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Item 1. Business

2026-05-21 compared with 2025-05-15 · 173 added, 133 removed, 97 unchanged (76% of the section changed)

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Company Overview

Gen is a global company powering Digital Freedom with a family of trusted brands including Norton, Avast, LifeLock and more.

We bring award-winning products and services in cyber safety, covering security, privacy, identity protection and financial wellness to approximately 500 million users in more than 150 countries, empowering them to live their digital lives safely, privately, and confidently today and for generations to come.

Today’s world is increasingly digital, and this has changed the way we live our lives every day.

The last decade has brought increasingly impressive technological advances that have unlocked new ways to play and transact online, control smart homes, manage our life and more.

The possibilities in the digital world will continue to unlock new possibilities.

However, as our digital footprint expands, so do the risks and exposure.

Cybercriminals use a mix of old and new tactics and technologies, including phishing, vishing, smishing, based on machine learning and generative artificial intelligence (AI) technologies, to execute highly advanced threats and attacks.

We are our customers’ trusted ally that they can depend on to help secure and control their digital lives so they can be free to enjoy the promise of the digital world.

We are committed more than ever to protecting and empowering people’s digital lives with personalized, human-centered safety.

We are well-positioned to drive awareness of cyber safety for individuals, families, and small businesses, fueled by an increasingly connected world.

We maintain a global, omni-channel sales approach, including direct, indirect and freemium acquisition and a family of brands marketing program.

This program is designed to grow our customer base by increasing brand awareness and understanding of our products and services and maximizing our global reach to prospective customers.

Gen Digital Inc.

is a global leader in consumer Cyber Safety and Trust-Based Solutions, empowering people around the world to live safer digital lives while building confidence and control over their financial futures.

Through its trusted brands including Norton, Avast, LifeLock, and MoneyLion, Gen helps people protect what matters most — their data, identity, privacy, reputation and financials — through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries.

Today, digital life and financial life are increasingly intertwined, reshaping how people work, bank, shop, learn, connect and manage their households every day.

Advances in cloud computing, mobile platforms, and artificial intelligence (AI) have expanded how consumers interact and transact online, and we expect technological advancements to continue to unlock new possibilities.

At the same time, the expansion of consumers’ digital footprint is increasing exposure to cyber risks.

Cybercriminals are combining long-standing techniques such as phishing, vishing and smishing with data-driven social engineering, deepfakes, account-takeover attacks and abuse of generative-AI systems and AI agents to execute increasingly sophisticated scams, fraud and other attacks that target people’s identities, privacy and finances.

In this environment, we provide solutions designed to help consumers secure, control and manage their digital and financial lives.

We are well-positioned to drive awareness and adoption of Cyber Safety and Trust-Based Solutions for individuals, families, and small businesses, fueled by an increasingly connected world.

We help prevent, detect and restore potential damages caused by cybercriminals.

We also make it easy for consumers to find, buy and use our products and services.

To this end, we offer both free and paid subscription-based cyber safety solutions primarily direct-to-consumer through our family of brands and indirectly through partner relationships.

We also offer personal finance products, tools and content that deliver actionable insights and guidance to users.

Our global, omni-channel sales approach includes direct, indirect and freemium channels and a family of brands, enabling us to grow our customer base and maximize the global reach of our products and services.

To this end, we offer both free and paid subscription-based solutions, which are sold direct-to-consumer and through partner relationships.

Most of our subscriptions are offered on annual terms, but we also provide monthly subscriptions.

As of March 28, 2025, we have approximately 500 million total users, which come from direct, indirect and freemium channels.

Of these total users, we have approximately 65 million paid cyber safety customers including over 40 million direct customers with whom we have a direct billing relationship.

We also distribute both first-party and third-party product offerings through integrated marketplaces and other partner platforms.

As of April 3, 2026, we have approximately 500 million total users, which come from direct, partner and freemium channels.

Of these total users, we have approximately 79 million paid customers which reflects all customers with at least one paid subscription as of the end of the period, and / or individuals with a unique account and at least one paid transaction in the trailing twelve months.

• Direct-to-consumer channel:

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Our direct subscriptions are primarily sold through our e-commerce platform and mobile apps, and we have a direct billing relationship with the majority of these customers.

