Five companies met our criteria from the six 10-K annual reports filed with the SEC on 23 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 21Shares Hyperliquid Staking 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
- Amesite Inc. (High) — Amesite is signaling a real shift toward enterprise healthcare AI, but the investment case still depends on turning early deployment wins into durable revenue.
- NeoVolta Inc. (Medium) — NeoVolta is scaling its manufacturing footprint and workforce, but investors should watch whether the Georgia expansion and FEOC compliance actually convert into production and revenue gains.
- Crona Corp. (Medium) — Crona’s filing removes the prior risk discussion without showing a clear reduction in operating or funding risk.
- ESPEY MFG & ELECTRONICS CORP (Medium) — Espey is signaling better top-line momentum ahead, but investors should expect near-term margin pressure as the company invests more heavily in new programs.
- ADMIRAL FINANCIAL CORP (Low) — This filing is mostly a location update, while the real risk remains that Admiral is still inactive and may need a dilutive recapitalization to restart.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Amesite Inc. | 1807166 | 0.994 | 0.995 | 0.991 | 0.998 | Risk Factors | high |
| 2 | NeoVolta Inc. | 1748137 | 0.997 | 0.959 | 0.993 | 0.99 | Business | medium |
| 3 | Crona Corp. | 1696411 | 0.996 | n/a | 0.979 | n/a | Risk Factors | medium |
| 4 | ESPEY MFG & ELECTRONICS CORP | 33533 | 0.983 | 0.998 | n/a | 0.994 | MD&A | medium |
| 5 | ADMIRAL FINANCIAL CORP | 828530 | 0.996 | 1 | 0.997 | 0.998 | Risk Factors | low |
Amesite Inc.
| Rank | 1 |
|---|---|
| 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) |
Amesite’s filing shows a more aggressive push into enterprise healthcare AI, with new EMR-linked features, a census-based enterprise tier, and its biggest deployment so far. The company also added LynkMagic™ to its product lineup and broadened its positioning beyond NurseMagic™ alone. At the same time, it continues to flag heavy competition and the need to win customer trust in a difficult market.
Main Changes
- The company says it "launched a census-based Enterprise tier with EMR compatibility, automated interdisciplinary team reporting, and configurable documentation" and introduced "the AI-native NurseMagic™ EMR capability."
- Amesite added that it secured "its largest enterprise deployment to date, serving an approximately 2,700-patient census," signaling a larger commercial footprint.
- The business description now says Amesite is focused on AI-powered solutions "for the enterprise and for professionals" and adds a new product line, "LynkMagic™," alongside NurseMagic™.
- The prior statement that Amesite Engage was not being grown was softened to say it "is not currently dedicating resources to its growth," while the company also broadened its go-to-market language to include LynkMagic™.
Watch Items
- The new enterprise tier and EMR integration suggest Amesite is moving upmarket into more complex healthcare workflows, which could improve revenue quality if adoption sticks.
- The mention of the largest deployment to date is a positive demand signal, but investors should watch whether this converts into repeatable enterprise wins rather than one-off traction.
- The company still highlights significant competition and customer/regulatory hurdles, so execution risk remains high even with the product expansion.
Important Filing Changes
The assessment of the Company’s ability to meet its future obligations is inherently judgmental, subjective and susceptible to change. Based on their current forecast, management believes that it will have sufficient cash and cash equivalents to maintain the Company’s planned operations for the next twelve months following the issuance of these financial statements; however, there is uncertainty in the forecast and therefore the Company cannot assert that it is probable. The Company has considered both quantitative and qualitative factors that are known or reasonably knowable as of the date of these financial statements are issued and concluded that there are conditions present in the aggregate that raise substantial doubt about the Company’s ability to continue as a going concern.
