DV

DoubleVerify Holdings, Inc.

NYSE · TECHNOLOGY · SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC.

13.56

+0.03 +0.22%

USD · close Oct 21

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MKT CAP $2.1BP/E 38.7DIV YIELD —FCF YIELD 7.64%REV TTM $768.8M +7.6%NET INCOME $58.9M +11.6%NET CASH $188.2M52W 8.61 – 13.56SEC XBRL · TTM TO Invalid Date

How DV rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

45%

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new sentences

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+282

words, now 2,709

New in FY2025

Risk Factors Summary Below is a summary of the principal factors that make an investment in our common stock speculative or risky: ● If we fail to respond to technological developments, evolving industry standards or shifting advertiser preference, our solutions may become obsolete or less competitive. ● The market in which we participate is highly competitive. ● System failures, security breaches, cyberattacks or other unforeseen events could interrupt the operation of our platform and data centers and significantly harm our business, financial condition and results of operations. ● We may face risks associated with our use of artificial intelligence and machine learning models. ● Our solutions rely on integrations with demand- and supply-side advertising platforms, ad servers and social platforms. ● Economic downturns and unstable market conditions could adversely affect our business, financial condition and results of operations. ● We have completed several acquisitions in the past and may consummate additional acquisitions in the future, which may be difficult to integrate, disrupt our business, expose us to unanticipated liabilities, dilute stockholder value or divert management attention. ● We are subject to payment-related risks, and if our ability to accurately and timely collect payments is impaired, our business, financial condition and results of operations may be adversely affected. ● Defects, errors or inaccuracies associated with our solutions could negatively impact our business, financial condition and results of operations. ● We often have long sales cycles, which can result in significant time between initial contact with a prospect and execution of a contractual agreement, making it difficult to project when, if at all, we will generate revenue from new customers. ● We depend on our management team and other key personnel to manage our business effectively, and if we are unable to retain such key personnel or hire additional qualified personnel, our ability to compete could be harmed. ● Increasing scrutiny and evolving expectations from customers, employees, regulators and other stakeholders with respect to our corporate social responsibility (“CSR”) practices may expose us to new or additional risks. ● Data privacy legislation and regulation on digital advertising and privacy and data protection may adversely affect our business. ● Public criticism of digital advertising technology in the U.S. and internationally, including digital advertising on social media platforms, could adversely affect the demand for and use of our solutions. ● The success of our business depends in large part on our ability to protect and enforce our intellectual property rights. ● An assertion from a third party that we are infringing its intellectual property rights, whether such assertion is valid or not, could subject us to costly and time-consuming litigation, expensive licenses or other impacts to our business. ● We are exposed to the risks of operating internationally. ● Exposure to foreign currency exchange rate fluctuations could negatively impact our results of operations. ● Our use of “open source” software could subject our technology to general release or require us to re-engineer our platform, or subject us to litigation, which could harm our business, financial condition and results of operations. ● Seasonal fluctuations in advertising activity could have a negative impact on our revenue, cash flow and operating results. ● Our operating history may not be indicative of our future growth or financial results and we may not be able to sustain our historical growth rates. ● Our revenues and results of operations may fluctuate in the future.
As a result, we may fail to meet the expectations of securities analysts or investors, which could cause our stock price to decline. Risks Relating to Our Business If we fail to respond to technological developments, evolving industry standards or shifting advertiser preference, our solutions may become obsolete or less competitive.
Our success depends in part on our ability to develop new solutions and modify or enhance our existing platform in order to meet customer needs, maintain and add functionality and address technological advancements.
To remain competitive, we need to continuously maintain and upgrade our existing platform and develop new solutions that address evolving technologies, advertising strategies and standards across all major channels, formats and devices for digital advertising, including mobile, social, video, in-app, display and connected television, as well as across digital media buying platforms, such as programmatic, direct ad exchanges and trading networks.
