SEC What Changed: 10-K Filing Snapshot for 5 June 2026

A ranked snapshot of 10-K language changes for companies that filed annual reports on 5 June 2026.

SEC What Changed: 10-K Filing Snapshot for 5 June 2026

Four companies filed 10-K reports on 5 June 2026. Four filings had a prior-year 10-K available for comparison and are ranked below. In this analysis, cosine similarity runs from 0 to 1 because it is calculated on non-negative text vectors. A score near 1 means the texts are very similar; a lower score means they are less similar and more language has changed.

We compare three high-signal 10-K sections. Business describes what the company does and how the operating model is changing. Risk Factors shows what management is warning investors about, including new, removed, or softened risks. MD&A explains the drivers of financial performance, liquidity, and management’s view of the business. Comparing similarity across these sections helps surface quiet but potentially important disclosure changes that can be hard to spot manually.

Ranking Table

RankCompanyCIKFull Filing SimilarityBusiness SimilarityRisk Factors SimilarityMD&A SimilarityMost Changed SectionLLM Assessment
1Sentinel Holdings Ltd.8893530.9840.9430.764n/aRisk Factorshigh
2NetApp, Inc.10020470.9940.9980.796n/aRisk Factorshigh
3Clean Energy Technologies, Inc.13296060.960.9840.997n/aBusinessmedium
4GSI TECHNOLOGY INC112674110.9890.995n/aBusinesslow

Sentinel Holdings Ltd. (889353)

Rank1
Lowest similarity sectionRisk Factors
LLM assessmenthigh
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

Sentinel Holdings Ltd. shows its largest detected wording movement in Risk Factors. The comparison is based on the latest 10-K filed on 2026-06-05 against the prior-year 10-K filed on 2025-04-28.

Main Changes

  • Risk Factors changed versus the prior-year filing, with cosine similarity of 0.764.
  • Business changed versus the prior-year filing, with cosine similarity of 0.943.

Watch Items

  • Review the Risk Factors section directly because it was the lowest-similarity section in the comparison.

Important Filing Changes

2025 filing excerpt – Risk Factors

This ASU is effective for annual periods beginning after December 15, 2024, and may be applied on a prospective or retrospective basis. Other Accounting Standards Updates The FASB has issued various technical corrections and industry-specific updates that are not expected to have a material impact on the Company’s consolidated financial position, results of operations, or cash flows. Other Recent Updates Various other ASUs have been issued that primarily contain technical corrections or industry-specific guidance.

2026 filing excerpt – Risk Factors

General In addition to risks and uncertainties in the ordinary course of business that are common to all businesses, important factors that are specific to our industry and the Company could have a material and adverse impact on our business, financial condition, results of operations and cash flows. You should carefully consider the risks described below and in our subsequent periodic filings with the SEC.

2025 filing excerpt – Risk Factors

Accounts deemed uncollectible are written off against the allowance when determined to be uncollectible (ASC 310-10-35-10). Concentrations The Company evaluates and discloses significant concentrations of risk in accordance with FASB ASC 275-10, Risks and Uncertainties. These risks may arise from customer concentrations, vendor reliance, geographic dependence, or other economic factors that could materially impact the Company’s financial position, results of operations, and cash flows.

2026 filing excerpt – Risk Factors

General In addition to risks and uncertainties in the ordinary course of business that are common to all businesses, important factors that are specific to our industry and the Company could have a material and adverse impact on our business, financial condition, results of operations and cash flows. You should carefully consider the risks described below and in our subsequent periodic filings with the SEC. Risks Relating to Our Business We have incurred net losses and cannot assure you that we will achieve or maintain profitable operations.

2025 filing excerpt – Business

Overview Sentinel Holdings Ltd, a Nevada corporation (the “Company”), conducts its business through its wholly owned subsidiary, United Security Specialists Inc. (“USS”), and its majority-owned subsidiary, Gladiator Solutions Inc. (“Gladiator”). Effective April 2, 2025, the Company changed its name to Sentinel Holdings Ltd..

2026 filing excerpt – Business

Overview Sentinel Holdings Ltd, a Nevada corporation (“Sentinel” or the “Company”), conducts its business through its wholly owned subsidiaries, Sentry Protective Services, Inc. (“Sentry”), United Security Specialists Inc. (“USS”), and its majority-owned subsidiary, Gladiator Solutions Inc. (“Gladiator”). Effective April 2, 2025, the Company changed its name to Sentinel Holdings Ltd.

