SBIG — what changed in the latest 10-Q
A section-by-section comparison of SBIG'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 · 2026-05-14 vs the prior 10-Q · 2025-11-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +22 | −33 | ~9 | 48 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 5 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | Text added/removed | +2 | 0 | ~1 | 0 |
| 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 · 2026-05-14
Revenues. Revenues decreased $0.1 million for the three months ended March 31, 2026, representing a 1% year-on-year reduction compared with the same period in 2025. Our subscription revenue was $4.8 million for the three months ended March 31, 2026, compared with $4.8 million in the same quarter in …
Gross Profit. Gross profit decreased by $0.7 million to $3.6 million for the three months ended March 31, 2026, from $4.3 million for the three months ended March 31, 2025, representing a 17% year-over-year decline. The decrease was primarily attributable to one-time higher messaging costs associate…
Operating Expenses. Operating expenses decreased by $1.0 million, or 21%, for the three months ended March 31, 2026, compared with the same period in 2025.
Selling, servicing and marketing expenses decreased by $0.4 million, or 37%, for the quarter ended March 31, 2026, compared to the same period in 2025, primarily due to organizational restructuring and improved operating efficiency within the group.
Technology and software development expenses decreased by $0.1 million, or 3%, for the quarter ended March 31, 2026, compared to the same period in 2025.
Text removed vs the prior filing · source: 10-Q · 2025-11-14
Revenues. Revenues were $5.9 million for the three months ended September 30, 2025, compared with $6.1 million for the comparable period in 2024, representing a 4% decrease. The decline was primarily attributable to lower subscription revenue, which decreased 9% year over year to $4.6 million from $…
Gross Profit. Gross profit was $4.1 million for the three months ended September 30, 2025, compared with $4.4 million in 2024, a 7% decline consistent with the revenue reduction. Gross margin improved slightly to 74% from 73% in the prior-year quarter, driven by lower messaging distribution costs an…
Operating Expenses. Total operating expenses were $3.6 million for the three months ended September 30, 2025, compared with $4.5 million in 2024, a 20% decrease, reflecting lower spending across all major categories.
Selling, servicing and marketing expenses decreased 22% to $0.8 million from $1.1 million in the prior-year period, primarily due to lower personnel-related costs and variable compensation expense.
Technology and software development expenses decreased 33% to $1.1 million from $1.6 million, reflecting reduced use of offshore development resources and headcount rationalization.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-14
Our obligations to the holders of the Notes are secured by a security interest in substantially all of our assets, so if we default on those obligations, the noteholders could foreclose on, liquidate and/or take possession of our assets and/or accelerate the payment of principal. We have received a …
On January 23, 2024, the Company entered into that certain securities purchase agreement (the “Notes Purchase Agreement”), dated January 23, 2024, between the Company and Shalcor Management, Inc. and other Purchasers (the “Investors”), pursuant to which the Company agreed to sell a total of $5.4 mil…
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