A.History and Development of the Company The legal and commercial name of our company is Similarweb Ltd. We were incorporated in February 2009 under the Israel Companies Law, 5759-1999, or the Companies Law, of the State of Israel and commenced operations on that date. Our principal executive offices are located at 33 Yitzhak Rabin Rd., Givatayim 5348303, Israel. Our agent for service of process in the United States is Similarweb, Inc., 6 East 32nd Street, 8th Floor, New York, NY 10016. Our website address is www.similarweb.com, and our telephone number is +972-3-544-7782. Information contained on, or that can be accessed through, our website does not constitute a part of this Annual Report and is not incorporated by reference herein. We have included our website address in this Annual Report solely for informational purposes. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers, such as we, that file electronically, with the SEC at www.sec.gov. For a description of our principal capital expenditures and divestitures for the three years ended December 31, 2025 and for those currently in progress, see Item 5. “Operating and Financial Review and Prospects.” B.Business Overview Overview Similarweb is a leading provider of digital data and analytics that power critical business decisions. We uncover what is happening online and seek to provide businesses with the most comprehensive, actionable and trusted digital data that can be consumed both directly by human decision-makers or by advanced analytical and artificial intelligence systems to build strategy, optimize customer acquisition and enhance monetization. While we are well known for our productized software solutions, as well as for our application programming interface (API), our model context protocol (MCP) and our freemium offerings estimating website and app usage, at our core we are a data business. Similarweb Digital Data is our estimate of all the actions and transactions in the digital world across websites and apps worldwide structured and normalized to support a broad range of downstream use cases, including large-scale analytics, automation and machine learning model development. Our customers use Similarweb Digital Data to power critical decisions for running their businesses and optimizing their activities in the digital world. Increasingly, customers also rely on our data as a foundational input into data-driven systems that operate with limited or no direct human intervention. Today, businesses have access to unprecedented amounts of internal data that they can utilize for decision-making. However, the data generally available to them only relates to the transactions and interactions with their own audience across their digital properties, such as the websites, apps and social media channels that they own. Businesses have limited visibility into the broader behaviors of consumers or the digital performance of competitors, partners, and other players. As a result, companies operate frequently with a lack of external visibility, impairing their ability to execute everything from corporate strategy to day-to-day operations. Similarweb provides this visibility at scale and with the consistency required for both human analysis and machine-driven inference. We believe we are becoming recognized as the standard for powering data-driven decisions for businesses across all channels within the digital world. Like wattage powers cities, Similarweb Digital Data powers decisions related to the digital world that create significant competitive advantages, including by enabling intelligent systems to reason about digital behavior with greater accuracy and context. To create our proprietary data asset, we collect billions of raw web and mobile data points on activity related to companies and products. Our data scientists and engineers transform the unrefined data on interactions and transactions into Similarweb Digital Data using proprietary algorithms that leverage machine learning and artificial intelligence, producing high-quality, continuously refreshed datasets suitable for use in advanced analytics pipelines and model training environments. 67 We deliver our Digital Data in three distinct and impactful ways: (1) Our robust software platform with products including Similarweb Web Intelligence, Similarweb App Intelligence, Similarweb Retail Intelligence, Similarweb Sales Intelligence and Similarweb Stock Intelligence, empowers business teams and leaders to drive better strategic and operational decisions to grow and win their markets, while also serving as a validation and exploration layer for customers developing data-driven and AI-enabled solutions. (2) We enable customers to seamlessly integrate our Digital Data through APIs and MCPs into enterprise workflows, processes and systems to facilitate data powered decisions at scale, including ingestion into machine learning platforms, data warehouses and model orchestration frameworks. (3) As the demand for differentiated digital data increases, more and more of our customers are amplifying the value of their own offerings by embedding our data into their products and services. Businesses utilize our productized SaaS solutions to enhance the capabilities of their professionals at all levels of the organization- from business leaders, strategy teams, analysts, marketers, and category managers to salespeople - to quickly and efficiently discover their best growth opportunities, identify potential competitive threats and make critical decisions to acquire customers and grow revenue. Our Data as a Service (DaaS) solution provides strategic accounts, enterprises and SMBs with data feed APIs and exports, allowing them to integrate Similarweb Digital Data into their own dashboards and internal applications. We also provide advisory services, typically to businesses at the enterprise and strategic account level who require assistance with business challenges for which we have not yet productized a solution or who need extensively customized data and analytics to accomplish their objectives using Similarweb Digital Data. We provide bespoke data integrations and non-processed data feeds to customers who have their own teams of data scientists and their own data integration and analytics infrastructure. Integrations are useful for clients who want to combine our data with their own business intelligence systems. For clients who require customized and streamlined data delivery at scale, we provide bespoke datasets that enhance their data models. We sell to companies with commercial activities in the digital world across a wide range of industries such as retail, consumer packaged goods, luxury & premium consumer brands, consumer finance, consultancies, marketing and advertising agencies, media and publishers, business-to-business software, payment processors, travel, and institutional investors, as well as to organizations building data-driven and AI-enabled products and services. As of December 31, 2025, we had 6,128 paying customers. 