AIP

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How AIP rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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The occurrence of any of the below could adversely affect our ability to compete and harm our business: ■ Our ability to anticipate and lead critical product development cycles and technological shifts as driven by our target markets, to innovate rapidly and efficiently and to improve our existing solutions. ■ Whether any competitor substantially increases its engineering and marketing resources to compete with us in the semiconductor IP interconnect and SoC Integration Automation software technology arena. ■ Whether a new entrant with substantially greater resources and/or supported by governmental resources decides to enter the markets in which we compete. ■ Whether any existing or new competitor bundles its technologies into one package at a discounted price that would make it uneconomical for our customers to license our products separately. ■ The challenges of developing, or acquiring externally developed, technology solutions that are adequate and competitive in meeting the rapidly evolving requirements of next-generation design challenges. ■ Our ability to compete on the basis of payment, pricing, features and/or terms. ■ Decisions by semiconductor companies, fabless chip design or system companies, device or other end product producers, and/or OEMs to develop IP development internally, rather than license IP from outside vendors due to budget constraints or excess engineering capacity. ■ Actions by regulators or governmental entities to impose license requirements, limit product availability, limit trade and exportability of our products, the features or contractual terms that either we or our customers can apply to product and service offerings, or to affect monetary policy or to impose tariffs. ■ Actions by regulators or governmental entities to modify or augment tax treatment of our product and service offerings. ■ The impact of global and regional inflation on ours and our customers’ profitability and expansion plans due to among other effects of inflation, increases in wages, availability of capital, salaries, operating expenses, and costs of insurance, benefits and medical coverage. ■ The potential effects of geopolitical conflicts, such as the military conflict between Russia and Ukraine and the conflict in Iran and Israel, including retaliatory, military and regulatory actions, or other actions that escalate tensions, including with respect to the conflict in Israel, actions involving Iran and other groups in the Middle East, on our customers’ engineering resources, design schedules, purchasing, development, sales and innovation responses and trends in response to such conflicts.
Specifically, the conflict in Israel and Gaza continues to result in an uncertain business and investment environment in the region.
Many companies in the affected regions, particularly small to medium enterprises, are experiencing extended challenges raising money leading to cutbacks and project delays. ■ Competition, embargoes, sanctions, boycotts and/or social unrest. ■ Local or international economic headwind trends that may lead to recessions, economic slowdowns or sudden changes in the economic needs of regions and consumers. ■ Silicon chip supply chain and shipment volume restrictions on our customers and their end customers that will impact the amount of royalties payable to us.
Our cost reduction efforts may not allow us to keep pace with competitive pricing pressures and/or other economic factors including inflation, impact from and response to U.S. trade policy, and customer and end market supply chain constraints which could adversely affect our gross margins and ability to meet customer demand.
We incurred a net loss of $34.7 million and $33.6 million for the years ended December 31, 2025 and 2024, respectively.
As of December 31, 2025, we had an accumulated deficit of $171.6 million.
We have spent significant funds on organizational and start-up activities, to recruit engineers and other employees and to support our re search and development.
Our long-term success is dependent upon our ability to successfully market our interconnect IP and SoC Integration Automation software solutions, develop new interconnect IP and SoC Integration Automation software solutions, earn revenue, obtain additional capital when needed and, ultimately, to maintain profitable operations.
Because our IP solutions are components of end products, if semiconductor, system producers and/or end product producer companies in the aerospace and defense market , automotive market, communications market, consumer electronics market, enterprise computing market, and industrial market do not incorporate our solutions into their end products or if the end products of our customers do not achieve market acceptance, we may not be able to generate adequate license sales and royalty income from our products.
We do not license our IP solutions and deployment tools directly to end-users; we license our technology primarily to companies in the aerospace and defense market, automotive market, communications market, consumer electronics market, enterprise computing market, and industrial market who then incorporate our technology into the products they sell.
Our continued success will depend in large part on general economic growth and stability, and growth and stability within our target markets in the aerospace and defense market, automotive market, communications market, consumer electronics market, enterprise computing market, and industrial market.
