Nine companies met our criteria from the ten 10-K annual reports filed with the SEC on 29 July 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison. A prior-year filing was not available for Venyra Corp, so it is excluded from the ranking.
SEC What Changed Methodology
Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Recent research suggests that lower scores indicate that a company has made significant changes to their filings, these changes are often buried in the filings. If a company was to report positive news, they would likely do so in the form of a press release or statement on their website. The large changers have often underperformed in the market, while the stable-language filers have earned positive abnormal returns.
Key Takeaways
- Applied Digital Corp. (High) — Applied Digital is doubling down on HPC infrastructure and power control, but the strategy still hinges on closing deals, funding buildout, and keeping a highly concentrated customer base intact.
- CINTAS CORP (High) — Cintas’ operating model looks unchanged, but the new merger agreement disclosure is the key item investors should focus on.
- PharmaCyte Biotech, Inc. (High) — PharmaCyte’s filing shows its lead development asset was written off while the company turned to a dilutive preferred raise to fund itself.
- VitaNova Life Sciences Corp (Medium) — VitaNova is trying to reposition itself from a small consulting business into a broader healthcare and wellness seller, but the strategy comes with meaningful execution and liability risk.
- MICROSOFT CORP (Medium) — Microsoft is signaling that AI and cloud are still the growth engine, but the pace now depends increasingly on securing the infrastructure needed to keep datacenters expanding.
- MMEX Resources Corp (Medium) — MMEX is presenting a much larger refinery buildout, but the filing still offers little new risk disclosure to support that bigger ambition.
- U.S. GOLD CORP. (Medium) — The biggest change is the elimination of the warrant liability, which cleans up reported earnings, but U.S. Gold still needs capital to fund development.
- Cactus Acquisition Corp. 1 Ltd (Medium) — The main update is more time to find a deal, but the company still faces the same cash, financing, and control risks.
- VALUE LINE INC (Low) — Value Line is still buying back stock, but the new authorization is smaller than the prior program and does not signal a broader business shift.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Applied Digital Corp. | 1144879 | 0.954 | 0.69 | 0.993 | 0.991 | Business | high |
| 2 | CINTAS CORP | 723254 | 0.998 | 0.951 | 0.998 | 0.992 | Business | high |
| 3 | PharmaCyte Biotech, Inc. | 1157075 | 0.978 | 0.981 | 1 | 0.999 | Business | high |
| 4 | VitaNova Life Sciences Corp | 1699709 | 0.993 | 0.827 | 0.83 | 0.934 | Business | medium |
| 5 | MICROSOFT CORP | 789019 | 0.989 | 0.998 | 0.998 | 0.987 | MD&A | medium |
| 6 | MMEX Resources Corp | 1440799 | 0.99 | 0.992 | 0.992 | 0.995 | Risk Factors | medium |
| 7 | U.S. GOLD CORP. | 27093 | 0.993 | n/a | 0.992 | 0.996 | Risk Factors | medium |
| 8 | Cactus Acquisition Corp. 1 Ltd | 1865861 | 0.995 | 1 | 1 | 1 | MD&A | medium |
| 9 | VALUE LINE INC | 717720 | 0.996 | 1 | 1 | 1 | Business | low |
Applied Digital Corp.
| Rank | 1 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Applied Digital’s filing shows a sharper focus on HPC data centers and related power infrastructure, while the cloud services business is being positioned for sale. Management is also highlighting site selection in favorable jurisdictions and a push to vertically integrate power assets, which points to a more infrastructure-heavy growth strategy. The company still depends on a handful of customers, so execution and lease conversion remain key risks.
Main Changes
- The Business section now centers on building out data center campuses for HPC, including the first 100 MW facility at Polaris Forge 1, and says the company is pursuing definitive transaction documents tied to the January 13, 2025 Unit Purchase Agreement.
- The filing adds that the company is working to close the sale of its Cloud Services Business, which is now described as held for sale and treated as discontinued operations.
