A.[Reserved.] B.Capitalization and Indebtedness Not applicable. C.Reasons for the Offer and Use of Proceeds Not applicable. 11 D.Risk Factors Our business faces significant risks. You should carefully consider the risks described below and in our other filings with the United States Securities and Exchange Commission (“SEC”), including the following risk factors that we face and that are faced by our industry, before making an investment decision. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading price and value of our ordinary shares could decline due to any of these risks, and you may lose all or part of your investment. This Annual Report also contains forward- looking statements that involve risks and uncertainties, see “Cautionary Statement Regarding Forward-Looking Statements” above. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us as described below and elsewhere in this Annual Report. Risks Relating to Our Business and Industry If we are unable to attract new customers and expand subscriptions of current customers, our business, financial condition, revenue, results of operations or cash flows will be adversely affected. Any decline in our dollar-based net retention rate would harm our future operating results. To increase our revenue and achieve and maintain profitability, we must continue to attract new customers and maintain and grow the subscriptions of existing customers. Our go-to-market efforts are intended to identify and attract prospective customers and convert them into paying customers, including the conversion of paying customers of solutions on our basic plan to higher tier services. In addition, we seek to expand existing customer subscriptions by adding new customers or additional solutions or services, including through expanding the adoption of our platform into other departments within organizations. We do not know whether we will continue to achieve similar client acquisition and subscription growth rates in the future as we have in the past. Numerous factors may impede our ability to add new customers and grow existing customer subscriptions, including our failure to attract and effectively train new marketing, sales and account management personnel despite increasing our sales efforts, to retain and motivate our current marketing, sales and account management personnel, to develop or expand relationships with partners, to successfully deploy new features and capabilities of our solutions and services, to provide quality customer experience or to ensure the effectiveness of our go-to-market programs. In addition, increased scrutiny of software spend, vendor rationalization and consolidation initiatives, and “tool fatigue” within customer organizations may result in customers reducing the number of vendors they use, delaying purchasing decisions, or selecting broader platforms that bundle functionality we provide. Additionally, increasing our sales to large organizations (both existing and prospective users) requires increasingly sophisticated and costly sales and account management efforts targeted at senior management and other personnel. Periods of global macroeconomic uncertainty have caused, and may continue to cause, companies to reduce or delay budgets for acquiring new products and solutions like those that we sell, which has led, and may continue to lead, to longer or less predictable sales cycles.. If our efforts to sell to organizations are not successful or do not generate additional revenue, our business will suffer. Our success will depend to a substantial extent on the widespread adoption of our platform and solutions as an alternative to existing or newly emerging solutions. The adoption of software as a service, or SaaS, business software may be slower in industries with heightened data security interests or business practices requiring highly customizable application software. In addition, evolving customer expectations regarding artificial intelligence, automation and “agentic” or outcome-based solutions may reduce demand for, or change purchasing preferences away from, traditional seat-based or feature-based software offerings, and may require us to invest significantly to remain competitive. Furthermore, as our market matures, our solutions evolve, and competitors introduce lower cost or differentiated solutions that are perceived to compete with our platform and solutions, our ability to sell subscriptions for our solutions could be impaired. Similarly, our subscription sales could be adversely affected if organizations or users within these organizations perceive that features incorporated into competitive solutions 12 reduce the need for our solutions or if they prefer to purchase other solutions that are bundled with solutions offered by other companies that operate in adjacent markets and compete with our solutions. Competitors may also leverage proprietary datasets, integrated ecosystems, or AI-enabled functionality to differentiate their offerings, reduce switching costs, or increase customer dependence on their platforms. As a result of these and other factors, we may be unable to attract new customers, which may have an adverse effect on our business, financial condition, revenue, results of operations or cash flows. In order for us to maintain or improve our results of operations, it is important that our customers renew or expand their subscriptions with us. We cannot accurately predict our renewals and dollar-based net retention rate given the diversity of our customer base, in terms of size, industry and geography. Our renewals and dollar-based net retention rate may decline or fluctuate as a result of a number of factors, many of which are outside our control, including the business strength or weakness of our customers, customer usage, including the ability of our customers to quickly integrate our products into their businesses and continually find new uses for our solutions within their businesses, customer satisfaction with our solutions and platform capabilities and customer support, the utility of our platform to cost-effectively integrate with third-party software products, our prices, the capabilities and prices of competing products, mergers and acquisitions affecting our customer base, consolidation of affiliates’ multiple paid business accounts into a single paid business account or loss of business accounts in their entirety, the effects of global economic conditions, or reductions in our customers’ spending on information technology, or IT, solutions or their spending levels generally, perceived security or data privacy risks from the use of our solutions or changes in regulatory regimes that effect our customers or our ability to sell our solutions. In addition, increased regulatory requirements and customer-imposed security, privacy, data localization or artificial intelligence governance requirements could increase procurement cycles, delay deployments, or limit the features or data we are able to offer, which could adversely affect customer acquisition, renewals, expansion and net retention. These factors may also be exacerbated if, consistent with our growth strategy, our customer base continues to grow to encompass larger enterprises, which may also require more sophisticated and costly sales efforts. If our customers do not purchase additional subscriptions and solutions from us or our customers fail to renew their subscriptions, our revenue may decline and our business, financial condition, revenue, results of operations or cash flows may be harmed. Our customers may or may not renew their subscriptions as a result of a number of factors, including their satisfaction or dissatisfaction with our solutions, decreases in the number of users at the organization, our pricing or pricing structure, the pricing or capabilities of the products and services offered by our competitors, the effects of economic conditions (including as a result of general economic downturns) or reductions in our paying customers’ spending levels. In addition, our customers may renew for fewer subscriptions, renew for shorter contract lengths if they were previously on multi-year contracts, or switch to lower cost offerings of our solutions and services. Customers may also seek to renegotiate renewal terms, reduce usage, delay expansions, or adopt alternative commercial models (including consumption-based or outcome-based pricing), any of which could reduce our revenue and dollar-based net retention rate. It is difficult to predict attrition rates given our varied customer base of enterprise, mid-market and small business customers across many different industries and that are located worldwide. Our attrition rates may increase or fluctuate as a result of a number of factors, including customer dissatisfaction with our solutions, customers’ spending levels, mix of customer base, decreases in the number of users at our customers, competition, pricing increases or changing or deteriorating general economic conditions. If customers do not renew their subscriptions or renew on less favorable terms or if we fail to add more customers, or if we fail to expand subscriptions of existing customers, our revenue may decline or grow less quickly than anticipated, which would harm our business, financial condition, revenue, results of operations or cash flows. Failure to develop and expand our direct sales capabilities effectively could harm our ability to increase the number of organizations using our platform and achieve broader market acceptance of our solutions. Our ability to increase our customer base and achieve broader market acceptance of our solutions and platform capabilities will depend to a significant extent on our ability to expand our sales and marketing organizations. We plan to continue expanding our direct sales force, both in existing geographies in which we operate and new international markets. We also plan to dedicate significant resources to our sales and marketing programs and to training our sales force. All of these efforts will require us to invest significant financial and other resources, including in channels in which we have limited or no experience to date. In addition, evolving customer procurement practices, increased budget scrutiny, vendor consolidation initiatives, and longer or more complex evaluation and security review processes may require us to devote additional time and resources to close deals and may reduce our ability to efficiently acquire new customers. Our business and results of operations will be harmed if our sales and marketing efforts do not generate significant increases in revenue or increases in revenue that are smaller than anticipated. We may not achieve anticipated revenue growth from expanding our sales force if we are unable to hire, develop, integrate and retain talented and effective sales personnel, if our new and existing sales 13 personnel, on the whole, are unable to achieve desired productivity levels in a reasonable period of time, or if our sales and marketing programs are not effective. We believe that there is significant competition for sales personnel with the skills and technical knowledge that we require. Our ability to achieve revenue growth will depend, in large part, on our success in recruiting, training and retaining sufficient numbers of sales personnel to support our growth. If we expand into new markets, industries, or customer segments, our sales personnel may require additional product, industry and regulatory expertise, and our ramp times may increase. In addition, as the size of our sales and account management organization increases, we need to attract, recruit and retain team managers and leaders who can effectively manage larger teams. If we are unable to attract, retain, and develop strong business leaders and team managers in our expanded go-to-market organization, our growth prospects and business will suffer. Moreover, changes in our go-to-market organization, including territory design, compensation structures, sales methodologies, or the deployment of new tools (including artificial intelligence-enabled sales productivity tools), may not produce the intended benefits, may disrupt execution, or may negatively affect morale, retention, and productivity. If our sales personnel do not effectively articulate the value of our solutions, demonstrate clear return on investment, or drive successful customer onboarding and adoption, our ability to acquire new customers and expand existing customers may be adversely affected. Our recent growth and rapid technological development make it difficult to forecast our revenue and evaluate our business and future prospects. While we were founded in 2009 and we launched our platform in 2013, many of the key features of our platform and solutions have only launched in the past few years, and, accordingly, much of our growth has occurred in recent periods. In addition, we have introduced, and may continue to introduce, new capabilities, pricing models, packaging structures, and technologies, including those incorporating artificial intelligence and automation, which may further increase variability in customer adoption, usage, and purchasing behavior. Our recent and rapid growth makes it difficult to evaluate our business, including our ability to forecast our sales and future results of operations, plan our operating expenses and model future growth. Our ability to forecast revenue may be further complicated by changes in customer usage patterns, renewal timing, contract duration, pricing structures, or shifts toward consumption-based, usage-based or outcome-based commercial models. If the assumptions that we use to plan our business are incorrect or change, or if we are unable to maintain consistent revenue or growth, or if our growth rates moderate, it may be difficult to achieve and maintain profitability and our stock price could be volatile. Furthermore, we operate in an industry that is characterized by rapid technological innovation, intense competition, changing customer needs and frequent introductions of new products, technologies and services. The pace of technological change, particularly with respect to artificial intelligence, may shorten product development cycles, accelerate competitive pressures, and require us to make significant investments with uncertain returns. We have encountered and expect to continue to encounter risks and uncertainties frequently experienced by growing companies in rapidly evolving industries, such as the risks and uncertainties described herein. If our assumptions regarding these risks and uncertainties, which we use to plan our business, are incorrect or change, or if we do not address these risks and uncertainties successfully, or if actual customer adoption, usage, or monetization differs from our expectations, our operating and financial results could differ materially from our expectations and our business could suffer. We may experience quarterly fluctuations in our operating results due to a number of factors, which make our future results difficult to predict and could cause our operating results to fall below expectations or our guidance. Our quarterly operating results have fluctuated in the past and are expected to fluctuate in the future due to a variety of factors, many of which are outside of our control. As a result, our past results may not be indicative of our future performance, and comparing our operating results on a period-to-period basis may not be meaningful. Quarterly volatility may become more pronounced as our business scales, our customer mix shifts toward larger enterprise customers, or our commercial models evolve. In addition to the other risks described in this Annual Report, factors that may affect our quarterly operating results include the following: •our ability to attract and retain customers and grow subscriptions of existing customers; •our ability to drive consistent customer adoption, usage, and expansion across different customer segments and geographies; •our ability to price and package our platform and solutions effectively; •pricing pressure as a result of competition or otherwise; •unforeseen costs and expenses, including those related to the expansion or reorganization of our business and operations; •changes in customers’ budgets and in the timing of their budget cycles and purchasing decisions; 14 •the timing, size and concentration of large enterprise customer transactions, including the impact of delayed, accelerated, renewed, expanded or canceled contracts in any given quarter; •changes in the competitive dynamics of our market, including consolidation among competitors or organizations using our solutions and the introduction of new solutions or solution enhancements; •the amount and timing of investments in new technologies, including artificial intelligence-enabled capabilities, and whether such investments generate revenue within the expected timeframe; •the amount and timing of payment for operating expenses, particularly research and development, sales and marketing expenses and employee benefit expenses; •the timing of revenue and expenses related to the development or acquisition of technologies, solutions or businesses; •potential goodwill and intangible asset impairment charges and amortization associated with acquired businesses; •potential restructuring and transaction-related expenses; •the amount and timing of costs associated with recruiting, training and integrating new employees while maintaining our company culture as well as the amount and timing of costs associated with retention of employees; •seasonal buying patterns for purchasing or renewing subscriptions for digital intelligence solutions; •our ability to manage our existing business and future growth, including increases in the number of users on our platform and the introduction and adoption of our platform in new markets outside of the United States; •foreign currency exchange rate fluctuations; and •general economic and political conditions in our domestic and international markets, including the impact of persistent or elevated inflation and interest rates. We may not be able to accurately forecast the amount and mix of future subscriptions, revenue and expenses or the timing of customer renewals, expansions or usage-based consumption, and, as a result, our operating results may fall below our estimates or the expectations of securities analysts and investors. Our guidance, if provided, is based on assumptions that may prove inaccurate and is inherently subject to uncertainty. If our revenue or operating results fall below the expectations of investors or securities analysts, or below any guidance we may provide, or if we revise our guidance in future periods, the price of our ordinary shares could decline. We have a history of net losses, we anticipate increasing operating expenses in the future, and although we were profitable on a non-GAAP basis in 2024 and 2025, we may not be able to achieve profitability on a GAAP basis and, if achieved, maintain profitability. We have incurred net losses of $29.4 million, $11.5 million, and $32.9 million in the years ended December 31, 2023, 2024 and 2025, respectively, and although we were profitable on a non-GAAP basis in 2024 and 2025, we may not be able to maintain profitability in the future. Because the market for the solutions, features and capabilities we offer is rapidly evolving and, we believe, under-penetrated, it is difficult for us to predict our future results of operations or the limits of our market opportunity. Our operating expenses for the year ended December 31, 2025 increased by $43.6 million from $204.8 million for the year ended December 31, 2024. Our operating expenses may continue to increase over the next several years to the extent that we expand our operations and infrastructure, both in existing geographies in which we operate as well as into new geographical markets, continue to enhance the Similarweb brand and develop and expand our solution offerings, features and capabilities. We also expect our general and administrative expenses to increase as we grow and operate as a public company, including due to the need to expend significant resources in developing the necessary documentation and testing procedures required by Section 404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act. In addition, compliance with evolving regulatory, privacy, cybersecurity and artificial intelligence-related requirements may increase our costs and divert management attention. Achieving our goals and operating our business may prove more expensive than we anticipate and we may not succeed in increasing our revenue sufficiently, or at all, to offset these higher expenses. We may need to continue to manage costs carefully to maintain or improve profitability, which could limit our ability to invest in growth initiatives, product development or market expansion. Revenue growth may slow, or revenue may decline for a number of possible reasons, including slowing demand for our solutions or increasing competition. If revenue growth slows or margins decline, our ability to achieve sustainable profitability could be materially and adversely affected. If we fail to increase our revenue as we grow our business, or if our expenses increase faster than our revenue, we may not achieve profitability, which would cause our business, financial condition, results of operations and cash flows to suffer. 15 If we fail to manage our growth effectively, we may be unable to execute our business plan or maintain high levels of service and customer satisfaction. We have experienced rapid growth, and anticipate that we will continue to experience further growth in our operations and headcount. Our growth has placed, and future growth could place, a strain on our management, technical, administrative, operational and financial infrastructure. In addition, we continued to expand internationally, which increases the complexity of our operations, including compliance with local employment laws, data protection and privacy requirements, tax regimes, cybersecurity obligations and cultural differences. Our success will depend in part on our ability to manage this growth effectively. To manage the expected growth of our operations and personnel, we will need to continue to improve our management, technical, administrative, operational and financial controls and our reporting systems and procedures. We may also need to invest further in systems, automation and infrastructure, including artificial intelligence-enabled tools, to support scaling, which may require significant upfront investment and may not result in anticipated efficiencies. We will require significant capital expenditures and the allocation of valuable management resources to grow and change in these areas without undermining our culture, which has been central to our growth thus far. Failure to effectively manage our growth could result in difficulty or delays in effectively scaling our platform or solutions, declines in quality or customer satisfaction, increases in costs, difficulties in introducing new features or other operational difficulties. As we expand our business, it is important that we continue to maintain a high level of customer service and satisfaction. As our paid customer base continues to grow, we will need to expand our account management, customer service and other personnel, our partners and our features. Failure to take appropriate measures to support our customer, user and data growth, may result in declines in quality or user satisfaction, increases in costs, difficulties in introducing new features or other operational difficulties. Increased reliance on automation, third-party service providers or partners to support growth may also expose us to additional operational, quality control, security and reputational risks. Any of these difficulties could adversely affect our business, financial condition, results of operations and cash flows. Additionally, due to market conditions we have re-evaluated our organizational structure and implemented reductions in force, and may implement further reductions in force in the future. Any reduction in force may yield unintended consequences and costs, including additional attrition beyond the amount of force reduction, distraction to our employees, reduced employee morale and adverse effects on our reputation as an employer. Such reductions in force may also make it more difficult for us to hire new employees in the future and may limit the anticipated benefits from the reduction in force. The market and services categories in which we participate are competitive, new and rapidly changing. Our platform falls within a new category of business technology in a rapidly evolving market for services, programs and tools used by companies with an online presence and their knowledge workers. This market is intensely competitive, fragmented and subject to rapidly changing technology, shifting customer and organizational needs, new market entrants and frequent introductions of new solutions and services. The pace of change in this market has accelerated, particularly with the adoption of artificial intelligence, automation and data-driven decision-making tools, which may shorten product life cycles and increase competitive pressure. With respect to our solutions, we compete with market research companies such as NielsenIQ and Kantar Group, traditional media measurement solutions such as Nielsen Holdings plc and comScore, Inc., manual project-based approaches to specific business challenges provided by management consulting companies such as McKinsey & Company, Bain & Company and Accenture plc and media buying and advertising agencies such as WPP plc, Omnicom Group and Interpublic Group. We also compete, and may increasingly compete, with technology platforms, data providers and software vendors that embed analytics, benchmarking or market intelligence capabilities directly into their broader offerings. With the introduction of new technologies and new market entrants, including AI-based technologies and new companies with AI-powered offerings, we expect competition to intensify in the future. Established companies may not only develop their own communication and collaboration solutions, platforms for software integration and secure repositories of information and data, but also acquire or establish solution integration, distribution or other cooperative relationships with our current competitors. For example, while we currently provide our services and solutions to Google Inc., Amazon.com, Inc., and Microsoft Corporation, among others, and rely in part on relationships with large technology platforms, they may develop and introduce products that directly or indirectly compete with our solutions, bundle competing functionality into existing products, or leverage their scale, data assets and distribution channels to disadvantage us. 16 Moreover, we expect competition to increase in the future both from our existing competitors and from new market entrants, including established technology companies who have not previously entered the market. New competitors or alliances among competitors may emerge and rapidly acquire significant market share due to factors such as greater brand name recognition, a larger existing customer base, superior solution offerings, a larger or more effective sales organization and significantly greater financial, technical, marketing and other resources and experience. We also compete with companies that offer specific point solutions in the communication, collaboration and data use markets, normally focused on specific industries, geographies, specific media or specific use cases, which attempt to address some of the problems that our solutions address. In addition, with the recent increase in large merger and acquisition transactions in the technology industry, particularly transactions involving cloud-based technologies, there is a greater likelihood that we will compete with other large technology companies in the future. We expect this trend to continue as companies attempt to strengthen or maintain their market positions in an evolving industry. Companies resulting from such consolidations may create more compelling product offerings and be able to offer more attractive pricing options, making it more difficult for us to compete effectively. If we fail to introduce new solutions, develop existing solutions or otherwise fail to meet and address the evolving needs of our market, this could harm our business, financial condition, revenue, results of operations or cash flows. The evolving role of artificial intelligence and its impact on Internet search engines and related products and services could result in reduced demand for our solutions. The rapid development and deployment of artificial intelligence ("AI") technologies pose both opportunities and risks to internet search engines and products and services such as ours that rely on them. The pace of AI innovation has accelerated significantly, particularly with respect to generative AI, large language models and AI-powered assistants. Generative AI alternatives to search engines have the potential to disrupt traditional search engine models by changing the way information is accessed, organized, and presented to users. These changes may reduce the volume of traditional search queries, increase “zero-click” experiences, or shift user engagement away from third-party websites and tools. As these AI technologies evolve, they may alter user behavior, shift market dynamics, and reduce the relevance or effectiveness of conventional search engines. In particular, the widespread adoption of AI-powered alternatives to traditional search, such as chatbots, virtual assistants, or advanced AI-driven search engines, may undermine the market share and profitability of traditional internet search engines and in turn products and services that rely on them. Search engines may increasingly surface AI-generated summaries, answers or recommendations directly to users, reducing traffic to external websites and limiting the availability, visibility or granularity of underlying data. These AI tools may provide more personalized, conversational, or context-aware results, which could reduce users’ reliance on conventional search engines or affect the accuracy, visibility, and ranking of search results. In addition, changes to search engine algorithms, data access policies, application programming interfaces (APIs), or licensing terms driven by AI initiatives may limit our ability to collect, analyze or provide certain data and insights. Such shifts in user behavior could have material negative effects on businesses whose products and services rely heavily on internet search engines for customer acquisition, advertising revenue, or visibility, including our ability to deliver accurate, timely and comprehensive insights to our customers. We cannot predict with certainty how the continued evolution of AI technologies will shape the future of internet search and its related ecosystems. Our ability to respond effectively may require significant investment in research and development, data acquisition, partnerships, or new technologies, including AI-enabled capabilities, with uncertain returns. As AI tools become increasingly sophisticated, our ability to adapt and maintain the effectiveness of our search-related offerings may be challenged. If we are unable to anticipate, respond to, or capitalize on these changes, or if AI-driven alternatives reduce demand for search-based intelligence solutions, this could lead to material adverse effects on our business operations, market position, and financial results. If we are not able to introduce new features or solutions successfully and to make enhancements to our solutions, our business and results of operations could be adversely affected. Our ability to attract new customers and increase revenue from existing customers depends in part on our ability to enhance and improve our solutions and to introduce new features and services. To grow our business and remain competitive, we must continue to enhance our solutions and develop features that reflect the constantly 17 evolving nature of technology and our customers' needs. Customer expectations regarding the speed, sophistication and scope of innovation, particularly with respect to artificial intelligence, automation and data-driven insights, have increased and may continue to evolve rapidly. The success of any solutions, enhancements or developments depends on several factors: our anticipation of market changes and demands for solution features, including timely solution introduction, sufficient customer demand, cost-effectiveness in our solution development efforts and the proliferation of new technologies that are able to deliver competitive products and solutions at lower prices, more efficiently, more conveniently or more securely. AI-native competitors or large technology platforms may be able to develop and deploy new features or solutions more quickly, at lower cost, or with greater functionality than we can. In addition, because our solutions are designed to operate with a variety of systems, applications, data and devices, we will need to continuously modify and enhance our solutions to keep pace with changes in such systems. We may not be successful in developing these modifications and enhancements. Furthermore, the addition of features and solutions to our platform will increase our research and development expenses. We may need to make significant upfront investments in research and development, data acquisition, infrastructure and talent, including in artificial intelligence capabilities, without assurance that such investments will result in increased revenue or improved margins. Any new features that we develop may not be introduced in a timely or cost-effective manner or may not achieve the market acceptance necessary to generate sufficient revenue to justify the related expenses. New features or solutions may also require changes to our pricing, packaging or commercial models, which could delay adoption or reduce demand. It is difficult to predict customer adoption of new features. Such uncertainty limits our ability to forecast our future results of operations and subjects us to a number of challenges, including our ability to plan for and model future growth. If customer adoption of new features is slower than expected, or if customers reduce usage of existing features in favor of alternative solutions, our revenue growth and dollar-based net retention rate may be adversely affected. If we cannot address such uncertainties and successfully develop new features, enhance our software or otherwise overcome technological challenges and competing technologies, or if we misallocate resources to unsuccessful initiatives, our business and results of operations could be adversely affected. If we do not compete effectively with established companies as well as new market entrants our business, financial condition, revenue, results of operations or cash flows could be harmed. Many of our existing competitors have, and some of our potential competitors could have, substantial competitive advantages such as: •greater brand name recognition and longer operating histories; •larger sales and