XZO — what changed in the latest 10-Q
A section-by-section comparison of XZO'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 · 2026-08-07 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +37 | −17 | ~40 | 46 |
| Market risk (Item 3) | Text added/removed | +1 | −1 | ~5 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| 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 · 2026-08-07
Technology-driven underwriting support and continued investments in our platform. We leverage data, technology, and proprietary algorithms to support our customers’ underwriting and risk management processes. This includes incorporating additional dynamic external data sources and applying advanced …
Expansion into new geographies and programs. We believe expanding our services across additional states and insurance programs will be an important driver of long-term growth and success of our business. As of June 30, 2026, we provide technology-enabled underwriting, policy administration and claim…
Claim services revenue decreased by $1,879, or 21.8%, to $6,744 for the three months ended June 30, 2026, compared to $8,623 for the same period in 2025, representing 11.7% and 15.4% of total revenue, respectively. The decrease was primarily due to lower catastrophe-related claim activity, associate…
Policy commission and related expenses remained relatively flat at $10,038 for the three months ended June 30, 2026, compared to $10,074 for the same period in 2025, representing 17.4% and 18.0% of total revenue, respectively. Policy commission services and related expenses remained relatively uncha…
Direct personnel expense increased by $324, or 6.4%, to $5,387 for the three months ended June 30, 2026, compared to $5,063 for the same period in 2025, representing 9.3% and 9.0% of total revenue, respectively. The increase was primarily driven by higher headcount to support continued business grow…
Text removed vs the prior filing · source: 10-Q · 2026-05-07
Underwriting performance and continued investments in our technology. We leverage data, technology, and proprietary underwriting algorithms to enhance risk management. For example, we incorporate additional dynamic external data sources and apply advanced statistical methods to model that informatio…
National expansion strategy / Expansion into new geographies and use cases. We believe national expansion will be a key driver of our long-term growth and success of our business. As of March 31, 2026, we provide services to P&C companies in Connecticut, Florida, Georgia, Massachusetts, Montana, Nev…
Comparison of the Three Months Ended March 31, 2026 and 2025
Claim services revenue remained relatively flat at $6,891 for the three months ended March 31, 2026, compared to $6,829 for the same period in 2025, representing 12.4% and 13.0% of total revenue, respectively. Claim services revenue in future periods will continue to be influenced by the level of ma…
Policy commission and related expenses decreased by $493, or 3.9%, to $12,174 for the three months ended March 31, 2026, compared to $12,667 for the same period in 2025, representing 21.9% and 24.2% of total revenue, respectively. The decrease was primarily due to lower written premiums by the singl…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-08-07
Credit risk also arises from potential adverse changes in the financial condition of issuers of our available-for-sale fixed-maturity securities. Because our investment portfolio consists entirely of U.S. Treasury securities, exposure to credit losses is considered minimal.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
Credit risk can expose us to potential losses arising principally from adverse changes in the financial condition of the issuers of our available-for-sale fixed-maturity securities. We mitigate the risk by investing in available-for-sale fixed-maturity securities that are generally investment grade.…
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