- Management now says it is targeting states with favorable laws and regulations for AI workloads and HPC applications, and is increasingly looking at power assets, including power generation, to support hosting growth and potentially lower power costs.
- Customer concentration remains explicit: the company says it has one crypto mining customer in Data Center Hosting and one HPC customer under two fifteen-year leases.
Watch Items
- The shift away from cloud services toward HPC/data center hosting signals a clearer strategic pivot, which could improve long-term positioning but also raises execution risk on large-scale buildout.
- The emphasis on power assets and renewable energy suggests management sees energy control as a competitive advantage, but it also implies heavier capital needs and operational complexity.
- The continued reliance on a very small customer base means revenue remains concentrated, so any lease delay, renewal issue, or customer loss would matter disproportionately.
Important Filing Changes
Diversity, Equity, and Inclusion We support diversity and inclusion within our workplace framework, fostering an environment conducive to employee growth. Our policies are strategically structured to advance equity and regard for all individuals. We actively endorse and welcome diverse backgrounds, experiential perspectives, and varying opinions.
Business for further descriptions of our facilities and sites. ChronoScale leases office space in Menlo Park, California for its principal offices.
Discontinued Operations Cloud Services Business The Cloud Services Business, which is operated through our wholly owned subsidiary, Applied Digital Cloud Corporation ("Applied Digital Cloud"), has locations in three states: Colorado, Minnesota and Utah. This business provides cloud 5 services to customers, such as AI and machine learning developers by renting space at third party co-location centers and providing the customers with access to its cloud computing equipment. Competition As a company designing, constructing, and operating data centers, we face significant competition from various data center providers in the U.S.
Business for further descriptions of our facilities and sites. ChronoScale leases office space in Menlo Park, California for its principal offices. ChronoScale also leases data center colocation space in Colorado, Utah, and Minnesota to support its operations.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended May 31, 2024, filed with the SEC on August 30, 2024. Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we,” “us,” “our,” and “the Company” are intended to mean the business and operations of Applied Digital Corporation and its subsidiaries.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended May 31, 2025, filed with the SEC on July 30, 2025. During the fiscal year 2026, we completed the contribution of our Cloud Services Business to ChronoScale (each as defined below), formerly Ekso (as defined below).
CINTAS CORP
| Rank | 2 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Cintas kept its core business strategy intact, but it broadened the product list in its business overview to include AEDs alongside its existing safety and facility services. The bigger development is the new merger agreement disclosure in the Business section, which points to a potentially material corporate event. Overall, the filing reads as steady operationally, with one notable transaction-related addition.
Main Changes
- The business description now explicitly adds "automated external defibrillators (AEDs)" to the list of products and services Cintas offers, expanding the stated safety offering.
- The filing adds a new "Agreement and Plan of Merger" reference in the Business section, indicating a material corporate transaction disclosure that was not present in the prior filing excerpt.
- MD&A updates the comparison period to fiscal 2026 versus fiscal 2025 and refreshes the revenue table, but the core segment structure and strategy language remain the same.
Watch Items
- The AED addition suggests Cintas is broadening its safety platform, which could support cross-selling into higher-value workplace safety solutions.
- The new merger agreement reference is the most important investor signal because it may indicate a pending strategic transaction or ownership change that could affect valuation and execution.
- The unchanged core strategy implies management is still focused on penetration of existing accounts and customer expansion rather than a major operating pivot.
Important Filing Changes
Business Overview Cintas Corporation (Cintas, Company, we, us or our), a Washington corporation, helps more than one million businesses of all types and sizes, primarily in the United States (U.S.), as well as Canada and Latin America, get READY™ to open their doors with confidence every day by providing a wide range of products and services that enhance our customers’ image and help keep their facilities and employees clean, safe and looking their best. With products and services including uniforms, mats, mops, shop towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm testing, Cintas helps customers get Ready for the Workday ® . Farmer when he left his family’s industrial laundry business in order to develop uniform programs using an exclusive new fabric.