68 Revenue from multi-year contracts at December 31, 2025 accounted for 60% of our ARR and increased from 49%% and 42% at December 31, 2024 and December 31, 2023, respectively. We believe this metric is a good indicator of the value our customers ascribe to our data and their desire to ensure access to our data. Our business has grown rapidly, and in 2024 we achieved our goal of generating cash while being profitable on a non-GAAP basis. Our revenue growth was 13% for the year ended December 31, 2025 compared to the year ended December 31, 2024 and 15% for the year ended December 31, 2024 compared to the year ended December 31, 2023. Additionally, we had $78.8 million in cash, cash equivalents and restricted deposits as of December 31, 2025 compared to $74.4 million as of December 31, 2024. We generated revenue of $218.0 million, $249.9 million and $282.6 million in the years ended December 31, 2023, 2024 and 2025, respectively. We generated operating cash flow of $14.6 million and free cash flow of $13.0 million in the year ending December 31, 2025 compared to operating cash flow of $(3.0) million and $30.2 million and free cash flow of $(5.4) million and $27.4 million in the years ended December 31, 2023 and 2024, respectively. See the section titled “—Non-GAAP financial measures—Free cash flow” for additional information regarding free cash flow, a measure that is not calculated under GAAP. For the years ended December 31, 2023, 2024 and 2025, our net loss was $29.4 million, $11.5 million and $32.9 million, respectively. Our Market Opportunity We believe that through our delivery of Similarweb Digital Data, we provide businesses with mission-critical insights to make better decisions and high-quality external data inputs that can be consumed programmatically by advanced analytics and artificial intelligence systems, that can be used by companies of all sizes across most industries. We estimate that the current total addressable market, or TAM, for our offerings is approximately $55 billion. We calculate our market opportunity by combining our estimates for B2B, B2C companies and Investors customers, as well as organizations that embed external digital data into data-driven and AI-enabled products and workflows. For B2C and B2B companies, we calculate the potential annual spend on Similarweb products by SMEs (20-1000 employees) and Large Enterprises (1000+ employees). We calculate the number of B2C and B2B companies in the United States in each of these categories based on US Census Bureau’s “Statistics of US Businesses” Data, and extrapolate the global number of B2C and B2B companies. Based on data from Statista, we estimate that 80% of SMEs and 90% of Large Enterprises have a digital presence that would benefit from utilizing our data and products. For Investors, our calculation is based on our estimate of the potential annual spend on Similarweb products by investors in private markets (e.g. Private Equity and Venture Capital firms) and public market investors (e.g. Mutual Funds, Pension Funds, Hedge Funds and other Institutional Investors). We calculated the global number of Private and Public Investors using data from Preqin, Statista, The National Venture Capital Association, as well as Industry Reports by Bain & Company, EY and PwC many of which increasingly rely on alternative data as an input into quantitative, predictive and AI-driven investment processes. We believe there are several key trends in the global macroeconomic environment generating additional growth and increasing the potential demand for our solutions: • Growing Recognition of Analytics and Data-Informed Business Decisioning. Due to the pervasive digital transformation that nearly all industries are experiencing, we believe businesses are increasingly recognizing the value of incorporating data-driven insights into their organizations. We believe businesses are leveraging the advancements of technology in data creation and interpretation to analyze business practices with the aim of improving efficiency, reducing risk, and driving growth. We expect companies will continue to recognize the value in relying on insightful and accurate B2B data in their strategy, sales, and marketing workflows as well as in the data foundations underlying intelligent and automated systems. • Growth in Data Creation and Applications. We believe that as a result of the increasing recognition of data’s value, the volume of data sets being collected and assembled continues to increase. Not only is the size of 69 these data sets significantly large, but the data being collected covers a wider range of topics and subjects. The proliferation of mobile phones and connected devices has created a "digital exhaust" of data that can be captured and tracked. This alternative data can be incorporated in predictive models alongside traditional data to provide more sophisticated and accurate business insights including as training, validation and enrichment data for machine learning and artificial intelligence models. Businesses now have a massive amount of data at their fingertips but often have to rely on large-scale providers to help them curate, match, append, and create insights in order to convert that data into improved outcomes. • Advances in Analytical Capabilities Unlocking the Value of Data. The combination of increasingly available data sets with effective artificial intelligence and machine learning capabilities allows for the generation of mission-critical insights integrated into clients’ workflows. Businesses that lack the resources for developing these complex tools and solutions internally turn to data and analytics providers, creating market demand. The availability of more insightful analytical tools, in turn, drives growing recognition of the power of analytics in everyday business processes. Further, for various strategic and other reasons, some businesses may prefer the delivery of certain types