SWBI — what changed in the latest 10-Q
A section-by-section comparison of SWBI'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 · 2026-09-03 vs the prior 10-Q · 2026-03-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +29 | −55 | ~12 | 2 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | +1 | −3 | ~1 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| 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.
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 · 2026-09-03
Net Sales and Gross Profit – For the Three Months Ended July 31, 2026
The following table sets forth certain information regarding net sales and gross profit for the three months ended July 31, 2026 and 2025 (dollars in thousands):
The following table sets forth certain information regarding firearm units shipped by trade channel for the three months ended July 31, 2026 and 2025 (units in thousands):
Sales of our handguns increased $18.8 million, or 29.0%, over the comparable quarter last year, primarily as a result of higher consumer demand, a shift in product mix to higher priced models, increased shipments of newly introduced products (defined as any new SKU not shipped in the comparable peri…
goods channel increased by 16.7% over the comparable quarter last year while overall demand for handguns increased by 4.7% (as indicated by adjusted background checks reported in the National Instant Criminal Background Check System, or NICS).
Text removed vs the prior filing · source: 10-Q · 2026-03-05
Our operating results for the nine months ended January 31, 2026 included the following:
Net sales were $345.5 million, an increase of $11.6 million, or 3.5%, over the comparable period last year.
Gross margin was 25.5% compared with gross margin of 25.9% for the comparable period last year.
Net income was $2.3 million, or $0.05 per diluted share, compared with net income of $4.8 million, or $0.11 per diluted share, for the comparable period last year.
During the fourth quarter of fiscal 2025, we identified an immaterial error related to our accrual for certain legal expenses, resulting in an overstatement of general and administrative expenses in the interim and annual periods for the fiscal year ended April 30, 2024 and during the interim period…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-09-03
There was no change in our internal control over financial reporting during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Text removed vs the prior filing · source: 10-Q · 2026-03-05
As of April 30, 2025, we identified a material weakness in our internal control over financial reporting, as defined in the standards established by the Sarbanes-Oxley Act of 2002. The material weakness was related to the operation of the control to review the accrual for certain legal expenses. Dur…
We have tested and evaluated the implementation of new or revised processes and internal controls, in addition to all other financially relevant processes and internal controls, to ascertain whether they are designed and operating effectively to provide reasonable assurance that they will prevent or…
Other than as stated above, no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during our third fiscal quarter of 2026 has materially affected or is reasonably likely to materially affect our internal control ov…
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