Two companies met our criteria from the eight 10-K annual reports filed with the SEC on 19 August 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 FLEXSTEEL INDUSTRIES INC, BRINKER INTERNATIONAL, INC, SANFILIPPO JOHN B & SON INC, ESTEE LAUDER COMPANIES INC, Kimball Electronics, Inc. and INTELLIGENT BIO SOLUTIONS INC., so they are 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
- ChronoScale Holdings Corp (Medium) — ChronoScale is now flagging a highly concentrated, power-hungry cloud business where customer loss or infrastructure constraints could quickly hit revenue.
- Ocean Power Technologies, Inc. (Low) — The main signal is strategic positioning: OPT is leaning harder into a recurring maritime services model while reinforcing operational discipline and tax-asset protection.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | ChronoScale Holdings Corp | 1549084 | 0.542 | 0.813 | 0.655 | 0.9 | Risk Factors | medium |
| 2 | Ocean Power Technologies, Inc. | 1378140 | 0.977 | 0.991 | 0.997 | 0.997 | Business | low |
ChronoScale Holdings Corp
| Rank | 1 |
|---|---|
| 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) |
ChronoScale’s updated filing puts much more emphasis on its cloud infrastructure business and the risks that come with it. The biggest new disclosure is that the Cloud Business served only one customer as of May 31, 2026, which makes revenue highly concentrated. The company also adds a new risk around the power-intensive nature of AI and HPC workloads and the dependence on third-party data centers.
Main Changes
- The filing adds a new customer concentration disclosure: "As of May 31, 2026, our Cloud Business served one customer" and says one or a limited number of customers will likely account for a substantial portion of revenue.
- It adds a new environmental and power-use risk for the cloud business, stating that accelerated compute infrastructure for AI, machine learning and HPC workloads requires significant electrical power and depends on third-party colocation facilities.
- The company now says it must manage energy usage, equipment lifecycle and environmental/waste requirements as it scales its platform, which was not highlighted in the prior filing.
Watch Items
- Heavy reliance on a single customer raises revenue volatility and makes contract renewal or churn a major near-term risk.
- Power availability, facility efficiency and environmental compliance could become operating constraints as the AI infrastructure business scales.
- The new disclosure suggests management is positioning the company as an infrastructure provider, but one with concentrated demand and meaningful execution risk.
Important Filing Changes
On January 16, 2024, we sold an aggregate of 3.0 m illion shares of common stock in a registered direct offering (the "January 2024 Offering") at a price of $1.55 per share, which generated net proceeds of approximately $3.9 million after deducting placement agent fees and our estimated offering expenses. Wainwright & Co., LLC (the “Agent”), under which we may issue and sell shares of our common stock, from time to time, to or through the Agent. Offers and sales of shares of common stock by us through the Agent may be made by any method deemed to be an “at the market offering” as defined under SEC Rule 415 or in privately negotiated transactions, subject to certain conditions.
Risk Factors An investment in our common stock is speculative and illiquid and involves a high degree of risk including the risk of a loss of your entire investment. You should carefully consider the risks and uncertainties described below and the other information contained in this report and our other reports filed with the SEC.
EXHIBITS, FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES (a) Financial Statements and Schedules: The following financial statement documents are included as part of Item 8 to this Annual Report on Form 10-K: Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets as of December 31, 2024 and 2023 Consolidated Statements of Operations and Comprehensive loss for the years ended December 31, 2024 and 2023 Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2024 and 2023 Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023 Notes to the Consolidated Financial Statements All schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. (b) Exhibits. The exhibits filed with this Annual Report are set forth in the Exhibit Index. Notes to Consolidated Financial…
Risk Factors An investment in our common stock is speculative and illiquid and involves a high degree of risk including the risk of a loss of your entire investment. You should carefully consider the risks and uncertainties described below and the other information contained in this report and our other reports filed with the SEC. The risks set forth below are not the only 12 ones facing us.
BUSINESS Company Background Founded in 2005, we are a Nevada corporation that designs, develops, and markets exoskeleton products that augment human strength, endurance and mobility. The primary end market for our exoskeleton technology is healthcare, where our technology primarily serves people with physical disabilities or impairments in both physical rehabilitation and mobility.
Business Overview We operate our business through two wholly-owned subsidiaries: ChronoScale Corporation, a Nevada corporation (f/k/a Applied Digital Cloud Corporation, a Nevada corporation) (“Cloud”), and Ekso Bionics, Inc., a Delaware corporation (“Legacy Ekso”). Following the Holding Company Transaction (as defined and described below), Applied Digital Cloud Corporation changed its name to ChronoScale Corporation.
Ocean Power Technologies, Inc.
| Rank | 2 |
|---|---|
| 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) |
Ocean Power Technologies did not appear to change its core business, but it sharpened how it describes the company: a maritime solutions provider built around recurring service offerings. It also added more detail on quality, health, safety, and environmental certifications, while updating its anti-takeover tax plan and repeating that shareholders should not expect dividends.
Main Changes
- The Business section now says OPT provides maritime solutions through "Data as a Service (DaaS), Robotics as a Service (RaaS), and Power as a Service (PaaS)," making the recurring-service model more explicit.
- The company added a new emphasis on "integrated QHSE Management System" certifications, stating both sites are certified to ISO 9001 and ISO 45001 and highlighting stop-work authority, hazard identification, incident review, and continuous improvement.
- The tax protection language was updated from a June 2023 Section 382 Tax Benefits Preservation Plan to an "amended and restated" plan adopted in June 2026 for the same anti-dilution and ownership-limit purposes.
- The filing also keeps the no-dividend message intact, reiterating that OPT has never paid cash dividends and does not expect to do so in the foreseeable future.
Watch Items
- The clearer DaaS/RaaS/PaaS framing suggests management wants investors to view OPT less as a one-off hardware seller and more as a recurring-revenue maritime services platform.
- ISO certifications and the expanded safety language may help with customer credibility, especially for government and industrial contracts where compliance and operational discipline matter.
- The restated Section 382 plan signals continued focus on preserving net operating losses and limiting ownership changes, which can matter if the stock becomes a takeover target.
Important Filing Changes
Our business model emphasizes capital-light deployments, recurring revenue from leases, service and maintenance contracts, and high-margin technology sales and leases. We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and other commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are well positioned to fulfill.
Our business model emphasizes capital-light deployments, recurring revenue from service and maintenance contracts, and high-margin technology sales and leases. We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are uniquely positioned to fulfill.
We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and other commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are well positioned to fulfill. The Company holds numerous patents, including our recently awarded System and Method for Vehicle Charging which protects OPT’s breakthrough system for an autonomous, floating marine charging solution, and leverages decades of research including control systems, energy storage, and marine integration.
We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are uniquely positioned to fulfill. The Company holds numerous patents and leverages decades of research including control systems, energy storage, and marine integration.
We do not know whether we will be able to successfully commercialize our products and services or whether we can achieve profitability. There is significant uncertainty about our ability to successfully commercialize our products in our targeted markets. Even if we do achieve commercialization of our products and services and become profitable, we may not be able to achieve or, if achieved, sustain profitability on a quarterly or annual basis.
We do not know whether we will be able to successfully commercialize our products and services or whether we can achieve profitability. There is significant uncertainty about our ability to successfully commercialize our products in our target markets. Even if we do achieve commercialization of our products and services and become profitable, we may not be able to achieve or, if achieved, sustain profitability on a quarterly or annual basis.
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.
Leave a Comment