loss) per share-
diluted 
105.06 
33.78 
(130.98) 
Total assets 
6,794,086 
5,132,462 
5,653,153 
The Company has equity investment capital commitments of $11,683 and has real estate equity investment capital 
commitments of $8,964. 
Liability for redeemable units 
Liability for redeemable units represents the units in Senvest Master Fund, L.P., Senvest Technology Partners Master 
Fund, L.P. and Senvest Cyprus Recovery Investment Partners, L.P. Fund (collectively the Funds or individually a 
Fund) that are not owned by the Company. Senvest Master Fund, L.P. and Senvest Technology Partners Master Fund, 
L.P. units may be redeemed as of the end of any calendar quarter, however for a particular class (the institutional class)
there is a maximum quarterly redemption of 17% of the investor units and a maximum annual redemption of 34% of
the investor units. The parent company, Senvest Capital, who is an investor in these funds has agreed to be bound by
the terms of the institutional class. Redemptions made within the first 24 months will be subject to a redemption fee
of 3% to 5% which is payable to Senvest Master Fund, L.P. and Senvest Technology Partners Master Fund, L.P. In
addition, there are notice periods of 60 days that must be given prior to any redemption. Senvest Cyprus Recovery
11
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

Investment Partners, L.P. Fund has units that can be redeemed semi-annually with an 120 day notice. These units are 
recognized initially at fair value, net of any transaction costs incurred, and subsequently units are measured at the 
redemption amount. 
Redeemable units are issued and redeemed at the holder’s option at prices based on each Fund’s net asset value per 
unit at the time of subscription or redemption. Each Fund’s net asset value per unit is calculated by dividing the net 
assets attributable to the holders of each class of redeemable units by the total number of outstanding redeemable units 
for each respective class. In accordance with the provisions of the Funds’ offering documents, investment positions 
are valued at the close price for the purpose of determining the net asset value per unit for subscriptions and 
redemptions. 
The Company has had wide swings in profitability from quarter to quarter in the past two years, as seen above.  The 
profit has fluctuated a significant amount quarter to quarter. These wide swings are primarily due to the large quarterly 
mark to market adjustments in the Company’s portfolio of public holdings. However, we expect the volatility and 
choppiness of the markets to result in wide profit swings from year to year and from quarter to quarter. Reference is 
made to the section on Investment risk above.   
The Company maintains accounts with several major financial institutions in the U.S. who function as the Company’s 
main prime brokers. The Company has assets with the prime brokers pledged as collateral for leverage. Although the 
prime brokers are large financial institutions, there is no guarantee that any financial institution will not become 
insolvent. In addition, there may be practical or time problems associated with enforcing the Company’s rights to its 
assets in the case of such insolvency. 
While both the U.S. Bankruptcy Code and the Securities Investor Protection Act seek to protect customer property in 
the event of a failure, insolvency or liquidation of a broker dealer, there is no certainty that, in the event of a failure of 
a broker dealer that has custody of the Company’s assets, the Company would not incur losses due to its assets being 
unavailable for a period of time, ultimately less than full recovery of its assets, or both. As a significant majority of 
the Company’s assets are in custody with three prime brokers, such losses could be significant. 
On August 22, 2024, Senvest commenced a new normal course issuer bid to purchase a maximum of 100,000 of its 
own common shares until August 21, 2025. There have been 29,500 shares repurchased in the year. The number of 
common shares outstanding as at December 31, 2024 was 2,442,624 and as at March 26, 2025 was 2,436,524. There 
were no stock options outstanding as at December 31, 2024 and none have been issued since 2005. 
The Company has financing with a bank, composed of a credit facility and a guarantee facility. A first ranking movable 
hypothec in the amount of $30 million on all of its assets has been granted as collateral for both of the facilities. 
According to the terms of the facilities, the Company is required to comply with certain financial covenants. During 
the year, the Company met the requirements of all the covenants. The Company also has margin facilities with brokers. 
Related party transactions 
The Company consolidates the Senvest Management LLC entity that serves as the investment manager of Senvest 
Partners and Senvest Technology Partners as well as the general partners of the funds. The portion of the expected 
residual returns of structured entities that do not belong to the Company is reflected as a non-controlling interest on 
the consolidated statement of financial position. This non-controlling interest is owned by an executive of the 
Company and was $22.6 million as at December 31, 2024 from $17.8 million on December 31, 2023.  
12
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

Significant Equity Investments 
For information on a summary of financial information from certain significant investees please refer to the 2024 
audited consolidated financial statements. The accounts of Senvest Partners, Senvest Technology Partners and Senvest 
Cyprus Recovery Investment Fund are consolidated with the Company’s accounts. 
Securities and Exchange Commission (SEC) 
As discussed in the Wall Street Journal on April 3, 2024 “The U.S. securities regulator over the past few years has 
ramped up its enforcement against Wall Street firms’ use of forbidden messaging apps to do business. Regulators say 
the use of apps such as WhatsApp and iMessage to talk business undermines their ability to get the records they need 
for oversight.  
The SEC since December 2021 has filed charges against 60 firms and imposed more than $1.7 billion in fines for 
failing to maintain and preserve electronic communication. The enforcement initiative has expanded in recent months 
to include investment advisers and credit-rating firms. The SEC considers the size of the firm to ensure that the 
penalties serve as an adequate deterrent against future violations and that it uses previous settlement orders as a guide. 
The regulator also weighs the scope of the violations, such as the number of individuals that communicated using 
forbidden messaging apps, as well as a firm’s compliance efforts to prevent off-channel communications, including 
the timely adoption of technological solutions.”  
On the same date April 3, 2024 it was announced that Senvest Management LLC had entered into a settlement with 
the SEC regarding certain recordkeeping and other violations under the Investment Advisers Act. Specifically, the 
SEC’s findings include that certain employees communicated about business on unapproved electronic 
communication platforms and that certain employees did not properly obtain pre-clearance for specific securities 
transactions in their personal accounts. This settlement is substantially similar to several other recordkeeping 
settlements previously announced by the SEC, and many others expected to be announced. Notably, there were no 
findings related to the investment or research process.  
The settlement includes a monetary payment of $6.5 million (US) and the retainer of a compliance consultant. All 
costs will be borne internally and not charged to the funds nor any external investors.  
The investment manager has taken a number of remedial actions to address the SEC’s findings, even before the 
settlement was finalized. For example, employees are now required to use firm-issued cell phones that automatically 
archive communications across all available messaging platforms. The manager has also imposed additional 
limitations on personal trading permitted by employees.  
13
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

FORWARD LOOKING STATEMENTS 
This MD&A contains “forward looking statements” which reflect the current expectations of management regarding 
our future growth, results of operations, performance and business prospects and opportunities. Wherever possible, 
words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “aim”, 
“endeavour”, “likely”, “think” and similar expressions have been used to identify these forward looking statements. 
These statements reflect our current beliefs with respect to future events and are based on information currently 
available to us. Forward looking statements involve significant known and unknown risks, uncertainties and 
assumptions. Many factors could cause our actual results, performance or achievements to be materially different from 
any future results, performance or achievements that may be expressed or implied by such forward looking statements 
including, without limitation, those Risk Factors listed in the Company's annual information form. Should one or more 
of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove 
incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the 
forward looking statements contained in this MD&A. These forward looking statements are made as of March 28, 
2025 and will not be updated or revised except as required by applicable securities law. 
OTHER FINANCIAL INFORMATION 
There is additional financial information about the Company on Sedar+ at http://www.sedarplus.ca/ the Company’s 
website at www.senvest.com, as well the Company’s or Senvest Management’s U.S. SEC section 13 and other filings 
on www.sec.gov 
14
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

INTERNAL CONTROLS 
Disclosure controls and procedures 
Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be 
disclosed by us in reports filed or submitted under Canadian securities laws is recorded, processed, summarized and 
reported within the time periods specified under those laws, and include controls and procedures that are designed to 
ensure that the information is accumulated and communicated to management, including Senvest’s President and CEO 
and Vice-President and CFO, to allow timely decisions regarding required disclosure. As at December 31, 2024, 
management evaluated, under the supervision of and with the participation of the CEO and the CFO, the effectiveness 
of our disclosure controls and procedures, under National Instrument 52-109 – Certification of Disclosure in Issuers’ 
Annual and Interim Filings. Based on that evaluation, the CEO and CFO concluded that our disclosure controls and 
procedures were effective as at December 31, 2024. 
Internal control over financial reporting 
Management is responsible for establishing and maintaining adequate internal control over financial reporting under 
National Instrument 52-109. Our internal control over financial reporting is a process designed under the supervision 
of the CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation 
of financial statements for external purposes in accordance with IFRS. However, because of its inherent limitations, 
internal control over financial reporting may not prevent or detect misstatements on a timely basis. Management 
evaluated, under the supervision of and with the participation of the CEO and the CFO, the effectiveness of our internal 
control over financial reporting as at December 31, 2024, based on the criteria established in the Internal Control – 
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(COSO). Based on that evaluation, the CEO and CFO concluded that our internal control over financial reporting was 
effective as at December 31, 2024. There have been no changes during the year ended December 31, 2024 in our 
internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, 
our internal control over financial report. 
Victor Mashaal 
Chairman of the Board and President 
March 28, 2025 
(Management Discussion and Analysis (“MD&A”) provides a review of Senvest Capital Inc.’s operations, performance and financial condition for 
the year ended December 31, 2024, and should be read in conjunction with the 2024 annual filings.  Readers are also requested to visit the 
SEDAR+ website at www.sedarplus.ca for additional information.  This MD&A also contains certain forward-looking statements with respect to the 
Corporation.  These forward-looking statements, by their nature necessarily involve risks and uncertainties that could cause actual results to differ 
materially from those contemplated by these forward-looking statements.  We consider the assumptions on which these forward-looking statements 
are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control may 
ultimately prove to be incorrect
15
Senvest Capital Inc. 
Management’s Discussion and Analysis 
December 31, 2024 

The Consolidated financial statements for the fiscal year ended December 31, 2024 and December 
31, 2023, were prepared by the management of Senvest Capital Inc., reviewed by the Audit Committee 
and approved by the Board of Directors. They were prepared in accordance with International 
Financial Reporting Standards and are consistent with the Company’s business. 
The Company and its subsidiaries maintain a high level of quality of internal controls, designed to provide 
reasonable assurance that the financial information is accurate and reliable. The information included in 
this Annual Report is consistent with the financial statements contained herein. 
The financial statements have been audited by PricewaterhouseCoopers LLP, the company’s 
auditors, whose report is provided herein. 
Victor Mashaal 
Chairman of the Board and President 
Senvest Capital Inc. 
March 28, 2025 
Management’s Report
 December 31, 2024 
16
Senvest Capital Inc. 

Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 
Cumulative Since 
Inception 
Annualized Since 
Inception 
Q4 20241 
2024 
Senvest Master Fund, LP 
8.56% 
19.51% 
7305.65% 
16.78% 
Russell 2000 
  0.33% 
11.53% 
848.05% 
8.44% 
S&P 500 
 2.39% 
25.00% 
1220.13% 
9.74% 
HFRI 
1.44% 
11.97% 
697.79% 
7.77% 
Dear Partners: 
Review of Q4 2024 
Following the heels of a strong Q3 performance catalyzed by the first Fed rate cut in years, the return 
of Donald Trump to the Presidency further energized the Fund in the fourth quarter in a manner 
similar to what we saw in his first term. The Fund significantly outperformed broader equity indices in 
the fourth quarter to close out the year with solid performance.  In Q4 2024, on a gross basis before 
fees and expenses, long investments contributed +11.06%, while short positions lost -1.32%. 
Currencies and interest expense cost -0.10%.   
The following page shows the Fund’s sector attribution along with the average gross, net, long, and 
short exposure for the last quarter. 
1 Net performance 
16
18
18
17

Sector Attribution2 and Average Exposures for Q4 2024 
Below, we show the top 10 winning and losing investments (in rank order) for the Fund in Q4 20243: 
Top 10 Contributors 
2 Net Attribution Figures have been prepared on a pro forma basis and provided above. Important considerations 
regarding Senvest's calculation methodology for the Net Sector attributions should be reviewed under the 
Important Disclosures on page 15—these figures are not properly understood without reference to these 
disclosures.   
3 Short investments are labelled by GICS Sector and the price changes are rounded to the nearest tenth.  
Sector
Long
Short
Total Gross Total Net
Long
Short
Gross
Net
Communication Services
0.40%
-0.09%
0.31%
0.29%
9%
0%
9%
9%
Consumer Discretionary
2.19%
-1.00%
1.19%
1.11%
15%
-4%
19%
11%
Consumer Staples
-0.43%
-0.13%
-0.56%
-0.60%
3%
-1%
4%
2%
Energy
1.52%
0.00%
1.52%
1.42%
11%
0%
11%
11%
Financials
0.68%
-0.60%
0.08%
0.07%
23%
-1%
24%
22%
Health Care
-1.39%
-0.01%
-1.40%
-1.50%
13%
0%
13%
13%
Industrials
4.16%
0.54%
4.70%
4.38%
18%
-4%
22%
14%
Information Technology
4.93%
-0.04%
4.89%
4.56%
47%
0%
47%
47%
Materials
-0.47%
0.00%
-0.47%
-0.50%
1%
0%
1%
1%
Real Estate
-0.52%
0.01%
-0.51%
-0.55%
9%
0%
9%
9%
Utilities
0.00%
0.00%
0.00%
0.00%
0%
0%
0%
0%
Index/ETF
-0.01%
0.00%
-0.01%
-0.01%
0%
0%
0%
0%
Total
11.06%
-1.32%
9.74%
8.67%
149%
-10%
159%
139%
Average Exposure Q4
Attribution Q4
Company
Ticker
Long/Short
9/30/2024 
Stock Price
12/31/2024 
Stock Price
% Price 
Change
MDA SPACE
MDA
Long
17.38
29.53
69.91%
TOWER SEMICONDUCTOR
TSEM
Long
44.26
51.51
16.38%
WIX.COM
WIX
Long
167.17
214.55
28.34%
KORNIT DIGITAL
KRNT
Long
25.84
30.95
19.80%
CIENA
CIEN
Long
61.59
84.81
37.70%
PARAMOUNT RESOURCE
POU
Long
26.35
31.82
20.76%
MARRIOTT VACATIONS WORLDWIDE
VAC
Long
73.48
89.80
22.21%
RH
RH
Long
334.43
393.59
17.69%
AVIDXCHANGE HOLDINGS
AVDX
Long
8.11
10.34
27.50%
CEVA
CEVA
Long
24.15
31.55
30.64%
19
19
18
Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

Top 10 Detractors4 
Top Five Contributors and Detractors Commentary 
MDA Space (“MDA CN”) 
MDA Space saw its stock increase by +69.91% in the fourth quarter as the company continued 
progressing on multiple fronts, including opportunities within its backlog and pipeline. Although 
expectations were high, the company delivered revenue, profitability, and operating cash flow that 
exceeded expectations. Prior to the company’s earnings release in November, MDA’s customer 
Globalstar (“GSAT”) announced that it was selected to provide satellite communication services for 
Apple’s (“AAPL”) next-generation satellite-to-device services.5 Since MDA serves as the “prime” 
contractor for GSAT and AAPL’s first constellation, we see a high likelihood that MDA could be 
announced as the “prime” for their next-generation satellite constellation.  Over the past 18 months, 
MDA has won prime contractor bids for two preeminent Low-Earth-Orbit (“LEO”) satellite 
constellations. In 2023, MDA won the prime contract for the $2.1 billion Telesat’s (“TSAT”) LEO 
constellation of 198 satellites.  In late 2023, MDA began work on another digital constellation for an 
undisclosed customer, initially valued at $180 million and since increased to over $300 million.  We 
expect it to again increase to $750 million for 36 software-defined satellites, which we may hear in 
the company’s upcoming fourth-quarter earnings report.  
In addition to its satellite contracts, MDA has several other catalysts that we expect to drive revenue 
and the stock. During the second half of 2024, MDA announced that it was awarded a $1 billion 
4 Bank of Cyprus is based on the prices of ASE listed securities, which is denominated in EUR. The 
P&L/performance also includes the Fund’s investment in Senvest Cyprus Recovery Fund, L.P. 
5 https://www.cnbc.com/2024/11/01/apple-commits-1point5-billion-to-globalstar-for-iphone-satellite-
services.html#:~:text=Apple%20committed%20about%20$1.5%20billion,and%20expand%20its%20ground%
20infrastructure. 
Company
Ticker
Long/Short
9/30/2024 
Stock Price
12/31/2024 
Stock Price
% Price 
Change
ALIGN TECHNOLOGY
ALGN
Long
254.32
208.51
-18.01%
AXCELIS TECHNOLOGIES
ACLS
Long
104.85
69.87
-33.36%
CONSUMER DISCRETIONARY CO
N/A
Short
N/A
N/A
40.00%
FINANCIALS CO
N/A
Short
N/A
N/A
100.00%
BANK OF CYPRUS
BOCHGR
Long
4.64
4.60
-0.86%
PENNYMAC FINANCIAL SERVICES
PFSI
Long
113.97
102.14
-10.38%
BXP
BXP
Long
80.46
74.36
-7.58%
GREENFIRST FOREST
GFP
Long
7.57
5.23
-30.92%
MICRON TECHNOLOGY
MU
Long
103.71
84.16
-18.85%
JANUS INTERNATIONAL GROUP
JBI
Long
10.11
7.35
-27.30%
18
20
20
19
Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

contract extension to deliver the Canadarm 3 flight system for the Lunar Gateway as part of the 
Artemis program.6 MDA is the go-to supplier of mission-critical robotics to the International Space 
Station and the burgeoning commercial space economy. Additionally, MDA should complete the build-
out of “Chorus,” its next-generation earth observation constellation that should launch in mid-2026 
and replace its legacy Radarsat-2 constellation.  On top of this, MDA continues to talk about its growing 
pipeline that exceeds $15 billion in satellite opportunities. We believe the company has multiple 
commercial constellation opportunities and could announce more wins in 2025 as it continues to build 
out satellite manufacturing capacity in its new state-of-the-art Montreal manufacturing hub. Although 
the stock increased by over 150% in 2024, shares still trade at a reasonable multiple of 12x on 
enterprise value to EBITDA, based on 2025 consensus estimates. MDA’s multiple remains roughly in 
line with peers but fails to reflect the expected 20-30% growth for the next several years.  
Tower Semiconductor (“TSEM”) 
The Fund’s largest investment in Tower Semiconductor, a leading specialty analog foundry, increased 
+16.38% during the fourth quarter. As we have highlighted throughout 2024, TSEM has benefited from
strength in its Artificial Intelligence (“AI”)  and Cloud Data Center-related technologies, which again
propelled the company’s performance in its third-quarter earnings report. Tower has direct exposure
to the AI supply chain, driving technology spending for the past two years as its core offerings move
and connect data in servers, switches, and GPU clusters to train and inference AI workloads. During
its most recent earnings call, management noted that its data center-related business again
accelerated and should reach $250 million in revenue in 2024, representing close to 20% of the
company’s overall revenue and growing 75% year over year. TSEM is a global leader in silicon
germanium (“SiGe”) and silicon photonics (“SiPho”), key enabling technologies for AI data transfer.
We believe TSEM holds the number one market share in these technologies, supplying close to two-
thirds of the industry with its optical transceiver technologies. Datacenter prospects look promising
again in 2025, so much so that Tower management disclosed that it plans to accelerate capital
investment in these technologies with an additional $350 million incremental capacity to support data
center infrastructure (SiGe and SiPho). Early indications suggest that cloud hyperscalers such as
Microsoft, Amazon AWS, Google, and Meta plan to accelerate capital spending again in 2025, giving
us confidence in TSEM’s current visibility for 2025.
Outside of AI, TSEM’s business continues to fluctuate with the ongoing volatility in the broader analog 
semiconductor market. TSEM is seeing growth off of depressed levels, particularly in certain areas of 
power management and image sensing but we have yet to see a meaningful inflection. With the ramp 
of new facilities in Italy and, to a lesser extent, New Mexico, we expect good growth for TSEM in 2025, 
6 MDA Space News Release 6.27.2024 
21
20
Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

which should exceed 10% on the top line. Tower previously outlined a long-term model that is 
highlighted by incremental revenue from strategic capacity agreements with ST Micro and Intel. These 
deals can add $1.2 billion in incremental revenue bringing total potential company revenue to $2.7 
billion with EBITDA margins approaching 40% and earnings per share of $4.50, well ahead of prior 
company targets. Even with the recent move in the stock price (which has since approached the prior 
Intel deal announcement price of $53), we believe TSEM has material upside with shares currently 
trading at about 2.9x EV/Revenue and 8.2x EV/EBITDA on consensus 2025 estimates.  
Wix (“Wix”) 
Shares of Wix increased by +28.34% during the fourth quarter as the company continues to execute 
against growth and profitability targets that it initially laid out at its 2023 Investor Day. Wix offers 
customers a platform to create, modify, and develop their own websites for a consumer and 
enterprise e-commerce online presence. During the third quarter, the company exceeded revenue, 
bookings, and free cash flow expectations while increasing their outlook for the remainder of fiscal 
year 2024. Wix differentiates itself with a unique partner strategy, whereby the company partners 
with web-design agencies and freelancers, enabled by its new “Wix Studio” offering that includes 
proprietary workflow management and editing platforms that allow for a more optimized website-
design experience for a higher intent customer. This strategy has made the company more efficient in 
balancing sales growth and profitability. In the third quarter, partner channel revenue reached an all-
time high of $155 million, +30% year-over-year, representing just over one-third of company revenue. 
We believe Wix has further potential upsides as its studio product gains traction with website design 
agencies.  
In addition to the growth opportunity targeting the partner ecosystem, we have become increasingly 
more optimistic about Wix’s “Self-Creator” segment, which accounts for the remaining two-thirds of 
Wix’s business. The company recently highlighted a new strategy to reinvigorate the “Self-Creator” 
segment, which we define as smaller entrepreneur/SMB-type customers. In the upcoming year, Wix 
plans to refocus investments into this segment as they see improvements in the uptake of their GenAI 
tools as well as in the overall macro. As Wix’s partner strategy takes hold, the company plans to 
refocus resources on applying incremental AI functionality that will help automate and promote ease 
of use of their website builder platform to generate better outcomes for customers. Despite the move 
in the stock in 2024, shares of Wix currently trade at only 18x EV/FCF on consensus CY’26 estimates, 
which is a discount to SMID-cap software peers that trade at 25x. We also believe that private equity’s 
recent takeout of a Wix competitor, Squarespace, provides a valuation floor, as the company was 
taken out for 19x ’25 free cash flow while growing at a lower rate than Wix.  Moreover, we believe the 
current valuation does not reflect the “platform” value as a true operating and applications system 
for website creation nor its opportunity as an AI applications play.   
20
22
22
21
Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

