What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-04-08 compared with 2025-04-15 · 180 added, 173 removed, 107 unchanged (77% of the section changed)

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Factors that could cause or contribute to these differences

include those discussed below and elsewhere in this prospectus, particularly in the sections entitled “Risk Factors” and

“Cautionary Note Regarding Forward-Looking Statements.”

design, manufacture, integrate, service and sell distributed energy resources, on site power generation equipment and mobile EV

charging solutions.

Our products and services are sold to a broad range of customers in the utility, industrial and commercial

Our customers include, but are not limited to, Federal and State government entities, package delivery business’,

school bus fleet operators, EV charging infrastructure developers and owners, and distributed energy developers.

headquartered in Fort Lee, New Jersey and operate from two (2) additional locations in the United States for manufacturing, service

and maintenance, engineering, and sales and administration.

include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the sections entitled “Risk Factors”

and “Cautionary Note Regarding Forward-Looking Statements.”

design, manufacture, integrate, service and sell distributed energy resources, on site power generation equipment and mobile EV charging

Our products and services are sold to a broad range of customers in the utility, industrial and commercial markets.

Our customers

include, but are not limited to, Federal and State government entities, package delivery businesses, school bus fleet operators, EV charging

infrastructure developers and owners, and distributed energy developers.

We are headquartered in Fort Lee, New Jersey and operate from

two (2) additional locations in the United States for manufacturing, service and maintenance, engineering, and sales and administration.

intend to grow our business through continued internal investments in product development and expansion of our manufacturing, engineering,

sales and marketing personnel.

the sale of our PCEP business unit in October 2024, described below under “Recent Developments”, we currently have one

reportable segment:

the sale of our PCEP business unit in October 2024, we currently have one reportable segment:

Critical Power.

Our Critical Power business provides customers with our suite of mobile e-Boost© EV

charging solutions, power generation equipment and all forms of preventative maintenance, repairs, remote monitoring and other

service on our customers’ equipment.

These products and services are marketed by our operations headquartered in Minnesota,

currently doing business under the Titan, Pioneer eMobility and Pioneer Critical Power brand names.

dollars are reported in thousands, except for

share and per share amounts (unless otherwise noted).

October 29, 2024, we entered into an Equity Contribution and Purchase Agreement (the “Equity Purchase Agreement”), by and

among us, PCEP, Voltaris Power LLC (the “Buyer”) and Pioneer Investment LLC (“Investment”).

Pursuant to the terms

of the Equity Purchase Agreement, we agreed to:

(i) contribute

4% of all of the issued and outstanding equity interests of PCEP to Investment (the “Rollover

Interests”) in exchange for Investment issuing $2,000 of common units (representing

approximately 6% of Investment’s issued and outstanding common units on the Closing

Date (as defined below)) (the “Rollover Units”) to us;

all of the issued and outstanding equity interests of PCEP other than the Rollover Interests

to the Buyer ((i) and (ii) being, the “Equity Transaction”).

Equity Transaction included total consideration of (i) $48,000 in cash, subject to adjustment pursuant to the terms of the Equity Purchase

Agreement, and (ii) $2,000 in equity pursuant to Investment’s issuance of the Rollover Units to us.

The Equity Transaction contains

customary terms and conditions and are subject to working capital adjustments.

Following the execution of the Equity Purchase Agreement,

the Equity Transaction was consummated on October 29, 2024 (the “Closing Date”).

PCEP represented the entirety of our Electrical

Infrastructure segment.

The PCEP Sale was a result of a strategic change to the operations of our business.

Our Critical Power business

provides customers with our suite of mobile e-Boost© EV charging solutions, power generation equipment and all forms of preventative

maintenance, repairs, remote monitoring and other service on our customers’ equipment.

These products and services are marketed

by our operations headquartered in Minnesota, currently doing business under the Titan, Pioneer eMobility and Pioneer Critical Power

dollars are reported in thousands, except for share and per share amounts (unless otherwise noted).

Accounting Estimates

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on our financial condition or results of operations.

As of December 31, 2024, no critical accounting estimates have been identified.

In addition, there are

other items within our consolidated financial statements that require estimation but are not deemed critical, as defined above.

in estimates used in these and other items could have a material impact on our consolidated financial statements.

