MQ — what changed in the latest 10-Q
A section-by-section comparison of MQ'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 | +53 | −39 | ~9 | 43 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Legal proceedings | Text added/removed | 0 | 0 | ~3 | 3 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −2 | 0 | 1 |
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,
Income tax expense generally consists of U.S. federal and state income taxes, and income taxes related to certain foreign jurisdictions. We regularly assess the need for a valuation allowance on our deferred tax assets. We had cumulative U.S. pre-tax book income, adjusted for permanent book-tax diff…
We expect cash taxes to remain below book income tax expense as we utilize net operating loss and tax credit carryforwards, subject to applicable limitations. We will continue to assess all available evidence each reporting period. Our judgment regarding the need for a valuation allowance may change…
Three Months Ended September 30,Nine Months Ended September 30,
Comparison of the Three Months Ended September 30, 2026 and 2025
Text removed vs the prior filing · source: 10-Q · 2026-08-04
Income tax expense consists of U.S. federal and state income taxes, and income taxes related to certain foreign jurisdictions. We maintain a full valuation allowance against our U.S. federal and state net deferred tax assets as we have concluded that it is not more likely than not that we will reali…
Total platform services, net revenue increased by $20.5 million, or 14%, for the three months ended June 30, 2026, compared to the same period in 2025. The overall increase in platform services revenue was primarily driven by a 32% increase in TPV, partially offset by unfavorable shifts in our card …
Other services revenue increased by $5.1 million, or 70%, for the three months ended June 30, 2026, compared to the same period in 2025, primarily driven by higher card-related fulfillment, including card replacements and increased customer card shipments.
The increase in TPV was driven by strong performance across all our major use cases, particularly financial services, lending including buy-now-pay later, and expense management. TPV for our top five customers, based on their individual processing volumes in each respective period, increased 26%, in…
As the increase in costs of revenue was outpaced by the net revenue growth discussed above, gross profit increased by $17.8 million, or 17%, while gross margin remained flat for the three months ended June 30, 2026, compared to the same period in 2025.
Other information
Text added vs the prior filing · source: 10-Q · 2026-11-03
(c) During our last fiscal quarter, on September 14, 2026, The Gardner 2008 Living Trust (the “Gardner Trust”) along with two trusts established for the benefit of the children of Jason Gardner (the “Children’s Trusts”), adopted an umbrella Rule 10b5-1 trading arrangement providing for the sale from…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
(c) During our last fiscal quarter, on June 2, 2026, Crystal Sumner, our Chief Administrative Officer, adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408 providing for the sale from time to time of an aggregate of up to 26,250* shares of our Class A Common Stock. The t…
*Reflects the Reverse Stock Split, which has been applied retrospectively. See Note 1, Business Overview and Basis of Presentation, in the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
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