A. History and Development of the Company Our legal and commercial name is Alarum Technologies Ltd. We were incorporated as a legal entity in the State of Israel in December 1989, and are therefore subject to the Israeli Companies Law. From June 2011 until June 2016, we did not have any active business operations, excluding administrative management. On June 15, 2016, we completed a merger transaction, or the Merger Transaction, with Safe-T Data, whereby we acquired 100% of the share capital of Safe-T Data. Since the date of the Merger Transaction, we have devoted substantially all of our financial resources to develop and commercialize our products and to extend our business organically as well as by acquisitions. Our Ordinary Shares have been trading on the TASE since January 2000. As of July 7, 2016, and following the change of our name in the course of the Merger Transaction, our symbol on the TASE was “SAFE.” ADSs representing our Ordinary Shares have been trading on the Nasdaq Capital Market and TASE under the symbol “SFET” since August 17, 2018. On January 8, 2023, we changed our name to Alarum Technologies Ltd., and effective from January 25, 2023, our ADSs, representing our Ordinary Shares, are traded on the Nasdaq Capital Market, and our Ordinary Shares are traded on TASE under the symbol “ALAR.” Our principal executive offices are located at 8 Yitzhak Sade St., Tel Aviv, 6777508 Israel. Our telephone number in Israel is +972-9-8666110. Our website address is www.alarum.io. The information contained on our website or available through our website is not incorporated by reference into and should not be considered a part of this annual report on Form 20-F, and the reference to our website in this annual report on Form 20-F is an inactive textual reference only. NetNut Networks Inc. is our agent in the United States, and its address is 4607 Library Rd Ste 220 #1067 Bethel Park, PA 15102. The SEC maintains an Internet website that contains reports and other information regarding issuers that file electronically with the SEC. Our filings with the SEC will also be available to the public through the SEC’s website at www.sec.gov. We are a foreign private issuer as defined by the rules under the Securities Act and the Exchange Act. Our status as a foreign private issuer also exempts us from compliance with certain laws and regulations of the SEC and certain regulations of the Nasdaq Stock Market, including the proxy rules, the short-swing profits recapture rules, and certain governance requirements such as independent director oversight of the nomination of directors and executive compensation. In addition, we will not be required to file annual, quarterly, and current reports and consolidated financial statements with the SEC as frequently or as promptly as U.S. domestic companies registered under the Exchange Act. Our capital expenditures for 2025, 2024 and 2023 amounted to $143,000, $99,000 and $55,000, respectively. These expenditures were primarily for purchases of fixed assets. Our purchases of fixed assets primarily include leasehold improvements, computers, and equipment used for the development of our products, and we financed these expenditures primarily from cash on hand. 28 B. Business Overview We are a global provider of web data collection solutions and products or data collection solutions, empowering organizations to gain a competitive edge by streamlining the collection, extraction, and analysis of large-scale structured data from public online sources. We offer secured, fast, and anonymous IPPN solutions, as well as multiple data collection products, to our business customers which, in turn, enables them to anonymously and securely browse the internet as well as to collect data from any publicly available source on the web, for their own business purposes. Our IPPN solutions allow organizations to collect vast amounts of accurate, transparent web data from public online sources by simultaneously connecting to the Internet from different IP addresses. Our customers can choose from various types of IPs from our IP pool which contains millions of IPs, including ISP IPs, data center IPs, and residential service provider IPs. With our IPPN solutions, customers gain data-driven information that provides valuable insights with respect to predictive capabilities or behaviors, thereby assisting ongoing business management operation and decision making. An added benefit to our customers is the fact that utilizing our network completely hides enterprises from the internet by modifying IP addresses, thus ensuring high levels of privacy for their online presence. Our IPPN solutions enable access to the Internet through millions of end points globally, thus ensuring multiple business use cases, including large-scale data collection and analysis, cyber security, price comparison, ad verification, search engine optimization, or SEO, validations, web data extraction, collection of data for financial analysis, and more. In addition, we offer a range of data collection solutions and products. These include tools that enable our customers to access websites protected by anti-bot technologies, as well as products for collecting real-time structured data from global search engines tailored to their specific needs. Additional solutions leverage our anti-bot bypass technology to retrieve both structured and raw public web data. We also provide pre-collected structured data, offering it to customers as datasets, including consolidated datasets that combine information from multiple sources. Until mid-2023, we operated a consumer internet accesses business segment, under our wholly owned subsidiary, CyberKick. In July 2023, we decided to downscale our investment in this segment. We continue to maintain our products and the service only to current paying users, which allows us to generate revenue from past investments in acquiring such users, with minimal costs. We also generated in CyberKick during 2025 immaterial revenues from providing advertising services to one enterprise. We offer the following