This is a purely administrative filing — no financial restatement or new material information. Monitor the company's Q1 2026 earnings for the first full quarter under new CEO Benjamin Albert and for any update on the activist presence of First Light Asset Management (17.4% holder).
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Executive Summary
This is a routine 10-K/A amendment filed solely to add Part III items (director/officer info, executive compensation, beneficial ownership, related-party transactions, and auditor fees) that were omitted from the original 10-K filed March 12, 2026. No financial statements are restated, no errors are corrected, and no material financial data is changed. The filing includes the appointment of Benjamin Albert as CEO (effective Feb 12, 2026), the departure of former CEO Daniel Burton, and the resignations of three board members (Gallagher, Smith, Kane). The amendment has no standalone financial impact.
Key Facts
- Amendment adds Part III Items 10-14 (directors, compensation, ownership, related-party transactions, auditor fees) omitted from original 10-K filed March 12, 2026.
- No restatement of financial statements, no error correction, and no change to previously filed financial data.
- Benjamin Albert appointed CEO effective Feb 12, 2026, succeeding Daniel Burton who retired as CEO and resigned from the board.
- Three board members (Duncan Gallagher, S. Dawn Smith, John A. Kane) resigned between Feb 17 and April 1, 2026.
- Kevin Freeman ceased as Chief Commercial Officer Feb 1, 2026; Dan LeSueur ceased as COO Sept 15, 2025.
- First Light Asset Management (Mathew Arens) is the largest stockholder at 17.4% ownership.
- Fiscal 2025 net loss was $177.97 million, including $110.22 million goodwill/intangibles impairment.
- Fiscal 2025 total revenue was $311.14 million vs $306.58 million in 2024 (up ~1.5%).
- Fiscal 2025 Adjusted EBITDA was $41.41 million vs $26.11 million in 2024.
- Auditor remains Ernst & Young LLP; audit fees were $2.24 million for fiscal 2025.
Financial Impact
No new financial data in this amendment. Original 10-K showed FY2025 net loss of $177.97M on revenue of $311.14M, with $110.22M goodwill impairment.
Risk Factors
- Massive $110.22M goodwill impairment in FY2025 signals potential further impairment risk if revenue growth remains weak.
- Complete executive turnover (CEO, COO, CCO) and 3 of 5 board members resigned within 6 months creates governance instability risk.
- Activist holder First Light (17.4%) with board seat may push for strategic changes or sale.
- Revenue growth of only ~1.5% YoY and all growth metrics missed minimum bonus thresholds — core business is stagnating.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-K/A Filing (Primary) | 0001636422-26-000055 |
| Document: ye2025-10xkaex311xcertific.htm | 0001636422-26-000055 |
| Document: ye2025-10xkaex312xcertific.htm | 0001636422-26-000055 |
| Document: 0001636422-26-000055-index-headers.html | 0001636422-26-000055 |
| Document: 0001636422-26-000055-index.html | 0001636422-26-000055 |
| Document: 0001636422-26-000055.txt | 0001636422-26-000055 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $1.74 | awaiting T+20 | — | $1.63 (−6.32%) |
Oct 5, 2026 21d ago | 3 | $1.77 | awaiting T+20 | — | $1.63 (−7.91%) |
Sep 14, 2026 6w ago | 8-K | $1.72 $1.74 | ▲ +1.16% | ▼ −1.56% | $1.63 (−5.23%) |
Jul 28, 2026 12w ago | Press Release | $2.16 | awaiting T+20 | — | $1.63 (−24.54%) |
Jun 4, 2026 20w ago | 8-K | $1.94 $2.08 | ▲ +7.22% | ▲ +8.59% | $1.63 (−15.98%) |
Jun 3, 2026 20w ago | DEFA14A | $1.94 $2.08 | ▲ +7.22% | ▲ +8.59% | $1.63 (−15.98%) |
May 11, 2026 24w ago | 8-K | $1.48 $1.60 | ▼ −8.11% | ▼ −9.84% | $1.63 (−10.14%) |
May 1, 2026 25w ago | Press Release | $1.45 $1.39 | ▼ −4.14% | ▼ −9.42% | $1.63 (+12.41%) |
Apr 30, 2026 25w ago | 10-K/A | $1.45 $1.39 | ▼ −4.14% | ▼ −9.40% | $1.63 (+12.41%) |
Apr 30, 2026 25w ago | Press Release | $1.25 $1.40 | ▲ +12.00% | ▲ +7.03% | $1.63 (+30.40%) |
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