We also offer our integrated core suite of financial products and services through our mobile applications and marketplace services.

• Indirect partner distribution channels:

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We developed and implemented a global partner sales organization that targets new, as well as existing, partners to enhance our partner distribution channels.

These channels include retailers, telecom service providers, hardware original equipment manufacturers (OEMs), employee benefit providers, strategic partners, small offices, home offices and very small businesses.

Physical retail and OEM partners represent a small portion of our distribution, which minimizes the impact of supply chain disruptions.

These channels include retailers, telecom service providers, employee benefit providers, strategic partners, small offices, home offices, and very small businesses.

Physical retail represent a small portion of our distribution, which minimizes the impact of supply chain disruptions.

• Freemium channels:

With the acquisitions of Avast and Avira, we have expanded our go-to-market with multiple freemium channels.

Our go-to-market is diversified with multiple freemium channels through brands like Avast.

We use free versions of our products to reach the broadest set of consumers globally and bring cyber safety to a larger audience, especially in international markets.

The free solution offers a baseline of protection and presents premium functionalities based on the risk profile and specific needs of the user.

The free solution offers a baseline level of protection and presents premium functionalities based on the risk profile and specific needs of the user.

The user can choose to add specific premium solutions or upgrade to suites that provide security, identity, and privacy across multiple platforms and devices, thereby becoming a paid customer.

As is typical for many consumer technology companies, portions of our business are impacted by seasonality.

However, we believe the net impact on our business is limited.

Seasonal behavior in orders primarily reflects consumer spending patterns during our fiscal third and fourth quarters, as order volume is generally higher due to the holidays in our third quarter, as well as due to follow-on holiday purchases and the U.S.

tax filing season which is in our fourth quarter.

Revenue generally reflects similar seasonal patterns but to a lesser extent than orders because of our subscription business model, as the majority of our in-period revenues are recognized ratably from our deferred revenue balance.

Our strategy is focused on long-term profitable growth.

To fuel our growth, our consumer-centric strategy is to provide comprehensive and easy-to-use integrated platforms, which we have built in-house or acquired.

By combining and leveraging our family of trusted consumer brands, including offerings from Norton, Avast, LifeLock and more, we deliver an industry-leading cyber safety and trust-based solutions.

• Consumer and Enterprise marketplace:

The acquisition of MoneyLion further expanded our go-to-market reach through a consumer and enterprise marketplace, which is branded Engine by Gen.

Consumers can access a broad range of personalized and actionable offers for both financial and non-financial products and services.

Our strategy is focused on delivering long-term sustainable and disciplined growth.

For more than a decade, we have protected people’s digital lives.

That is our foundation.

Today, we are building something larger:

a platform that moves beyond protection into full empowerment — giving people the confidence, tools, and insights to control, manage and grow their digital and financial lives.

We are positioned for long-term growth and expansion.

Our three primary growth levers are:

Extending Reach:

Leveraging an omni-channel strategy and building partnerships to broaden privacy and identity protection internationally.

Increasing Value:

Cross-selling and up-selling, and expanding security, identity and privacy solutions to address consumers’ evolving needs.

Growing Loyalty:

Increase customer loyalty and retention, as consumers move from point products protecting their devices towards all-in-one comprehensive cyber safety memberships.

Our three primary growth drivers are:

Securing Digital Lives:

Extending and deepening our leadership in cyber safety by leveraging technology innovation to protect consumers, families, and small businesses against an evolving and increasingly sophisticated threat landscape, including emerging risks from AI-generated scams, deepfakes, and agentic threats, while delivering proactive, personalized safety companion across devices, browsers, and AI agents.

Empowering Financial Wellness:

Expanding our trusted solutions platform to empower consumers to protect, manage and grow their financial lives — through identity protection, financial fraud protection, credit monitoring, earned wage access, personalized financial product insights, and a recommended platform of trusted third-party financial solutions — deepening the customer relationship from protection into empowerment and financial decision-making and compounding lifetime value across the platform.