solutions and products: ● Static residential proxy network: a proxy network, which is based on our unique technology and deployment through tens of ISPs partners around the world. ● Rotating residential proxy network: a proxy network, which is based on routing traffic through millions of residential ISP based end points in the United States, Europe, Asia, South America and Canada. ● Data center proxy network: a proxy network, which is based on routing traffic, deployed through servers located in data centers with leading carriers in the United States, the EU, Asia Pacific and more. ● Premium dedicated static residential proxies: a solution that creates a dedicated static IP for each user, providing a highly effective proxy, that remains stable during heavy traffic and saves the customer additional bandwidth charges. ● Mobile proxies: a proxy network, which is based on routing traffic through millions of mobile devices. ● Search Engine Results Page, or SERP, data collection service: a tool that delivers real-time structured data from global search engines, tailored to the customer’s needs, supporting global coverage, multiple geolocations, and on-demand filtering. Each request delivers rich SERP data, including organic results, rankings, multimedia, related searches, pagination and metadata, all suitable for AI model training, SEO tracking, brand protection, and competitive intelligence. ● Social data collection service: a tool that is designed to collect and process publicly available social data, aggregating and delivering it to customers in a structured and standardized format. 29 ● Website Unblocker: a tool that enables our customers to collect public web data from websites protected by anti-bot technologies. These protections are designed to block automated data collection, and their algorithms change frequently, requiring immediate solutions like our Website Unblocker, to ensure uninterrupted, real-time data collection. ● Scraping APIs: Application Programming Interfaces, or APIs, that integrate proxy and website-unblocking technologies to enable automated retrieval of structured data from public web sources. These APIs utilize advanced scraping engines for tasks such as e-commerce pricing, products and more, providing scalable, high-success-rate data collection without requiring custom scraper development. ● Datasets: Structured, ready-to-use datasets collected through multiple high-quality scrapers, including NetNut’s own technology. A dataset is essentially a large collection of organized and cleaned data gathered from various online sources, processed into consistent common formats for storing and exchanging data, such as comma-separated values, or CSV, or JavaScript Object Notation, or JSON. These datasets allow companies to easily run analysis, train AI models, track market trends, and build internal insights without handling the complexity of web scraping or data cleaning themselves. Web Data Collection Background Today, data is the core and essence of all companies, and decisions are made based on data analysis rather than gut feelings. As markets become more and more competitive, so does the need for large amounts of data to be analyzed in real time in order to make business decisions. To achieve this, companies of all sectors started collecting data from internet websites - this can be consumer and customer related data, product prices, advertising data, financial data, internet behavior data, or other information. The challenge is that it has become common for internet websites to change their displayed information based on user IP address, location, and demographic attributes. For example, flight prices to the United States may differ for a person browsing an American airline from New York rather than browsing the same flight from London. In addition, to conduct competitor analysis, price comparisons and data extraction, companies need to access websites as a “simulated user” to capture the real and accurate information. From these needs, the market of web data collection solutions has emerged, allowing businesses to gather data over the Internet using different types of IP addresses (ISP, residential, data center, mobile) from various locations around the world. Web data collection solutions support a wide variety of use cases and provide several significant benefits to their business users. For example, cyber and web intelligence companies can collect data anonymously and infinitely from any public online source, advertising or ad networks can view their advertisers’ landing pages anonymously to ensure they do not contain malware or improper advertising, online retailers can gather comparative pricing information from competitors, and businesses may utilize these IP addresses to test their websites from different cities in the world. A proxy service provides a gateway between users and the internet. It is a server, referred to as an “intermediary” because it goes between end-users and the web pages they visit online. When a computer connects to the internet, it uses an IP address. This is similar to a home street address, telling incoming data where to go and marking outgoing data with a return address for other devices to authenticate. A proxy server is essentially a computer on the internet that has an IP address of its own and instead of getting data directly from a website, a customer’s request first passes through the proxy server, before going to and receiving a response from the target website, and places an extra IP address from a rotating pool of addresses between a customer and any website they visit on the public internet. Proxy servers provide varying levels of functionality, security, and primarily privacy, depending on the use case, needs, or user policy. Proxy servers have many purposes, such as anonymizing identities, filtering information, getting around filters, and improving information retrieval performance. From the target website’s perspective, no information about the original machine is sent. Only the proxy device’s IP address gets transmitted. As many websites place limits on the amount of information sent to any one IP address, gathering additional, openly available data from any one website, often involves using proxy servers to make it appear as if the requests come from different users, thus requiring the need for a rotating pool of IP addresses to be used by proxy servers. 