Kornit Digital (“KRNT”) 
Kornit Digital’s stock price increased +19.80% in the fourth quarter following the company’s earnings 
report in early November, showing progress amid a continued challenging macro backdrop. To a 
degree, we also believe that shares benefited from the “re-shoring trade” that permeated markets 
following the November election. KRNT, a provider of digital textile printing solutions for tee shirts, 
polyesters, and fabrics, reported better-than-expected September quarter results and, more 
importantly, will show year-over-year revenue growth for the first time in two and half years exiting 
the December quarter along with positive adjusted EBITDA. Looking at 2025, management has stated 
that it expects an acceleration in revenue and expansion in gross and adjusted EBITDA margins. As 
discussed in our prior letter, we believe that KRNT has reached an inflection point with a combination 
of a stabilizing macro coupled with a refreshed product portfolio that we expect to accelerate the 
company’s revenue over the coming years. This portfolio refresh includes new direct-to-fabric and 
polyester printing platforms that address a significantly large addressable market and has culminated 
with the ramp of its new high-volume “Apollo” direct-to-garment system. 
KRNT’s Apollo pipeline remains robust with the company expecting to complete 15 deliveries in 2024, 
with another 30 slated for 2025, consistent with commentary from its September analyst day. KRNT 
also continues to implement its “all-inclusive click” model that allows customers to make a pre-defined 
annual revenue commitment based on the number of impressions the system produces. As a result, 
Kornit will have a growing revenue contribution from this recurring revenue model, providing greater 
revenue visibility and predictability, which should warrant a higher valuation multiple.  At its Investor 
Day in September, management highlighted a long-term framework that put revenue at $400-$500 
million, along with gross margins in the mid-50s and EBITDA margins of 25%. Although the stock trades 
well off its lows, we still view the company’s current valuation of 3.8x EV-to-2025 consensus revenue 
as not reflective of its potential, given the massive opportunity still ahead of it. KRNT’s shares still 
trade at a discount to historical levels, which have been closer to 5-7x EV-to-revenue. 
Ciena (“CIEN”) 
Ciena’s stock increased +37.70% in the fourth quarter on a stronger-than-expected growth outlook 
expected to continue into 2025. Ciena provides optical-networking equipment historically relevant to 
Service Provider Telecom networks but has gotten a second life on the back of webscale cloud 
providers’ AI workloads that require high bandwidth data center interconnections. Ciena exceeded 
quarterly sales expectations, but the outlook was a real positive surprise. Management now expects 
8-11% annually from 2025-2027, up from its prior 6-8% growth targets. Direct cloud sales exceeded
expectations and grew 53% quarter over quarter to 34% of sales. We believe Meta was CIEN’s biggest
customer, while Google remains a key customer as well. We expect other cloud operators (Microsoft,
23
23
22
Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

Apple, Oracle, etc.) to continue to grow, and the vertical could grow 20%+ in FY25. CIEN also benefits 
from cloud traffic offloaded to traditional Service Provider networks, which also drives incremental 
demand.  
Our investment thesis on CIEN rests on the company’s ability to take significant long-term market 
share given its technology advantage – as evidenced by its industry-leading optical technology 
portfolio over a generation ahead of its nearest competitors. CIEN has a decade-long track record for 
out-executing competitors on product development and winning market share. We fundamentally 
believe that demand for optical connectivity will grow at a faster level than its historical rates as data 
centers will require more optical connectivity as the location of data centers continues to distribute 
more broadly given the power constraints that result from training AI workloads. With AI training – 
particularly as GPU cluster sizes get bigger and bigger – more and more training occurs in de-
centralized locations across the network rather than in single data centers. Looking out over the next 
few years, we believe CIEN has the ability to generate $5.50+ in EPS power in calendar 2026 based on 
durable double-digit revenue growth in 2025 and 2026, respectively, accompanied by margin 
expansion as they gain scale. Even at current share price levels in the mid-80s, shares remain attractive 
at roughly 15x projected earnings, given our view of future earnings potential.   
Align Technology Inc. (“ALGN”) 
ALGN, a leading orthodontics manufacturer and digital dentistry innovator, declined -18.01% in the 
quarter. ALGN designs, manufactures, and markets the Invisalign system, a clear aligner treatment for 
straightening teeth. The company’s industry-leading digital dentistry ecosystem includes the iTero 
intraoral scanner and ClinCheck, an AI-assisted treatment planning software. 
Since our investment, ALGN has faced a mix of progress and setbacks largely due to the ongoing 
inflationary headwinds pressuring discretionary healthcare spend. We remain optimistic about ALGN’s 
leadership in the ~$5 billion clear aligner market and believe that the moat between ALGN and 
competitors will further widen as ALGN rolls out fully 3D printed products over the next few years, 
including the first 3D printed clear aligner. The teen orthodontic channel continues to present 
substantial growth potential as the secular shift from brackets-and-wires to clear aligners is in the 
early innings, and penetration remains low. While adult aligner demand has slowed post-COVID due 
to demand pull-forward during the pandemic, easing macro pressures and clearing backlogs should 
support a return to mid-teens growth for the teen population and mid- to upper-single digits for 
adults. 
ALGN reported a Q3 2024 miss on revenue and case shipments compared to Street expectations, along 
with softer Q4 2024 guidance, pressuring shares. The revision reflected incremental ASP pressures 
tied to FX and a modest rise in promotional activity along with ongoing macroeconomic pressures 
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

afflicting the dental sector. Despite these challenges, ALGN reported a record number of dental 
customers during the quarter and continues to make progress in TAM expansion and manufacturing 
innovation with the rollout of the Invisalign Palate Expander, its first direct 3D printed product, and 
strong sales of the next-generation iTero Lumina intraoral scanner. With Street numbers for 2025 
reset lower, valuation at multi-year lows, improving consumer sentiment, and growing optimism 
amongst dental professionals with the incoming presidential administration, we see an improved 
setup heading into next year. 
While timing remains uncertain given the company's recent growth challenges and softer Q3 2024 
performance, ALGN has delivered 5% organic revenue growth and 12% EPS growth on a year-to-date 
basis. This performance is better than broader medtech peers, reinforcing our belief that ALGN can 
return to more consistent upper-single- to low-double-digit global revenue growth and low- to mid-
teens or slightly higher earnings growth as the macro environment improves. In this scenario, we 
believe that ALGN’s EBITDA multiple could re-rate from 14x 2025 EBITDA to the low-20s, in line with 
medtech peers, including dental and animal health peers STMN and IDXX and other quality, medtech 
market leaders such as SYK, RMD. Forecasting the timing of such improvement and multiple 
expansion, however, remains the biggest challenge, in our view.  As with many of our historical 
winners, we expect our patience to be rewarded ultimately.  
Axcelis Technologies (“ACLS”) 
Axcelis Technologies, a leading ion implant semiconductor capital equipment company, declined -
33.36% in the fourth quarter as softness in some of the company’s end markets weighed on results 
and the stock price. ACLS is a leader in equipment used in the production of power semiconductors, 
such as Silicon Carbide (“SiC”), a key component in the Electric Vehicle supply chain. The company 
noted on its earnings call that it saw a downtick, which was attributed to SiC inventory digestion in 
China and broader weakness in power semiconductors in Europe. Management provided an initial 
view on 2025, noting that Q1 2025 revenue will likely be lower than Q4 2024 and that 2025 revenue 
could be lower than 2024. While we still see a significant opportunity for Axcelis, the near-term 
remains extremely cloudy, and the company’s commentary suggests that the timing of a near-term 
rebound remains a question mark, and visibility appears to be further reduced.  Note that we reduced 
the position size significantly ahead of earnings, and today it represents less than 1% of the Fund’s 
equity.   
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

Consumer Discretionary Company 
A short position in a consumer discretionary company rose approximately +40.00% in the third 
quarter. Despite higher expenses from renewed contracts, the stock rallied on better-than-expected 
financials and Q4 2024 guidance.  Note that while not designed as a pair trade, we have a core long 
investment in this company’s main competitor.  
Financials Company 
A short position in a financials company rose approximately +100.00% in the fourth quarter. Along 
with other companies in the sector, shares appreciated hopes for significant deregulation after the 
election in November.  Note that while not designed as a pair trade, we also have a long investment 
in one of this company’s competitors.   
Bank of Cyprus Holdings (“BOCH”) 
Bank of Cyprus Holdings, the leading bank in Cyprus, had its share price ticked down by -0.86% (in 
Euros) in Q4 2024 as the shares consolidated their gains from prior quarters, ending the year with a 
+37.31% share price appreciation. However, the Euro’s -7% decline in the fourth quarter led to
unrealized losses of close to 8% in USD during the period.
The Cyprus economy continues to strengthen, with GDP growth accelerating to 3.8% in Q3 2024. All 
major ratings agencies have upgraded Cyprus to A- in the last few months. BOCH recorded an 
impressive return on tangible equity (“ROTE”) of 22.9% and high organic capital generation of 355bps 
in the first nine months of 2024, increasing its CET-1 capital to 20.9% pre-distribution accrual, much 
higher than its regulatory requirement of 10.9% and its internal target of 15%. Asset quality is now 
excellent, with an NPE ratio of 2.4% in Q3, and 96% provision coverage. Management has taken 
hedging actions to smoothen the effect of ECB rate decreases and we expect its profitability will 
remain high going forward. The bank had €7.5 billion of cash or 29% of total assets deposited at the 
ECB at the end of Q3 2024.   
We expect 2024 EPS to be around 2023 record levels, and the shareholder payout to increase to 50% 
of earnings from 30% for 2023, leading to a dividend yield of around 10%. In an important 
development, regulators recognized the excellent condition of the bank and released it from the 
requirement for pre-approval of dividend payments.  
In addition to the dividend, we expect a new, larger buyback program to commence in the next weeks, 
which will be another positive for the share price. The prior buyback of €25 million and the relisting in 
Athens have led to higher share liquidity, improving in what had been a key weakness for the shares. 
Brokers completed two heavily oversubscribed accelerated bookbuilding secondary share sale 
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

processes in the fourth quarter through which they have placed about 8% of the outstanding shares 
with highly reputable long only funds, which enhanced the quality of the shareholders.  
Based on our analysis, BOCH has one of the highest dividend yields, highest ROTEs and one of the 
highest capital ratios of publicly traded Euro-area banks yet has the lowest valuation in terms of P/E 
multiple at around 4x and one of the lowest in terms of price/book.  We continue to believe that the 
market undervalues BOCH and that the shares have strong potential to reprice higher due to their 
excellent anticipated dividend yield and high profitability, coupled with improvement in its visibility 
and trading volumes, which are likely to lead to a convergence in its valuation relative to comparable 
high-ROTE European banks. We remain optimistic about its performance in 2025.   
Portfolio Activity 
We added to a number of core holdings in the quarter, including WIX, ALGN, and other core 
investments.  We initiated positions in a social media company and a semiconductor testing products 
and services company.  We trimmed a few core holdings and exited or largely exited a few 
investments, generally based on relative stock price strength and position sizing, including companies 
in the information technology, financial, consumer discretionary, and industrial sectors.  Given our 
expectation of market strength associated with a Trump victory, we did not add to any short positions 
in the quarter and largely covered a few existing short positions in the industrials, consumer staples, 
and consumer discretionary sectors. As a result of stock price and portfolio changes, the Fund ended 
the year with higher gross and net long exposure than at the start of the year. The Fund’s gross long 
exposure on December 31, 2024, increased from 144% at the end of 2023 to 155%, while short 
exposure declined to 9% from 15%.  The Fund closed out the year with a net long exposure of 146%, 
compared to 129% at the beginning of the year.   
During the quarter, one of the Fund’s largest core investments, Canadian oil and gas exploration and 
production company Paramount Resources (“POU”), announced a significant asset sale that will fund 
a large dividend representing approximately half of the market cap of the company.  With this cash 
dividend anticipated for an early 2025 payout, we think that the effective gross long and net exposure 
should be reduced by the amount of the cash dividend, which approximates 5% of the Fund’s equity. 
As a result, on a pro forma basis, the Fund’s gross long exposure would decrease to approximately 
150%, and net long exposure would be about 141%.   
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

Review of 2024
Below, we show the Fund’s sector attribution for 2024 along with average gross long and short 
exposure for the year:  
Sector Exposure and Average Exposures for 20247 
On the following page is a list of the top 10 winning and losing investments (in rank order) for the Fund 
in 2024: 
7 Net Attribution Figures have been prepared on a pro forma basis and provided above.  Important considerations 
regarding Senvest's calculation methodology for the Net Sector attributions should be reviewed under the 
Important Disclosures on page 15—these figures are not properly understood without reference to these 
disclosures. 
Sector
Long
Short
Total Gross Total Net
Long
Short
Gross
Net
Long
Short
Gross
Net
Communication Services
2.75%
-0.09%
2.66%
2.41%
8%
0%
8%
8%
11%
0%
11%
11%
Consumer Discretionary
2.64%
-0.82%
1.82%
1.65%
15%
-7%
22%
8%
16%
-4%
20%
12%
Consumer Staples
-0.79%
-0.37%
-1.16%
-1.27%
2%
0%
2%
2%
3%
-1%
4%
2%
Energy
2.60%
0.01%
2.61%
2.36%
13%
0%
13%
13%
12%
0%
12%
12%
Financials
4.55%
-0.71%
3.84%
3.47%
23%
-1%
24%
22%
22%
-1%
23%
21%
Health Care
-7.66%
-0.06%
-7.72%
-8.46%
13%
0%
13%
13%
14%
0%
14%
14%
Industrials
9.46%
0.11%
9.57%
8.66%
15%
-4%
19%
11%
19%
-3%
22%
16%
Information Technology
11.56%
0.07%
11.63%
10.52%
46%
-1%
47%
45%
49%
0%
49%
49%
Materials
-0.71%
0.01%
-0.70%
-0.77%
1%
0%
1%
1%
1%
0%
1%
1%
Real Estate
1.49%
-0.19%
1.30%
1.18%
11%
0%
11%
11%
8%
0%
8%
8%
Utilities
0.00%
0.00%
0.00%
0.00%
0%
0%
0%
0%
0%
0%
0%
0%
Index/ETF
-0.06%
0.04%
-0.02%
-0.02%
0%
0%
0%
0%
0%
0%
0%
0%
Total
25.83%
-2.00%
23.83%
19.73%
147%
-13%
160%
134%
155%
-9%
164%
146%
Exposure 12/31/2024
Average Exposure 2024
Attribution 2024
26
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

Top 10 Contributors in 20248 
Top 10 Detractors in 20249 
Outlook and Positioning for 2025 
As one might judge from the positioning of the Fund mentioned previously, we believe the return of 
the Trump presidency should provide tailwinds to the economy and our portfolio companies 
stemming from a drastically reduced regulatory burden, lower taxes, and efforts to boost domestic 
manufacturing.  One important difference that stands out at this time is that AI’s burgeoning 
development and influence are a major fillip to the economy. Many pundits and the broader financial 
media harp on the potential for inflation that could come from a stronger economy resulting from 
Trump policies, and the risk of a return of Fed interest rate hikes, which would act as a headwind to 
8 Bank of Cyprus is based on the prices of ASE listed securities, which is denominated in EUR. The 
P&L/performance also includes the Fund’s investment in Senvest Cyprus Recovery Fund, L.P. 
9 LumiraDx was delisted from the Nasdaq on January 9, 2024 
Company
Ticker
Long/Short
12/31/2023 
Stock Price
12/31/2024 
Stock Price
% Price 
Change
TOWER SEMICONDUCTOR
TSEM
Long
30.52
51.51
68.77%
MDA SPACE
MDA
Long
11.52
29.53
156.34%
WIX.COM
WIX
Long
123.02
214.55
74.40%
KORNIT DIGITAL
KRNT
Long
19.16
30.95
61.53%
CIENA
CIEN
Long
45.01
84.81
88.42%
M&T BANK
MTB
Long
137.08
188.01
37.15%
PARAMOUNT RESOURCE
POU
Long
25.93
31.82
22.72%
BANK OF CYPRUS
BOCHGR
Long
3.35
4.60
37.31%
CRITEO ADR REP
CRTO
Long
25.32
39.56
56.24%
RADWARE
RDWR
Long
16.68
22.53
35.07%
Company
Ticker
Long/Short
12/31/2023 
Stock Price
12/31/2024 
Stock Price
% Price 
Change
HEALTH CARE CO
N/A
Short
N/A
N/A
-40.00%
UIPATH
PATH
Long
24.84
12.71
-48.83%
AMERICAN WELL
AMWL
Long
29.80
7.25
-75.67%
AXCELIS TECHNOLOGIES
ACLS
Long
129.69
69.87
-46.13%
AVIDXCHANGE HOLDINGS
AVDX
Long
12.39
10.34
-16.55%
ALIGN TECHNOLOGY
ALGN
Long
274.00
208.51
-23.90%
CONSUMER DISCRETIONARY CO
N/A
Short
N/A
N/A
60.00%
FINANCIALS CO
N/A
Short
N/A
N/A
50.00%
KILROY REALTY REIT
KRC
Long
39.84
40.45
1.53%
LUMIRADX
N/A
Long
0.06
0.00
-100.00%
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

stock prices. However, we think that doesn’t necessarily hold true when economic growth comes with 
productivity improvements. In fact, we’ve seen this in action this past year as productivity has shown 
solid trends as noted by Ned Davis Research (“NDR”): “Continued strong productivity growth keeps a 
lid on unit labor costs and inflation…Non-farm productivity increased at a 2.2% annualized rate in 
Q3…It is up 2.0% from a year ago, at par or better than the upwardly revised average annual 
productivity gains in 2021 through 2023.  It is also stronger than productivity growth in the previous 
business cycle through 2019.”  In another note, NDR adds “Nonfarm productivity has averaged 2.4% 
through the first three quarters of 2024, the fastest pace this late in an expansion since the 1990s.”10 
We believe the continued development and deployment of AI technologies should further support 
productivity gains. While we recognize risks associated with the recent announcement of tariffs on 
Canada, Mexico, and China and the volatility of President Trump’s proclamations, we note that in his 
second administration, he has appointed more seasoned Wall Street veterans and money-makers in 
critical positions. Business leaders also seem to have his ear. We also believe that Trump regards the 
S&P 500 index as perhaps the most important “opinion” poll he monitors.  Therefore, we think that 
tariffs will be relatively short-lived. 
Another important data point following the election that bolsters our conviction came with the release 
of the December National Federation of Independent Businesses (“NFIB”) small business optimism 
Index. NDR points out that “The NFIB Small Business Optimism Index soared a record 8.0 points in 
November to 101.7, the highest level since June 2021, and well above expectations.”11 Bank of 
America's “Small Business Checkpoint” research, based on Bank of America account data, supported 
the surveyed optimism. They note: “Small business profitability in the last quarter of 2024 was 
stronger than the past two years...profits were close to pre-pandemic levels.”12  
On a final note, while the S&P 500 has hit record highs this month and many decry the relatively 
historically high valuation of that index, small and mid-cap stocks appear much cheaper and 
reasonably valued. Bloomberg reports that “US midcap stocks are attractive at the moment given their 
relatively cheaper valuations compared with larger companies, according to Goldman Sachs Group 
Inc. “They trade at much lower multiples than the rest of the market” and have similar growth rates, 
David Kostin, Goldman Sachs chief US equity strategist, said in a Bloomberg Television interview.”13  In 
a related research report from November, Kostin points out that “The S&P 400 (ticker: MID), an index 
of mid-cap stocks, has a long track record of outperformance versus large and small-cap stocks, similar 
consensus earnings growth as large-caps, and trades at a lower absolute P/E multiple (16x).”14  We 
10 Ned Davis Research (January 6, 2025).  The 24 Charts of 2024: a year in pictures 
11 Ned Davis Research (December 10, 2024).  Small business optimism surges. 
12 Bank of America (January 17, 2025).  Small Business Checkpoint.  Starting the new year strong. 
13 Bloomberg (January 14, 2025).  US midcap stocks are top bets to own now, Goldman’s Kostin says. 
14 Goldman Sachs Research (November 18, 2024).  2025 US Equity Outlook: The Art of the Deal. 
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

also observe that the Russell 2000, comprised of small-cap stocks, trades at close to all-time lows 
relative to the broader Russell 1000 index, comprised of the largest 1,000 companies.    
We have historically referenced the Russell 2000 index as the closest benchmark to the Fund, as it 
comprises stocks with a market cap range of $150 million to $7.1 billion and an average market cap of 
around $4.3 billion.  Over the past number of years, though, the Fund has gravitated towards 
investments in mid-cap companies. The median market cap of the Fund’s top 15 long holdings, which 
comprise about 100% of equity, amounts to about $7.0 billion and with a range of approximately $950 
million to $31 billion. A breakdown of the Fund’s composition by market cap size shows its net 
exposure to mid-cap stocks ($2 billion to $10 billion market cap) at approximately 66%. This explains 
why we highlighted the potential for mid-cap stocks in the prior paragraph.   
The attached Appendix shows the Fund’s top 15 long positions and their market valuations.  We 
believe they reflect the relative cheapness of the Fund in absolute and relative terms.     
We thank our partners for your support and continued confidence in Senvest by entrusting us with 
your capital. As always, feel free to reach out to us with any questions.  
Very truly yours, 
Richard Mashaal 
Brian Gonick 
31
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