Scaling Gen’s AI-Powered Platform Delivering a Trust Layer:

Connecting our ecosystem of brands, products, and partners through a unified data and AI infrastructure to deliver personalized, proactive, and increasingly automated experiences — closing the gap between what AI can do and what consumers trust it to do.

Our platform turns user-permissioned data into trusted recommendations and actionable intelligence, positioning Gen as the trust layer for the AI economy.

The key elements of our strategy include the following:

• Extend our leadership position through new products and continued enhancement of our trust-based solutions and services:

Cyber safety is a large and expanding market, which we believe provides a significant growth opportunity.

Our strategy is to grow our business through innovation and acquisitions to expand the solutions and services we offer into new cohorts, territories and sectors.

We believe there are many additional areas where we can both offer new solutions, as well as use our core capabilities and our integrated platform to reach new customers and markets globally.

• Extend our leadership in Cyber Safety through AI-driven innovation:

Cyber Safety is a large market with an ever-evolving threat landscape.

AI is simultaneously enabling more sophisticated attacks and more powerful defenses.

Our strategy is to lead in both defense and empowerment, deploying AI-native capabilities such as our advanced scam detection engine, agentic security, and privacy protection solutions that anticipate threats before they materialize.

Our telemetry across devices, identities, and financial signals powers a flywheel:

more data improves detection, better detection builds trust, and trust drives growth.

We continue to expand our portfolio into adjacent areas including family safety, small business protection, and AI-safe browsing to reach new customer cohorts and geographies.

• Grow our customer base through multiple channels:

We have multiple go-to-market channels to reach new customers globally, including direct-to-customer, indirect partnerships and freemium.

We intend to leverage our expertise in digital marketing, as well as existing and new strategic partnerships, to grow our customer base.

We believe that continued investments in these areas, as well as our product offerings and infrastructure, will allow us to further enhance our leading brands and superior products, increase awareness of our consumer services and enhance our ability to efficiently acquire new customers.

• Continue our focus on customer retention:

We continue to optimize and expand the value we provide to customers which we believe can positively impact retention.

We aim to continue to increase customer engagements through actionable alerts, education on timely topics and introducing new product capabilities.

We also plan to continue investing in enhancing both desktop and mobile customer experiences throughout a customer’s journey with Gen, from purchase, to onboarding and beyond.

• Increase value to existing customers:

We believe strong customer satisfaction will provide us with the opportunity to engage customers in new services offerings.

We maintain the Norton 360 and Avast One platforms that have multiple tiers of membership, and we continue to engage customers with standalone products to offer membership options and show the value proposition of our premium solutions.

Over time, we plan to drive further growth as we add additional offerings and services for our customers.

• Draw strength from our world-class customer service support:

Our global support team seeks to ensure the voice of the consumer is heard and that we put our customers first.

We leverage frequent communication and feedback from our customers to continually improve our solutions and services.

We embrace end-to-end customer experience and aim to continue to improve our Net Promoter Scores and overall customer satisfaction.

• Leverage our global brands to drive growth:

We will work to keep building our family of trusted brands in markets globally as we strive to bring protection and empowerment to all consumers when it comes to their digital lives.

According to our most recent research, Norton has 93% global brand awareness, and we are best positioned and top of mind in consumer cyber safety, according to the internal H1 2025 Gen Brand Tracker.

Our Cyber Safety Solutions and Services

Our broad portfolio of products and services is developed from consumer insights to help us bring to market real solutions to real problems and to engage and educate consumers about cyber safety.

We continuously aim to release new products and features to outpace evolving threats and find synergies to integrate current and future technology acquisitions.

Our cyber safety portfolio provides protection across three key categories in multiple channels and geographies, including security and performance, identity protection, and online privacy.

Leveraging our technology platforms, we integrate software and service capabilities within these three categories into comprehensive and easy-to-use products and solutions across our brands.

We have also evolved beyond traditional cyber safety to offer adjacent trust-based solutions, including digital identity and access management, digital reputation, and restoration support services.

We maintain multiple go-to-market channels to reach new customers globally, including direct, app stores, and partnerships across various business models, such as premium, freemium, and embedded marketplaces.

We leverage our expertise in digital marketing, our family of trusted brands, and our expanding network of telecom, financial institution, and employer benefit partners to grow our customer base.

