Conestoga discloses 5.06% Exponent Inc (NASDAQ: EXPO) ownership stake

Rhea-AI Filing Summary

Conestoga Capital Advisors filed Amendment No. 3 to a Schedule 13G reporting its beneficial ownership of 2,526,244 shares of Exponent Inc common stock, representing 5.06% of the outstanding class as of 12/31/2025. Conestoga has sole power to vote and dispose of 2,392,498 of these shares and no shared voting or dispositive power. The firm is classified as an investment adviser and certifies that the shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Exponent Inc.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

EXPONENT INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

30214U102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 30214U102

1

Names of Reporting Persons

Conestoga Capital Advisors

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,392,498.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,392,498.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,526,244.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.06 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: EXPONENT INC
(b)	Address of issuer's principal executive offices: EXPONENT INC, 149 COMMONWEALTH DRIVE, MENLO PARK, CALIFORNIA 94025
Item 2.
(a)	Name of person filing: Conestoga Capital Advisors
(b)	Address or principal business office or, if none, residence: 550 E. SWEDESFORD ROAD SUITE 120 WAYNE, Pennsylvania 19087
(c)	Citizenship: Conestoga Capital Advisors - DELAWARE
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 30214U102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,526,244
(b)	Percent of class: 5.06 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Conestoga Capital Advisors - 2,392,498
	(ii) Shared power to vote or to direct the vote: Conestoga Capital Advisors - 0
	(iii) Sole power to dispose or to direct the disposition of: Conestoga Capital Advisors - 2,392,498
	(iv) Shared power to dispose or to direct the disposition of: Conestoga Capital Advisors - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Conestoga Capital Advisors

Signature:	Duane R. D'Orazio
Name/Title:	Managing Partner
Date:	01/09/2026

FAQ

What percentage of Exponent Inc (EXPO) does Conestoga Capital Advisors report owning?

Conestoga Capital Advisors reports beneficial ownership of 5.06% of Exponent Inc's common stock, based on 2,526,244 shares as disclosed in the Schedule 13G/A.

How many Exponent Inc (EXPO) shares does Conestoga Capital Advisors control the voting for?

Conestoga Capital Advisors has sole voting power over 2,392,498 Exponent Inc common shares and reports no shared voting power.

Does Conestoga Capital Advisors seek to influence control of Exponent Inc (EXPO)?

No. Conestoga Capital Advisors certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Exponent Inc.

What type of reporting person is Conestoga Capital Advisors in this Schedule 13G/A for EXPO?

Conestoga Capital Advisors is classified as an investment adviser (IA) under the applicable SEC rules in this Schedule 13G/A.

What is the event date for Conestoga Capital Advisors’ ownership report on Exponent Inc (EXPO)?

The date of the event requiring this ownership report is 12/31/2025, as stated in the Schedule 13G/A.

What is the CUSIP number and security class reported for Exponent Inc (EXPO)?

The filing covers Exponent Inc Common Stock with CUSIP 30214U102, as disclosed in the ownership sections.