The assessment of the Company’s ability to meet its future obligations is inherently judgmental, subjective and susceptible to change. Based on their current forecast, management believes that it may not have sufficient cash and cash equivalents to maintain the Company’s planned operations for the next twelve months following the issuance of these financial statements; however, there is uncertainty in the forecast and therefore the Company cannot assert that it is probable. The Company has considered both quantitative and qualitative factors that are known or reasonably knowable as of the date of these financial statements are issued and concluded that there are conditions present in the aggregate that raise substantial doubt about the Company’s ability to continue as a going concern.
Results of Operations Revenue We generated revenues of $110,459 for the year ended June 30, 2025 as compared to $166,881 for the year ended June 30, 2024. Revenue compared to the prior year was primarily from license fee revenues related to the NurseMagic TM app. We have strongly pivoted to grow our customer base while reducing risk and losses, resulting in a larger client base, a short-term reduction in overall revenue and a dramatic reduction in cash burn.
Results of Operations Revenue We generated revenues of $364,777 for the year ended June 30, 2026 as compared to $110,459 for the year ended June 30, 2025. Revenue was primarily from B2B license fee revenues related to the NurseMagic TM app. We have undertaken a strategic pivot aimed at growing our customer base while reducing risk and losses, resulting in a larger client base and a dramatic reduction in cash burn.
BUSINESS Overview Amesite is a technology company focused on building and commercializing AI-powered solutions for the healthcare sector, with particular emphasis on the post-acute care market. In fiscal 2025, we completed our pivot from an education-centric model to one firmly anchored in the demands and opportunities of healthcare—a shift driven by the scale, complexity, and attractive growth potential of this sector.
BUSINESS Overview Amesite is a technology company focused on building and commercializing AI (artificial intelligence)-powered solutions for the enterprise and for professionals, with particular emphasis on the post-acute healthcare market. In fiscal 2026, we launched a census-based Enterprise tier with EMR (electronic medical records) compatibility, automated interdisciplinary team reporting, and configurable documentation; introduced the AI-native NurseMagic™ EMR capability; and secured our largest enterprise deployment to date, serving an approximately 2,700-patient census.
NeoVolta Inc.
| Rank | 2 |
|---|---|
| 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) |
NeoVolta’s business disclosure now shows a much larger workforce and a new Georgia-based team tied to its battery manufacturing facility. The filing also puts more emphasis on domestic sourcing and FEOC compliance, which suggests the company is preparing for incentive-driven growth and tighter supply-chain requirements. Overall, the update reads like an operational scaling story rather than a change in product direction.
Main Changes
- The company said it had 41 full-time employees as of June 30, 2026, up from 17 full-time employees as of June 30, 2025.
- The employee description now says the California staff handles manufacturing and quality control, while the Georgia staff is focused on overseeing construction and administrative oversight of NVP’s battery manufacturing facility.
- The business section continues to emphasize NV14/NV24 manufacturing, but now adds that NeoVolta is actively working to increase domestic content and make its supply chain compliant with Foreign Entity of Concern (FEOC) requirements for federal incentive eligibility.
Watch Items
- The larger headcount and Georgia facility language suggest the company is moving from a small operating footprint toward a broader manufacturing buildout.
- FEOC and domestic-content compliance matter because they can affect access to federal incentives and shape sourcing decisions.
- The added facility oversight in Georgia signals execution risk: investors should watch whether the expansion translates into higher production capacity and revenue growth.
Important Filing Changes
BUSINESS Overview We are a designer and manufacturer of high-performance energy storage systems (“ESS”) for residential and commercial applications. Our product portfolio includes the NV14, NV24, NVPlus, NV7600 stand-alone inverter, and most recently, the NV16 kW AC hybrid inverter with 24 kW PV input and a 250 kW / 430 kWh commercial and industrial (“C&I”) system.
BUSINESS Overview NeoVolta Inc. (“NeoVolta”, “we” or the “Company”) is a rapidly-growing U.S.-based energy technology company delivering scalable energy storage solutions. We are presently transitioning from being a storage manufacturer into an integrated energy solutions leader.