We have access to numerous first party financial products through MoneyLion as well as our Engine marketplace that extends distribution through partners, increasing the number of consumers that see our value proposition.

We believe continued investment in these distribution channels, combined with the breadth of our first-party and third-party product portfolio, will allow us to efficiently acquire new customers across cyber safety and financial wellness.

• Deepen customer value through cross-sell of all of our services:

security, privacy, identity, reputation, and financial protection and empowerment:

We believe our approximately 500 million users — including 79 million paid customers — represent a significant and underleveraged opportunity to deliver trusted financial solutions.

Our Engine marketplace connects consumers with over 600 third-party financial product providers across lending, insurance, credit, and banking, represents a hosted decisioning engine.

We leverage our identity and behavioral data advantages to deliver personalized financial product recommendations to existing customers, increasing average revenue per user and strengthening the overall value of the Gen relationship.

Customers with connected financial accounts demonstrate higher engagement, stronger ARPU, and better retention, which further deepens loyalty over time.

• Continue our focus on customer retention and loyalty:

We continue to optimize and expand the value we provide to customers, which we believe positively impacts retention and lifetime value.

We aim to increase customer engagement through actionable identity and financial alerts, AI-powered insights, and the introduction of new product capabilities and financial wellness community content.

Comprehensive cyber safety membership adoption — integrating security, identity, privacy, and financial wellness into a single trusted relationship — reinforces our view that the future of cyber safety lies in all-in-one solutions and ultimately a seamless secure trust layer.

• Leverage our global brands and partner network to drive reach and innovation:

We will continue building our family of trusted brands globally — Norton, Avast, LifeLock, MoneyLion and more — as we expand protection and empowerment to consumers across more than 150 countries.

We will also continue to invest in our partner network, which includes over 650 channel partners and over 600 third-party product providers in Engine by Gen, to enrich the choices available to our customers and accelerate our reach into new markets and customer segments.

• Scale our AI-powered platform to drive compounding growth:

We are investing in a unified data and AI platform that gives consumers structured, secure access to their most important information and puts the power of distribution in their hands, while connecting our brands, products, and third-party partners into a single intelligent ecosystem.

This platform enables hyper-personalized recommendations, faster AI innovation across our portfolio, and new revenue streams through trust, data, and decisioning services.

Over time, we expect it to shift our growth model from linear subscription economics toward compounding network effects, as each customer and partner interaction enriches the ecosystem.

• Build the trust layer for the AI economy:

As AI agents move onto consumer devices, browsing the web and executing code on the user’s behalf, the security stakes have fundamentally changed.

We are building the trust layer for consumer AI:

an AI-native browser, agentic protection integrated into our core memberships including an agentic VPN, and an agentic skill scanner establishing our platform as the security foundation for AI adoption.

The assets required to win in this category — trusted brands, rich behavioral and financial data, broad global distribution — are difficult to replicate, creating a durable and compounding advantage as the market scales.

• Pursue strategic transactions to enhance our competitive advantage:

To complement our organic growth strategy, we selectively pursue acquisitions, investments, and other strategic transactions that we believe can enhance our platform capabilities, expand our current lines of business, accelerate growth in existing or adjacent markets, strengthen our ecosystem, broaden our distribution reach, deepen our proprietary data and technology assets, or otherwise enhance our competitive position.

We evaluate potential opportunities based on a variety of factors, including their strategic fit, ability to drive long-term value creation, operational and technological synergies, customer and user expansion opportunities, and financial returns.

Our approach to acquisitions and other strategic transactions is guided by our financial discipline and balanced with our broader capital allocation priorities, which may include investments in innovation and growth initiatives, debt repayment, dividends, and share repurchases.

Operating Segment Information

We present financial information for our Cyber Safety Platform and Trust-Based Solutions operating segments to provide investors with greater transparency into the performance and drivers of our business.

These segments reflect how our Chief Operating Decision Maker (our Chief Executive Officer) evaluates results, allocates resources, and assesses growth opportunities.

By distinguishing between our core cybersecurity offerings and our Trust-Based Solutions, we enable investors to better understand the distinct market dynamics, revenue growth, and profitability profiles of each segment, as well as how they collectively support our long-term strategy and value creation.

