What changed in this filing

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Item 1A. Risk Factors

2025-11-06 compared with 2025-08-07 · 67 added, 44 removed, 304 unchanged (27% of the section changed)

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We have a history of losses, and achieving sustained profitability may take longer than we anticipate or may not be achievable.

We recorded losses in the first six months of 2025 and in each of the last five fiscal years (notwithstanding the income we recognized in 2025 from the sale of 50 Enterprise Center, in 2022 from the sale of the inertial navigation business and in 2021 from the forgiveness of a PPP loan).

Although our business was profitable in the fourth quarter of 2022 and second quarter of 2023, we may continue to incur losses as we face increasingly stiff competition.

We recorded losses in the first nine months of 2025 and in each of the last five fiscal years (notwithstanding the income we recognized in 2025 from the sale of 50 Enterprise Center and 75 Enterprise Center, in 2022 from the sale of the inertial navigation business and in 2021 from the forgiveness of a PPP loan).

We may continue to incur losses as we face increasingly stiff competition.

Our recent restructuring, workforce reductions and other cost-reduction measures may be insufficient to offset reductions in our revenues.

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Our inability to accomplish any of these goals could have a material adverse effect on our revenues, profitability and cash flow, and we cannot provide assurances as to when, or whether, we will achieve sustained profitability.

Our losses may increase if we are unable to effectively adapt to changes in our business and industry.

Our losses may continue to increase substantially if we are unable to effectively adapt to changes in our business and industry.

The traditional geosynchronous satellite communications industry is experiencing significant disruption arising from customers’ rapid transition to less expensive LEO services, including Starlink, as well as increased reliance on other forms of data transmission, including Wi-Fi and cellular data services.

Like others in our industry, we are experiencing reduced demand for our traditional satellite communications services and products, which we expect will continue.

Like others in our industry, we are experiencing significantly reduced demand for our traditional satellite communications services and products, which we expect will continue to accelerate.

Although we are adapting to this transition by becoming an authorized reseller of Starlink, OneWeb, and cellular data services and related products, there can be no assurance that we will generate the same level of revenue or gross margin from these sources that we derived from sales of VSAT airtime and related products.

Moreover, our VSAT services require a separate infrastructure, which generates certain costs that are relatively fixed for a period of time.

As customers transition away from VSAT services, our remaining VSAT services become less profitable and may eventually become insufficiently profitable to continue.

Moreover, our VSAT services require a separate infrastructure, which generates certain costs that are relatively fixed for a period of time, including certain minimum annual purchase obligations for VSAT airtime services through 2027.

As customers transition away from VSAT services, our remaining VSAT services become less profitable and may eventually become insufficiently profitable to continue, especially considering our fixed commitments.

If we are unable to efficiently operate both VSAT and LEO services and cost-effectively manage the ongoing transition to the latter, the expenses we incur may exceed associated revenues and thereby increase our losses.

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Our quarterly net sales and results of operations could continue to vary significantly for various reasons, many of which are outside our control.

For example, service sales declined 6.6% in the second quarter of 2025 compared to the second quarter of 2024, and product sales decreased 10.6% in the second quarter of 2025 compared to the second quarter of 2024.

For example, service sales declined 4.0% in the third quarter of 2025 compared to the third quarter of 2024, and product sales decreased 32.8% in the third quarter of 2025 compared to the third quarter of 2024.

You should not rely on quarter-to-quarter comparisons of our results of operations as an indication of future performance.

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Our results of operations can fluctuate for many reasons, including the impact of competition and resulting changes in demand for our products and services;

the impact of tariffs on goods and services we purchase;

delays in order fulfillment, including as a result of shortages of components and raw materials;

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unanticipated charges or expenses, such as the aggregate $6.0 million impairment charges to goodwill and long-lived assets we recorded in the third quarter of 2023;

the $1.1 million impairment charges to long-lived assets we recorded in the third quarter of 2024;

the $5.2 million charge related to an inventory write-down, the $3.6 million provision for excess purchase order obligations and the $2.1 million charge for the discontinuation of a project for implementing a new manufacturing-centric accounting system that we recorded in the fourth quarter of 2023;

the $5.5 million charge related to an inventory write-down in the third quarter of 2025;

the $5.2 million charge related to an inventory write-down in the fourth quarter of 2023;

the $3.6 million provision for excess purchase order obligations;

the $2.1 million charge for the discontinuation of a project for implementing a new manufacturing-centric accounting system that we recorded in the fourth quarter of 2023 and the $1.1 million impairment charges to long-lived assets we recorded in the third quarter of 2024;

expenses incurred in responding to stockholder activism;

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A large portion of our expenses, including expenses for network infrastructure, facilities, equipment, and personnel, are relatively fixed.