Accounting — Sales-Type Leases

enter into lease and rental arrangements with customers for our mobile EV charging equipment and related power generation equipment.

At lease commencement, we evaluate each arrangement under ASC 842, Leases, to determine the appropriate lease classification.

that meet any one of the five classification criteria under ASC 842-10-25-2 are classified as sales-type leases, for which we derecognize

the underlying asset, recognize a net investment in the lease (comprised of the lease receivable and the unguaranteed residual asset),

and recognize any selling profit or loss at commencement.

Interest income on the net investment is recognized over the lease term using

the effective interest method.

accounting requires judgment in several areas.

Lease classification depends on management’s estimates of the economic

life and fair value of the underlying equipment, which we determine based on historical experience, expected technological obsolescence,

and anticipated usage.

Changes in these estimates can shift a classification, significantly altering the timing of revenue recognition.

We also estimate unguaranteed residual values based on expected equipment fair value at lease expiration, considering anticipated market

demand, remaining useful life, and technological changes in the mobile EV charging market.

Because this market is still developing, limited

historical resale data is available and residual value estimates are subject to greater uncertainty than for more established equipment

In addition, the rate implicit in the lease, which incorporates the credit standing of the lessee, fair value of the asset,

and expected residual value, affects the measurement of the net investment and the allocation of income over the lease term.

in the above estimates could materially affect revenue, cost of revenue, and the carrying value of our net investment in sales-type leases.

A decrease in fair values of the underlying asset would reduce the net investment and selling profit recognized at commencement.

A reclassification

from sales-type to operating would shift revenue from the commencement period to recognition ratably over the lease term.

addition, there are other items within our consolidated financial statements that require estimation but are not deemed critical, as

defined above.

Changes in estimates used in these and other items could have a material impact on our consolidated financial statements.

significant accounting policies are more fully described in Note 2 – Summary of Significant Accounting Policies, in our consolidated

financial statements included elsewhere in this Annual Report.

financial statements included elsewhere in this Annual Report on Form 10-K.

OF OPERATIONS

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This information,

as well as the selected financial data provided in Note 13 and our Consolidated Financial Statements and related notes included in this

as well as the selected financial data provided in Note 13 to our Consolidated Financial Statements and related notes included in this

Annual Report on Form 10-K, should be referred to when reading our discussion and analysis of results of operations below.

of operating results during the years ended December 31, 2025, and 2024, are as follows (in thousands):

For the Years Ended

Critical Power Solutions

For the Year Ended

Cost of goods sold

Critical Power Solutions

Selling, general and administrative

Depreciation and amortization

Research and development

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Operating loss from continuing operations

Interest income

Other income, net

Interest income, net

Other (expense) income, net

Loss before income taxes

Income tax benefit

Income tax expense (benefit)

Net loss from continuing operations

Income from discontinued operations, net of income taxes

Net income (loss)

Net (loss) income

Revenue backlog, which consists of purchase orders and contracts from customers that we believe to be firm, reflects the amount of revenue

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Backlog may vary significantly from reporting period to reporting period due to the timing of customer

revenue backlog as of December 31, 2024, from our Critical Power business was $19,762, an increase of $3,094, or 18.6%, when compared

revenue backlog as of December 31, 2025, from our Critical Power business was $12,617, a decrease of $7,145, or 36.2%, when compared

to $19,762 as of December 31, 2024.

The following table represents the progression of our backlog as of December 31, 2024 and 2023 (in thousands):

Critical Power

Order backlog

Discountinued operation

order backlog

The following table represents the progression of our backlog as of December 31, 2025, and 2024 (in

Critical Power Solutions

Total order backlog

following table represents our revenues by major product category for the periods indicated (in thousands, except percentages):

For the Years Ended

For the Year Ended

Critical Power Solutions

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the year ended December 31, 2025, our revenue from our Critical Power segment increased by $4,748, or 20.8% to $27,627, up from $22,879

during the year ended December 31, 2023, primarily due to an increase in shipments and rentals of our suite of mobile EV charging equipment,

during the year ended December 31, 2024, primarily due to an increase in sales and rentals of our suite of mobile EV charging solutions,

e-Boost, partially offset by a decrease in service sales.