Business Overview Cintas Corporation (Cintas, Company, we, us or our), a Washington corporation, helps more than one million businesses of all types and sizes, primarily in the United States (U.S.), as well as Canada and Latin America, get READY™ to open their doors with confidence every day by providing a wide range of products and services that enhance our customers’ image and help keep their facilities and employees clean, safe and looking their best. With products and services including uniforms, mats, mops, shop towels, restroom supplies, workplace water services, first aid and safety products, automated external defibrillators (AEDs), eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm testing, Cintas helps customers get Ready for the Workday ® . Farmer when he left his family’s industrial laundry business in order to develop uniform programs using an exclusive new fabric.
With respect to the laws and regulations noted above, as well as other applicable laws and regulations, Cintas’ compliance programs may under certain circumstances involve material investments in the form of additional processes, training, personnel, information technology and capital. In fiscal 2025, compliance with the 4 applicable laws, government regulations, including environmental regulations, and standards did not have a material effect on Cintas’ capital expenditures or consolidated results of operations. For a discussion of the risks associated with government regulations that may materially impact Cintas, please see “ Item 1A: Risk Factors—Legal and Regulatory Risks .” Communication Cintas uses its corporate website, www.cintas.com, as a channel for routine distribution of important information, including news releases, analyst presentations and financial information and for complying with our disclosure obligations under Regulation FD.
The following table sets forth Cintas’ total revenue and the revenue derived from each reportable operating segment and the remaining operating segments included in All Other for the fiscal years ended May 31: (In thousands) 2026 2025 2024 Uniform Rental and Facility Services $ 8,621,624 $ 7,976,073 $ 7,465,199 First Aid and Safety Services 1,391,853 1,218,090 1,067,334 All Other 1,251,284 1,146,018 1,064,082 Total Revenue $ 11,264,761 $ 10,340,181 $ 9,596,615 Additional information regarding each reportable operating segment and All Other is also included in "Item 8. The transaction between Cintas and UniFirst is referred to herein as the "Transaction." In connection with the Transaction, UniFirst shareholders will receive the merger consideration, which consists of (i) $155.00 in cash and (ii) 0.7720 of validly issued, fully paid and non-assessable shares of Cintas common stock (with, if applicable, cash in lieu of fractional shares), in each case without interest and subject to any required tax withholding, and each applicable holder of such shares of UniFirst stock will cease to have any rights with respect thereto, except the right to receive the applicable merger consideration. Under the terms of the Merger Agreement, subject to the satisfaction (or, to the extent permitted by applicable law in accordance with the Merger Agreement, waiver) of certain conditions, Cintas will acquire all the outstanding shares of UniFirst common stock in a transaction 3 valued at approximately $5.5 billion.
We believe the Company has sufficient liquidity to operate in the current business environment for at least the next 12 months and the foreseeable future thereafter. Acquisitions, repurchases of our common stock and dividends remain strategic objectives, but they will be dependent on the economic outlook and liquidity of the Company. Net cash provided by operating activities was $2,165.9 million for fiscal 2025, which was an increase of $97.4 million, or 4.7%, compared to fiscal 2024.
Revenue and operating income for the reportable operating segments for the fiscal years ended May 31, 2026, 2025 and 2024 are presented in Note 14 entitled Operating Segment Information of "Notes to Consolidated Financial Statements." The Company regularly reviews its operating segments for reporting purposes based on the information its chief operating decision maker (CODM) regularly reviews for purposes of allocating resources and assessing performance and makes changes when appropriate. 23 On March 10, 2026, the Company entered into a Merger Agreement pursuant to which the Company will acquire all outstanding shares of UniFirst common stock. UniFirst is a North American company in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services.
PharmaCyte Biotech, Inc.
| Rank | 3 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
PharmaCyte made two big updates: it wrote down its pancreatic cancer-related IPR&D asset to zero and disclosed a new $7 million preferred stock financing. The financing comes with heavy dilution, a lower reset conversion price, and cash dividend obligations, which suggests the company is still dependent on outside capital to keep going. Together, the changes point to weaker confidence in the existing asset base and a more urgent funding posture.