Appendix A – Senvest Master Fund Top 15 Long Positions 
Senvest Master Fund Top 15 Long Positions
Price
52 Wk 
High
LTM
2025
EV / Rev
EV / 
EBITDA(3)
P / Adj. 
EPS(4)
P / TBV
EV / Rev
EV / 
EBITDA(3)
P / Adj. 
EPS(4)
Market Cap
Tower Semi (TSEM US)
$49.40
(10%)
72%
(4%)
3.2x
9.7x
21.8x
2.1x
2.9x
8.2x
18.0x
$5,556
Wix (WIX US)
$230.49
(7%)
80%
7%
7.8x
37.9x
39.4x
NM
6.6x
26.6x
30.4x
$13,736
Paramount Resources (POU CN)(5)
C$29.31
(11%)
16%
(8%)
2.6x
4.7x
4.5x
1.3x
6.1x
7.3x
11.4x
C$4,578
Kornit (KRNT US)
$28.86
(12%)
65%
(7%)
4.3x
NM
NM
1.9x
3.8x
NM
40.7x
$1,434
UiPath  (PATH US)
$14.21
(47%)
(39%)
12%
4.5x
26.6x
23.0x
4.8x
4.0x
25.4x
22.4x
$7,872
Bank of Cyprus (BOCHGR GA)
€4.91
(3%)
41%
7%
NM
NM
4.1x
0.8x
NM
NM
5.9x
€2,175
Boston Properties (BXP US)
$71.68
(20%)
13%
(4%)
8.8x
16.2x
10.1x
2.3x
8.8x
15.4x
14.4x
$12,630
M&T Bank (MTB US)
$195.87
(12%)
47%
4%
NM
NM
13.4x
1.4x
NM
NM
12.0x
$32,821
Align Technology (ALGN US)
$215.82
(35%)
(21%)
4%
3.8x
14.9x
21.7x
4.8x
3.6x
15.4x
19.8x
$16,134
MDA (MDA CN)
C$21.93
(26%)
91%
(26%)
3.1x
15.3x
NM
NM
2.1x
10.8x
20.5x
C$2,725
Illumina (ILMN US)(6)
$131.10
(16%)
(6%)
(2%)
5.1x
19.7x
30.8x
NM
4.9x
17.8x
NM
$20,845
Marriott Vacations (VAC US)
$84.89
(21%)
1%
(5%)
1.2x
8.0x
12.9x
NM
1.1x
7.4x
11.1x
$2,964
RH (RH US)
$395.14
(13%)
54%
0%
3.1x
19.0x
NM
NM
2.7x
13.0x
31.0x
$7,303
Criteo (CRTO US)
$37.66
(24%)
43%
(5%)
2.0x
5.6x
7.8x
6.0x
1.8x
5.7x
8.0x
$2,345
Radware (RDWR US)
$22.01
(10%)
17%
(2%)
2.2x
20.2x
17.3x
4.2x
2.0x
14.4x
16.4x
$959
Median(7)
(13%)
41%
(2%)
3.2x
15.7x
15.3x
2.2x
3.6x
13.7x
17.2x
Russell 2000(8)
(6%)
17%
3%
1.8x
14.6x
19.9x
3.8x
1.9x
12.8x
17.8x
S&P 500(8)
(1%)
22%
3%
3.4x
16.5x
27.6x
13.7x
3.3x
14.7x
23.7x
(1) Trailing multiples based on last twelve months reported data for all companies.
(2) Bloomberg Estimates for calendar year 2025; Adjustments exclude non-cash charges, including intangible amortization and stock-based compensation.
(3) Trailing and Forward EBITDA estimates for POU CN represent Debt Adjusted (Unlevered) Cash Flow.
(4) P / Adj. EPS based on cash adjusted stock prices for those companies with positive net cash per share (TSEM, WIX, POU, KRNT, PATH, ALGN, CRTO, and RDWR).
Earnings estimates for POU CN and BXP US based on FFO.
(5) POU CN historicals and projections are unadjusted for the sale of Montney assets to Ovintiv.
(6) ILMN historicals and projections exclude GRAIL reportable segments.
(7) Median calculations also exclude members with negative earnings.
(8) P / EPS for Russell 2000, and S&P 500 represent current Price / Adj. EPS multiples from Bloomberg excluding members with negative earnings.
AUM ($ Million) - as of 12/31/2024
$2,517.8
Q3 2024
Q4 2024
Change
Q3 2024
Q4 2024
Change
Gross Long
147%
155%
8%
Top 10 Longs
72%
78%
7%
Gross Short
-10%
-9%
1%
Top 20 Longs
111%
118%
7%
Total Gross
157%
164%
7%
Largest Long Position Size
13%
14%
1%
Net
137%
146%
9%
Top 10 Shorts
10%
8%
-2%
Cash & Currency
-37%
-46%
-9%
Top 20 Shorts
10%
9%
-1%
% Change
Trailing(1)
2025 Calendar(2)
Note : NM = Not Meaningful. NA = Not Available. Senvest Top 15 ranking as of 2/3/25. Prices, market cap and fundamentals as of 2/3/25. POU CN and MDA CN Price, Market Cap 
and EPS in CAD, BOCHGR GA.  Price, Market Cap and EPS in EUR, all other positions in USD. BOCHGR GA position includes investment in Senvest Cyprus Recovery Investment Fund 
(SCRIF). 
Concentration (% of Equity)
Portfolio Exposure (% of AUM)
32
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

IMPORTANT DISCLOSURES 
This letter is an informational document and does not constitute an offer to sell or a solicitation to purchase any securities in any entity organized, controlled, or managed by 
Senvest Management, LLC ("Senvest") or in (i) Senvest Partners LP, a Delaware limited partnership, (ii) Senvest Partners Ltd., a Cayman Islands exempted company (both 
Senvest Partners LP and Senvest Partners Ltd. invest substantially all of their assets in Senvest Master Fund, L.P.), or any other partnership interests described herein 
(collectively, the "Funds"), and may not be relied upon in connection with any offer or sale of securities. Any offer or solicitation may only be made pursuant to a Confidential 
Private Offering Memorandum (or similar document) which will only be provided to qualified offerees and should be reviewed carefully by any such offerees prior to investing. 
An investment in a Fund involves risk and volatility. Because this communication is only a high-level summary it does not contain all material terms pertinent to an investment 
decision, including important disclosures of conflicts and risk factors associated with an investment in a Fund. This document in and of itself should not form the basis for any 
investment decision. An investment in a Fund is speculative and entails substantial risks, including the fact that such an investment would be illiquid and be subject to significant 
restrictions on transferability. No market is expected to develop for interests in any Fund. Financial instruments and investment opportunities discussed or referenced herein 
may not be suitable for all investors, and potential investors must make an independent assessment of the appropriateness of any transaction in light of their own objectives 
and circumstances, including the possible risk and benefits of entering into such a transaction. 
An investor in a Fund could lose all or a substantial amount of his or her investment. Returns generated from an investment in a Fund may not adequately compensate investors 
for the business and financial risks assumed. While the Funds are subject to market risks common to other types of investments, including market volatility, the Funds employ 
certain trading techniques such as the use of leverage and other speculative investment practices that may increase the risk of investment loss. The products and strategies in 
which the Funds expect to invest may involve above-average risk. Please see the Risk Factors section of the applicable Confidential Private Offering Memorandum (or similar 
document) for certain risks associated with an investment in a Fund. 
Certain information contained in this Presentation constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may", 
"will", "should", "expect", "anticipate", "target", "project", "estimate", "intend", "continue" or "believe" or the negatives thereof or other variations thereon or comparable 
terminology. Due to various risks and uncertainties, actual events or results or the actual policies, procedures and processes of the Investment Manager and the performance 
of the Funds may differ materially from those reflected or contemplated in such forward-looking statements and no undue reliance should be placed on these forward-looking 
statements, nor should the inclusion of these statements be regarded as the Investment Manager's representation that the Funds will achieve any strategy, objectives or other 
plans. 
This document should be read in conjunction with, and is qualified in its entirety by, information appearing in the Confidential Private Offering Memorandum (or similar 
document) for each Fund and the organizational documents for such fund (e.g. limited partnership agreements, articles of association, etc.), which should be carefully reviewed 
prior to investing. Potential investors should consult a professional adviser regarding the possible economic, tax, legal or other consequences of entering into any investments 
or transactions described herein. Investment allocations and ownership percentages are subject to change without notice. The information contained herein is confidential 
and cannot be reproduced, shared or published in any manner without the prior written consent of Senvest. 
Unless otherwise indicated, the information contained in this document is current as of the date indicated on its cover. Such information is believed to be reliable and has 
been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, 
reasonableness or completeness of the information and opinions. Additionally, there is no obligation to update, modify or amend this document or to otherwise notify a 
reader in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. 
The Investment Manager is not acting and does not purport to act in any way as an advisor or in a fiduciary capacity vis-a-vis any investor in the Funds. Therefore, it is strongly 
suggested that any prospective investor obtain independent advice in relation to any investment, financial, legal, tax, accounting or regulatory issues discussed herein. Analyses 
and opinions contained herein may be based on assumptions that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any 
representation or warranty as to future performance of any financial instrument, credit, currency rate or other market or economic measure. 
Certain performance information is provided for the Funds. Performance numbers are net of all fees and expenses unless noted otherwise. All returns are subject to revision 
until completion of the annual audit. Past performance is not necessarily indicative of or a guarantee of future results. Short position percentage of price change is rounded 
to maintain the anonymity of the security. Unless otherwise noted, all calculations in this report are made by Senvest. All profit and loss, or other performance information is 
unaudited and is net of fees and expenses based on an investment made at inception. Total returns reflect compounded monthly returns. The distribution of this document 
in certain jurisdictions may be prohibited or restricted by law; therefore, people in whose possession this document comes should inform themselves about and observe such 
restrictions. Any such distribution could result in a violation of the law of such jurisdictions. 
Gross and Net Attribution Figures: Attributions of sector-level performance are shown on a gross basis unless otherwise noted herein ("Gross Attributions"). Gross Attributions 
reflect the return contribution by the aggregate investments in each Sector for the period indicated (calculated by dividing the gains/losses of the indicated Sector over the 
portfolio, as applicable), but is calculated prior to the deduction of management fees, [expenses] and incentive compensation paid to Senvest, which will reduce performance. 
Net sector attributions ("Net Attributions") reflect Gross Attributions, reduced by a percentage equal to the quotient of the applicable Fund's net return divided by the 
applicable Fund's gross return in order to approximate a pro forma “net” return. This pro forma return should not be relied upon as a precise metric of the impact of fees and 
expenses on the performance of each Sector, for the reasons detailed below. 
Net Attributions are presented pro forma because, although such figures reflect actual performance, these calculations apply management fees, expenses, and incentive 
compensation to each Sector's Gross Attributions, even though each Fund's fees, expenses and incentive compensation are only calculated for the applicable Fund as a whole. 
Correspondingly, this approximation does not precisely reflect the impact such fees and expenses had on the performance of positions included in each Sector. Net Attributions 
do not take into account the specific impact of leverage and other costs on specific Sectors' performance, nor do they incorporate the differing impact that each investor’s [or 
Fund's] high water mark has on specific Sectors. For example, if the Fund as a whole accrued incentive compensation for a given period, the Net Attributions methodology 
would result in the reduction of Gross Attributions, on a percentage basis, of an amount incorporating that accrued incentive compensation from each Sector's performance, 
even where a Sector experienced negative performance (and therefore, viewed in isolation, would not have accrued incentive allocation). [In addition, expenses are not 
tracked on a Sector-by-Sector basis, and therefore the Net Attributions shown herein do not reflect an approximation of the precise impact of expenses on specific Sectors' 
performance—many expenses are incurred on a fund-wide level and do not relate to any specific portion of the investment program. Pro forma performance of this nature is 
subject to inherent limitations and should not form the basis for an investment decision. Additional information on the risks and limitations of pro forma performance is 
available upon request. 
33
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Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

Senvest Master Fund, L.P. performance returns presented in certain tables reflect those Funds' historical performance during the time periods indicated. 
The S&P 500 Index, HFRI Equity Hedge Total Index, and Russell 2000 Index (collectively, the "Indices") are included for informational purposes only. All index returns include 
dividend reinvestment. The Funds' portfolios will not replicate any of these indices and no guarantee is given that performance will match any of the indices; it is not possible 
to invest in any index. There are significant differences between the Funds' investments and the Indices (for instance, the Funds will use short sales and leverage and may 
invest in securities that have a greater degree of risk and volatility, as well as less liquidity, than those securities contained in the Indices). Moreover, the Indices are not subject 
to any of the fees or expenses that the Funds must pay. It should not be assumed that the Funds will invest in any specific securities that comprise the Indices, nor should it 
be understood to mean that there is a correlation between the Funds' returns and the Indices' performance. Additional information on each index follows: 
The S&P 500 index is one of the most commonly used benchmarks for the overall U.S. stock market. This index is a broad-based measurement of changes in stock market 
conditions based on the average performance of 500 widely held stocks including industrial, transportation, financial, and utility stocks. The composition of the 500 stocks is 
flexible and the number of issues in each sector varies over time. 
The HFRX Equity Hedge Total Index is calculated by Hedge Fund Research, Inc. and is a benchmark of hedge fund industry performance that is engineered to achieve 
representative performance of equity hedge fund managers that would typically maintain at least 50%, and may in some cases be substantially entirely invested, in equities, 
both long and short. In order to be considered for inclusion in the HFRX Equity Hedge Index, a hedge fund must be currently open to new transparent investment, maintain a 
minimum asset size and meet the duration requirement (generally, a 24-month track record). Because the HFR Indices are calculated based on information that is voluntarily 
provided, actual returns may be higher or lower than those reported. 
The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks by market 
capitalization. The Russell 2000 Index represents approximately 8% of the total market capitalization of the Russell 3000 Index. 
34
33
Senvest Management, LLC 
Senvest Master Fund, LP (“Senvest Partners”) 
Review of Q4 2024 & 2025 Outlook: February 5, 2025 

Senvest Technology Partners Master Fund, LP (“Senvest Technology 
Partners”) Q4 Investor Letter: March 6, 2025 
Q415 
Q41 
Annualized 
Since 
Inception 
Cumulative 
Since 
Inception 
Oct 
Nov 
Dec 
2024 
2024 
Senvest 
Technology 
Partners 
-3.08%
18.44% 
  0.50% 
15.37% 
33.46% 
17.63% 
3,317.92% 
NASDAQ 
-0.49%
6.30% 
 0.56% 
6.36% 
29.60% 
14.24% 
1,709.45% 
Russell 2000 
1.44% 
10.97% 
-8.26%
0.33% 
11.53% 
10.12% 
713.15% 
Dear Partners, 
The fourth quarter ended strong as financial markets rallied on the heels of the U.S. election, with 
Donald Trump returning to the presidency. The promise of a more business-friendly environment, 
deregulation, and lower tax rates propelled the market in November. For the fourth quarter, the Fund 
was up +15.37%, outperforming its peer indices, with the NASDAQ up +6.36%, and the Russell 2000 
up +0.33%. The “risk-on” post-election euphoria that drove SMID cap outperformance in November 
was short-lived.  By early December, the Fed had signaled a pause in rate cuts as a precautionary 
measure to ensure that inflationary pressures would not heat up. While the near term remains fraught 
with the uncertainty of the disruptive nature of Trump’s policies, we remain optimistic about the 
breadth and depth of technology adoption across global economies underpinning renewal and a 
return to growth.   
2025 is off to a volatile start, with the first two months affected by mixed signals impacting global 
trade and foreign policy. On the one hand, we see some early signs of green shoots across several 
industries, suggesting a bottoming in the economic cycle.  On the other, we are experiencing subdued 
global economic growth due to the potentially disruptive nature of U.S. tariffs. Even as the ‘fog of 
economic war’ has thickened and fostered a more cautious spending environment, the pace of 
technological innovation continues to advance, particularly with Artificial Intelligence (“AI”). This 
technology is now evolving from years of training AI models to an era of deploying these models for 
inferencing and reasoning into software applications and business processes. We are only at the 
beginning of the AI journey, which promises to have a profound impact on a wide range of industries 
from life sciences, robotics & industrial automation, software and cyber security to self-driving 
vehicles, to name a few. We believe this new era of AI will lead to renewed growth in devices, 
applications, and services in both the cloud and at the edge of the network that will drive better 
15 Net Performance 
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Senvest Management, LLC 

outcomes and productivity. AI has the potential to be one of the most transformative technologies to 
emerge since the birth of the Internet.  
Technology Market Commentary: 
AI continues to permeate deeper throughout the global economy and has been one of the key drivers 
behind spending in the technology stack even as other industries like wireless communications, 
Electric Vehicles (“EVs”), renewable energy, industrial automation, healthcare, and consumer 
electronics have seen a cyclical downturn.  The continued pace of innovation across many fields 
within technology remains robust and, when combined with AI, promises to catalyze demand as 
improvements in capability, efficacy, and efficiencies reignite these growth industries.  
AI was the singular biggest driver of growth in the fourth quarter as hyperscale cloud vendors 
continued to spend at a record pace on AI infrastructure. Hyperscale capex (Amazon, Google, Meta, 
Microsoft, and Oracle) increased 32% year-over-year in Q4 2024 and increased around 86% in 2024 
to roughly $261 billion and is projected to increase again in 2025 at 34% year-over-year to nearly 
$350 billion. We are seeing a broadening of the AI ecosystem as it transitions from training to 
inferencing. Unlike the past three years, when only selected companies such as Nvidia, Microsoft, 
Amazon, Google, Meta, and OpenAI-types were considered the custodians of AI, this next phase of 
growth promises to distribute the benefits to a broader range of companies, industries, and regions.  
Nearly all the companies we meet with describe how AI is being integrated into the core of their 
products and services, accelerating product refresh cycles and optimizing their business processes 
and capabilities. In several end markets to which the Fund’s investments have direct exposure, we 
are witnessing new levels of innovation reigniting growth after many years of market stagnation. 
Wireless Communications – Edge AI Connectivity: 
One area primed for significant innovation is the cell phone industry, which is poised for a major 
evolution centered around AI and satellite communication. Apple is at the forefront with its own Apple 
Intelligence, promising to reaccelerate demand for new devices and services that will mirror the 
cadence of introducing new dedicated AI hardware.  A new phase of innovation around AI and Satellite 
communication should shorten the refresh cycle for cell phones and propel the entire industry forward 
as competitors, such as Samsung, quickly respond to the new features being introduced by Apple. 
Combined with new AI capabilities, the cell phone will also incorporate new satellite connectivity 
technologies, and after years of stagnation, the mobile ecosystem is set for a period of AI-driven 
innovation and growth.  
As AI extends its reach into edge device areas like remote health monitoring, smart home, industrial 
automation, and transportation, to name a few, having a secure and resilient wireless connection is 
paramount to providing cloud-enabled services. We continue to see devices incorporate more 
advanced connectivity standards that range from near-field technologies like Bluetooth, WiFi7, and 
private terrestrial networks to more complex systems based on satellite-to-device connectivity. 
Several of our investments are geared towards this theme of wireless connectivity and provide the 
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Senvest Management, LLC 
Senvest Technology Partners Master Fund, LP (“Senvest Technology 
Partners”) Q4 Investor Letter: March 6, 2025 

Fund with exposure across the stack from Apple’s new in-house cellular modems to the emerging 
direct-to-device Low Earth Orbit (“LEO”) satellite market.  
Electrification – Automotive and Solar: 
The automotive market remains a tale of two worlds: weak demand persists in Western economies, 
while China sees persistent strength from government-sponsored EV adoption. The trend toward 
electrification offsets weakness in traditional internal combustion engine vehicles. In the West, the 
downshift in demand for hybrids and low-cost EVs in China has resulted in a more muted growth 
profile for the EV supply chain, which has geared up for fast growth. As AI technology for self-driving 
cars advances, we are closer to the reality of robotaxis, transforming the ride-share industry and 
reigniting demand for EVs.  
Solar energy has faced a cyclical downturn for nearly six quarters, as high interest rates and reduced 
government incentives have impacted demand.  Given a significant percentage of the world's solar 
panels are manufactured in China, the escalating trade war poses a growing risk of disrupting the 
supply of affordable Chinese rooftop solar panels and potentially jeopardizing a recovery for 
residential solar.  
Industrial Automation: 
Industrial automation signifies a vital investable theme that we expect will evolve over the coming 
years, particularly as regionalization and the repatriation of production take place worldwide. The 
ongoing post-Covid transition away from China will generate demand for a more efficient and resilient 
supply chain. To ensure this new strategy aligns with cost criteria, increased levels of automation will 
be crucial. Current threats of U.S. tariffs are likely to trigger a shift from nearshoring to onshoring, as 
China attempts to rely on countries like Mexico and Canada as loopholes to circumvent existing trade 
barriers.  
The introduction of AI into conventional manufacturing processes is now being integrated into the 
factory floor, driving improvements in predictive maintenance and quality control while enhancing the 
capabilities of autonomous robotics, process automation, and supply chain management, along with 
many other functionalities. Overall, AI in industrial automation allows factories to operate more 
efficiently, reduce expenses, and improve quality. In the near term, we are seeing a pause in 
purchasing across industrial spending as many companies wait for more certainty regarding trade 
policies, government programs, and interest rate policy.  
Enterprise Software & IT Services: 
Finally, enterprise software and IT services remain under pressure due to slower economic activity, 
which has prevented discretionary budgets from expanding at the same pace as in previous years. 
We have just completed our fourth year of the post-COVID adjustment period, during which 
enterprises have managed their IT spending on software applications and engineering more tightly. 
Somewhat offsetting the cyclical effect is the ongoing digital transformation of cloud migration, which 
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Senvest Management, LLC 
Senvest Technology Partners Master Fund, LP (“Senvest Technology 
Partners”) Q4 Investor Letter: March 6, 2025 

is now entering a new phase of AI integration. This next phase of enterprise software innovation 
centered around the integration of cloud AI is expected to drive increased productivity. Agentic AI is 
helping to streamline processes that were too complex to automate in the past and promises to bring 
new efficiencies and capabilities to the market. As mentioned, we are in the early stages of an 
enterprise AI transformation and foresee this trend continuing over the next several years.  
OUTPERFORMERS: 
MDA Space [TSX: MDA CN] and Wix.com [NASDAQ: WIX] were the two largest contributors in the fourth 
quarter.  
MDA 
MDA Space saw its stock increase by +69.91% in the fourth quarter as the company continued 
progressing on multiple fronts, including opportunities within its backlog and pipeline. Although 
expectations were high, the company delivered revenue, profitability, and operating cash flow that 
exceeded expectations. Prior to the company’s earnings release in November, MDA’s customer 
Globalstar announced that it was selected to provide satellite communication services for Apple’s 
next-generation satellite-to-device services.16  Investors believe that given MDA is currently the 
“prime” contractor for Globalstar and Apple’s first constellation, there is a high likelihood that MDA 
could be announced as the “prime” for its next-generation satellite constellation.  Over the past twelve 
months MDA has been announced as the prime contractor to two of the preeminent LEO satellite 
constellations. In 2023, MDA was announced as the “prime” for $2.1 billion Telesat’s“Lightspeed” 
LEO Satellite constellation of 198 satellites, and also selected to begin work on another digital 
constellation for an undisclosed customer. This particular contract was initially valued at $180 million 
and has since increased to over $300 million but we expect it to increase again to $750 million for 
36 software-defined satellites. We may even get this announcement in the company’s upcoming 
fourth quarter earnings report.  
In addition to its satellite contracts, MDA has several other catalysts that we expect to drive revenue 
and the stock. During the second half of 2024, MDA announced that it was awarded a $1 billion 
contract extension to deliver the Canadarm 3 flight system for the Lunar Gateway as part of the 
Artemis program.17  MDA is the go-to supplier of mission-critical robotics to the International Space 
Station and the burgeoning commercial space economy. Additionally, MDA is getting closer to the 
completion of its build-out of “Chorus,” its next-generation earth observation constellation that will 
eventually replace its legacy Radarsat-2 constellation. On top of this, MDA continues to talk about its 
growing pipeline that exceeds $15 billion in satellite opportunities. We believe the company is 
pursuing multiple commercial constellation opportunities and could announce more wins in 2025 as 
it continues to build out satellite manufacturing capacity in its new state-of-the-art Montreal 
manufacturing hub. Although the stock increased by over 150% in 2024, shares still trade at a 
reasonable multiple of 11x on enterprise value to EBITDA, based on 2025 consensus estimates. 
16 https://www.cnbc.com/2024/11/01/apple-commits-1point5-billion-to-globalstar-for-iphone-satellite-
%services.html#:~:text=Apple%20committed%20about%20$1.5%20billion,and%20expand%20its%20ground
%20infrastructure.  
17 MDA Space News Release 6.27.2024 
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Senvest Management, LLC 
Senvest Technology Partners Master Fund, LP (“Senvest Technology 
Partners”) Q4 Investor Letter: March 6, 2025 