Profit and Margin

following table represents our gross profit for the periods indicated (in thousands, except percentages):

For the Years

For the Year Ended

Critical Power Solutions

Gross margin %

the year ended December 31, 2024, our gross margin from our Critical Power segment increased to 24.1% of revenues, as compared to 20.0%

the year ended December 31, 2025, our gross margin from our Critical Power segment decreased to 12.4% of revenues, as compared to 24.1%

during the year ended December 31, 2024.

The increase was predominately due to the increase in sales of our e-Boost equipment from our

Pioneer eMobility business.

The decrease was primarily attributable to an unfavorable sales mix, in addition to a contract

with a customer in our Pioneer eMobility business which generated lower margins on the initial units due to higher costs incurred during

the early stages of production as we refined our manufacturing processes and optimized build efficiency.

following table represents our operating expenses for the periods indicated (in thousands, except percentages):

For the Years Ended

For the Year Ended

Selling, general and administrative

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Total operating expense

Selling, General and Administrative Expense .

For the year ended December 31, 2024, consolidated selling, general and administrative expense increased by approximately $1,337, or 16.0%,

to $9,712, as compared to $8,375 during the year ended December 31, 2023, primarily due to an increase in payroll related expense.

a percentage of our consolidated revenue, selling, general and administrative expense decreased to 42.4% in the year ended December 31,

2024, as compared to 75.3% in the year ended December 31, 2023 primarily due to the increase in total revenue during the year ended December

General and Administrative Expense .

For the year ended December 31, 2025, consolidated selling, general and administrative expense

decreased by approximately $566, or 5.8%, to $9,146, as compared to $9,712 during the year ended December 31, 2024, primarily due to a decrease in stock-based compensation expense and professional fees, partially offset by an increase

in information technology costs and insurance expense.

As a percentage of

our consolidated revenue, selling, general and administrative expense decreased to 33.1% during the year ended December 31, 2025, as

compared to 42.4% during the year ended December 31, 2024, primarily due to the increase in total revenue during the year ended December

Research and development expenses in our Critical Power segment consists of costs incurred in performing research and development

activities, including salaries, benefits, overhead costs, depreciation, contract services and other related costs.

During the year ended

December 31, 2024, we incurred $1,050 of R&D expenses related to developing our mobile e-Boost EV charging solutions as compared

to $885 for the year ended December 31, 2023.

from Discontinued Operations

from discontinued operations, net of tax was $35,204 during the year ended December 31, 2024, as compared to $4,381 during the year ended

December 31, 2023.

The increase is primarily due to the gain on the sale of our Electrical Infrastructure segment.

Income (Loss) from Continuing Operations

activities, including salaries, benefits, overhead costs, contract services and other related costs.

During the year ended December 31,

2025, we incurred $875 of R&D expenses related to developing our mobile e-Boost EV charging solutions as compared to $1,050 during

the year ended December 31, 2024.

Loss from Continuing Operations

following table represents our operating loss for the periods indicated (in thousands):

For the Years Ended

For the Year Ended

Operating loss from continuing operations

the year ended December 31, 2024, our operating loss from continuing operations decreased by approximately $1,787, or 25.4%, to $5,248, as compared to

$7,035 during the year ended December 31, 2023, primarily due to an increase in sales and rentals of our e-Boost equipment from our Pioneer

eMobility business in addition to an increase in service sales.

the year ended December 31, 2025, our operating loss from continuing operations increased by approximately $1,347, or 25.7%, to $6,595,

as compared to $5,248 during the year ended December 31, 2024, primarily due to an increase in cost of goods sold resulting in a lower

gross profit.

Non-Operating

Income from Continuing Operations

Income (Expense) from Continuing Operations

For the year ended December 31, 2025, we had interest income of approximately $739, as compared to interest income of approximately

$431 during the year ended December 31, 2024.

We generated the majority of our interest income from our cash on hand during the year

ended December 31, 2024.

Other income in the consolidated statements of operations reports certain gains and losses associated with activities not

directly related to our core operations.

the year ended December 31, 2024, other non-operating income was $50, as compared to other non-operating expense of $524 during the year

ended December 31, 2023.