NetApp, Inc. (1002047)

Rank2
Lowest similarity sectionRisk Factors
LLM assessmenthigh
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

NetApp, Inc. shows its largest detected wording movement in Risk Factors. The comparison is based on the latest 10-K filed on 2026-06-05 against the prior-year 10-K filed on 2025-06-09.

Main Changes

  • Risk Factors changed versus the prior-year filing, with cosine similarity of 0.796.
  • Business changed versus the prior-year filing, with cosine similarity of 0.998.

Watch Items

  • Review the Risk Factors section directly because it was the lowest-similarity section in the comparison.

Important Filing Changes

2025 filing excerpt – Risk Factors

Liquidity Our principal sources of liquidity as of April 25, 2025 consisted of cash, cash equivalents and short-term investments, cash we expect to generate from operations, and our commercial paper program and related credit facility. Cash, cash equivalents and short-term investments consisted of the following (in millions): April 25, 2025 April 26, 2024 Cash and cash equivalents $ 2,742 $ 1,903 Short-term investments 1,104 1,349 Total $ 3,846 $ 3,252 45 As of April 25, 2025 and April 26, 2024, $2.5 billion and $2.1 billion, respectively, of cash, cash equivalents and short-term investments were held by various foreign subsidiaries and were generally based in U.S. dollar-denominated holdings, while $1.3 billion and $1.2 billion, respectively, were available in the U.S.

2026 filing excerpt – Risk Factors

Liquidity Our principal sources of liquidity as of April 24, 2026 consisted of cash, cash equivalents and short-term investments, cash we expect to generate from operations, and our credit facility and commercial paper program. Cash, cash equivalents and short-term investments consisted of the following (in millions): April 24, 2026 April 25, 2025 Cash and cash equivalents $ 2,070 $ 2,742 Short-term investments 1,514 1,104 Total $ 3,584 $ 3,846 As of April 24, 2026 and April 25, 2025, $2.3 billion and $2.5 billion, respectively, of cash, cash equivalents and short-term investments were held by various foreign subsidiaries and were generally based in U.S. dollar-denominated holdings, while $1.3 billion was available in the U.S as of the end of each fiscal year.

2025 filing excerpt – Risk Factors

Liquidity Our principal sources of liquidity as of April 25, 2025 consisted of cash, cash equivalents and short-term investments, cash we expect to generate from operations, and our commercial paper program and related credit facility. Cash, cash equivalents and short-term investments consisted of the following (in millions): April 25, 2025 April 26, 2024 Cash and cash equivalents $ 2,742 $ 1,903 Short-term investments 1,104 1,349 Total $ 3,846 $ 3,252 45 As of April 25, 2025 and April 26, 2024, $2.5 billion and $2.1 billion, respectively, of cash, cash equivalents and short-term investments were held by various foreign subsidiaries and were generally based in U.S. dollar-denominated holdings, while $1.3 billion and $1.2 billion, respectively, were available in the U.S. Our principal liquidity requirements are primarily to meet our working capital needs, support ongoing business activities, fund research and development, meet…

2026 filing excerpt – Risk Factors

Liquidity Our principal sources of liquidity as of April 24, 2026 consisted of cash, cash equivalents and short-term investments, cash we expect to generate from operations, and our credit facility and commercial paper program. Cash, cash equivalents and short-term investments consisted of the following (in millions): April 24, 2026 April 25, 2025 Cash and cash equivalents $ 2,070 $ 2,742 Short-term investments 1,514 1,104 Total $ 3,584 $ 3,846 As of April 24, 2026 and April 25, 2025, $2.3 billion and $2.5 billion, respectively, of cash, cash equivalents and short-term investments were held by various foreign subsidiaries and were generally based in U.S. dollar-denominated holdings, while $1.3 billion was available in the U.S as of the end of each fiscal year. Our principal liquidity requirements are primarily to meet our working capital needs, support ongoing business activities, fund research and development, meet capital expenditure needs, invest in critical or complementary technologies through asset purchases and/or business acquisitions, service interest and principal payments on our debt, fund our stock repurchase program, and pay dividends, as and if declared.

2025 filing excerpt – Business

Business Overview NetApp, Inc. (NetApp, we, us, or the Company) helps customers make their data infrastructure more seamless, more dynamic, and higher performing. We were incorporated in 1992, are headquartered in San Jose, California, and provide a full range of enterprise-class software, systems and services that customers use to transform their data infrastructures across data types, workloads, and environments to realize business possibilities.