MDA’s multiple remains roughly in line with peers but fails to reflect the expected 20-30% growth for 
the next several years.  
WIX 
Shares of Wix increased by +28.34% during the fourth quarter as the company continues to execute 
against growth and profitability targets that it initially laid out at its 2023 Investor Day. Wix.com offers 
customers a platform to create, modify, and develop their own websites for a consumer and 
enterprise e-commerce online presence. During the third quarter, the company exceeded revenue, 
bookings, and free cash flow expectations while increasing its outlook for the remainder of Fiscal Year 
2024. One of Wix’s key differentiators is its unique partner strategy, whereby the company partners 
with web-design agencies and freelancers, which is enabled by its new Wix Studio offering that 
includes proprietary workflow management and editing platforms that allow for a more optimized 
website-design experience for a higher intent customer. This strategy has been a key pillar of growth 
for the company, helping them balance sales growth and profitability.  In the third quarter, partner 
channel revenue reached an all-time high of $155 million, +30% year-over-year, representing just 
over one-third of company revenue. We believe there is further potential upside as Wix’s Studio 
product continues to gain traction with website design agencies.  
In addition to the growth opportunity targeting the partner ecosystem, we have become increasingly 
more optimistic about Wix’s “Self-Creator” segment, which accounts for the remaining two-thirds of 
Wix’s business. The company recently highlighted a new strategy to reinvigorate the “Self-Creator”, 
which we define as smaller entrepreneur/SMB-type customers. In the upcoming year, Wix is planning 
to refocus their investments into this segment of the market as they are starting to see improvements 
in the uptake of their GenAI tools as well as in the overall macro. As Wix’s partner strategy takes hold, 
the company is now planning to refocus resources on applying incremental AI functionality that will 
help automate and promote ease of use of their website builder platform to generate better outcomes 
for customers. Despite the move in the stock in 2024, shares of Wix currently trade at only 15-16x 
EV/FCF on consensus CY’26 estimates, which is a discount to SMID-cap software peers that trade at 
around 22x. We also believe that Private Equity’s recent takeout of a Wix competitor, Squarespace, 
provides a valuation floor, as the company was taken out for 19x ’25 Free cash flow while growing at 
a lower rate than Wix. 
UNDERPERFORMERS 
Axcelis Technologies [NASDAQ: ACLS] and a Consumer Discretionary short position were the two 
largest detractors in the fourth quarter. 
ACLS 
Axcelis Technologies, a leading ion implant semiconductor capital equipment company, declined -
33.36% in the fourth quarter as softness in some of the company’s end markets weighed on results 
and the stock price. ACLS is a leader in equipment used in the production of power semiconductors, 
such as Silicon Carbide (“SiC”), a key component in the EV supply chain. The company noted on its 
earnings call that it saw a downtick which attributed to SiC inventory digestion in China and broader 
weakness in power semiconductors in Europe. Management provided an initial view on 2025, noting 
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Senvest Management, LLC 
Senvest Technology Partners Master Fund, LP (“Senvest Technology 
Partners”) Q4 Investor Letter: March 6, 2025 

that Q1 2025 revenue will likely be lower than Q4 2024 and that 2025 revenue could be lower than 
2024. While we still see a significant opportunity for Axcelis given the need for more ion implantation 
steps in many critical semiconductor manufacturing processes, the near-term remains extremely 
cloudy. At its Investor Day in July 2024, ACLS outlined a medium-term financial model that calls for 
revenue of $1.3 billion and EPS of $9.00/share, with a long-term model calling for $1.6 billion in 
revenues and EPS of $11.50/share. Unlike last quarter, however, the company’s commentary 
suggests that the timing of the near-term rebound remains a question mark and visibility appears to 
be further reduced.   
Consumer Data Technology Company 
A short position in a consumer data technology company rose approximately +40.00% in the fourth 
quarter. The stock rallied on better-than-expected financials and Q4 2024 guidance despite higher 
rights expenses from renewed contracts. Offsetting some of this unrealized loss was an unrealized 
gain in a paired long position. Combined, the paired trade resulted in a nominal unrealized loss for 
the quarter. 
INDUSTRY ATTRIBUTION AND EXPOSURES 
Below shows the Fund’s industry attribution along with the average gross, net, long, and short 
exposure for the last quarter18.  
18 Net Attribution Figures have been prepared on a pro forma basis and provided above. Important considerations 
regarding Senvest's calculation methodology for the Net Sector attributions should be reviewed under the 
Important Disclosures on page 8—these figures are not properly understood without reference to these 
disclosures 
Industry
Long
Short
Total Gross
Total Net
Long
Short
Gross
Net
Aerospace & Defense
6.02%
0.00%
6.02%
5.48%
18%
0%
18%
18%
Banks
-0.10%
0.00%
-0.10%
-0.11%
1%
0%
1%
1%
Communications Equipment
2.73%
0.00%
2.73%
2.48%
9%
0%
9%
9%
Electronic Equipment, Instruments & Components
-0.10%
0.00%
-0.10%
-0.11%
4%
0%
4%
4%
Financial Services
0.91%
0.00%
0.91%
0.83%
3%
0%
3%
3%
Health Care Technology
-0.18%
0.00%
-0.18%
-0.20%
1%
0%
1%
1%
Hotels, Restaurants & Leisure
0.28%
-0.77%
-0.49%
-0.53%
2%
-3%
5%
-1%
Interactive Media & Services
0.44%
0.00%
0.44%
0.40%
5%
0%
5%
5%
IT Services
3.24%
0.00%
3.24%
2.95%
13%
0%
13%
13%
Machinery
1.81%
0.00%
1.81%
1.65%
11%
0%
11%
11%
Media
0.01%
0.00%
0.01%
0.01%
5%
0%
5%
5%
Semiconductors & Semiconductor Equipment
3.02%
0.00%
3.02%
2.75%
27%
0%
27%
27%
Software
0.19%
-0.01%
0.18%
0.16%
20%
0%
20%
20%
Index/ETF
0.00%
0.00%
0.00%
0.00%
0%
0%
0%
0%
Other
-0.14%
-0.19%
-0.33%
-0.36%
1%
0%
1%
1%
Total
18.13%
-0.97%
17.16%
15.40%
120%
-3%
123%
117%
Attribution Q4
Average Exposure Q4
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Senvest Management, LLC 
Senvest Technology Partners Master Fund, LP (“Senvest Technology 
Partners”) Q4 Investor Letter: March 6, 2025 

PORTFOLIO CHARACTERISTICS 
During the fourth quarter, the Fund’s net exposure remained relatively stable at 118%, closely 
aligning with the third quarter’s net exposure of 117% and the second quarter’s net exposure of 
116%. Our gross exposure slightly increased to 124%, up from 121%. 2024 ended with continued 
growth in the AI-driven economy alongside signs of more cyclical industries beginning to bottom as 
channel inventories deplete. However, with the increased macroeconomic uncertainties surrounding 
the impact of U.S. trade policies, the Fund has been actively reducing exposure levels across the 
portfolio.  
PORTFOLIO VALUATION 
As of December 31st, 2024, the Fund’s top ten investments represented 72% of gross exposure and 
89% of equity. The Fund’s top nine positions traded with a portfolio-weighted average valuation of 
4.21x EV/sales. Of our top investments, ten have a portfolio-weighted average net cash of 14.8% of 
their market capitalization, and two companies have net debt and trade at around 13.1x EV/EBITDA 
(per Bloomberg). These valuations have moved higher again, given the Fund’s performance. Still, we 
see meaningful upside for the Fund’s underlying investments as they continue to execute on their 
growth initiatives.  
CONCLUSION 
In summary, following a strong fourth quarter of outperformance, market volatility has returned as we 
begin 2025. Under new political leadership, dramatic shifts in U.S. trade and foreign policy appear to 
be causing uncertainty around discretionary business spending. The role of technology continues to 
play a greater role in the global economy, driving productivity, enhancing products and services, and 
creating new markets. The Fund has experienced a slow start to the year, but we remain confident 
that we are well positioned to capitalize on the resumption of demand in growth markets that will 
drive a meaningful re-rating and upside across our portfolio as market volatility settles.  
As always, please do not hesitate to reach out to us should you have any questions or wish to discuss 
anything in further detail. We look forward to speaking with you and reporting on our progress in future 
quarters. 
Best regards, 
Robert Katz 
Richard Mashaal 
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Senvest Management, LLC 
Senvest Technology Partners Master Fund, LP (“Senvest Technology 
Partners”) Q4 Investor Letter: March 6, 2025 

IMPORTANT DISCLAIMER: This letter is an informational document and does not constitute an offer to sell or a solicitation to purchase any securities 
in any entity organized, controlled, or managed by Senvest Management, LLC ("Senvest") or in (i) Senvest Technology Partners LP, a Delaware limited 
partnership, (ii) Senvest Technology Partners Ltd., a Cayman Islands exempted company (both Senvest Technology Partners LP and Senvest 
Technology Partners Ltd. invest substantially all of their assets in Senvest Technology Master Fund, L.P.), or any other partnership interests described 
herein (collectively, the "Funds"), and may not be relied upon in connection with any offer or sale of securities. Any offer or solicitation may only be 
made pursuant to a Confidential Private Offering Memorandum (or similar document) which will only be provided to qualified offerees and should 
be reviewed carefully by any such offerees prior to investing. 
The Funds previously operated under the name of “Senvest Israel Partners Master Fund, LP”, and invested primarily in U.S. listed, Israeli-related and 
local Israel-listed companies of all market capitalization sizes. Effective January 1, 2019, the Fund’s investment focus has been broadened to include 
global technology (and technology-related), media and telecom investments, which may not include Israeli-related investments. Performance 
information of the Funds prior to January 1,2019 reflects the performance of the Fund’s prior investment strategy. While we believe that the 
investment strategy and process utilized prior to January 1, 2019 is similar to the current investment strategy and process, there is no historical 
performance available for the Fund’s current investment strategy. There can be no assurance that the future performance of the Funds will be the 
same as the historical performance of the Funds. 
An investment in a Fund involves risk and volatility. Because this communication is only a high-level summary it does not contain all material terms 
pertinent to an investment decision, including important disclosures of conflicts and risk factors associated with an investment in a Fund. This 
document in and of itself should not form the basis for any investment decision. An investment in a Fund is speculative and entails substantial risks, 
including the fact that such an investment would be illiquid and be subject to significant restrictions on transferability. No market is expected to 
develop for interests in any Fund. Financial instruments and investment opportunities discussed or referenced herein may not be suitable for all 
investors, and potential investors must make an independent assessment of the appropriateness of any transaction in light of their own objectives 
and circumstances, including the possible risk and benefits of entering into such a transaction. 
An investor in a Fund could lose all or a substantial amount of his or her investment. Returns generated from an investment in a Fund may not 
adequately compensate investors for the business and financial risks assumed. While the Funds are subject to market risks common to other types 
of investments, including market volatility, the Funds employ certain trading techniques such as the use of leverage and other speculative investment 
practices that may increase the risk of investment loss. The products and strategies in which the Funds expect to invest may involve above-average 
risk. Please see the Risk Factors section of the applicable Confidential Private Offering Memorandum (or similar document) for certain risks 
associated with an investment in a Fund. 
Certain information contained in this Presentation constitutes "forward-looking statements," which can be identified by the use of forward-looking 
terminology such as "may", "will", "should", "expect", "anticipate", "target", "project", "estimate", "intend", "continue" or "believe" or the negatives 
thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual policies, 
procedures and processes of the Investment Manager and the performance of the Funds may differ materially from those reflected or contemplated 
in such forward-looking statements and no undue reliance should be placed on these forward-looking statements, nor should the inclusion of these 
statements be regarded as the Investment Manager's representation that the Funds will achieve any strategy, objectives or other plans. The stated 
gross returns are calculated before deducting incentive fees, management fees and other expenses of the Fund, which would reduce returns. Net 
performance figures are not included for individual investments because individual investment level net performance cannot be calculated without 
making arbitrary assumptions related to the allocation of fees and expenses. Please refer to Page 1 for the net performance results of the Fund.” 
This document should be read in conjunction with, and is qualified in its entirety by, information appearing in the Confidential Private Offering 
Memorandum (or similar document) for each Fund and the organizational documents for such fund (e.g. limited partnership agreements, articles of 
association, etc.), which should be carefully reviewed prior to investing. Potential investors should consult a professional adviser regarding the 
possible economic, tax, legal or other consequences of entering into any investments or transactions described herein. Investment allocations and 
ownership percentages are subject to change without notice. The information contained herein is confidential and cannot be reproduced, shared or 
published in any manner without the prior written consent of Senvest. 
Unless otherwise indicated, the information contained in this document is current as of the date indicated on its cover. Such information is believed 
to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with 
respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. Additionally, there is no obligation 
to update, modify or amend this document or to otherwise notify a reader in the event that any matter stated herein, or any opinion, projection, 
forecast or estimate set forth herein, changes or subsequently becomes inaccurate. 
The Investment Manager is not acting and does not purport to act in any way as an advisor or in a fiduciary capacity vis-a-vis any investor in the 
Funds. Therefore, it is strongly suggested that any prospective investor obtain independent advice in relation to any investment, financial, legal, tax, 
accounting or regulatory issues discussed herein. Analyses and opinions contained herein may be based on assumptions that if altered can change 
the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any 
financial instrument, credit, currency rate or other market or economic measure. 
Certain performance information is provided for the Funds. Performance numbers are net of all fees and expenses unless noted otherwise. All 
returns are subject to revision until completion of the annual audit. Past performance is not necessarily indicative of or a guarantee of future results. 
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41
Senvest Management, LLC 
Senvest Technology Partners Master Fund, LP (“Senvest Technology 
Partners”) Q4 Investor Letter: March 6, 2025 

Gross and Net Attribution Figures: Attributions of sector-level performance are shown on a gross basis unless otherwise noted herein ("Gross 
Attributions"). Gross Attributions reflect the return contribution by the aggregate investments in each Sector for the period indicated (calculated by 
dividing the gains/losses of the indicated Sector over the portfolio, as applicable), but is calculated prior to the deduction of management fees, 
expenses and incentive compensation paid to Senvest, which will reduce performance. Net sector attributions ("Net Attributions") reflect Gross 
Attributions, reduced by a percentage equal to the quotient of the applicable Fund's net return divided by the applicable Fund's gross return in order 
to approximate a pro forma “net” return. This pro forma return should not be relied upon as a precise metric of the impact of fees and expenses on 
the performance of each Sector, for the reasons detailed below. Net Attributions are presented pro forma because, although such figures reflect 
actual performance, these calculations apply management fees, expenses and incentive compensation to each Sector's Gross Attributions, even 
though each Fund's fees, expenses and incentive compensation are only calculated for the applicable Fund as a whole. Correspondingly, this 
approximation does not precisely reflect the impact such fees and expenses actually had on the performance of positions included in each Sector. 
Net Attributions do not take into account the specific impact of leverage and other costs on specific Sectors' performance, nor do they incorporate 
the differing impact that each investor’s or Fund's high water mark has on specific Sectors. For example, if the Fund as a whole accrued incentive 
compensation for a given period, the Net Attributions methodology would result in the reduction of Gross Attributions, on a percentage basis, of an 
amount incorporating that accrued incentive compensation from each Sector's performance, even where a Sector experienced negative performance 
(and therefore, viewed in isolation, would not have accrued incentive allocation). In addition, expenses are not tracked on a Sector-by-Sector basis, 
and therefore the Net Attributions shown herein do not reflect an approximation of the precise impact of expenses on specific Sectors' performance—
many expenses are incurred on a fund-wide level and do not relate to any specific portion of the investment program. Pro forma performance of this 
nature is subject to inherent limitations and should not form the basis for an investment decision. Additional information on the risks and limitations 
of pro forma performance is available upon request. 
Unless otherwise noted, all calculations in this report are made by Senvest. All profit and loss, or other performance information is unaudited and is 
net of fees and expenses based on an investment made at inception. Total returns reflect compounded monthly returns. The distribution of this 
document in certain jurisdictions may be prohibited or restricted by law; therefore, people in whose possession this document comes should inform 
themselves about and observe such restrictions. Any such distribution could result in a violation of the law of such jurisdictions. 
The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which is made up of 3,000 of the 
largest U.S. stocks by market capitalization. The Russell 2000 Index represents approximately 8% of the total market capitalization of the Russell 
3000 Index. The Nasdaq Composite Index is a market-capitalization-weighted index of all the stocks traded on the Nasdaq stock exchange. This 
index includes some companies that are not based in the United States. 
43
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Senvest Management, LLC 
Senvest Technology Partners Master Fund, LP (“Senvest Technology 
Partners”) Q4 Investor Letter: March 6, 2025 

Independent auditor’s report
To the Shareholders of Senvest Capital Inc.
Our opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, 
the financial position of Senvest Capital Inc. and its subsidiaries (together, the Company) as at
December 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended in
accordance with International Financial Reporting Standards as issued by the International Accounting 
Standards Board (IFRS Accounting Standards).
What we have audited
The Company’s consolidated financial statements comprise:
• 
the consolidated statements of financial position as at December 31, 2024 and 2023;
• 
the consolidated statements of income for the years then ended;
• 
the consolidated statements of comprehensive income for the years then ended;
• 
the consolidated statements of changes in equity for the years then ended;
• 
the consolidated statements of cash flows for the years then ended; and
• 
the notes to consolidated financial statements, comprising material accounting policy information
and other explanatory information.
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our 
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of 
the consolidated financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our 
audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities 
in accordance with these requirements.
PricewaterhouseCoopers LLP
1250 René-Lévesque Boulevard West, Suite 2500, Montréal, Quebec, Canada  H3B 4Y1
T.: +1 514 205 5000, F.: +1 514 876 1502, Fax to mail: ca_montreal_main_fax@pwc.com
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
43

Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements for the year ended December 31, 2024. These matters were 
addressed in the context of our audit of the consolidated financial statements as a whole, and in forming 
our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter 
How our audit addressed the key audit matter
Valuation of level 3 debt and equity securities
Refer to note 2 – Material accounting policy 
information, note 3 – Critical accounting estimates 
and judgments and note 16 – Financial risks and 
fair value to the consolidated financial statements.
As at December 31, 2024, the Company’s 
investment portfolio included $6,057,333,000 of 
equity investments and other holdings measured at 
fair value through profit or loss, which included 
$280,739,000 of level 3 debt and equity securities 
(the Securities) for which quoted prices or 
observables inputs were not available. 
Management uses valuation techniques, including 
the comparable company approach, comparable 
bond methodologies, Black-Scholes option pricing 
models, recoverability analysis, index performance 
method, and recent transactions to determine the 
fair value of these Securities. In the determination 
of the fair value of these Securities, management 
applies significant judgment, which includes the 
selection of appropriate valuation techniques and 
the use of significant unobservable inputs in those 
techniques, such as:
a)
earnings before interest, tax and
amortization (EBITA) multiples, revenue
multiples, EBITA estimates, revenue
estimates, and average change in market
capitalization for securities valued using the
comparable company approach;
Our approach to addressing the matter included the 
following procedures, among others:
• 
Tested how management determined the fair
value estimates for a sample of Securities,
which included the following:
−
Evaluated the appropriateness of the
valuation techniques used and tested the
mathematical accuracy thereof.
−
For Securities valued using the comparable
company approach, assessed the
reasonableness of EBITA and revenue
estimates of the underlying companies by
comparing them to past performance of the
underlying companies.
−
For Securities valued using the recent
transaction approach, assessed publicly
available information having a potential to
affect the fair value between the
transaction date and December 31, 2024.
−
Professionals with specialized skills and
knowledge in the field of valuation were
used to further assist in evaluating the
reasonableness of management’s valuation
techniques and significant unobservable
inputs, by considering comparable
companies for the EBITA multiples,
revenue multiples, discount rates, YTM
rates, index weighting, and average
change in market capitalization.
44

b)
yield to maturity (YTM) rates for
Securities valued using comparable
bond methodologies;
c)
expected volatilities for Securities valued
using the Black-Scholes option pricing
models;
d)
discount rate and revenue multiple for
Securities valued using the recoverability
analysis; and
e)
index weighting for Securities valued using
the index performance method.
We considered this a key audit matter due to the 
significant judgment applied by management in 
determining the fair value estimates of the 
Securities. This determination required the use of 
appropriate valuation techniques, which included 
significant unobservable inputs. This in turn led to a 
high degree of auditor subjectivity and judgment in 
performing procedures relating to the valuation of 
the Securities. The audit effort involved the use of 
professionals with specialized skill and knowledge 
in the field of valuation.
Valuation of investment properties
Refer to note 2 – Material accounting policy 
information, note 3 – Critical accounting estimates 
and judgments and note 9 – Investment properties 
to the consolidated financial statements.
As at December 31, 2024, the Company held 
investment properties amounting to $85,376,000, 
which are measured at fair value. Management 
uses valuation techniques, including the 
comparable sales approach and recent 
transactions, to determine the fair values of 
investment properties. Management uses 
significant unobservable inputs in estimating the 
value of investment properties, such as value/m2 
for investment properties valued using the 
comparable sales approach.
−
Tested the underlying data used in the
valuation techniques.
Our approach to addressing the matter included the 
following procedures, among others:
• 
Tested how management determined the fair
value of a sample of investment properties,
which included the following:
−
Professionals with specialized skill and
knowledge in the field of real estate
valuation assisted us in evaluating the
appropriateness of the valuation
techniques, in testing the mathematical
accuracy thereof, assessing recent
transactions and evaluating the
reasonableness of the value/m2 used.
−
Tested the underlying data used in the
valuation techniques.
45