of data and analytics with a distinct layer of independence and/or objectivity included as part of the value created by the provider. • The transformation of the digital customer journey driven by proliferation of AI chat bots and large language models (LLMs) and autonomous or semi-autonomous AI agents. The rise of LLMs and AI agents is transforming how consumers access information and make purchasing and discovery decisions, drawing them away from traditional search engines and increasingly interposing algorithmic systems between brands and end users, disrupting the digital customer journey. This creates uncertainty for brands and other entities that rely on digital channels for their sales and marketing efforts, as visibility, attribution and influence shift from consumer-facing interfaces to machine-mediated decision pathways. This shift could necessitate the reevaluation of digital strategies, including an increased investment in digital data that can be understood, interpreted and acted upon by AI-driven systems, to better understand the evolving landscape and rethink strategies to remain relevant in this evolving digital landscape, where automated agents may evaluate, compare and recommend products and services on behalf of users. We believe that due to our differentiated capabilities and our long-term client relationships, we are well-positioned to capture this market opportunity and benefit from these long-term trends including those driven by the growing adoption of artificial intelligence across industries. Further, we believe we have the opportunity to increase our penetration within our potential customer base and are addressing a very small portion of our market opportunity today. We believe over the longer term the expanded market potential for our services will manifest within the intersections of the markets for business intelligence software, marketing research and analysis services, sales intelligence software and services, marketing analytics software, audience analytics and alternative data for investors. Our Digital Data In order to power business decisions that build corporate strategy, accelerate customer acquisition, maximize monetization, we have created a comprehensive view of the digital landscape - Similarweb Digital Data, encompassing both insight-ready outputs and raw, configurable data. To create this data we collect real-time digital signals of interactions and transactions on millions of websites and mobile apps, and analyze billions of search terms, digital ads, eCommerce product stock-keeping units, or SKUs, articles, and content pages across digital platforms, channels, industries, and geographies. Through synthesis, modeling and analysis, we transform these digital data points into Similarweb Digital Data, which we deliver to our customers through SaaS, DaaS, or Integrations. Our data serves as a trusted external data foundation for advanced analytics, artificial intelligence and agent-driven systems. Since our inception, we have invested substantial resources to establish our data sets, methodology, and leading technology. Our unique, multi-dimensional approach to analyzing the digital world leverages the experience of a team of PhDs and data scientists to cleanse and model vast amounts of data collected into reliable and actionable insights which comprise Similarweb Digital Data. 70 Data Collection We design our system to collect a diversified universe of digital data signals constructed of statistically representative data sets that draw from sources across countries, industries, user groups and devices. We have been proactive in diversifying our data inputs such that the metrics we present in our solutions are derived from multiple sources and are self-adjusting to changes in the market. We do not acquire a significant portion of our data from a single data partner or group of data partners, and routinely enter into agreements with additional data partners. We collect our data across sources that we classify into four distinct categories: • First-party direct measurement data and analytics that millions of websites and mobile app owners share with Similarweb directly, giving us visibility into specific websites and mobile apps: Millions of website and app owners share their aggregated first-party analytics directly with us. These direct measurement tools feed our machine learning algorithms and enrich our data and analytics solutions. In addition, many of these companies who share with us their first-party analytics data regarding their website traffic also choose to provide us publicly share that data on our platform, and we believe they do so given our high brand awareness and popular free offering, and because these companies monetize traffic. As part of the process in which most website and app owners register as Similarweb users, they indicate whether they are willing to share their first-party direct measurement data (such as data provided by Google Analytics) with us; the data in this category comes from those that opt to allow such access. • Contributory network of a collection of consumer products that aggregate de-identified or anonymous device behavioral data: We aggregate de-identified or anonymous traffic data from a collection of proprietary and third-party consumer-oriented desktop products, mobile apps and AI-enabled and agent-driven tools. These consumer products and apps are generally provided in exchange for the ability to gather de-identified or anonymous users' digital activity. The data collected is used to understand website and app usage and traffic sources. This data is sourced from diverse audiences to maintain an accurate and consistent view of the digital world over time. The data in this category is collected pursuant to the terms of use of the respective apps or products, which enable the use of de-identified or anonymous data subject to the terms of their privacy policies. • Public data capture where we use advanced algorithmic and proprietary technology that captures and indexes public data from hundreds of millions of websites and apps: 71 Our public data sources represent an aggregation of online information available to the public. We employ algorithmic and proprietary automated techniques to capture and index publicly-available data from billions of web pages and apps every month. These data sources help us to further refine our predictive models. • Partnerships with a global network of companies that collect digital