BUSINESS Overview We are a designer and manufacturer of high-performance energy storage systems (“ESS”) for residential and commercial applications. Our product portfolio includes the NV14, NV24, NVPlus, NV7600 stand-alone inverter, and most recently, the NV16 kW AC hybrid inverter with 24 kW PV input and a 250 kW / 430 kWh commercial and industrial (“C&I”) system.
BUSINESS Overview NeoVolta Inc. (“NeoVolta”, “we” or the “Company”) is a rapidly-growing U.S.-based energy technology company delivering scalable energy storage solutions. We are presently transitioning from being a storage manufacturer into an integrated energy solutions leader. Since our founding in 2018 solely as a manufacturer of high-performance energy storage systems for residential and small commercial applications, we have evolved into a more diversified storage technology company.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the financial statements and notes thereto included elsewhere in this report. Certain statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements that are based on current expectations and involve various risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this report. Certain statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements that are based on current expectations and involve various risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements.
Crona Corp.
| Rank | 3 |
|---|---|
| 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) |
Crona’s new 10-K is much thinner on risk disclosure than the prior filing. Instead of explaining why risk factors were not applicable to a smaller reporting company, it now simply says there are none, while also compressing several other sections to one-word responses. For investors, the main signal is less disclosure, not a clear improvement in the underlying business.
Main Changes
- The prior filing said "Item 1A. Risk Factors Not applicable to smaller reporting companies"; the new filing says "ITEM 1A. RISK FACTORS None," which removes the prior explanation and leaves the section effectively blank.
- The filing also strips out the earlier narrative around going concern, recurring losses, and the need to raise additional capital from the risk-factor area, even though those concerns were previously described in MD&A.
- Other front-matter items were condensed to "None" for unregistered sales, defaults upon senior securities, matters to a vote, and other information.
Watch Items
- The absence of explicit risk-factor disclosure may make it harder for investors to assess management’s view of the company’s key business and financing risks.
- If the company is still loss-making and dependent on outside funding, removing risk-factor detail does not eliminate liquidity risk; it may just reduce transparency.
- Investors should watch whether future filings restore a fuller risk discussion or add new financing and going-concern language.
Important Filing Changes
We have not paid any cash dividends since our inception and do not foresee declaring any cash dividends on our common stock in the foreseeable future. Recent Sales of Unregistered Securities None. Purchase of our Equity Securities by Officers and Directors None.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4.
We have not paid any cash dividends since our inception and do not foresee declaring any cash dividends on our common stock in the foreseeable future. Recent Sales of Unregistered Securities None. Purchase of our Equity Securities by Officers and Directors None.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. EXHIBITS The following exhibits are included as part of this report by reference: 31.1 Certification of Chief Executive and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
ESPEY MFG & ELECTRONICS CORP
| Rank | 4 |
|---|---|
| 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) |
Espey’s outlook turned more upbeat: management now expects fiscal 2027 revenue and new orders to exceed the prior year, after previously signaling weaker order intake and only modest revenue growth. The company also said the business mix is shifting toward new products that require more engineering work upfront, which could weigh on near-term margins before supporting future production sales. Backlog and opportunity totals also moved higher, pointing to a healthier pipeline.
Main Changes
- MD&A now says fiscal 2027 revenue is expected to outpace fiscal 2026, versus prior guidance that fiscal 2026 revenue would be higher than fiscal 2025.
- Management added that the sales mix will shift toward new products with heavier engineering investments, which may temporarily compress gross profit but could support longer-term production revenue.
- The company now expects fiscal 2027 new orders to meet or exceed fiscal 2026 levels, replacing prior language that fiscal 2026 new orders would be lower than fiscal 2025.
- Backlog and opportunity metrics were updated: engineering backlog rose to $14.9 million from $13 million, and outstanding opportunities increased to about $173 million from $163 million.
Watch Items
- The new guidance implies a more constructive demand outlook, but investors should watch whether the higher engineering spend converts into durable production volume.
- Near-term margins may stay under pressure if the mix shift to new programs takes longer than expected to scale efficiently.