We may be unsuccessful in maintaining and upgrading our existing platform or identifying new solutions in a timely or cost-effective manner, or we may be limited in our ability to develop or market new or upgraded solutions due to patents held by others.
In addition, new product innovations may not achieve the market penetration or price levels necessary for profitability.
Moreover, advertisers have in the past and may in the future alter the mix of their advertising spend away from the open web and other channels towards platforms on which we offer more limited solutions or towards higher cost inventory that may result in lower impression volumes in response to these changes or as a result of shifting advertiser preference or the real or perceived impact of AI on the quality of inventory available to advertisers in certain channels.
Any change in our clients digital ad spend in response to such factors could adversely affect our business, financial condition and results of operations.
As this market evolves, competition may intensify as existing companies expand their businesses and new companies and technologies enter the market, which could lead to commoditization and harm our ability to increase revenue and maintain profitability.
Companies have in the past and could in the future develop, market or offer competitive products, acquire one of our competitors, form a strategic alliance with one of our competitors or integration partners or decrease their pricing.
As a result, our ability to attract new customers or retain existing customers could be adversely impacted or we may need to reduce pricing to compete in the market and our results of operations could be harmed.
Although no customer accounted for more than 10% of our revenue in 2025, the loss of multiple customers or changes in spending patterns in certain industry verticals due to such changing conditions or renegotiated pricing for certain customers could adversely affect our business, financial condition and results of operations.
These platform partners have significant control over how our solutions are provided on their platforms, may be able to provide differentiated data as part of their competitive solutions and, in many instances, are able to provide these competitive solutions at significantly lower rates or for free.
Many of our relationships with advertisers are conducted through contractual arrangements with advertising agencies or in many cases, significant portions of customers’ ad spend are managed by these agencies, and these advertising agencies have significant control over what solutions will be used for advertisers’ campaigns.
In some instances, these advertising agencies market or offer competitive products to ours and decisions by the advertising agencies to use solutions other than ours or any strain in our relationship with such agencies could have adverse impact on revenue.
We believe that our ability to compete successfully in our market depends on a number of factors, both within and outside of our control, including: (i) the price, quality and effectiveness of our solutions and those of our competitors; (ii) our ability to retain and add new integration partners and the availability of our solutions on those platforms; (iii) the timing and success of new product introductions; (iv) our position as an independent third-party within the digital advertising ecosystem; (v) the emergence of new technologies; (vi) the number and nature of our competitors; (vii) the protection of our intellectual property rights; (viii) the adoption of new privacy standards or regulations; (ix) advertisers’ decisions to change advertising budgets or campaign strategies; and (ix) general market and economic conditions.
System failures, security breaches, cyberattacks or other unforeseen events could interrupt the operation of our platform and data centers and significantly harm our business, financial condition and results of operations.
A failure of our computer systems, or those of our demand-side integration partners, has in the past and could in the future impede access to our platform, interfere with our data analytics, prevent the timely delivery of our solutions or damage our reputation.
The occurrence of any issues or failures at our data centers (or the data centers of any of our third-party vendors) have in the past and could in the future result in interruptions in the delivery of our solutions to our customers.
The risk of cyberattacks has also increased and will continue to increase in connection with geopolitical conflicts and wars (including Russia’s invasion of Ukraine and conflicts in the Middle East).
Although we maintain a cyber risk management program as described in “Item 1.C.
Cybersecurity,” we cannot guarantee that a security incident will not occur or that any such incident will be detected or remediated in a timely manner.
Additionally, as AI technologies continue to advance, threat actors can leverage these technologies to develop more sophisticated attack methods that are increasingly automated, targeted, coordinated and more difficult to defend against.
The proliferation of these technologies could enable less skilled threat actors to initiate attacks and increase the frequency, scale and impact of security incidents.
Performance failures or acts of negligence by these parties may cause material disruptions to our IT systems.