Factors affecting these markets could seriously harm our customers and/or end customers and, as a result, harm us, examples of which include: ■ Reduced sales of our customers’ and/or end customers’ products. ■ The effects of catastrophic and other disruptive events at our customers’ and/or end customers’ offices or facilities including, but not limited to, natural disasters, telecommunications failures, cyber-attacks, terrorist attacks, regional wars or conflicts, pandemics, epidemics or other outbreaks of infectious disease, breaches of security or loss of critical data. ■ Increased costs associated with potential disruptions to our customers’ and/or end markets’ supply chain and other manufacturing and production operations. ■ The deterioration of our customers’ and/or end customers’ financial condition. ■ Delays and project cancellations as a result of design flaws in the products developed by our customers and/or end customers. ■ The inability of our customers and/or end customers to expand or dedicate the resources necessary to promote and commercialize their products. ■ The inability of our customers and/or end customers to adapt to changing technological demands resulting in their products becoming obsolete. ■ The failure of our customers’ and/or end customers’ products to achieve market success and gain broad market acceptance. ■ Disruption and uncertainty caused by new developments in U.S. trade and tariff policy, reciprocal tariffs imposed by other countries, export, foreign direct investment, and related regulations. ■ Regional and global effects of inflation or other adverse economic conditions, such as rising interest rates, recessions or economic slowdowns, resulting in delays or cancellations of new product design starts. ■ Adverse impact of multiple interest rate increases implemented and forecasted by the U.S.
If anticipated demand in the end market for these vehicles does not materialize, whether due to consumer demand not materializing, regulatory interventions or changes to incentives, delays in the deployment of electronic vehicles and automated driving, or the emergence of economic instability in end markets arising from factors such as inflationary trends, interest rate fluctuations and general economic uncertainty, deteriorating purchasing power, trade or supply chain disruptions and regional and/or worldwide chip shortages or excess supply, demand fluctuations, unemployment spikes, labor shortages or end market reactions to regional or global geopolitical uncertainties, wars or conflicts, or other factors beyond our control, it would adversely affect demand for our products from customers and royalty revenue and impact our ability to execute our growth strategy.
Our future growth will depend on the level of market acceptance of our third-party licensable IP model, the variety of IP offerings available on the market and the shift in customer preference away from in-house development of semiconductor IP technologies and SoC Integration Automation software .
Furthermore, the third-party licensable IP model is highly dependent on the market adoption of new services and products, including in the aerospace and defense market, automotive market, communications market, consumer electronics market, enterprise computing market, and industrial market.
In addition, our customer acquisition cycle for new licenses and license renewals for existing licensees can be lengthy, typically between six to nine months, and can also be costly and unpredictable.
Even if we succeed in securing design wins for our IP interconnect and other solutions and our SoC Integration Automation software solutions, we may not generate timely or sufficient margins or margins from those wins and our financial results could suffer.
The reasons for this delay include, among other things, the following: ■ Changing customer requirements, resulting in an extended development cycle for the product. ■ Delay in the ramp-up of volume production of the customers’ products into which our solutions are designed. ■ Delay or cancellation of the customers’ product development plans. ■ Market or competitive pressures to reduce the selling price of the customers’ end-products. ■ The discovery of design flaws, defects, errors or bugs in the products, whether or not those defects, errors or bugs are related to our IP interconnect and other solutions that delay the customer from finishing the product in which our IP solution is incorporated. ■ Lower than expected acceptance of the customers’ end-products.
As part of the evolution of our business, we have made substantial investments to develop IP interconnect, SoC integration automation solutions, other technology initiatives, such as chip level hardware security solutions in connection with the Cycuity acquisition, and enhancements to existing technologies we license through our acquisitions and research and development efforts.
Continuing to meet the requirements of smaller die size, lower power consumption, a higher frequency of operation and management of critical net latency in a timely and cost-effective manner for chips used in the aerospace and defense market, automotive market, communications market, consumer electronics market, enterprise computing market, and industrial market have resulted in increased SoC design complexity for chips used in these markets.
If we are unable to meet these demands for increased SoC design complexity, if we are unable to anticipate technological changes in our industry by introducing new or enhanced IP interconnect and other solutions and/or SoC Integration Automation software solutions in a timely and cost-effective manner, or if we fail to introduce new technologies that meet market demand, we may lose our competitive position, our products may become obsolete, and our business could be harmed.
Additionally, from time to time, we invest in expansion into adjacent markets, including the acquisitions of Magillem, Semifore and Cycuity, and our growth into the IP interconnect and SoC Integration Automation software solutions market.