30 The rotating pool of IP addresses can be derived from proxy software installed on residential users’ computers and mobile devices, while data centers use dedicated proxy servers. Based on the IP address it receives, a target website can distinguish whether a request comes from a residence, mobile device or data center and display different information accordingly based on location and demographic attributes. Companies tailoring information based on such attributes led to competitors needing proxy solutions to simulate being actual customers. Proxy servers are intermediaries between devices requesting information from other servers. Rotating proxy servers tend to be used by companies to simulate actual customers in different locations and to collect data, also known as web data collection. Ever since the commercialization of the web, companies have developed increasingly better ways to target consumers via advertising and marketing to the point of adjusting pricing based on a location or even per customer basis. As companies put more of their product information online, this customer targeting made it very difficult for competitors and customers to monitor and/or compare pricing and product availability that can vary so much because of targeting. Websites today recognize customers to show different advertising, content and pricing based on location and other identifiable information. Companies further evolved to prevent data collectors from accessing their data via blocking known IP address ranges, or by deploying anti-bot solutions. Such anti-bot solutions, originally developed to block malicious bots, are now being used also as a means of preventing automated web data collection tools. These measures prevent companies from collecting publicly available web data, essentially affecting all use cases, whether it is comparing pricing, security companies conducing audits, AI companies collecting public data for Large Language Model, or LLM training, or ad-tech companies verifying their advertising campaigns. In the age of information technology, data is arguably the world’s most precious resource and the way we use and consume data has evolved considerably. Publicly available web data is one of the main driving forces behind digital transformation and helps corporations and brands to develop, improve and build business strategies faster. The web data collection market includes a variety of vendors in addition to NetNut, including Bright Data, Similarweb Ltd., Oxylabs Networks Pvt. Ltd., SmartProxy, and others. Many public websites implement anti-bot protection layers that block automated scraping tools, making it difficult to gather data using proxies alone. Website Unblocker addresses this challenge by combining proxy routing with advanced traffic emulation techniques that mimic real user behavior. This approach bypasses anti-bot systems, ensuring high success rates for data collection from protected sites. It helps customers access accurate, structured public web data for use cases such as price comparison, SEO monitoring, ad verification, and competitive analysis. APIs designed for structured data collection from search engines and industry-specific sources such as e-commerce, social media, and advertising platforms. These solutions integrate proxy and unblocker technologies to bypass anti-bot protections and ensure high success rates. Feature flags allow customization for geo-targeting, throttling, and parsing, enabling optimized performance for sectors like retail, finance, and ad-tech. Market Size and Growth Drivers of the Automated Data Collection & Labeling Market, or ADCL Market In today’s market-driven economy, data collection, retrieval, and its analysis, is the lifeblood by which companies make their business decisions. As both traditional and online businesses become increasingly more competitive, so does their need for larger amounts of empirical, statistical, anecdotal, behavioral, and projected data to be analyzed in real time in order to compete. The internet is full of various information: big data, software data, analytics, content, and others. Data-oriented strategies that companies follow require data collection and analysis. Every click, search, and interaction on the internet generates information, waiting to be deciphered. Businesses, both big and small, realize that their survival and success heavily depend on how well they can collect, interpret, and act on this data, allowing companies to make informed decisions and adhere to stable advancement. As straightforward as data collection might seem, it’s not without challenges. IP blocking, inaccurate data due to location restrictions, and concerns about privacy and anonymity are some of the hurdles data collectors often face. To combat these issues, more and more businesses are turning to proxies. 31 ● We believe that existing and new customers seek this end-to-end solution because it provides them with: a. A more complete Data Set, derived from a more complete set of data that was comprised and collected from a global IPPN network which has open (proxy) global access to more websites (without localized “silo effect” bias or data collection blocking) at real-time throughput – and all written and driven on the same software code, b. A more accurate Data Set, which is stored, structured, and updated as the information gathered from web site change(s) (either minute by minute on social media sites, hours on e-commerce sites or weeks on government sites). Modern websites increasingly deploy anti-bot and anti-scraping technologies, making it difficult to collect public web data using proxies alone. To address this challenge, the unblocking scraper solution combines proxy routing with advanced traffic emulation