For example, our agreements to purchase VSAT airtime contain certain minimum fixed annual expenditure requirements through the end of 2027, and as of September 30, 2025 our bandwidth consumption was not projected to exceed those minimums for 2025.

Accordingly, these contract minimums may require us to purchase VSAT airtime in excess of our customers’ anticipated usage.

If our net sales continue to decline, our operating margins will also likely decline.

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The gross margin percentage from our VSAT airtime services in some cases exceeds the gross margin percentage from other third-party products and airtime services.

To the extent that the mix of airtime services we sell shifts away from VSAT services, our gross profit dollars may decline, perhaps materially, if we are unable to significantly increase revenue on non-VSAT airtime services, which will reduce our profitability.

To the extent that the mix of airtime services we sell continues to shift away from VSAT services, our gross profit dollars may continue to decline materially, if we are unable to significantly increase revenue on non-VSAT airtime services, which will reduce our profitability.

Risks related to our operations

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We plan to discontinue our capital-intensive manufacturing activities by the end of 2026 and concentrate instead on growing sales of our multi-orbit, multi-channel, integrated communications solutions, including a transition to rely increasingly, and eventually exclusively, on third-party hardware compatible with our solutions.

This multi-year strategy entails significant risks, including the loss of competitive differentiation as a leading manufacturer of award-winning products, the potentially irreversible loss of manufacturing expertise and know-how, increased dependence on third-party manufacturers and suppliers, the loss of control over technological innovations and improvements, significantly lower profit margins on third-party product resales, potential technological incompatibility with third-party hardware, potential additional significant provisions for excess and obsolete inventory and other charges, unanticipated expenses, and increased competition for service customers from product manufacturers.

If we were to experience a resurgence in demand for our products, we may be unable to restart internal production or to engage a third party to reliably manufacture and deliver them on time and at an affordable cost.

This multi-year strategy entails significant risks, including the loss of competitive differentiation as a leading manufacturer of award-winning products, the potentially irreversible loss of manufacturing expertise and know-how, increased dependence on third-party manufacturers and suppliers, the loss of control over technological innovations and improvements, significantly lower profit margins on third-party product resales, potential technological incompatibility with third-party hardware, potential additional significant provisions for excess and obsolete inventory and other charges (such as our $5.5 million charge related to an inventory write-down in the third quarter of 2025), unanticipated expenses, and increased competition for service customers from product manufacturers.

If we were to experience an unexpected resurgence in demand for our products, we may be unable to restart internal production or to engage a third party to reliably manufacture and deliver them on time and at an affordable cost.

Accordingly, this strategic transition entails meaningful execution risk, particularly in light of our reductions-in-force in 2024 and the resulting loss of experienced employees.

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secure appropriate satellite capacity to match demand for airtime services;

manage our inventory effectively, particularly in light of the substantial provision for excess and obsolete inventory that we recorded in the fourth quarter of 2023;

manage our inventory effectively, particularly in light of the substantial provision for excess and obsolete inventory that we recorded in the third quarter of 2025 and the fourth quarter of 2023;

effectively manage our working capital;

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and ensure that our procedures and internal controls are revised and updated to remain effective for our smaller workforce and the reduced size and scale of our business operations.

We currently plan to relocate our operations to a new facility in early 2026.

There can be no assurance that the relocation will not materially disrupt our operations and adversely affect our business, financial condition and results of operations.

We are highly dependent on qualified personnel at all levels, including our senior management team and other key technical, operational, managerial and sales and marketing personnel, each of whom would be difficult to replace.

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In response to increasing competitive pressure, we may take additional measures intended to increase profitability and align our business more closely with our current strategic and financial objectives, including engagement with new suppliers, further modifications to our manufacturing arrangements and other cost-reduction efforts.

For example, in February 2024 we announced a staged wind-down of our manufacturing operations and a related reduction-in-force of 75 employees, as a result of which we have incurred aggregate charges of approximately $14.8 million, consisting of a $5.2 million non-cash charge related to an inventory write-down, a $3.6 million provision for excess purchase order obligations, approximately $3.9 million of severance charges, and a $2.1 million charge for the discontinuation of a project for implementing a new manufacturing-centric accounting system.

For example, in February 2024 we announced a staged wind-down of our manufacturing operations and a related reduction-in-force of 75 employees, as a result of which we have incurred aggregate charges of approximately $14.8 million, consisting of a $5.2 million non-cash charge related to an inventory write-down in 2023, a $3.6 million provision for excess purchase order obligations, approximately $3.9 million of severance charges, and a $2.1 million charge for the discontinuation of a project for implementing a new manufacturing-centric accounting system.

We may also choose to dispose of assets or make strategic divestitures, such as the sale of our inertial navigation business in August 2022.

During the third quarter of 2024, we commenced plans to sell the warehouse building and surface parking lot located at 75 Enterprise Center in Middletown, Rhode Island.

In the third quarter of 2025, we completed the sale of the warehouse building and surface parking lot located at 75 Enterprise Center in Middletown, Rhode Island.

In the second quarter of 2025, we completed the sale of the property, building, improvements, and land located at 50 Enterprise Center in Middletown, Rhode Island.

These efforts may not succeed in improving profitability.

Any of these changes could be disruptive to our business and could result in significant expense, including losses on any asset disposition or divestiture, accounting charges for any inventory or technology-related write-offs or any workforce reduction costs, such as those described elsewhere in risk factors.

Any changes such as these could be disruptive to our business and could result in significant expense, including losses on any asset disposition or divestiture (such as the $0.3 million loss on the sale of 75 Enterprise Center), accounting charges for any inventory or technology-related write-offs or any workforce reduction costs, such as those described elsewhere in risk factors.

We could incur significant transaction costs, including for potential transactions that do not proceed.

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As a result of our global satellite network infrastructure, we incur certain costs that generally do not vary directly in proportion to the volume of service sales, and we have limited ability to reduce these fixed costs.

If service sales, including through our AgilePlans subscription model, continue to decline, our service gross margins will also continue to decline.

If service sales, including through our AgilePlans subscription model, continue to decline, our service gross margins will also continue to decline, particularly if the contractual minimum expenditure requirements of our VSAT airtime supply agreements, referred to above, continue to require us to make payments in excess of our needs.

The failure to improve our global HTS service gross margins and unit sales would have a material adverse effect on our overall profitability.

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While we currently expect to consume all of this pooled data within the contract period, if at any time we were to determine that it is more likely than not that we would not consume a portion of the pooled data, we may expense the applicable portion at the time of each such determination.

Although we intend to seek to purchase another large block of data at favorable rates in the fourth quarter of 2025, there can be no assurance that our efforts will be successful or that we can make such purchase at the same or better rates.

A failure to purchase bulk data at favorable rates may result in increased costs, lower profit margins and increased volatility in airtime expenses.

Our ability to compete in the maritime airtime services market will be impaired if we are unable to provide sufficient service capacity to meet customer demand.

We currently offer our global HTS VSAT service in the Americas, Europe, the Middle East, Africa, Asia-Pacific, Indian, and Australian and New Zealand waters.

We may need to expand capacity in existing coverage areas to support our subscriber base.

We currently offer our global HTS VSAT service and LEO services in the Americas, Europe, the Middle East, Africa, Asia-Pacific, Indian, and Australian and New Zealand waters, as permitted by local regulatory authorities and licensing.

We may need to maintain or expand capacity in existing coverage areas to support our subscriber base.

If we are unable to reach economical agreements with third-party satellite providers to support our global satellite services and its technology or if transponder capacity is unavailable to meet growing demand in a given region, our ability to provide airtime services will be at risk and could reduce the attractiveness of our products and services.

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Acquisitions and strategic relationships may disrupt our operations or adversely affect our results.

We evaluate opportunities to acquire other businesses and pursue other strategic relationships as they arise.

We evaluate opportunities to acquire other businesses and assets and pursue other strategic relationships as they arise.

For example, in October 2025, we acquired certain customer and vendor agreements and other assets from a satellite services provider operating in the Asia-Pacific region for a purchase price of approximately $3.1 million.