Our success in these product areas depends on a variety of factors, including the following: ■ Our ability to continue to attract new customers in industries in which we have less experience. ■ Our successful development of sales and marketing strategies that meet customer requirements. ■ Our ability to accurately predict, prepare for, and promptly respond to technological developments in existing and new fields. ■ Our ability to compete with new and existing competitors, many of which may have more financial resources, industry experience, brand recognition, relevant intellectual property rights, and/or more established customer relationships than we currently do, and they could include free and open-source solutions that provide similar SoC Integration Automation software solutions. ■ Our ability to continually balance our investment in adjacent markets with investment in our existing products and services. ■ Our ability to attract and retain employees with expertise in new or emerging fields affecting our business.
A fundamental shift in technologies, regulatory, trade or demand patterns and preferences in our existing product markets or the product markets of our customers or end-users could make our current products obsolete, prevent or delay the introduction of new products or enhancements to our existing products or render our products irrelevant to our customers’ needs.
We currently devote substantial resources to the research and development of new and enhanced interconnect IP and SoC Integration Automation software solutions.
Product errors, including those resulting from third-party suppliers, could negatively affect the performance or interoperability of our IP interconnect and SoC Integration Automation software solutions, could delay the development or release of new solutions or new versions and could adversely affect market acceptance or perception of our technology.
In addition, any allegations of quality issues resulting from use of our IP interconnect and other solutions or semiconductor design efficiency issues resulting from our solutions could, even if untrue, adversely affect our reputation and our customers’ willingness to license our technology.
If we fail to offer high-quality products and support, our reputation could suffer.
Interconnect IP and SoC Integration Automation software technology is complex and rapidly changing, and the quality of the products and our ability to provide timely and effective support is critical for the successful deployment of our IP in our customers’ designs.
We maintain a team of corporate and field application engineers in our global support organization and continue to pursue initiatives to enhance our customer support.
High-quality, well-trained support is important for customer retention.
The importance of our support function has increased as we expand our business in chiplets and multi-die applications to meet the needs of the market and appeal to new customers.
If we do not or cannot help our customers quickly resolve issues and provide effective ongoing support, our ability to maintain and expand our offerings to existing and new customers could suffer, and our reputation with existing or potential customers could suffer.
Our dependence on international customers and operations also subjects us to a range of other additional regulatory, trade policy, operational, financial, and political risks that could adversely affect our financial results.
We derived 60.3% and 62.3% of our revenue for the years ended December 31, 2025, and 2024, from sales to customers outside of the United States.
In particular, we derived 24.5% and 29.2% of our revenue for the years ended December 31, 2025 and 2024 from customers located in China.
Moreover, conducting business outside the United States subjects us to a number of additional risks and challenges, including: ■ Changes in a specific country’s or region’s political, regulatory or economic conditions. ■ Imposition of or changes to export control regulations, tariff policy and other barriers, restrictions and regional stability measures, such as the tariffs announced in 2025 by the United States, in particular with respect to China but also announced tariffs such as the tariffs on countries in the European Union, and any retaliatory tariffs or measures, including countermeasures by China, countries in the European Union, or other countries, that could negatively impact trade between, or increase the cost of operating in, or increase the cost of or negatively impact the demand for our products or our customers' products in, the countries in which we do business. ■ A pandemic, epidemic or other outbreak of an infectious disease, which may cause us or our distributors, vendors and/or customers to temporarily suspend our or their respective operations in the affected city or country or completely. ■ Compliance with a wide variety of domestic and foreign laws and regulations (including those of municipalities or provinces where we have operations) and unexpected changes in those laws, export and trade controls, and regulatory requirements, including uncertainties regarding taxes, social insurance contributions and other payroll taxes and fees to governmental entities, tariffs, quotas, export controls, export licenses and other trade barriers. ■ Unanticipated restrictions on our ability to sell to foreign customers where sales of products and the provision of services may require export licenses or are prohibited by government action, unfavorable foreign exchange controls and currency exchange rates. ■ Potential for substantial penalties and litigation related to violations of a wide variety of laws, treaties and regulations, including labor regulations, export control and anti-corruption regulations (including the U.S.