techniques to bypass these protections. The solution automatically retrieves raw public web data and converts it into structured datasets, eliminating the need for customers to build or configure their own scrapers. Instead, they can select from pre-built scrapers optimized for specific websites or verticals such as e-commerce, social media, and search engines. This approach ensures high success rates, accurate data delivery, and faster integration into analytics workflows. c. A faster and more efficient data gathering and analysis experience, based on NetNut’s IPPN capability in processing enormous amounts of data at hundreds of terabytes per second for our customers, d. A more central management/dashboard, pursuant to which our customers can utilize a single dashboard via which they can order, track, manage and pay for any of NetNut’s four main solution or service packages. According to Business Research Insights, the data collection and labelling market size was valued at $2.39 billion in 2026. The industry is projected to grow at a compound annual growth rate, or CAGR, of 18.2% from 2026 to 2035, reaching $6.15 billion by 2035.1 Our Solutions/Products Following our acquisition of NetNut in June 2019, we strengthened our global proxy network. Through partnerships with tens of ISPs worldwide and our proprietary software deployed on data centers and devices, we provide customers with access to millions of global endpoints. Our proprietary proxy traffic optimization and routing technology ensures high performance and scalability, enabling reliable, uninterrupted access to the web for a wide range of use cases. Built on top of our robust proxy infrastructure, our web data collection solutions allow customers to gather valuable public web data at scale. These tools enable access to websites protected by anti-bot technologies, delivering both structured and raw data in real-time. Our solutions include customizable scrapers, automated collection workflows, and pre-processed datasets, empowering customers to retrieve, aggregate, and use web data efficiently while bypassing common anti-bot restrictions. Customers in the web data collection market use the proxy service for various needs and for a wide variety of use cases, as mentioned above. To address all these use cases, different types of web data collection solutions are needed. For some of the use cases, the web data collection service needs to be fast and stable and allow customers to use the same IP address for long time periods, while for others, the most important factor of a web data collection service is its ability to provide a different IP address for each request in order to be able to get a full picture of the collected data. And in some cases, the most important factor is high success rates and the assurance that the web data collection process is not blocked by third party tools. For these reasons, providers in the web data collection market are required to provide a wide selection and web data collection service types. We have invested heavily in the last year in expanding our offering in order to become a leading provider in this market. 1 https://www.businessresearchinsights.com/market-reports/data-collection-and-labelling-market-113226?utm_source=chatgpt.com 32 Our solutions’ main advantages over competitors include: ● NetNut’s web data collection service has been designed to handle massive amounts of traffic, with the capacity to process hundreds of terabytes per second, while ensuring the data collection process is not blocked. ● Our web data collection service has the widest set of IP options offered to our customers. ● Our direct connections to top ISPs worldwide allow for fast and reliable access to any geo-targeted web data. ● NetNut has formed strategic partnerships with leading ISPs and technology providers to enhance its network capabilities and offer customers the best possible solution. ● NetNut’s solution has been rigorously tested and validated by independent research firms and experts in the field. ● Results have shown that some of NetNut’s solutions and products outperform its competitors in terms of speed, security, success rates, and reliability. ● NetNut’s solution has received positive feedback from customers, with many praising its fast, secure, and reliable performance. ● We have received recognition from industry experts for its innovative approach to proxy solutions. ● NetNut’s web unblocker delivers consistently higher success rates when collecting data from websites protected by anti-bot systems, thanks to technology that adapts to rapid changes and employs multiple strategies and fallbacks, which are continuously maintained and improved daily. Strategy As the future of data collection unfolds, we believe that proxies will continue to play a vital role in enabling comprehensive and ethical big data analytics. We therefore seek to leverage our existing IPPN Solutions and service offering to enter the much larger Automated Data Collection & Labeling Market, or the ADCL Market, which is projected to reach more than $17.1 billion dollars by 2030, according to Grand View Research. We believe that our IPPN’s unique architecture, which includes our patented reflection technology, our website unblocking technology, the flexibility and scalability of our network, effective IP rotation for scaling proxy usage and our hands-on experience with industry best practices to collect data ethically and effectively, uniquely position us to enter the ADCL Market. We believe that the key drivers of our business growth are based on: ● Enterprise Customers Seek a Full End-to-End Solution: which includes providing a full data set collected through the full end-to-end process, from the IPPN Solution to the web data collection tools, to the data processing process. ● Increasing Growth in Data-Backed Decision Making: The growing importance of accurate, and real time data requires tight control and monitoring of each element of the process. ● Increasing Use of AI-based Data Optimization: Data collection and labeling plays an increasingly important role in developing the accuracy, functionality and modeling of AI-based systems currently being developed to optimize the analysis of data. ● Increasing Use of Complex Forms of Digital Marketing; Particularly through social media, requires better and more efficient use of automated real-time data collection and labeling. 