marketing budgets and resources; •greater and/or more diverse data sources and/or access to unique, proprietary data sources; •access to large-scale, proprietary or real-time datasets and artificial intelligence training data that may be difficult or costly for us to replicate; •broader distribution and established relationships with independent software vendors, partners and customers; •access to larger customer bases; •greater customer experience resources and support; •greater resources to make acquisitions; •lower labor and development costs; •larger and more mature intellectual property portfolios; and •substantially greater financial, technical and other resources. As a result, they may be able to adapt more quickly and effectively to new or changing opportunities, technologies, standards or customer requirements. In addition, some of our larger competitors have substantially broader offerings and can leverage their relationships based on other products or solutions or incorporate functionality into existing products or solutions to gain business in a manner that discourages customers from purchasing our solutions, including through selling at zero or negative margins, solution bundling or closed technology platforms. Large technology platforms may also bundle competing functionality with core products at little or no incremental cost to customers, making it more difficult for us to compete on price or value. Potential customers may also prefer to purchase from their existing suppliers rather than a new supplier regardless of solution performance or features. As a result, even if the features of our platform are superior, potential customers may not purchase our offerings. Larger competitors may have broader solution lines and market focus and will therefore not be as susceptible to downturns in a particular market. Our competitors may also seek to repurpose their existing offerings to provide software, services, programs and tools used by knowledge workers with subscription models or embed such functionality into broader platforms, 18 reducing demand for standalone solutions. Further, some current and potential customers, particularly large organizations, have elected, and may in the future elect, to develop or acquire their own software, services, programs and tools used by knowledge workers that would reduce or eliminate the demand for our platform and solutions. Advances in artificial intelligence, low-code or no-code development tools may further lower barriers for customers to develop internal solutions. Conditions in our market could also change rapidly and significantly due to technological advancements, partnering by our competitors or continuing market consolidation, and it is uncertain how our market will evolve. Accelerated consolidation among technology companies, including through mergers, acquisitions or strategic alliances, may result in competitors with greater scale, broader offerings or increased pricing flexibility. New start-up companies that innovate and large competitors that are making significant investments in research and development may invent similar or superior solutions and technologies that compete with us. These competitive pressures in our market or our failure to compete effectively may result in price reductions, fewer customers, reduced revenue, gross profit and gross margins, increased net losses and loss of market share. Any failure to meet and address these factors could harm our business, financial condition, revenue, results of operations or cash flows. A reduction or decline in participation in our contributory network and/or increase in the volume of opt-out requests from individuals with respect to our collection of their data, or a decrease in our direct measurement dataset, could lead to a deterioration in the depth, breadth or accuracy of our data and have an adverse effect on our business, financial condition, revenue, results of operations or cash flows. We have a number of sources contributing to the depth, breadth and accuracy of the data on our platform. These include our contributory network consisting of end users who use our business-to-customer, or B2C, products or B2C products of our partners through which we collect de-identified user data, and our “direct measurement data”, consisting of website and app owners who give us access to their Google Analytics or other direct measurement metrics. In addition, the growing availability of consumer-facing privacy tools, browser extensions, device settings and third-party services that simplify or automate opt-out requests may further increase the ease with which individuals can restrict data collection across multiple platforms simultaneously. If we are not able to attract new participants or maintain existing participants in our contributory network or direct measurement dataset, our ability to effectively gather new data and update and maintain the accuracy of our database could be adversely affected. Any decline in the volume, frequency, granularity or representativeness of contributed or directly measured data could reduce the value of our insights and solutions. Additionally, data privacy regulatory changes as well as the introduction of app- and device-level opt-out settings by certain mobile device and operating system providers increase the degree to which individuals opt-out of having their data collected or avoid such collection altogether, including through privacy-by-default settings, consent fatigue, or restrictions on cross-site or cross-app tracking, which could result in lower rates of B2C product end user adoption and higher rates of opting out, thereby reducing the size and depth of our contributory network. Regulatory developments related to artificial intelligence, data minimization, purpose limitation, consent requirements or data localization may further restrict our ability to collect, process, retain, combine or use certain data sets. Third-party intermediaries have emerged, and we expect that others will emerge that offer the ability for users to opt out of their personal and other data being collected at scale (i.e., from all platforms and products, including ours and the third-party products with whom we partner for data collection). In addition, browser providers, operating system developers, device manufacturers or platform operators may implement technical or policy changes that reduce data availability or limit third-party data access, even where users have not affirmatively opted out. We may attempt to offset reductions in data availability through alternative data sources, modeling techniques, synthetic data, partnerships or artificial intelligence-based inference, but these approaches may be costly, less accurate, less timely, subject to regulatory scrutiny, or not accepted by customers. Consequently, our ability to grow our business may be harmed and our results of operations and financial condition could suffer. Real or perceived errors, failures, vulnerabilities or bugs in our platform could result in a decline in the accuracy of the market intelligence insights we produce and/or cause other problems and harm our business, financial condition, revenue, results of operations or cash flows. The software underlying our platform and solutions is highly technical and complex. Our software has previously contained, and may now or in the future contain, undetected errors, bugs or vulnerabilities. In addition, errors, failures, bugs and vulnerabilities may be contained in the open source software we use to build and operate our solutions or may result from errors in the deployment or configuration of open source software. Some errors in our software may only be discovered after the software has been deployed or may never be generally known. Errors or limitations in data inputs, algorithms, models or assumptions, including those used in AI-enabled features, could also lead to inaccurate, incomplete or misleading insights. Any errors, failures, bugs or vulnerabilities 19 discovered in our software after it has been deployed, or never generally discovered, could result in a decline in the accuracy of the intelligence we produce for customers, interruptions in platform availability, solution malfunctioning or data breaches, unauthorized access to or manipulation of data, degradation of system performance, or incorrect analytical outputs, and thereby result in damage to our reputation, adverse effects upon customers, loss of customers and relationships with third parties, loss of revenue or liability for damages. Perceived errors or inaccuracies, even if not substantiated, may harm customer trust and confidence in our platform and could lead customers to reduce usage, delay renewals or terminate subscriptions. In some instances, we may not be able to identify the cause or causes of these problems or risks within an acceptable period of time. Furthermore, the detection, remediation and prevention of such issues may require significant resources and may divert management attention from other strategic initiatives. If we or our third-party service providers experience a security breach or unauthorized parties otherwise obtain access to our customers’ data, our data, proprietary information, personal information or other confidential information then our platform or our solutions may be perceived as not being secure, our reputation may be harmed, demand for our platform and solutions may be reduced and we may incur significant liabilities. Our platform and solutions involve the storage and transmission of anonymized user data, direct measurement data, and confidential data about our customers such as their e-mail address and other information they provide to register to use our platform. Therefore, security breaches or unauthorized access to our platform and solutions could result in the loss of our or our customers’ confidential data, litigation, indemnity obligations, fines, penalties, disputes, investigations and other liabilities. In addition, evolving data protection, cybersecurity and artificial intelligence-related regulatory regimes may increase the consequences of a security incident. Any security breach or perceived security breach could also result in media attention and reputational harm to our business. We have previously and may in the future become the target of cyber-attacks by third parties seeking unauthorized access to our or our customers’ data or to disrupt our ability to provide our services, including increasingly sophisticated attacks leveraging artificial intelligence and automation. While we seek to adhere to the industry's best practices by implementing security controls and establishing measures to manage and reduce the risks associated with engaging third-party service providers, cybercrime continues to escalate. Furthermore, threats posed by malware, viruses, hacking, social engineering attacks, and especially ransomware attacks are increasingly prevalent within our industry. Threat actors may also use artificial intelligence to identify vulnerabilities, automate attacks or increase the effectiveness of phishing, impersonation or credential-stuffing attacks. These threats pose significant risks and have a considerable impact on cloud services. Moreover, while we have taken steps to protect the confidential information to which we have access (including our own valuable, proprietary, and trade secret information), as well as measures to ensure we do not become privy to confidential data beyond the scope of what is required to develop our insights and provide our solutions, our security measures or those of our third-party service providers that store or otherwise process certain of our and our customers’ confidential data on our behalf could be breached or we could suffer a loss of our or our customers’ confidential data. Although we strive to reduce the risks associated with engaging third-party service providers, our ability to monitor third-party service providers’ data security may be limited. In addition, intentional or accidental actions or inaction by employees or other third parties with authorized access to our networks may result in the exposure of vulnerabilities that may be exploited or expose us to liability. Insider threats, credential compromise or human error may increase as our workforce becomes more distributed and as system complexity increases. Third parties may also conduct attacks designed to temporarily deny customers access to our cloud services. If we experience any breaches of security measures or sabotage or otherwise suffer unauthorized use or disclosure of, or access to, personal information, financial account information or other confidential information it could disrupt normal business operations, require us to spend material resources to investigate or correct the breach and to prevent future security breaches and incidents, expose us to legal liabilities, including litigation, regulatory enforcement, and indemnity obligations, and adversely affect our business, financial condition, revenue, results of operations or cash flows, and we might be required to expend significant capital and resources to address these problems. We may also be subject to notification, disclosure and remediation obligations that could increase costs and cause management distraction. We may not be able to remedy any problems caused by hackers or other similar actors in a timely manner, or at all. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until after they are launched against a target, we and our service providers may be unable to anticipate these techniques or to implement adequate preventative measures. If a breach of security or other data 20 security incident occurs or is perceived to have occurred, the perception of the effectiveness of our security measures and reputation could be harmed and we could lose current and potential customers, even if the security breach were to also affect one or more of our competitors. Further, concerns about practices with regard to the collection, use, disclosure or security of personal information, financial account information or other confidential information, even if unfounded, could damage our reputation and adversely affect our results of operations. Given the many different security breach techniques and the fact that such techniques continue to evolve, we may be unable to anticipate attempted security breaches, react in a timely manner or implement adequate preventative measures. Third parties may also conduct attacks designed to temporarily deny users access to our cloud services. Any security breach or other security incident, or the perception that one has occurred, could result in a loss of user confidence in the security of our platform and damage to our brand, reduce the demand for our solutions, disrupt normal business operations, require us to spend material resources to investigate or correct the breach and to prevent future security breaches and incidents, expose us to legal liabilities, including litigation, regulatory enforcement, and indemnity obligations, and adversely affect our business, financial condition and results of operations. The financial and operational impact of such incidents may be increased by regulatory scrutiny and mandatory disclosure requirements. These risks are likely to increase as we continue to grow and process, store, and transmit increasingly large amounts of data. We also process, store and transmit our own data as part of our business and operations. This data may include confidential or proprietary information. There can be no assurance that any security measures that we or our third-party service providers have implemented will be effective against current or future security threats. While we have developed systems and processes to protect the integrity, confidentiality and security of our and our customers’ data, our security measures or those of our third-party service providers could fail and result in unauthorized access to or disclosure, modification, misuse, loss or destruction of such data. We use third-party technology and systems in various contexts, including, without limitation, employee email, content delivery to customers, back-office support, credit card processing, and other functions. Although we seek to follow industry best practices for security controls and have also developed systems and processes designed to protect customer data and prevent data loss and other security breaches, including systems and processes designed to reduce the impact of a security breach at a third-party service provider, such measures cannot provide absolute security. A significant incident affecting a key third-party provider could materially disrupt our operations even if our own systems are not compromised. We have established and implemented an Incident Response Policy designed to protect confidential information and systems in the face of cyber-attacks, security threats and breaches. The primary goal of the policy is to contain a cyber threat while continuing normal business operations quickly and effectively. The policy is reviewed at least annually and updated, if required, to reflect our changing organization, new technologies and new compliance requirements that inform our cyber security strategy. We also conduct regular testing of this policy, including table-top cyber security and data breach exercises, to achieve reasonable assurance that relevant personnel are fully trained to participate in effective incident response. However, no incident response plan can eliminate all risks or ensure that all incidents will be identified, contained or remediated successfully. The policy requires a cross-functional team of people to manage the systems, legal, and communication issues that arise and includes provisions for detecting and reporting information security events and for defining and implementing response plans and action plans for information security incidents. Our Chief Information Security Officer leads the response and handling of the security incident and coordinates and directs all related mitigation activities. The policy includes conclusion and learning plans pursuant to which, after the resolution of a security incident, the incident will be studied in order to identify and understand the flaws, breaches and faults that enabled its occurrence as well as the measures that should be taken to prevent a recurrence. The policy provides that security incidents shall be documented by our Chief Information Security Officer. Such documentation includes date of incident, detailed description of the incident, systems affected, evidence gathered, treatment plan, status and lessons learned. Additionally, we cannot be certain that our insurance coverage will be adequate for data security liabilities actually incurred, will cover any indemnification claims against us relating to any incident, will continue to be available to us on economically reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim. Cybersecurity insurance markets may experience increased premiums, reduced coverage and higher deductibles, which may limit our ability to fully insure against these risks. The successful assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could adversely affect our reputation, business, financial condition, revenue, results of operations or cash flows. 21 If we fail to maintain and improve our methods and technologies, or anticipate new methods or technologies, for data collection, organization and cleansing, competing products and services could surpass ours in depth, breadth or accuracy of our insights or in other respects. Current or future competitors may seek to develop new methods and technologies for more efficiently gathering, cataloging or updating business information, which could allow a competitor to create a product comparable or superior to ours, or that takes substantial market share from us or that creates or maintains databases to produce insights at a lower cost than we experience. We can expect continuous improvements in computer hardware, network operating systems, programming tools, programming languages, operating systems, data matching, data filtering, data analysis tools and other technologies and the use of the internet. These improvements, as well as changes in customer preferences or regulatory requirements, may require changes in the technology used to gather and process data. Regulatory developments related to data privacy, artificial intelligence, data localization or data minimization may limit the methods or technologies we are able to use or increase the cost and complexity of compliance. Our future success will depend, in part, upon our ability to: •internally develop and implement new and competitive technologies; •use leading third-party technologies effectively; and •respond to advances in data collection and cataloging and creating insights. Our reliance on third-party data sources, cloud infrastructure, open-source software or external technologies may limit our ability to control the pace, direction or cost of innovation. We may need to make significant investments in new tools, talent, infrastructure or data sources to remain competitive, and such investments may not result in corresponding revenue growth or improved margins. If we fail to respond to changes in data technology and analysis to create insights, competitors may be able to develop solutions that will take market share from us, and the demand for our solutions, the delivery of our solutions or our market reputation could be adversely affected. In addition, if customers perceive competing solutions to deliver faster, more automated or more actionable insights, our competitive position could be materially weakened. If we are not able to obtain and maintain comprehensive and reliable data to generate our insights, we could experience reduced demand for our solutions. Our success depends on our customers’ confidence in the depth, breadth and reliability of our insights, which are based on our data. Customer expectations regarding data accuracy, timeliness and actionability have increased as data-driven decision-making and artificial intelligence adoption have expanded. The task of establishing and maintaining reliable data is challenging and expensive. The depth, breadth and reliability of our data differentiate us from our competitors. If our data, including the data we obtain from third parties and our data collection, extraction, cleaning and insights, are not current, sufficiently accurate, comprehensive or reliable, or are perceived to be so, it would increase the likelihood of negative customer experiences, which in turn would reduce the likelihood of customers renewing or upgrading their subscriptions and harm our reputation, making it more difficult to obtain new customers. Reductions in data availability, changes in third-party data sources, or increased reliance on modeled, inferred or AI-generated data may further increase the risk of inaccuracies or perceived limitations in our insights. In addition, if we are not able to maintain a high level of reliability for our insights, we may face legal claims by our customers or disputes relating to service levels, representations or performance, which could have an adverse effect on our business, financial condition, revenue, results of operations or cash flows. Any loss of customer trust in the integrity or reliability of our data could have a disproportionate impact on demand for our solutions and our competitive position. We depend on third parties for data that is critical to our business, and our business could suffer if we cannot continue to obtain reliable data from these suppliers or if third parties place additional restrictions on our use of such data. We rely on third-party data sources for traffic and engagement information related to the websites and apps for which we generate estimated insights and metrics, demographics about the audiences that use such platforms, and related information about digital trends. Our reliance on third-party data sources exposes us to risks outside of our direct control, including changes in business practices, data policies, or strategic priorities of those suppliers. We continuously look to seek out and enter into relationships with new suppliers for data in order to enrich our data sources, and the availability and quality of this data is important to the continued functioning and development of our solutions and the fulfillment of our obligations to customers. Failure to find and enter into agreements with new 22 partners, and/or to maintain current relationships with existing partners, could result in inadequate data for our ongoing and future solution requirements. Some data sources may be difficult, costly or time-consuming to replace, particularly where suppliers control unique, proprietary or large-scale datasets. Our data suppliers may increase restrictions on our use of such data, fail to adhere to our quality control, privacy or security standards, or otherwise satisfactorily perform services, increase the price they charge us for the data or refuse to license the data to us. Suppliers may also modify their data collection practices, licensing models or contractual terms in response to regulatory developments, artificial intelligence initiatives, competitive considerations or their own commercial interests. Additional restrictions on third-party data could limit our ability to include that data in certain solutions, which could lead to decreased commercial opportunities for certain solutions as well as loss of customers, obligations to provide refunds, or liability to our customers. To comply with any additional restrictions, we may be required to implement certain additional technological and manual controls that could put pressure on our cost structure and could affect our pricing. Increased compliance, monitoring or auditing requirements imposed by data suppliers or regulators could further increase our costs and operational complexity. Since we rely on third-party data sources, notwithstanding our best efforts, we may receive third-party data that is inaccurate, defective, or delayed, or which does not meet our compliance standards or the requirements of applicable data privacy laws and regulations. If third-party information is not available to us on commercially reasonable terms, or is found to be inaccurate or otherwise unsuitable for our needs, it could lead to costly and time-consuming contractual disputes or harm our solutions, our reputation and our business and financial performance. Any sustained disruption, degradation or loss of access to critical third-party data sources could materially and adversely affect the quality of our insights and our competitive position. Our data collection methodology depends in part on the ability to distribute products used for data collection through third-party platforms and stores, and if we lose access to those platforms or stores or if we or our partners are otherwise restricted from distributing products through those platforms or stores, our business could suffer. Our platform and solutions depend in part on the ability to obtain data from our contributory network through browser extensions, mobile apps and other products distributed through third-party online platforms and stores such as Chrome Web Store, Google Play and the Apple App Store. These third-party platforms are controlled by a small number of large technology companies with significant market power. These include our own browser extension and mobile app products, and products distributed by third parties with whom we collaborate and into which products we integrate our data collection tools. We continuously look to seek out and enter into relationships with new partners for the integration of our data collection tools into their products, and the availability and quality of this data is important to the continued functioning and development of our products and the performance of our obligations to customers. Partner incentives, product roadmaps or business priorities may change in ways that reduce their willingness or ability to integrate or distribute our data collection tools. We may have difficulty finding and entering into agreements with new partners, and/or maintaining current relationships with existing partners. Failure to find and enter into agreements with new partners, and/or to maintain current relationships with existing partners, could result in inadequate data for our ongoing and future product requirements. The third-party platforms and stores through which our products and partner products are distributed issue rules and guidelines governing their use, which include provisions that are often more restrictive than the requirements of applicable data privacy laws. These rules increasingly emphasize privacy-by-default principles, consent limitations, restrictions on background data collection, and limitations on cross-site or cross-app data use. These platforms and stores frequently modify these rules, and often enforce them in an inconsistent manner. Enforcement actions may occur with little or no advance notice and may be difficult or time-consuming to appeal. Accordingly, there is an ongoing risk that these third-party platforms may remove our browser extension and mobile app products or our partners’ products from their stores, issue warnings necessitating modifications to the products or prevent a specific product owner or developer from distributing any of its products through their stores. These warnings and removals can result in interruptions and delays in the collection of data for our contributory network, in the need to allocate resources and incur costs for the modification of our products, in the suspension or termination of our partnerships with third parties and the cessation of integration of our data collection tools with those third parties' products, and in harm to our reputation. In addition, heightened regulatory and public scrutiny of data collection practices may increase the likelihood of platform enforcement actions or policy changes affecting us or our partners. Any of these effects could negatively impact the functionality of, or require us to make changes to, our products and solutions, which would need to occur quickly to avoid interruptions in service for our customers. Furthermore, our business, cash flows or results of operations may be harmed if any platform or store through which we or our partners distribute products we use for data collection changes, limits or discontinues our access to its platform or store; modifies its terms of service or other policies, including fees charged or restrictions 23 on us or our partners; changes or limits how customer information is accessed by us or our partners; changes or limits how we can use customer information and other data collected through the platforms or stores; or experiences disruptions of its technology, services or business generally. Because we do not control these platforms or stores, we may have limited ability to influence or predict such changes or to mitigate their adverse effects. Our business may be harmed if we change our methodologies or the scope of information we collect. We have in the past and may in the future change our data collection and aggregation methodologies, the algorithms we use to generate our estimated insights, the sources from which we collect our data or the scope and volume of information we collect. Such changes may result from identified deficiencies in current methodologies, development of more advanced methodologies, changes in our business plans or practices or in industry standards or regulatory requirements, changes in technology used by websites, browsers, mobile applications, servers or media for which we generate estimated insights, integration of acquired companies or expressed or perceived needs of our customers, potential customers or partners. Any such changes or perceived changes, or our inability to accurately or adequately communicate to our customers and the media such changes and the potential implications of such changes on the data we have published or will publish in the future, may result in customer dissatisfaction, particularly if certain information is no longer collected or information collected in future periods is not comparable with information collected in prior periods, or if our estimated insights for future periods become incompatible or otherwise differ from the estimated insights we provided for prior periods. As a result of future methodology changes, some of our customers may decide not to continue buying our products or services which would negatively affect our revenue and financial results, and/or to publicly air their dissatisfaction with the methodological changes made by us, which may damage our brand and harm our reputation. We have experienced rapid growth in recent periods and our recent growth rates may not be indicative of our future growth. We have experienced rapid growth in recent periods. Our revenue was $218.0 million, $249.9 million and $282.6 million for the years ended December 31, 2023, 2024 and 2025, respectively, representing annual growth of 15% and 13%, respectively. Our historical revenue growth should not be considered indicative of our future performance. In future periods, we may not be able to sustain revenue growth consistent with recent periods, or at all. Further, as we operate in a new and rapidly changing category of services, widespread acceptance and use of our digital intelligence generally and our solutions is critical to our future growth and success. We believe our revenue growth depends on several factors, including, but not limited to, our ability to: •attract new users and customers; •provide excellent service to our users and customers; •grow or maintain our net dollar-based retention rate, or NRR, and expand the usage of our solutions within the organizations already using our solutions; •minimize the cancellation of paid subscriptions for our solutions or the reduction in the scope or price for our solutions by our customers; •maintain and grow our available data sources in order to adequately meet the needs of our solution development; •introduce and grow the adoption of our solutions in new markets outside of the markets in which we currently operate; •improve the performance and capabilities of our platform and solutions through research and development; •successfully incorporate new technologies, including artificial intelligence and automation, into our solutions in a manner that drives customer adoption and monetization; •drive traffic to our online platform, convert traffic to free offerings and convert users of our free offerings to paid subscriptions; •convert customers and organizations utilizing our offerings to higher tier services; •deal with concerns related to actual or perceived security breaches, reliability, outages or other defects related to our platform; •adequately expand our sales force and research and development organization and otherwise scale our operations as a business; •comply with existing and new applicable laws and regulations, primarily in the area of data privacy and protection; •adapt to changing customer procurement practices, pricing expectations, vendor consolidation initiatives and budget constraints; •effectively price our solutions to attract and retain users while achieving and maintaining profitability; 24 •successfully compete against new and existing market players; and •increase global awareness of our brand. If we are unable to accomplish these tasks, our revenue growth would be harmed. Even if we successfully execute on some or all of these initiatives, revenue growth may slow as our business matures, markets become more competitive, or customer demand fluctuates. In addition, we expect to continue to expend substantial financial and other resources on: •our sources of data; •our technology infrastructure, including systems architecture, scalability, availability, performance and security; •our sales and marketing organization to engage our existing and prospective customers, increase brand awareness and drive adoption of our solutions; •solution development, including investments in our solution development team and the development of new solutions and new functionalities for our platform as well as investments in further optimizing our existing solutions, research, algorithms and infrastructure; •investments in artificial intelligence, data processing capabilities and compliance-related infrastructure; •acquisitions or strategic investments; •international expansion; and •general administration, including legal and accounting expenses associated with being a public company, such as insurance for our directors and officers. These investments may not result in increased revenue growth in our business or may take longer than expected to generate returns. If we are unable to maintain or increase our revenue at a rate sufficient to offset the expected increase in our costs, or if our costs increase faster than our revenue, our business, financial condition, revenue, results of operations or cash flows will be harmed, and we may not be able to achieve or maintain profitability over the long term. We rely upon third-party providers of cloud-based infrastructure to host our solutions. Any disruption in the operations of these third-party providers, limitations on capacity or interference with our use could adversely affect our business, financial condition, revenue, results of operations or cash flows. We outsource all of the infrastructure relating to our cloud solution to third-party hosting services, specifically to Amazon Web Services, or AWS, which is our sole provider of these services and hosts our platform, manage data, mobile application, and many of the internal tools we use to operate our business. Our reliance on a single cloud infrastructure provider increases our exposure to concentration risk. We have a commitment with AWS through May 31, 2026 and our agreement with AWS is not terminable for convenience by either party. Our platform, mobile application and internal tools use computing, storage capabilities, bandwidth and other services provided by AWS. We rely solely upon AWS to ensure the uninterrupted operation of our cloud-based infrastructure, and therefore any significant disruption of, limitation of our access to, or other interference with our use of AWS would negatively impact our operations and could seriously harm our business. In addition, any transition of the cloud services currently provided by AWS to another cloud services provider would require significant time and expense and could disrupt or degrade delivery of our platform. Our business relies on the availability of our platform for our customers, and we may lose customers if they are not able to access our platform or encounter difficulties in doing so. The level of service provided by AWS could affect the availability or speed of our platform, which may also impact the usage of, and our customers’ satisfaction with, our platform and could seriously harm our business and reputation. If AWS increases pricing terms, changes its pricing models, terminates or seeks to terminate our contractual relationship, establishes more favorable relationships with our competitors, changes or interprets its terms of service or policies in a manner that is unfavorable with respect to us or fails to agree to renew our contract or enter into a new contract on terms that are acceptable to us, our business, financial condition, revenue, results of operations or cash flows may be harmed. Any limitation on the capacity of AWS could impede our ability to onboard new customers or expand the usage of our existing customers, which could adversely affect our business, financial condition, revenue, results of operations or cash flows. In addition, any incident affecting AWS's infrastructure that may be caused by cyber-attacks, natural disasters, fire, flood, severe storm, earthquake, power loss, telecommunications failures, terrorist or other attacks, regional epidemics or global pandemics, and other similar events beyond our control could negatively 25 affect our cloud-based solutions. The cloud services we receive from AWS include design features and elements designed to prevent or minimize service disruption, including a disaster recovery service and the use of two distinct server farms in separate U.S.