Bribery Act). ■ Difficulties and costs of staffing and managing international operations across different geographic areas, time zones and cultures. ■ Changes in diplomatic and trade relationships and uncertainties around the current U.S. administration’s policies, including tariffs and reciprocal tariffs, create a highly unpredictable and volatile business environment, a potential increased likelihood of recession, potential slowdown in capital markets, and potential impacts to the valuation of the U.S. dollar and other currencies. ■ Potential political, legal and economic instability, armed conflict, and civil unrest in the countries in which we and our customers are located. ■ Difficulty and costs of maintaining effective data security particularly as state-sponsored threats and cyber espionage incidents increase. ■ Inadequate protection of our intellectual property. ■ Nationalization and the uncertain impact on the perception or reputation of our products or services in foreign markets. ■ Restrictions on the transfer of funds to and from foreign countries, including withholding taxes and other potentially negative tax consequences. ■ Unfavorable and/or changing foreign tax treaties and policies. ■ Increased exposure to general market and economic conditions inside and outside of the United States. ■ Currency exchange rate fluctuations and the resulting effect on our revenue and expenses, and the cost and risk of entering into hedging transactions if we choose to do so in the future. ■ Increased regulatory uncertainties with respect to our wholly foreign-owned enterprise operating in China and any joint ventures we may form or contribute IP or other resources to in the future. ■ Trends such as global and regional inflation, supply shortages and supply chain disruptions, geopolitical tensions, wars or conflicts and retaliatory actions and regulations affecting or relating to regions such as but not limited to Ukraine, Russia, Eastern Europe, Israel and Iran and the Middle East, or in the Greater China region, may lead to the deterioration of our immediate customers’ and/or end market customers’ ability and/or willingness to purchase, use, develop, market or sell products or solutions that incorporate or are made while using our products.
These factors, individually or in combination, could impair our ability to effectively operate one or more of our foreign facilities or deliver our semiconductor IP or SoC Integration Automation software solutions, result in unexpected and material expenses, or cause an unexpected decline in the demand for our products in certain countries or regions.
Downturns or volatility in general economic conditions, including because of geopolitical and macroeconomic conditions in the countries in which we conduct business, could harm our business.

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Gone since FY2024

The occurrence of any of the below could adversely affect our ability to compete and harm our business: ■ Our ability to anticipate and lead critical product development cycles and technological shifts as driven by our target markets, to innovate rapidly and efficiently and to improve our existing solutions. ■ Whether any competitor substantially increases its engineering and marketing resources to compete with us in the semiconductor IP interconnect and SIA software technology arena. ■ Whether a new entrant with substantially greater resources and/or supported by governmental resources decides to enter the markets in which we compete. ■ Whether any existing or new competitor bundles its technologies into one package at a discounted price that would make it uneconomical for our customers to license our products separately. ■ The challenges of developing, or acquiring externally developed, technology solutions that are adequate and competitive in meeting the rapidly evolving requirements of next-generation design challenges. ■ Our ability to compete on the basis of payment, pricing, features and/or terms. ■ Decisions by semiconductor companies, fabless chip design or system companies, device or other end product producers, and/or OEMs to develop IP development internally, rather than license IP from outside vendors due to budget constraints or excess engineering capacity. ■ Actions by regulators or governmental entities to impose license requirements, limit product availability, limit trade and exportability of our products, the features or contractual terms that either we or our customers can apply to product and service offerings, or to affect monetary policy. ■ Actions by regulators or governmental entities to modify or augment tax treatment of our product and service offerings. ■ The impact of global and regional inflation on ours and our customers’ profitability and expansion plans due to among other effects of inflation, increases in wages, availability of capital, salaries, operating expenses, and costs of insurance, benefits and medical coverage. ■ The potential effects of geopolitical conflicts, such as the military conflict between Russia and Ukraine and the conflict in Israel, including retaliatory, military and regulatory actions, or other actions that escalate tensions, including with respect to the conflict in Israel, actions involving Iran and other groups in the Middle East, on our customers’ engineering resources, design schedules, purchasing, development, sales and innovation responses and trends in response to such conflicts.
Specifically, the conflict in Israel and Gaza has created an uncertain business and investment environment in the region.
Many companies, particularly small to medium enterprises, are experiencing challenges raising money leading to cutbacks and project delays. ■ Competition, embargoes, sanctions, boycotts and/or social unrest. ■ Local or international economic headwind trends that may lead to recessions, economic slowdowns or sudden changes in the economic needs of regions and consumers. ■ Silicon chip supply chain and shipment volume restrictions on our customers and their end customers that will impact the amount of royalties payable to us.
Our cost reduction efforts may not allow us to keep pace with competitive pricing pressures and/or other economic factors including inflation and customer and end market supply chain constraints which could adversely affect our gross margins and ability to meet customer demand.