signals: We partner with a global network of companies that capture digital data points and provide us with additional data from three data types (first-party direct measurement data, contributory network data and public data) to supplement our own direct data collection, and to provide us with additional types of data to help us understand behavior across the digital world. We partner with these companies pursuant to data license or similar agreements. As part of the process of contracting with such companies, we conduct due diligence on their data collection processes and privacy practices and require representations and warranties with respect to those matters in the agreements that we enter into with them. Data synthesis In addition to creating robust data collection methodologies, we have built sophisticated machine learning algorithms that synthesize data inputs collected for further modeling. • Cleaning the inputs to remove abnormal data points, behavior anomalies and to confirm the de-identification or anonymization of any personal data. • Matching the data points in a sequential order to identify meaningful behavioral sequences or transactional streams of events. • Pre-Processing the billions of data points for estimation with our proprietary URL classification system to measure website traffic by acquisition channel. • Blending of multiple sources and historical digital signals to attain a comprehensive learning set of digital signals. This process aggregates these mixed data sources and types into a single data set at the website or mobile app level, removing irregularities. Data modeling After data has been normalized and synthesized it is then run through our specialized machine learning training to generate predictive models that provide a consistent view of the digital world over time. This process includes: • Training machine learning models continuously refining for irregularities and estimation of biases in the digital signals. • Blending models for refined accuracy and consistency of our industry-leading estimations. • Reporting key insights across countries, industries, user groups and devices for a comprehensive view of the digital world. 72 This final process results in the finished product of Similarweb Digital Data that is ready for delivery, spanning the categories below. Data delivery After our data transformation engine generates powerful, ready-to-use insights in the form of Similarweb Digital Data, we then deliver it through our SaaS, DaaS or Integrations to help companies make critical decisions about business strategy, customer acquisition, and monetization. Our delivery models include: • Software-as-a-Service. Our SaaS solutions help businesses accelerate their growth, empowering our users to discover and capture the best business opportunities and proactively respond to emerging threats to the business. These solutions are powered by our proprietary technology that analyzes digital interactions and transactions from websites, Marketplaces and apps, and turns these digital signals into actionable insights. Our digital data and analytics solutions address the needs of users across entire organizations, from entry-level employees to the C-suite. Our solutions are easy to use and integrated into our users’ workflows for seamless adoption and maximum business impact. They provide a unified view of the digital world to power data-driven decision-making. Our SaaS solutions include: •Web Intelligence. Allows senior leaders, strategy and business intelligence teams to benchmark performance against competitors, analyze trends in the market, conduct deeper research into specific companies and analyze audience behavior. It also allows marketing leaders, search engine optimization, or SEO, and content managers, to understand their competitors’ digital acquisition strategies across marketing channels, and optimize their own strategies in response. This product also incorporates GenAI visibility solutions, which provides insights into brand presence and competitive positioning within AI-generated responses and discovery experiences and is used to build strategy and enhance customer acquisition. •App Intelligence. Allows senior leaders, strategy and growth teams, and market leaders to identify trends and monitor usage and performance for mobile apps. It also enables businesses to benchmark their performance against competitors across the funnel, from app store downloads to usage and sessions, and to identify leading indicators of growth, retention, and monetization. This solution is used to build strategy, improve monetization, and optimize customer acquisition. Combined with Web Intelligence, these two solutions provide a holistic view of the digital landscape. •Sales Intelligence. Allows sales management and operations, sales representatives and account management teams to access relevant buying signals and digital insights of their customers in order to generate more leads more quickly, enrich leads automatically and collaboratively engage with prospects and customers. This solution is used primarily to enhance customer acquisition. •Retail Intelligence. Allows digital commerce leadership and category and product managers to analyze a complete view of their customers’ digital journeys, monitor consumer demand, increase brand visibility in the search process and optimize category and product level conversion in the purchase process. This solution is used primarily to maximize monetization. •Stock Intelligence. Allows portfolio managers, investment professionals, data scientists and research analysts to access an end-to-end view of market, sector or company performance in order to ideate and monitor investment opportunities, forecast market performance and perform due diligence. 