-based locations for hosting our platform and services, either one of which is capable of supporting our platform and services without material interruption even in the event of a failure at the other, corresponding server farm. Nevertheless, a prolonged service disruption affecting our cloud-based solution could negatively impact our ability to serve our customers and could damage our reputation with current and potential customers, expose us to liability, cause us to lose customers or otherwise harm our business. We may also incur significant costs for using alternative equipment or taking other actions in preparation for, or in reaction to, events that damage the third-party hosting services we use. In addition, we rely on hardware and infrastructure purchased or leased from third parties and software licensed from third parties to operate critical business functions. Our business would be disrupted if any of this third-party hardware, software and infrastructure becomes unavailable on commercially reasonable terms, or at all. Furthermore, delays or complications with respect to the transition of critical business functions from one third-party product to another, or any errors or defects in third-party hardware, software or infrastructure could result in errors in our solutions or a failure of our platform, which could harm our business and results of operations. In the event that our service agreements with our third-party hosting services or providers are terminated, or there is a lapse of service, delay in service, elimination of services or features that we utilize, interruption of internet service provider connectivity or damage to such facilities, we could experience interruptions in access to our platform as well as significant delays and additional expense in arranging or creating new facilities and services and/or re-architecting our cloud solution for deployment on a different cloud infrastructure service provider, which could adversely affect our business, financial condition, revenue, results of operations or cash flows. If we fail to maintain and enhance our brand, our ability to expand the number of organizations using our solutions will be impaired, our reputation may be harmed, and our business, financial condition, revenue, results of operations or cash flows may suffer. Our future success depends upon our ability to create and maintain brand recognition and a reputation for delivering easy and efficient solutions. A failure by us to build our brand and deliver on these expectations could harm our reputation and damage our ability to attract and retain consumers, which could adversely affect our business. We also believe that developing and maintaining awareness of our brand is critical to achieving widespread acceptance of our platform and solutions and is an important element in attracting new customers and users to our platform. Furthermore, we believe that the importance of brand recognition will increase as competition in our market increases. Successful promotion of our brand will depend largely on the effectiveness of our marketing efforts and on our ability to ensure that our platform remains high-quality, reliable and useful at competitive prices, as well as with respect to our free offering. As our market becomes increasingly competitive, increasing awareness of our platform may become more difficult and expensive. Brand promotion activities may not yield increased revenue, and even if they do, any increased revenue may not offset the expenses we incur in building our brand. If we fail to successfully promote and maintain our brand, or incur substantial expenses in an unsuccessful attempt to promote and maintain our brand, we may fail to attract new customers and users or grow or maintain our retention rates to the extent necessary to realize a sufficient return on our brand-building efforts, and our business, financial condition, revenue, results of operations or cash flows could suffer. In addition, independent industry analysts often provide reviews of our solutions, as well as the solutions offered by our competitors, and perception of the relative value of our platform in the marketplace may be significantly influenced by these reviews. Analyst reports, customer reviews, social media commentary and other third-party content may be amplified rapidly and widely, increasing the potential impact of negative perceptions. If these reviews are negative, or less positive as compared to those of our competitors’ solutions, or if our solutions are perceived as less innovative or less effective than competing offerings, our brand may be harmed. We offer free trials and a free offering of our platform to drive awareness of our solutions and encourage usage and adoption. If these marketing strategies fail to lead to users purchasing paid subscriptions, our ability to grow our revenue will be adversely affected. To encourage awareness, usage, familiarity and adoption of our platform and solutions, we offer free trials and a free offering of our platform. Our marketing strategy depends in part on users of our free trial and free tier versions of our platform convincing others within their organizations to use our solutions and to become paying 26 customers. These strategies may not be successful in leading users to purchase our solutions. Many customers of our free tier may not lead to others within their organization purchasing and deploying our platform and solutions. To the extent that users do not become, or we are unable to successfully attract paying customers, or if conversion rates from free to paid offerings decline, we will not realize the intended benefits of these marketing strategies and our ability to grow our revenue will be adversely affected. In addition, supporting free trials and free users requires infrastructure, data and support resources, and if these costs increase without corresponding revenue growth, our margins and operating results could be adversely affected. Because our success depends, in part, on our ability to expand sales internationally, our business will be susceptible to risks associated with international operations. We currently maintain offices and/or have sales and development personnel outside of Israel in the United States, the United Kingdom, France, Japan, Australia, Ukraine, Germany, Singapore, Chile, Switzerland, the Czech Republic and Sweden and we intend to expand our international operations by developing a sales presence in other international markets. In the years ended December 31, 2023, 2024 and 2025 our non-U.S. revenue was 52.5%, 51.8%, and 45.4% of our total revenue, respectively. We expect to continue to expand our international operations, which may include operating in new jurisdictions and providing our solutions in additional languages. Any additional international expansion efforts that we are undertaking and may undertake may not be successful. In addition, conducting international operations subjects us to new risks, some of which we have not generally faced in Israel, the United States or other countries where we currently operate. These risks include, among other things: •unexpected costs and errors in the localization of our platform and solutions, including translation into foreign languages and adaptation for local culture, practices and regulatory requirements; •lack of familiarity and burdens of complying with foreign laws, legal standards, privacy and cybersecurity standards, regulatory requirements, tariffs and other barriers, and the risk of penalties to our customers and individual members of management or employees if our practices are deemed to not be in compliance; •practical difficulties of enforcing intellectual property rights in countries with varying laws and standards and reduced or varied protection for intellectual property rights in some countries; •an evolving legal framework and additional legal or regulatory requirements for data privacy and cybersecurity, which may necessitate the establishment of systems to maintain data in local markets, requiring us to invest in additional data centers and network infrastructure, and the implementation of additional employee data privacy documentation (including locally-compliant data privacy notice and policies), all of which may involve substantial expense and may cause us to need to divert resources from other aspects of our business, all of which may adversely affect our business; •unexpected changes in regulatory requirements, taxes, trade laws, tariffs, export quotas, custom duties or other trade restrictions; •difficulties in managing systems integrators and technology partners; •differing technology standards; •different pricing environments, longer sales cycles, longer accounts receivable payment cycles and difficulties in collecting accounts receivable; •increased financial accounting and reporting burdens and complexities; •difficulties in managing and staffing international operations, including heightened regulatory scrutiny and enforcement relating to employment classification, the use of independent contractors, freelancers and other contingent workers, and compliance with local labor, payroll, tax withholding, social security and benefits laws; •increased risk that tax authorities, labor regulators or courts may reclassify contractors or other non-employee personnel as employees, which could result in back taxes, penalties, interest, social security contributions, employee benefits obligations, fines or criminal liability; •increased enforcement activity by tax authorities and labor regulators in certain jurisdictions, including audits and investigations focused on permanent establishment risk, payroll compliance, contractor classification and cross-border employment arrangements; •recruiting and retaining contractors in the Ukraine, in light of its current war with Russia and any aftermath thereof; •increased costs involved with recruiting and retaining an expanded employee population outside Israel and the United States through cash and equity-based incentive programs and unexpected legal costs and regulatory restrictions in issuing our shares to employees outside the United States; 27 •global political and regulatory changes may lead to restrictions on immigration and travel for our employees outside Israel, the United States and our other office locations; •economic recessions or uncertainty in financial markets, including the impact of rising global inflation and interest rates; •fluctuations in exchange rates that may decrease the value of our foreign-based revenue or increase our costs; •potentially adverse tax consequences, including the complexities of foreign value added tax (or other tax) systems, and restrictions on the repatriation of earnings; and •permanent establishment risks and complexities in connection with international payroll, tax and social security requirements for international employees. Additionally, operating in international markets also requires significant management attention and financial resources. We cannot be certain that the investment and additional resources required in establishing operations in other countries will produce desired levels of revenue or profitability. In addition, political, economic and security conditions in countries in which we operate or have users, including Russia and Ukraine, may limit our ability to provide our services in those and in neighboring countries. Compliance with laws and regulations applicable to our global operations also substantially increases our cost of doing business in foreign jurisdictions. Regulatory requirements relating to employment status, tax compliance and workforce structure are evolving and, in many jurisdictions, enforcement has intensified. We have limited experience in marketing, selling and supporting our platform in new jurisdictions that we operate in. Our limited experience in operating our business internationally increases the risk that any potential future expansion efforts that we may undertake will not be successful. If we invest substantial time and resources to expand our international operations and are unable to do so successfully and in a timely manner, our business, financial condition, revenue, results of operations or cash flows will suffer. We may be unable to keep current with changes in government requirements as they change from time to time. Failure to comply with these regulations could harm our business. In many countries, it is common for others to engage in business practices that are prohibited by our internal policies and procedures or other regulations applicable to us. Although we have implemented policies and procedures designed to ensure compliance with these laws and policies, there can be no assurance that all of our employees, contractors, partners and agents will comply with these laws and policies. Non-compliance by contractors or third-party intermediaries acting on our behalf could expose us to liability even where we do not directly control their actions. Violations of laws or key control policies by our employees, contractors, partners or agents could result in delays in revenue recognition, financial reporting misstatements, enforcement actions, reputational harm, disgorgement of profits, fines, civil and criminal penalties, damages, injunctions, other collateral consequences or the prohibition of the importation or exportation of our solutions and could harm our business, financial condition, revenue, results of operations or cash flows. Our international sales and operations subject us to additional risks and costs, including the ability to engage with customers in new geographies, exposure to foreign currency exchange rate fluctuations, that can adversely affect our business, financial condition, revenue, results of operations or cash flows. There are a variety of risks and costs associated with our international sales and operations, which include making investments prior to the proven adoption of our solutions, the cost of conducting our business internationally and hiring and training international employees and the costs associated with complying with local law. International expansion often requires upfront investment in sales, marketing, customer support and compliance infrastructure before generating meaningful revenue.Furthermore, we cannot predict the rate at which our platform and solutions will be accepted in international markets by potential customers. We currently have sales and/or customer support personnel outside Israel and the United States in the United Kingdom, France, Japan, Australia, Singapore, Germany, Chile, Switzerland, the Czech Republic and Sweden; however, our sales organization outside Israel and the United States is substantially smaller than our Israeli and U.S. sales organizations. Our more limited sales presence in certain international markets may constrain our ability to build relationships, manage complex enterprise sales cycles, or provide localized support. We believe our ability to attract new customers to subscribe to our platform or to attract existing customers to renew or expand their use of our platform is directly correlated to the level of engagement we obtain with the customer. To the extent we are unable to effectively engage with international customers due to our limited sales force capacity, language barriers, cultural differences or time zone challenges, we may be unable to effectively grow in international markets. As our international operations expand, our exposure to the effects of fluctuations in currency exchange rates grows. While we have primarily transacted with customers in U.S. dollars, Euros, Great Britain Pounds, Japanese Yen, and with vendors in NIS and U.S dollars, historically, we expect to continue to expand the number of 28 transactions with our customers that are denominated in foreign currencies in the future. However, a significant portion of our operating expenses, consisting principally of personnel-related costs, office and occupancy related costs and certain other operating expenses, are denominated in NIS. In the years ended December 31, 2023, 2024 and 2025, respectively, approximately 40%, 38% and 35% of our expenses were denominated in NIS. As a result, we are exposed to exchange rate risks that may materially and adversely affect our financial results. Additionally, fluctuations in the value of the U.S. dollar, Euros, Great Britain Pounds, Japanese Yen and/or NIS and foreign currencies may make our subscriptions more expensive for international customers, which could harm our business. Additionally, we incur expenses for employee compensation and other operating expenses at our non-Israeli and non-U.S. locations in the local currency for such locations. Fluctuations in the exchange rates between the U.S. dollar, Euros, Great Britain Pounds, Japanese Yen and/or NIS and other currencies could result in an increase to the U.S. dollar, Euros and/or NIS equivalent of such expenses. These fluctuations could cause our results of operations to differ from our expectations or the expectations of our investors. Additionally, such foreign currency exchange rate fluctuations could make it more difficult to detect underlying trends in our business and results of operations. As of the data of this Annual Report, we maintain a program to hedge transactional exposures (for certain expenses, but not for revenues or accounts receivable) in certain foreign currencies. Our hedging activities do not eliminate all foreign exchange risk and do not cover all of our exposures. We may continue to use derivative instruments, such as foreign currency forward and option contracts, to hedge certain exposures to fluctuations in foreign currency exchange rates. The use of such hedging activities may not offset any or more than a portion of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place. We cannot predict any future trends in the rate of inflation or deflation in Israel or the rate of appreciation or devaluation of the New Israeli Shekel against the U.S. dollar. The Israeli annual rate of inflation amounted to 3.0%, 3.2% and 2.7% for the years ended December 31, 2023, 2024 and 2025, respectively. The annual devaluation of the New Israeli Shekel in relation to the U.S. dollar amounted to (3.1)%, (0.6)% and 12.5% for the years ended December 31, 2023, 2024, and 2025, respectively. Moreover, the use of hedging instruments may introduce additional risks if we are unable to structure effective hedges with such instruments. For example, the annual inflation rate for the United States was approximately 3.4%, 2.9% and 2.7% for the years ended December 31, 2023, 2024 and 2025, respectively. If inflation rates increase significantly from these levels it will likely affect our expenses, including employee compensation expenses and benefits as well as general and administrative costs. In the event inflation continues to increase, we may seek to increase the sales prices of our products and services in order to maintain satisfactory margins. Any attempts to offset cost increases with price increases may result in reduced sales, increase customer dissatisfaction or otherwise harm our reputation. Moreover, to the extent inflation has other adverse effects on the market, it may adversely affect our business, financial condition and results of operations. If we fail to determine the optimal prices for our solutions, our ability to attract new customers or retain existing customers could suffer. Demand for our platform and solutions is sensitive to price, and current or prospective customers may choose not to subscribe or renew or upgrade their subscriptions due to costs. Further, certain of our competitors offer, or may in the future offer, lower-priced or free solutions or services that compete with our solutions and services or may bundle functionality compatible with our solutions and services and offer a broader range of solutions and services. Similarly, certain competitors may use marketing strategies that enable them to acquire customers more rapidly or at a lower cost than us, or both. As we expand to additional international markets, we may find that pricing and packaging appropriate in our current markets is not acceptable to prospective customers in certain new markets. We continue to develop new products and solutions for our customers, including the use of new technologies and capabilities such as AI, all of which is a significant part of our growth strategy. It is difficult to find the right pricing model, structure and price point for new products and solutions that may not have a comparable or existing market against which we can benchmark. If we are unable to price new products effectively or optimally, our growth prospects and business will suffer. 29 The increasing incorporation of artificial intelligence into our portfolio of solutions could lead to changes to our pricing, packaging and monetization models, which may introduce uncertainty, reduce customer adoption or adversely affect our revenue, margins and operating results. As we continue to develop, integrate and expand artificial intelligence capabilities across our platform and solutions, we may need to modify our existing pricing, packaging and commercial models or introduce new models to reflect how customers consume, derive value from, and are charged for AI-enabled functionality. Increased revenue from usage-based, consumption-based, outcome-based or hybrid models, increases the uncertainty and complexity of our go-to-market strategy. Changes to pricing and packaging for AI-based solutions may also increase complexity in sales execution, customer education, procurement approvals and contract negotiations, particularly for large enterprise customers. Sales cycles may lengthen as customers seek to better understand the return on investment in a new technology. We may also face increased pricing pressure from competitors offering AI-enabled solutions bundled into broader platforms, offered at lower prices, or subsidized through other revenue streams. Moreover, adopting different pricing models for different solutions may result in greater variability and unpredictability in our revenue, gross margins and cash flows, making it more difficult to forecast results, manage operating expenses and achieve or maintain profitability. Usage-based or consumption-based pricing may decouple revenue growth from customer count, may fluctuate based on customer behavior or external factors, and may not scale in line with our cost structure, particularly given the potentially higher infrastructure, compute and development costs associated with AI technologies. We may need to invest significant resources in systems, processes, billing infrastructure, internal controls and personnel to support new pricing and packaging models, and these investments may not generate corresponding revenue benefits. In addition, changes to pricing or packaging may create confusion among customers, lead to dissatisfaction, increase churn, or result in customers purchasing fewer solutions or downgrading their subscriptions. If we are unable to successfully design, implement and execute pricing and packaging strategies that align with customer expectations, competitive dynamics and our cost structure as we expand our AI-based offerings, our ability to grow revenue, manage margins, forecast operating results and maintain customer satisfaction could be adversely affected, which would harm our business, financial condition, results of operations and cash flows. If we fail to offer a high-quality customer experience, our business and reputation will suffer. While we have designed our platform to be easy to adopt and use, once organizations and customers begin using our platform, those organizations and customers rely on our support services to resolve any technical, administrative or other issues. Customer expectations regarding responsiveness, personalization and effectiveness of support have increased, particularly as customers adopt more complex, AI-enabled and data-driven solutions. High-quality customer education and experience has been key to the adoption of our platform, for the conversion of individuals, teams and organizations on our trial version into paying customers, expansion of accounts, and for growth or maintenance of our retention rates. The importance of a high-quality customer experience will increase as we expand our business and pursue new customers. For example, if we do not help customers on our platform quickly resolve issues and provide effective ongoing customer experience at the individual, team and organizational levels, our ability to convert organizations and customers on our free offering into paying customers will suffer and our reputation with existing or potential customers will be harmed. Further, our sales are highly dependent on our business reputation and on positive recommendations from existing individuals, teams and organizations using our platform and solutions. Negative customer experiences may be amplified through online reviews, social media, analyst reports or customer networks, increasing their potential impact. Any failure to maintain a high-quality customer experience, or a market perception that we do not maintain a high-quality customer experience, could harm our reputation, our ability to sell our solutions to existing and prospective customers, and our business, financial condition, revenue, results of operations or cash flows. In addition, as we continue to grow our operations and reach a larger and increasingly global customer base, we need to be able to provide efficient customer support that meets the needs of organizations using our solutions globally at scale, which puts additional pressure on our support organization. Differences in languages, time zones, cultural expectations and regulatory requirements may increase the complexity and cost of delivering consistent customer experience globally. If we are unable to provide efficient solution support globally at scale, including through the use of third-party contractors and self-service support, or if automated or AI-enabled support tools fail to meet customer expectations, our ability to grow our operations may be harmed and we may need to hire 30 additional support personnel, which could harm our business, financial condition, revenue, results of operations or cash flows. Our business could be negatively affected by changes in search engine algorithms and dynamics, including shifts from traditional search engine optimization to answer-based and AI-driven discovery, or other traffic-generating arrangements. We rely on internet search engines and digital distribution channels, including through the purchase of keywords and the indexing of our public-facing directory pages and other web pages, to generate a significant portion of the traffic to our website. Search engines frequently update and change the logic that determines the placement and display of results of a customer’s search, such that the purchased or algorithmic placement of links to our website can be negatively affected. Pricing and operating dynamics for these traffic sources can change rapidly, both technically and competitively. Moreover, a search engine could, for competitive or other purposes, alter its search algorithms or results, which could cause a website to place lower in search query results or inhibit participation in the search query results. If a major search engine changes its algorithms or results in a manner that negatively affects the search engine ranking, paid or unpaid, of our website, if competitive dynamics impact the costs or effectiveness of search engine optimization, or if search engine marketing or other traffic-generating arrangements in a negative manner, our business and financial performance would be adversely affected. In addition, broader structural changes in how users access, consume and interact with information on the internet may materially affect the availability, quality, consistency and interpretability of the data and signals on which our contributory network, direct measurement data, algorithms and insights depend. As user behavior shifts from traditional web browsing and link-based navigation toward AI-mediated, answer-based, conversational and closed-interface experiences, the volume, granularity and transparency of observable digital signals, such as page visits, referral paths, engagement metrics, attribution data and direct measurement inputs, may decline, become more fragmented, or be increasingly aggregated or abstracted by third-party platforms. These changes may reduce participation in, or the effectiveness of, our contributory network, limit the scope of our direct measurement datasets, and impair our ability to consistently collect, validate and refresh underlying data. As a result, our models and algorithms may require more frequent recalibration, may be subject to greater estimation and uncertainty, model drift or bias, and may become less comparable across periods or markets. Such shifts may also alter observed market trends and competitive dynamics in ways that are more difficult to detect, interpret or forecast, potentially affecting the accuracy, reliability and perceived value of our insights. In response, we may be required to invest additional resources in alternative data sources, partnerships, modeling techniques or artificial intelligence-based inference to mitigate signal loss or reduced transparency, which may increase our costs, introduce additional operational complexity and uncertainty, or fail to fully offset the impact of these structural changes on our data, products, results of operations and business. Our financial results may fluctuate due to increasing variability in our sales cycles as a substantial portion of our sales efforts are targeted at large organizations. We sell and our strategy is to continue to sell subscriptions of our platform to our varied customer base of enterprise, mid-market and small business customers, as well as governments, non-profits, educational institutions and individuals with our Investor Intelligence solutions. Selling to individuals and small-to-medium businesses may involve greater credit risk and uncertainty, as well as lower retention