We incurred a net loss of $33.6 million and $36.9 million for the years ended December 31, 2024, and 2023, respectively.
As of December 31, 2024, we had an accumulated deficit of $136.9 million.
We have spent significant funds on organizational and start-up activities, to recruit engineers and other employees and to support our research and development.
Our long-term success is dependent upon our ability to successfully market our interconnect IP and SIA solutions, develop new interconnect IP and SIA solutions, earn revenue, obtain additional capital when needed and, ultimately, to maintain profitable operations.
Because our IP solutions are components of end products, if semiconductor, system producers and/or end product producer companies in the automotive market, enterprise computing market, communications market, consumer electronics market, and industrial market do not incorporate our solutions into their end products or if the end products of our customers do not achieve market acceptance, we may not be able to generate adequate license sales and royalty income from our products.
We do not license our IP solutions and deployment tools directly to end-users; we license our technology primarily to companies in the automotive market, enterprise computing market, communications market, consumer electronics market, and industrial market who then incorporate our technology into the products they sell.
Our continued success will depend in large part on general economic growth and stability, and growth and stability within our target markets in the automotive market, enterprise computing market, communications market, consumer electronics market, and industrial market.
Factors affecting these markets could seriously harm our customers and/or end customers and, as a result, harm us, examples of which include: ■ Reduced sales of our customers’ and/or end customers’ products. ■ The effects of catastrophic and other disruptive events at our customers’ and/or end customers’ offices or facilities including, but not limited to, natural disasters, telecommunications failures, cyber-attacks, terrorist attacks, regional conflicts, pandemics, epidemics or other outbreaks of infectious disease, breaches of security or loss of critical data. ■ Increased costs associated with potential disruptions to our customers’ and/or end markets’ supply chain and other manufacturing and production operations. ■ The deterioration of our customers’ and/or end customers’ financial condition. ■ Delays and project cancellations as a result of design flaws in the products developed by our customers and/or end customers. ■ The inability of our customers and/or end customers to expand or dedicate the resources necessary to promote and commercialize their products. ■ The inability of our customers and/or end customers to adapt to changing technological demands resulting in their products becoming obsolete. ■ The failure of our customers’ and/or end customers’ products to achieve market success and gain broad market acceptance. ■ Disruption and uncertainty caused by new developments in export and related regulations. ■ Regional and global effects of inflation or other adverse economic conditions, such as rising interest rates, recessions or economic slowdowns, resulting in delays or cancellations of new product design starts. ■ Adverse impact of multiple interest rate increases implemented and forecasted by the U.S.
If anticipated demand in the end market for these vehicles does not materialize, whether due to consumer demand not materializing, regulatory interventions delaying the deployment of automated driving, or the emergence of economic instability in end markets arising from factors such as inflationary trends, deteriorating purchasing power, trade or supply chain disruptions and regional and/or worldwide chip shortages or excess supply, demand fluctuations, unemployment spikes, labor shortages or end market reactions to regional or global geopolitical uncertainties or conflicts, or other factors beyond our control, it would adversely affect demand for our products from customers and royalty revenue and impact our ability to execute our growth strategy.
Political and regulatory conditions that contribute to uncertainty and market volatility including legislative, regulatory, trade and policy changes associated with the new U.S. presidential administration could materially and adversely impact our business operations and financial results.
The political and economic environment in the U.S. has resulted in and will continue to result in some uncertainty.
Changing regulatory policies associated with the new U.S. presidential administration can affect regulatory and compliance costs and future revenues, all of which could materially and adversely affect our business operations and financial results.
Changes in federal policy by the executive branch and regulatory agencies and personnel may occur over time under the new U.S. presidential administration or Congress, which could lead to changes in the level of oversight and focus on our industry including new laws, regulations and policies.
Any future changes in federal and state laws and regulations, as well as the interpretation and implementation of any laws and regulations, could affect us in substantial and unpredictable ways.
For example, the new U.S. presidential administration may affect the manner in which the final regulations implementing the Executive Order 14105 (the Final Rule) issued by the U.S.
Department of Treasury on October 28, 2024, is interpreted and enforced by the U.S. government.
Our future growth will depend on the level of market acceptance of our third-party licensable IP model, the variety of IP offerings available on the market and the shift in customer preference away from in-house development of semiconductor IP technologies and SIA.
