IBTA — what changed in the latest 10-Q
A section-by-section comparison of IBTA'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 · 2026-11-03 vs the prior 10-Q · 2026-08-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +41 | −33 | ~24 | 40 |
| Market risk (Item 3) | Text added/removed | +3 | −1 | ~2 | 25 |
| Controls & procedures | Text added/removed | +3 | −1 | ~2 | 25 |
| Legal proceedings | Text added/removed | +3 | −1 | ~2 | 25 |
| Risk factors | Text added/removed | +1 | 0 | ~42 | 348 |
| Other information | Text added/removed | +3 | −1 | ~1 | 25 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
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 · 2026-11-03
Three months ended September 30,Nine months ended September 30,
Three months ended September 30,Nine months ended September 30,
Third-party publisher redemptions per redeemer4.43.812.111.4
Third-party publisher redemption revenue per redemption$0.72 $0.79 $0.77 $0.80
Direct-to-consumer redemption revenue per redemption$0.95 $1.10 $1.05 $1.13
Text removed vs the prior filing · source: 10-Q · 2026-08-04
Third-party publisher redemption revenue per redemption$0.83 $0.83 $0.80 $0.81
Direct-to-consumer redemption revenue per redemption$1.10 $1.12 $1.10 $1.14
For the three months ended June 30, 2026 compared to the same period in 2025, total redemptions were 91.4 million and 80.5 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, total redemptions were 179.4 million and 163.3 million, respectively.
For both the three months ended June 30, 2026 and the same period in 2025, third-party publisher redemption revenue per redemption was $0.83. For the six months ended June 30, 2026 compared to the same period in 2025, third-party publisher redemption revenue per redemption was $0.80 and $0.81, respe…
For the three months ended June 30, 2026 compared to the same period in 2025, D2C redemption revenue per redemption was $1.10 and $1.12, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, D2C redemptions revenue per redemption was $1.10 and $1.14, respectively.…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-11-03
•the impact of third-party AI technologies, including agent-based applications, on how consumers discover, access, and engage with our products and offerings;
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this
Quarterly Report on Form 10-Q. While we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relev…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe such information forms a reasonable basis for …
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-11-03
•the impact of third-party AI technologies, including agent-based applications, on how consumers discover, access, and engage with our products and offerings;
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this
Quarterly Report on Form 10-Q. While we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relev…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe such information forms a reasonable basis for …
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-11-03
•the impact of third-party AI technologies, including agent-based applications, on how consumers discover, access, and engage with our products and offerings;
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this
Quarterly Report on Form 10-Q. While we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relev…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe such information forms a reasonable basis for …
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-11-03
•third-party AI/ML technologies, including agent-based applications capable of performing online tasks on behalf of users, may change how consumers discover, access, and interact with our products and offerings, including the offers available on our platform, or may divert consumers from engaging wi…
Other information
Text added vs the prior filing · source: 10-Q · 2026-11-03
•the impact of third-party AI technologies, including agent-based applications, on how consumers discover, access, and engage with our products and offerings;
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this
Quarterly Report on Form 10-Q. While we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relev…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe such information forms a reasonable basis for …
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