73 Similarweb Digital Data SaaS Solutions • Data-as-a-Service. We equip businesses with the ability to create their own perspective of the digital world at scale by providing large, configurable, structured, granular datasets of Similarweb Digital Data that are delivered to their data lake. These provide a holistic view of the digital world by combining our datasets, that are mapped to our company data. We provide self-operated access to our data via our batch API, REST API and integrations through Snowflake, AWS, Databricks, Google cloud and more. We also provide Similarweb administered access through data feeds and custom delivery methods. Direct access to Similarweb Digital Data enables our customers to configure their own models including those incorporating machine learning or AI-based technologies, that support their critical business decisions. • Integrations. We provide bespoke data sets that can be integrated into the business intelligence solutions and data products of sophisticated customers that have built their own data capabilities including data analyst teams, data infrastructure and proprietary models. Some of these customers use Similarweb Digital Data to enrich and improve the forecasting accuracy of their models. . • AI & Model Enablement Data. We deliver data to organizations that use our datasets as foundational inputs for artificial intelligence, large language models (LLMs), and agentic AI systems. This delivery model enables 74 customers to incorporate large-scale, structured digital behavior signals into their own AI pipelines. These offerings are designed for customers with advanced data and AI infrastructures that prefer raw, configurable data rather than packaged software, estimated or analytics outputs. This model complements our SaaS, Data-as-a-Service, and integration offerings and represents an expanding avenue through which customers leverage Similarweb Digital Data to power next-generation AI-driven products and services. • Advisory Services. When businesses request our assistance with problems for which we have not yet productized a solution, they often partner with our Advisory Services team to unlock premium analyses from Similarweb Digital Data. Our Advisory Services team provides custom embedded consulting engagements that are tailored to meet specific business needs. Our industry experts and their team of consultants and data scientists work directly with customers to frame and solve their core business challenges, such as mapping the consumer path to purchase, profiling a specific audience, or measuring digital brand performance. We work alongside our customers' teams to help them make critical business decisions. From these engagements, the majority of which provide an additional source of recurring revenue, we regularly utilize the work done to create scalable productized solutions to further expand into our TAM. 75 Our Competitive Strengths We believe our robust data repository and our unique prediction models powered by machine learning represents a significant competitive advantage and makes us the de facto standard for powering decisions with data from the digital world. We have aggregated data for over thirteen years and have amassed a quality and quantity of digital data in our corpus that we believe is nearly impossible to replicate. Through synthesis, modeling and analysis, we transform these digital data points into Similarweb Digital Data, which is delivered through Software-as-a-Service (SaaS), Data-as-a-Service (DaaS), or Integrations, and is: • Timely. Digital interactions and transactions generate massive quantities of data, and because of the high velocity of the digital economy, this information quickly becomes out-of-date. As a result of the diversity and scale of data, as well as the need to keep the data current, it is extremely difficult to build and maintain a comprehensive view of all digital activity. We capture digital signals as they occur and provide our customers with timely insights into the digital world that allow them to take action. Within 72 hours of a transaction or interaction, our platform analyzes relevant data and provides actionable insights to our users. In order to be able to make mission critical decisions, our customers rely on the insights they derive from Similarweb Digital Data to be timely and relevant. Fresh data enables companies to be flexible and proactive in responding to developing trends and see the impact of their decisions as they occur. These timely insights make us essential in decision-making processes and drive increased usage by our customers. • Comprehensive. Similarweb Digital Data is powered by a comprehensive set of data points that is: • Multi-industry. Our data set covers virtually every industry and includes additional granularity on sub-industries and companies, providing our customers with a comprehensive understanding of their market and adjacent competitive landscapes. • Global. Our data set provides global and country-specific views of digital activity helping our customers create strategies across virtually any geography. 76 • Multi-platform. We are able to generate a robust data set by aggregating data from all the various sources that people use to interact and transact digitally. We collect data across desktop, mobile web, iOS and Android, allowing us to provide our customers with a complete picture of digital activity. • Multi-channel. We analyze data across a variety of channels, including direct traffic, organic and paid search, referrals, display banners, video, e-mail and social media. By measuring engagement across digital channels, we are able to deliver deeper and more valuable insights than point solutions that focus on a single channel or subset of channels. • Artificial Intelligence: AI Studio. We have developed sophisticated tools allowing users to access valuable insights from Similarweb Digital Data through natural language queries. The first-of-its-kind digital intelligence assistant integrates proprietary data with large language AI models, streamlining the process for users to navigate the competitive landscape and improve digital performance. • Intuitive. We deliver powerful insights that customers can access through our various offerings. Our SaaS offering does not require a complex analytical skill set or technical expertise to derive value; rather we offer a consumer-oriented user interface that is delightful to use and easy to understand. This ease of use means that anyone in an organization can easily leverage our SaaS solutions to power data-driven decision-making. • Proactive. Similarweb Digital Data proactively highlights insights and takeaways in a way that any business user can understand. Our dynamic interface provides all relevant information in a digestible manner, allowing users to have all of the information they need to understand performance and make decisions. Through our machine learning capabilities, we proactively anticipate and deliver relevant data, preventing users from needing to run multiple data queries or know all of the potential questions they need to ask ahead of time. For example, our SaaS sales solution will alert a sales lead