Main Changes
- Added a new impairment disclosure saying the company concluded its IPR&D asset for the cytochrome P450 pancreatic cancer program "does not meet the requirements to continue the carrying value" and recorded a full write-off of the $1,549,427 carrying value as of April 30, 2026.
- Added disclosure of a new Series C private placement closed August 19, 2025: 7,000 Series C preferred shares and warrants were sold for $7.0 million gross proceeds, with the preferred initially convertible into 7,000,000 common shares at $1.00 per share.
- The Series C terms include a full-ratchet anti-dilution reset that reduced the conversion price to $0.95 after issuance, plus 7% cash dividends and 15% default dividends upon a triggering event.
- MD&A now says 2026 financing cash inflows came mainly from the Series C proceeds and warrant exercises, while the prior-year discussion focused on stock repurchases and preferred stock redemptions.
Watch Items
- The full impairment signals management sees little or no recoverable value in the pancreatic cancer asset, which raises questions about the viability of the core development program.
- The new preferred financing provides near-term liquidity, but the structure is highly dilutive and includes investor-friendly reset and dividend features that can pressure the common stock.
- The shift in cash flow discussion from buybacks/redemptions to new preferred issuance suggests the company is relying on external capital to fund operations.
Important Filing Changes
The fair value of the Warrants of $ 338,000 and $ 10,784,000 were estimated at April 30, 2025 and 2024, respectively, utilizing the Black-Scholes-Merton Model using the fair value of our common stock of $1.24 and $2.12, respectively, and the following weighted average assumptions: dividend yield 0%; remaining term of 3.03 and 4.03 years, respectively; equity volatility of 40.0% and 95.0%; and a risk-free interest rate of 3.52 % and 4.79%, respectively. A summary of the Company’s warrant activity and related information for the years ended April 30, 2025 and 2024, are shown below: Schedule of warrant activity Warrants Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term In Years Outstanding, April 30, 2023 9,890,847 $ 4.99 3.31 Issued 8,750,000 4.00 – Exercised ( 70,000 ) – – Expired – – – Outstanding, April 30, 2024 18,570,847 4.54…
Business under the Section entitled, “Clinical Hold” of this Report. Impairment of Intangible Asset We perform an annual analysis of impairment of the indefinite-lived assets at our fiscal year end as well as when a triggering event may have occurred. As of April 30, 2025, the intangible asset held by us relates to an IPR&D asset, the cells producing cytochrome P450, used in the treatment of pancreatic cancer with a carrying value in the amount of $1,549,427.
A summary of the Company’s warrant activity and related information for the years ended April 30, 2025 and 2024, are shown below: Schedule of warrant activity Warrants Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term In Years Outstanding, April 30, 2023 9,890,847 $ 4.99 3.31 Issued 8,750,000 4.00 – Exercised ( 70,000 ) – – Expired – – – Outstanding, April 30, 2024 18,570,847 4.54 3.12 Issued – – – Exercised – – – Expired – – – Outstanding, April 30, 2025 18,570,847 4.54 2.12 Exercisable, April 30, 2025 18,570,847 $ 4.54 2.12 F- 22 NOTE 7 – INTANGIBLE ASSETS The Company performs an annual analysis of impairment of the indefinite-lived assets at its fiscal year end as well as when a triggering event may have occurred. As of April 30, 2025 and 2024, the intangible asset…
Impairment of Intangible Asset We perform an annual analysis of impairment of the indefinite-lived assets at our fiscal year end as well as when a triggering event may have occurred. As of April 30, 2025, the intangible asset held by us relates to an IPR&D asset, the cells producing cytochrome P450, used in the treatment of pancreatic cancer with a carrying value in the amount of $1,549,427. As of April 30, 2026, we concluded that the IPR&D asset does not meet the requirements to continue the carrying value of the asset.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion may contain forward-looking statements that involve risks and uncertainties. As described under the caption “Cautionary Note Regarding Forward-Looking Statements,” our actual results could differ materially from those discussed here. We are working to advance clinical research and development of new cellular-based therapies in oncology.
