4 unchanged sentences
Interest Rate Risk
−Removed: We had cash and cash equivalents of $118.6 million as of December 31, 2024, which consisted of investments in a money market fund, cash in readily available checking accounts, and overnight repurchase investments.
+Added: We had cash and cash equivalents of $135.8 million as of December 31, 2025, which consisted of investments in money market funds, cash in readily available checking accounts, and overnight repurchase investments.
In addition, as of December 31, 2025, we held $51.4 million of fixed income securities such as U.S.
7 unchanged sentences
We do not enter into investments for trading or speculative purposes.
−Removed: As of December 31, 2024, we had outstanding debt of $250.4 million, which carries interest as defined in our Credit Agreement.
−Removed: Refer to Note 8 of the consolidated financial statements in this 2024 Annual Report for additional details.
+Added: As of December 31, 2025, we had outstanding principal debt of $240.8 million, which carries interest as defined in our Credit Agreement.
+Added: Refer to Note 8 of the consolidated financial statements for additional details.
We assessed our exposure to changes in interest rates by analyzing sensitivity to our operating results assuming various changes in market interest rates.
2 unchanged sentences
We are exposed to market risks related to inflation in personnel costs, third-party service providers, subcontracting costs, professional fees, and general overhead expenses.
−Removed: Although inflation has decreased from the relative highs experienced in 2023, if inflation pressure increases in severity, we may not be able to fully offset such higher costs through price increases and productivity initiatives.
−Removed: While we do not believe inflation has had a material
−Removed: impact on our results of operations to date, a continued high rate of inflation in the future may have an adverse effect on our ability to maintain operating costs and adversely affect our gross profit margin.
+Added: If inflation pressure increases in severity, we may not be able to fully offset such higher costs through price increases and productivity initiatives.
+Added: While we do not believe inflation has had a material impact on our results of operations to date, a continued high rate of
+Added: inflation in the future may have an adverse effect on our ability to maintain operating costs and adversely affect our gross profit margin.
Foreign Currency Exchange Risk
3 unchanged sentences
Our sales contracts are primarily denominated in the local currency of the customer making the purchase.
−Removed: In addition, portions of operating expenses are incurred outside the United States and denominated in foreign currencies.
+Added: In addition, portions of operating expenses are incurred outside the United States and are denominated in foreign currencies.
An increase in the relative value of the U.S.
dollar to other currencies will negatively affect revenue and other operating results as expressed in U.S.
−Removed: Based on a sensitivity analysis, a 10% change in the foreign currency exchange rates would have impacted our total revenue by approximately 4% and our operating loss by approximately 8%.
+Added: Based on a sensitivity analysis, a 10% change in the foreign currency exchange rates for the year ended December 31, 2025 would have impacted our total revenue by approximately $25.0 million and net income by approximately $3.7 million.
This calculation assumes all currencies change in the same direction and proportion relative to the U.S.
−Removed: We have experienced, and will continue to experience, fluctuations in net loss as a result of transaction gains or losses related to remeasuring certain current asset and current liability balances denominated in currencies other than the functional currency of the entities in which they are recorded.
+Added: We have experienced, and will continue to experience, fluctuations in net income (loss) as a result of transaction gains or losses related to remeasuring certain current asset and current liability balances denominated in currencies other than the functional currency of the entities in which they are recorded.
We have not engaged in the hedging of foreign currency transactions to date, although we may choose to do so in the future.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.