QRHC — what changed in the latest 10-Q
A section-by-section comparison of QRHC'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 · 2026-05-08 vs the prior 10-Q · 2025-11-10
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +31 | −40 | ~13 | 5 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Legal proceedings | 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): Market risk (Item 3), Risk factors, Other information
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 · 2026-05-08
For the quarter ended March 31, 2026, revenue was $61.7 million, a decrease of $6.7 million, or 9.8%, compared to $68.4 million for the quarter ended March 31, 2025.
The decline in revenue for the quarter ended March 31, 2026 was primarily driven by ongoing headwinds from certain clients in the industrial end-market, which reduced revenue by approximately $4.0 million compared to the prior year same period. These headwinds are mostly confined to a few clients an…
Excluding these specific headwinds, the business grew by approximately $2.0 million over the same period last year, mostly related to new client wins and the expansion of current client business, or wallet share, during the fourth quarter of 2025. This growth in business was partially offset by clie…
Cost of revenue decreased $5.4 million, or 9.4% to $52.1 million for the quarter ended March 31, 2026 from $57.5 million for the quarter ended March 31, 2025. The reduction in costs was mostly in-line, proportionally, with the same drivers contributing to the decline in revenue mentioned above, wher…
Gross profit for the quarter ended March 31, 2026 was $9.7 million, compared to $10.9 million for the quarter ended March 31, 2025. Our gross profit margin was 15.7% for the quarter ended March 31, 2026, compared with 16.0% for the quarter ended March 31,
Text removed vs the prior filing · source: 10-Q · 2025-11-10
For the quarter ended September 30, 2025, revenue was $63.3 million, a decrease of $9.5 million, or 13.0% compared to $72.8 million for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, revenue was $191.3 million, a decrease of $27.3 million, or 12.5%, compared to $…
For the quarter ended September 30, 2025, the revenue decline was primarily due to the divestiture of the mall-related business and continued softness in the industrial end market, which reduced revenue by approximately $3.0 million and $6.0 million, respectively. Excluding the impact of the divesti…
For the nine months ended September 30, 2025, the decline in revenue was primarily driven by the divestiture of the mall-related business and ongoing softness in the industrial end market, which reduced revenue by approximately $12.0 million and $23.0 million, respectively. These headwinds were part…
Cost of revenue decreased $9.2 million, or 15% to $51.9 million for the quarter ended September 30, 2025 from $61.1 million for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, cost of revenue decreased $21.4 million, or 12%, to $157.9 million from $179.3 million i…
customer attrition and softness in the industrial end market, as well as the impact of the REIT divestiture completed in 2024, which eliminated costs associated with lower-margin operations.
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