We considered this a key audit matter due to the
significant judgments applied by management in
determining the fair value estimates of the
investment properties. This determination required
the use of appropriate valuation techniques, which
included significant unobservable inputs. This in
turn led to a high degree of auditor subjectivity and
judgment in performing procedures relating to the
valuation of the investment properties. The audit
effort involved the use of professionals with
specialized skill and knowledge in the field of real
estate valuation.
Other information
Management is responsible for the other information. The other information comprises the Management’s 
Discussion and Analysis, which we obtained prior to the date of this auditor’s report and the information, 
other than the consolidated financial statements and our auditor’s report thereon, included in the annual 
report, which is expected to be made available to us after that date.
Our opinion on the consolidated financial statements does not cover the other information and we do not 
and will not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other 
information identified above and, in doing so, consider whether the other information is materially 
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or 
otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this 
auditor’s report, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard. When we read the information, other 
than the consolidated financial statements and our auditor’s report thereon, included in the annual report, 
if we conclude that there is a material misstatement therein, we are required to communicate the matter to 
those charged with governance.
Responsibilities of management and those charged with governance for the 
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with IFRS Accounting Standards, and for such internal control as management 
determines is necessary to enable the preparation of consolidated financial statements that are free from 
material misstatement, whether due to fraud or error.
46

In preparing the consolidated financial statements, management is responsible for assessing the 
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern and using the going concern basis of accounting unless management either intends to liquidate 
the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting
process.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as 
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards 
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in the aggregate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise 
professional judgment and maintain professional skepticism throughout the audit. We also:
• 
Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.
• 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• 
Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
47

• 
Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• 
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the Company as a basis for forming an opinion on
the consolidated financial statements. We are responsible for the direction, supervision and review of
the audit work performed for purposes of the group audit. We remain solely responsible for our audit
opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, including any significant deficiencies in internal 
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant 
ethical requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, related 
safeguards.
From the matters communicated with those charged with governance, we determine those matters that 
were of most significance in the audit of the consolidated financial statements of the current period and 
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we 
determine that a matter should not be communicated in our report because the adverse consequences of 
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Alexandros Sakkas.
/s/PricewaterhouseCoopers LLP1
Montréal, Quebec
March 28, 2025
1 CPA auditor, public accountancy permit No. A136473
48

Senvest Capital Inc. 
Consolidated Statements of Financial Position 
As at December 31, 2024 and 2023 
(in thousands of Canadian dollars) 
___________________________ 
Frank Daniel 
Director 
The accompanying notes are an integral part of these consolidated financial statements. 
Note 
2024 
$ 
2023 
$ 
4 
     66,189 
33,011 
   477 
477 
5(b) 
   473,114 
346,315 
6 
         6,057,333 
4,585,964 
7 
     20,204 
20,383 
8 
     43,713 
44,172 
9 
     85,376 
63,095 
12(b) 
     20,102 
19,928 
     27,578 
19,117 
6,794,086 
5,132,462 
5(a) 
590  
349 
11 
79,139 
22,359 
5(b) 
         1,653,098 
878,750 
6 
   404,849 
502,965 
    113,117 
72,332 
- 
386 
12(b) 
145,582 
89,492 
10 
         2,355,197 
1,927,203 
4,751,572 
3,493,836 
13 
     20,368 
20,605 
347,934 
197,312 
1,651,651 
1,402,922 
2,019,953 
1,620,839 
17 
22,561 
17,787 
2,042,514 
1,638,626 
Assets 
Cash and cash equivalents 
Restricted short-term investments 
Due from brokers 
Equity investments and other holdings 
Investments in associates 
Real estate investments 
Investment properties 
Income taxes receivable 
Other assets 
Total assets
Liabilities 
Bank advances 
Trade and other payables 
Due to brokers 
Securities sold short and derivative liabilities 
Redemptions payable 
Income taxes payable 
Deferred income tax liabilities 
Liability for redeemable units 
Total liabilities 
Equity 
Equity attributable to common shareholders 
Share capital 
Accumulated other comprehensive income 
Retained earnings 
Total equity attributable to common shareholders
Non-controlling interest 
Total equity 
Total liabilities and equity 
Approved by the Board of Directors 
___________________________ 
Victor Mashaal 
Director 
6,794,086 
5,132,462 
48
49

Senvest Capital Inc. 
Consolidated Statements of Income 
For the years ended December 31, 2024 and 2023 
(in thousands of Canadian dollars, except per share data) 
The accompanying notes are an integral part of these consolidated financial statements. 
Note 
2024 
$ 
2023 
$ 
Revenue
Interest income 
    58,942 
64,129 
Dividend income 
     63,526 
71,972 
Other income 
 9,416 
7,962 
       131,884 
144,063 
Investment gains (losses)
Net change in fair value of equity investments and other holdings 
846,520 
307,715 
Dividend expense on securities sold short 
  (2,797) 
(11,235) 
Net change in fair value of real estate investments 
   (5,261) 
(3,965) 
Net change in fair value of investment properties 
3,651 
(919) 
Share of loss of associates 
7 
   (1,074) 
(9,450) 
Foreign exchange gain (loss) 
  (8,014) 
6,094 
833,025 
288,240 
Total revenue and net investment gains
964,909 
432,303 
Operating costs and other expenses
Employee benefit expense 
         88,304 
43,350 
Interest expense 
 96,209 
102,105 
Transaction costs 
         11,807 
14,463 
Other operating expenses  
         28,740 
39,437 
225,060 
199,355 
Change in redemption amount of redeemable units
       423,115 
131,475 
Income before income tax
316,734 
101,473 
Income tax expense 
12(a) 
55,531 
17,166 
Net income for the year
261,203 
84,307 
Net income attributable to:
Common shareholders 
258,147 
83,608 
Non-controlling interest 
        3,056 
699 
Earnings per share 
Basic and diluted
14 
105.06 
33.78 
49
50

Senvest Capital Inc. 
Consolidated Statements of Comprehensive Income 
For the years ended December 31, 2024 and 2023 
(in thousands of Canadian dollars) 
The accompanying notes are an integral part of these consolidated financial statements. 
2024 
$ 
2023 
$ 
Net income for the year
261,203 
84,307 
Other comprehensive income (loss)
Currency translation differences 
       152,340 
(37,367) 
Comprehensive income for the year
413,543 
46,940 
Comprehensive income attributable to:
Common shareholders 
        408,769 
46,666 
Non-controlling interest 
4,774 
274 
Other comprehensive income (loss) includes currency translation differences arising from the Company’s interest in 
foreign entities. Accumulated other comprehensive income arising from currency translation differences arising 
from the Company’s interest in foreign entities will be reclassified to profit and loss upon the disposal of such 
entities. Currency translation differences arising from the translation of the Company’s consolidated financial 
statements’ translation to the presentation currency will not be subsequently reclassified to profit and loss. 
50
51

Senvest Capital Inc. 
Consolidated Statements of Changes in Equity 
For the years ended December 31, 2024 and 2023 
(in thousands of Canadian dollars) 
The accompanying notes are an integral part of these consolidated financial statements. 
Equity attributable to owners of the parent
Note 
Share 
capital 
$ 
Accumulated 
other 
comprehensive 
income 
$ 
Retained 
earnings 
$ 
Total 
$ 
Non-
controlling 
interests 
$ 
Total 
equity 
$ 
Balance – December 31, 2022
20,657 
234,254 
1,321,347 
1,576,258 
17,513 
1,593,771 
Net income for the year 
- 
- 
83,608 
83,608 
699 
84,307 
Other comprehensive loss 
-
(36,942)
-
(36,942)
(425)
(37,367)
Comprehensive income (loss) 
for the year
-
(36,942)
83,608 
46,666 
274 
46,940 
Repurchase of common shares 
13 
(52) 
- 
(2,033) 
(2,085) 
-
(2,085)
Balance – December 31, 2023
20,605 
197,312 
1,402,922 
1,620,839 
17,787 
1,638,626 
Net income for the year 
- 
- 
258,147 
258,147 
3,056 
261,203 
Other comprehensive income 
-
150,622
-
150,622
1,718 
152,340 
Comprehensive income 
for the year 
-
150,622
258,147 
408,769 
4,774 
413,543 
Repurchase of common shares 
13 
(237) 
- 
(9,418) 
(9,655) 
-
(9,655)
Balance – December 31, 2024
20,368 
347,934 
1,651,651 
2,019,953 
22,561 
2,042,514 
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Senvest Capital Inc. 
Consolidated Statements of Cash Flows 
For the years ended December 31, 2024 and 2023 
(in thousands of Canadian dollars) 
The accompanying notes are an integral part of these consolidated financial statements. 
Note 
2024 
$ 
2023 
$ 
Cash flows provided by (used in)
Operating activities 
Net income for the year 
261,203 
84,307 
Adjustments for non-cash items 
15(a)
(373,745) 
(159,802) 
Purchase of equity investments and other holdings held for trading 
(3,864,536) 
        (3,456,530) 
Purchase of securities sold short and derivative liabilities 
(1,099,518) 
        (3,573,672) 
Proceeds on sale of equity investments and other holdings held for trading 
3,763,446 
4,360,286 
Proceeds from securities sold short and derivative liabilities 
893,718 
3,195,749 
Dividends and distributions received from real estate investments 
960 
1,458 
Changes in non-cash working capital items 
15(b)
619,705 
(367,381) 
Net cash provided by operating activities
201,233 
84,415 
Investing activities
Transfers to restricted short-term investments 
40 
(11) 
Purchase of real estate investments 
(2,087) 
(2,904) 
Purchase of investment properties 
(17,148) 
(7,341) 
Purchase of investment in associates 
- 
(618) 
Purchase of equity investments and other holdings at 
 fair value through profit or loss 
(14,849) 
(21,915) 
Proceeds on sale of equity investments and other holdings at 
 fair value through profit or loss 
15,934 
43,866 
Proceeds from investments in associates 
803 
- 
Net cash provided by (used in) investing activities
(17,307) 
11,077 
Financing activities
Increase (decrease) in bank advances 
232 
(185) 
Payment of lease liability 
(1,346) 
(1,283) 
Repurchase of common shares 
(9,655) 
(2,085) 
Proceeds from issuance of redeemable units 
51,339 
9,428 
Amounts paid on redemption of redeemable units 
(195,568) 
(110,091) 
Net cash used in financing activities
(154,998) 
(104,216) 
Increase (decrease) in cash and cash equivalents during the year
28,928 
(8,724) 
Effect of changes in foreign exchange rates on cash and 
cash equivalents 
4,250 
(796) 
Cash and cash equivalents – Beginning of year
33,011 
42,531 
Cash and cash equivalents – End of year
4 
66,189 
33,011 
Amounts of cash flows classified in operating activities:
Cash paid for interest 
96,523 
104,210 
Cash paid for dividends on securities sold short 
2,550 
13,312 
Cash received on interest 
58,919 
65,819 
Cash received on dividends 
59,583 
69,838 
Cash paid for income taxes 
9,327 
25,657 
52
53

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
1
General information 
Senvest Capital Inc. (the “Company”) was incorporated under Part I of the Canada Corporations Act on 
November 20, 1968 under the name Sensormatic Electronics Canada Limited, and was continued under the 
Canada Business Corporations Act under the same name effective July 23, 1979. On April 21, 1991, the 
Company changed its name to Senvest Capital Inc. The Company and its subsidiaries hold investments in 
equity and real estate holdings that are located predominantly in the United States. The Company’s head office 
and principal place of business is located at 1000 Sherbrooke Street West, Suite 2400, Montréal, Quebec 
H3A 3G4. The Company’s shares are traded on the Toronto Stock Exchange under the symbol “SEC”. Refer to 
note 17 for the composition of the Company. 
2 
Material accounting policy information 
Basis of preparation 
The Company prepares its consolidated financial statements in accordance with International Financial 
Reporting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) 
The Board of Directors (Board) approved these consolidated financial statements for issue on March 28, 2025. 
The preparation of consolidated financial statements in conformity with IFRS Accounting Standards, requires 
the use of certain critical accounting estimates. It also requires management to exercise its judgment in the 
process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or 
complexity or areas where assumptions and estimates are significant to the consolidated financial statements 
are disclosed in note 3. 
Basis of measurement 
The consolidated financial statements have been prepared under the historical cost convention, except for 
financial assets and financial liabilities at fair value through profit or loss (FVTPL), including derivative 
instruments, and investment properties which have been measured at fair value. 
Consolidation 
Subsidiaries 
The financial statements of the Company consolidate the accounts of the Company, its subsidiaries, and its 
structured entities. All intercompany transactions, balances and unrealized gains and losses from intercompany 
transactions are eliminated on consolidation. Where applicable, amounts reported by subsidiaries, associates 
and structured entities have been adjusted to conform with the Company’s accounting policies. 
53
54

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Investments in associates 
Investments in associates held by the Company’s investment entities are included in the Company’s 
consolidated financial statements as financial assets at FVTPL. The accounting policies applied to these 
investments in associates are similar to those applied to the Company’s other financial assets at FVTPL and are 
disclosed in the accounting policy notes discussing the classification and measurement of financial assets and 
liabilities.  
Investment in associates that are not held by the Company’s investment entities are included in the Company’s 
consolidated financial statements using the equity method. 
Equity method 
Participations in associates are initially recorded at cost plus transaction costs. Subsequent to the acquisition 
date, the Company’s share of profits or losses of associates is recognized in the consolidated statements of 
income (loss). The cumulative post-acquisition movements are adjusted against the carrying amount of the 
investment. When the Company’s share of losses in an associate equal or exceeds its interest in the associate, 
including any other unsecured receivables, the Company does not recognize further losses, unless it has 
incurred obligations or made payments on behalf of the associate. 
Dilution gains and losses arising from changes in interests in investments in associates are recognized in the 
consolidated statements of income (loss). 
The Company assesses at each year-end whether there is any objective evidence that its interests in associates 
are impaired. If impaired, the carrying value of the Company’s share of the underlying assets of associates is 
written down to its estimated recoverable amount (being the higher of fair value less cost to sell and value in 
use) and charged to the consolidated statement of income (loss). In accordance with IAS 36 Impairment of 
Assets, impairment losses are reversed in subsequent years if the recoverable amount of the investment 
subsequently increases, and the increase can be related objectively to an event occurring after the impairment 
was recognized. 
Liability for redeemable units 
Liability for redeemable units represents the units in Senvest Master Fund, L.P., Senvest Technology Partners 
Master Fund, L.P. and Senvest Cyprus Recovery Investment Partners, L.P. Fund (collectively the “Funds” or 
individually a “Fund”) that are not owned by the Company. Senvest Master Fund, L.P. and Senvest Technology 
Partners Master Fund, L.P. units may be redeemed as of the end of any calendar quarter subject to the required 
notice of redemption period, maximum quarterly amounts and redemption fees. Senvest Cyprus Recovery 
Investment Partners, L.P. Fund has units that can be redeemed semi-annually with a 120 day notice. These 
units are recognized initially at fair value, net of any transaction costs incurred, and subsequently units are 
measured at the redemption amount. 
Redeemable units are issued and redeemed at the holder’s option at prices based on each Fund’s net asset value 
per unit at the time of subscription or redemption. Each Fund’s net asset value per unit is calculated by dividing 
the net assets attributable to the holders of each class of redeemable units by the total number of outstanding 
redeemable units for each respective class. In accordance with the provisions of the Funds’ offering documents, 
54
55

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
investment positions are valued at the close price for the purpose of determining the net asset value per unit for 
subscriptions and redemptions. 
Non-controlling interests 
Non-controlling interests represent equity interests in the consolidated structured entities owned by outside 
parties. The share of net assets of the structured entity attributable to non-controlling interests is presented as a 
component of equity. Their share of net income (loss) and comprehensive income (loss) is recognized directly in 
equity. Changes in the Company’s ownership interest in the structured entity that do not result in a loss of 
control are accounted for as equity transactions. 
Foreign currency translation 
Functional currency 
Items included in the financial statements of each of the Company’s entities are measured using the currency of 
the primary economic environment in which the entity operates (the functional currency). The functional 
currency of the Company is the US dollar. 
Transactions and balances 
Foreign currency transactions are translated into the relevant functional currency using the exchange rates 
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of 
foreign currency transactions and from the translation at year-end exchange rates of monetary assets and 
liabilities denominated in currencies other than an entity’s functional currency are recognized in the 
consolidated statement of income (loss). 
Consolidation and foreign operations 
The financial statements of a subsidiary or a structured entity that has a functional currency different from that 
of the parent company are translated into US dollars as follows: assets and liabilities – at the closing rate at the 
date of the consolidated statement of financial position; and income and expenses – at the average rate for the 
period (as this is considered a reasonable approximation of actual rates). All resulting changes are recognized in 
other comprehensive income (loss) as currency translation differences. 
If the Company disposes its interest in a foreign operation or loses control or significant influence over a foreign 
operation, the foreign exchange gains or losses accumulated in other comprehensive income related to the 
foreign operation would be recognized in net income (loss). If the Company disposes of part of an interest in a 
foreign operation which remains a subsidiary, a proportionate amount of foreign exchange gains or losses 
accumulated in other comprehensive income (loss) related to the subsidiary would be reallocated between 
controlling and non-controlling interests. 
55
56

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Presentation currency 
The Company has adopted the Canadian dollar as its presentation currency, which in the opinion of 
management is the most appropriate presentation currency. Historically, the Company’s consolidated financial 
statements have been presented in Canadian dollars, and since the Company’s shares are listed on a Canadian 
stock exchange, management believes it would better serve the use of shareholders to continue issuing 
consolidated financial statements in Canadian dollars. The US dollar consolidated financial statements 
described above are translated into the presentation currency as follows: assets and liabilities – at the closing 
rate at the date of the consolidated statement of financial position; and income and expenses – at the average 
rate for the period. All resulting changes are recognized in other comprehensive income as currency translation 
differences. Equity items are translated using the historical rate. 
Cash and cash equivalents 
Cash and cash equivalents consist of cash on hand, deposits held with banks and other short-term highly liquid 
investments with original maturities of three months or less. 
Financial assets and liabilities 
Recognition, derecognition and offsetting 
Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual 
provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the 
assets have expired or have been transferred and the Company has transferred substantially all risks and 
rewards of ownership. Financial assets and financial liabilities are recognized on the trade date, the date on 
which the Company commits to purchase or sell the investment. 
Financial assets and financial liabilities are offset and the net amount reported in the consolidated statement of 
financial position when there is a legally enforceable and unconditional right to offset the recognized amounts 
and when there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. 
Classification and measurement 
The classification of financial assets is based on the Company’s business model and the financial asset’s 
contractual cash flow characteristics. Business models are reassessed periodically, and contractual cash flows 
characteristics are assessed to determine whether they are “Solely payments of principal and interest” (SPPI). 
The Company assesses its business models individually at the level of the subsidiaries and the associated 
companies. Information that is considered in determining the business models includes policies and objectives 
for the financial instrument held in each entity, how risk and performance is measured at the entity level and 
reported to management and expected future events for the financial instrument with respect to valuation, 
holding period and selling. All of the group entities’ financial assets are managed on a fair value basis with the 
exception of bank balances and short-term trade receivables. The Company does not hold any long-term 
financial assets with the intent of solely collecting payments of principal and interest or collecting such 
payments and selling the assets. 
56
57

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Financial assets, including hybrid contracts, are classified as either amortized cost or the residual classification 
of FVTPL. 
Financial assets with cash flows that are SPPI and are held within a business model where the objective is to 
hold the financial assets in order to collect contractual cash flows (“Hold to collect” business model) are 
measured at amortized cost. 
Financial assets with cash flows that are SPPI but are not held within the “Hold to collect” business model are 
measured at FVTPL.  
Financial assets with cash flows that do not meet the SPPI conditions are measured at FVTPL. 
Financial assets held for trading are classified as FVTPL.  
Financial liabilities are measured at amortized cost unless they must be measured at FVTPL (such as 
instruments held for trading or derivatives) or if the Company elects to measure them at FVTPL. The Company 
has not made such elections. 
Financial assets at FVTPL 
i)
Financial assets and financial liabilities held for trading
A financial asset or financial liability is classified as held for trading if it is acquired or incurred
principally for the purpose of selling or repurchasing in the near term or if on initial recognition it is
part of a portfolio of identifiable financial instruments that are managed together and for which there
is evidence of a recent actual pattern of short-term profit taking.
The Company makes short sales in which a borrowed security is sold in anticipation of a decline in the
market value of that security, or it may use short sales for various arbitrage transactions.
From time to time, the Company enters into derivative financial instruments for speculative purposes.
Derivatives are also classified as held for trading. The Company does not classify any derivatives as
hedges in a hedging relationship.
ii)
Financial assets managed as fair value through profit or loss
Financial assets managed as fair value through profit or loss are financial instruments that are not
classified as held for trading but form part of a portfolio that is managed and whose performance is
evaluated on a fair value basis in accordance with the Company’s documented investment strategy.
The Company’s policy requires management to evaluate the information about these financial assets
and financial liabilities on a fair value basis together with other related financial information.
57
58