Gone since FY2024

Risk Factors Summary Below is a summary of the principal factors that make an investment in our common stock speculative or risky: ● If we fail to respond to technological developments or evolving industry standards, our solutions may become obsolete or less competitive. ● The market in which we participate is highly competitive. ● System failures, security breaches, cyberattacks or natural disasters could interrupt the operation of our platform and data centers and significantly harm our business, financial condition and results of operations. ● Our solutions rely on integrations with demand- and supply-side advertising platforms, ad servers and social platforms. ● Economic downturns and unstable market conditions could adversely affect our business, financial condition and results of operations. ● We have completed several acquisitions in the past and may consummate additional acquisitions in the future, which may be difficult to integrate, disrupt our business, expose us to unanticipated liabilities, dilute stockholder value or divert management attention. ● We are subject to payment-related risks, and if our ability to accurately and timely collect payments is impaired, our business, financial condition and results of operations may be adversely affected. ● Defects, errors or inaccuracies associated with our solutions could negatively impact our business, financial condition and results of operations. ● We often have long sales cycles, which can result in significant time between initial contact with a prospect and execution of a contractual agreement, making it difficult to project when, if at all, we will generate revenue from new customers. ● We depend on our senior management team and other key personnel to manage our business effectively, and if we are unable to retain such key personnel or hire additional qualified personnel, our ability to compete could be harmed. ● Increasing scrutiny and evolving expectations from customers, employees, regulators and other stakeholders with respect to our corporate social responsibility (“CSR”) practices may expose us to new or additional risks. ● Data privacy legislation and regulation on digital advertising and privacy and data protection may adversely affect our business. ● Public criticism of digital advertising technology in the U.S. and internationally, including digital advertising on social media platforms, could adversely affect the demand for and use of our solutions. ● The success of our business depends in large part on our ability to protect and enforce our intellectual property rights. ● An assertion from a third party that we are infringing its intellectual property rights, whether such assertion is valid or not, could subject us to costly and time-consuming litigation, expensive licenses or other impacts to our business. ● We may face risks associated with our use of artificial intelligence and machine learning models. ● We are exposed to the risks of operating internationally. ● Exposure to foreign currency exchange rate fluctuations could negatively impact our results of operations. ● Our use of “open source” software could subject our technology to general release or require us to re-engineer our platform, or subject us to litigation, which could harm our business, financial condition and results of operations. ● Seasonal fluctuations in advertising activity could have a negative impact on our revenue, cash flow and operating results. ● We have a limited operating history, which makes it difficult to evaluate our business and prospects and may increase the risks associated with your investment. ● Our revenues and results of operations may fluctuate in the future.
As a result, we may fail to meet the expectations of securities analysts or investors, which could cause our stock price to decline. Risks Relating to Our Business If we fail to respond to technological developments or evolving industry standards, our solutions may become obsolete or less competitive.
Our future success will depend in part on our ability to develop new solutions and modify or enhance our existing platform in order to meet customer needs, add functionality and address technological advancements.
To remain competitive, we will need to continuously upgrade our existing platform and develop new solutions that address evolving technologies, advertising strategies and standards across all major channels, formats and devices for digital advertising, including mobile, social, video, in-app, display and connected television, as well as across digital media buying platforms, such as programmatic, direct ad exchanges and trading networks.
We may be unsuccessful in upgrading our existing platform or identifying new solutions in a timely or cost-effective manner, or we may be limited in our ability to develop or market new or upgraded solutions due to patents held by others.
In addition, any new product innovations may not achieve the market penetration or price levels necessary for profitability.
As this market evolves, competition may intensify as existing companies expand their businesses and new companies enter the market, which could lead to commoditization and harm our ability to increase revenue and maintain profitability.
If existing or new companies develop, market or offer competitive products, acquire one of our competitors or form a strategic alliance with one of our competitors or integration partners, our ability to attract new customers or retain existing customers could be adversely impacted and our results of operations could be harmed.
Although no customer accounted for more than 10% of our revenue in 2024, the loss of multiple customers or changes in spending patterns in certain industry verticals due to such changing conditions could adversely affect our business, financial condition and results of operations.
In addition, these platform partners have significant control over how our solutions are provided on their platforms, may be able to provide differentiated data as part of their competitive solutions and, in many instances, are able to provide these competitive solutions at significantly lower rates or for free.
We believe that our ability to compete successfully in our market depends on a number of factors, both within and outside of our control, including: (i) the price, quality and effectiveness of our solutions and those of our competitors; (ii) our ability to retain and add new integration partners and the availability of our solutions on those platforms; (iii) the timing and success of new product introductions; (iv) our position as an independent third-party within the digital advertising ecosystem; (v) the emergence of new technologies; (vi) the number and nature of our competitors; (vii) the protection of our intellectual property rights; (viii) the adoption of new privacy standards or regulations; and (ix) general market and economic conditions.
System failures, security breaches, cyberattacks or natural disasters could interrupt the operation of our platform and data centers and significantly harm our business, financial condition and results of operations.
A failure of our computer systems, or those of our demand-side integration partners, could impede access to our platform, interfere with our data analytics, prevent the timely delivery of our solutions or damage our reputation.
The occurrence of any issues or failures at our data centers (or the data centers of any of our third party vendors) could result in interruptions in the delivery of our solutions to our customers.
The risk of cyberattacks has also increased and will continue to increase in connection with geopolitical conflicts and wars (including Russia’s invasion of Ukraine and conflicts arising from Hamas’ attack against Israel).
Our IT and security teams regularly review our systems and security measures and evaluate ways to enhance our processes and controls, including to protect against the increasing sophistication of cyberattacks fueled by emerging technologies like AI.
We cannot guarantee that a security incident will not occur or that any such incident will be detected or remediated in a timely manner.
Performance failures or acts of negligence by these service providers may cause material disruptions to our IT systems.

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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