rates and limited interaction with our sales and other personnel. Conversely, sales to enterprise customers may entail longer sales cycles and more significant selling efforts. The average length of our sales cycle is approximately between one and two months for small-to-medium businesses and approximately between two and six months for enterprise customers. However, sales cycles are subject to lengthening for various reasons, including macroeconomic factors. Any such lengthening of our average sales cycle may adversely affect our financial results. In addition, certain large data, strategic enterprise, or LLM- and AI-related agreements, often involve processes which may result in sales cycles that extend significantly beyond six months. We plan our expenses based on certain assumptions about the length and variability of our sales cycle based upon historical trends for sales and conversion rates associated with our existing customers. If we are successful in expanding our customer base to include more enterprise customers, our sales cycles may lengthen and become less predictable, which, in turn, may adversely affect our financial results. Factors that may influence the length and variability of our sales cycle include: 31 •the need to educate prospective customers about the uses and benefits of our platform and solutions; •the need to explain and justify new pricing, packaging or commercial models, including those related to artificial intelligence or usage-based offerings; •the discretionary nature of purchase and budget cycles and decisions; •the competitive nature of evaluation and purchasing processes; •evolving functionality demands; •announcements of planned introductions of new solutions, features or functionality by us or our competitors; and •lengthy and multi-faceted purchasing approval processes involving legal, security, privacy, compliance and procurement stakeholders. If there are changes in the mix of customers and organizations that purchase our platform and solutions, our gross margins and operating results could be adversely affected, and fluctuations increasing the variability in our sales cycles could negatively affect our financial results. In addition, our yearly operating results have fluctuated in the past and are expected to fluctuate in the future due to a variety of factors, many of which are outside of our control. As a result, our past results may not be indicative of our future performance and comparing our operating results on a period-to-period basis may not be meaningful. Because a relatively small number of large enterprise transactions may account for a meaningful portion of revenue in a given period, delays, accelerations, cancellations or changes in the terms of such transactions could have a disproportionate impact on our reported results in any given quarter, even if overall demand for our solutions remains strong, and may increase the difficulty of forecasting, managing and allocating resources across our business. Because we recognize subscription revenue over the subscription term, downturns or upturns in new sales and renewals or changes to pricing are not reflected in full in our results of operations until future periods. We recognize revenue from subscriptions to our platform and other subscription products on a straight-line basis over the term of the contract subscription period beginning on the date access to our platform is granted, provided all other revenue recognition criteria have been met. Our subscription arrangements generally have contractual terms requiring advance payment for annual or quarterly periods. As a result, much of the revenue we report each quarter is the recognition of deferred revenue from recurring subscriptions entered into during previous quarters. Consequently, a decline in new or renewed recurring subscription contracts in any one quarter will not be fully reflected in revenue in that quarter but will negatively affect our revenue in future quarters. Accordingly, the effect of significant downturns in new or renewed sales of our recurring subscriptions are not reflected in full in our results of operations until future periods. Similarly, an increase in the pricing of our subscription contracts would not be reflected in full in our results of operations until future periods. Our subscription model also makes it difficult for us to rapidly increase our revenue through additional sales in any period, as revenue from new customers is typically recognized over the applicable subscription term. By contrast, a majority of our costs are expensed as incurred, which could result in our recognition of more costs than revenue in the earlier portion of the subscription term, and we may not attain profitability in any given period. Seasonality may cause fluctuations in our sales and results of operations. Historically, we have experienced seasonality in new customer bookings, as we typically enter into a higher percentage of subscription agreements with new customers and renewals with existing customers in the fourth quarter of the year. We believe that this results from the procurement, budgeting and deployment cycles of many of our customers, particularly our enterprise customers. We expect that this seasonality will continue to affect our bookings and our results of operations in the future and might become more pronounced as we continue to target larger enterprise customers. Our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovative approach, creativity and teamwork fostered by our culture and our business could be harmed. We believe that an important contributor to our success has been our corporate culture, which creates an environment that drives and perpetuates our strategy to create a better, more productive way to work and focuses on the development of our employees. As we continue to grow, including across multiple geographies or following acquisitions, and continue to develop the infrastructure of a public company, we may find it difficult to preserve our 32 corporate culture, which could reduce our ability to innovate, create and operate effectively. In addition, periods of organizational change, including workforce growth, restructuring, changes in leadership, or the introduction of new technologies and AI-enabled tools, may place strain on our culture and employee engagement. In turn, the failure to preserve our culture could adversely affect our business, financial condition, revenue, results of operations or cash flows by negatively affecting our ability to attract, recruit, integrate and retain employees, continue to perform at current levels and effectively execute our business strategy. If we fail to retain and motivate members of our management team or other key employees or fail to attract additional qualified personnel to support our operations, our business and future growth prospects would be harmed. Our success and future growth depend largely upon the continued services of our executive officers as well as our other key employees in the areas of research and development and sales and marketing functions. From time to time, there may be changes in our executive management team or other key employees resulting from the hiring or departure of these personnel. In 2025, two of our executive officers departed. Our executive officers and other key employees are employed on an at-will basis, which means that these personnel could terminate their employment with us at any time. The loss of one or more of our executive officers, or the failure by our executive team to effectively work with our employees and lead our company, could harm our business. We also are dependent on the continued service of our existing software engineers because of the complexity of our solutions and platform capabilities. In addition, to execute our growth plan, we must attract and retain highly qualified personnel. Competition for these personnel is intense, especially data scientists and for engineers experienced in designing and developing SaaS applications and experienced sales professionals, and such competition often results in increasing wages, especially in Israel, where most of our research and development positions are located, and in the United States, where we have a significant presence. We also engage a team of developers in the Ukraine in order to benefit from the significant pool of talent that is more readily available in such market (see General Risk Factor titled “Catastrophic events may disrupt our business” for a further discussion of the impact of conflict in Ukraine on our business). Geopolitical instability, regulatory changes or labor market disruptions in regions where we operate or engage contractors could adversely affect our access to talent. If we are unable to attract such personnel in cities where we are located, we may need to hire in other locations which may add to the complexity and costs of our business operations. From time to time, we have experienced, and we expect to continue to experience, difficulty in hiring and retaining employees with appropriate qualifications. Many of the companies with which we compete for experienced personnel have greater resources than we have. If we hire employees from competitors or other companies, their former employers may attempt to assert that these employees or we have breached their legal obligations, resulting in a diversion of our time and resources. In addition, prospective and existing employees often consider the value of the equity awards they receive in connection with their employment. If the perceived value of our equity awards declines, experiences significant volatility, or increases such that prospective employees believe there is limited upside to the value of our equity awards, it may adversely affect our ability to recruit and retain key employees. If we fail to attract new personnel or fail to retain and motivate our current personnel, our business and future growth prospects would be harmed. Competition for highly skilled technical and other personnel in Israel and other regions is intense, and as a result we may fail to attract, recruit, retain and develop qualified employees, which could materially and adversely impact our business, financial condition and results of operations. We compete in a market marked by rapidly changing technologies and an evolving competitive landscape. In order for us to successfully compete and grow, we must attract, recruit, retain and develop personnel with requisite qualifications to provide expertise across the entire spectrum of our intellectual capital and business needs. Our principal research and development as well as significant elements of our sales and marketing and general and administrative activities are conducted at our headquarters in Israel, as well as in our development center in the Czech Republic, and we face significant competition for suitably skilled employees in both locations. Our geographic concentration of key functions increases our exposure to regional labor market conditions. The high-tech industry in Israel has experienced significant levels of employee attrition and currently faces a shortage of skilled human capital, including engineering, research and development and sales and customer support personnel. Many of the companies with which we compete for qualified personnel have greater resources than we do, and we may not succeed in recruiting additional experienced or professional personnel, retaining personnel or effectively replacing 33 current personnel who may depart with qualified or effective successors. Although we have operated in the Czech Republic for two years and have established a local presence, ongoing changes in labor market conditions, employment regulations, tax and social security requirements, and compliance expectations may affect our ability to attract, retain and manage talent in that market. Adapting to these regulatory and market developments may require additional management attention, operational adjustments and increased costs, which could adversely affect our business as we continue to operate and expand in the Czech Republic. In addition, as a result of the intense competition for qualified human resources, the Israeli high-tech market has also experienced and may continue to experience significant wage inflation. Accordingly, our efforts to attract, retain and develop personnel may also result in significant additional expenses, which could adversely affect our profitability. Furthermore, in making employment decisions, particularly in the high-technology industry, job candidates often consider the value of the equity they are to receive in connection with their employment. Employees may be more likely to leave us if the shares they own or the shares underlying their equity incentive awards have significantly appreciated or significantly decreased in value. Many of our employees may receive significant proceeds from sales of our equity in the public markets, which may reduce their motivation to continue to work for us and could heighten the risk of employee attrition. Conversely, if the value of our ordinary shares depreciates in value then this too could heighten the risk of employee attrition. While we utilize non-competition agreements with our employees as a means of improving our employee retention, those agreements may not be effective towards that goal. These agreements prohibit our employees, if they cease working for us, from competing directly with us or working for our competitors for a limited period. We may be unable to enforce these agreements under Israeli law and in other jurisdictions in which we operate where non-competition and restrictive covenant enforcement may be limited or prohibited and it may be difficult for us to restrict our competitors from benefiting from the expertise our former employees developed while working for us. In light of the foregoing, there can be no assurance that qualified employees will remain in our employ or that we will be able to attract and retain qualified personnel in the future. Failure to retain or attract qualified personnel could have a material adverse effect on our business, financial condition and results of operations. We have a credit facility secured by substantially all of our assets under which we have borrowed and may in the future borrow additional amounts; any indebtedness thereunder could adversely affect our financial position and our ability to raise additional capital and prevent us from fulfilling our obligations. On December 30, 2020, we entered into a Loan and Security Agreement with Silicon Valley Bank, or SVB, which was amended by a Loan Modification Agreement, dated as of November 13, 2022 and further amended as of August 6, 2024 (the “LSA”). The credit facility has an available borrowing capacity of (a) the lesser of (i) $75 million or (ii) the amount available under the borrowing base, minus (b) the outstanding principal balance of any advances made under the credit facility. The borrowing base is the product of (a) monthly recurring revenue, as defined in the LSA, multiplied by (b) an advance rate as set forth in the LSA. As of December 31, 2025, we had no outstanding indebtedness under the LSA. Although we currently have no outstanding borrowings, our ability to access the credit facility in the future may be subject to market conditions and our ongoing compliance with the terms of the LSA. Any future indebtedness incurred under the LSA may: •limit our ability to borrow additional funds for working capital, capital expenditures, acquisitions, or other general business purposes; •require us to use a portion of our cash flow from operations to make debt service payments instead of for other purposes, thereby reducing the amount of cash flow available for future working capital, capital expenditures, acquisitions, or other general business purposes; •expose us to the risk of increased interest rates as borrowings under the LSA are subject to interest at the greater of (i) a floating per annum rate equal to 0.25% above the prime rate, or (ii) a fixed per annum rate equal to 3.50%, also paid on a monthly basis; •limit our flexibility to plan for, or react to, changes in our business and industry; •increase our vulnerability to the impact of adverse economic, competitive and industry conditions; and •increase our cost of borrowing. 34 The credit facility is secured by substantially all of our assets. In addition, the LSA contains, and the agreements governing our future indebtedness may contain, restrictive covenants that may limit our ability to engage in activities that may be in our long-term best interest. These restrictive covenants include, among others, financial reporting requirements and limitations on indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of assets, dividends and other restricted payments, investments (including acquisitions) and transactions with affiliates. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all of our debt. Under the LSA, we are also required to maintain liquidity of at least $35 million. Compliance with these covenants may restrict our operational and strategic flexibility, particularly during periods of economic uncertainty or business transition. The LSA expires on December 31, 2026. As the maturity date approaches, we may seek to renegotiate, refinance or replace the credit facility. In the event that we are unable to renew or extend the term of the LSA on similar terms or if the terms and covenants of the LSA are less favorable than those of the current LSA , we may need to seek an alternative source of credit facility. In the event that we cannot secure a competitive and/or comparable credit facility to the LSA, we would need to use our current cash balances to support our day-to-day business operations, which could adversely affect certain growth strategies or potential future acquisitions and our perceived liquidity and financial stability by customers, partners and investors, which may reduce the value of our ordinary shares. In addition, even if credit is made available, lenders may seek more restrictive covenants and higher interest rates that may reduce our borrowing capacity, increase our costs, and reduce our operating flexibility. Our failure to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies in the future could reduce our ability to compete successfully and harm our results of operations. Historically, we have funded our operations and capital expenditures primarily through equity issuances, borrowings under our credit facilities and cash payments from our customers. Although we currently anticipate that our existing cash and cash equivalents and cash flow from operations and under our credit facility will be sufficient to meet our cash needs for the foreseeable future, this expectation is based on assumptions that may prove incorrect, and we may require additional financing, and we may not be able to obtain debt or equity financing on favorable terms, if at all. If we raise equity financing to fund operations or on an opportunistic basis, our shareholders may experience significant dilution of their ownership interests. If we need additional capital and cannot raise it on acceptable terms, or at all, we may not be able to, among other things: •develop new features, capabilities and enhancements; •continue to expand our solution development, sales and marketing organizations; •expand internationally; •hire, train and retain employees; •respond to competitive pressures or unanticipated working capital requirements; or •pursue acquisition opportunities. Risks Relating to Our Intellectual Property and Technology Any failure to obtain, maintain, protect or enforce our intellectual property rights could impair our competitive position and ability to generate revenue and cause us to lose valuable assets. Our success depends to a significant degree on our ability to obtain, maintain, protect and enforce our intellectual property rights, including those in our proprietary technology, know-how and brand. Our intellectual property increasingly includes data-driven methodologies, algorithms, models, artificial intelligence-enabled capabilities and proprietary datasets, which may be more difficult to protect than traditional software code. We rely on a combination of trademark, trade secret, patent, copyright and other intellectual property laws, as well as contractual restrictions, and confidentiality procedures to establish and protect our intellectual property rights. However, the steps we take to obtain, maintain, protect and enforce our intellectual property rights may be inadequate to prevent infringement, misappropriation, dilution or other violation of our intellectual property rights. 35 We will not be able to protect our intellectual property rights if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual property rights. Policing unauthorized use of our know-how, technology and intellectual property is difficult, costly, time-consuming and may not be effective. Despite our precautions, it may be possible for unauthorized third parties to copy our solutions and platform capabilities and use information that we regard as proprietary to create solutions that compete with ours. The use of artificial intelligence, automation and publicly available development tools may reduce the time, cost and expertise required for third parties to replicate or approximate aspects of our solutions. If we fail to protect our intellectual property rights adequately, our competitors and other third parties may gain access to our proprietary technology and develop and commercialize substantially identical solutions, services or technologies, which can harm our business, financial condition, results of operations or prospects. In addition, defending our intellectual property rights might entail significant expense. Any patents, registered trademarks, or other intellectual property rights that we have or may obtain may be challenged or circumvented by others or invalidated or held unenforceable through administrative processes, including opposition, cancellation, re-examination, inter partes review, interference and derivation proceedings and equivalent proceedings in foreign jurisdictions or litigation. Circumstances outside our control could also pose a threat to our intellectual property rights. For example, patent, trademark, copyright, trade secret and other intellectual property protection may not be available to us in every country in which our solutions are available. In addition, the laws of some foreign countries may not be as protective of intellectual property rights as those in the United States, and mechanisms for enforcement of intellectual property rights may be inadequate. As we expand, our international activities, our exposure to unauthorized copying and use of our solutions and platform capabilities and proprietary information will likely increase. Moreover, policing unauthorized use of our technologies, trade secrets, and intellectual property may be difficult, expensive, and time-consuming, particularly in foreign countries where the laws may not be as protective of intellectual property rights as those in the United States and where mechanisms for enforcement of intellectual property rights may be weak. Changes in the law or adverse court rulings may also negatively affect our ability to prevent others from using our technology. We enter into confidentiality and invention assignment agreements with our employees and consultants and enter into confidentiality agreements with other third parties with whom we share our confidential information, including suppliers and other partners. However, we cannot guarantee that we have entered into such agreements with every party that has or may have had access to our proprietary information, know-how and trade secrets. These agreements may not effectively grant all necessary rights to any inventions that may have been developed by the employees or consultants party thereto. Moreover, no assurance can be given that these agreements will be effective in controlling access to, distribution, use, misuse, misappropriation, reverse engineering or disclosure of our proprietary information, know-how, trade secrets and our confidential information or provide an adequate remedy in the event of unauthorized use of our proprietary information, know-how or trade secrets or unauthorized access, use or disclosure of our confidential information. Some of the provisions of our agreements that protect us against unauthorized use, copying, transfer, and disclosure of our platform, may be unenforceable under the laws of certain jurisdictions and foreign countries. Further, these agreements may not prevent our competitors from independently developing technologies that are substantially equivalent or superior to our solutions and platform capabilities. Unauthorized parties may also attempt to copy or obtain and use our technology to develop applications with the same functionality as our solutions. Additionally, these agreements may be breached, and we may not have adequate remedies for any such breach. Any unauthorized disclosure or use of our trade secrets or other confidential proprietary information could make it more expensive to do business, thereby harming our operating results. The value of our intellectual property could diminish if others assert rights in or ownership of our trademarks and other intellectual property rights, or trademarks that are similar to our trademarks. We may be unable to successfully resolve these types of conflicts to our satisfaction. We may also be required to spend significant resources to monitor, protect and enforce our intellectual property rights. Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets. Litigation brought to protect and enforce our intellectual property rights could be costly, time-consuming, and distracting to management, and could result in the impairment or loss of portions of our intellectual property. Further, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims, and countersuits attacking the validity and enforceability of our intellectual property rights, and if such defenses, counterclaims or countersuits are successful, we could lose valuable intellectual property rights. Our inability to protect our proprietary technology against unauthorized copying or use, as well as any costly litigation or diversion of our management’s attention and resources, could delay further sales or the implementation of our solutions and platform capabilities, impair the functionality of our solutions and platform capabilities, delay introductions of new solutions, result in our substituting inferior or more costly technologies into our solutions, or injure our reputation. 36 The use of artificial intelligence technologies in our solutions may expose us to new or heightened intellectual property, ownership and infringement risks, which could adversely affect our business, results of operations and financial condition. As we increasingly incorporate artificial intelligence, machine learning, automation and data-driven models into our platform and solutions and data collection, we face evolving and uncertain intellectual property risks related to the development, training, deployment and commercialization of these technologies. Intellectual property laws and regulations governing artificial intelligence, including the ownership of AI-generated outputs, the use of training data, and the protectability of algorithms, models and methodologies, are unsettled and continue to evolve across jurisdictions. We may rely on a combination of proprietary data, licensed third-party data, open-source software, publicly available information and internally developed models to train and operate AI-enabled features. Third parties may claim that our use of data, models or outputs infringes or misappropriates their intellectual property, violates contractual restrictions, or exceeds the scope of applicable licenses. In addition, we may face allegations that AI-generated outputs produced by our solutions infringe the copyrights, trade secrets or other intellectual property rights of third parties, even where such outputs are generated without direct copying or intent to infringe. The availability, scope and enforceability of intellectual property protections for AI-related innovations remain uncertain. We may be unable to obtain or enforce patent, copyright, trade secret or other protections for certain AI-enabled features, models or outputs, and competitors may be able to replicate or approximate aspects of our AI-based solutions without infringing our intellectual property rights. Conversely, we may be required to defend against claims that our AI technologies infringe the rights of others, which could be costly, time-consuming and distracting to management, and could result in injunctions, damages, licensing obligations or the need to modify, limit or discontinue certain features or solutions. Changes in law, regulation or judicial interpretation related to artificial intelligence, including requirements for transparency, attribution, data provenance or output explainability, may further affect our ability to protect our intellectual property or expose us to additional compliance or litigation risk. If we are unable to adequately protect our AI-related intellectual property, if we are required to obtain costly licenses, modify or discontinue AI-enabled features, or if we become subject to significant infringement claims or regulatory scrutiny, our competitive position, growth prospects, reputation, results of operations and financial condition could be materially and adversely affected. The use of artificial intelligence in our solutions may increase the risk of customer reliance, errors, unintended outcomes or misuse, which could expose us to liability, reputational harm and regulatory scrutiny and adversely affect our business. As we incorporate artificial intelligence, machine learning and automated decision-support capabilities into our platform and solutions, customers may increasingly rely on our insights, recommendations and outputs to inform business, investment, marketing or strategic decisions. AI-enabled features may produce outputs that are incomplete, inaccurate, misleading, biased, insufficiently explainable or otherwise flawed due to limitations in data inputs, model design, assumptions, training methodologies, signal availability or changing external conditions. Errors or unexpected behavior of AI systems may not be easily detectable or predictable, and the causes of such issues may be difficult to identify or remediate. In addition, changes in underlying data availability, user behavior, third-party platforms or market dynamics may degrade model performance or lead to outputs that are inconsistent with historical results. Customers may nevertheless rely on these outputs, sometimes without independent validation, which could amplify the impact of any inaccuracies or limitations. If customers, partners or third parties rely on AI-generated insights and suffer losses, operational disruptions or adverse outcomes, we may face claims alleging negligence, misrepresentation, breach of contract, product liability or failure to meet applicable standards of care, even where our agreements disclaim responsibility or limit liability. We may also be subject to 37 increased customer disputes, demands for refunds, contract terminations or non-renewals, or heightened scrutiny of our methodologies and disclosures. In addition, customers or users may misuse our AI-enabled solutions, apply them outside their intended context, or combine them with other data or tools in ways that produce unintended or harmful outcomes. We may have limited ability to control or monitor how customers use our AI-driven insights once delivered, which could increase the risk of reputational harm, regulatory attention or legal exposure. Regulators, courts and industry bodies are increasingly scrutinizing the use of artificial intelligence, particularly with respect to transparency, accountability, explainability, bias and consumer protection. Evolving legal standards may impose new obligations, disclosure requirements or liability regimes related to AI-enabled products and services, and we may be required to modify our solutions, limit certain features, enhance controls or incur additional compliance and insurance costs. If we are unable to manage customer expectations, ensure appropriate use of AI-enabled features, effectively mitigate risks associated with AI outputs, or defend against claims arising from customer reliance or misuse, our business, reputation, financial condition, results of operations and cash flows could be materially and adversely affected. We may become subject to intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business. We may become subject to intellectual property disputes. Our success depends, in part, on our ability to develop and commercialize our solutions and services without infringing, misappropriating, diluting or otherwise violating the intellectual property rights of third parties. However, we may not be aware that our solutions or services are infringing, misappropriating, diluting or otherwise violating third-party intellectual property rights and such third parties may bring claims alleging such infringement, misappropriation, dilution or violation. Lawsuits are time-consuming and expensive to resolve, and they divert management’s time and attention. Companies in the software industry are often required to defend against litigation claims based on allegations of infringement, misappropriation, dilution or other violations of intellectual property rights. These claims may relate not only to software code, but also to data sources, algorithms, models, methodologies, training processes or AI-generated outputs. Third parties may assert intellectual property claims against us, and we may be subject to liability, required to enter into costly license agreements, or required to rebrand or redesign our solutions and/or prevented from selling some of our solutions if third parties successfully oppose or challenge our trademarks or successfully claim that we infringe, misappropriate or otherwise violate their trademarks or other intellectual property rights. Our technologies may not be able to withstand any third-party claims against their use. In addition, many companies have the capability to dedicate substantially greater resources to enforce their intellectual property rights and to defend claims that may be brought against them. We do not currently have a large patent portfolio, which could prevent us from deterring patent infringement claims through our own patent portfolio, and our competitors and others may now and in the future have significantly larger and more mature patent portfolios than we have. There also may be pending patent applications, of which we are not aware, that may result in issued patents, which could be alleged to be infringed by our current or future technologies or solutions. Any litigation may also involve patent holding companies or other adverse patent owners that have no relevant solution revenue, and therefore, our patent applications may provide little or no deterrence as we would not be able to assert them against such entities or individuals. If a third