2026 filing excerpt – Business

Business Overview NetApp, Inc. (NetApp, we, us, or the Company), headquartered in San Jose, California, is a global leader in Intelligent Data Infrastructure. Since our founding in 1992, we have transformed from a pioneering storage hardware provider into a software-driven, cloud-centric data infrastructure company.

Clean Energy Technologies, Inc. (1329606)

Rank3
Lowest similarity sectionBusiness
LLM assessmentmedium
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

Clean Energy Technologies, Inc. shows its largest detected wording movement in Business. The comparison is based on the latest 10-K filed on 2026-06-05 against the prior-year 10-K filed on 2025-04-14.

Main Changes

  • Business changed versus the prior-year filing, with cosine similarity of 0.984.
  • Risk Factors changed versus the prior-year filing, with cosine similarity of 0.997.

Watch Items

  • Review the Business section directly because it was the lowest-similarity section in the comparison.

Important Filing Changes

2025 filing excerpt – Business

We target sustainable energy solutions that are profitable for us, profitable for our customers and represent the future of global energy production. Our principal businesses Waste Heat Recovery Solutions – we recycle wasted heat produced in manufacturing, waste to energy and power generation facilities using our patented Clean Cycle TM generator to create electricity which can be recycled or sold to the grid. Waste to Energy Solutions – we convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity, renewable natural gas (“RNG”), hydrogen and bio char which are sold or used by our customers.

2026 filing excerpt – Business

We target sustainable energy solutions that are profitable for us, profitable for our customers and represent the future of global energy production. Our principal businesses Waste Heat Recovery Solutions – we recycle wasted heat produced in manufacturing, waste to energy and power generation facilities using our patented Clean Cycle TM generator to create electricity which can be stored or sold to the grid. Waste to Energy Solutions – we convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity, renewable natural gas (“RNG”), hydrogen and bio char which are sold or used by our customers.

2025 filing excerpt – Business

Engineering, Consulting and Project Management Solutions – We provide power generation, waste to energy, and heat recovery Engineering, Procurement and Construction (EPC) services to to municipal and industrial customers and to design and incorporate clean energy solutions in their projects. CETY HK Clean Energy Technologies (H.K.) Limited (“CETY HK”) consists of two business ventures in mainland China: (i) our natural gas (“NG”) trading operations sourcing and suppling NG to industries and municipalities, operated through our PRC Subsidiaries and Shuya. The NG is principally used for heavy truck refueling stations and urban or industrial users.

2026 filing excerpt – Business

Engineering, Consulting and Project Management Solutions – We provide power generation, waste to energy, and heat recovery Engineering, Procurement and Construction (EPC) services to municipal and industrial customers and to design and incorporate clean energy solutions in their projects. CETY HK Clean Energy Technologies (H.K.) Limited (“CETY HK”) currently consists of two business verticals in mainland China: (i) Natural Gas (“NG”) Trading Operations – CETY HK sources and supplies natural gas to industrial customers and municipalities through its PRC subsidiaries. The NG is primarily used for heavy-duty truck refueling stations as well as urban and industrial applications.

2025 filing excerpt – Risk Factors

This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. 20 RISKS RELATD TO OUR BUSINESS OUR INDEPENDENT ACCOUNTANTS HAVE ISSUED A GOING CONCERN OPINION AND IF WE CANNOT OBTAIN ADDITIONAL FINANCING AND/OR REDUCE OUR OPERATING COSTS SUFFICIENTLY, WE MAY HAVE TO CURTAIL OPERATIONS AND MAY ULTIMATELY CEASE TO EXIST. The financial statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business.

2026 filing excerpt – Risk Factors

This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. 18 RISKS RELATED TO OUR BUSINESS OUR INDEPENDENT ACCOUNTANTS HAVE ISSUED A GOING CONCERN OPINION AND IF WE CANNOT OBTAIN ADDITIONAL FINANCING AND/OR REDUCE OUR OPERATING COSTS SUFFICIENTLY, WE MAY HAVE TO CURTAIL OPERATIONS AND MAY ULTIMATELY CEASE TO EXIST. The financial statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business.

GSI TECHNOLOGY INC (1126741)

Rank4
Lowest similarity sectionBusiness
LLM assessmentlow
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

GSI TECHNOLOGY INC shows its largest detected wording movement in Business. The comparison is based on the latest 10-K filed on 2026-06-05 against the prior-year 10-K filed on 2025-06-18.

Main Changes

  • Business changed versus the prior-year filing, with cosine similarity of 0.989.
  • Risk Factors changed versus the prior-year filing, with cosine similarity of 0.995.