- The jump in new-order expectations and pipeline size suggests improving visibility, but defense funding timing still remains a key swing factor.
Important Filing Changes
Management’s Discussion and Analysis of Financial Condition and Results of Operations Business Outlook Management expects revenues in fiscal year 2026 to be higher than revenues recognized during fiscal year 2025. Net income per share is anticipated to fall below fiscal 2025 results driven primarily by orders already in our backlog that will be shipped in fiscal year 2026 with higher anticipated aggregate costs than the product mix shipped during fiscal 2025.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Business Outlook Management expects fiscal year 2027 revenues to outpace fiscal year 2026. While revenue is growing, the current sales mix is expected to shift and include new products with heavier engineering investments.
Cost overruns which can be caused from technical and schedule delays and increased raw material costs could negatively impact the timing of the conversion of backlog into sales, or the profitability of such sales. Engineering programs in both the funded and unfunded portions of the current backlog aggregate $13 million. The Company currently expects new orders in fiscal year 2026 to be lower than those received in fiscal year 2025.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Business Outlook Management expects fiscal year 2027 revenues to outpace fiscal year 2026. While revenue is growing, the current sales mix is expected to shift and include new products with heavier engineering investments. Although these upfront costs may temporarily compress near-term gross profits, they have the potential to build a foundation for long-term production revenue.
This includes items that have been authorized and appropriated by Congress and/or funded by the customer. The unfunded backlog at June 30, 2025 was $33 million, the majority of which represents amounts under multiple orders from a single customer. While there is no guarantee that future budgets and appropriations will provide funding for individual programs, management has included in unfunded backlog only those programs that it believes are likely to receive funding based on discussions with customers and program status.
Sales to six customers accounted for 10%, 11%, 12%, 12%, 13%, and 16%, respectively, of total sales in 2025. A single customer may participate in multiple active programs. Therefore, the loss of one program does not necessarily result in the loss of the customer relationship.
ADMIRAL FINANCIAL CORP
| Rank | 5 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Admiral Financial updated its principal office location from South Miami to Punta Gorda and revised the address of the free office space it uses. Beyond that, the filing shows no meaningful operational change: the company remains inactive, has no revenues, and is still looking for a new business. The core story remains a shell company with potential dilution if it tries to recapitalize.
Main Changes
- The principal office moved from South Miami, Florida to Punta Gorda, Florida.
- The free office space disclosure changed from "7101 Southwest 67 Avenue, South Miami, Florida 33143" to "15465 Green Acres Avenue, Unit 2511, Punta Gorda, Florida 33982."
- The filing still says Admiral has no lease obligations, no legal proceedings, and no operating business.
Watch Items
- The address change suggests a corporate housekeeping update, not a new operating strategy.
- The company remains inactive and still says it is seeking an unidentified new line of business, so the real investment issue is whether it can find a viable transaction.
- The continued statement that restructuring may be needed and could be highly dilutive keeps dilution risk front and center.
Important Filing Changes
Admiral Financial Corp.’s principal office is located in South Miami, Florida. The Company is currently being allowed to share, free of charge, certain office facilities and office equipment located at 7101 Southwest 67 Avenue, South Miami, Florida 33143.
Admiral Financial Corp.’s principal office is located in Punta Gorda, Florida. The Company is currently being allowed to share, free of charge, certain office facilities and office equipment located at 15465 Green Acres Avenue, Unit 2511, Punta Gorda, Florida 33982.
Admiral Financial Corp.’s principal office is located in South Miami, Florida. The Company is currently being allowed to share, free of charge, certain office facilities and office equipment located at 7101 Southwest 67 Avenue, South Miami, Florida 33143. Admiral does not have any lease obligations.
Admiral Financial Corp.’s principal office is located in Punta Gorda, Florida. The Company is currently being allowed to share, free of charge, certain office facilities and office equipment located at 15465 Green Acres Avenue, Unit 2511, Punta Gorda, Florida 33982. Admiral does not have any lease obligations.
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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