As described under the caption “Cautionary Note Regarding Forward-Looking Statements,” our actual results could differ materially from those discussed here. Factors that could cause or contribute to such differences include, but are not limited to, any factors discussed in this section as well as factors described in Part I, Item 1A. “Risk Factors” and under the caption “Cautionary Note Regarding Forward-Looking Statements.” Overview We are a biotechnology company focused on developing and preparing to commercialize cellular therapies for cancer based upon our proprietary cellulose-based live cell encapsulation technology we refer to as Cell-in-a-Box ® . We are working to advance clinical research and development of new cellular-based therapies in oncology.
VitaNova Life Sciences Corp
| Rank | 4 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
VitaNova’s 10-K now presents the company as a two-part business: consulting services plus a healthcare and wellness product platform. The new filing emphasizes anti-aging products, personalized health advice, and broader distribution through online, retail, and direct channels. That signals a more ambitious commercial strategy, but the company remains very small and still lacks insurance coverage.
Main Changes
- The business description now says the company earns revenue from two segments: a Consulting Service Segment for management, accounting and finance advisory, and a Healthcare Segment for healthcare products and health consultation services.
- New language adds a more consumer-facing healthcare model, saying the company offers "anti-aging products," personalized health advice, supplements tailored to customer needs, and customized nutrition and wellness plans.
- The sales strategy was expanded to include e-commerce platforms, the company website, brick-and-mortar stores, social media, and direct sales, replacing a narrower description of consulting and health services.
- The company now says it is building alliances with hospitals, clinics, and health management institutions and expanding into international markets to reduce reliance on a single market.
Watch Items
- The added healthcare and anti-aging positioning suggests management is trying to shift the company toward a broader wellness brand, which could change the revenue mix if executed well.
- International expansion and multi-channel distribution point to growth ambitions, but they also raise execution risk for a small company with limited staffing.
- The filing still says the company does not maintain insurance, which matters because the broader healthcare and product claims profile could increase litigation and regulatory exposure.
Important Filing Changes
By boosting NAD+ levels, these products can promote anti-aging, enhance energy metabolism, improve cognitive function, and strengthen cellular repair capabilities. Our services In addition to offering anti-aging products, our company provides professional health consultation services. Our health advisors can offer personalized health advice and recommend supplements tailored to each customer’s needs.
General We are a U.S. focused consumer health, beauty and lifestyle company that develops, acquires, markets and sells branded nutritional supplements, functional beverages and complementary lifestyle products. Our dietary supplement operations are consolidated and commercialized through NutriPeak Trading Corporation (“NTC”), a wholly owned subsidiary formed in November 2023.
The Company provides consulting services to its clients with regards to funding and other financial matters. On November 9, 2023, the Company founded Nutripeak Trading Corporation, a wholly owned subsidiary incorporated in Nevada. Nutripeak Trading Corporation was established with the purpose of marketing and supplying healthcare products.
General We are a U.S. focused consumer health, beauty and lifestyle company that develops, acquires, markets and sells branded nutritional supplements, functional beverages and complementary lifestyle products. Our dietary supplement operations are consolidated and commercialized through NutriPeak Trading Corporation (“NTC”), a wholly owned subsidiary formed in November 2023. NTC was established with the purpose of marketing and supplying dietary supplement products.
Financial information contained in this report and in our financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles. 5 Corporate Overview The Company was incorporated on January 25, 2017 under the laws of the State of Nevada, United States of America, formerly known as Soldino Group Corp. On November 15, 2018, the Company changed its name to Yijia Group Corp.
Financial information contained in this report and in our financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles. 9 Corporate Overview VitaNova Life Sciences Corporation (“the Company”) was incorporated on January 25, 2017 under the laws of the State of Nevada, United States of America, formerly known as Soldino Group Corp. On October 7, 2025, the Company proposed to change the name of the Company to VitaNova Life Sciences Corporation (the “Name Change”), and the Name Change was effectuated on January 9, 2026.