Included in other non-operating income during the year ended December 31, 2023, was a settlement gain of $525

related to a legal matter and no such gain was recognized during the year ended December 31, 2024.

We generated most of our interest income from our cash on hand during the year ended December

(Expense) Income .

Other (expense) income in the consolidated statements of operations reports certain gains and losses associated

with activities not directly related to our core operations.

the year ended December 31, 2025, other non-operating expense was $518, as compared to other non-operating income of $50 during the year

ended December 31, 2024, primarily due to the loss on our equity method investment.

for Income Taxes .

Our provision for income taxes reflects an effective tax rate on loss before taxes of 29.7% for the year ended

December 31, 2024, as compared to 0.0% for the year ended December 31, 2023, as set forth below (in thousands):

For the Years

Our provision for income taxes reflects an effective tax rate on loss before taxes of (1.2)% for the year ended December

31, 2025, as compared to 29.7% for the year ended December 31, 2024, as set forth below (in thousands):

For the Year Ended

Loss before income taxes

Income tax income

Income tax expense (benefit)

Effective income tax rate %

Loss per Share from Continuing Operations

(Loss) Earnings per Share from Continuing Operations

generated a net loss from continuing operations of $6,448 for the year ended December 31, 2025, as compared to $3,349 during the year

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from continuing operations per basic and diluted share of $0.31 for the year ended December 31, 2024.

Income from Discontinued Operations, Net of Income Taxes

Income from discontinued operations, net of tax was

$449 during the year ended December 31, 2025, as compared to $35,204 during the year ended December 31, 2024.

The decrease was primarily

attributable to the completion of the PCEP Sale on October 29, 2024.

Income from discontinued operations during 2024 included a $35,044

gain recognized on the sale of PCEP as well as the operating results of PCEP through the closing date.

Income from discontinued operations

during 2025 was primarily attributable to a net working capital adjustment with the buyer of the PCEP sale, net of tax.

AND CAPITAL RESOURCES

On October 20, 2020, we entered into an At the Market Sale Agreement with H.C.

Wainwright & Co., LLC (“Wainwright”),

pursuant to which we may offer and sell our shares of common stock from time to time through Wainwright, acting as sales agent or principal

(the “ATM Program”).

Since October 20, 2020, and through December 31, 2024, we sold an aggregate of 1,835,616 shares of common

stock for aggregate gross proceeds of approximately $14,051, before any sales agent fees and expenses payable by us under the ATM Program.

During the year ended December 31, 2024, we sold an aggregate of 919,557 shares of common stock for an aggregate consideration of approximately

$5,147, before any sales agent fees and expenses payable by us under the ATM Program.

As of December 31, 2024, $69,853 of common stock

remained available for issuance under the ATM Program.

As of December 31, 2024, we had $41,622 of cash on hand generated from the PCEP

Sale and the sale of common stock under the ATM Program.

On October 29, 2024, we closed on the PCEP Sale for gross cash proceeds of $48,000.

As of December 31, 2025, we had $14,959 of cash on hand generated primarily from the PCEP Sale.

On October 29, 2024, we closed on the

PCEP Sale for gross cash proceeds of $48,000 and $2,000 in equity.

On January 7, 2025, we paid a one-time special cash dividend of an

aggregate of $16,665.

As of December 31, 2024, we recorded a consideration due to the buyer of the PCEP Sale of $3,347 related to a net

working capital adjustment.

On April 16, 2025, we and the buyer from the PCEP Sale finalized the net working capital adjustment and as

a result, we recorded a $1,147 adjustment to the consideration due to the buyer of the PCEP Sale.

During the year ended December 31,

2025, we paid the $2,200 consideration to the buyer of the PCEP Sale.

continuing impacts of the rising interest rates, inflation, changes in foreign currency exchange rates and geopolitical developments,

such as the ongoing conflict between Russia and Ukraine, and the ongoing conflict between Israel and Hamas, have resulted, and may continue

such as the ongoing conflict between Russia and Ukraine, and the ongoing conflict in the Middle East, have resulted, and may continue

to result, in a global slowdown of economic activity, which may decrease demand for a broad variety of goods and services, including

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unknown period of time.

Additionally, recent changes to U.S.

Additionally, the shutdown of the U.S.

federal government, recent changes to U.S.

policy implemented by the U.S.