The expenses we incur evaluating and pursuing acquisitions and strategic relationships could have a material adverse effect on our results of operations.

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loss of key personnel;

increased costs to improve or coordinate managerial, operational, financial, and administrative systems, including internal control over financial

loss or termination of acquired contracts;

increased reliance on third parties;

increased costs to improve or coordinate managerial, operational, financial, and administrative systems, including internal control over financial reporting;

dilutive issuances of equity securities;

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and losses arising from impairment charges associated with goodwill or intangible assets.

In the case of our October 2025 acquisition, we expect to record one or more intangible assets, and unanticipated early terminations and/or non-renewals of a material portion of the acquired agreements could result in the recognition of impairment charges that would adversely affect our results of operations, perhaps materially.

Risks related to our industry

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We are facing significant competition from companies that seek to compete primarily on price as well as new, emerging LEO services, such as Starlink and OneWeb, as well as future LEO services such as Kuiper, Telesat, and others.

Competition from these sources increased dramatically in 2023 and 2024 and continues in 2025, leading to material reductions in our VSAT subscriber base.

Competition from these sources increased dramatically in 2023 and 2024 and continues in 2025, leading to material and ongoing reductions in our VSAT subscriber base.

These companies may continue to implement price reductions and discounts for both products and services, which have required us to reduce our prices or offer discounts in an effort to mitigate erosion of our market share.

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For example, revenue from the U.S.

Coast Guard declined from approximately $2.4 million in the third quarter of 2024 to approximately $0.1 million in the second quarter of 2025.

Coast Guard declined from approximately $2.4 million in the third quarter of 2024 to approximately $0.1 million in the third quarter of 2025.

Many competitors have greater financial resources than we do, enabling them to operate at lower margins to gain market share.

We believe increased competition contributed to the decreases in both our service sales and our product sales in the six months ended June 30, 2025, including unit sales of our VSAT products, and this trend may continue in future periods.

We believe increased competition contributed to the decreases in both our service sales and our product sales in the nine months ended September 30, 2025, including unit sales of our VSAT products, and this trend may continue in future periods.

Some of the companies that we depend on to supply us with capacity on satellite communications networks may vertically integrate by introducing their own products and services to compete with ours, which might motivate them to stop providing satellite network capacity to us, or to make it available on less favorable terms.

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A significant number of leisure customers have adopted Starlink systems for both two-way communications as well as streaming, which has impacted both our VSAT Broadband and TracVision satellite TV businesses.

Although our leisure business accounts for less than 15% of our total revenue, competition from Starlink from various sources has had some adverse impact on our commercial business as well, particularly our growth in that segment and our overall VSAT subscriber base.

While we did increase our subscriber count in the first and second quarters of 2025 and the second, third and fourth quarters of 2024, spurred by an increase in subscribers for Starlink service provided by KVH, the total number of our subscribers declined in the third and fourth quarter of 2023 and the first quarter of 2024.

Although our leisure business accounts for less than 15% of our total revenue, competition from Starlink from various sources has had an adverse impact on our commercial business as well, particularly our growth in that segment and our overall VSAT subscriber base.

While we did increase our subscriber count in the first, second and third quarters of 2025 and the second, third and fourth quarters of 2024, spurred by an increase in subscribers for Starlink service provided by KVH, the total number of our subscribers declined in the third and fourth quarter of 2023 and the first quarter of 2024.

If we are unable to sustain growth, it would have a material adverse effect on our revenue, profitability, and cash flow.

In the marine market for high-speed Internet, voice, and data services, we have historically competed primarily with Marlink, Speedcast, Viasat/Inmarsat, and Network Innovations, along with smaller, single-hub regional services to deliver VSAT service.

Additionally, we are facing meaningful competition from new LEO-focused providers such as SpaceX’s Starlink and an emerging group of smaller providers, such as Clarus, Pivotel and Elcome.

In the marine market for high-speed Internet, voice, and data services, we have historically competed primarily with Marlink,

Speedcast, Viasat/Inmarsat, and Network Innovations, along with smaller, single-hub regional services to deliver VSAT service.

Additionally, we are facing meaningful competition from new LEO-focused providers such as SpaceX’s Starlink and an emerging group of smaller providers, such as Clarus, Pivotel, Elcome and Station Satcom.