MICROSOFT CORP
| Rank | 5 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Microsoft’s latest 10-K leans harder into AI, describing its offerings as platforms and applications and highlighting another year of very strong cloud growth. It also updates the OpenAI relationship to reflect partnership extensions and continued revenue sharing, underscoring how central that tie remains to Microsoft’s AI strategy. On the risk side, the company is more explicit that datacenter expansion depends on land, energy, networking gear, and GPUs.
Main Changes
- MD&A now says Microsoft creates "platforms and applications" powered by AI, replacing the prior wording that emphasized "platforms and tools," which signals a broader product framing around AI software.
- Fiscal 2026 highlights show stronger growth across the core cloud stack, including Microsoft Cloud revenue up 27% to $214.4 billion and Azure and other cloud services up 41%, while Xbox content and services fell 5% and Windows OEM and Devices were only slightly down.
- The OpenAI disclosure was updated to say Microsoft extended the partnership in October 2025 and April 2026, will continue to receive revenue-sharing payments, and still holds rights to OpenAI intellectual property for product integration.
- Risk language was tightened around infrastructure and supply constraints, adding that datacenters depend on permitted and buildable land, predictable energy, networking supplies, and servers, including GPUs and other components.
Watch Items
- The larger AI and cloud revenue mix reinforces Microsoft’s dependence on datacenter buildout and access to power, land, and GPUs, which could constrain growth if supply bottlenecks persist.
- The OpenAI extension and continued revenue-sharing suggest the partnership remains strategically important to Microsoft’s AI product roadmap and monetization.
- Softness in Xbox and flat-to-down hardware trends show consumer devices remain a smaller driver versus cloud and AI.
Important Filing Changes
OVERVIEW Microsoft is a technology company committed to making digital technology and artificial intelligence (“AI”) available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more. We create platforms and tools, powered by AI, that deliver innovative solutions that meet the evolving needs of our customers. We generate revenue by offering a wide range of cloud-based solutions, content, and other services to people and businesses; licensing and supporting an array of software products; delivering relevant online advertising to a global audience; and designing and selling devices.
OVERVIEW Microsoft is a technology company committed to making digital technology and artificial intelligence (“AI”) available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more. We create platforms and applications, powered by AI, that deliver innovative solutions that meet the evolving needs of our customers. We generate revenue by offering a wide range of cloud-based solutions, content, and other services to people and businesses; licensing and supporting an array of software products; delivering relevant online advertising to a global audience; and designing and selling devices.
Our most significant expenses are related to compensating employees; supporting and investing in our cloud-based services, including datacenter operations; designing, manufacturing, marketing, and selling our other products and services; and income taxes. Highlights from fiscal year 2025 compared with fiscal year 2024 included: • Microsoft Cloud revenue increased 23% to $168.9 billion. • Microsoft 365 Commercial products and cloud services revenue increased 14% driven by Microsoft 365 Commercial cloud revenue growth of 15%. • Microsoft 365 Consumer products and cloud services revenue increased 11% driven by Microsoft 365 Consumer cloud revenue growth of 11%. • LinkedIn revenue increased 9%. • Dynamics products and cloud services revenue increased 15% driven by Dynamics 365 revenue growth of 19%. • Server products and cloud services revenue increased 23% driven by Azure and other cloud services revenue growth of 34%. • Windows OEM and…
Our most significant expenses are related to compensating employees; supporting and investing in our cloud-based services, including datacenter operations; designing, manufacturing, marketing, and selling our other products and services; and income taxes. Highlights from fiscal year 2026 compared with fiscal year 2025 included: • Microsoft Cloud revenue increased 27% to $214.4 billion. • Commercial remaining performance obligation increased 84% to $678 billion. • Microsoft 365 Commercial cloud revenue increased 17%. • Microsoft 365 Consumer cloud revenue increased 28%. • LinkedIn revenue increased 11%. • Dynamics 365 revenue increased 18%. • Azure and other cloud services revenue increased 41%. • Windows OEM and Devices revenue decreased slightly. • XBOX content and services revenue decreased 5%. • Search advertising (formerly Search and news advertising) revenue excluding traffic acquisition costs increased 12%. Industry Trends and Opportunities Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models.
