ELWT — what changed in the latest 10-Q
A section-by-section comparison of ELWT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-19 vs the prior 10-Q · 2026-05-15
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +25 | −21 | ~18 | 36 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | −1 | ~3 | 6 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-19
●Total revenue decreased 46.4% and 32.4% for the second quarter and six months, respectively, compared to the prior year periods. The decrease primarily reflects declines in certain nonrecurring and project-based activities given the more volatile nature of project-based revenues.
●Gross margin was 15.5% and 17.4% for the second quarter and six months, respectively, compared to 15.1% and 19.2% for the prior year periods, primarily from network construction activities and timing of network activations. Over time, we expect our gross margin to increase as higher-margin recurrin…
●Operating expenses for the second quarter and six months increased 129.3% and 107.1%, respectively, over the prior year periods, primarily driven by continued growth in our project management and network engineering functions, as well as expenses associated with operating as a publicly traded compa…
●Recurring service revenue was $1.2 million for the second quarter compared to $0.7 million for the prior year period.
Revenue for the three months ended June 30, 2026 decreased $2.5 million, or 46.4%, to $2.9 million, compared to $5.3 million for the three months ended June 30, 2025. Revenue for the six months ended June 30, 2026 decreased $3.5 million, or 32.4%, to $7.3 million, compared to $10.8 million for the s…
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Key results for the three months ended March 31, 2026 include:
●Total revenue decreased approximately 18.6% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily reflecting declines in certain non-recurring and project-based activities given the more volatile nature of project-based revenues.
●Gross margin of 19% for the first quarter, primarily from network construction activities with an increased rate of network activations in the first quarter whereby we recognize the majority of contribution from a given project. Over time, we expect our gross margin to increase as higher margin rec…
●Operating expenses for the first quarter of 2026 increased by 85.9% compared to the first quarter of 2025, primarily driven by continued growth in our project management and network engineering functions, as well as expenses associated with the preparation for being a publicly traded company.
●Recurring service revenue was $1.1 million for the first quarter compared to $0.5 million for the prior year period.
Controls & procedures
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Remediation will not be considered complete until the enhanced controls have been implemented and have operated effectively for a sufficient period of time to enable management to conclude, through testing, that the controls are operating effectively.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice