SEZL — what changed in the latest 10-Q
A section-by-section comparison of SEZL'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 · 2026-11-05 vs the prior 10-Q · 2026-08-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +6 | −5 | ~39 | 33 |
| Market risk (Item 3) | Text added/removed | +3 | −2 | ~2 | 21 |
| Controls & procedures | Text added/removed | +3 | −2 | ~2 | 21 |
| Legal proceedings | Text added/removed | +3 | −2 | ~2 | 21 |
| Risk factors | Text added/removed | +3 | −2 | ~2 | 21 |
| Other information | Text added/removed | +3 | −2 | ~2 | 21 |
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 · 2026-11-05
Beginning this quarter, TTV replaces Gross Merchandise Volume (“GMV”). Because our products have diversified, TTV includes platform volume related to SezzleCash and Sezzle Send, which GMV did not. Prior periods have been recast to reflect the expanded scope of TTV and adjustments to purchase-volume …
Active Consumers is defined as unique consumers who had at least one transaction through the Sezzle platform in the last twelve months. Active Subscribers is defined as unique consumers with an active subscription for either Sezzle Premium or Sezzle Anywhere as of the end of the period. The increase…
Net Cash Provided from Operating Activities$227,930 $139,274
Net increase in cash, cash equivalents, and restricted cash$5,619 $35,537
As of September 30, 2026, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements, or capita…
Text removed vs the prior filing · source: 10-Q · 2026-08-07
Active Consumers and Monthly On-Demand Users and Subscribers
Active Consumers is defined as unique consumers who have placed an order with us within the last twelve months. Monthly On-Demand Users and Subscribers (or “MODS”) is defined as unique consumers who have placed at least one On-Demand order during the month ended June 30, 2026, plus consumers with an…
As of June 30, 2026 and December 31, 2025, we had 854 thousand and 670 thousand unique consumers who had an active subscription for either Sezzle Premium or Sezzle Anywhere (“Active Subscribers”), respectively, and 128 thousand and 248 thousand unique consumers who placed an On-Demand order during t…
Net increase in cash, cash equivalents, and restricted cash$9,876 $20,385
We do not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, that would have been established for the purpose of facilitating off balance sheet arrangements (as that term is defined in I…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-11-05
•the possibility that Sezzle’s national bank charter application, or other applications associated with the national bank application may not be approved timely, if at all;
•the uncertain nature of the impact that a national bank charter may have on Sezzle's business;
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
Text removed vs the prior filing · source: 10-Q · 2026-08-07
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
All forward-looking statements, expressed or implied, included in this Form 10-Q are expressly qualified in their entirety by these cautionary statements. These cautionary statements should also be considered in connection with any subsequent written or oral forward-looking statements that we or per…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-11-05
•the possibility that Sezzle’s national bank charter application, or other applications associated with the national bank application may not be approved timely, if at all;
•the uncertain nature of the impact that a national bank charter may have on Sezzle's business;
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
Text removed vs the prior filing · source: 10-Q · 2026-08-07
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
All forward-looking statements, expressed or implied, included in this Form 10-Q are expressly qualified in their entirety by these cautionary statements. These cautionary statements should also be considered in connection with any subsequent written or oral forward-looking statements that we or per…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-11-05
•the possibility that Sezzle’s national bank charter application, or other applications associated with the national bank application may not be approved timely, if at all;
•the uncertain nature of the impact that a national bank charter may have on Sezzle's business;
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
Text removed vs the prior filing · source: 10-Q · 2026-08-07
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
All forward-looking statements, expressed or implied, included in this Form 10-Q are expressly qualified in their entirety by these cautionary statements. These cautionary statements should also be considered in connection with any subsequent written or oral forward-looking statements that we or per…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-11-05
•the possibility that Sezzle’s national bank charter application, or other applications associated with the national bank application may not be approved timely, if at all;
•the uncertain nature of the impact that a national bank charter may have on Sezzle's business;
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
Text removed vs the prior filing · source: 10-Q · 2026-08-07
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
All forward-looking statements, expressed or implied, included in this Form 10-Q are expressly qualified in their entirety by these cautionary statements. These cautionary statements should also be considered in connection with any subsequent written or oral forward-looking statements that we or per…
Other information
Text added vs the prior filing · source: 10-Q · 2026-11-05
•the possibility that Sezzle’s national bank charter application, or other applications associated with the national bank application may not be approved timely, if at all;
•the uncertain nature of the impact that a national bank charter may have on Sezzle's business;
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
Text removed vs the prior filing · source: 10-Q · 2026-08-07
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under “Risk Factors” in our 2025 Form 10-K. Should o…
All forward-looking statements, expressed or implied, included in this Form 10-Q are expressly qualified in their entirety by these cautionary statements. These cautionary statements should also be considered in connection with any subsequent written or oral forward-looking statements that we or per…
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