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Recognition, derecognition and measurement 
Financial assets and financial liabilities at FVTPL are initially recognized at fair value. Transaction costs are 
expensed as incurred in the consolidated statement of income.  
Subsequent to initial recognition, all financial assets and financial liabilities at FVTPL are measured at fair 
value which approximates the amount that would be received or paid if the derivative were to be transferred to 
a market participant at the consolidated statement of financial position date.  
Gains and losses arising from changes in the fair value of financial assets or financial liabilities at FVTPL are 
presented in the consolidated statement of income (loss) in net change in fair value of equity investments and 
other holdings or net change in fair value of real estate investments in the period in which they arise.  
The fair value is included in equity investments and other holdings if in an asset position or equities sold short 
and derivative liabilities if in a liability position. 
Dividend income from financial assets at fair value through profit or loss is recognized in the consolidated 
statement of income (loss) as dividend income when the Company’s right to receive payment is established. 
Interest on debt securities at fair value through profit or loss is recognized in the consolidated statement of 
income (loss) in interest income based on the contractual rate on an accrual basis. Dividend expense from 
equities sold short is recognized in the consolidated statement of income (loss) as dividend expense on equities 
sold short.  
Financial assets at amortized cost 
Classification  
Financial assets at amortized cost are non-derivative financial assets with cash flows that are SPPI and that are 
managed under a “hold to collect” business model. 
The Company’s financial assets at amortized cost consist of cash and cash equivalents, due from brokers, as 
well as loans to employees and restricted short-term investment, which are included in other assets.  
Recognition and measurement 
At initial recognition, the Company measures its financial assets at its fair value plus transactions costs 
incurred. The amortized cost is the amount at which the financial asset is measured at initial recognition minus 
the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any 
difference between that initial amount and the maturity amount and adjusted for any loss allowance. 
Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial 
assets.  
Impairment 
Substantially all of the Company’s financial assets at amortized cost are short-term assets and due by 
counterparties with low credit risk. The Company monitors its financial assets measured at amortized cost and 
counterparty risk. 
58
59

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Financial liabilities at amortized cost 
Classification  
The Company’s financial liabilities at amortized cost are non-derivative liabilities that comprise bank advances, 
trade and other payables, due to brokers, redemptions payable, subscriptions received in advance and liability 
for redeemable units. 
Recognition and measurement 
Trade and other payables are initially recognized at fair value. Subsequently, trade and other payables are 
measured at amortized cost using the effective interest method. Bank advances, due to brokers, redemptions 
payable and subscriptions received in advance are recognized initially at fair value, net of any transaction costs 
incurred, and subsequently at amortized cost using the effective interest method. 
Due from and to brokers 
Amounts due from and to brokers represent positive and negative cash balances or margin accounts, and 
pending trades on the purchase or sale of securities. 
Where terms in the prime brokerage agreements permit the prime broker to settle margin balances with cash 
accounts or collateral, the due from brokers cash balances are offset against the due to brokers margin balances 
at each prime broker. 
Investment properties 
Investment properties are properties held to earn rental income and/or for capital appreciation and are not 
occupied by the Company. Investment properties are measured initially at cost, including transaction costs. 
Subsequent to initial recognition, investment properties are measured at fair value. Changes in fair values are 
recognized in the consolidated statement of income (loss) as part of net change in fair value of investment 
properties in the period in which they arise. 
Income tax 
Income tax comprises current and deferred tax. Income tax is recognized in the consolidated statement of 
income (loss) except to the extent that it relates to items recognized directly in equity, in which case the income 
tax is recognized directly in equity. 
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the 
consolidated statement of financial position date in the countries where the Company and its subsidiaries 
operate and generate taxable income. Management periodically evaluates positions taken in tax returns with 
respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions 
where appropriate on the basis of amounts expected to be paid to the tax authorities. 
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax 
bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, 
59
60

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income 
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a 
business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. 
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at 
the consolidated statement of financial position date and will apply when it is expected that the related deferred 
income tax asset will be realized or the deferred income tax liability settled. 
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be 
available against which the temporary differences can be used. 
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, 
except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled 
by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. 
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax 
assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income 
taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where 
there is an intention to settle the balances on a net basis. 
Share capital 
Common shares are classified as equity. Incremental costs directly attributable to the issue of new common 
shares or options are recorded in equity as a deduction, net of tax, from the proceeds. 
Earnings per share 
Basic earnings per share is calculated by dividing the net loss for the year attributable to equity owners of the 
parent by the weighted average number of common shares outstanding during the year. 
Diluted earnings per share are calculated by adjusting the weighted average number of common shares 
outstanding to assume conversion of all potentially dilutive instruments. The Company currently does not have 
any dilutive instruments. 
60
61

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
New standards and amendments to existing standards effective January 1, 2024 
There are no standards, amendments to standards or interpretations that are effective for annual periods 
beginning on January 1, 2024 that have a material effect on the consolidated financial statements of the 
Company. 
Accounting standards and amendments issued but not yet adopted 
The IASB has issued new standards and amendments to existing standards that are not mandatory for the 
December 31, 2024, reporting period and which were not early adopted by the Company. The Company’s 
assessment of the impact of this new standard and amendments is set out below:  
i)
Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS
9 and IFRS 7 (effective for annual periods beginning on or after January 1, 2026)
In May 2024, the IASB issued targeted amendments to IFRS 9 and 7 to respond to recent questions
arising in practice, and to include new requirements not only for financial institutions but also
corporate entities. Among other amendments, the IASB clarified the date of recognition and
derecognition of some financial assets and liabilities, with a new exception for some financial
liabilities settled through an electronic cash transfer system.
ii)
IFRS 18, Presentation and Disclosure in Financial Statements (effective for annual periods beginning
on or after January 1, 2027)
In April 2024, the IASB issued the new standard on presentation and disclosure in financial
statements, which replaces IAS 1, Presentation of Financial Statements. The key concepts introduced
in IFRS 18 relate to:
•
The structure of the statement of income;
•
The requirement to determine the most useful structured summary for presenting expenses in the
statement of income;
•
Required disclosures in a single note within the financial statements for certain profit or loss
performance measures that are reported outside an entity’s financial statements (that is,
management-defined performance measures); and
•
Enhanced principles on aggregation and disaggregation which apply to the primary financial
statements and notes in general.
The Company is currently still assessing the impact of the forthcoming standard and amendments. 
No other new standards or amendments to standards are expected to have a material impact on the 
consolidated financial statements of the Company. 
61
62

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
3 Critical accounting estimates and judgments 
Critical accounting estimates 
The Company makes accounting estimates that are subject to measurement uncertainty because they require 
the use of judgement and assumptions. The Company uses judgement and assumptions in designing and 
selecting measurement or valuations techniques that are appropriate to the circumstances and applies inputs 
that correlate to the measurement or valuation technique selected. Inputs selected also require the use of 
judgment and assumptions. 
Fair value of financial instruments 
The fair value of financial instruments, including real estate investments, where no active market exists or 
where listed prices are not otherwise available are determined by using valuation techniques. In these cases, the 
fair values are estimated from observable data in respect of similar financial instruments or by using models. 
Where market observable data inputs are not available, they are estimated based on appropriate assumptions. 
To the extent practical, models use only observable data; however, areas such as credit risk (both the Company’s 
own credit risk and counterparty risk), volatilities and correlations require management to make estimates. 
Changes in assumptions about these factors could affect the reported fair value of financial instruments. 
Refer to note 16 for more information on fair value measurements and risk sensitivity for the Company’s 
financial instruments. 
Fair value of investment properties 
The Company has adopted the fair value model in measuring its investment properties. The fair value of the 
investment properties is performed by external independent knowledgeable valuators located in the area of the 
properties. Inputs used in the property valuation models are based on appropriate assumptions that reflect the 
type of property and location. Management reviews the assumptions made and models used to ensure they 
correlate with their expectation and understanding of the market.   
Changes in assumptions about these factors could affect the reported fair value of investment properties. 
Refer to note 9 for more information on fair value measurements and risk sensitivity for the Company’s 
investment properties. 
Income taxes 
The Company is subject to income taxes in numerous jurisdictions. Significant judgment is required in 
determining the consolidated provision for income taxes. There are many transactions and calculations for 
which the ultimate tax determination is uncertain. The Company recognizes liabilities for anticipated tax audit 
issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters 
is different from the amounts that were initially recorded, such differences will impact the current and deferred 
income tax assets and liabilities in the year in which such determination is made. 
62
63

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Critical accounting judgments 
Consolidation of entities in which the Company holds less than 50% of the voting rights 
Management considers the Company to have de facto control of Senvest Management L.L.C. (RIMA), RIMA 
Senvest Master Fund GP, L.L.C., and Senvest Technology Partners GP, L.L.C. three legal entities wholly owned 
by an executive of the Company, because of the Company’s Board representation and the contractual terms of the 
investment advisory agreement. RIMA is the investment adviser to the Funds, whereas RIMA Senvest Master 
Fund GP, L.L.C. is the General Partner of Senvest Master fund LP and Senvest Technology Partners GP LLC is 
the General Partner of Senvest Technology Partners Master Fund LP. As compensation for its sub-advisory 
services, the Company is entitled to receive 60% of the net management fees through RIMA and incentive 
allocation earned through the General Partners each fiscal year.  
Management considers the Company to have control of Senvest Master Fund, L.P., Senvest Technology Partners, 
Master Fund L.P. and Senvest Cyprus Recovery Investment Fund, L.P. even though the Company has less than 
50% of the voting rights in each of the Funds. The Company assessed that the removal rights of non-affiliated 
unitholders are exercisable but not strong enough given the Company’s decision-making authority over relevant 
activities, the remuneration to which it is entitled and its exposure to returns. The Company, through its 
structured entities, is the majority unitholder of each of the Funds and acts as a principal while there are no other 
unitholders forming a group to exercise their votes collectively. 
4 
Cash and cash equivalents 
2024 
$ 
2023 
$ 
Cash on hand and on deposit 
11,506 
25,453 
Short-term investments 
54,683 
7,558 
66,189 
33,011 
5 
Credit facility and due from and due to brokers 
a)
Credit facility
Bank advances
The Company has a credit facility with a Canadian bank and has available a demand revolving loan (credit
facility) and a guarantee facility. The credit facility is in the amount of $3,000 and is payable on demand.
As at December 31, 2024, $590 was outstanding (2023 – $349). Under the credit facility, the Company
may, upon delivery of a required notice, opt to pay interest at the bank’s prime rate plus 0.25%. All of the
credit facility available is also available by way of term SOFR loans at varying rates depending on the
length of term plus 1.75% per annum, or by US dollar advances.
63
64

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
A first-ranking movable hypothec in the amount of $30,000 on all of the Company’s assets has been 
granted as collateral for the credit facility. According to the terms of the facility, the Company is required 
to comply with certain financial covenants. As at December 31, 2024 and 2023, the Company had met the 
requirements of all the covenants. 
b)
Due from and due to brokers
The Company has margin facilities with its prime brokers. As at December 31, 2024 and 2023, the
Company’s amounts due to brokers have no specific repayment terms, and they are governed by the
margin terms set forth in the prime brokerage agreements. As at December 31, 2024, listed equity
securities and due from broker amounts have been pledged as collateral. The fair value of the collateral-
listed equity securities is calculated daily and compared to the Company’s margin limits. The prime
brokers can at any time demand full or partial repayment of the margin balances and any interest thereon
or demand the delivery of additional assets as collateral.
Due from and due to brokers balances are presented on a net basis by broker in the consolidated statement
of financial position. Under the prime broker agreements, the broker may upon events of default offset, net
and/or regroup any amounts owed by the Company to the broker by amounts owed to the Company by the
broker. The following tables set out the offsetting of the Company’s various accounts with prime brokers.
As at December 31, 2024 
Gross 
recognized 
amounts 
$ 
Set off 
amounts 
$ 
Net amount 
presented in the 
consolidated 
statements of 
financial 
position 
$ 
Financial 
collateral 
pledged 
$ 
Residual 
amounts not 
set off 
$ 
Amount receivable from 
     brokers
714,262 
(241,148) 
473,114 
-
473,114
Amount payable to 
     brokers
(1,707,880) 
54,782 
(1,653,098) 
1,653,098 
- 
As at December 31, 2023
Amount receivable from 
     Brokers
471,674 
(125,359) 
346,315 
-
346,315
Amount payable to 
     Brokers
(948,673) 
69,923 
(878,750) 
878,750 
-
64
65

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
6 
Equity investments and other holdings, securities sold short and derivative liabilities 
Equity investments and other holdings 
Note 
2024 
$ 
2023 
$ 
Assets 
Financial assets at fair value through profit or loss 
Held for trading 
Equity securities 
5,589,916 
4,097,801 
Debt securities 
23,687 
22,445 
Derivative financial assets 
6(a) 
72,902 
165,738 
5,686,505 
4,285,984 
Financial assets at fair value through profit or loss 
Other 
Equity securities 
339,768 
253,167 
Debt securities 
31,060 
46,813 
6,057,333 
4,585,964 
Current portion 
5,686,505 
4,285,984 
Non-current portion 
370,828 
299,980 
Securities sold short and derivative liabilities 
Note 
2024 
$ 
2023 
$ 
Liabilities 
Financial liabilities 
Held for trading 
Securities sold short 
Listed equity securities (proceeds of $298,932; 
2023 – $450,737) 
346,758 
445,658 
Derivative financial liabilities (proceeds of $767; 
2023 – $1,080) 
6(a) 
58,091 
57,307 
404,849 
502,965 
a)
From time to time, the Company enters into derivative financial instruments consisting primarily of
warrants and options to purchase or sell equity indices and currencies, equity swaps, foreign currency
forward contracts and foreign currency futures contracts. The following tables list the notional
amounts, fair values of derivative financial assets and financial liabilities and net change in fair value
by contract type, including swaps, options, warrants, rights, foreign currency futures contracts,
foreign currency forward contracts and swaps and options sold short included in equity investments
and other holdings or securities sold short and derivative liabilities:
65
66

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
As at 
December 31, 
2024 
For the 
year ended 
December 31, 
2024 
Notional 
value 
$ 
Fair value 
of derivative 
financial 
assets 
$ 
Notional 
value 
$ 
Fair value 
of derivative 
financial 
liabilities 
$ 
Net 
change in 
fair value 
$ 
Equity swaps (i) 
577,560 
72,717 
-
(57,402)
65,381 
Equity options 
21,326 
-
673
(689)
2,817
Warrants and rights 
8,272 
185 
- 
- 
(556)
607,158 
72,902 
673 
(58,091) 
67,642 
As at 
December 31, 
2023 
For the 
year ended 
December 31, 
2023 
Notional 
value 
$ 
Fair value 
of derivative 
financial 
assets 
$ 
Notional 
value 
$ 
Fair value 
of derivative 
financial 
liabilities 
$ 
Net 
change in 
fair value 
$ 
Equity swaps (i) 
347,143 
165,057 
-
(56,382)
(46,602) 
Equity options 
- 
- 
21,780 
(925)
14,728
Warrants and rights 
52,647 
681 
- 
- 
(12,235)
399,790 
165,738 
21,780 
(57,307) 
(44,109) 
(i)
The following table represents the gross Equity swap assets and liabilities and related non-offsetting
amounts.
Gross 
recognized 
amounts 
$ 
Set off 
amounts 
$ 
Net amount 
presented 
in the 
consolidated 
statements of 
financial position 
$ 
Related amounts not set off in the 
consolidated statements of 
financial position 
Financial 
instruments 
   $ 
Net amount 
$ 
72,717 
- 
72,717 
(57,402) 
15,315 
(57,402) 
- 
(57,402) 
57,402 
- 
165,057 
- 
165,057 
(56,382) 
108,675 
As at December 31, 2024 
Equity swaps assets 
Equity swaps liabilities 
(56,382) 
- 
(56,382) 
56,382 
-
66
As at December 31, 2023 
        Equity swaps assets 
        Equity swaps liabilities 
67

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
7 
Investments in associates 
The following have been included in the consolidated financial statements using the equity method. 
2024 
$ 
2023 
$ 
Grant and Geary Partners LP(i) 
10,723 
10,310 
Other associates 
9,481 
10,073 
20,204 
20,383 
The Company’s share of: 
Net income (loss) and comprehensive income (loss) 
Grant and Geary Partners LP(i) 
(274) 
(2,578) 
Other associates 
(800) 
(6,872) 
(1,074) 
(9,450) 
i)
Grant & Geary Partners LP is a limited partnership in which the Company has an approximate 28.5%
economic interest in the underlying property, which is commercial real estate property held in the
United States. Grant & Geary Partners LP’s assets and liabilities are $41,958 (2023 – $43,252) and
$4,332 (2023 – $7,078), respectively.
Commitments, contingent liabilities and borrowing arrangements of associates 
There are no commitments, contingent liabilities or borrowing arrangements relating to the Company’s 
interests in these associates. 
8 
Real estate investments 
Real estate investments comprise the following: 
2024 
$ 
2023 
$ 
Financial assets at fair value through profit or loss 
Investments in private entities (a) 
13,361 
12,308 
Investments in real estate partnerships 
   and income trusts (b) 
30,352 
31,864 
43,713 
44,172 
Non-current portion 
43,713 
44,172 
67
68

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
a)
These investments are minority interests in private entities whose main assets are real estate properties.
There is no established market for these investments. The most likely scenario for a disposal of these
investments is an eventual sale of the underlying real estate properties and the distribution of the net
proceeds to the holders.
b)
These real estate investments are in US real estate partnerships and income trusts (commonly referred to
as REITs). A REIT is an entity that owns and operates income-producing real estate and annually
distributes to its holders at least 90% of its taxable income. The Company’s investments are non-publicly-
traded REITs. There is no established market for these partnerships and REITs. The most likely scenario
for a disposal of these holdings is an eventual sale of the underlying real estate properties of the
partnerships and REITs and the distribution to their holders of the net proceeds to their holders.
9 
Investment properties 
2024 
$ 
2023 
$ 
Opening balance as at January 1 
63,095 
56,318 
Purchases 
8,630 
635 
Proceeds from dispositions 
- 
- 
Capitalized subsequent expenditure 
8,518 
6,706 
Net gain from dispositions 
- 
- 
Net gain (loss) from fair value adjustment 
3,651 
(919) 
Currency translation adjustments 
1,482 
355 
Closing balance as at December 31 
85,376 
63,095 
Non-current portion 
85,376 
63,095 
a)
Amounts recognized in profit or loss for investment properties
2024 
$ 
2023 
$ 
Rental income 
8,505 
7,304 
Direct operating expenses from property that generated rental 
income 
5,002 
4,221 
Direct operating expenses from property that does not generate 
rental income 
1,935 
894 
Net gain from dispositions 
- 
- 
Net change in fair value of investment properties 
3,651 
(919) 
b)
Investment properties are commercial properties situated in Spain.
c)
Contractual obligations
Refer to note 19 for disclosure of contractual obligations to purchase, construct or develop investment
property or for repairs, maintenance and enhancements.
68
69

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
d)
Leasing arrangements
The investment properties are leased to tenants under short-term month-to-month operating leases with
rentals payable monthly.
e)
Fair value measurements
Investment properties are measured at fair value in these consolidated financial statements. Estimates are
made in determining the fair values of the investment properties. Based on the source of the inputs used in
determining the fair value, the Company has classified its investment properties in Level 3 of the fair value
hierarchy (a description of the levels is provided in note 16). There were no transfers between levels for
recurring fair value measurements of investment properties during the years ended December 31, 2024
and 2023.
i)
Valuation techniques used to determine Level 3 fair values
The Company obtains independent valuations for its investment properties annually. At the end of
each reporting period, management updates their assessment of the fair value of each property, taking
into account the most recent independent valuations. Management determines a property’s value
within a range of reasonable fair value estimates.
The best evidence of fair value is current prices in an active market for similar properties. Where such
information is not available the independent valuators consider information from a variety of sources
including:
•
current prices in active markets for similar properties in similar markets and in less active
market, adjusted to reflect those differences;
•
discounted cash flow projections based on reliable estimates of future cash flows; and
•
capitalized income projections based upon a property’s estimated net market income, and a
capitalization rate derived from an analysis of market evidence.
ii)
Fair value measurements using significant unobservable inputs (Level 3)
The following table summarizes the quantitative information about the significant unobservable
inputs used in recurring Level 3 fair value measurement. See (i) above for the valuation technique
adopted.
Description 
Fair value 
2024 
$ 
Valuation 
technique 
Significant 
unobservable 
inputs 
Weighted 
average 
input 
Reasonably 
possible 
shifts +/− 
Change 
in value 
$ 
Leased buildings and 
land  
–Storage facilities
63,207 
Comparable 
sales approach
Value/m2 
$1,270 
10%
+/-6,301 
22,169 
Recent 
Transaction
Value/m2 
$933 
-
- 
69
70

