Two companies met our criteria from the eight 10-K annual reports filed with the SEC on 19 August 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 FLEXSTEEL INDUSTRIES INC, BRINKER INTERNATIONAL, INC, SANFILIPPO JOHN B & SON INC, ESTEE LAUDER COMPANIES INC, Kimball Electronics, Inc. and INTELLIGENT BIO SOLUTIONS INC., so they are 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
- ChronoScale Holdings Corp (Medium) — ChronoScale is now telling investors its future hinges on a one-customer AI infrastructure business, making concentration risk the key issue.
- Ocean Power Technologies, Inc. (Medium) — OPT is telling investors it wants to be valued more as a recurring maritime services platform, not just a product company.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | ChronoScale Holdings Corp | 1549084 | 0.542 | 0.813 | 0.655 | 0.9 | Risk Factors | medium |
| 2 | Ocean Power Technologies, Inc. | 1378140 | 0.977 | 0.991 | 0.997 | 0.997 | Business | medium |
ChronoScale Holdings Corp
| Rank | 1 |
|---|---|
| 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) |
ChronoScale’s filing now reads like a cloud infrastructure company rather than a medical-device business. The biggest new disclosure is that the Cloud Business had only one customer, which makes revenue highly concentrated and increases downside if that relationship weakens. The company also highlights the energy-intensive nature of its AI and HPC infrastructure, pointing to a more capital- and power-dependent operating model.
Main Changes
- The risk section now says the Cloud Business "served one customer" as of May 31, 2026 and warns that "one or a limited number of customers" may account for a substantial portion of revenue.
- New business description emphasizes that the company provides "accelerated compute infrastructure for AI, machine learning and high-performance computing workloads" using GPU-based systems in third-party colocation facilities.
- The filing adds environmental and infrastructure language, saying power usage, facility efficiency, and environmental laws are important because the business depends on energy-intensive computing equipment.
- The prior risk language focused on exoskeleton products, reimbursement, product liability, and warranty claims; the new filing shifts away from that legacy operating profile.
Watch Items
- Single-customer exposure raises revenue volatility and makes contract retention or expansion critical to the investment case.
- The move into AI/cloud infrastructure signals a different capital and operating model, with energy costs, colocation dependence, and scaling execution now central risks.
- The removal of legacy medical-device risk themes suggests the company is repositioning, but investors should confirm whether the new business can support durable growth.
Important Filing Changes
On January 16, 2024, we sold an aggregate of 3.0 m illion shares of common stock in a registered direct offering (the "January 2024 Offering") at a price of $1.55 per share, which generated net proceeds of approximately $3.9 million after deducting placement agent fees and our estimated offering expenses. Wainwright & Co., LLC (the “Agent”), under which we may issue and sell shares of our common stock, from time to time, to or through the Agent. Offers and sales of shares of common stock by us through the Agent may be made by any method deemed to be an “at the market offering” as defined under SEC Rule 415 or in privately negotiated transactions, subject to certain conditions.
Risk Factors An investment in our common stock is speculative and illiquid and involves a high degree of risk including the risk of a loss of your entire investment. You should carefully consider the risks and uncertainties described below and the other information contained in this report and our other reports filed with the SEC.
EXHIBITS, FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES (a) Financial Statements and Schedules: The following financial statement documents are included as part of Item 8 to this Annual Report on Form 10-K: Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets as of December 31, 2024 and 2023 Consolidated Statements of Operations and Comprehensive loss for the years ended December 31, 2024 and 2023 Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2024 and 2023 Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023 Notes to the Consolidated Financial Statements All schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. (b) Exhibits. The exhibits filed with this Annual Report are set forth in the Exhibit Index. Notes to Consolidated Financial…
Risk Factors An investment in our common stock is speculative and illiquid and involves a high degree of risk including the risk of a loss of your entire investment. You should carefully consider the risks and uncertainties described below and the other information contained in this report and our other reports filed with the SEC. The risks set forth below are not the only 12 ones facing us.