to engage a prospective customer based on observation of the right buying signals. • Unified. Similarweb Digital Data provides a unified view of digital data and analytics. All members of an organization using our data can see the same output from the same data set, allowing decision-making processes to become easier as everyone has access to the same data. The democratization of access to the digital insights that our platform provides fosters collaboration across hierarchies and teams within an organization and enables us to be the single source of truth. • Actionable. We not only provide the data, but also offer insights that answer relevant questions to help drive critical business decisions. Customers can easily use our API to integrate our data and insights into their own bespoke analytical models. Our offerings are built to provide granular data including brand, product or page level engagement critical to creation of actionable insights. Additionally, our up-to-date data enables businesses to take action on information while it is still relevant. In today’s fast-moving world, our timely, comprehensive data collection and dynamic insight creation enables organizations to optimize decision-making without compromising on speed. Our Growth Strategy We intend to drive the growth and operational performance of our business through the following strategies: Business Strategy and Recent Developments Our business strategy is focused on: •the continued development and expansion of our proprietary data; •the expansion and deepening of relationships with our enterprise customers; and •the integration of artificial intelligence capabilities across our product offerings and data platform. 77 Proprietary Data Assets We plan to continue to invest in the development of Similarweb Digital Data to measure, model, and estimate digital activity across websites, mobile applications, search engines, online advertising channels, eCommerce platforms, and other digital environments. This builds on over a decade of investment in data acquisition, infrastructure, engineering and data science. We continuously evaluate and enhance the scope, quality, accuracy, and timeliness of our data in response to changes in digital consumption patterns and customer requirements. In 2025, we expanded our data to increase coverage across mobile application usage, digital advertising spend, chatbot-related activity, and generative AI visibility. We intend to continue investing in our data infrastructure and methodologies in order to maintain and expand coverage across existing and emerging digital channels. Enterprise Customer Relationships A substantial portion of our revenue is derived from enterprise customers across multiple industries and geographies. We plan to leverage these relationships and increase penetration within existing enterprise accounts, expanding the number of products adopted by such customers, and extending the long-term contractual arrangements. For example, we have successfully expanded our ARR from two large technology companies from tens of thousands of dollars to in excess of $10 million over a period of ten years. We believe that this demonstrates our ability to expand our share of wallet at Tier 1 customers. As of December 31, 2025, customers generating annual recurring revenue, or ARR, of $100,000 or more increased by 12% compared to the prior year and represented approximately 63% of total ARR. In addition, revenue derived from multi-year contracts represented approximately 60% of ARR as of December 31, 2025, compared to 49% as of December 31, 2024. We expect enterprise customer expansion to remain a strategic focus in future periods. Artificial Intelligence Capabilities and Integrations We are integrating artificial intelligence capabilities across our product portfolio to enhance functionality and automate certain analytical processes. Our AI-related initiatives include embedding AI-driven features within existing solutions, introducing new AI-enabled modules, and enabling access to our datasets within third-party AI environments. In 2025, we introduced several AI-related offerings, including: •AI Studio, which enables customers to utilize our datasets within AI-driven workflows; •AI agents embedded within certain of our business solutions to facilitate automated analysis; •a GenAI Intelligence module designed to measure brand visibility and sentiment across generative AI platforms; and •integrations utilizing model context protocol, or MCP, and related chatbot integrations that enable access to our datasets within third-party AI-native applications. We have also entered into partnerships pursuant to which our datasets are incorporated into third-party AI platforms and agent-driven workflows. For example, we have partnered with Manus to integrate our data into workflows designed to support marketing analysis, competitive assessment, and related use cases. These arrangements are intended to expand distribution channels for our data and to create additional monetization opportunities. The 78 commercial impact of such integrations will depend on the level of adoption by end users, the terms of applicable agreements, and market conditions. Operational Focus In connection with the foregoing initiatives, we remain focused on operational efficiency, disciplined cost management, and capital allocation. Our objective is to balance investment in product development, data infrastructure, and go-to-market capabilities with the pursuit of sustainable revenue growth and cash generation. Our Customers We serve a broad range of customers of all sizes across a variety of industries including agencies & consulting, consumer goods, financial services, media, pharmaceuticals, retail, technology and travel, among others. As of December 31, 2025, we had 6,128 customers globally. As of December 31, 2025, 454 of our customers generated ARR of $100,000 or more, representing 63% of our total ARR. Most of these larger customers initially began as smaller customers and increased their spending over time as they saw the value of our Similarweb Digital Data. We see a significant opportunity to continue expanding our existing customer spending with a growing number of customers generating ARR of $1 million or more. For the years ended December 31, 2023, 2024 and 2025, approximately 53%, 52% and 45% of our revenue, respectively, was generated from customers outside of the United States and no single customer generated more than 