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Description 
Fair value 
2023 
$ 
Valuation 
technique 
Significant 
unobservable 
inputs 
Weighted 
average 
input 
$ 
Reasonably 
possible 
shifts +/− 
Change 
in value 
$ 
Leased buildings and 
land 
–Storage facilities
45,633 
Comparable 
sales approach
Value/m2 
$1,175 
10%
+/-4,552 
17,462 
Recent 
Transaction
Value/m2 
$728 
- 
- 
10 Financial instruments by category and related income, expenses and gains and 
losses 
2024 
Assets (liabilities) 
at fair value through 
profit or loss 
Financial 
Financial 
Assets at 
liabilities at 
Held for 
amortized 
amortized 
trading 
Other 
cost 
cost 
Total 
$ 
$ 
$ 
$ 
$ 
Assets (liabilities) as per consolidated 
statement of financial position 
Cash and cash equivalents 
- 
- 
66,189 
-
66,189
Restricted short-term investments 
- 
- 
477 
-
477
Due from brokers 
- 
- 
473,114 
-
473,114
        Equity investments and other holdings 
5,686,505 
370,828 
- 
- 
6,057,333
Real estate investments 
-
43,713
- 
- 
43,713 
Other assets* 
-
-
19,736 
-
19,736
Bank advances 
-
-
- 
(590)
(590)
Trade and other payables 
-
-
- 
(79,139) 
(79,139)
Due to brokers 
-
-
- 
(1,653,098) 
(1,653,098) 
Securities sold short and derivative 
liabilities 
(404,849) 
- 
- 
- 
(404,849) 
Redemptions payable 
- 
- 
- 
(113,117) 
(113,117) 
Subscriptions received in advance 
- 
- 
- 
- 
- 
Liability for redeemable units 
- 
- 
- 
(2,355,197) 
(2,355,197) 
5,281,656 
414,541 
559,516 
(4, 201,141) 
2,054,572 
Amounts recognized in consolidated 
statement of income (loss) 
Net change in fair value 
792,529 
38,916 
- 
- 
831,445 
Net interest income (expense) 
55,174 
- 
3,559 
(96,175) 
(37,442) 
Net dividend income 
60,074 
655 
- 
- 
60,729 
907,777 
39,571 
3,559 
(96,175) 
854,732 
* Includes other financial receivables but excludes capital assets and other non-financial assets. 
70
71

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
2023 
Assets (liabilities) 
at fair value through 
profit or loss 
Financial 
Financial 
Assets at 
liabilities at 
Held for 
amortized 
amortized 
trading 
Other 
cost 
cost 
Total 
$ 
$ 
$ 
$ 
$ 
Assets (liabilities) as per consolidated 
statement of financial position 
Cash and cash equivalents 
- 
- 
33,011 
-
33,011
Restricted short-term investments 
- 
- 
477 
-
477
Due from brokers 
- 
- 
346,315 
-
346,315
        Equity investments and other holdings 
4,285,984 
299,980 
- 
- 
4,585,964
Real estate investments 
-
44,172
- 
- 
44,172 
Other assets* 
-
-
14,818 
-
14,818
Bank advances 
-
-
- 
(349)
(349)
Trade and other payables 
-
-
- 
(22,359) 
(22,359)
Due to brokers 
-
-
- 
(878,750) 
(878,750) 
Securities sold short and derivative 
liabilities 
(502,965) 
- 
- 
- 
(502,965) 
Redemptions payable 
- 
- 
- 
(72,332) 
(72,332) 
Subscriptions received in advance 
- 
- 
- 
- 
- 
Liability for redeemable units 
- 
- 
- 
(1,927,203) 
(1,927,203) 
3,783,019 
344,152 
394,621 
(2,900,993) 
1,620,799 
Amounts recognized in consolidated 
statement of income (loss) 
Net change in fair value 
261,055 
42,695 
- 
- 
303,750 
Net interest income (expense) 
61,628 
-
2,305
(101,900) 
(37,967) 
Net dividend income 
59,313 
1,424 
- 
- 
60,737 
381,996 
44,119 
2,305 
(101,900) 
326,520 
* Includes other financial receivables but excludes capital assets and other non-financial assets. 
11 Trade and other payables 
2024 
$ 
2023 
$ 
Trade and interest payable 
3,527 
3,326 
Employee benefits accrued 
50,436 
7,349 
Mortgages 
12,764 
5,759 
Lease liabilities 
3,346 
1,528 
Other 
9,066 
4,397 
79,139 
22,359 
71
72

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
12 Income taxes 
a)
Income tax expense (recovery)
2024 
$ 
2023 
$ 
Current tax 
Current tax on income for the year 
9,406 
21,279 
Adjustments in respect of prior years 
220 
(5,147) 
9,626 
16,132 
Deferred tax 
Origination and reversal of temporary differences 
45,905 
1,034 
45,905 
1,034 
55,531 
17,166 
The tax on the Company’s income before income tax differs from the theoretical amount that would arise 
using the federal and provincial statutory tax rate applicable to income of the consolidated entities. The 
statutory tax rate for 2024 was 26.5% (2023 –26.5%). The difference between the Company’s income tax 
and theoretical tax is as follows: 
2024 
$ 
2023 
$ 
Income before income tax 
316,734 
101,473 
Income tax expense (recover) based on statutory rate 
of 26.5% (2023 – 26.5%) 
83,935 
26,890 
Prior year adjustments 
226 
(2,322) 
Part II tax 
193 
- 
Difference in tax rate 
9,237 
14,002 
Portion of income recoverable in hands 
of non-controlling interests 
(1,280) 
(220) 
Non-taxable dividends 
(203) 
(205) 
Non-deductible (non-taxable) portion of capital loss (gain) 
(65,435) 
(9,828) 
Non-taxable income 
(2,530) 
(4,110) 
Foreign exchange 
30,908 
(7,035) 
Other 
480 
(6) 
Income tax expense 
55,531 
17,166 
72
73

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
b)
The analysis of deferred income tax liabilities is as follows:
2024 
$ 
2023 
$ 
Deferred income tax liabilities
Deferred tax liabilities to be settled 
After more than 12 months 
145,582 
89,492 
Within 12 months 
- 
Deferred income tax liabilities 
145,582 
89,492 
The movement in deferred income tax assets and liabilities during the year, without taking into consideration 
the offsetting of balances within the same tax jurisdiction, is as follows. 
Deferred income tax 
assets 
Equity 
investments 
and other 
holdings 
$ 
Investments 
in 
associates 
$ 
Real estate 
investments 
$ 
Deferred 
Performance 
Compensation 
$ 
Tax Loss 
Carryforward 
$ 
Total 
$ 
As at December 31, 2022
4,261 
1,491 
2,344 
- 
- 
8,096 
Credited (charged) to 
consolidated 
statement of income 
(780)
(1,377)
714 
- 
- 
(1,443) 
Foreign exchange 
differences 
(85) 
(7) 
(69) 
- 
- 
(161) 
As at December 31, 2023
3,396 
107 
2,989 
- 
- 
6,492 
Credited (charged) to 
consolidated 
statement of income 
(1,145) 
(111)
(73)
7,170 
3,430 
9,271 
Foreign exchange 
differences 
241 
4 
260 
361 
173 
1,039 
As at December 31, 2024
2,492 
-
3,176
7,531 
3,603 
16,802 
73
74

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Deferred income tax 
liabilities 
Equity 
investments 
and other 
holdings 
$ 
Investments 
in 
associates 
$ 
Real estate 
investments 
$ 
Investment 
properties 
$ 
Other 
$ 
Total 
$ 
As at December 31, 2022
5,645 
87,673 
2,565 
2,441 
378 
98,702 
Charged (credited) to 
consolidated statement 
of income 
(1,082) 
1,150 
(819)
12
330 
(409) 
Foreign exchange 
differences 
(111)
(2,079)
(44) 
(63)
(12)
(2,309)
As at December 31, 2023
4,452 
86,744 
1,702 
2,390 
696 
95,984 
Charged (credited) to 
consolidated statement 
of income 
7,458 
47,450 
(456)
721
3 
55,176 
Foreign exchange 
differences 
768 
10,022 
127 
246 
61 
11,224 
As at December 31, 2024
12,678 
144,216 
1,373 
3,357 
760 
162,384 
Deferred income tax liabilities have not been recognized on unremitted earnings totalling $74,096 as 
at December 31, 2024 (2023 – $70,267) with respect to the investment in subsidiaries, branches and 
associates and interest in joint arrangements because the Company influences whether the liability 
will be incurred, and it is satisfied that it will not be incurred in the foreseeable future. During the 
year, the Company did not distribute earnings from its subsidiaries (2023 - $nil). 
74
75

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
13 Share capital 
Authorized 
Unlimited number of common shares, without par value 
Movements in the Company’s share capital are as follows: 
2024
2023
Number 
of shares 
Amount 
$ 
Number 
of shares 
Amount 
$ 
Balance – Beginning of year 
2,472,124 
20,605 
2,478,624 
20,657 
Shares repurchased 
(29,500) 
(237)
(6,500)
(52) 
Balance – End of year 
2,442,624 
20,368 
2,472,124 
20,605 
In 2023, the Company began a normal course issuer bid to purchase a maximum of 100,000 of its own common 
shares before August 15, 2024. In 2024, the Company purchased common shares 29,500; (2023 – 6,500) for a
total cash consideration of $9,655; (2023 – $2,085). The excess of the consideration paid over the stated capital 
was charged to retained earnings in the consolidated statement of changes in equity. 
No dividends were declared in 2024 and 2023. 
14 Earnings per share 
a)
Basic
2024
2023
Net income attributable to common shareholders 
$258,147 
$83,608 
Weighted average number of outstanding common shares 
2,457,052 
2,474,949 
Basic earnings per share
$105.06 
$33.78 
b)
Diluted
For the years ended December 31, 2024 and 2023, there were no dilutive instruments.
75
76

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
15 Supplementary information to consolidated statements of cash flows 
a)
Adjustments for non-cash items are as follows:
Note 
2024 
$ 
2023 
$ 
Net change in fair value of equity investments and 
other holdings 
(846,520) 
(307,715) 
Net change in fair value of real estate investments 
5,261 
3,965 
Net change in fair value of investment properties 
(3,651) 
919 
Share of profit (loss) of associates, adjusted for 
distributions received 
1,074 
9,450 
Amortization and depreciation 
1,071 
1,070 
Change in redemption amount of redeemable units 
423,115 
131,475 
Deferred income tax 
12(a)
45,905 
1,034 
(373,745) 
(159,802) 
b)
Changes in working capital items are as follows:
2024 
$ 
2023 
$ 
Decrease (increase) in 
Due from brokers 
(91,719) 
(190,400) 
Income taxes receivable 
1,503 
(5,517) 
Other assets 
(7,834) 
(3,276) 
Increase (decrease) in 
Trade and other payables 
54,545 
(5,890) 
Due to brokers 
663,602 
(157,900) 
Income taxes payable 
(392)
(4,398)
619,705 
(367,381) 
76
77

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
16 Financial risks and fair value 
Financial risk factors 
The Company’s activities expose it to a variety of financial risks: market risk (including fair value interest rate 
risk, cash flow interest rate risk, currency risk and equity price risk), credit risk and liquidity risk. 
The Company’s overall risk management program seeks to maximize the returns derived for the level of risk to 
which the Company is exposed and seeks to minimize potential adverse effects on the Company’s financial 
performance. Managing these risks is carried out by management under policies approved by the Board. 
The Company uses different methods to measure and manage the various types of risk to which it is exposed; 
these methods are explained below. 
Market risk 
Fair value and cash flow interest rate risks 
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a 
result of changes in market interest rates. 
The majority of the Company’s debt is based on floating rates, which exposes the Company to cash flow interest 
rate risk. The Company does not have long-term streams of cash flows that it can match against fixed debt, so it 
prefers to use short-term floating rate debt. The Company does not mitigate its exposure to interest rate 
fluctuation on floating rate debt. If interest rates spike, then the Company could enter into interest rate swaps 
or more probably just reduce its debt level. As at December 31, 2024, the Company has listed equity securities 
of $5,680,005 (2023 – $4,142,089). It can sell these securities to reduce its floating rate debt. As at 
December 31, 2024, a 1% increase or decrease in interest rates, with all other variables remaining constant, 
would impact interest expense by approximately $16,537 over the next 12 months (2023 – $8,800). 
The Company’s exposure to interest rate risk is summarized as follows: 
2024 
2023 
Cash and cash equivalents 
Between 0.01% and 8.20% 
Between 0.00% and 5.64%
Debt securities 
Between 0.25 % and 11.88% 
Between 1.94% and 10.95%
Credit facilities 
Canadian Bank advances 
Prime rate plus 0.25% 
Prime rate plus 0.25%
European Bank advances 
Between 4.09% and 7.13% 
2.75 %
Trade and other payables 
Non-interest bearing 
Non-interest bearing 
Due to brokers 
0.00% to 7.78% 
0.00% to 5.65%
Mortgages 
3.97% - 6.10% 
0.95% to 4.73%
77
78

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
The Company holds held for trading financial assets in debt securities of $23,687; (2023 – $22,445).  
Debt securities are usually highly sensitive to interest rate changes. Theoretically, when interest rates rise, it 
causes the value of debt securities to decline. The opposite generally happens when interest rates fall, then debt 
securities usually rise in value. A change of 100 basis points in the yield to maturity will affect the fair value of 
the debt securities held for trading as follows. 
Estimated effect on the fair value of debt securities due to: 
2024 
2023 
Financial assets 
Held for trading 
Financial assets 
Held for trading 
Debt securities 
Debt securities 
$ 
$ 
An increase of 100 basis points in the yield to maturity 
(700) 
(3,721) 
A decrease of 100 basis points in the yield to maturity 
731 
2,429 
Currency risk 
Currency risk is the risk that the value of monetary financial assets and financial liabilities denominated in 
foreign currencies will vary as a result of changes in underlying foreign exchange rates. The Company is 
exposed to currency risk due to potential variations in currencies other than the US dollar. The following tables 
summarize the Company’s main financial assets and financial liabilities either denominated in or whose fair 
value is predominantly determined in currencies other than the US dollar, the Company’s functional currency, 
and the effect on pre-tax net income of a 10% change in currency exchange rates: 
2024 
Financial 
assets 
$ 
Financial 
liabilities 
$ 
Net 
exposure 
$ 
Net effect of a 
10% increase 
or decrease 
$ 
Canadian dollar 
195,884 
-
195,884
19,588 
Euro 
9,448 
(40,257) 
(30,809)
(3,081) 
British Pound 
-
(2,660)
(2,660) 
(266) 
Israeli shekel 
311 
-
311
31 
205,643 
(42,917) 
162,726 
16,272 
78
79

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
2023 
Financial 
assets 
$ 
Financial 
liabilities 
$ 
Net 
exposure 
$ 
Net effect of a 
10% increase 
or decrease 
$ 
Canadian dollar 
63,150 
-
63,150
6,315 
Euro 
6,683 
(4,507) 
2,176
218 
British Pound 
-
(64,911)
(64,911)
(6,491) 
Israeli shekel 
290 
-
290
29 
70,123 
(69,418) 
705 
71 
Equity price risk 
Equity price risk is the risk that the fair value of equity investments and other holdings and equities sold short 
and derivatives will vary as a result of changes in the market prices of the holdings. The majority of the 
Company’s equity investments and other holdings and all of the equities sold short and derivatives are based on 
quoted market prices as at the consolidated statement of financial position date. Changes in the market price of 
quoted securities and derivatives may be related to a change in the financial outlook of the investee entities or 
due to the market in general. Where non-monetary financial instruments − for example, equity securities − are 
traded in currencies other than the US dollar, the price, initially expressed in a foreign currency and then 
converted into US dollars, will also fluctuate because of changes in foreign exchange rates. 
Securities sold short represent obligations of the Company to make future delivery of specific securities and 
create an obligation to purchase the security at market prices prevailing at the later delivery date. This creates 
the risk that the Company’s ultimate obligation to satisfy the delivery requirements will exceed the amount of 
the proceeds initially received or the liability recorded in the consolidated financial statements. In addition, the 
Company has entered into derivative financial instruments which have a notional value greater than their fair 
value which is recorded in the consolidated financial statements. This information is disclosed in note 6(a) to 
these consolidated financial statements. This creates a risk that the Company could settle these instruments at a 
value greater or less than the amount that they have been recorded in the consolidated financial statements. 
The Company’s equity investments and other holdings have a downside risk limited to their carrying value, 
while the risk of equities sold short and derivatives is open-ended. The Company is subject to commercial 
margin requirements which act as a barrier to the open-ended risks of the equities sold short and derivatives. 
The Company closely monitors both its equity investments and other holdings and its equities sold short and 
derivatives. 
79
80

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
The impact of a 30% change in the market prices of the Company’s listed equity investments and other holdings 
and equities sold short and derivatives would be as follows: 
2024
Fair 
value 
$ 
Estimated 
fair value 
with a 30% 
price increase 
$ 
Estimated 
fair value 
with a 30% 
price decrease 
$ 
Equity investments and other holdings 
Listed equity securities and derivatives 
5,662,818 
7,361,663 
3,963,973 
Equities sold short and derivative liabilities 
(404,849) 
(526,304) 
(283,394) 
Pre-tax impact on net loss 
1,577,390 
(1,577,390) 
2023
Fair 
value 
$ 
Estimated 
fair value 
with a 30% 
price increase 
$ 
Estimated 
fair value 
with a 30% 
price decrease 
$ 
Equity investments and other holdings 
Listed equity securities and derivatives 
4,263,539 
5,542,601 
2,984,477 
Equities sold short and derivative liabilities 
(502,965) 
(653,855) 
(352,075) 
Pre-tax impact on net income 
1,128,172 
(1,128,172) 
The above analysis assumes that listed equity securities, derivatives, equities sold short and derivative liabilities 
would increase or decrease at the same rate. As these portfolios are not hedged together, a change in market 
prices will affect each one differently. 
Credit risk 
Credit risk is the risk that a counterparty will fail to fulfill its obligations under a contract and will cause the 
Company to suffer a loss. 
The Company is exposed to credit risk from cash and cash equivalents, restricted short-term investments, due 
from broker and debt investments. Credit risk arising from funds held at financial institutions are managed by 
only investing with financial institutions with a minimum A rating. The Company manages its credit risk 
exposure from debt securities by closely monitoring the debt issuer and the ratings issued by various bond 
rating agencies. All debt security investments measured at fair value through profit or loss are traded over stock 
exchanges therefore exiting a position with increased risk is relatively easy if the credit worthiness of an issuer 
falls below the Company’s threshold for credit risk exposure. All non-trading convertible debt securities are 
convertible into equity of the issuer and are measured at fair value using independent third party appraisals. 
The Company closely monitors the debt issuer in order to identify when the credit risk falls below the 
Company’s threshold at which point the Company may exercise its option to redeem its debt holdings or 
dispose of it in the less liquid private markets. 
80
81

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Credit ratings are presented using Standard & Poor’s rating scale as follows: 
Financial assets 
Rating 
2024 
$ 
2023 
$ 
Cash and cash equivalents 
A 
66,189 
33,011 
Due from brokers 
A 
473,114 
346,315 
Debt securities 
A- to AAA
195 
 87  
Debt securities 
B- to BBB
22,138 
19,466 
Debt securities 
CCC
- 
1,721 
Debt securities 
Unrated
32,414 
47,984 
The company estimates that the unrated investments are below investment grade. 
Liquidity risk 
Liquidity risk is the risk the Company will encounter difficulties in meeting its financial obligations. The 
Company’s largest assets are equity investments and other holdings. Most of these assets are made up of 
equities in listed companies which can be liquidated in a relatively short time. Due to its large investments in 
liquid assets, the Company believes that it has sufficient resources to meet its obligations as they come due. 
All financial liabilities other than equities sold short, derivative liabilities, mortgages, lease liabilities and 
liability for redeemable units as at the consolidated statement of financial position date mature or are expected 
to be repaid within one year (2023 – one year). The liquidity risk related to these liabilities is managed by 
maintaining a portfolio of liquid investment assets.  
Capital risk management 
The Company’s objective when managing its capital is to maintain a solid capital structure appropriate for the 
nature of its business. The Company considers its capital to be its equity. The Company manages its capital 
structure in light of changes in economic conditions. To maintain or adjust its capital structure, the Company 
initiates normal course issuer bids. The Company monitors capital on the basis of its net debt-to-capital ratio. 
Net liabilities used in the net debt-to-capital ratio is calculated by subtracting the due from broker balances 
from total liabilities. The net debt-to-capital ratio is as follows: 
2024
2023
Net total liabilities 
$4,278,458 
$3,147,521 
Total equity 
$2,042,514 
$1,638,626 
Debt-to-capital ratio 
2.09 
1.92 
The Company’s objective is to maintain a debt-to-capital ratio below 3.0; (2023 – 3.0).  The Company believes 
that limiting its debt-to-capital ratio in this manner is the best way to monitor risk. The Company does not have 
any externally imposed restrictive covenants or capital requirements. Contractual requirements arise from the 
credit facility (note 5). 
81
82

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Fair value estimation 
The tables below analyze financial instruments carried at fair value by the inputs used in the valuation method. 
The different levels have been defined as follows: 
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. 
Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability 
either directly (that is, as prices) or indirectly (that is, derived from prices); and 
Level 3 – Inputs that are not based on observable market data. 
The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is 
determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. 
If a fair value measurement uses observable inputs that require significant adjustment based on unobservable 
inputs, that measurement is a Level 3. Assessing the significance of a particular input to the fair value 
measurement in its entirety requires judgment, considering factors specific to the asset or liability. 
The determination of what constitutes “observable” requires significant judgment by the Company. The 
Company considers observable data to be that market data that is readily available, regularly distributed or 
updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved 
in the relevant market.  
83

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
The following tables analyze within the fair value hierarchy the Company’s financial assets and financial 
liabilities measured at fair value as at December 31, 2024 and 2023: 
2024 
Level 1 
$ 
Level 2 
$ 
Level 3 
$ 
Total 
$ 
Assets 
Financial assets at fair value through profit or 
loss 
Held for trading 
Equity securities 
5,589,916 
- 
- 
5,589,916 
Debt securities 
-
23,687
-
23,687
Derivative financial assets 
-
72,902
-
72,902
Other 
Equity securities 
88,591 
1,498 
249,679 
339,768 
Debt securities 
- 
- 
31,060 
31,060 
Derivatives 
- 
- 
- 
-
Real estate investments 
- 
- 
43,713 
43,713 
5,678,507 
98,087 
324,452 
6,101,046 
Liabilities 
Financial liabilities 
Held for trading 
Equity holdings sold short 
(346,758) 
- 
- 
(346,758) 
Derivative liabilities 
-
(58,091)
-
(58,091)
(346,758) 
(58,091) 
-
(404,849)
2023 
Level 1 
$ 
Level 2 
$ 
Level 3 
$ 
Total 
$ 
Assets 
Financial assets at fair value through profit or 
loss 
Held for trading 
Equity securities 
4,071,844 
25,957 
-
4,097,801
Debt securities 
-
22,445
-
22,445
Derivative financial assets 
-
165,738
-
165,738
Other 
Equity securities 
4,447 
39,841 
208,878 
253,167 
Debt securities 
- 
- 
46,813 
46,813 
Derivatives 
- 
- 
- 
- 
Real estate investments 
- 
- 
44,172 
44,172 
4,076,291 
253,981 
299,863 
4,630,136 
Liabilities 
Financial liabilities 
Held for trading 
Equity holdings sold short 
(445,658) 
- 
- 
(445,658) 
Derivative liabilities 
-
(57,307)
-
(57,307)
(445,658) 
(57,307) 
-
(502,965)
84

