Three companies met our criteria from the four 10-K annual reports filed with the SEC on 17 September 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 VanEck BNB ETF, 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
- 5E Advanced Materials, Inc. (High) — 5E is making a bold distressed-asset acquisition that could expand its platform, but the deal brings material legal, environmental and financing risk.
- UPEXI, INC. (High) — Upexi has moved from a conventional cash-management model to a Solana-heavy treasury strategy, making the stock far more dependent on crypto market and network risk.
- Paramount Gold Nevada Corp. (Medium) — Paramount is flagging a sharper liquidity and refinancing risk, which could force dilution, asset sales, or spending cuts if capital markets stay tight.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | 5E Advanced Materials, Inc. | 1888654 | 0.942 | n/a | 0.995 | 0.962 | MD&A | high |
| 2 | UPEXI, INC. | 1775194 | 0.994 | 0.996 | 0.995 | 0.996 | Risk Factors | high |
| 3 | Paramount Gold Nevada Corp. | 1629210 | 0.996 | 1 | 1 | 0.997 | MD&A | medium |
5E Advanced Materials, 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) |
5E Advanced Materials added a major new development: it agreed to buy Searles Valley Minerals assets through a bankruptcy court process. The filing makes clear the deal is a strategic step, but it also comes with limited recourse, possible assumed liabilities, and potentially significant environmental and reclamation obligations. Investors should view this as a bigger, riskier move that could reshape the company if the closing goes through.
Main Changes
- MD&A now discloses a new post-year-end Asset Purchase Agreement with newly formed subsidiary 5E SVM to acquire Searles Valley Minerals assets, including the Argus, Westend and Trona facilities, about 9,000 acres of brine resources, a short-line railroad, water systems, permits, contracts and related assets.
- The filing adds that the deal is being done through SVM’s chapter 11 cases under section 363 of the Bankruptcy Code, was approved by the bankruptcy court, and is expected to close in early October 2026, but remains subject to appeal, stay, modification or reversal.
- Risk Factors now spell out that the assets are being bought on an "as is, where is" basis with limited or no post-closing recourse, no seller indemnity for breaches, and that environmental, reclamation and regulatory obligations may be significant and not fully quantifiable.
- The company also adds that certain liabilities tied to the acquired assets may be assumed, and that any draw on bridge-facility letters of credit, plus outstanding letters of credit after 12 months, will be added to bridge debt.
Watch Items
- This is a strategic expansion into a larger asset base, but it also raises execution risk because the company is taking on distressed assets with limited seller protections.
- The preserved environmental and reclamation obligations could create meaningful future cash needs and liabilities that are not yet fully measurable.
- Any appeal or reversal of the sale order could delay or derail the acquisition, which would affect the company’s growth plan and financing assumptions.
Important Filing Changes
Exhibits and Financial Statement Schedules 115 Item 16. Form 10-K Summary 118 Signatures 119 i Selected Definitions • “5E Boron Americas” refers to 5E Boron Americas, LLC (f/k/a Fort Cady (California) Corporation). • “ABR” refers to American Pacific Borates Limited, a company incorporated under the laws of Australia. • “ASX” refers to the Australian Securities Exchange. • “Board” refers to the 5E Advanced Materials, Inc. Board of Directors. • “Bylaws” refers to the Amended and Restated Bylaws of 5E Advanced Materials, Inc. • “CDI” refers to a CHESS Depositary Interest. • “CERLA” refers to the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended. • “Certificate of Incorporation” refers to the Amended and Restated Certificate of Incorporation of 5E Advanced Materials, Inc., as amended. • “Common Stock” refers to the Company’s common stock, par value $0.01 per share….