10% of our revenue. Our Sales and Marketing Operations We deploy a highly efficient approach to sales and marketing in order to grow our business. Our sales and marketing teams collaborate to create brand awareness and demand, build a robust sales pipeline and ensure customer success, driving revenue growth. We believe that our sales and marketing model provides us with a competitive advantage because we attract and engage new businesses efficiently and at scale, and we have established a successful upsell motion to grow existing customer accounts. We believe that we have a highly efficient sales organization, which includes a global sales force, technical and data experts, and support staff, operating through both an inbound and outbound sales motion. The inbound sales motion accounts for approximately half of our new sales opportunities, where prospective customers display initial interest in our Similarweb Digital Data by visiting or contacting us through our website. These cost-effective leads are efficiently converted to pipeline opportunities for our sales teams to pursue. We complement this inbound motion with an outbound motion focused on developing sales opportunities with larger targeted accounts, where our sales representatives engage organizations based on a geographic coverage model. In general, large enterprises are covered by our field sales team, and smaller organizations by our inside sales team. We have a team of account managers focused on expanding and retaining our existing customer relationships by helping our customers optimize the value they derive through their usage of our platform, solutions and Similarweb Digital Data. We continually engage with our customers post-purchase through support services and proactive account management team check-ins. As part of this engagement, we also seek to identify additional opportunities to upsell customers to new services based upon the value and experience they are deriving from Similarweb Digital Data. It is our belief that such customers may want to add additional feature functionality, geographic coverage, users, and digital data and analytics solutions. To drive sales, we leverage free offerings that attract and engage prospects’ interest and feature our platform capabilities. Through our website, and through a popular browser extension, we provide free access to a wide range of basic services that provide users with a subset of our robust insights and analytics as well as the opportunity to explore the value they could achieve from our paid offerings. Our free offerings deliver ranking and ratings of websites and apps as of a recent date and act as an entry point for many users who often upgrade to paid 79 subscriptions. We attract millions of users each month with these free offerings, resulting in hundreds of thousands of sales leads. While functional and relevant to a broad swath of businesses, our free offerings offer significantly less functionality than our paid solutions, which address specific use cases with robust insights and time series data, with granular details around web traffic, behavior and user journey that can drive business decisions and success. We believe this tiered approach creates evangelists within organizations who see the value of our solutions, build trust in and connection with our brand, and spread the word organically. Our marketing efforts focus on establishing our brand, generating awareness, positioning our products in the market, creating demand, and nurturing the Similarweb community. We focus on promoting our free products, which are integral parts of our customer acquisition process, as well as our paid solutions and the functionality they offer. Our marketing team consists primarily of product marketing, demand generation, field and event marketing, communications and solution campaign management. Marketing leverages both online and offline marketing activities such as events and trade shows, seminars and webinars, paid digital advertising, content marketing, search engine optimization, and email marketing. Our content marketing efforts include publication of educational content, white papers, case studies, and blogs. Our marketing team also creates and publishes digital research, backed by insights derived from our Similarweb Digital Data that effectively capture media attention through our public relation efforts. As Similarweb is increasingly recognized by media and analysts as the best source of comprehensive data on activity within the digital world, our earned media coverage has risen significantly. Our Competition As the world shifts to digital we are disrupting manual legacy approaches to making decisions with web and mobile data, with our cloud-based digital data and analytics platform. The approaches we are disrupting include market research companies such as NIQ and Kantar Group, traditional media measurement solutions such as Nielsen Corporation and Comscore, Inc., project-based approaches to specific business challenges provided by management consulting companies (e.g. McKinsey & Company, Bain & Company and Accenture plc) and marketing and media buying advertising agencies (e.g. WPP plc, Omnicom Group and Interpublic Group). While we do not believe there are companies that offer the breadth and depth of digital data and analytics we offer, there are companies addressing narrow market segments such as digital marketing (e.g. SEMrush, which signed a definitive agreement to be acquired by Adobe Systems in November 2025), or mobile application data (e.g. Sensortower). We believe we compete favorably, and customers select us based on a number of factors, including: •Market vision and pace of product innovation; •Ability to deliver reliable, timely analytics; •Breadth and depth of digital data across the web and mobile continuum; •Ease of use; •Digital market expertise; •Adaptability to a broad range of use cases; •Brand awareness and reputation; •Scalability and availability; •Pricing and total cost of ownership; 80 •Security and data privacy; and •Quality of customer support. Our Research and Development Operations Since our founding, we have invested significantly in building a best-in-class tech platform that creates and delivers Similarweb Digital Data. Leveraging a team of PhDs, data scientists and big data engineers, we have built a proprietary foundation for our data platform. Our technology platform is predicated on: • Innovation. We foster an innovative, fast-paced