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Financial instruments in Level 1 
The fair value of financial assets and financial liabilities traded in active markets are based on quoted market 
prices at the close of trading on the year-end date. The quoted market price used for financial assets and 
financial liabilities held by the Company is the close price. Investments classified in Level 1 include active listed 
equities. 
Financial instruments in Level 2 
Financial instruments classified with Level 2 trade in markets that are not considered to be active but are 
valued based on quoted market prices, broker quotations or valuation techniques such as financial models that 
use market data. These valuation techniques maximize the use of observable market data where available and 
rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument 
are observable, the instrument is included in Level 2. These include corporate bonds, thinly traded listed 
equities and derivatives, over-the-counter derivatives and private equities.  
The Company uses a variety of methods and makes assumptions that are based on market conditions existing at 
each year-end date. Valuation techniques used for non-standardized financial instruments such as options and 
other over-the-counter derivatives include the use of comparable recent arm’s length transactions, reference to 
other instruments that are substantially the same, discounted cash flow analyses, option-pricing models and 
other valuation techniques commonly used by market participants, making maximum use of market inputs and 
relying as little as possible on entity-specific inputs: 
Description
Valuation technique
Equity securities 
Quoted market prices or broker quotes for similar instruments 
Private equities 
Valuation techniques or net asset value 
based on observable inputs 
Debt securities 
Quoted market prices or broker quotes for similar instruments 
Derivatives 
Quoted market prices or broker quotes for similar instruments 
Financial instruments in Level 3 
Investments classified in Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 
instruments include unlisted equity investments, debt securities and real estate investments. As observable 
prices are not available for these securities, the Company has used valuation techniques to derive the fair value. 
Level 3 valuations are reviewed by the Company’s chief financial officer (CFO), who reports directly to the 
Board on a quarterly basis in line with the Company’s reporting dates. The Board considers the appropriateness 
of the valuation models and inputs used. On an annual basis, close to the year-end date, the Company obtains 
independent, third party appraisals to determine the fair value of the Company’s most significant Level 3 
holdings. The Company’s CFO reviews the results of the independent valuations. Emphasis is placed on the 
valuation model used to determine its appropriateness, the assumptions made to determine whether it is 
consistent with the nature of the investment, and market conditions and inputs such as cash flow and discount 
rates to determine reasonableness. 
84
85

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
As at December 31, 2024 and 2023, Level 3 instruments are held in various entities and industries. 
Real estate investments are disclosed in more detail in note 8, comprising investments in private real estate 
companies and in real estate income trusts and partnerships. The real estate companies are involved with 
various types of buildings in different geographical locations. For the main Level 3 instruments, the Company 
relied on appraisals carried out by independent third party valuators. There was no established market for any 
of these investments, so the most likely scenario is a disposal of the underlying assets. For the investments in 
partnerships and real estate income trusts, the Company relied mainly on audited financial statements, valuing 
the assets at fair value. The most likely scenario is an eventual sale of the underlying properties and the 
subsequent distribution of the net proceeds to the holders. 
The following tables present the changes in Level 3 instruments: 
2024
Real estate 
investments 
$ 
Unlisted 
securities 
$ 
Total 
$ 
As at December 31, 2023
44,172 
255,691 
299,863 
Transfers out of Level 3(i) 
-
(811)
(811) 
Purchases (ii) 
2,087 
15,573
17,660 
Distributions 
(960)
(2,512)
(3,472) 
Gains (losses) recognized in net income 
On financial instruments disposed of during the year 
-
(602)
(602) 
On financial instruments held at end of year 
(5,261) 
(9,207)
(14,468) 
Currency translation adjustments 
3,675 
22,607
26,282 
As at December 31, 2024
43,713 
280,739 
324,452 
2023
Real estate 
investments 
$ 
Unlisted 
securities 
$ 
Total 
$ 
As at December 31, 2022
47,763 
253,732 
301,495 
Transfers out of Level 3(i) 
-
(1,611)
(1,611) 
Purchases (ii) 
2,904 
17,212
20,116 
Distributions 
(1,458) 
(33,241)
(34,699) 
Gains (losses) recognized in net income 
On financial instruments disposed of during the year 
-
20,798
20,798 
On financial instruments held at end of year 
(3,965) 
4,922
957 
Currency translation adjustments 
(1,072) 
(6,121)
(7,193) 
As at December 31, 2023
44,172 
255,691 
299,863 
85
86

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
i.
During the year the Company transferred holdings in equity securities in the information technology
and pharmaceuticals industries out of Level 3 pursuant to the conversion of preferred shares to
common shares.  The fair value of these investments became available through quoted prices from the
active markets and is now classified as Level 1.
ii.
During the years ended December 31, 2024 and 2023, the Company made investments in private
holdings in the information technology, healthcare, pharmaceutical, communication services and
financial industries totaling $15,573 (2023 – $17,212). There is no established market for these
holdings. The most likely disposal of these investments is through a disposition or a listing of these
holdings on a public stock exchange.
86
87

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
The table below presents the investments whose fair values are measured using valuation techniques classified as 
Level 3 as at December 31, 2024. 
Description 
Fair value 
(rounded) 
2024 
$ 
Valuation 
technique 
Significant 
unobservable 
inputs 
Weighted 
average 
input 
Reasonably 
possible 
shifts +/− 
Change 
in value 
$ 
Unlisted private equity holdings 
68,100 
Comparable 
company 
approach 
Average change in 
market cap 
(2.61%) 
10% 
+/-176 
Industrials 
-Convertible Prefs
Unlisted private equity holdings 
26,500 
Comparable 
company 
approach
Financial services 
Average change in 
market cap 
-Equity securities
2.40 
10% 
+/-2,650 
Unlisted private equity holdings 
46,700 
Comparable 
company 
approach 
10% 
+/-4,436 
Financial services 
-Equity securities
Revenue multiple 
3.75 
Unlisted private equity holdings 
Financial services 
-Equity securities
4,000 
Comparable 
company 
approach 
Revenue multiple 
+/-417 
5 
10% 
Unlisted private equity holdings 
Financial services 
-Equity securities
17,200 
Comparable 
company 
approach 
Average change in 
market cap 
(20.93%) 
10% 
+/-104 
Unlisted private equity holdings 
6,000 
Comparable 
company 
approach & 
Index 
performance 
method 
Average change in 
market cap 
6.4% 
10% 
+/-264 
 Healthcare 
-Equity securities
Index weighting 
(21.13%) 
Unlisted private equity holdings 
Black-Scholes 
Options Pricing 
Model (OPM) 
Healthcare 
-Equity securities
2,500 
Expected volatility 
85% 
10% 
+/-247 
Unlisted private equity holdings 
Recoverability 
analysis
Healthcare 
-Equity securities
3,400 
Discount rate 
50% 
10% 
+/-386 
Unlisted private equity holdings 
Recent 
transaction
Healthcare 
-Convertible bonds
1,300 
None 
- 
- 
- 
Unlisted private equity holdings 
Recoverability 
analysis
Healthcare 
-Convertible bonds
13,000 
Revenue multiple 
0.6 
10% 
+/-2,784 
Unlisted private equity holdings 
Comparable 
bond 
methodology
Healthcare 
Yield to maturity 
(YTM) 
-Corporate bonds
12,000 
10.93% 
10% 
+/-150 
Unlisted private equity holdings 
Recoverability 
analysis
Healthcare 
-Corporate bonds
4,800 
Revenue multiple 
0.89 
10% 
+/-7,040 
Unlisted private equity holdings 
Comparable 
company 
approach
Food and beverages 
Revenue multiple 
2 
10% 
+/-1,480 
-Equity securities
24,200 
EBITA multiple 
14 
10% 
+/-1,240 
Unlisted private equity holdings 
Comparable 
company 
approach
Average change in 
market cap 
Food and beverages 
 
-Equity securities
2,035 
(37%) 
10% 
+/-119 
87
88

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Description 
Fair value 
(rounded) 
2024 
$ 
Valuation 
technique 
Significant 
unobservable 
inputs 
Weighted 
average 
input 
Reasonably 
possible 
shifts +/− 
Change 
in value 
$ 
Unlisted private equity holdings 
Comparable 
company 
approach
Pharmaceuticals 
Average change in 
market cap 
 
-Equity securities
908 
 
(54.80%) 
10% 
+/-250 
Unlisted private equity holdings 
Index 
Performance 
Method
Pharmaceuticals 
-Equity securities
6,150 
Index weighting 
(2.94%) 
10% 
+/-18 
Unlisted private equity holdings 
Comparable 
company 
approach
Information technology 
Average change in 
market cap 
 
(20.78%) 
10% 
+/-60 
-Equity securities
2,600 
 
5.40% 
10% 
+/-1.75 
Comparable 
company 
approach & 
Index 
performance 
method
Average change in 
market cap 
 
Unlisted private equity holdings 
 
41.25% 
10% 
Information technology 
Index weighting 
39.23% 
-Equity securities
3,600 
 
10% 
+/-101 
Unlisted private equity holdings 
Recent 
transaction
Information technology 
-Equity securities
134 
None 
- 
- 
- 
Unlisted private equity holdings 
Index 
Performance 
Method
Communication services 
-Equity securities
8,800 
Index weighting 
7.11% 
10% 
+/-23 
Unlisted private equity holdings 
Comparable 
company 
approach
Revenue multiple 
Consumer Goods 
-Equity securities
11,000 
 
2.6 
10% 
+/-1,342 
Unlisted private equity holdings 
Comparable 
company 
approach
Other 
Revenue multiple 
-Equity securities
109 
 
2.5 
10% 
+/-10 
Unlisted private equity holdings 
Comparable 
company 
approach
Average change in 
market cap 
Other 
 
-Equity securities
276 
 
(50.5%) 
10% 
+/-28 
Unlisted private equity holdings 
Recent 
transaction
None 
Other 
-Equity securities
15,250 
 
- 
- 
- 
REITs and partnerships 
Discounted
cash flows
Discount rate 
7.0%-12% 
The inputs disclosed cover the range 
used for all the real estate holdings in 
the REITs and partnerships 
Cash flow term 
2-10 years
30,300 
Capitalization rate 
4.8%-7.5%
Real estate investments in 
private entities 
13,360 
Capitalization
model
Rate of return 
6.6% 
1.0% 
+2,300
-1,700
88
89

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
The table below presents the investments whose fair values are measured using valuation techniques classified as 
Level 3 as at December 31, 2023. 
Description 
Fair value 
(rounded) 
2023 
$ 
Valuation 
technique 
Significant 
unobservable 
inputs 
Weighted 
average 
input 
Reasonably 
possible 
shifts +/− 
Change 
in value 
$ 
Unlisted private equity holdings 
44,000 
Comparable 
company 
approach 
Average change in 
market cap 
22.50% 
10% 
+/-3,800 
Industrials 
-Convertible Prefs
Unlisted private equity holdings 
23,000 
Comparable 
company 
approach 
10% 
+/-2,280 
Financial services 
Revenue multiple 
2.25 
-Equity securities
Unlisted private equity holdings 
Financial services 
-Equity securities
44,500 
Comparable 
company 
approach 
Revenue multiple 
+/-4,360 
4 
10% 
Unlisted private equity holdings 
Financial services 
-Equity securities
4,000 
Comparable 
company 
approach 
Revenue multiple 
4.5 
10% 
+/-316 
Unlisted private equity holdings 
Financial services 
-Equity securities
16,900 
Comparable 
company 
approach 
Average change in 
market cap 
8.49% 
10% 
+/-71 
Unlisted private equity holdings 
Recent 
transaction
Healthcare 
-Convertible bonds
1,200 
None 
- 
- 
- 
Unlisted private equity holdings 
Comparable 
bond 
methodology
Healthcare 
-Convertible bonds
24,000 
Discount rate 
10.25% 
10% 
+/-276 
Unlisted private equity holdings 
Comparable 
bond 
methodology
Healthcare 
Yield to maturity 
(YTM) 
-Corporate bonds
4,000 
18.22% 
10% 
+/-118 
Unlisted private equity holdings 
Recoverability 
analysis
Healthcare 
-Corporate bonds
14,000 
Revenue multiple 
0.92 
10% 
+/-6,135 
Unlisted private equity holdings 
Black-Scholes 
Options Pricing 
Model (OPM)
Healthcare 
-Equity securities
6,000 
Expected volatility 
33% 
10% 
+/-27 
Unlisted private equity holdings 
Healthcare 
Black-Scholes 
OPM
-Equity securities
2,200 
Expected volatility 
85% 
10% 
+/-48 
 
Unlisted private equity holdings 
Discount for lack of 
marketability 
(DLOM) 
Healthcare 
Recent 
transaction
-Equity securities
16,500 
50% 
10% 
+/-1,670 
Unlisted private equity holdings 
Comparable 
company 
approach
Food and beverages 
Revenue multiple 
2.6 
10% 
+/-1,500 
-Equity securities
21,500 
 
EBITA multiple 
18.2 
10% 
+/-1,000 
Unlisted private equity holdings 
Comparable 
company 
approach
Average change in 
market cap 
Food and beverages 
 
(38.10%) 
-Equity securities
2,000 
DLOM 
15% 
10% 
+/-117 
89
90

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Description 
Fair value 
(rounded) 
2023 
$ 
Valuation 
technique 
Significant 
unobservable 
inputs 
Weighted 
average 
input 
Reasonably 
possible 
shifts +/− 
Change 
in value 
$ 
Unlisted private equity holdings 
750 
Recent 
transaction 
approach 
Pharmaceuticals 
-Equity securities
DLOM 
20% 
10% 
+/-18 
Unlisted private equity holdings 
Recent 
transaction 
Pharmaceuticals 
Index weighting 
-Equity securities
7,000 
3.8% 
10% 
+/-22 
Unlisted private equity holdings 
Comparable 
company 
approach 
Information technology 
-Equity securities
235 
Revenue multiple 
3.42 
10% 
+/-42 
Unlisted private equity holdings 
Comparable 
company 
approach 
Lower quartiles 
change of market 
caps 
 
Information technology 
-Equity securities
1,050 
(59.85%) 
10% 
+/-158 
Backsolve 
OPM/ 
Comparable 
company 
approach 
Expected volatility/ 
Average change in 
market cap 
Unlisted private equity holdings 
Information technology 
-Equity securities
4,000 
60% 
10% 
+/-170 
18.93% 
   5.49% 
Unlisted private equity holdings 
Information technology 
Black-Scholes 
OPM
-Equity securities
835 
Expected volatility 
70% 
10% 
+/-90 
Unlisted private equity holdings 
Information technology 
Black-Scholes 
OPM
-Equity securities
1,050 
Expected volatility 
60% 
10% 
+/-150 
Unlisted private equity holdings 
Index 
performance 
method
Communication services 
-Equity securities
5,600 
Index weighting 
(3.13%) 
10% 
+/-17 
Unlisted private equity holdings 
Comparable 
company 
approach
Other 
Average change in 
market cap 
-Equity securities
625 
2.85 
10% 
+/-11 
Unlisted private equity holdings 
Comparable 
company 
approach
Other 
Average change in 
market cap 
-Equity securities
151 
(17.4%) 
10% 
+/-9 
Unlisted private equity holdings 
Comparable 
company 
approach
Other 
-Equity securities
1,200 
Revenue multiple 
0.98 
10% 
+/-223 
Unlisted private equity holdings 
Recent 
transaction
Other 
-Equity securities
6,000 
none 
- 
- 
- 
Unlisted private equity holdings 
  Comparable 
Bond 
Methodologies
Other 
-Convertible Bond
4,000 
YTM 
9.31% 
10% 
+/-55 
REITs and partnerships 
Discounted
cash flows
Discount rate 
6.3%-12% 
The inputs disclosed cover the range 
used for all the real estate holdings in 
the REITs and partnerships 
Cash flow term 5-10 years 
32,000 
Capitalization rate 4.8%-7.5% 
Real estate investments in 
private entities 
Capitalization
model
+1,200
-920 
12,310 
Rate of return 
7.4% 
1.0% 
90
91

Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
Financial assets and financial liabilities not carried at fair value but for which fair value is 
disclosed. 
The carrying amount of cash and cash equivalents, restricted short-term investments, due from brokers, bank 
advances, credit facilities, trade and other payables, due to brokers, redemptions payable, and subscriptions 
received in advance represent a reasonable approximation of their respective fair value due to their short-term 
nature. 
17 Disclosure of the composition of the Company 
Principal subsidiaries and structured entities 
The consolidated financial statements include the accounts of the Company and all of its subsidiaries and 
structured entities as at December 31, 2024 and 2023. The principal operating subsidiaries and structured 
entities and their activities are as follows. 
Name 
Country of 
incorporation 
% Interest held 
Nature of 
business 
2024 
2023 
Senvest Global (KY) L.P. 
Cayman Islands 
100 
100 
Investment company 
Senvest Global L.P. 
United States 
100 
100 
Investment company 
RIMA Senvest Master Fund GP, L.L.C. 
United States 
- 
- 
General partner of Senvest 
Master Fund, L.P. 
Senvest Technology Partners GP, 
L.L.C.
United States 
- 
- 
General partner of 
Senvest Technology Partners  
Master Fund L.P. 
Argentina Capital Inc. 
Canada 
100 
100 
Real estate 
Pennsylvania Properties Inc. 
United States 
100 
100 
Real estate 
Senvest Blends Inc. 
United States 
100 
100 
Investment company 
Senvest Management L.L.C. 
United States 
- 
- 
Investment manager 
of the Funds 
Senvest Master Fund, L.P. 
Cayman Islands 
42 
41 
Investment fund 
Senvest Technology Partners Master 
Fund, L.P. 
Cayman Islands 
51 
49 
Investment fund 
Senvest Cyprus Recovery 
Investment Fund, L.P. 
Cayman Islands 
46 
46 
Investment fund 
Coldstream SL 
Spain 
100 
100 
Real estate 
The total non-controlling interest in net income (loss) for the year is mostly attributed to Senvest Management 
L.L.C. The change in redemption amount of liability for redeemable units for the year is attributable to the Funds.
No guarantees or collateral were provided to the subsidiaries and structured entities except for the lease liabilities
of Senvest Management L.L.C. The amounts in question have been included in trade and other payables. The
Company is not liable for any other contingent liabilities arising in its subsidiaries and structured entities and will
not settle any other liabilities on their behalf.
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Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
18 Related party transactions 
Key management compensation 
Key management includes the Board, the president and chief executive officer, the vice-president, the 
secretary-treasurer, and the CFO. The compensation paid or payable to key management for employee services 
is as follows: 
2024 
$ 
2023 
$ 
Salaries and other employee benefits 
51,058 
14,310 
51,058 
14,310 
Management fees 
Certain employees and related parties that have invested in the Funds do not pay management fees that are 
charged to outside investors. The amount invested by these participants in 2024 totals $654,770 (2023 – 
$510,753). The amount invested in the fund by these participants is included in liability for redeemable units. 
19 Commitments 
As of December 31, 2024, the Company’s future commitments relating to other equity investments and 
other holdings totaled $11,683 and those relating to real estate totaled $8,964. 
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Senvest Capital Inc. 
Notes to Consolidated Financial Statements 
December 31, 2024 and 2023 
(in thousands of Canadian dollars unless otherwise stated) 
20 Segmented and geographical information 
The Company operates in a single reportable segment, which is the management of its own investments and 
those of the Funds.  
The following tables summarize the Company’s revenues by geographical area for the years ended December 31: 
2024
United 
States 
$ 
Canada 
$ 
European 
Union 
$ 
Other 
$ 
Total 
$ 
Revenue
Interest income 
53,242 
2,836 
2,861 
3 
58,942 
Dividend income 
39,780 
9,625 
14,121 
-
63,526
Other income 
4 
879 
8,533 
-
9,416
2023
United 
States 
$ 
Canada 
$ 
European 
Union 
$ 
Other 
$ 
Total 
$ 
Revenue
Interest income 
56,167 
3,467 
4,487 
8 
64,129 
Dividend income 
43,090 
26,010 
2,872 
-
71,972
Other income 
-
607
7,355 
-
7,962
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Board of Directors
Victor Mashaal  
Chairman of the Board & President 
Senvest Capital Inc. 
Richard Mashaal  
Vice-President 
Senvest Capital Inc. 
Frank Daniel 
Secretary-Treasurer 
Senvest Capital Inc. 
David E. Basner*
Business Executive 
Eileen Bermingham* 
Business Executive 
Jeffrey L. Jonas*
Partner, Brown Rudnick L.L.P.
*Member of the Audit Committee
Investor Information
AUDITORS 
PricewaterhouseCoopers L.L.P. 
Montréal (Canada) 
LEGAL COUNSEL 
Howard M. Levine
Blake, Cassels & Graydon L.L.P. 
1 Place Ville-Marie 
Suite 3000 
Montréal (Québec) H3B 4N8 
TRANSFER AGENT & REGISTRAR 
Computershare Trust Company of Canada 
1500 Robert-Bourassa Boulevard 
7th Floor 
Montréal (Québec) H3A 3S8 
Computershare Trust Company of Canada 
100 University Street 
Toronto (Ontario) M5J 2Yl 
Officers 
Victor Mashaal  
Chairman of the Board & President 
Richard Mashaal 
Vice-President 
Frank Daniel 
Secretary-Treasurer 
George Malikotsis 
Vice-President, Finance 
Senvest Capital Inc. 
1000 Sherbrooke street West 
Suite 2400 
Montréal (Québec) H3A 3G4 
(514) 281-8082
93
Senvest Capital Inc. 
Annual Report
December 31, 2024
94
95