Exhibits and Financial Statement Schedules 114 Item 16. Form 10-K Summary 117 Signatures 118 i Selected Definitions • “5E Boron Americas” refers to 5E Boron Americas, LLC (f/k/a Fort Cady (California) Corporation). • “5E SVM” refers to 5E SVM, LLC. • “ABR” refers to American Pacific Borates Limited, a company incorporated under the laws of Australia. • “ASX” refers to the Australian Securities Exchange. • “Board” refers to the 5E Advanced Materials, Inc. Board of Directors. • “Bylaws” refers to the Second Amended and Restated Bylaws of 5E Advanced Materials, Inc. • “CDI” refers to a CHESS Depositary Interest. • “CERCLA” refers to the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended. • “Certificate of Incorporation” refers to the Amended and Restated Certificate of Incorporation of 5E Advanced Materials, Inc., as amended. • “Commercial-Scale Facility” refers to the Company’s proposed borates facility, located at the Project, as detailed in the Company’s PFS. • “Common Stock” refers to the Company’s common stock, par value $0.01 per share. • “Company” refers to 5E Advanced Materials, Inc., a Delaware corporation. • “Corporations Act” refers to the Australian Corporations Act, 2001 (Cth). • “EPA” refers to the U.S.
Form 10-K Summary 118 Signatures 119 i Selected Definitions • “5E Boron Americas” refers to 5E Boron Americas, LLC (f/k/a Fort Cady (California) Corporation). • “ABR” refers to American Pacific Borates Limited, a company incorporated under the laws of Australia. • “ASX” refers to the Australian Securities Exchange. • “Board” refers to the 5E Advanced Materials, Inc. Board of Directors. • “Bylaws” refers to the Amended and Restated Bylaws of 5E Advanced Materials, Inc. • “CDI” refers to a CHESS Depositary Interest. • “CERLA” refers to the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended. • “Certificate of Incorporation” refers to the Amended and Restated Certificate of Incorporation of 5E Advanced Materials, Inc., as amended. • “Common Stock” refers to the Company’s common stock, par value $0.01 per share. • “Company” refers to 5E Advanced Materials, Inc.,…
Form 10-K Summary 117 Signatures 118 i Selected Definitions • “5E Boron Americas” refers to 5E Boron Americas, LLC (f/k/a Fort Cady (California) Corporation). • “5E SVM” refers to 5E SVM, LLC. • “ABR” refers to American Pacific Borates Limited, a company incorporated under the laws of Australia. • “ASX” refers to the Australian Securities Exchange. • “Board” refers to the 5E Advanced Materials, Inc. Board of Directors. • “Bylaws” refers to the Second Amended and Restated Bylaws of 5E Advanced Materials, Inc. • “CDI” refers to a CHESS Depositary Interest. • “CERCLA” refers to the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended. • “Certificate of Incorporation” refers to the Amended and Restated Certificate of Incorporation of 5E Advanced Materials, Inc., as amended. • “Commercial-Scale Facility” refers to the Company’s proposed borates facility, located at the Project, as detailed in the Company’s PFS. • “Common Stock” refers to the Company’s common stock, par value $0.01 per share. • “Company” refers to 5E Advanced Materials, Inc., a Delaware corporation. • “Corporations Act” refers to the Australian Corporations Act, 2001 (Cth). • “EPA” refers to the U.S. Environmental Protection Agency. • “EPC” refers to engineering, procurement and construction. • “Exchange Act” refers to the Securities Exchange Act of 1934, as amended. • “FEL” refers to front-end loading, a stage gated project management system (with a number to the corresponding stage, e.g., FEL-1, FEL-2, FEL-3.) • “LCE” refers to lithium carbonate equivalent. • “MSTs” refers to million short tons. • “Nasdaq” refers to the Nasdaq Global Select Market. • “ppm” refers to parts per million. • “Preliminary Feasibility Study” or “PFS” refers to the Preliminary Feasibility Study and Technical Report Summary, dated September 17, 2026, included as Exhibit 96.1 to this Annual Report. • “Project” refers to the 5E Boron Americas (Fort Cady) Complex. • “Scheme” refers to a statutory Scheme of Arrangement under Australian law under Part 5.1 of the Corporations Act. • “SEC” refers to the U.S.