engineering culture, since we began operating. We have consistently developed and delivered cutting-edge capabilities for our users. Our team of PhDs, data scientists and big data engineers first focused on disrupting competitive intelligence across desktop, then added cross-platform capabilities across mobile web and apps, and has since evolved the platform so it integrates into user workflows, with use case-specific products. We release products quickly and constantly refine and improve upon our leading platform. • Scalability. Our data is load-balanced across two Amazon Web Services regions, and each instance is able to auto-scale to accommodate the full usage of our platform at any time. This processing power allows us to analyze the billions of digital signals that come through our platform daily and analyze them to provide real-time insights to our users. • Reliability. We fully synchronize data across all regions and employ automatic failover and recovery to ensure that users do not lose their data. As a result, we have had no material downtime in the past three years. • Security. Our Chief Information Security Officer (CISO) oversees the information security team and drives the implementation of a comprehensive cybersecurity strategy and advanced technologies to safeguard the organization’s operations and digital assets. All data, whether at rest or in transit, is encrypted utilizing commercial-grade tools that use industry-standard algorithms. Similarweb employs the Cloud Security Posture Management platform to continuously monitor cloud assets, identify potential vulnerabilities, and deploy emergency patches as required. Furthermore, the platform performs ongoing risk assessments across cloud environments and external-facing assets to ensure robust security measures are maintained. In addition, Similarweb’s API integrates seamlessly and securely with customers' existing workflows, enabling the generation of customized outputs and analyses leveraging our data. Our Commitment to Privacy We take pride in our dedication to data privacy compliance. Our data collection strategy and practice is built on the fundamental principle of collecting information about use – not users. We are guided in all of our activities by the doctrine of “privacy by design” – we strive to avoid or minimize the collection of personal data, and to collect only the minimal data needed for the development and maintenance of our solutions and the operation of our business. We devote substantial efforts and resources to ensure the data we collect and how we use and share it is compliant with GDPR, CPRA and other privacy laws and regulations. •Multi-step verification process is employed to ensure data collected and used does not contain any personally identifiable information, or PII, or that any PII collected is collected and processed in accordance with applicable privacy laws. •Anonymous and/or de-identified behavioral data is aggregated and analyzed at the site- and app-level. •We never use the data we collect to power our solutions for individual ad retargeting. 81 Our Intellectual Property Our intellectual property and our rights to use and protect it are important to the success of our business. We rely on a combination of copyright, trademark, trade secret and patent laws in the United States and other jurisdictions, as well as license agreements, confidentiality procedures, non-disclosure agreements with third parties, and other contractual protections, to protect our intellectual property rights, including our proprietary technology, algorithms, digital insight data, software, know-how and brand. We utilize open source products in various parts of our software and applications in accordance with the respective licenses of those products. Generally, we do not use patents to protect our intellectual property. As of December 31, 2025, we owned five registered patents: we acquired one patent in the United States and one foreign patent from a third party in 2015; and in 2021, we acquired from another third party an additional patent portfolio, which as of December 31, 2024 is comprised of three patents in the United States. As of December 31, 2025, we owned four registered trademarks in the United States, and we owned thirty trademark applications and registered trademarks in various additional jurisdictions. Although we rely on intellectual property rights, including copyrights, trademarks and trade secrets, as well as contractual protections to establish and protect our proprietary rights, we believe that factors such as the technological and creative skills of our personnel, creation of new services, features and functionality, and frequent enhancements to our platform are more essential to establishing and maintaining our technology leadership position. We control access to and use of our proprietary technology and other confidential information through the use of internal and external controls, including contractual protections with employees, contractors, customers and partners. We require our employees, consultants and other third parties to enter into confidentiality and proprietary rights agreements and we control and monitor access to our software, documentation, proprietary digital insights data, proprietary technology and other confidential information. Our policy is to require all employees and independent contractors to sign agreements assigning to us any inventions, trade secrets, works of authorship, developments, processes and other intellectual property generated by them on our behalf and under which they agree to protect our confidential information. In addition, we generally enter into confidentiality agreements with our customers and partners. For additional information about the risks relating to our intellectual property, see the Item 3.D “Risk factors—Risks relating to our intellectual property and technology.” 82 C. Organizational Structure The following diagram illustrates our corporate structure as of the date of this Annual Report. All ownership is 100%. D.Property, Plants and Equipment Our current headquarters is located in Givatayim, Israel, where we lease approximately 141,000 square feet, which lease expires in April 2032. We also have offices in other locations, including New York, Burlington, London, Tokyo, Prague, Zurich, Santiago and Singapore. These offices are leased, and we do not own any real property. We believe that our current facilities are adequate to meet our current needs.