Watch Items

  • Review the Business section directly because it was the lowest-similarity section in the comparison.

Important Filing Changes

2025 filing excerpt – Business

We were incorporated in California in 1995 under the name Giga Semiconductor, Inc. We changed our name to GSI Technology in December 2003 and reincorporated in Delaware in June 2004 under the name GSI Technology, Inc. Our principal executive offices are located at 1213 Elko Drive, Sunnyvale, California, 94089, and our telephone number is (408) 331-8800.

2026 filing excerpt – Business

Business Overview GSI Technology, Inc. (“GSI” or the “Company”) is a semiconductor company pursuing a two-pronged business strategy. Our growth strategy centers on the commercialization of our proprietary associative processing unit (“APU”) technology, which enables high-performance, low-power, compute-in-memory processing for artificial intelligence, high-performance computing, and search applications at the edge.

2025 filing excerpt – Business

Business Overview GSI provides in-place associative computing solutions for applications in high growth markets such as artificial intelligence (“AI”) and high-performance computing (“HPC”), including natural language processing and computer vision. Our associative processing unit (“APU”) family of products are focused on applications using similarity search and Boolean processing.

2026 filing excerpt – Business

Business Overview GSI Technology, Inc. (“GSI” or the “Company”) is a semiconductor company pursuing a two-pronged business strategy. Our growth strategy centers on the commercialization of our proprietary associative processing unit (“APU”) technology, which enables high-performance, low-power, compute-in-memory processing for artificial intelligence, high-performance computing, and search applications at the edge. We fund this development through our established legacy business designing and selling high-speed synchronous static random access memory (“SRAM”) products, primarily for the networking and telecommunications, test and measurement, and military/defense and aerospace markets.

2025 filing excerpt – Risk Factors

Risk Factor Summary Our business is subject to numerous risks and uncertainties, which are more fully described in the Risk Factors below. These risks include, but are not limited to: Risks Related to Our Business and Financial Condition ● Unpredictable fluctuations in our operating results could cause our stock price to decline. ● KYEC and Nokia account for a significant percentage of our net revenues. If these customers, or any of our other major customers, reduces the amount they purchase, stops purchasing our products or fails to pay us, our financial position and operating results will suffer.

2026 filing excerpt – Risk Factors

Risk Factor Summary Our business is subject to numerous risks and uncertainties, which are more fully described in the Risk Factors below. These risks include, but are not limited to: Risks Related to Our Business and Financial Condition ● Unpredictable fluctuations in our operating results could cause our stock price to decline. ● KYEC, Nokia and Cadence Design Systems account for a significant percentage of our net revenues. If these customers, or any of our other major customers, reduce the amount they purchase, stop purchasing our products or fail to pay us, our financial position and operating results will suffer. ● We are reliant on U.S. government funding and government shutdowns may materially adversely affect our business and results of operations. ● We depend upon the sale of our Very Fast SRAMs for most of our revenues while we transform the focus of our business to the sale of in-place associative computing products and services, and a downturn in demand for Very Fast SRAM products or our inability to achieve our revenue goals for our new in-place associative computing products and services may cause us to experience cash shortfalls that would harm our business and our future prospects. ● Our future success is substantially dependent on the successful introduction of new in-place associative computing products which entails significant risks. ● Worldwide inflationary pressures, increased or new tariffs, export controls and other trade barriers, trade disputes and increasing geopolitical tensions, the military conflicts in Ukraine and the Middle East, and the challenging global economic environment may adversely affect our revenues, results of operations and financial condition. ● We have incurred significant losses and may incur losses in the future. ● If we fail to maintain effective internal control over financial reporting in the future, the accuracy and timing of our financial reporting may be adversely affected. ● If we determine that our goodwill and intangible assets have become impaired, we may incur impairment charges, which would negatively impact our operating results. ● We are dependent on a number of single source suppliers.

Why?

The average 10-K is ~6x longer than in 1995 and the number of textual changes has risen ~12x, making attention and processing harder. Simple changes in 10K’s and 10Q’s can be highly informative. When a company quietly rewrites parts of its 10K/10Q it tends to go unnoticed at first. These changes often foreshadow tougher fundamentals and weaker future returns. The objective is that firms who change more, AKA "changers" earn systematically lower future returns – in large part due to firms adding in negative information into their 10K’s. In short: small wording shifts can be big information. For further information read the "Research" section for more details. Below I present the results of today’s analysis.

Research disclaimer

This material is provided for research and educational purposes only. It is not investment advice, a recommendation, or an offer to buy or sell any security or strategy.

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