Risk Factors Each of the risks described below should be carefully considered, together with all of the other information contained in this Annual Report on Form 10-K, before making an investment decision with respect to our securities. In the event of the occurrence, reoccurrence, continuation or increased severity of any of the risks described below, our business, financial condition or results of operations could be materially and adversely affected, and you may lose all or part of your investment.
Risk Factors Each of the risks described below should be carefully considered, together with all of the other information contained in this Annual Report, before making an investment decision with respect to our securities. In the event of the occurrence, reoccurrence, continuation or increased severity of any of the risks described below, our business, financial condition or results of operations could be materially and adversely affected, and you may lose all or part of your investment.
UPEXI, INC.
| Rank | 2 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Upexi materially sharpened its identity around Solana, saying it now manages cash through a crypto portfolio and earns yield mainly by staking SOL. The filing also adds a long list of Solana-specific risks, including outages, validator concentration, and dependence on the network’s core developers. The consumer-products business still exists, but the new filing makes clear that the treasury strategy is now a central part of the story.
Main Changes
- The company now says it is "primarily focused in Solana tokens and generating a yield from the treasury, primarily through staking of those tokens," replacing the prior emphasis on holding excess cash in FDIC-insured interest-bearing accounts.
- The business description was broadened from a consumer-products company to one that also operates in "the cryptocurrency industry" and manages cash assets through a cryptocurrency portfolio, while still keeping the brand-owner wholesale and direct-to-consumer business.
- The Solana strategy language was expanded to say the company holds digital assets directly on its balance sheet and is pursuing the "highest yield on excess cash," signaling a more explicit treasury pivot.
- Risk disclosures were added around Solana-specific exposure, including network outages, validator coordination failures, possible forks, centralized validator concentration, declining validator rewards, and dependence on the Solana Foundation and core developers.
Watch Items
- The treasury shift makes the stock more sensitive to SOL price moves, staking economics, and Solana network health, which can amplify both upside and downside.
- Added concentration and infrastructure risks suggest the company is taking on a single-asset crypto strategy that could be vulnerable to protocol issues or governance events.
- The consumer-products business remains in place, but the filing signals that management is increasingly positioning the company around crypto treasury returns rather than operating growth alone.
Important Filing Changes
No dividends have been paid on Upexi’s common stock. Upexi does not intend to pay cash dividends on its common stock in the foreseeable future, and anticipate that profits, if any, received from operations will be reinvested into its business. Any decision to pay dividends will depend upon its financial condition, operating results, and current and anticipated cash needs.
In that case, the market price of our common stock could decline, and you may lose all or part of your investment in our common stock. See also “Cautionary Statement Regarding Forward-Looking Statements.” Risks Related to Upexi Upexi does not anticipate paying any dividends on its common stock. No dividends have been paid on Upexi’s common stock.
We reach consumers through our direct-to-consumer network, wholesale partnerships, and major third-party platforms like Amazon. We have recently shifted the focus of our operations to a treasury policy under which the principal holding in its treasury reserve on the balance sheet will be allocated to digital assets, and specifically long term strategy of holding Solana (“SOL”) by applying a proven public-market treasury model to an asset that we believe is earlier in its lifecycle, structurally reflexive, and vastly underexposed. We have a limited operating history with the current scale of our business, which makes it difficult to forecast our prospects and future results of operations.
The Company was incorporated on September 5, 2018, and only commenced operations thereafter. Moreover, the Company only shifted to a digital asset treasury strategy, our principal business, in April 2025. Accordingly, we have a limited operating history upon which to base an evaluation of our business and prospects.
Our Asset Management Company is given access to the Custodian accounts with established controls to ensure transactions require consensus of a minimum of two individuals when assets are being transferred between wallets and additional controls if an asset of the Treasury is moved out of the Custodians control. The assets go through the Custodians Trust Company, which maintains its own insurance and is regulated by their respective state where the trust is incorporated in. Our primary custodian is currently BitGo Trust Company, Inc. a South Dakota corporation (“BitGo”) and is regulated by the state of South Dakota.