Form 10-K Summary 100 Signatures 101 2 PART I Item 1 Note About Forward-Looking Statements This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially.
Form 10-K Summary 100 Signatures 101 2 PART I Item 1 Note About Forward-Looking Statements This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “could,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially.
MMEX Resources Corp
| Rank | 6 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
MMEX’s filing makes its project sound materially larger, moving from an 11,600 bpd refinery concept to a 60,000 bpd refinery complex. It also removes the explicit reference to renewable energy in describing the business, which slightly broadens the company’s positioning. The risk-factor section itself remains effectively empty, so the main signal is the bigger project ambition rather than a new disclosed operating risk.
Main Changes
- The business plan was broadened from a single "ultra-clean transportation fuels refinery" of "up to 11,600 barrel per day" to an "ultra-clean transportation fuels refinery complex" of "up to 60,000 barrels per day" at Pecos County, Texas.
- The company shifted its description from "clean fuels infrastructure projects powered by renewable energy" to "clean fuels infrastructure projects," removing the explicit renewable-energy wording.
- The filing added Item 9C, "Disclosure Regarding Foreign Jurisdictions that Prevent Inspections," to the table of contents.
- The risk section still says, "As a smaller reporting company, we are not required to provide the information required by this Item," so no substantive risk-factor disclosure was added.
Watch Items
- The much larger stated refinery capacity suggests a more ambitious project scope, which could raise capital needs, execution risk, and permitting complexity.
- Dropping the explicit renewable-energy phrasing may signal a broader or less defined strategic positioning for the project.
- The new foreign-inspection disclosure item is a compliance addition that investors should watch for any future geopolitical or audit-related implications.
Important Filing Changes
Principal Accounting Fees and Services 23 Item 15. When used in this Annual Report or in any other presentation, statements which are not historical in nature, including the words “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” “may,” “project,” “plan” or “continue,” and similar expressions are intended to identify forward-looking statements.
Other Information 12 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Principal Accounting Fees and Services 20 PART IV Item 15.
Principal Accounting Fees and Services 23 Item 15. When used in this Annual Report or in any other presentation, statements which are not historical in nature, including the words “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” “may,” “project,” “plan” or “continue,” and similar expressions are intended to identify forward-looking statements.
Other Information 12 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Principal Accounting Fees and Services 20 PART IV Item 15. When used in this Annual Report or in any other presentation, statements which are not historical in nature, including the words “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” “may,” “project,” “plan” or “continue,” and similar expressions are intended to identify forward-looking statements.
Principal Accounting Fees and Services 23 Item 15. When used in this Annual Report or in any other presentation, statements which are not historical in nature, including the words “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” “may,” “project,” “plan” or “continue,” and similar expressions are intended to identify forward-looking statements.
Other Information 12 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Principal Accounting Fees and Services 20 PART IV Item 15.
U.S. GOLD CORP.
| Rank | 7 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
U.S. Gold Corp. says all warrants that had been carried as liabilities were exercised in May 2025, so that liability is gone and the company booked a $1.495 million gain. The filing also pushes out the cash runway disclosure by a year, from April 2026 to April 2027, while keeping the core exploration and permitting risks intact. Overall, the changes point to a cleaner balance sheet, but the company still depends on outside capital to advance CK Gold.
Main Changes
- The company added that in May 2025, "all then-outstanding warrants that qualified for liability treatment were exercised," eliminating the warrant liability.
- It now says the warrant liability was reclassified to Additional Paid-In Capital and the remaining balance was removed, creating a "$1,495,000 gain" in fiscal 2026.
- The forward-looking liquidity language shifted from funding the business "through April 30, 2026" to "through April 30, 2027," and changed "raise" capital to "access" capital.
