MKTW — what changed in the latest 10-Q
A section-by-section comparison of MKTW'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 · 2026-05-07 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +43 | −62 | ~31 | 45 |
| Controls & procedures | Text added/removed | +1 | −2 | ~3 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
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): Market risk (Item 3), Legal proceedings, 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 · 2026-05-07
▪Cash from Operating Activities (“CFFO”) was $(2.1) million in first quarter 2026, a decline of $3.8 million compared to first quarter 2025.
(1) The first quarter 2026 and 2025 quarterly results reported herein are unaudited.
As of March 31, 2026, our Paid Subscriber base was 381 thousand, down 92 thousand, or 19.4% as compared to 473 thousand at March 31, 2025, primarily related to elevated churn associated with the shutdown of our Legacy Research business. At the time of shutdown, paid Legacy Research subscribers were …
Our Paid Subscriber base is comprised of subscribers obtained through both direct-to-paid acquisition and free-to-paid conversions. Since 2023, direct-to-paid acquisition has accounted for approximately 48% of our annual Paid Subscriber acquisition, and is largely driven by display ads and targeted …
Active Free Subscribers decreased by 0.1 million, or 3.9% to 2.0 million as of March 31, 2026 as compared to 2.0 million as of December 31, 2025. The slight sequential reduction was the result of the continued targeted email sends.
Text removed vs the prior filing · source: 10-Q · 2025-11-06
▪Cash from Operating Activities (“CFFO”) was $2.2 million in third quarter 2025, an improvement of $8.0 million compared to third quarter 2024. On a year to date basis, CFFO improved by $49.9 million compared to third quarter 2024.
▪Announced on October 30, 2025 quarterly and special dividend totaling $0.40 per Class A share
(1) The third quarter 2025 and 2024 quarterly results reported herein are unaudited.
As of September 30, 2025, our Paid Subscriber base was 379 thousand, down 214 thousand, or 36.1% as compared to 592 thousand at September 30, 2024. Our base is comprised of subscribers obtained through both direct-to-paid acquisition and free-to-paid conversions. Since 2022, direct-to-paid acquisiti…
Our free subscription products also serve as a significant source of new Paid Subscribers, accounting for approximately 50% of our annual Paid Subscriber acquisition.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-07
be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assuran…
design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues …
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