33 The ADCL Market is an inherent evolution for the growth of our business where we look forward to: ● Leveraging on our key strengths in the IPPN business (i.e. stable global network presence, pinpoint accuracy, at high-speed data throughput) to add and bundle together an overall ADCL Service Package, which will include a Data Communication System, or DCS, a Data Set Library, or DSL, DSL Insight and Analysis service along with automated workflows and agent-driven processes to collect and consolidate data. ● Growing our revenue base both outwards (i.e. cross-sale of ADCL Service Package to existing IPPN customers) as well as upwards (i.e. upsizing existing IPPN service packages required to meet the increasing demand of customers who migrate to our ADCL Service Package. ● Improving overall margin growth, resulting from the sale of DSLs which (once created for one client) can be re-sold as an off-the-shelf product at diminishing marginal costs. Below is the complete stack of solutions and service offering that we intend to provide in the ADCL Market, along with our current offering in the IPPN market. Our Unique Value Proposition in the ADCL Market We believe that once we have completed development of our ADCL Service Package (i.e., our DCS, our DSL and our DSL Insights and Analysis solutions and service offerings), we will be uniquely positioned as one of the only vendors offering a full end-to-end solution, combining IPPN and ADCL and grow into a market leader in the ADCL Market. We sell our ADCL solutions using the following models: ● Data Collector based pricing –the customer uses our Data Collector solution to collect data from the world wide web. The customer effectively requests to collect data from the world wide web using our solutions and only pays for the actual data that was collected from their request. The service is priced per each one-thousand requests. 34 ● Data Records based Service Packages – the customer purchases from us a list of records that NetNut compiles according to search and data preference instructions received from the customer. Pricing is based on a per record basis. We aim to be a leading global vendor of data collection and analysis. We currently have a footprint in almost every major geographical region in the world, including North, South and Central America, Europe, Southeast Asia, the Middle East and Africa. We continue to develop our plug and play Data Collection offering as we have witnessed that rather than developing their own APIs, existing and new customers prefer to rely on our technology, experience and know how to direct them in their strategy for collecting data. Our Strategy spans the following: ○ Upsizing our IPPN Solutions packages to existing customers, ○ Cross-selling our ADSL service package (including DCS, DSL and DSL Insight and Analysis) to existing customers, ○ Achieving rapid market traction in the ADSL market with small and medium enterprises, and ○ Improving margin growth through the re-sale of “off-the-shelf” DSL solutions. Customers and Competition The markets in which we operate are characterized by intense competition, constant innovation and evolving security threats. Our current and potential future competitors include providers such as Similarweb, Bright Data, Oxylabs Networks, and others. In the last several years, our customer base in the data collection business has steadily increased. During 2025, NetNut had more than 1,200 customers, primarily small, medium and some enterprises. As mentioned above, since July 2023 we scaled down operations in the consumer segment by discontinuing further investment into acquisition of new customers, and we continue to maintain our products and the solution to approximately 1,000 current paying users. Our enterprise customers span multiple different industries and include advertising and media companies, financial organizations, cyber security companies, industrial and commercial companies, online companies, education institutions, the AI recruitment market and more. They primarily use our platform when they are seeking to: ● provide their own customers with comparative pricing for goods and services on the internet, ● compare pricing of their own goods and services to those of their competitors, ● verify the validity of third-party advertisements on the internet which advertise their goods and services to ensure that they are accurate and do not contain malware, ● confirm and validate that the search engine optimization methods they use to attract traffic to their web site perform as they should, ● extract data from other web sites which they can use as their own, and/or ● monitor the internet to ensure proper use of their brand. The Problems We Solve for Our Customers Our customers use our IPPN Solutions and products to solve the various problems that they experience when trying to collect data from the internet, such as: ● Need for Access to Web Sites - our customers often seek to collect accurate data from web sites that change their display information based on demographic attributes, contain restrictions on the number of times per day that their web site could be visited and block automated data collection altogether. 