- The CK Gold project reference was updated from an "updated CK Gold Project prefeasibility study" to a "CK Gold Project feasibility study."
Watch Items
- Removing the warrant liability reduces balance-sheet complexity and removes a recurring fair-value remeasurement item that could swing earnings.
- The $1.495 million gain is non-operating, but it improves reported results and may support near-term liquidity optics.
- Extending the cash runway disclosure to April 2027 suggests management believes current resources cover another year, but funding remains a key dependency.
Important Filing Changes
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which, require the use of the reporting entity’s own assumptions. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2025 The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there are little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments.
Level 3: Unobservable inputs for which there is little or no market data, which, require the use of the reporting entity’s own assumptions. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2025 The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Level 3: Unobservable inputs for which there are little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
We have established an estimate of proven and probable mineral reserves under S-K 1300 at our CK Gold Project, where we are conducting exploration and pre-development activities, and all of our activities on our other properties are exploratory in nature. 37 Summary of Activities for the Fiscal Year Ended April 30, 2025 During the fiscal year ended April 30, 2025, we focused primarily on advancing our CK Gold Project in Wyoming with the final approval of our surface gold mine permit (mine operation and reclamation plan (“MOP”)) which was conditionally approved in April 2024, subject to three conditions, which were all satisfied between June 2024 and November 2024, released a revised prefeasibility study in February 2025 and continued engineering studies towards the completion of a feasibility study. We continue to enhance our understanding of the Keystone Project deposit in Nevada…
We have established an estimate of proven and probable mineral reserves under S-K 1300 at our CK Gold Project, where we are conducting exploration and pre-development activities, and all of our activities on our other properties are exploratory in nature. Summary of Activities for the Fiscal Year Ended April 30, 2026 An overview of certain significant events follows: Mineral Property Activities During the fiscal year ended April 30, 2026, we continued engineering studies towards the completion of a feasibility study for our CK Gold Project. We continued to enhance our understanding of the Keystone Project deposit in Nevada.
Cactus Acquisition Corp. 1 Ltd
| Rank | 8 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Cactus Acquisition added a fourth extension, pushing the deadline for an initial business combination to November 2, 2026. The company also updated its filing dates, but the key risk message did not improve: it still says cash outside the trust is not enough to fund operations and that it will likely need outside financing to close a deal. Internal control weaknesses also remain in place, with remediation still underway.
Main Changes
- The filing adds a new defined term for the "fourth extension," which extends the deadline to enter an initial business combination to November 2, 2026.
- It also adds a new defined term for the "fourth extension meeting," described as the extraordinary general meeting held on October 31, 2025 that approved the extension.
- The MD&A and related filing dates roll forward from December 31, 2024 to December 31, 2025, but the core going-concern language remains the same: the company says funds outside the trust are insufficient and it may need third-party financing.
- The risk factor section continues to state that management concluded internal control over financial reporting was not effective and that remediation plans are underway, with no new risk category added.
Watch Items
- The extra year to complete a deal signals the SPAC still needs more time to find and close a target, which can prolong uncertainty for holders.
- The repeated emphasis on insufficient cash outside the trust and reliance on third-party financing suggests execution risk remains elevated.
- The unchanged internal control weakness language means operational and reporting risk is still unresolved.
Important Filing Changes
No material section-level wording change was large enough to quote from the compared sections.
VALUE LINE INC
| Rank | 9 |
|---|---|
| Lowest similarity section | Business |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Value Line’s filing mainly updates its capital return program and routine governance details. The company replaced its prior buyback authorization with a new $2.0 million program and disclosed additional repurchases, including a private block trade. The rest of the changes are mostly annual roll-forwards, including officer ages.
No material section-level wording change was large enough to quote from the compared sections.
Why SEC Filing Changes Matter
Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
For more like this, see the full SEC What Changed archive, browse more equity research reports, or subscribe to Quantitative Research Notes for new filing-change alerts as soon as they publish.
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