Congress, the Trump administration or any

new administration have impacted and may in the future impact, among other things, the U.S.

and global economy, international trade relations,

unemployment, immigration, healthcare, taxation, the U.S.

Congress, the Trump administration or any new administration have impacted and may in the future impact, among other things, the U.S.

and global economy, tariff policies and regulations, international trade relations, unemployment, immigration, healthcare, taxation,

regulatory environment, inflation and other areas.

As a result of the current

uncertainty in economic activity, we are unable to predict the potential size and duration of the impact on our revenue and our results

of operations, if any.

The extent of the potential impact of these macroeconomic factors on our operational and financial performance

will depend on a variety of factors, including the extent of geopolitical disruption and its impact on our clients, partners, industry,

and employees, all of which are uncertain at this time and cannot be accurately predicted.

We continue to monitor the effects of these

macroeconomic factors and intend to take steps deemed appropriate to limit the impact on our business.

During the year ended December

31, 2024, we were able to operate substantially at capacity.

As a result of the current uncertainty in economic activity, we are unable

to predict the potential size and duration of the impact on our revenue and our results of operations, if any.

The extent of the potential

impact of these macroeconomic factors on our operational and financial performance will depend on a variety of factors, including the

extent of geopolitical disruption and its impact on our clients, partners, industry, and employees, all of which are uncertain at this

time and cannot be accurately predicted.

We continue to monitor the effects of these macroeconomic factors and intend to take steps deemed

appropriate to limit the impact on our business.

During the year ended December 31, 2025, we were able to operate substantially at capacity.

can be no assurance that precautionary measures, whether adopted by us or imposed by others, will be effective, and such measures could

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results of operations.

cash flows related to the discontinued operations have not been segregated and are included in the consolidated statements of cash

cash flows related to the discontinued operations have not been segregated and are included in the consolidated statements of cash flows.

Used in Operating Activities .

Cash used in our operating activities was $6,212 during the year ended December 31, 2024, as compared

to cash used in our operating activities of $3,895 during the year ended December 31, 2023.

The increase in cash used in operating activities

is primarily due to working capital fluctuations.

Provided by/ Used in Investing Activities.

Cash provided by investing activities during the year ended December 31, 2024, was $38,876,

as compared to cash used in our investing activities of $2,496 during the year ended December 31, 2023.

The increase in cash provided

by investing activities is primarily due to the PCEP Sale during the year ended December 31, 2024.

During the years ended December 31,

2024 and 2023, additions to our property and equipment were $3,759 and $2,496, respectively.

Provided by/ Used in Financing Activities.

Cash provided by our financing activities was $5,376 during the year ended December 31,

2024, as compared to cash used in our financing activities $323 during the year ended December 31, 2023.

The increase in cash provided

by financing activities is primarily due to the sale of common stock under the ATM Program.

Cash used in our operating activities was $5,818 during the year ended December 31, 2025, as

compared to cash used in our operating activities of $6,212 during the year ended December 31, 2024.

The decrease in cash used in

operating activities is primarily due to working capital fluctuations and the payment of federal and state income taxes.

Used in/ Provided by Investing Activities.

Cash used in investing activities during the year ended December 31, 2025, was $3,896,

as compared to cash provided by our investing activities of $38,876 during the year ended December 31, 2024.

The increase in cash used

in investing activities is primarily due to the payment of the $2,200 consideration to the buyer of the PCEP Sale during the year ended

December 31, 2025.

During the year ended December 31, 2025, and 2024, additions to our property and equipment were $2,677 and $3,759,

respectively.

the year ended December 31, 2025, we received a cash dividend of $981 from our equity method investee.

We elected to apply the cumulative

earnings approach to classify distributions received from equity method investments in our consolidated statements of cash flows.

this method, distributions received from equity method investees are included in our consolidated statements of cash flows as operating

activities, unless the cumulative distributions exceed our share of cumulative equity in the investee’s net income (loss).

cases, the excess distributions are considered returns of investment and are classified as investing activities.

As of December 31, 2025,

our cumulative distributions were $981, and our share of cumulative equity in the investee’s net loss was $601.

As such, the cash

distribution received during the year ended December 31, 2025, was classified as investing activity in the consolidated statements of

Used in/ Provided by Financing Activities.