Furthermore, the third-party licensable IP model is highly dependent on the market adoption of new services and products, including in the automotive market, enterprise computing market, communications market, consumer electronics market, and industrial market.
In addition, our customer acquisition cycle for new licenses and license renewals for existing licensees can be lengthy, typically between two to nine months, and can also be costly and unpredictable.
Even if we succeed in securing design wins for our IP interconnect and other solutions and our SIA solutions, we may not generate timely or sufficient margins or margins from those wins and our financial results could suffer.
The reasons for this delay include, among other things, the following: ■ Changing customer requirements, resulting in an extended development cycle for the product. ■ Delay in the ramp-up of volume production of the customer’s products into which our solutions are designed. ■ Delay or cancellation of the customer’s product development plans. ■ Market or competitive pressures to reduce the selling price of the customer’s end-product. ■ The discovery of design flaws, defects, errors or bugs in the products, whether or not those defects, errors or bugs are related to our IP interconnect and other solutions that delay the customer from finishing the product in which our IP solution is incorporated. ■ Lower than expected acceptance of the customers’ end-products.
As part of the evolution of our business, we have made substantial investments to develop IP interconnect, SoC integration automation solutions, other technology initiatives, and enhancements to existing technologies we license through our acquisitions and research and development efforts.
Continuing to meet the requirements of smaller die size, lower power consumption, a higher frequency of operation and management of critical net latency in a timely and cost-effective manner for chips used in the automotive market, enterprise computing market, communications market, consumer electronics market, and industrial market have resulted in increased SoC design complexity for chips used in these markets.
If we are unable to meet these demands for increased SoC design complexity, if we are unable to anticipate technological changes in our industry by introducing new or enhanced IP interconnect and other solutions and/or SIA solutions in a timely and cost-effective manner, or if we fail to introduce new technologies that meet market demand, we may lose our competitive position, our products may become obsolete, and our business could be harmed.
Additionally, from time to time, we invest in expansion into adjacent markets, including the acquisition of Magillem and Semifore, and our growth into the IP interconnect and SIA solutions market.
Our success in these product areas depend on a variety of factors, including the following: ■ Our ability to continue to attract new customers in industries in which we have less experience. ■ Our successful development of sales and marketing strategies that meet customer requirements. ■ Our ability to accurately predict, prepare for, and promptly respond to technological developments in existing and new fields. ■ Our ability to compete with new and existing competitors, many of which may have more financial resources, industry experience, brand recognition, relevant intellectual property rights, and/or more established customer relationships than we currently do, and they could include free and open-source solutions that provide similar SIA solutions. ■ Our ability to continually balance our investment in adjacent markets with investment in our existing products and services. ■ Our ability to attract and retain employees with expertise in new or emerging fields affecting our business.
A fundamental shift in technologies, the regulatory climate or demand patterns and preferences in our existing product markets or the product markets of our customers or end-users could make our current products obsolete, prevent or delay the introduction of new products or enhancements to our existing products or render our products irrelevant to our customers’ needs.
We currently devote substantial resources to the research and development of new and enhanced interconnect IP and SIA solutions.
Product errors, including those resulting from third-party suppliers, could negatively affect the performance or interoperability of our IP interconnect and SIA solutions, could delay the development or release of new solutions or new versions and could adversely affect market acceptance or perception of our technology.
In addition, any allegations of manufacturability issues resulting from use of our IP interconnect and other solutions or semiconductor design efficiency issues resulting from our SIA solutions could, even if untrue, adversely affect our reputation and our customers’ willingness to license our technology.
If we fail to offer high-quality support, our reputation could suffer.
Interconnect IP and SIA technology is complex, and our customer support is critical for the successful deployment of our IP in our customers’ designs, and we maintain a team of corporate and field application engineers in our global support organization.
High-quality support is important for customer retention, and the importance of our support function will increase as we expand our business and pursue new customers.
If we do not help our customers quickly resolve issues and provide effective ongoing support, our ability to maintain and expand our offerings to existing and new customers could suffer, and our reputation with existing or potential customers could suffer.
Our dependence on international customers and operations also subjects us to a range of other additional regulatory, operational, financial, and political risks that could adversely affect our financial results.
We derived 62.3% and 65.4% of our revenue for the years ended December 31, 2024, and 2023, respectively, from sales to customers outside of the United States.

and 127 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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