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 potentially transformative bankruptcy-backed acquisition, but the deal comes with limited recourse and potentially significant legacy liabilities.
- UPEXI, INC. (High) — Upexi is now much more of a Solana-linked treasury play, and that makes the stock far more dependent on crypto market and network risk than before.
- Paramount Gold Nevada Corp. (Low) — This 10-K points to slightly higher awareness of valuation and asset-risk issues, but no major shift in the company’s business outlook.
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 | low |
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’s new filing is dominated by a distressed asset acquisition that could materially reshape the company. Management is buying SVM’s borates-related assets out of bankruptcy, but it is also warning investors that it will inherit meaningful environmental and reclamation obligations and has little recourse if problems surface after closing. The update signals a more aggressive growth move, but one with elevated legal, operational and liability risk.
Main Changes
- MD&A adds a new post-year-end acquisition: 5E and newly formed subsidiary 5E SVM signed an Asset Purchase Agreement on September 14, 2026 to buy 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 says 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 the Sale Order can still be appealed, stayed, modified or reversed.
- Risk language is more explicit that the assets are being acquired ‘as is, where is,’ with ‘limited or no post-closing recourse’ against SVM, no survival of most reps and warranties, and no indemnification for breaches other than intentional fraud.
- The company also adds that certain environmental, reclamation and regulatory obligations will be preserved, including California Lahontan Water Board orders and federal decommissioning/reclamation duties, and that these costs may be significant and are not fully quantifiable.
Watch Items
- This is a strategic expansion into a much larger asset base, but it also raises execution risk because the company is taking on a distressed acquisition with limited seller protections.
- Preserved environmental and reclamation obligations could become a material cash burden and may affect the economics of the acquired assets.
- Any appeal or reversal of the bankruptcy sale order could delay or derail the transaction and weaken the expected free-and-clear protections.
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 has shifted from a traditional cash-management approach to a Solana-focused treasury strategy, with staking now described as a core way to generate yield. The company kept its consumer-products business, but the filing makes clear that crypto is now a central part of the story. The new risk section is much more specific about Solana network outages, validator concentration, declining rewards, and competition from other SOL products.
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 description of excess cash held in FDIC-insured interest-bearing accounts.
- The business section adds that Upexi "conducts its operations through its subsidiaries" and that its operations now include a cryptocurrency portfolio, while still retaining the consumer-products brand business.
- Risk factors now spell out Solana-specific exposures, including "network outages, slow operations and validator coordination failures," the possibility of a "fork," and the risk that the Solana Foundation or core developers could suffer a reputational or leadership setback.
- New risk language also warns that validator rewards are expected to decline under Solana’s inflation model and that competition from other spot SOL products could pressure scale, demand, and the value of the company’s holdings.
Watch Items
- The filing confirms a meaningful pivot toward a crypto-treasury model, which increases sensitivity to SOL price moves and staking economics.
- Added Solana network and governance risks suggest the company is more exposed to protocol-level issues than a typical operating business.
- The mention of competition from other SOL vehicles and the need to raise additional capital signals execution risk if the treasury strategy scales faster than funding.
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 | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Paramount’s filing is mostly a cleanup update, but it adds more specificity around how it values its derivative liability and how sensitive that estimate is to assumptions. It also broadens the language around when mineral property costs may be expensed, which gives management more room to write down assets if project economics deteriorate. The cybersecurity section now explicitly assigns oversight to the board, but there is no sign of a new breach or major operational change.
Main Changes
- MD&A added a new sentence that the company’s derivative liability is estimated using a "Monte Carlo simulation," and that changes in assumptions could "materially affect" the fair value.
- The mineral property accounting note was tightened from writing off properties with "no future economic value" to also covering properties with "reduced or no future economic value."
- The cybersecurity disclosure now says the board of directors has "ultimate oversight of cybersecurity risk," which was not stated before.
Watch Items
- The added derivative-liability detail reinforces that fair-value swings could continue to affect reported earnings and create volatility.
- The broader mineral-property impairment wording suggests management is keeping more flexibility to mark down projects if economics weaken.
- Board-level cybersecurity oversight is a modest governance upgrade, but it does not indicate a new incident or major control issue.
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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