Cash used in our financing activities was $16,949 during the year ended December 31, 2025,

as compared to cash provided by our financing activities $5,376 during the year ended December 31, 2024.

The increase in cash used in

financing activities is primarily due to the payment of a one-time special cash dividend.

As of December 31, 2025, we had working capital of $20,659, including $14,959 of cash, compared to working capital of $26,679,

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of Liquidity .

As of December 31, 2024, we had $41,622 of cash on hand generated primarily from the PCEP Sale and the sale of

common stock under the ATM Program.

We have historically met our cash needs through a combination of cash flows from operating

activities and bank borrowings, the completion of the sale of the transformer business units in August 2019 and the sale of common

stock under the ATM Program.

Historically, our cash requirements were generally for operating activities, debt repayment, capital

improvements and acquisitions.

expect to meet our cash needs with our working capital and cash flows from operating activities.

We expect our cash requirements to be

generally for operating activities, capital improvements and product development.

We expect that product development and promotional

activities related to our new initiatives will continue in the near future and we expect to continue to incur costs related to such activities.

We expect that our cash balance is sufficient to fund operations for the next twelve months from the date our consolidated financial

statements are issued.

As of December 31, 2025, we had $14,959 of cash on hand generated primarily from the PCEP Sale.

We have historically

met our cash needs through a combination of cash flows from operating activities and bank borrowings, the completion of the sale of the

transformer business units in August 2019, the completion of the PCEP Sale in October 2024 and the sale of common stock.

Historically,

our cash requirements were generally for operating activities, debt repayment, capital improvements and acquisitions.

expect to meet our cash needs with our working capital and cash flows from operating activities in the long-term.

We expect our cash

requirements to be generally for operating activities, capital improvements and product development.

We expect that product development

and promotional activities related to our new initiatives will continue in the near future and we expect to continue to incur costs related

to such activities.

We expect that our cash balance is sufficient to fund operations for the next twelve months from the date our consolidated

financial statements are issued.

of December 31, 2025, we had no off-balance sheet transactions, arrangements, obligations (including contingent obligations), or other

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changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

additions to property and equipment were $3,759 during the year ended December 31, 2024, as compared to $2,496 additions during the year

ended December 31, 2023.

additions to property and equipment were $2,677 during the year ended December 31, 2025, as compared to $3,759 of additions during the

year ended December 31, 2024.

Trends, Events, Uncertainties and Factors That May Affect Future Operations

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the consequences of the ongoing geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine, and the ongoing conflict

between Israel and Hamas, including related sanctions and countermeasures, and the effects of rising global inflation, are difficult

to predict, and could adversely impact geopolitical and macroeconomic conditions, the global economy, and contribute to increased market

volatility, which may in turn adversely affect our business and operations.

in the Middle East, including related sanctions and countermeasures, and the effects of rising global inflation, are difficult to predict,

and could adversely impact geopolitical and macroeconomic conditions, the global economy, and contribute to increased market volatility,

which may in turn adversely affect our business and operations.

Additionally, recent changes to U.S.

policy implemented by

Congress, the Trump administration or any new administration have impacted and may in the future impact, among other things,

and global economy, international trade relations, unemployment, immigration, healthcare, taxation, the U.S.

regulatory environment,

inflation and other areas.

Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect

our business.

policy implemented by the U.S.

the Trump administration or any new administration have impacted and may in the future impact, among other things, the U.S.

economy, international trade relations, unemployment, immigration, healthcare, taxation, the U.S.

regulatory environment, inflation and

Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business.

We predominately sell to customers in the industrial production markets.

Accordingly, changes

in the condition of any of our customers may have a greater impact than if our sales were more evenly distributed between different end

For a further discussion of factors that may affect future operating results see the sections entitled “Risk Factors”

and “Special Note Regarding Forward-Looking Statements.”

Accordingly, changes in the condition of any of our customers

may have a greater impact than if our sales were more evenly distributed between different end markets.

For a further discussion of factors

that may affect future operating results see the sections entitled “Risk Factors” and “Special Note Regarding Forward-Looking

Accounting Pronouncements

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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-K

Item 7. Management’s Discussion and Analysis