Market risk is the risk of loss from adverse changes in financial market prices and rates. Foreign currency exposure Translation risk Our international operations’ operating expenses are primarily denominated in foreign currencies. However, our international sales are also primarily denominated in foreign currencies, partially offsetting our foreign currency exposure. A hypothetical 10% strengthening in the U.S. dollar against other currencies would have resulted in the following: Six Months Ended June 30, 2026 2025 (Decrease) in revenue (4) % (4) % (Decrease) in net income (14) % (3) % Remeasurement risk We incur transaction gains and losses from the remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the entities in which they are recorded. We are primarily exposed to changes in foreign currency exchange rates associated with the Australian dollar, Euro, and U.S. dollar-denominated cash, cash equivalents, marketable securities, receivables, and intercompany balances held by our U.K. subsidiary, a British pound functional entity. A hypothetical 10% strengthening in the British pound exchange rate in comparison to the Australian dollar, Euro, and U.S. dollar would have resulted in the following impact: Six Months Ended June 30, (in thousands) 2026 2025 Foreign currency (loss) $ (18,818) $ (26,453) 27