party is able to obtain an injunction preventing us from accessing such third-party intellectual property rights, or if we cannot license or develop alternative technology for any infringing aspect of our business, we would be forced to limit or stop sales of our solutions and platform capabilities or cease business activities related to such intellectual property. Although we carry general liability insurance, our insurance may not cover potential claims of this type or may not be adequate to indemnify us for all liability that may be imposed. There is a risk that our operations, platforms and services may infringe or otherwise violate, or be alleged to infringe or otherwise violate, the intellectual property rights of third parties. We cannot predict the outcome of lawsuits and cannot ensure that the results of any such actions will not have an adverse effect on our business, financial condition or results of operations. Any intellectual property litigation to which we might become a party, or for which we are required to provide indemnification, regardless of the merit of the claim or our defenses, may require us to do one or more of the following: 38 •cease selling or using solutions or services that incorporate the intellectual property rights that we allegedly infringe, misappropriate, dilute or violate; •make payment of substantial royalty or license fees, lost profits or other damages; •make substantial payments for legal fees, settlement payments or other costs or damages; •indemnify our platform users or third-party service providers; •obtain a license, which may not be available on reasonable terms or at all, to sell or use the relevant technology; or •redesign or rebrand our allegedly infringing solutions to avoid infringement, misappropriation, dilution or violation of third-party intellectual property rights, which could be costly, time-consuming or impossible. Any of the foregoing could materially and adversely affect our business, prospects, financial condition and results of operations. Even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and harm our business and operating results. Moreover, there could be public announcements of the results of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of our ordinary shares. An increased public focus on intellectual property rights, data usage and artificial intelligence may further heighten the likelihood and visibility of such disputes. We expect that the occurrence of infringement claims is likely to grow as the market for our platform and solutions grows. Accordingly, our exposure to damages resulting from infringement claims could increase and this could further exhaust our financial and management resources. We may become subject to claims for remuneration or royalties for assigned service invention rights by our employees, which could result in litigation and would adversely affect our business. A significant portion of our intellectual property is developed in Israel and has been developed by our employees in the course of their employment for us. Under the Israeli Patents Law, 5727-1967, or the Patents Law, inventions conceived by an employee in the course and as a result of or arising from his or her employment with a company are regarded as “service inventions,” which belong to the employer, absent a specific agreement between the employee and employer giving the employee service invention rights. The Patents Law also provides that if there is no such agreement between an employer and an employee, the Israeli Compensation and Royalties Committee, or the Royalties Committee, a body constituted under the Patents Law, shall determine whether the employee is entitled to remuneration for his or her inventions. Case law clarifies that the right to receive consideration for “service inventions” can be waived by the employee and that in certain circumstances, such waiver does not necessarily have to be explicit. The Royalties Committee will examine, on a case-by-case basis, the general contractual framework between the parties, applying interpretation rules of the general Israeli contract laws. Further, the Royalties Committee has not yet determined one specific formula for calculating this remuneration, but rather uses the criteria specified in the Patents Law. Although we generally enter into assignment-of-invention agreements with our employees pursuant to which such individuals assign to us all rights to any inventions created in the scope of their employment or engagement with us, we may face claims demanding remuneration in consideration for assigned inventions. As a consequence of such claims, we could be required to pay additional remuneration or royalties to our current and former employees, or be forced to litigate such claims, which could negatively affect our business. We use open source software, which could negatively affect our ability to offer our solutions and subject us to litigation or other actions. We use software licensed to us by third-party authors under “open source” licenses in connection with the development or deployment of our proprietary platform and solutions and expect to continue to use open source software in the future. Some open source licenses contain express requirements, which may be triggered under certain circumstances, that licensees make available source code for modifications or derivative works created, or prohibit such modifications or derivative works from being licensed for a fee. Although we monitor our use of open source software to avoid subjecting our platform to such requirements, there are uncertainties regarding the proper interpretation of and compliance with open source licenses, and there is a risk that such licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to use such open source software, and consequently to develop, provide or distribute our proprietary platform and solutions. The legal and regulatory treatment of open source software, particularly in connection with AI models, training frameworks and data pipelines, continues to evolve and may create additional uncertainty. We may from time to time face claims from third parties claiming ownership of, or seeking to enforce the terms of, an open source license, including by 39 demanding release of source code for the open source software, derivative works or our proprietary source code that was developed using or that is distributed with such open source software. These claims could also result in litigation and could require us to make our proprietary software source code freely available, require us to devote additional research and development resources to re-engineer our platform, seek costly licenses from third parties or otherwise incur additional costs and expenses, any of which could result in reputational harm and would have a negative effect on our business and operating results. In addition, if the license terms for the open source software we utilize change, we may be forced to reengineer our platform or incur additional costs to comply with the changed license terms or to replace the affected open source software. Further, use of certain open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties or controls on the origin or quality of the software or indemnification for third-party infringement claims. To the extent that our platform depends upon the successful operation of open source software, any undetected errors or defects in open source software that we use could prevent the deployment or impair the functionality of our systems and injure our reputation. In addition, the public availability of such software may make it easier for others to compromise our platform. Additionally, although use of open source software has historically been free, recently several open source providers have begun to charge license fees for use of their software. If our current open source providers were to begin to charge for these licenses or increase their license fees significantly, this would increase our research and development costs and have a negative impact on our results of operations and financial condition. Any of these risks could be difficult to eliminate or manage and, if not addressed, could have an adverse effect on our business and operating results. Our implementation and use of AI, large language models and machine learning technologies may not be successful, which may impair our ability to compete effectively, result in reputational harm and have an adverse effect on our business. We use machine learning, AI and automated decision making technologies throughout our business, and are making significant investments to continuously improve our use of such technologies. These technologies increasingly influence core aspects of our platform, product differentiation, pricing, customer experience and operational decision-making. As with many technological innovations, there are significant risks and challenges involved in developing, maintaining and deploying these technologies and there can be no assurance that the usage of such technologies will enhance our products or services or be beneficial to our business, including our efficiency or profitability. The benefits of AI-enabled technologies may take longer than expected to materialize, may not scale as anticipated, or may fail to deliver measurable commercial value. Further, changes and ongoing development in how we use AI and machine learning technologies including generative AI and large language models, and how we train our models, in particular if those AI, large language models or machine learning technologies are (i) incorrectly designed or implemented; (ii) trained or reliant on incomplete, inadequate, inaccurate, biased or otherwise poor quality data; and/ or (iii) are adversely impacted by unforeseen defects, technical challenges, cybersecurity threats or material performance issues, the performance of our platform and business, as well as our reputation and the reputations of our customers and partners, could suffer or we could incur liability through the violation of laws or contracts to which we are a party or through civil claims. The market for AI and machine learning technologies, particularly generative AI and large language models, and solutions based on such technologies, is rapidly evolving and remains unproven in many industries, including our own. Customer expectations, regulatory scrutiny and competitive dynamics in this market are changing rapidly and may diverge from our assumptions. We cannot be sure that the market will continue to grow or that it will grow in ways we anticipate. We are in varying stages of development in relation to our products or services which utilize generative AI, large language models and other machine learning technologies, and we may not be successful in our ongoing development of products and services utilizing these technologies in the face of novel and evolving technical, reputational and market factors. Negative publicity, heightened scrutiny or high-profile failures involving AI technologies in the broader market may adversely affect customer trust and adoption of our AI-enabled offerings. Our failure to successfully develop and commercialize our products or services which utilize proprietary machine learning, large language models and artificial intelligence technologies could depress the market price of our stock and impair our ability to (i) raise capital; (ii) expand our business; (iii) provide, improve and diversify our product offerings; (iv) continue our operations and efficiently manage our operating expenses; and (v) respond effectively to competitive developments. The continuous development, maintenance and operation of our AI, large language models and machine learning technologies, and products and services utilizing these technologies, is expensive and complex, and may 40 involve unforeseen difficulties including material performance problems, undetected defects or errors. These costs may include increased spending on data acquisition, computer infrastructure, cloud services, security controls, compliance processes and specialized personnel. We may encounter technical obstacles, and it is possible that we may discover additional problems that may prevent our proprietary technologies from operating properly, which could adversely affect our business, customer relationships and reputation. We face significant competition from other companies in our industry in relation to the development and deployment of AI, large language models and machine learning technologies and/or products and services utilizing these technologies. Competitors may have access to larger datasets, greater computing resources, more mature AI platforms or stronger distribution channels. Those other companies may develop AI technologies, or products or services utilizing these technologies, that are similar or superior to ours and/or are more cost-effective and/or quicker to develop and deploy. If we cannot develop, offer or deploy new AI, large language models or machine learning technologies, or products or services utilizing these technologies, as effectively, as quickly and/or as cost-efficiently as our competitors, or if customers perceive competitors’ offerings as more accurate, reliable or trustworthy, we could experience a material adverse effect on our operating results of operation, customer relationships and growth. Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement and other losses. Our agreements with our platform customers and other third parties may include indemnification or other provisions under which we agree to indemnify or otherwise be liable to them for losses suffered or incurred as a result of claims of intellectual property infringement, damages caused by us to property or persons, or other liabilities relating to or arising from our platform, solutions or other acts or omissions. For some of our larger customers, we sometimes negotiate additional indemnification for breaches of our obligations, representations or warranties in the subscription agreement, gross negligence or willful misconduct, breaches of confidentiality, losses related to security incidents, breach of the data processing addendum or violations of applicable law. The term of these contractual provisions often survives termination or expiration of the applicable agreement. Large indemnity payments or damage claims from contractual breach could harm our business, financial condition, revenue, results of operations or cash flows. In addition, as customers increasingly adopt and rely on AI-enabled insights, analytics and automated outputs, they may seek heightened or unlimited indemnification and liability protections with respect to certain AI-related risks, including misuse of data, regulatory non-compliance, intellectual property infringement, security incidents, or downstream business, investment or operational decisions based on AI-generated outputs. In some cases, customers may resist customary contractual limitations of liability, exclusions of consequential damages or liability caps, particularly for claims involving artificial intelligence, data protection, confidentiality, regulatory violations or third-party intellectual property rights. Agreeing to broader or uncapped liability provisions, or failing to reach agreement with customers on acceptable risk allocation, could increase our potential exposure to significant and unpredictable losses, reduce our ability to standardize contract terms, lengthen sales cycles, require increased legal and insurance costs, or limit our ability to close or renew enterprise customer contracts. Even where we decline such terms, competitive pressures may place us at a disadvantage relative to vendors willing to assume greater contractual risk. From time to time, third parties may assert intellectual property infringement claims against our platform customers. These claims may require us to initiate or defend protracted and costly litigation on behalf of our customers, regardless of the merits of these claims. If any of these claims succeed, we may be forced to pay damages on behalf of our customers or may be required to obtain costly licenses from third parties for the platform or solutions they use or modify our platform or solutions to be non-infringing or resolve a claim of infringement. If we cannot obtain all necessary licenses on commercially reasonable terms or make such modifications to avoid a claim, our customers may be forced to stop using our platform or solutions. Further, our customers may require us to indemnify or otherwise be liable to them for breach of confidentiality or failure to implement adequate security measures with respect to their data stored, transmitted or processed by our employees, platform or solutions. Although we normally contractually limit our liability with respect to such obligations, we may still incur substantial liability related to them. Any dispute with a customer with respect to such obligations could have adverse effects on our relationship with that customer and other current and prospective customers, reduce demand for our platform or solutions and harm our revenue, business and operating results. 41 Risks Relating to Regulatory Compliance and Legal Matters Laws, regulations and public perception concerning data privacy and cybersecurity, artificial intelligence, or changes in the patterns of enforcement of existing laws and regulations, could impact our ability to gather, process, update the data that we use to generate our solutions and/or provide some or all of our solutions. Furthermore, our actual or perceived failure to comply with such obligations could harm our business. Our ability to operate our business and provide our services relies heavily on the collection and use of information. In recent years, there has been an increase in attention to and regulation of data protection and data privacy as well as the development, deployment and governance of artificial intelligence systems across the globe. We are subject to a variety of laws, directives and regulations relating to the collection, use, retention, security, disclosure, transfer and other processing of personal data, such as the European Union’s and United Kingdom’s General Data Protection Regulation (together referred to as “GDPR”), the EU e-Privacy Directive, the EU Artificial Intelligence Act (“EU AI Act”), and many state privacy laws such as the California Consumer Privacy Act, or CCPA, the Virginia Consumer Data Protection Act, or VCDPA, the Colorado Privacy Act, or CPA, and similar laws that have been enacted in more than 20 US states, and additional privacy laws are currently being considered in many US states and at the federal level. Other data privacy or data protection laws or regulations are under consideration in other jurisdictions as well. These laws are not always uniform in the way they define and treat certain data types, including business-to-business data or “sensitive data” (as such term is defined under privacy laws), and we must often update our consumer notices and adapt our compliance programs to account for the differences among such laws. These laws impose restrictions on our ability to gather and process data we require in order to provide our products to our customers and could require us to take on more onerous obligations in our contracts and add provisions to our data protection agreements related to the processing of personal data and the use, governance and auditability of AI-enabled features. These laws set out extensive compliance requirements, including providing detailed disclosures about how personal data is collected and processed; demonstrating that an appropriate legal basis is in place or otherwise exists to justify data processing activities; granting new rights for data subjects in regard to their personal data (including rights to be informed of the processing of their personal data, to consent, and withdraw consent to such processing, object to, limit or opt-out of certain processing of personal data, the right to access, correct or delete personal data, the right not to be subject to decisions with significant effects, based solely on automated processing, and the right to data portability); notifying affected individuals, data protection regulators or supervisory authorities of data incidents or security breaches; defining requirements in connection with deidentified, aggregated or pseudonymized (i.e., key-coded) data; imposing limitations on retention, use and sale or sharing of personal data; restricting the collection of data via cookies or other online tracking tools; maintaining a record of data processing and/or conducting data risk assessments; and complying with various privacy principles and the obligation to demonstrate compliance through written policies, procedures, trainings and audits. Concern regarding our use of the personal data we collect or data used to train or support AI-enabled solutions as well as the validity of the consents we obtain, could keep prospective customers from subscribing to our services or could limit our ability to maintain and grow our contributory network. Industry-wide incidents or incidents with respect to our practices, including misappropriation of third-party information, security breaches, or changes in industry standards, regulations, or laws, together with more active regulatory enforcement from privacy authorities could deter people from using the B2C products that we rely upon to grow and maintain our contributory network, or from using the internet, our solutions and/or our B2C products, which could harm our business. Further, US state privacy laws are making it easier for individuals to opt out of having their personal data collected for purposes beyond those necessary to provide our products. Although we already honor opt-out requests, such legal and regulatory changes could increase public awareness of this option, resulting in higher rates of opting out. Third-party intermediaries have emerged, and will likely continue to emerge, that offer services involving opting individuals out of their personal data being collected at scale (i.e., from all platforms). Consequently, our ability to grow our business may be harmed.In addition, the processes we use to deidentify, aggregate or pseudonymize data or to clean data such as by identifying and removing potentially personal data from URLs may prove to be insufficient under applicable data protection laws. 42 We also receive data from third-party sources (e.g., other data providers). We must rely on our data providers to ensure that personal data was collected and is being shared with us for our use in compliance with all applicable data privacy laws and contractual obligations and with appropriate notices and consents in place. Furthermore, we use third-party service providers some of which process personal data on our behalf. We maintain policies concerning the collection, processing, use and retention of information, including personal data and, where appropriate, we publicly post documentation regarding our practices concerning the collection, processing, use and disclosure of personal data. Although we endeavor to comply with our policies, we may at times fail to do so or be subject to a claim alleging our failure to do so. Also, although we require certain undertakings from our third-party data providers regarding their compliance with these requirements, we may fail to conduct proper due diligence, adequately monitor their compliance or may fail to discover their failure to comply with these requirements with respect to the data they provide to us. Any such non-compliance can subject us to potential governmental action, class action lawsuits, private rights of action or third-party claims. Given the nature of our business and the fact that we do not always have a direct relationship with the relevant data subject, it can be difficult for us to ensure that individuals are aware of such policies or our processing of the personal data at the point of data collection. As such, we may be subject to complaints from individuals, third-parties or regulators for failing to meet the necessary transparency obligations or obtaining valid consents under applicable data privacy laws. The publication of our privacy policy and other documentation that provide information about our privacy and security practices can subject us to potential state and federal action in the United States and elsewhere if they are found to be deceptive, unfair, or a misrepresentation of our actual practices. Any failure by us, our suppliers or other parties with whom we do business to comply with this documentation or with federal, state, or local laws in the United States or international regulations, could result in proceedings against us by governmental entities or others. In many jurisdictions, enforcement actions and consequences for noncompliance are rising. In the United States, these include enforcement actions in response to rules and regulations promulgated under the authority of federal agencies and state attorneys general and legislatures and consumer protection agencies. In addition, privacy advocates and industry groups have regularly proposed, and may propose in the future, self-regulatory standards with which we must legally comply or that contractually apply to us. If we fail to follow these standards even if no user information is compromised, we may incur significant fines, adverse publicity, or experience a significant increase in costs. Certain of our activities could be found by a government or regulatory authority to be noncompliant or become noncompliant in the future with one or more data protection or data privacy laws, even if we have implemented and maintained a strategy that we believe to be compliant. For example, we process some personal data collected in the EU and UK pursuant to the legitimate interest provision under the GDPR. However, regulators may disagree with our application of this basis for data collection and processing and find that our data collection and processing has violated the GDPR or find that we have not sufficiently justified use of the provision. If regulators determine that our reliance on legitimate interests, or any other legal basis for processing, is invalid or inadequately documented, we could be required to modify or cease certain processing activities, implement additional compliance measures, respond to regulatory investigations or complaints, or pay administrative fines. We could also face claims from data subjects or advocacy groups, reputational harm and increased compliance costs, any of which could adversely affect our business, financial condition and results of operations. Certain data privacy laws impose sanctions for violations. For example, GDPR imposes a reprimand, a temporary or definitive ban on processing and/or a fine of up to €20 million or 4% of the business’s total annual worldwide turnover of the preceding financial year, whichever is higher. Furthermore, new interpretations of existing data protection laws or regulations could be inconsistent with our interpretations, increase our compliance burden, make it more difficult to comply and/or increase our risk of regulatory investigations and fines. For example, we are subject to complex and evolving regulatory requirements regarding the collection, sharing and use of personal data, including state laws such as the CCPA, VCDPA, CPA and similar US state privacy laws in other jurisdictions, related to collection and “selling” (a broadly defined term under a majority of US state privacy laws) of personal data. We may also be subject to laws and regulations, including the Directive on Privacy and Electronic Communications (in the EU), the Privacy and Electronic Communications Regulations (in the UK) or the Telephone Consumer Protection Act (in the US), applying to the processing of personal data in the context of marketing, advertising, and other communications with individuals. In Israel, where we are incorporated and have significant operations, including our corporate headquarters, we are subject to the Israeli Privacy Protection Law, 5741-1981, as amended (“PPL”), and its regulations, including the Israeli Privacy Protection Regulations (Data Security), 5777-2017 (the “Data Security Regulations”), and the 43 guidelines of the Israeli Privacy Protection Authority (“IPPA”). The PPL, the Data Security Regulations, and the IPPA guidelines impose obligations regarding how personal data is processed, maintained, transferred, disclosed, accessed, and secured. Material changes to the PPL or the Data Security Regulations may require us to adjust our data protection and data security practices. For example, the Protection of Privacy (Amendment No. 13) Law, 5784-2024 (“Amendment 13”), passed by the Knesset in August 2024, and entered into force on August 14, 2025. Amendment 13 expanded the IPPA’s authority to investigate suspected privacy violations and impose significantly higher monetary sanctions than those currently available. Amendment 13 also introduced additional obligations for parties that process personal data, which required us to modify our data practices and policies, appoint a data protection officer specifically in Israel, and incur substantial costs to adjust our privacy and data protection practices in Israel. Additionally, the Privacy Protection (Provisions Regarding Information Transferred to Israel from the European Economic Area) Regulations, 5784-2023 (“EU Transfer Regulations”), took effect in January 2025 and apply to personal data of Israeli individuals. As a result, we needed to adjust and continue to adjust our practices, especially those related to data subjects’ rights. Failure to comply with the PPL, its regulations, and guidelines issued by the IPPA may expose us to administrative fines, civil claims (including class actions), and in certain cases, criminal liability. The IPPA may initiate administrative inspection proceedings from time to time. In addition, if an administrative inspection procedure initiated by the IPPA reveals irregularities with respect to our compliance with the PPL, we may need to take remedial actions to rectify such irregularities, which may increase our costs, in addition to our exposure to administrative fines, civil claims (including class actions), and in certain cases, criminal liability. Upon Amendment 13 entering into effect in August 2025, the sanctions for non-compliance with the requirements of the PPL and its regulations (including the Data Security Regulations and the EU Transfer Regulations) significantly increased and, in certain cases, may reach substantial amounts in the millions of NIS. Complying with applicable data protection laws may cause us to incur substantial operational costs or require us to change our business practices. Despite our efforts to bring practices into compliance with these laws, we may not be successful in our efforts to achieve compliance either due to internal or external factors such as resource allocation limitations or a lack of vendor cooperation. Non-compliance could result in proceedings against us by governmental entities, users, data subjects or others. We may also experience difficulty retaining or obtaining new European or multi-national users due to the legal requirements, compliance cost, potential risk exposure, and uncertainty for these entities, and we may experience significantly increased liability with respect to these users pursuant to the terms set forth in our engagements with them. Additionally, many U.S. state legislatures have adopted legislation that regulates how businesses operate online, including measures relating to privacy, data security, data breaches, and data brokers. Laws in all 50 states require businesses to provide notice to users whose personally identifiable information has been disclosed as a result of a data breach. The laws are not consistent, and compliance in the event of a widespread data breach is costly. Penalties for the failure to adequately protect personal information, notify as required or provide timely notice vary by jurisdiction. In the U.S., most state data breach notification laws consider violations to be unfair or deceptive trade practices and give the applicable state attorney general authority to levy fines or bring enforcement actions. States are also constantly amending existing laws, requiring attention to frequently changing regulatory requirements. Furthermore, additional states have passed or introduced pending legislation, which marks the beginning of a trend toward more stringent United States privacy legislation, which could increase our potential liability and adversely affect our business. A few states have enacted data broker registration laws that create additional obligations for businesses that sell certain personal data. Since we determined that we are required to register as a data broker in some states, this could increase public awareness of a consumer’s ability to opt out of having their personal data processed by us, resulting in higher rates of opting out. Consequently, our ability to grow our business may be harmed. As laws place more stringent restrictions upon companies with business models such as ours, compliance will only become more complex, which could adversely affect our business. Because the interpretation and application of privacy and data protection laws along with contractually imposed industry standards and AI governance requirements are uncertain, it is possible that these laws may be interpreted and applied in a manner that is inconsistent with our existing data processing practices or the features of 44 our solutions and platform capabilities. If so, in addition to the possibility of fines, lawsuits, regulatory investigations, imprisonment of company officials and public censure, other claims and penalties, and significant costs for remediation and damage to our reputation, we could be required to fundamentally change our business activities and practices including limiting, modifying or discontinuing certain AI-enabled functionalities, or modify our solutions and platform capabilities, any of which could have an adverse effect on our business. Any inability to adequately address privacy and security concerns, even if unfounded, or comply with applicable privacy and data security laws, regulations, and policies, could result in additional cost and liability to us, damage our reputation, inhibit sales and adversely affect our business. Furthermore, the costs of compliance with, and other requirements imposed by, the laws, regulations, and policies that are applicable to the businesses of our users may limit the use and adoption of, and reduce the overall demand for, our solutions. Privacy and data security concerns, whether valid or not valid, may inhibit market adoption of our solutions, particularly in certain industries and foreign countries. If we are not able to adjust to changing laws, regulations, and standards related to the internet, our business may be harmed. Future legal requirements could reduce demand for our services, require us to take on more onerous obligations in our contracts, restrict our ability to store, transfer and process personal and other data or, in some cases, impact our ability to offer our services in certain locations, to deploy our solutions, to