Business General Overview As used in this Annual Report and unless otherwise indicated, the terms “we”, “us”, “our”, “Upexi”, and the “Company” mean Upexi, Inc., a Delaware corporation, originally formed as a Nevada corporation in September of 2018. The Company conducts its operations through its subsidiaries, which may change from time to time as a result of acquisitions, dispositions, and other corporate activities. Description of Business Our Company We are in the cryptocurrency industry and the management of cash assets through a cryptocurrency portfolio, primarily focused in Solana tokens and generating a yield from the treasury, primarily through staking of those tokens.
Paramount Gold Nevada Corp.
| Rank | 3 |
|---|---|
| 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) |
Paramount’s filing adds a more explicit warning that it may struggle to repay debt at maturity and could need to cut spending, sell assets, or raise new capital. The company also clarifies that its board oversees cybersecurity risk and spells out a Monte Carlo method for valuing its derivative liability. Overall, the substantive message is that financing risk is more prominent than before.
Main Changes
- The risk disclosure now says the company "could face substantial liquidity problems" and may need to "reduce or delay investments and capital expenditures, dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance" its debt.
- The filing adds that the company may not be able to raise enough proceeds to meet debt service obligations when due, and that refinancing costs could rise in a higher-rate environment.
- Cybersecurity disclosure now says the board of directors has "ultimate oversight of cybersecurity risk," adding governance detail that was not previously stated.
- The MD&A accounting note for derivative liability now says fair value is estimated using a "Monte Carlo simulation," making the valuation approach more explicit.
Watch Items
- The new liquidity language suggests management sees refinancing and capital access as a real pressure point, which matters for a junior miner with limited operating cash generation.
- The added debt-risk framing raises the stakes around the company’s convertible debenture and could signal higher dilution or asset-sale risk if funding tightens.
- Board-level cybersecurity oversight is a modest governance upgrade, but it does not offset the more important balance-sheet and funding concerns.
Important Filing Changes
It also analyzes our financial condition and summarizes the results of our operations for the years ended June 30, 2025 and 2024 and compares each year’s results to the results of the prior year. Operating Highlights: During the fiscal year-ended June 30, 2025, the Company continued with its permitting at its Grassy Mountain Project. Highlights include: • The State of Oregon’s Technical Review Team ("TRT") approved the completion of the Environmental Evaluation (“EE”) for the Grassy Mountain project. • The TRT to approved all components of Paramount’s mining, processing and closure scenarios for its proposed Grassy Mountain operation.
It also analyzes our financial condition and summarizes the results of our operations for the years ended June 30, 2026 and 2025 and compares each year’s results to the results of the prior year. Operating Highlights: During the fiscal year-ended June 30, 2026, the Company continued with its permitting at its Grassy Mountain Project and technical review at Sleeper. Highlights include: • The Company announced in June 2026, the results of an Initial Assessment ("2026 Sleeper IA") prepared in accordance with SK-1300 for the Sleeper Gold Project.
The increase in general and administration expenses from the previous year’s comparable period was mainly due to higher insurance, travel and investor relations costs. Asset Retirement Obligation For the year ended June 30, 2025, the Company’s asset retirement obligation for the Sleeper Gold Project increased to $2,293,765 from $2,270,288 from the prior year ended June 30, 2024. The net increase of $23,477 was the result of settlements of $120,000 plus 34 a downward revision in estimate of $81,936 offset by the current year accretion of $225,413.
Operating Highlights: During the fiscal year-ended June 30, 2026, the Company continued with its permitting at its Grassy Mountain Project and technical review at Sleeper. Highlights include: • The Company announced in June 2026, the results of an Initial Assessment ("2026 Sleeper IA") prepared in accordance with SK-1300 for the Sleeper Gold Project. The 2026 Sleeper IA evaluated a mining scenario that processes the existing waste dumps and mining of in situ oxide and mixed mineral resources utilizing conventional open-pit mining and a 30,000 tonne per day crush-agglomerate heap leach processing facility with a Merrill-Crowe recovery. • The Company announced in May 2026, the results of the Grassy Feasibility Study ("FS") prepared in accordance with SK-1300.
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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