We also face competition from providers of low-speed data services, which include Viasat/Inmarsat and Iridium Satellite LLC.

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From time to time, we have recorded significant inventory charges and/or inventory write-offs as a result of substantial declines in customer demand.

For example, in 2023, we recorded a $5.2 million inventory write-down charge and a $3.6 million charge for excess purchase order obligations, both relating to the reduced demand for our hardware products, which led to the staged wind-down of our manufacturing activities at our facility in Middletown, Rhode Island that we began in 2024.

For example, in the third quarter of 2025, we recorded a $5.5 million inventory write-down charge due to further reduction in demand for certain of our hardware products as well as a reduction in the prices we charge for certain TracNet H-series terminals.

In 2023, we recorded a $5.2 million inventory write-down charge and a $3.6 million charge for excess purchase order obligations, both relating to the reduced demand for our hardware products, which led to the staged wind-down of our manufacturing activities at our facility in Middletown, Rhode Island that we began in 2024.

We have also recorded significant losses on the disposal of AgilePlans revenue-generating fixed assets due to the decline in customer demand of VSAT Broadband AgilePlans units.

For example, in 2024 we recorded a non-cash $0.9 million loss related to the disposal of AgilePlans revenue-generating fixed assets in which no proceeds were received.

Market or competitive changes, such as a continuation of the decline in demand for our hardware products that we experienced in 2023 and 2024, could lead to future charges for excess or obsolete inventory or losses on fixed assets, especially if we are unable to appropriately adjust the supply of material from our vendors, as we were unable to do in 2023.

Market or competitive changes, such as a continuation of the decline in demand for our hardware products that we have been experiencing in 2023, 2024 and 2025, could lead to additional charges for excess or obsolete inventory or losses on fixed assets, especially if we are unable to appropriately adjust the supply of material from our vendors, as we were unable to do in 2023.

Risks related to our dependence on third parties and third-party technology

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and Vodaphone for service globally.

Additionally, we purchase cellular data from Flexiroam, a Mobile Virtual Network Operator (MVNO) with connectivity in over 200 countries.

Starlink provides the data services for Starlink LEO services, while Eutelsat OneWeb provides the data connectivity for OneWeb LEO service, which we began providing for maritime use in the January 2025.

Additionally, we purchase cellular

data from Flexiroam, a Mobile Virtual Network Operator (MVNO) with connectivity in over 200 countries.

Starlink provides the data services for Starlink LEO services, while Eutelsat OneWeb and SES provide the data connectivity for OneWeb LEO services, which we began providing for maritime use in the January 2025.

We rely on Viasat/Inmarsat for satellite communications services for our FleetBroadband-compatible and FleetOne-compatible products.

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We pay license fees based in part on the revenue we generate from sublicenses, and our licensors generally have the right to audit our records.

Failure to pay required license fees could result in termination of our license rights, penalties and damages.

Failure to pay required license fees could result in termination of our

license rights, penalties and damages.

The loss of content could adversely affect the attractiveness of our media and entertainment offerings, which could in turn adversely affect our revenues.

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Our revenues, results of operations and financial condition may be adversely impacted by economic turmoil, war, political instability, declines in consumer and enterprise spending.

Economic and political conditions in the geographic markets we serve have experienced significant turmoil over the last several years, including recent changes in U.S.

geopolitical priorities, a potential global recession, slow economic activity, war and refugee crises in the Middle East and Europe, tight credit markets, inflation and deflation concerns, increased interest rates, low consumer confidence, limited capital spending, adverse business conditions, terrorist attacks, changes in government priorities, trade wars, anti-globalization movements, efforts to combat climate change, restrictions on commercial fishing, a government shutdown, gridlock from a divided Congress, and liquidity concerns.

Economic and political conditions in the geographic markets we serve have experienced significant turmoil over the last several years, including the current shutdown of the U.S.

government, U.S.

military strikes on seafaring vessels, U.S.

military operations in international waters, recent and ongoing changes in U.S.

geopolitical priorities, a potential global recession, slow economic activity, war and refugee crises in the Middle East and Europe, tight credit markets, inflation and deflation concerns, changing interest rates, low consumer confidence, limited capital spending, adverse business conditions, terrorist attacks, changes in government priorities, trade wars, anti-globalization movements, efforts to combat climate change, restrictions on commercial fishing, gridlock from a polarized Congress, and liquidity concerns.