35 ● Need for Anonymity when Collecting Data from Web Sites - our customers seek to collect data from the internet anonymously. ● Need to Access public data protected by anti-bot layers – our customers aim to retrieve publicly available information from websites guarded by anti-bot mechanisms. ● Need for Automation during the Data Collection Process – our customers need a fast and automated solution without erroneous or delayed information. ● Need to Uniform Data Across Different Geographies - the “silo effect” whereby the same product is offered by the same vendor but at different prices, depending on which country (i.e. IP address) that the end-user logs in from. Our customers need to “break through” this “silo effect” in order to offer their end-customers with unified comparative pricing across the globe. ● Need to Avoid Loss of Data Bits – our customers use our IPPN Solution to avoid the type of tracking technologies that can “steal” bits of data from the overall data that they are collecting from web sites on the internet. Our Solutions and Products Offering Our solutions and products offered are designed to enable our customers to fan out across millions of internet end-points within seconds in order to collect data across all business sectors while guaranteeing anonymity. The security, stability, and speed of our service is based on our: ● Global IP network that we have built through the various different partnership agreements we have with IP and ISP providers around the globe; ● Global IP network’s ability to “rotate” between different pools of IP addresses; ● Global IP network’s use of different types of IP proxies (i.e. residential-based proxies, data center-based proxies, mobile-based proxies); ● Global IP Network’s traffic “routing” software that we deploy at data centers across the globe; ● Our proprietary reflection technology, which was designed to enable asymmetric routing of internet traffic through client devices (e.g. desktop computers) to allow us to provide additional exit points around the globe to our customers; ● Our website unblocking technology, which helps our customers bypass anti-data collection and bot protection solutions, adapting to rapid strategy changes and sudden blockages that websites may implement; and ● Our scrapers leverage our website unblocking technology to deliver structured public data outputs. This enables customers to collect data at scale while remaining untracked and bypassing anti-bot protections. In today’s environment, where many companies, including AI firms, face increasing challenges in data collection due to advanced anti-bot measures, our technology ensures successful data retrieval. IPPN and Data collection Products Offering and Business Model We offer our IPPN Solution to our customers to either: (a) develop their own data collection tools and utilize our network for data collection purposes, or (b) use our website unblocking technology as part of their own data collection architecture as a part that “opens doors” which works together with our IPPN solution, or use our “plug and play” data collection solution (i.e. SERP scraper, LLM scrapers, multimedia scrapers and others) where our customers rely on our own experience (in data collection) to pre-define for them the parameters of the data they seek to collect. 36 Based on our recent experience with our customers, we believe that in the coming years, the plug and play solution will be the solution that customers will prefer. We sell to end user customers, but also enter into engagements with resellers for the purpose of reselling our solutions and products to their customers. Most of the customers purchase our IPPN Solutions and products using periodic packages ranging between one month to one year. The packages are bandwidth volume or speed based, and they can expire before their contractual end date, if the package’s bandwidth was utilized fully. Customers can be charged based on actual consumption where the solution is a package that is priced in terms of pre-defined data packets. For example, where the customer purchases a 5TB (terabytes) package of IPPN and is priced at units of gigabytes used within the terabyte package. The packages can be either renewed automatically or by election, based on the customers’ preferences. We offer various pricing tiers based on pre-set and customizable packages for our ADCL solutions. The ADCL packages can be priced either per thousand requests or based on scraped data bandwidth volume or speed. We believe that the key to our historical and future business success is based on: ● Our Fast, Secure and Automated IPPN Solutions - provide comprehensive, anonymously acquired and geographically diverse data collection solutions for the creation of robust datasets for our customers, ● Our Extensive Global IP Network - based on many agreements with ISPs around the globe, enabling us to provide multiple and differing types of proxies in over 180 countries around the globe, providing tens of millions of exit points to our customers, and ● Our Strong Industry Recognition and First Mover Advantage - Our IPPN solution has been rigorously tested and validated by independent research firms such as Proxyway and Absolute Reports, and in-the-field experts such as G2 and Trustpilot. Our Unique IP Our intellectual property and our right 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, software, know-how and brand. Intellectual property is at the core of our data collection platform and the basis of our solutions. Our intellectual property is comprised of our proprietary reflection technology, carrier grade routing technology, and our reverse access technology. Carrier grade routing technology Our unique carrier grade routing technology system is based on software which is installed both on our global access servers’ network and on servers at the premises of ISPs that are part of our global network platform. This software allows the ISPs to share the existing IP addresses with external customers (our customers) without any effect on their current users and without the need to allocate these IPs specifically for our customers. The software can handle the connectivity between hundreds of our global access servers and the ISPs’ networks and is able to manage the routing on the transmission control protocol level of hundreds of thousands of concurrent connections without any degradation in the network performance. 37 Reflection technology Our reflection technology is patent protected in the United States (patent number 11,818,104) titled “Anonymous Proxying”. The patent describes a revolutionary method, which brings a novel twist to traditional proxy solutions. Unlike conventional anonymous proxies, where proxy service client requests would be rerouted through an intermediate proxy device, thus potentially slowing down the connection and exposing a device’s local network to security risks, NetNut’s “reflector” method achieves the same end-result without such detour. It cleverly uses the IP address of an intermediate device to initiate the connection, and after this initial step, client requests are sent directly to the target server. This method retains the benefits of using a proxy, while masking the original IP address and avoiding the usual bottleneck of channeling all traffic through a third-party device. The result is a secured, faster, more efficient, and streamlined method of connecting to the internet, with all the advantages of a proxy but none of the traditional drawbacks. Reverse access technology Our reverse access technology is patent protected in the United States (patent numbers US RE50,113 E and US10110606 titled “Reverse Access Method for Securing Front-End Applications and Others”). The Reverse Access patent addresses a problem of securing access to external-facing computing resources or services, which are often subject to aggressive hacking efforts by malicious actors and other unauthorized people. The Reverse Access patent solves this problem by providing a “reverse access” mechanism, whereby incoming requests addressed to the services provided from within the local network can be serviced over an outgoing connection initiated and controlled from within the local network, rather than allowing such requests to be initiated directly from outside. The solution provided by the Reverse Access patent thereby reduces the risks to the participants deploying such services on large public networks, such as the Internet. As such, the Reverse Access patent provides a technical solution to a problem that is unique to computer network communications, and moreover does so by an inventive mechanism wherein the ordinary flow of communications in the network is reversed, to shift control over the initiation of the connection to elements inside the protected local network. “NetNut” is a registered trademark in the United States and in Israel and pending trademark in various additional jurisdictions. Our logo, and the logos of our subsidiaries are our and our subsidiaries’ unregistered trademarks. As we continue to expand, we may face challenges registering for or obtaining trademarks in other jurisdictions. We have additional pending patent applications relating to current and future elements of our products and technology. 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 are committed to fostering innovation and dedicated to pushing the boundaries of what is possible in our industry to continue and deliver exceptional value to our customers. We control access to and use of our proprietary technology and other confidential information by implementing 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. 38 Multi-Layer Strategy Decision Tree Our Website Unblocker uses a strategic decision tree that first analyzes the target website to determine the most effective method for bypassing anti-bot protection technologies. Each solution in the tree employs a unique algorithm tailored to different scenarios. The choice of strategy is critical, as fast response times are essential in the real-time data collection industry. Additionally, the decision tree functions as a multi-step fallback workflow, ensuring high availability and consistent success rates. Sales and Marketing Our internal marketing and sales staff consists currently of approximately 30 people. We also work through marketing and distribution channels. We maintain in-house marketing and sales personnel where we employ traditional and non-traditional internet-based marketing methods, tools, and techniques. We enter into engagements with resellers for the purpose of reselling our solutions to their customers. We maintain clear and defined key performance indicators regarding our marketing spent. We also participate from time to time in web data and internet exhibitions and conferences. We also continue to build out and maintain third party marketing and distribution channels. We partner with marketing affiliates, all of which are performance driven and on a non-exclusive basis. The engagement with each partner or marketing entity is limited to a specific territory and/or specific customers and is not exclusive. Normally, the term of engagement with partners or marketing entities is one year and it is extended automatically, unless cancelled by one of the parties. Consideration in respect of those engagements is paid to us from time to time when sales are made by the affiliates/partners. We use third party marketing contractors, for specific topics which we do not have expertise in, such as SEO management for our web sites, or companies specializing in marketing to specific countries, such as China. Our web site management and content writing is done in-house. In addition, we utilize local partners in certain countries such as China, where there is a language barrier as well as time zone differences. We participate from time to time in web data and internet exhibitions and conferences. We market our products through our website https://netnut.io and digital media. The table below indicates the approximate breakdown of our revenue by countries and/or regions, based on the location of the customer: Year ended December 31 2025 2024 2023 U.S. dollar in thousands In percentage U.S. dollar in thousands In percentage U.S. dollar in thousands In percentage China 11,915 29.2 % 5,269 16.6 % 1,730 6.5 % U.S. 7,200 17.7 % 4,403 13.8 % 5,534 20.9 % Europe 5,807 14.3 % 4,313 13.6 % 5,210 19.6 % Hong-Kong 5,013 12.3 % 4,381 13.8 % 339 1.3 % Asia Pacific 4,076 10.0 % 3,443 10.8 % 2,296 8.7 % U.K. Virgin Islands 3,400 8.3 % 32 0.1 % 3,109 11.7 % Israel 1,420 3.5 % 788 2.5 % 2,149 8.1 % United Arab Emirates 761 1.9 % 6,460 20.3 % 3,155 11.9 % Middle East & Africa 669 1.6 % 2,083 6.5 % 2,166 8.2 % Other 494 1.2 % 652 2.0 % 833 3.1 % 40,755 100 % 31,824 100 % 26,521 100 % 39 Regulation Governments and regulators in the EU, the UK, the United States, Israel, and other jurisdictions are increasingly focused on privacy, data protection, automated data access, and the use of data in AI models. The GDPR, the UK GDPR (being the GDPR as retained in UK law following Brexit, as amended), and related supervisory guidance impose strict requirements governing the processing of personal data, including lawful processing grounds, transparency obligations, purpose limitation, security controls, and data minimization requirements. These laws also require appropriate safeguards for international data transfers, and evolving regulatory expectations — including recent enforcement actions and court decisions — continue to increase the compliance burden for companies that handle or process data across borders. In the United States, the federal regulatory environment remains fragmented, but numerous states have enacted comprehensive privacy legislation. These include the CCPA/CPRA in California, as well as state governments in Virginia, Colorado, Connecticut, Utah, Texas and several additional states that have adopted or are implementing similar laws. These laws impose obligations relating to individual rights requests, data minimization, profiling, opt-out requirements, and contractual controls with service providers. Additional federal guidance — including executive directives relating to AI safety, cybersecurity, and algorithmic accountability — may influence regulatory expectations on companies operating automated data collection technologies or AI-driven data analytics. Regulators have also increased scrutiny of automated access to publicly available data. Enforcement actions and court decisions in the United States and Europe continue to address the legality of scraping, adherence to website terms, circumvention of technical barriers, and the handling of personal information collected from public sources. As major online platforms adopt more restrictive policies and technical measures to prevent scraping, and as regulators express a heightened interest in these practices, the legal environment remains uncertain. Future legislation or judicial rulings could limit or restrict automated data collection, impose licensing or notice requirements, or otherwise affect the feasibility of certain types of data-driven solutions. In Israel, the Privacy Protection Law of 1981 and its regulations — including amendments and guidance issued by the Israeli Privacy Protection Authority — impose additional obligations concerning database registration, data security, breach notification, and the handling of personal information. Ongoing legislative reform efforts may further expand data protection obligations and increase enforcement activity. Collectively, these evolving laws and regulatory trends may require us to adjust aspects of our products or operational processes, implement additional technical or organizational safeguards, or incur greater compliance-related costs. Changes in law, new enforcement positions, or regulatory guidance that affects automated data collection or the use of publicly available data could limit the functionality of our solutions or restrict our ability to serve certain use cases. Any failure to comply with applicable requirements, or any future developments that limit the legality or practicality of our data collection technologies, could adversely impact our business, financial condition, and results of operations. C. Organizational Structure We have three wholly owned subsidiaries: NetNut Ltd., CyberKick Ltd. and Safe-T Data A.R Ltd. In addition, NetNut Ltd. has one wholly-owned subsidiary, NetNut Networks Inc. CyberKick Ltd. owns one wholly owned subsidiary - Spell Me Ltd. and one wholly owned subsidiary under voluntary dissolution – RoboVPN Technologies Ltd. NetNut Ltd. is our wholly owned subsidiary incorporated in Israel. NetNut operates in the field of web data collection solutions, which enables customers to collect data anonymously at any scale from any public sources over the web using a unique hybrid network. 40 CyberKick Ltd. is our wholly owned subsidiary incorporated in Israel. CyberKick operates in the field of internet access for consumers and provides powerful, secured and encrypted connection, masking the customers’ online activity and keeping them safe from hackers. CyberKick scaled down its operation in July 2023, as part of our focus on generating profitable revenues. As a result, the company operates at a low business level (See also - B. Business Overview). Safe-T Data A.R Ltd. is our wholly owned subsidiary incorporated in Israel. Safe-T Data operated in the field of enterprise cybersecurity, specifically in the development and marketing of information security solutions for organizations that allow secure and controlled sharing of information. In July 2023, we completed the sale of our legacy cybersecurity solutions and therefore, currently, Safe-T Data is inactive. NetNut Networks Inc. is a wholly owned subsidiary of NetNut Ltd. NetNut Networks is incorporated in the State of Delaware, and is engaged in the field of web data collection solutions. Spell Me Ltd. is a wholly owned subsidiary of CyberKick. Spell Me Ltd. is incorporated in Seychelles and is currently inactive. D. Property, Plants and Equipment Our headquarters is located at 8 Yitzhak Sade St., Tel Aviv, 6777508, Israel, where we occupy approximately 13,000 square feet. We lease our facilities through NetNut. The lease ends in August 2029, with an option to extend it for one additional year. Our monthly rent is approximately NIS 195,000 (approximately $63,000). CyberKick’s offices are registered also in the same offices. NetNut Networks’ registered address is 4607 Library Rd Ste 220 #1067, Bethel Park, PA 15102. We believe that our current office spaces are sufficient to meet our anticipated needs for the near future and are suitable for the conduct of our business.