Interest Rate Risk We currently have no outstanding interest rate swaps agreements. However, in past years, we entered into interest rate swap agreements designed to manage our floating rate exposure on our credit facilities. We have not held or issued derivative financial instruments for trading or other speculative purposes. Assuming no changes to our borrowings or hedging instruments after December 31, 2025, a 10 basis points increase in interest rates on our floating rate debt outstanding on December 31, 2025 would result in a $0.5 million increase in interest expense in 2026. These amounts are determined by calculating the effect of a hypothetical interest rate change on our floating rate debt. These amounts do not include the effects of certain potential results of changing interest rates, such as a different level of overall economic activity, or other actions management may take to mitigate this risk. Furthermore, this sensitivity analysis does not assume alterations in our gross debt or other changes in our financial position. Foreign Currency Exchange Risk We generate all of our revenues in U.S. dollars, but for the year ended December 31, 2025 we incurred approximately 24.4% of our operating expenses in currencies other than U.S. dollars (mainly in Euros). A hypothetical 10% increase in U.S. dollars/Euro exchange rate would have increased our operating expenses by approximately $4.1 million for the year ended December 31, 2025. As of December 31, 2025, approximately 35.6% of our outstanding accounts payable were denominated in currencies other than the U.S. dollar (mainly in Euro). We have not entered into derivative instruments to hedge the foreign currency translation of assets or liabilities or foreign currency transactions. ​