These factors vary in intensity by region.

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Changes in U.S.

trade policy, including the threat and imposition of significant tariffs and resulting changes in international trade relations, may have a material adverse effect on us.

trade policy, including the ongoing threat and imposition of significant tariffs and resulting changes in international trade relations, may have a material adverse effect on us.

The new presidential administration has introduced dramatic changes to the United States’ approach to international trade, which is disrupting existing bilateral and multi-lateral trade agreements and treaties with other countries.

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trade policy are generating significant turmoil in international trade relations, and it is unclear what actions governments will or will not take with respect to tariffs or other international trade agreements and policies.

For example, President Trump recently imposed tariffs ranging from 10% to 145% on an array of imports from Canada, Mexico, China and other countries.

For example, President Trump previously imposed tariffs ranging from 10% to 145% on an array of imports from Canada, Mexico, China and other countries.

Many of those tariffs remain in place, often with modifications.

In response, these countries have imposed or are considering imposing retaliatory tariffs on U.S.

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It is unclear what further action the presidential administration will take with respect to tariffs, but future tariff rates may be substantially higher than historical averages.

Ongoing or new trade wars or other governmental action related to tariffs or international trade agreements or policies could substantially reduce demand for our services and products, increase our costs, reduce our profitability, adversely impact our supply chain or otherwise have a material adverse effect on our business and results of operations.

Ongoing or new trade wars or other governmental action related to tariffs or international trade agreements or policies could substantially reduce demand for our services and products, increase our costs, materially reduce our profitability, adversely impact our supply chain or otherwise have a material adverse effect on our business and results of operations.

Changes in foreign currency exchange rates may negatively affect our financial condition and results of operations.

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dollars and increases the reported value of our assets in foreign countries.

In the six months ended June 30, 2025, the U.S.

In the nine months ended September 30, 2025, the U.S.

dollar weakened significantly against the euro and certain other currencies, which increased the value of revenues generated in those currencies and the costs we pay in those currencies.

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The market for mobile connectivity solutions is characterized by rapid technological change, frequent new product innovations, changes in customer requirements and expectations, and evolving industry standards.

For example, we are facing significant competition from new LEO networks such as Starlink and Eutelsat OneWeb.

If we fail to make innovations in our existing services and products, reduce the costs of our services and products, or successfully integrate third-party services and products into our portfolio, our market share will likely continue to decline.

For example, our traditional VSAT service business is facing significant competition from new LEO networks such as Starlink and Eutelsat OneWeb.

In addition, the barrier to entry to the sale of services like Starlink is relatively low for other providers.

If we fail to make innovations in our existing services and products, reduce the costs of our services and products, or successfully integrate ancillary or third-party services and products into our portfolio to differentiate our service offerings, our market share will likely continue to decline.

Services or products using these or other new technologies, or emerging industry standards, could render our services and products obsolete.

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Our industry is characterized by the existence of a large number of patents and frequent claims and related litigation regarding patent and other intellectual property rights.

We cannot be certain that our products and services do not and will not infringe issued patents, patents that may be issued in the future, or other intellectual property rights of others.

We cannot be certain that our products and services do not and will not infringe

issued patents, patents that may be issued in the future, or other intellectual property rights of others.

Risks related to government regulation

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Historically, sales to customers outside the United States have accounted for an increasingly significant portion of our net sales.

We derived 79%, 73% and 68% of our revenues in the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, respectively, from sales to these foreign customers.

We derived 78%, 73% and 68% of our revenues in the nine months ended September 30, 2025 and the years ended December 31, 2024 and 2023, respectively, from sales to these foreign customers.

We have foreign offices in Denmark, the United Kingdom, Singapore, Japan, Norway and the Philippines, as well as a subsidiary in Brazil that manages local sales.

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Our stock price has historically been volatile.

During the period from January 1, 2020 to June 30, 2025, the trading price of our common stock ranged from $4.17 to $15.29.

During the period from January 1, 2020 to September 30, 2025, the trading price of our common stock ranged from $4.17 to $15.29.

Many factors may cause our stock price to fluctuate, including variations in quarterly results;

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors