The following risk factor supplements the Risk Factors previously disclosed in response to Part I, “Item 1A. Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2025 which was filed with the Securities and Exchange Commission on February 5, 2026. Increases in the cost of memory used in our satellite radio modules and other components included in our satellite radios could reduce equipment revenue and adversely affect our business. We have experienced, and may continue to experience, increased costs for memory used in our satellite radio modules that are essential components of our satellite radios. These costs have adversely affected, and may continue to adversely affect, our equipment revenue. The memory and other components are subject to price fluctuations driven by factors largely outside our control, including global supply and demand imbalances, capacity constraints at manufacturing facilities, increased AI-driven demand, tariffs or trade restrictions imposed on manufacturing and other inputs, and geopolitical disruptions affecting the concentrated regions where these components are produced. If memory or other component costs remain elevated or we are unable to mitigate the cost increases, our equipment revenue could be further reduced, and in the longer term, our subscriber acquisition costs could increase, adversely affecting our business.