reach current and prospective customers, or to derive insights from data globally. In 2023, the EU-US Privacy Shield scheme was replaced by the EU-U.S. Data Privacy Framework ("DPF") and the UK Extension to the DPF, which were developed to facilitate transatlantic commerce by providing U.S. organizations with appropriate mechanisms for personal data transfers to the U.S. from the European Economic Area and the UK. Only U.S. legal entities subject to the jurisdiction of the Federal Trade Commission or the U.S. Department of Transportation are currently eligible to participate in the DPF program, by self-certification. Companies transferring data to entities that do not self-certify under the DPF would need to rely on an alternative transfer mechanism, such as an applicable derogation or contractual safeguards (e.g. Binding Corporate Rules or the standard contractual clauses ("SCCs")). However, the July 2020 Schrems II decision of the Court of Justice of the European Union makes it clear that reliance on them alone may not necessarily be sufficient. The use of contractual safeguards must now be assessed on a case-by-case basis taking into account the legal regime applicable in the destination country, in particular applicable surveillance laws and rights of individuals and additional technical and organizational measures and/or contractual provisions may need to be put in place. The nature of the additional measures would depend on the residual risk to personal data transferred when relying on contractual safeguards like SCCs. If our ability to transfer personal data between and among the countries and regions in which we operate is hampered due to increased regulatory requirements, it could affect how we provide our solutions, the geographical location or segregation of our relevant systems and operations, reduce demand for our solutions from companies subject to European and UK data protection laws, and could adversely affect our financial results. Compliance with any of the foregoing laws and regulations (including as subsequently interpreted) can be costly and can delay or impede the development of new products or services. We may incur substantial fines if we violate any laws or regulations relating to the collection or use of personal data. Such penalties may be in addition to any civil litigation claims by users and data subjects. Our actual or alleged failure to comply with applicable privacy or data security laws, regulations, and policies, or to protect personal data, could result in legal actions by private actors, enforcement actions by governmental entities and significant penalties against us, which could result in negative publicity or costs, subject us to claims or other remedies, and have a material adverse effect on our business, financial condition, and results of operations. Our practice of automated data collection or use of files extracted from third party mobile applications could expose us to legal action or financial penalties. Furthermore, website proprietors could assert claims for breach of their terms and conditions and/or increase their use of technological barriers to protect against automated data collection, which may impact our ability to gather data from a range of sources. Our business relies in large part on the practice of automated data collection to gather data from third-party websites. Certain datasets and features offered in some of our products rely on our analysis of files extracted from third party mobile applications through the use of publicly available, open-source tools designed for that file extraction. Although we include disclosures regarding the use of such practices and tools in our terms and conditions under which those datasets and features are provided to customers, such data collection and analysis creates various legal risks for us including intellectual property right infringement, breach of contract and infringement of certain laws directed to protect against unauthorized access to computer material, including the United Kingdom Computer Misuse Act 1990 and the Computer Fraud and Abuse Act, or CFAA. Such claims of infringement of intellectual property rights or laws against unauthorized access to computer material could result in an increase in the cancellation or non-renewal of customer agreements and negatively affect our revenue. Additionally, shifts in 45 judicial interpretation, regulatory enforcement trends and public perception of automated data collection, in particular, could significantly impact our ability to gather data this way. Any limitation on our ability to use automated data collection or files extracted from third party mobile applications could significantly diminish the value of some of our services and cause us to lose clients and revenue. Our automated data collection via this method is limited to publicly available information. However, many third-party websites may seek to restrict our ability to utilize such data collection methods to collect information from their websites through operational, technological or contractual measures as well as through legal action. Any such restriction on our use, whether due to operational, technological , or contractual (i.e., prohibiting the use of such third-party websites for our own commercial purposes) measures deployed by third parties or to legal actions, would reduce the amount of data we acquire and could therefore negatively affect our products and our business. In addition, we would likely need to invest considerable resources and suffer potential business interruption in identifying and acquiring the same or similar data through alternate means. Some of our products and services include or rely on applications and plugins available through third-party app platforms and are subject to the developer rules for these platforms, which are subject to change, and could be removed or suspended by the platform providers. If this happens, it could impact the availability or value of some of our products and services, which could adversely affect our business. Changes in platform terms of service, API access policies, data usage restrictions or monetization rules could further limit our ability to access or use certain data sources. We may also automatically collect and gather data from third-party websites that upon discovering our practice will send us a letter demanding that we stop such practice. If we continue to collect data, we may face claims of breach of the website’s terms or violations of other laws. Specifically, the CFAA and the Computer Misuse Act 1990 impose liability on individuals or entities that intentionally access a computer without authorization or exceed authorized access. While recent judicial decisions in the United States have narrowed the interpretation of “exceeds authorized access” under the CFAA in certain contexts, courts continue to evaluate the application of the CFAA and analogous laws to automated data collection practices, including circumstances involving contractual restrictions, revocation of access or technical barriers. Courts and regulators continue to refine the scope of “authorization” and “public availability,” and future judicial interpretations or legislative amendments could expand potential liability for automated data collection activities. Adverse judicial rulings, regulatory enforcement actions or legislative amendments that broaden the scope of liability for automated access could materially limit our ability to obtain data from third-party sources and adversely affect our business, financial condition and results of operations. The actionable insights we provide to customers, the data we acquire and process or the datasets and features we provide to customers derived from our access to and analysis of files extracted from third party mobile applications may be determined by securities regulators as constituting material non-public information, or MNPI, and could result in a significant increase in the cancellation or non-renewal of customer agreements that could adversely impact our business. Additionally, in such event, we could be exposed to regulatory investigation or legal action. Information may be considered MNPI for securities law purposes due to various factors including whether that information is obtained in an unlawful manner. The SEC is increasingly focusing on the use of alternative data, or data sets comprised of information about a particular company that is published by sources outside of the company, which can provide unique and timely insights into investment opportunities such as the data we provide as part of our investor intelligence solution. Specifically, the SEC is focusing on whether investment funds have received MNPI from an alternative data vendor and on whether the fund has and enforces policies and procedures designed to address the MNPI and other risks posed by the use of alternative data. To date, there is limited case law or regulatory guidance with respect to the classification of alternative data as MNPI. In light of this heightened regulatory focus and legal uncertainty, current and potential investment fund and other customers are conducting rigorous due diligence reviews of our data acquisition processes and regulatory compliance both at the on-boarding stage and subsequently on an ongoing basis. We cannot guarantee that our data acquisition processes and regulatory compliance efforts will be sufficient to meet the requirements of existing or potential customers or regulatory standards as such standards evolve or are interpreted by regulators. Failure to meet those requirements or standards could result in an increase in the cancellation or non-renewal of customer agreements and negatively affect our revenue. Furthermore, if the actionable insights we provide, the data we acquire and process, or the datasets and features we offer derived from our access to and analysis of files extracted from third party mobile applications that we provide to customers, especially to purchasers of our investor intelligence solutions, may be determined, in light of the facts and circumstances, as constituting MNPI by securities regulators, including the SEC as having been 46 derived from data sources or methods deemed impermissible or high risk, many customers, especially purchasers of our investor intelligence solutions, would most likely cease to purchase that solution, and we could be exposed to direct legal actions and/or penalties from regulatory authorities, including the SEC. In addition, customers may seek contractual remedies, indemnification or termination rights based on perceived MNPI exposure. In that event we would likely need to invest considerable resources, suffer potential business interruption in making changes to our solutions to remove the relevant information deemed to be MNPI, modify our data acquisition methods, enhance compliance controls, or discontinue certain datasets or features altogether, which could materially and adversely affect our business, financial condition and results of operations. As the regulatory framework for machine learning technology and AI evolves, including with respect to unintentional bias and discrimination, our business, financial condition, and results of operations may be adversely affected. Our business increasingly relies on AI (including machine learning and automated decision making). The regulatory framework for this technology is rapidly evolving, and we may not always be able to anticipate how to respond to these laws or regulations. Many federal, state and foreign government bodies and agencies have introduced or are currently considering additional laws and regulations governing the use of such technologies. There is also an increase in litigation in a number of jurisdictions, including the United States, relating to the development, security and use of artificial intelligence. Regulatory approaches to AI differ significantly across jurisdictions and may conflict, creating compliance complexity and operational uncertainty. In the United States, AI oversight is developing through a combination of federal agency guidance and enforcement actions, state-level legislation, sector-specific regulation, and evolving standards relating to privacy, consumer protection, intellectual property, cybersecurity and anti-discrimination. Changes in federal administration priorities, agency interpretations or enforcement strategies may alter the regulatory landscape rapidly. Federal artificial intelligence legislation has been proposed, and additional rulemaking or agency enforcement activity could affect our ability to develop, use and commercialize AI technologies. Additionally, the European Union adopted the Artificial Intelligence Act (Regulation (EU) 2024/1689) (the “EU AI Act”), which establishes a comprehensive, risk-based regulatory framework governing AI systems.. The EU AI Act entered into force on August 1, 2024 with the majority of obligations expected to take effect by 2026. The EU AI Act will have a material impact on the way AI is regulated in the EU, including requirements around transparency, conformity assessments and monitoring, risk assessments, human oversight, security, accuracy, general purpose artificial intelligence and foundation models, and fines for breach of up to 7% of worldwide annual turnover or 35,000,000 EUR, whichever is higher. Entities that develop, deploy or integrate general purpose AI models or AI-enabled analytics into products or services may be subject to distinct compliance obligations, even where they are not the original model developer. China has implemented regulations governing generative artificial intelligence services, algorithmic recommendation technologies and deep synthesis technologies, which impose filing, security assessment, transparency and content governance obligations on service providers and other regulated entities. The regulatory framework in China continues to evolve and may impose additional operational, technical and compliance requirements. Such regulations and evolving regulatory expectations on service providers, among other entities, with respect to their provision and use of generative AI, algorithmic recommendation and deep synthesis technologies. For example, service providers must file the algorithms used and complete a security assessment with the local CAC before the provision of the service. The regulatory framework in China is expected to have a material impact on the way AI is regulated in China, and together with developing guidance and/or decisions in this area, may affect our use of AI and our ability to provide and to improve our services, require additional compliance measures and changes to our operations and processes, result in increased compliance costs and potential increases in civil claims against us, and could adversely affect our business, operations and financial condition. It is possible that the EU AI Act and the US AI regulatory and litigation landscape, along with the adoption of new laws and regulations in other jurisdictions, or the interpretation of existing laws and regulations, may affect the operation of our products and services and the way in which we use AI technology, including with respect to how we train our models, unintentional bias and discrimination. Failure to comply with such laws or regulations 47 could subject us to legal or regulatory liability. Further, the cost to comply with such laws or regulations could be significant and would increase our operating expenses, which could adversely affect our business, financial condition and results of operations. In addition, private plaintiffs, advocacy groups and competitors may use AI-related regulatory requirements as a basis for litigation, complaints or strategic challenges, increasing our legal exposure and reputational risk. Changes in laws and regulations related to the Internet or changes in the Internet infrastructure itself may diminish the demand for our solutions and could harm our business. The future success of our business depends upon the continued use of the Internet as a primary medium for commerce, communication, and business applications. Federal or state governments in the United States, or foreign government bodies or agencies have in the past adopted, and may in the future adopt, laws or regulations affecting the use of the Internet as a commercial medium. The adoption of any laws or regulations that could reduce the growth, popularity, or use of the Internet, including laws or practices limiting Internet neutrality, could decrease the supply of data upon which our business model relies, which would increase our cost of doing business and harm our results of operations. Changes in these laws or regulations could require us to modify our platform and solutions, or certain aspects of our solutions, in order to comply with these changes. In addition, changes in user behavior, technological adoption and interface paradigms, including a shift from traditional search- and browser-based use of the Internet toward AI-powered assistants, chat-based interfaces and other intermediary platforms that summarize, generate or mediate access to online information, could adversely affect the availability, discoverability, volume, freshness or commercial value of data accessible through the open Internet. If consumers and businesses increasingly rely on AI-driven interfaces or closed ecosystems to obtain information rather than directly accessing websites, applications or online services, this could reduce web traffic, limit data signals, constrain data access, or alter data generation patterns in ways that negatively affect our ability to collect, analyze or derive insights from Internet-based data. Any such changes could require us to modify our data acquisition strategies, product offerings or business models, and could reduce demand for or the value of our solutions, adversely affecting our business, financial condition and results of operations. In addition, government agencies or private organizations have imposed and may impose additional taxes, fees, or other charges for accessing the Internet or commerce conducted via the Internet. These laws or charges could limit the growth of Internet-related commerce or communications or result in reductions in the demand for Internet-based solutions such as ours. In addition, the use of the Internet as a business tool could be harmed due to delays in the development or adoption of new standards and protocols to handle increased demands of Internet activity, security, reliability, cost, ease-of-use, accessibility and quality of service. Further, we depend on the quality of our customers’ access to the Internet. Certain features of our platform require significant bandwidth and fidelity to work effectively. Internet access is frequently provided by companies that have significant market power that could take actions that degrade, disrupt or increase the cost of customer access to our platform, which would negatively impact our business. The performance of the Internet and its acceptance as a business tool has been harmed by “viruses,” “worms” and similar malicious programs and the Internet has experienced a variety of outages and other delays as a result of damage to portions of its infrastructure. If the use of the Internet is adversely affected by these issues, demand for our platform and solutions could decline. Furthermore, federal or state governments in the United States, or foreign government bodies or agencies, have in the past adopted, and may in the future adopt, laws or regulations requiring the inclusion of features and design elements in websites and online services and platforms to enhance their accessibility, including for people with disabilities. These laws and regulations could require us to modify our websites, platform and solutions, which could increase our cost of doing business and harm our results of operations. We are subject to anti-corruption, anti-bribery and similar laws, and non-compliance with such laws can subject us to criminal penalties or significant fines and harm our business and reputation. We are subject to the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act, the USA PATRIOT Act, the U.K. Bribery Act 2010, Chapter 9 (sub-chapter 5) of the Israeli Penal Law, 1977, the Israeli Prohibition on Money Laundering Law–2000 and other anti-corruption, anti-bribery and anti-money laundering laws in countries in which we conduct activities. Anti-corruption and anti-bribery laws have been enforced aggressively in recent years and are interpreted broadly and prohibit companies, their officers, directors, employees and business partners, including agents from promising, authorizing, making, offering, or providing anything of value to recipients in the public or private sector for the purposes of influencing official decisions or obtaining or retaining business, or otherwise obtaining favorable treatment. The FCPA further requires us to make and keep books, records and accounts that accurately reflect transactions and dispositions of assets and to maintain a system of internal accounting controls. 48 The UK Bribery Act 2010 also prohibits “commercial” bribery not involving government officials, and accepting bribes, and requires companies to implement adequate procedures to prevent bribery. Our efforts to comply with these laws, including with respect to the screening of customers and vendors, are ongoing. In addition, financial institutions, payment processors, banks and other counterparties increasingly deploy enhanced, automated and risk-based compliance, monitoring and screening tools in response to evolving anti-corruption, anti-money laundering and sanctions enforcement expectations. These heightened controls may result in more frequent, detailed or time-consuming requests for information, documentation, certifications or remediation measures relating to our customers. Addressing such requests may require management attention, legal, compliance and operational resources, may delay or disrupt transactions, onboarding, payments or commercial relationships, and may increase our costs of doing business. In some cases, counterparties may impose additional restrictions, enhanced contractual protections, monitoring requirements, or may decline to engage with us altogether if they determine that our business, industry, data practices or geographic exposure presents heightened compliance risk. Any such outcomes could adversely affect our liquidity, revenue, growth prospects, business relationships or results of operations. As we increase our international sales and business, our risks under these laws may increase. Noncompliance with these laws could subject us to investigations, sanctions, settlements, prosecution, other enforcement actions, disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, adverse media coverage and other consequences. Any investigations, actions or sanctions could harm our business, financial condition, revenue, results of operations or cash flows. In addition, we currently use third parties to sell access to our platform and conduct business on our behalf abroad. We and such third-party intermediaries, have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities, and we can be held liable for the corrupt or other illegal activities of such future third-party intermediaries, and our employees, representatives, contractors, partners and agents, even if we do not explicitly authorize such activities. While we have policies, internal controls and procedures to address compliance with anti-corruption laws, there is a risk that our employees, agents, or business partners may take actions in violation of our policies and applicable law, for which we may be ultimately held responsible. Any such improper actions or allegations of such acts could subject us to significant sanctions, including civil or criminal fines and penalties, disgorgement of profits, injunctions and debarment from government contracts, as well as related stockholder lawsuits and other remedial measures, all of which could adversely affect our reputation, business, financial condition, revenue, results of operations or cash flows. Any violation of the FCPA or other applicable anti-corruption laws or anti-money laundering laws could also result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions, suspension or debarment from U.S. government contracts, any of which could have a materially adverse effect on our reputation, business, results of operations and prospects. Our international operations require us to comply with trade restrictions, such as economic sanctions laws and regulations of the United States and applicable international jurisdictions. Our business must be conducted in compliance with applicable economic and trade sanctions laws and regulations, such as those administered and enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the U.S. Department of Commerce, the Israeli Ministry of Finance, the European Union and United Kingdom authorities and other relevant authorities. Such laws and regulations restrict or prohibit the export or provision of certain products and services to certain countries, regions, governments, and persons targeted by sanctions. Our global operations expose us to the risk of violating, or being accused of violating, economic and trade sanctions laws and regulations. Our failure to comply with these laws and regulations may expose us to reputational harm as well as significant penalties, including criminal fines, imprisonment, civil fines, disgorgement of profits, injunctions and debarment from government contracts, as well as other remedial measures. Investigations of alleged violations can be expensive and disruptive. Despite our compliance efforts and activities we cannot assure compliance by our employees or representatives for which we may be held responsible, and any such violation could materially adversely affect our reputation, business, financial condition and results of operations. We believe that we operate within the structures of applicable trade restrictions. However, we cannot predict the nature, scope or effect of future regulatory requirements to which our operations might become subject. We also cannot predict the manner in which existing laws might be administered or interpreted. Future regulations could limit the countries in which some of our products may be developed, exported or sold, or could restrict our access to, or increase the cost of obtaining, products from foreign sources. The occurrence of any of the foregoing could have a material adverse effect on our business, financial condition and results of operations. 49 Geopolitical tensions and sanctions regimes imposed by the United States, the European Union and other jurisdictions may continue to evolve rapidly and unpredictably. For example, ongoing tensions between the United States and Iran, including expanded U.S. sanctions against the Iranian regime,and the potential for military escalation could adversely impact global markets,which in turn may adversely affect demand for our solutions and our financial performance. Existing or future sanctions, export controls, trade restrictions or retaliatory measures could disrupt our operations, limit our ability to transact in certain regions, restrict access to technology, increase compliance burdens or expose us to enforcement risks. Action by governments to restrict access to our solutions in their countries or to require us to disclose or provide access to information in our possession could harm our business, financial condition, revenue, results of operations or cash flows. We depend on the ability of our customers to access the Internet and our platform could be blocked or restricted in some countries for various reasons. Further, it is possible that governments of one or more foreign countries may seek to limit access to our solutions or certain features of ours in their countries, or impose other restrictions that may affect the availability of our platform, or certain features of our platform, in their countries for an extended period of time or indefinitely. In addition, governments in certain countries may seek to restrict or prohibit access to our website if they consider us to be in violation of their laws and may require us to disclose or provide access to information in our possession. If we fail to anticipate developments in the law, or fail for any reason to comply with relevant law, our website could be further blocked or restricted and we could be exposed to significant liability that could harm our business. In the event that access to our website is restricted, in whole or in part, in one or more countries or our competitors are able to successfully penetrate geographic markets that we are restricted from accessing, our ability to grow or maintain our NRR may be adversely affected, we may not be able to maintain or grow our revenue as anticipated and our business, financial condition, revenue, results of operations or cash flows could be adversely affected. Sales to government entities and highly regulated organizations are subject to a number of challenges and risks. We currently sell, and may continue to sell in the future, to U.S. federal, state and local, as well as foreign, governmental agency customers, as well as to customers in highly regulated industries such as financial services, telecommunications and healthcare. Sales to such entities are subject to a number of challenges and risks. Selling to such entities can be highly competitive, expensive and time-consuming, often requiring significant upfront time and expense without any assurance that these efforts will generate a sale. Government contracting requirements may change and in doing so restrict our ability to sell into the government sector until we meet the specific requirements or certifications required for the particular project. Government demand and payment for our solutions are affected by public sector budgetary cycles and funding authorizations, with funding reductions or delays adversely affecting public sector demand for our solutions. Further, governmental and highly regulated entities may demand contract terms that differ from our standard arrangements and are less favorable than terms agreed with private sector customers. Such entities may have statutory, contractual, or other legal rights to terminate contracts with us or our partners for convenience or for other reasons. Any such termination may adversely affect our ability to contract with other government customers as well as our reputation, business, financial condition and results of operations. 50 Risks Relating to Being a Public Company The requirements of being a U.S. public company may strain our resources and divert management’s attention. We are required to comply with various corporate governance and financial reporting requirements under the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations adopted by the SEC and the Public Corporation Accounting Oversight Board (the “PCAOB”). Further, compliance with various regulatory reporting requirements requires significant commitments of time from our management and our directors, which reduces the time available for the performance of their other responsibilities and may also require us to continue to incur significant expenses. Our failure to track and comply with the various rules may materially adversely affect our reputation, ability to obtain the necessary certifications to financial statements, lead to additional regulatory enforcement actions, and could adversely affect the value of our ordinary shares as well as our ability to finance our operations and growth through offerings of our ordinary shares. While our management team has experience operating as a public company, evolving public company requirements and increasing regulatory and market expectations may strain management resources.. Our management team has experience managing our responsibilities as a public company; however, we remain subject to significant regulatory oversight and reporting obligations under the federal securities laws that continue to evolve, as well as continuous scrutiny from securities analysts and investors. . These obligations and stakeholders require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition and results of operations. In addition, the increasing complexity, frequency and scrutiny of public company requirements, may require us to further scale our internal processes, systems and personnel. If we are unable to do so effectively, we may experience delays, errors or deficiencies in our disclosures or compliance efforts, which could subject us to regulatory scrutiny, enforcement actions, reputational harm or increased litigation risk. If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired. As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, and the listing standards of the New York Stock Exchange. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We are continuing to refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers. We are also continuing to improve our internal control over financial reporting. Ensuring that we have adequate internal disclosure, financial and accounting controls and procedures in place to produce accurate financial statements on a timely basis is a costly and time-consuming effort that needs to be re-evaluated frequently. The rapid growth of our operations creates a need for additional resources within the accounting and finance functions due to the need to produce timely financial information and to ensure the level of segregation of duties customary for a U.S. public company. We continue to assess the sufficiency of finance personnel in response to these increasing demands and expectations. Our management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our management does not expect that our internal control over financial reporting will prevent or detect all errors and all fraud. An internal control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that such system’s objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within our company will have been detected. In addition, our current sets of controls and any new controls that we develop may become inadequate because of 51 changes in the conditions in our business, including increased complexity resulting from any international expansion, new product offerings, or from strategic transactions, including acquisitions. In addition to our results determined in accordance with U.S. GAAP, we believe certain non-GAAP measures and key metrics may be useful in evaluating our operating performance. We present certain non-GAAP financial measures and key performance metrics in this Annual Report and intend to continue to present certain non-GAAP financial measures and key performance metrics in future filings with the SEC and other public statements. Any failure to accurately report and present our non-GAAP financial measures and key performance metrics could cause investors to lose confidence in our reported financial and other information, which would likely have a negative effect on the trading price of our ordinary shares. Additionally, we expect to expend significant resources in developing the necessary documentation and testing procedures required by Section 404 of the Sarbanes-Oxley Act. We cannot be certain that the actions we will be taking to improve our internal controls over financial reporting will be sufficient, or that we will be able to implement our planned processes and procedures in a timely manner. Any failure to develop or maintain effective controls, or any difficulties encountered in their implementation or improvement, could harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting could also adversely affect the results of our annual management evaluations regarding the effectiveness of our internal control over financial reporting that we are required to include in our annual reports. In addition, if we are unable to produce accurate financial statements and other disclosures on a timely basis, based upon ineffective disclosure controls and procedures and internal controls over financial reporting, investors could lose confidence in the reliability of our financial statements and disclosures, which could have material and adverse effects on our business, financial condition and results of operations and may cause the market price of our ordinary shares to decline, making it more difficult for us to finance our operations and growth. We incur increased costs as a result of operating as a public company, and our management is required to devote substantial time to new compliance initiatives and corporate governance practices. As a public company, and particularly after we are no longer an emerging growth company, we have incurred and will continue to incur significant legal, accounting and other expenses to meet reporting, listing and compliance requirements. The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and the listing requirements of the NYSE and other applicable securities rules and regulations impose various requirements on public companies, including establishment and maintenance of effective disclosure and financial controls and corporate governance practices. Our management and other personnel have devoted and we expect will continue to devote a substantial amount of time to these compliance initiatives. Moreover, these rules and regulations increase our legal and financial compliance costs and make some activities more time-consuming and costly. For example, these rules and regulations make it more difficult and more expensive for us to obtain director and officer liability insurance and could also make it more difficult for us to attract and retain qualified members of our board. We cannot predict or estimate the amount of additional costs we may incur or the timing of such costs. These rules and regulations are often subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. Pursuant to Section 404 of the Sarbanes-Oxley Act, we are required to furnish a report by our management on our internal control over financial reporting. While we remain an emerging growth company, we are not required to include an attestation report on internal control over financial reporting issued by our independent registered public accounting firm. However, we will cease being an emerging growth company during 2026. To achieve compliance with Section 404 within the prescribed period, we have engaged in a process to document and evaluate our internal control over financial reporting. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants and adopt a detailed work plan to continue to assess and document the adequacy of our internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement a continuous reporting and improvement process for internal control over financial reporting. If we identify one or more material weaknesses in our internal control over financial reporting, it could result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of our consolidated financial statements. Additionally, as a publicly traded company, we are required to comply with the SEC’s rules implementing Sections 302, 906, and 404 of the Sarbanes-Oxley Act, which require management to certify financial and other information in our annual reports and provide 52 an annual management report on the effectiveness of control over financial reporting. We currently have limited accounting personnel and we continue to evaluate the adequacy of our accounting personnel staffing level and other matters related to our internal control over financial reporting. Despite our efforts, there is a risk that we will not be able to conclude, within the prescribed timeframe or at all, that our internal control over financial reporting is effective as required by Section 404. During the evaluation and testing process of our internal controls, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to certify that our internal control over financial reporting is effective. We cannot assure you that there will not be material weaknesses or significant deficiencies in our internal control over financial reporting in the future. Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition or results of operations. If we are unable to conclude that our internal control over financial reporting is effective, or if our independent registered public accounting firm determines we have a material weakness or significant deficiency in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our ordinary shares could decline, and we could be subject to penalties or investigations by the SEC or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets. As a result, the market price of our ordinary shares could be negatively affected, and we could become subject to investigations by the stock exchange on which our securities are listed, the SEC or other regulatory authorities, which could require additional financial and management resources. Changes in existing financial accounting standards or practices may harm our results of operations. Changes in existing accounting rules or practices, new accounting pronouncements rules, or varying interpretations of current accounting pronouncements practice could harm our results of operations or the manner in which we conduct our business. Further, such changes could potentially affect our reporting of transactions completed before such changes are effective. GAAP is subject to interpretation by the Financial Accounting Standards Board, or FASB, the SEC and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles or interpretations could have a significant effect on our reported financial results and could affect the reporting of transactions completed before the announcement of a change. Any difficulties in implementing new pronouncements promulgated by the FASB, the SEC or similar bodies could cause us to fail to meet our financial reporting obligations, which could result in regulatory discipline and harm investors’ confidence in us. If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and related notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, as provided in the section titled “Management’s discussion and analysis of financial condition and results of operations.” The results of these estimates form the basis for making judgments about the carrying values of assets, liabilities and equity, and the amount of revenue and expenses that are not readily apparent from other sources. Significant assumptions and estimates used in preparing our consolidated financial statements include those related to revenue recognition, provision for income taxes, uncertain tax positions, internal-use software costs, purchase price allocation on acquisitions including the determination of useful lives and contingent liabilities. Our results of operations may be adversely affected if our assumptions change or if actual circumstances differ from those in our assumptions, which could cause our results of operations to fall below the expectations of securities analysts and investors, resulting in a decline in the trading price of our ordinary shares. 53 Risks Relating to Taxes We may be classified as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. Holders of our ordinary shares. We would be classified as a passive foreign investment company, or PFIC, for any taxable year if, after the application of certain look-through rules, either: (i) 75% or more of our gross income for such year is “passive income” (as defined in the relevant provisions of the Internal Revenue Code of 1986, as amended), or (ii) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. Based on the estimated composition of our income, assets and operations, we do not believe that we were classified as a PFIC for U.S. federal income tax purposes for the taxable year ended December 31, 2025. The determination of whether we are classified as a PFIC is a factual determination that must be made annually after the close of each taxable year. Moreover, this determination will depend on, among other things, the composition of our income and assets, as well as the value of our assets (which for purposes of the PFIC determination may fluctuate with our market capitalization). The United States Internal Revenue Service, or IRS, or a court may disagree with our expectations. Therefore, there can be no assurance that we were not a PFIC for our 2025 taxable year or will not be classified as a PFIC in the current taxable year or in the future. Certain adverse U.S. federal income tax consequences could apply to a U.S. Holder (as defined in “Material income tax considerations—Material U.S. federal income tax considerations for U.S. holders”) if we are treated as a PFIC for any taxable year during which such U.S. Holder (defined below) holds our ordinary shares, including (1) the treatment of all or a portion of any gain on disposition of our ordinary shares as ordinary income, (2) the application of an interest charge with respect to such gain and certain dividends and (3) compliance with certain reporting requirements. If a United States person is treated as owning at least 10% of the value or voting power of our ordinary shares, such holder may be subject to adverse U.S. federal income tax consequences. Depending upon the aggregate value and voting power of our ordinary shares that United States persons are treated as owning (directly, indirectly or constructively), we could be treated as a controlled foreign corporation. If a United States person is treated as owning (directly, indirectly, or constructively) at least 10% of the value or voting power of our ordinary shares, such person may be treated as a “United States shareholder” with respect to each “controlled foreign corporation” in our group (if any). Because our group includes a U.S. subsidiary, certain of our non-U.S. subsidiaries will be treated as controlled foreign corporations (regardless of whether or not we are treated as a controlled foreign corporation). A United States shareholder of a controlled foreign corporation may be required to report annually and include in its U.S. taxable income its pro rata share of “Subpart F income,” “global intangible low-taxed income,” and investments of earnings in “United States property” by controlled foreign corporations, regardless of whether we make any distributions of profits or income of a controlled foreign corporation to such United States shareholder. Failure to comply with these reporting obligations may subject a United States shareholder to significant monetary penalties and may prevent the statute of limitations with respect to such shareholder’s U.S. federal income tax return for the year for which reporting was due from starting. An individual that is a United States shareholder with respect to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a U.S. corporation. We cannot provide any assurances that we will assist investors in determining whether we are or any of our non-U.S. subsidiaries is treated as a controlled foreign corporation or whether any investor is treated as a United States shareholder with respect to any such controlled foreign corporation or furnish to any United States shareholders information that may be necessary to comply with the aforementioned reporting and tax paying obligations. The IRS has provided limited guidance on situations in which investors may rely on publicly available information to comply with their reporting and taxpaying obligations with respect to foreign-controlled controlled foreign corporations. A United States investor should consult its advisors regarding the potential application of these rules to an investment in our ordinary shares. Changes in tax laws or regulations in the various tax jurisdictions we are subject to that are applied adversely to us or our paid customers could increase the costs of our solutions and harm our business. New income, sales, use, value-added or other tax laws, statutes, rules, regulations, or ordinances could be enacted at any time. Those enactments could harm our domestic and international business operations, and our business, results of operations and financial condition. Further, existing tax laws, statutes, rules, regulations, or ordinances could be interpreted, changed, modified, or applied adversely to us. These events could require us or our paid customers to pay additional tax amounts on a prospective or retroactive basis, as well as require us or our paid 54 customers to pay fines and/or penalties and interest for past amounts deemed to be due. If we raise our prices to offset the costs of these changes, existing and potential future paid customers may elect not to purchase our solutions in the future. Additionally, new, changed, modified, or newly interpreted or applied tax laws could increase our paid customers’ and our compliance, operating and other costs, as well as the costs of our solutions. Further, these events could decrease the capital we have available to operate our business. Any or all of these events could harm our business, financial condition, revenue, results of operations or cash flows. Additionally, the application of U.S. federal, state, local and non-U.S. tax laws to services provided electronically is unclear and continuously evolving. Existing tax laws, statutes, rules, regulations, or ordinances could be interpreted or applied adversely to us, possibly with retroactive effect, which could require us or our paid customers to pay additional tax amounts, as well as require us or our paid customers to pay fines or penalties, as well as interest for past amounts. If we are unsuccessful in collecting such taxes due from our paid customers, we could be held liable for such costs, thereby adversely affecting our results of operations and harming our business. As a multinational organization, we may be subject to taxation in several jurisdictions around the world with increasingly complex tax laws, the application of which can be uncertain. The amount of taxes we pay in these jurisdictions could increase substantially as a result of changes in the applicable tax principles, including increased tax rates, new tax laws, or revised interpretations of existing tax laws and precedents, which could harm our liquidity and results of operations. Our existing corporate structure and intercompany arrangements have been implemented in a manner we believe is in compliance with current prevailing tax laws. In addition and in accordance with the domestic statute of limitation provisions, the authorities in these jurisdictions could review our tax returns and impose additional tax, interest and penalties, and the authorities could claim that various withholding requirements apply to us or our subsidiaries or assert that benefits of tax treaties are not available to us or our subsidiaries, any of which could harm us and our financial condition, results of operations and cash flows. The tax benefits that may be available to us will require us to meet various conditions and may be terminated or reduced in the future, which could increase our costs and taxes. We may be eligible for certain tax benefits provided to a “Preferred Technological Enterprise” under the Israeli Law for the Encouragement of Capital Investments, 5719-1959, referred to as the Investment Law. However, we have not yet examined our eligibility due to the irrelevance of the Investment Law to us in light of our current loss-making status. In order to be eligible for the tax benefits for a “Preferred Technological Enterprise” we must meet certain conditions stipulated in the Investment Law and its regulations, as amended. If we increase our activities outside of Israel through acquisitions, for example, our expanded activities might not be eligible for inclusion in future Israeli tax benefit programs. See the section 10.E titled “Taxation—Israeli tax considerations.” Our results of operations may be harmed if we are required to collect sales or other related taxes for subscriptions to our solutions in jurisdictions where we have not historically done so. The application of indirect taxes (such as sales and use tax, VAT, GST, business tax and gross receipt tax) to businesses that transact online, such as ours, is a complex and evolving area. An increasing number of states have considered or adopted laws that attempt to impose tax collection obligations on out-of-state companies. Following the U.S. Supreme Court decision in South Dakota v. Wayfair, Inc., states are now free to levy taxes on sales of goods and services based on an “economic nexus,” regardless of whether the seller has a physical presence in the state. As a result, it may be necessary to reevaluate whether our activities give rise to sales, use and other indirect taxes as a result of any nexus in those states in which we are not currently registered to collect and remit taxes. A successful assertion by one or more states requiring us to collect taxes where we presently do not do so, could result in substantial tax liabilities, including taxes on past sales, as well as penalties and interest. Additionally, we may need to assess our potential tax collection and remittance liabilities based on existing economic nexus laws’ dollar and transaction thresholds. We continue to analyze our exposure for such taxes and liabilities including the need to provide to loss contingencies resulting from these potential taxes and liabilities. The application of existing, new, or future laws, whether in the U.S. or internationally, could harm our business. There have been, and will continue to be, substantial ongoing costs associated with complying with the various indirect tax requirements in the numerous markets in which we conduct or will conduct business. It is possible, however, that we could face sales tax or VAT audits and that our liability for these taxes could exceed our estimates as state tax authorities could still assert that we are obligated to collect additional tax amounts from our paid customers and remit those taxes to those authorities. We could also be subject to tax audits in states and international jurisdictions for which we have not accrued tax liabilities. A successful assertion that we should be collecting additional sales or other taxes on our services in jurisdictions where we have not historically 55 done so and do not accrue for sales taxes could result in substantial tax liabilities for past sales, discourage organizations from subscribing to our solutions, or otherwise harm our business, financial condition, revenue, results of operations or cash flows. Our international operations may subject us to potential adverse tax consequences. We are expanding our international operations to better support our growth into international markets. Our corporate structure and associated transfer pricing policies contemplate future growth in international markets, and consider the functions, risks and assets of the various entities involved in intercompany transactions. The amount of taxes we pay in different jurisdictions may depend on the application of the tax laws of the various jurisdictions, including the United States, to our international business activities, changes in tax rates, new or revised tax laws or interpretations of existing tax laws and policies, and our ability to operate our business in a manner consistent with our corporate structure and intercompany arrangements. The taxing authorities of the jurisdictions in which we operate may challenge our methodologies for pricing intercompany transactions pursuant to our intercompany arrangements or disagree with our determinations as to the income and expenses attributable to specific jurisdictions. If such a challenge or disagreement were to occur, and our position was not sustained, we could be required to pay additional taxes, interest and penalties, which could result in one-time tax charges, higher effective tax rates, reduced cash flows and lower overall profitability of our operations. Our financial statements could fail to reflect adequate reserves to cover such a contingency. The enactment of legislation implementing changes in taxation of international business activities, the adoption of other corporate tax reform policies, or changes in tax legislation or policies could impact our future financial position and results of operations. Corporate tax reform, base-erosion efforts and tax transparency continue to be high priorities in many tax jurisdictions where we have business operations. As a result, policies regarding corporate income and other taxes in numerous jurisdictions are under heightened scrutiny and tax reform legislation is being proposed or enacted in a number of jurisdictions. In 2015, the Organization for Economic Co-operation and Development, or OECD, released various reports under its Base Erosion and Profit Shifting, or BEPS, action plan to reform international tax systems and prevent tax avoidance and aggressive tax planning. These actions aim to standardize and modernize global corporate tax policy, including cross-border taxes, transfer-pricing documentation rules and nexus-based tax incentive practices which in part are focused on challenges arising from the digitalization of the economy. The reports have a very broad scope including, but not limited to, neutralizing the effects of hybrid mismatch arrangements, limiting base erosion involving interest deductions and other financial payments, countering harmful tax practices, preventing the granting of treaty benefits in inappropriate circumstances and imposing mandatory disclosure rules. It is the responsibility of OECD members to consider how the BEPS recommendations should be reflected in their national legislation. Many countries are beginning to implement legislation and other guidance to align their international tax rules with the OECD's BEPS recommendations, for example, by signing up to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS, or MLI, which currently has been signed by over 95 jurisdictions, including Israel who signed and ratified the MLI on September 13, 2018. The MLI implements some of the measures that the BEPS initiative proposes to be transposed into existing treaties of participating states. Such measures include the inclusion in tax treaties of one, or both, of a “limitation-on-benefit,” or LOB, rule and a “principle purposes test,” or PPT, rule. The application of the LOB rule or the PPT rule could deny the availability of tax treaty benefits (such as a reduced rate of withholding tax) under tax treaties. There are likely to be significant changes in the tax legislation of various OECD jurisdictions during the period of implementation of BEPS. Such legislative initiatives may materially and adversely affect our plans to expand internationally and may negatively impact our financial condition, tax liability, results of operations and could increase our administrative efforts. Risks Relating to Our Ordinary Shares Our share price may be volatile, which may cause you to lose all or part of your investment. The public trading price of our ordinary shares has been and may continue to be volatile and could be subject to fluctuations in response to various factors, including those listed in this Annual Report, some of which are beyond our control. These fluctuations could cause you to lose all or part of your investment in our ordinary shares since you might be unable to sell your shares at or above the price you paid. Factors that could cause fluctuations in the public trading price of our ordinary shares include the following: 56 •The number of our ordinary shares publicly owned and available for trading; •price and volume fluctuations in the overall stock market from time to time; •volatility in the trading prices and trading volumes of technology stocks; •changes in operating performance and stock market valuations of other technology companies generally, or those in our industry in particular; •sales or expected sales of our ordinary shares of stock by us or our shareholders; •short-selling of our ordinary shares or related derivative securities; •failure of securities analysts to maintain coverage of us, changes in financial estimates by securities analysts who follow our company or our failure to meet these estimates or the expectations of investors; •any financial projections we may provide to the public, any changes in those projections or our failure to meet those projections; •the public’s reaction to our press releases, other public announcements, and filings with the SEC; •rumors and market speculation involving us or other companies in our industry; •actual or anticipated fluctuations in our revenue growth or results of operations; •changes in our net retention rates; •variance in our financial performance from the expectations of market analysts; •announcements by us or our direct or indirect competitors of significant business developments, changes in service provider relationships, acquisitions or expansion plans; •our involvement in litigation; •developments or disputes concerning our intellectual property or other proprietary rights; •future sales of our ordinary shares by us or our shareholders; •market conditions in our industry; •changes in key personnel; •changes in the estimation of the future size and growth rate of our markets; and •general economic, geopolitical, political, and market conditions or events (such as the current conflicts in Ukraine and in Israel); •new laws or regulations, public expectations regarding new laws or regulations or new interpretations of existing laws or regulations applicable to our business; and •changes in accounting standards, policies, guidelines, interpretations, or principles; In addition, the stock markets have experienced extreme price and volume fluctuations. Broad market and industry factors may materially harm the market price of our ordinary shares, regardless of our operating performance. In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been instituted against that company. If we were involved in any similar litigation, we could incur substantial costs and our management’s attention and resources could be diverted. If we do not meet the expectations of equity research analysts, if they do not publish research or reports about our business or if they issue unfavorable commentary or downgrade our ordinary shares, the price of our ordinary shares could decline. The trading market for our ordinary shares relies in part on the research and reports that equity research analysts publish about us and our business. The analysts’ estimates are based upon their own opinions and are often different from our estimates or expectations. If our results of operations are below the estimates or expectations of public market analysts and investors, the price of our ordinary shares could decline. Moreover, the price of our ordinary shares could decline if one or more securities analysts downgrade our ordinary shares or if those analysts issue other unfavorable commentary or cease publishing reports about us or our business. The concentration of our share ownership with insiders will likely limit your ability to influence corporate matters, including the ability to influence the outcome of director elections and other matters requiring shareholder approval. Our executive officers, directors, current 5% or greater shareholders and affiliated entities together beneficially owned approximately 41.8% of our ordinary shares outstanding as of February 14, 2026. As a result, these shareholders, acting together, can significantly influence, if not control over most matters that require approval by our shareholders, including matters such as, the appointment and dismissal of directors, approval of certain related party transactions, including the terms of compensation of our directors and chief executive officer, capital increases, amendments to our articles of associations, approval of significant corporate transactions and declarations of dividends. Corporate action might be taken even if other shareholders oppose them. This 57 concentration of ownership could also have the effect of delaying or preventing a change of control of us that other shareholders may view as beneficial. Future sales of our ordinary shares in the public market could cause the market price of our ordinary shares to decline. Sales of a substantial number of ordinary shares in the public market, or the perception that these sales might occur, could depress the market price of our ordinary shares and could impair our ability to raise capital through the sale of additional equity securities. Many of our shareholders who held our share capital prior to completion of our IPO have substantial unrecognized gains on the value of the equity they hold based upon the price at which shares were sold in our IPO, and therefore, they may take steps to sell their shares or otherwise secure the unrecognized gains on those shares. We are unable to predict the timing of or the effect that such sales may have on the prevailing market price of our ordinary shares. Additionally, our ordinary shares that are subject to outstanding options and restricted stock unit awards under our equity incentive plans, and the shares reserved for future issuance under our equity incentive plans will become eligible for sale in the public market upon issuance, subject to compliance with applicable securities laws. Further, certain holders of our ordinary shares have rights, subject to some conditions, to require us to file registration statements covering the sale of their shares or to include their shares in registration statements that we may file for ourselves or other shareholders. As of December 31, 2025, there were 86,962,202 ordinary shares outstanding. Sales by us or our shareholders of a substantial number of ordinary shares in the public market, or the perception that these sales might occur, could cause the market price of our ordinary shares to decline or could impair our ability to raise capital through a future sale of, or pay for acquisitions using, our equity securities. Of our issued and outstanding shares, all of our ordinary shares are freely transferable, except for any shares held by our “affiliates,” as that term is defined in Rule 144 under the Securities Act. Additionally, as of December 31, 2025, we had 8,360,757 shares available for future grants under our 2021 Plan (which amount increased to 12,708,867 shares as of January 1, 2026 pursuant to the evergreen feature of our 2021 Plan) and 8,373,093 ordinary shares that were subject to outstanding share options and restricted share units, or RSUs. Of this amount, 3,223,612 were vested and exercisable as of December 31, 2025. We filed a registration statement on Form S-8 under the Securities Act on May 20, 2021 registering the shares under our equity incentive plans. Shares included in such registration statement are available for sale in the public market following that filing, subject to vesting provisions, except for shares held by affiliates who will have certain restrictions on their ability to sell. See “Shares eligible for future sale.” We are an “emerging growth company,” and the reduced disclosure requirements applicable to “emerging growth companies” may make our ordinary shares less attractive to investors. We are an “emerging growth company” as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. For as long as we continue to be an emerging growth company, we also intend to take advantage of certain other exemptions from various reporting requirements that are applicable to other public companies including, but not limited to, including (i) presenting only limited selected financial data, (ii) not being required to comply with the auditor attestation requirements of Section 404 of SOX, (iii) not being required to comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements, (iv) reduced disclosure obligations regarding executive compensation and (v) exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. As a result, the information we provide shareholders will be different than the information that is available with respect to other public companies that are not emerging growth companies. We cannot predict if investors will find our ordinary shares less attractive because we will rely on these exemptions. If some investors find our ordinary shares 58 less attractive as a result, there may be a less active trading market for our ordinary shares and our stock price may be more volatile. We will remain an emerging growth company until the earliest of (i) the last day of the year in which we have total annual gross revenue of $1.235 billion or more; (ii) the last day of the year following the fifth anniversary of the date of the closing of our IPO (December 31, 2026); (iii) the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC. We are a foreign private issuer and, as a result, we are not subject to U.S. proxy rules and are subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company. We report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (1) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act, (2) the sections of the Exchange Act requiring ten percent shareholders to file public reports of their share ownership and trading activities, (3) the sections of the Exchange Act providing for liability for insiders who profit from trades made in a short period of time and (4) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, although we are subject to Israeli laws and regulations with regard to certain of these matters and furnish comparable quarterly information on Form 6-K. In addition, foreign private issuers are not required to file their annual report on Form 20-F until 120 days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year and U.S. domestic issuers that are large accelerated filers are required to file their annual report on Form 10-K within 60 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation FD, which is intended to prevent issuers from making selective disclosures of material information. As a result of all of the above, you may not have the same protections afforded to shareholders of a company that is not a foreign private issuer. We may lose our "foreign private issuer" status in the future, which could result in significant additional costs and expenses. As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. However, pursuant to the Holding Foreign Insiders Accountable Act enacted on December 18, 2025, our directors and officers are subject to the insider reporting obligations under Section 16(a) of the Exchange Act, including the requirement to file Forms 3, 4 and 5, effective March 18, 2026. Our principal shareholders who are not our officers or directors, however, will remain exempt from Section 16(a) reporting requirements. The determination of foreign private issuer status is made annually on the last business day of an issuer’s most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on June 30, 2026. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid loss of foreign private issuer status. In the future, if we lose our foreign private issuer status as of the last date of our second fiscal quarter, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms beginning on the following January 1, which are more detailed and extensive than the forms available to a foreign private issuer. We would also have to mandatorily comply with U.S. federal proxy requirements, our ten percent shareholders will become subject to the reporting requirements under Section of the Exchange Act and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of the NYSE. As a U.S. listed public company that is not a foreign private issuer, we would incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer. 59 On June 4, 2025, the SEC issued a concept release soliciting comments on potential revisions to the foreign private issuer definition and/or the accommodations accorded to foreign private issuers. The SEC is considering several possible changes, including requiring foreign private issuers to have minimum non-U.S. trading volume or maintain a foreign (non-U.S.) exchange listing (neither of which we currently have), or be incorporated in jurisdictions with robust regulatory frameworks. If the SEC amends the conditions to being a foreign private issuer and we cannot meet the new conditions, we would become subject to the more stringent requirements applicable to U.S. domestic issuers. If the SEC substantially reduces the accommodations accorded to foreign private issuers, then even if we maintain our status as a foreign private issuer, we would still be subject to more stringent requirements. Either of those outcomes could significantly increase our compliance costs and require substantial changes to our practices. As we are a “foreign private issuer” and intend to follow certain home country corporate governance practices, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all NYSE corporate governance requirements. As a foreign private issuer, we have the option to follow certain home country corporate governance practices rather than those of the NYSE, provided that we disclose the requirements we are not following and describe the home country practices we are following. We rely on this “foreign private issuer exemption” with respect to the NYSE rules for shareholder meeting quorums, NYSE rules requiring shareholder approval and NYSE rules regarding the composition of the nominating/corporate governance committee. We may in the future elect to follow home country practices with regard to other matters. As a result, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all NYSE corporate governance requirements. We do not expect to pay any dividends in the foreseeable future. We do not anticipate paying any dividends in the foreseeable future. We currently intend to retain future earnings, if any, to finance operations and expand our business. Consequently, investors who purchase our shares may be unable to realize a gain on their investment except by selling sell such shares after price appreciation, which may never occur. Our board of directors has sole discretion whether to pay dividends. If our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that our directors may deem relevant. The Companies Law, imposes restrictions on our ability to declare and pay dividends. See “Description of share capital and articles of association—Dividend and liquidation rights” for additional information. In addition, we are subject to a restriction on paying dividends pursuant to our LSA with SVB. Payment of dividends may also be subject to Israeli withholding taxes. See “Material income tax considerations—Israeli tax considerations” for additional information. Our amended and restated articles of association provide that unless we consent to an alternate forum, the federal district courts of the United States shall be the exclusive forum of resolution of any claims arising under the Securities Act, which may impose additional litigation costs on our shareholders. Our amended and restated articles of association provide that, unless we consent otherwise, the federal district courts of the United States shall be the exclusive forum for the resolution of any claims arising under the Securities Act (for the sake of clarification, this provision does not apply to causes of action arising under the Exchange Act). While this provision of our amended and restated articles of association does not restrict the ability of our shareholders to bring claims under the Securities Act, nor does it affect the remedies available thereunder if such claims are successful, we recognize that it may limit shareholders' ability to bring a claim in a judicial forum that they find favorable and may increase certain litigation costs which may discourage the filing of claims under the Securities Act against the Company, its directors and officers. However, the enforceability of similar forum provisions in other companies’ organizational documents has been challenged in legal proceedings and there is uncertainty as to whether courts would enforce the exclusive forum provisions in our amended and restated articles of association. If a court were to find the choice of forum provision contained in our amended and restated articles of association to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could materially adversely affect our business, financial condition and results of operations. 60 Risks relating to Our Incorporation and Location in Israel Conditions in Israel, including the aftermath of Israel’s conflicts with Hamas and other terrorist organizations, and ongoing regional conflicts, as well as political and economic instability, may adversely affect our operations and limit our ability to market our products, which would lead to a decrease in revenues. Since a material portion of our operations are conducted in Israel, and certain members of our board of directors and management, as well as many of our employees and consultants, including employees of our service providers, are located in Israel, our business and operations are directly affected by economic, political, geopolitical, and military conditions in Israel. Since the establishment of the State of Israel in 1948, and in recent years, a number of armed conflicts have occurred between Israel and its neighboring countries and terrorist organizations active in the region. These conflicts have involved missile strikes, hostile infiltrations, abduction of soldiers and citizens, and terrorism against civilian targets in various parts of Israel, which have negatively affected business conditions in Israel. Following the October 7, 2023 attacks by Hamas terrorists on Israel's southern border area, Israel declared war against Hamas. Since then, Israel has been involved in military conflicts with Hamas, Hezbollah (a terrorist organization based in Lebanon), and Iran, both directly and through proxies like the Houthi movement in Yemen and armed groups in Iraq and other terrorist organizations. Additionally, following the fall of the Assad regime in Syria, Israel has conducted limited military operations targeting the Syrian army, Iranian military assets and infrastructure linked to Hezbollah and other Iranian-supported groups. Although certain ceasefire agreements have been reached with Hamas and Lebanon (with respect to Hezbollah), and some Iranian proxies have declared a halt to their attacks, there is no assurance that these agreements will be upheld. Military activity and hostilities continue at varying levels of intensity, and the situation remains volatile, with the potential for re-escalation or a broader regional conflict involving additional terrorist organizations and possibly other countries. The persistence of these security threats, as well as ongoing regional conflicts (including tensions with Hezbollah, Iran, and its proxies), may adversely affect our operations and limit our ability to market our products. The war has also contributed to a deterioration of Israel’s economic standing, including downgrades in Israel’s credit rating by agencies such as Moody’s, S&P Global, and Fitch. Additional risks include instability in Syria following the fall of the Assad regime and other regional geopolitical instability, economic instability, supply chain disruptions due to Red Sea conflicts, and potential impacts from international legal proceedings against Israel, all of which could lead to decreased revenues and adversely affect our access to credit lines and ability to raise capital. In connection with the war and subsequent security operations, a significant number of Israeli military reservists were called to active duty. Although many of such military reservists have since been released, they may be called up for additional reserve duty, depending on developments in Gaza and along Israel's other borders. Certain of our employees and consultants in Israel, in addition to employees of our service providers located in Israel, have been called, and additional employees may be called, for reserve duty for unpredictable or recurring periods of time. As a result, our operations may be disrupted by such absences, which could materially and adversely affect our business and results of operations. Additionally, the absence of employees of our Israeli suppliers and service providers due to their military service may disrupt their operations, which in turn could materially and adversely affect our ability to deliver or provide products and services to customers. The ongoing hostilities with Hamas, Hezbollah, Iran, its proxies, and others have caused, and may continue to cause, damage to Israeli private and public facilities, infrastructure, utilities, and telecommunication networks, potentially disrupting our operations and supply chains. In addition, Israeli organizations, government agencies, and companies have been subject to extensive cyberattacks. These events could lead to increased costs, risks to employee safety, and challenges to business continuity, potentially resulting in financial losses. Our commercial insurance does not cover losses arising from acts of war or terrorism. Although the Israeli government currently provides compensation for certain direct damages caused by such acts, we cannot assure you that this coverage will 61 be maintained at current levels or will adequately compensate us for potential losses. Any losses or damages we incur could have a material adverse effect on our business. The global perception of Israel and Israeli companies, influenced by the war and actions of international judicial bodies, may lead to increased sanctions and other negative measures against Israel, as well as Israeli companies and academic institutions. There is also a movement among countries, activists, and organizations to boycott Israeli goods, services, and academic research or restrict business with Israel, which could affect our reputation and business operations. If these efforts become widespread, along with any future rulings from international tribunals against Israel, they could significantly and negatively impact our business operations. Prior to the October 2023 war, the Israeli government pursued changes to Israel’s judicial system and has continues to maintain its efforts to effect such changes. In response to the foregoing developments, certain individuals, organizations, and institutions, both within and outside of Israel, voiced concerns that such proposed changes, if adopted, may negatively impact the business environment in Israel. Such proposed changes may also lead to prolonged political instability or civil unrest. If such changes to Israel’s judicial system are pursued by the government and approved by the parliament, this may have an adverse effect on our business, results of operations, and ability to raise additional funds, if deemed necessary by our management and board of directors. It may be difficult to enforce a U.S. judgment against us, our officers and directors named in this Annual Report in Israel or the United States, or to assert U.S. securities laws claims in Israel or serve process on our officers and directors. Not all of our directors or officers are residents of the United States and most of their and our assets are located outside the United States. Service of process upon us or our non-U.S. resident directors and officers and enforcement of judgments obtained in the United States against us or our non-U.S. our directors and executive officers may be difficult to obtain within the United States. We have been informed by our legal counsel in Israel that it may be difficult to assert claims under U.S. securities laws in original actions instituted in Israel or obtain a judgment based on the civil liability provisions of U.S. federal securities laws. Israeli courts may refuse to hear a claim based on a violation of U.S. securities laws against us or our non-U.S. officers and directors because Israel may not be the most appropriate forum to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must be proved as a fact, which can be a time-consuming and costly process. Certain matters of procedure will also be governed by Israeli law. There is little binding case law in Israel addressing the matters described above. Israeli courts might not enforce judgments rendered outside Israel, which may make it difficult to collect on judgments rendered against us or our non-U.S. officers and directors. Moreover, an Israeli court will not enforce a non-Israeli judgment if it was given in a state whose laws do not provide for the enforcement of judgments of Israeli courts (subject to exceptional cases), if its enforcement is likely to prejudice the sovereignty or security of the State of Israel, if it was obtained by fraud or in the absence of due process, if it is at variance with another valid judgment that was given in the same matter between the same parties, or if a suit in the same matter between the same parties was pending before a court or tribunal in Israel at the time the foreign action was brought. Your rights and responsibilities as our shareholder will be governed by Israeli law, which may differ in some respects from the rights and responsibilities of shareholders of U.S. corporations. We are incorporated under Israeli law. The rights and responsibilities of holders of our ordinary shares are governed by our amended and restated articles of association and the Companies Law. These rights and responsibilities differ in some respects from the rights and responsibilities of shareholders in typical U.S. corporations. In particular, pursuant to the Companies Law each shareholder of an Israeli company has to act in good faith and in a customary manner in exercising his or her rights and fulfilling his or her obligations toward the Company and other shareholders and to refrain from abusing his or her power in the Company, including, among other things, in voting at the general meeting of shareholders, on amendments to a company’s articles of association, increases in a company’s authorized share capital, mergers and certain transactions requiring shareholders’ approval under the Companies Law. In addition, a controlling shareholder of an Israeli company or a shareholder who knows that it possesses the power to determine the outcome of a shareholder vote or who has the power to appoint or prevent the appointment of a director or officer in the Company, or has other powers toward the Company has a duty of fairness toward the Company. However, Israeli law does not define the substance of this duty of fairness. There is 62 little case law available to assist in understanding the implications of these provisions that govern shareholder behavior. Provisions of Israeli law and our amended and restated articles of association may delay, prevent or make undesirable an acquisition of all or a significant portion of our shares or assets. Provisions of Israeli law and our amended and restated articles of association could have the effect of delaying or preventing a change in control and may make it more difficult for a third party to acquire us or our shareholders to elect different individuals to our board of directors, even if doing so would be considered to be beneficial by some of our shareholders, and may limit the price that investors may be willing to pay in the future for our ordinary shares. Among other things: •Israeli corporate law regulates mergers and requires that a tender offer be effected when more than a specified percentage of shares in a company are purchased; •Israeli corporate law does not provide for shareholder action by written consent, thereby requiring all shareholder actions to be taken at a general meeting of shareholders; •our amended and restated articles of association divide our directors into three classes, each of which is elected once every three years; •our amended and restated articles of association generally require a vote of the holders of a majority of our outstanding ordinary shares entitled to vote present and voting on the matter at a general meeting of shareholders (referred to as simple majority); however, the amendment of a limited number of provisions, such as (i) the provision empowering our board of directors to determine the size of the board, (ii) the provision setting forth the procedures and the requirements that must be met in order for a shareholder to require us to include a matter on the agenda for a general meeting of our shareholders, (iii) the provisions relating to the election and removal of members of our board of directors and empowering our board of directors to fill vacancies on the board, and (iv) the provision dividing our directors into three classes, requires a vote of the holders of 65% of our outstanding ordinary shares entitled to vote at a general meeting; •our amended and restated articles of association do not permit a director to be removed except by a vote of the holders of at least 65% of our outstanding shares entitled to vote at a general meeting of shareholders; and •our amended and restated articles of association provide that director vacancies may be filled by our board of directors. Further, Israeli tax considerations may make potential transactions undesirable to us or to some of our shareholders whose country of residence does not have a tax treaty with Israel granting tax relief to such shareholders from Israeli tax. With respect to mergers, Israeli tax law allows for tax deferral in certain circumstances but makes the deferral contingent on the fulfillment of numerous conditions, including a holding period of two years from the date of the transaction during which certain sales and dispositions of shares of the participating companies are restricted. Our amended and restated articles of association provide that unless the Company consents otherwise, the Tel Aviv District Court (Economic Division) shall be the sole and exclusive forum for substantially all disputes between the Company and its shareholders under the Companies Law and the Israeli Securities Law, which could limit its shareholders' ability to bring claims and proceedings against, as well as obtain favorable judicial forum for disputes with the Company, its directors, officers and other employees. Unless we consent otherwise, the Tel Aviv District Court (Economic Division) shall be the exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company’s shareholders, or (iii) any action asserting a claim arising pursuant to any provision of the Companies Law or the Israeli Securities Law. This exclusive forum provision is intended to apply to claims arising under Israeli Law and would not apply to claims brought pursuant to the Securities Act or the Exchange Act or any other claim for which federal courts would have exclusive jurisdiction. Such exclusive forum provision in our amended and restated articles of association will not relive the Company of its duties to comply with federal securities laws and the rules and regulations thereunder, and shareholders of the Company will not be deemed to have waived the Company’s compliance with these laws, rules and regulations. This exclusive forum provision may limit a shareholder’s ability to bring a claim in a judicial forum of its choosing for disputes with the Company or its directors or other employees which may discourage lawsuits against the Company, its directors, officers and employees. However, there is uncertainty as to whether courts would enforce the exclusive forum provisions in our 63 amended and restated articles of association. If a court were to find the choice of forum provision contained in our amended and restated articles of association to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could materially adversely affect our business, financial condition and results of operations. General Risk Factors The estimates of market opportunity and forecasts of market growth included in this Annual Report may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all. The estimates of market opportunity and forecasts of market growth included in this Annual Report may prove to be inaccurate. Market opportunity estimates and growth forecasts included in this Annual Report, including those we have generated ourselves, are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate, including the risks described herein. Even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all. The variables that go into the calculation of our market opportunity are subject to change over time, including global inflation rates, and there is no guarantee that any particular number or percentage of addressable customers or companies covered by our market opportunity estimates will purchase our solutions at all or generate any particular level of revenue for us. Any expansion in our market depends on a number of factors, including the cost, performance and perceived value associated with our platform and those of our competitors. Even if the market in which we compete meets the size estimates and growth forecasted in this Annual Report, our business could fail to grow at similar rates, if at all. Our growth is subject to many factors, including our success in implementing our business strategy, which is subject to many risks and uncertainties. Accordingly, the forecasts of market growth included in this Annual Report should not be taken as indicative of our future growth.We may be subject to liability claims if we breach our contracts and our insurance may be inadequate to cover our losses. We are subject to numerous obligations in our contracts with organizations using our solutions. Despite the procedures, systems and internal controls we have implemented to comply with our contracts, we may breach these commitments, whether through a weakness in these procedures, systems and internal controls, negligence or the willful act of an employee or contractor. Our insurance policies, including our errors and omissions insurance, may be inadequate to compensate us for the potentially significant losses that may result from claims arising from breaches of our contracts, disruptions in our services, failures or disruptions to our infrastructure, catastrophic events and disasters or otherwise. Further, our insurance may not cover all claims made against us and defending a suit, regardless of its merit, could be costly and divert management’s attention. In addition, such insurance may not be available to us in the future on economically reasonable terms, or at all. Future acquisitions, strategic investments, partnerships, or alliances could be difficult to identify and integrate, divert the attention of key management personnel, disrupt our business, dilute stockholder value and harm our results of operations and financial condition. We intend to continue to seek to acquire or invest in businesses, solutions, or technologies that we believe could complement our platform or expand its breadth, enhance our technical capabilities, or otherwise offer growth opportunities. In furtherance of this strategy, we acquired three companies in 2025 and one additional company in the first quarter of 2026 to add complementary services to our platform and to optimize our products. The pursuit of potential acquisitions may divert the attention of management and cause us to incur various expenses in identifying, investigating and pursuing suitable acquisitions, whether or not they are consummated. Any acquisition, investment or business relationship may result in unforeseen operating difficulties and expenditures. In addition, we have limited experience in acquiring other businesses. If we acquire additional businesses, we may not be able to integrate successfully the acquired personnel, operations and technologies or effectively manage the combined business following the acquisition. Specifically, we may not successfully evaluate or utilize the acquired technology or personnel, or accurately forecast the financial impact of an acquisition transaction, including accounting charges. Moreover, the anticipated benefits of any acquisition, investment or business relationship may not be realized or we may be exposed to unknown risks or liabilities. We may not be able to find and identify desirable acquisition targets or we may not be successful in entering into an agreement with any one target. Acquisitions could also result in dilutive issuances of equity securities or the incurrence of debt, which could harm our results of operations. In addition, if an acquired business 64 fails to meet our expectations, our business, financial condition, revenue, results of operations or cash flows may suffer. We may be subject to litigation for a variety of claims, which could harm our reputation and adversely affect our business, financial condition, revenue, results of operations or cash flows. In the ordinary course of business, we may be involved in and subject to litigation for a variety of claims or disputes and receive regulatory inquiries, for example, please see Note 16 in our Financial Statements. These claims, lawsuits and proceedings could include labor and employment, wage and hour, commercial, data privacy, antitrust, alleged securities law violations or other investor claims and other matters. The number and significance of these potential claims and disputes may increase as our business expands. Any claim against us, regardless of its merit, could be costly, divert management’s attention and operational resources and harm our reputation. As litigation is inherently unpredictable, we cannot assure you that any potential claims or disputes will not have a material adverse effect on our business, financial condition, revenue, results of operations or cash flows. Any claims or litigation, even if fully indemnified or insured, could make it more difficult to compete effectively or to obtain adequate insurance in the future. In addition, we may be required to spend significant resources to monitor and protect our contractual, property and other rights, including collection of payments and fees. Litigation has been and may be necessary in the future to enforce such rights. Such litigation could be costly, time consuming distracting to management and could result in the impairment or loss of our rights. Furthermore, our efforts to enforce our rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of such rights. Our inability to protect our rights as well as any costly litigation or diversion of our management’s attention and resources, could have an adverse effect on our business, financial condition, revenue, results of operations or cash flows or injure our reputation. Catastrophic events may disrupt our business. Natural disasters, geopolitical conditions or events (such as the current armed conflict between Russian and Ukraine and the ongoing conflict in Israel and the Middle East), and other catastrophic events may cause damage or disruption to our operations, international commerce and the global economy, and thus could harm our business. We have our headquarters and a large employee presence in Givatayim, Israel, which is located in a considerably volatile area of the world and has been impacted by the war against the terrorist organization Hamas in the Gaza Strip and related matters, as further described above in the section “Risks relating to our incorporation and location in Israel.” In the event of a major earthquake, hurricane, or catastrophic event such as fire, power loss, telecommunications failure, cyber-attack, war or terrorist attack, we may be unable to continue our operations and may endure system interruptions, reputational harm, delays in our application development, lengthy interruptions to our platform, breaches of data security and loss of critical data, all of which could harm our business, financial condition, revenue, results of operations or cash flows. Acts of terrorism could also cause disruptions to the Internet or the economy as a whole. In addition, the insurance we maintain would likely not be adequate to cover our losses resulting from disasters or other business interruptions. Unrest in certain countries may pose security risks to our people, our facilities, our systems, our operations and local infrastructure, such as utilities and network services, and the disruption of any or all of them could materially adversely affect our operations and/or financial results. In particular, we engage approximately 50 people from the Ukraine, primarily in software development and quality assurance roles. The ongoing military conflict between Russia and Ukraine could materially disrupt our development efforts targeted at customer interface and experience, including by forcing our personnel there to relocate. This may increase our costs, disrupt or delay current or future planned development activities in Ukraine or force us to shift development efforts to resources in other geographies that may not afford the same level of cost efficiencies. Whether in these countries or in others in which we operate, civil unrest, political instability or uncertainty, military activities, or broad-based sanctions, should they continue for the long term or escalate, could require us to re-balance our geographic concentrations and could have an adverse effect on our operations and financial performance, including through increased costs of compliance, restrictions on our ability to sell into specific regions, higher volatility in foreign currency exchange rates, increased use of less cost-efficient resources and negative impacts to our business resulting from deteriorating general economic conditions and adverse impacts to the operations and financial condition of our suppliers, partners and customers. In addition, the conflict between Ukraine and Russia has escalated tensions among the U.S., the North Atlantic Treaty Organization, and Russia. The U.S., other North Atlantic Treaty Organization member states, as well 65 as non-member states, have announced sanctions against Russia and certain Russian banks, enterprises and individuals. These and any future additional sanctions and any resulting conflict between Russia, the U.S. and other countries could have an adverse impact on our operations in Ukraine, create global security concerns, increase the risk of cyber-attacks and have a lasting impact on regional and global economies. Any such sanctions and resulting conflict could also negatively impact or even restrict our ability to market and sell our products in Russia and other countries, which would adversely affect our revenue. Operational disruptions from events such as pandemics could result in a reduction to information technology budgets, delayed purchasing decisions, longer sales cycles, extended payment terms, the timing of payments, and postponed or canceled projects, all of which would negatively impact our business and operating results, including sales and cash flows. Additionally, hybrid and remote work arrangements may continue to affect our operations, the execution of our business plans, the productivity and availability of key personnel and other employees necessary to conduct our business, and on third-party service providers who perform critical services for us, or otherwise cause operational failures due to changes in our normal business practices. If a natural disaster, power outage, connectivity issue, or other event occurs that impacts our employees’ ability to work remotely, it may be difficult or, in certain cases, impossible, for us to continue our business for a substantial period of time. The increase in remote working may increase exposure vulnerabilities, resulting in privacy, data protection, data security and fraud risks and operational inefficiencies. Furthermore, large-scale cyber incidents, including state-sponsored attacks or attacks targeting critical infrastructure, could disrupt global technology systems and create systemic risks beyond our direct control. We are subject to evolving corporate governance and public disclosure regulations and expectations, including with respect to environmental, social and governance matters that could expose us to numerous risks. We are subject to both mandatory requirements and voluntary expectations regarding ESG matters from various governmental and self-regulatory organizations, including the SEC and NYSE. Recent regulatory developments include the SEC's new climate-related disclosure rule (Final Rule 33-11275), currently stayed pending litigation, California's Climate Corporate Data Accountability Act (SB-253) requiring disclosure of greenhouse gas (GHG) emissions, and the EU's Corporate Sustainability Reporting Directive (CSRD). These regulations, along with voluntary ESG initiatives we may undertake in response to stakeholder expectations, could result in increased expenses and management attention. The collection, measurement, and reporting of ESG information, including GHG emissions data, can be costly and complex, particularly given the lack of harmonized reporting standards across jurisdictions. Our ESG initiatives and goals regarding GHG emissions reduction, environmental matters, diversity, responsible sourcing, and social investments may be challenging to implement and verify. Any failure to meet regulatory requirements or stakeholder expectations, whether mandatory or voluntary, could impact our reputation, relationships with stakeholders, and access to capital markets. We may also be affected by market responses to climate change and broader ESG considerations, including efforts to reduce GHG emissions. Compliance with varying requirements across jurisdictions adds operational complexity and potential costs. The accuracy, adequacy, and completeness of our ESG disclosures, whether required by regulation or voluntarily provided, present operational, reputational, financial, and legal risks. The information contained in this section is accurate as of the date hereof, but may become outdated due to changing circumstances beyond our present awareness or control. 66