Two companies met our criteria from the three 10-K annual reports filed with the SEC on 23 June 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 Sunbelt Rentals Holdings, Inc., 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
- CEA Industries Inc. (High) — CEA Industries is now a BNB treasury vehicle first and an operating company second, so the stock will likely trade more like a crypto proxy than a traditional consumer business.
- US NUCLEAR CORP. (Medium) — US Nuclear is leaning harder on equity and related-party conversions to fund itself, while insider control has increased and dilution risk remains elevated.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | CEA Industries Inc. | 1482541 | 0.978 | 0.877 | 0.916 | 0.861 | MD&A | high |
| 2 | US NUCLEAR CORP. | 1543623 | 0.991 | 1 | 0.998 | 0.999 | Risk Factors | medium |
CEA Industries Inc.
| Rank | 1 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
CEA Industries has effectively repositioned itself from a cannabis/vape-related operator into a public company built around holding and managing BNB. The filing says digital assets now dominate the balance sheet and that the company wants to use treasury management and other crypto-related activities to generate returns. That signals a much more speculative, crypto-sensitive business profile than before.
Main Changes
- The company now says it is "the largest publicly-traded DAT focused exclusively on BNB" and that it seeks to build and manage the largest corporate treasury of BNB, a new core strategy not present in the prior filing.
- It adds that it may generate returns from "active treasury management, derivatives, or through Airdrops," and could pursue "validation and staking services, lending, and other DeFi protocols" in the future, while noting it had not staked or pledged BNB through April 30, 2026 except for debt obligations.
- The filing states that at April 30, 2026 the company held 515,544 BNB tokens worth $317.3 million, with digital assets representing 94.6% of total assets, and says the retail nicotine vape business is now a much smaller part of overall economic exposure.
- The business section also adds that the company acquired Fat Panda on June 6, 2025 and continues to operate its core retail nicotine vape operations in Canada, indicating the operating business remains but is no longer the main focus.
Watch Items
- The shift to a BNB treasury model makes the stock much more dependent on crypto price moves, which can drive sharp swings in assets, earnings, and liquidity.
- Management is signaling a willingness to use more complex digital-asset tools over time, which could create upside but also adds execution, custody, and regulatory risk.
- Because the operating business is now described as economically small relative to digital assets, investors should watch whether the company can sustain this treasury strategy without diluting shareholders or taking on leverage.
Important Filing Changes
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information included elsewhere in this Annual Report, which include additional information about our accounting policies, practices, and the transactions underlying our financial results. In addition to historical information, this Annual Report contains forward-looking information that involves risks and uncertainties.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report, which include additional information about our accounting policies, practices, and the transactions underlying our financial results. In addition to historical information, the following discussion and other parts of this Annual Report contain forward-looking information that involves risks and uncertainties.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information included elsewhere in this Annual Report, which include additional information about our accounting policies, practices, and the transactions underlying our financial results. In addition to historical information, this Annual Report contains forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under “Cautionary Statements” appearing elsewhere herein and the risks and uncertainties described or identified in “Item 1A – Risk Factors” in this Annual Report.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report, which include additional information about our accounting policies, practices, and the transactions underlying our financial results. In addition to historical information, the following discussion and other parts of this Annual Report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under "Cautionary Statements" appearing elsewhere herein and the risks and uncertainties described or identified in "Item 1A – Risk Factors" in this Annual Report.
Business Overview CEA Industries, through our subsidiary, Surna Cultivation Technologies LLC, has been focused on selling environmental control and other technologies and services to the Controlled Environment Agriculture (“CEA”) industry. The CEA industry aims to optimize the use of horticultural resources such as water, energy, space, capital, and labor, to create an agriculture business that is more efficient and more productive than those that use traditional farming methods.
BUSINESS Overview CEA Industries Inc. is the largest publicly-traded digital asset treasury ("DAT") focused exclusively on BNB, the native token of the BNB Chain ecosystem ("BNB Chain"). We seek to continue to build and manage the largest corporate treasury of BNB to provide institutional-grade exposure to BNB Chain and to generate income on our eligible BNB holdings through active treasury management, derivatives, or through new tokens or coins distributed by projects to a wide range of individuals in the crypto community ("Airdrops").
US NUCLEAR CORP.
| Rank | 2 |
|---|---|
| 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) |
US Nuclear Corp’s filing shows more financing activity tied to debt and related parties, including a new conversion of loans payable into preferred stock. It also shows management’s ownership rising to 33.5%, reinforcing insider control over shareholder votes and corporate actions. The overall picture is a company still funding itself through equity-linked transactions, with dilution remaining a key issue.
Main Changes
- The company added a new related-party debt conversion item: 650 shares of Series A preferred stock were issued to convert $650,000 of loans payable.
- Common stock issuance activity shifted materially, with 7,247,426 shares issued to satisfy convertible debt and interest, plus 1,000,000 shares sold for $50,000 in cash and 1,147,059 shares issued in a cashless warrant exercise.
- The filing now says management owned 33.5% of outstanding stock at December 31, 2025, up from 27.9% a year earlier, while still stating the CEO and CFO can control most stockholder matters.
- The company also disclosed 135,000 shares were repurchased for $7,425, a new capital-management action not shown in the prior year.
Watch Items
- The added loan-to-equity conversion suggests the company is still relying on related-party financing and balance-sheet cleanup rather than operating cash flow.
- Higher management ownership increases the likelihood that insiders can steer governance outcomes, which can limit minority shareholder influence.
- Heavy share issuance and warrant activity point to ongoing dilution risk for existing holders.
Important Filing Changes
Lower oil, natural gas, and coal prices may result in less favorable decisions to pursue nuclear energy as a source of energy. We rely heavily on our international customers for business and expect to continue to rely on international customers in the future. Our international revenues were 23.82% of our total revenue in 2024.
Lower oil, natural gas, and coal prices may result in less favorable decisions to pursue nuclear energy as a source of energy. 5 We rely heavily on our ability to attract international customers for business and expect to continue to rely on our ability to attract international customers in the future. Our international revenues were 7.85% of our total revenue in 2025.
Our international revenues were 23.82% of our total revenue in 2024. This was an increase of 12.39% from 2023 and was a result of management’s ability to field new orders and inquires and engage new customers overseas. We believe that South Korea, Japan and Australia in the Southeast Asian region, and France, Germany and other countries in Eastern and Western Europe, should be major contributors to our growth in revenues over the next few years.
Our international revenues were 7.85% of our total revenue in 2025. This was a decrease of 15.97% from 2024 and was a result of management’s inability to field new orders and inquiries and engage new customers overseas. We believe that South Korea, Japan and Australia in the Southeast Asian region, and France, Germany and other countries in Eastern and Western Europe, should be major contributors to our growth in revenues over the next few years.
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.
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