SDEV — what changed in the latest 10-Q
A section-by-section comparison of SDEV'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 · 2026-07-30 vs the prior 10-Q · 2026-05-15
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +27 | −11 | ~25 | 30 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 1 |
| Controls & procedures | Text added/removed | +1 | −1 | ~1 | 2 |
| Legal proceedings | Text added/removed | 0 | 0 | ~3 | 2 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
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
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 · 2026-07-30
A substantial portion of the Chief Executive Officer's potential compensation under the CEO PSU awards is tied to the growth of the Company's Digital Asset NAV, which is affected by the Company's decisions to acquire, hold, stake, or dispose of digital assets. The CEO PSU awards were designed and ap…
During the three months ended June 30, 2026, the Company completed several significant corporate actions that advanced its digital asset treasury strategy and simplified its capital structure. On June 12, 2026, the Company agreed with R01, and on June 15, 2026, the Company agreed with Framework, to …
The Company continued its acquisition of SKY tokens on the open market during the three months ended June 30, 2026, using proceeds from the ATM Program and available cash. The Company continued to stake substantially all of its SKY holdings within the Sky Protocol during the quarter, earning staking…
Effective June 30, 2026, the Company terminated its office lease in Emeryville, California, and effective July 1, 2026, relocated its principal executive offices to 222 Lakeview Ave, Suite 800, West Palm Beach, Florida 33401. The relocation eliminates the Company’s legacy operating lease obligation …
The Company continued to access its ATM Program during the three months ended June 30, 2026 to fund SKY token acquisitions. The ATM Program provides the Company with flexible, low-cost access to equity capital at prevailing market prices and remains the Company’s primary tool for funding digital ass…
Text removed vs the prior filing · source: 10-Q · 2026-05-15
Following the establishment of the Company's digital asset treasury strategy in October 2025 and the closing of the January 2026 Private Placement, the Company has transitioned its operations to focus on the accumulation, holding, and deployment of digital assets, with an initial focus on SKY tokens…
The Company has access to its ATM Program, under which it may sell shares of common stock from time to time at prevailing market prices. During the three months ended March 31, 2026, the Company used net proceeds from the ATM Program, together with other available capital, to acquire SKY tokens on t…
The intrinsic value of the January 2026 Pre-Funded Warrants at issuance exceeded the cash and other consideration received in the January 2026 Private Placement by approximately $5.3 billion, resulting in the recognition of a non-cash loss on fair value of warrant liabilities in excess of proceeds a…
Comparison of the Three Months Ended March 31, 2026 and 2025 (dollars in thousands)
Net income from continuing operations was $552.4 million for the three months ended March 31, 2026, compared to a net loss from continuing operations of $3.3 million for the three months ended March 31, 2025. The change was driven primarily by the non-cash warrant accounting items described above, i…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-07-30
Management, with oversight from the Audit Committee of the Board of Directors, continues to implement remediation measures to address the material weakness in our internal control over financial reporting previously described in our Annual Report on Form 10-K/A for the year ended December 31, 2025. …
Text removed vs the prior filing · source: 10-Q · 2026-05-15
As described in our Annual Report on Form 10-K/A for the year ended December 31, 2025, management, with oversight from the Audit Committee of the Board of Directors, has commenced the design and implementation of remediation measures intended to address the material weakness. Subsequent to March 31,…
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