BUSINESS Company Background Founded in 2005, we are a Nevada corporation that designs, develops, and markets exoskeleton products that augment human strength, endurance and mobility. The primary end market for our exoskeleton technology is healthcare, where our technology primarily serves people with physical disabilities or impairments in both physical rehabilitation and mobility.
Business Overview We operate our business through two wholly-owned subsidiaries: ChronoScale Corporation, a Nevada corporation (f/k/a Applied Digital Cloud Corporation, a Nevada corporation) (“Cloud”), and Ekso Bionics, Inc., a Delaware corporation (“Legacy Ekso”). Following the Holding Company Transaction (as defined and described below), Applied Digital Cloud Corporation changed its name to ChronoScale Corporation.
Ocean Power Technologies, 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) |
Ocean Power Technologies broadened and clarified how it describes its business, emphasizing service-based maritime offerings and adding more detail on quality, health, safety, and environmental controls. It also updated its anti-dilution/tax protection language and refreshed the filing for the new fiscal year. Overall, the changes read as a positioning update toward a more scalable services model with stronger operational discipline.
Main Changes
- The Business section now says OPT provides maritime solutions through "Data as a Service (DaaS), Robotics as a Service (RaaS), and Power as a Service (PaaS)," sharpening the company’s recurring-revenue positioning.
- OPT added a new description of its integrated QHSE management system, saying both sites are certified to ISO 9001 and ISO 45001 and highlighting stop-work authority, hazard identification, incident investigation, and continuous improvement.
- The company updated its tax defense language to say that in June 2026 the Board adopted an "amended and restated Section 382 Tax Benefits Preservation Plan" to protect NOL usage and deter ownership above 4.99% without board approval.
- The filing also updates the fiscal-year reference from fiscal 2025 to fiscal 2026 and removes the prior "Selected Financial Data" item from the table of contents, which is administrative rather than substantive.
Watch Items
- The explicit shift to DaaS/RaaS/PaaS suggests OPT wants investors to view it more as a services and recurring-revenue business than a pure hardware vendor.
- ISO certifications and the expanded safety/process language may help with customer credibility in defense, maritime, and regulated end markets.
- The refreshed Section 382 plan signals continued focus on preserving tax assets, but it also reinforces anti-takeover protections.
Important Filing Changes
Our business model emphasizes capital-light deployments, recurring revenue from leases, service and maintenance contracts, and high-margin technology sales and leases. We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and other commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are well positioned to fulfill.
Our business model emphasizes capital-light deployments, recurring revenue from service and maintenance contracts, and high-margin technology sales and leases. We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are uniquely positioned to fulfill.
We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and other commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are well positioned to fulfill. The Company holds numerous patents, including our recently awarded System and Method for Vehicle Charging which protects OPT’s breakthrough system for an autonomous, floating marine charging solution, and leverages decades of research including control systems, energy storage, and marine integration.
We serve a global customer base, including the U.S. and allied defense agencies, offshore energy operators, and commercial interests. The common thread across these markets is the growing need for a persistent, autonomous, and sustainable offshore presence, a need we are uniquely positioned to fulfill. The Company holds numerous patents and leverages decades of research including control systems, energy storage, and marine integration.
We do not know whether we will be able to successfully commercialize our products and services or whether we can achieve profitability. There is significant uncertainty about our ability to successfully commercialize our products in our targeted markets. Even if we do achieve commercialization of our products and services and become profitable, we may not be able to achieve or, if achieved, sustain profitability on a quarterly or annual basis.
We do not know whether we will be able to successfully commercialize our products and services or whether we can achieve profitability. There is significant uncertainty about our ability to successfully commercialize our products in our target markets. Even if we do achieve commercialization of our products and services and become profitable, we may not be able to achieve or, if achieved, sustain profitability on a quarterly or annual basis.
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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