Our Cyber Safety Platform Segment

Cyber Safety Platform includes our security, comprehensive suites, and privacy products, which deliver technology solutions and superior threat protection to help people navigate the digital world, securely, privately and with confidence.

We develop our broad portfolio of Cyber Safety products and services based on consumer insights and continuously enhance our offerings through product innovation and technology integration, including acquired capabilities, to outpace evolving threats.

Our Cyber Safety portfolio provides protection across two primary categories, security and performance, and online privacy, and is delivered across multiple channels and geographies.

Leveraging our technology platforms, we integrate software and service capabilities within these two categories into comprehensive and easy-to-use products and solutions across our brands.

We protect and empower consumers by providing solutions and services in two main ways:

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Providing a comprehensive and all-in-one Cyber Safety portfolio of solutions for a membership fee.

Plans are offered through Norton 360 and Avast One subscriptions, with both brands providing multiple levels of membership tiers that range from basic, mid-level, or premium tiers where identity theft and online privacy features are included.

Plans are offered through Norton 360 and Avast One subscriptions, with both brands providing multiple levels of membership tiers that range from basic, mid-level, or premium tiers where online privacy features and identity and restoration services are included.

• Point solutions:

Providing individual, stand-alone products and services in security, identity and privacy, offering flexibility for consumers to choose between free or paid solutions.

Providing stand-alone products and services in security, device performance, and privacy, offering flexibility for consumers to choose between free or paid solutions.

These products solve for a specific need, when you need it, and can add on to the value you already have.

Please see below for our full set of products by category.

We are well positioned across three key cyber safety categories:

• Security and Performance (Norton, Avast, Avira, AVG, and CCleaner offerings):

Our offerings provide real-time threat protection for PCs, Macs and mobile devices against malware, viruses, adware, ransomware and other online emerging threats.

These offerings monitor and block unauthorized traffic from the internet to the device to help protect private and sensitive information when customers are online.

Additionally, our all-in-one cybersecurity solutions help small business owners safeguard their team’s online activities, devices and customer data.

Scams have also continued to become more prevalent and sophisticated and we offer a range of AI-powered features integrated into Norton Cyber Safety products to provide always-on protection from today’s most sophisticated scams across phone calls, texts, emails, and websites.

We are well-positioned across two key Cyber Safety categories:

• Security and Performance:

Our offerings provide real-time threat protection for PCs, Macs and mobile devices against malware, ransomware, phishing, and other emerging cyber threats.

These offerings monitor and block unauthorized access to the device to help protect and secure private and sensitive information.

Norton Scam Protection and Scam Protection Pro utilize Norton Genie AI engine to analyze the meaning of words, not just links, helping to stop hidden scam patterns that even the most careful person can miss.

We also provide performance and optimization software solutions that free up space on devices, clear online tracking and help machines run faster.

• Identity Protection (U.S.:

LifeLock Identity Theft Protection, Avast and AVG Secure Identity;

International:

Norton Identity Theft Protection, Dark Web Monitoring):

In the U.S., we offer Identity Theft protection as part of our LifeLock, Avast and AVG brands.

All three products include monitoring of credit reports, the dark web and social media accounts to help safeguard our customers’ personal information.

The LifeLock product also offers monitoring of financial accounts.

In the event of identity theft, we assign an Identity Restoration Specialist to work directly with customers to help restore their identities, and all plans include reimbursements for losses and expenses incurred ranging up to $3 million.

Outside the U.S., we offer Norton and have expanded Avast and AVG branded plans to additional regions.

Plans include dark web monitoring in over 50 countries and monitoring of credit, social media and financial accounts, restoration support and identity theft insurance in select countries.

• Online Privacy (VPN, multiple personal data protection products, ReputationDefender):

Our virtual private network (VPN) solutions offered through the Norton, Avast and AVG brands enhance security and online privacy by providing an encrypted data tunnel.

This allows customers to securely transmit and access private information, such as passwords, bank details and credit card numbers, when using public Wi-Fi on PCs, Macs, and mobile iOS and Android devices.

We offer a variety of solutions under the Norton and Avast brands to protect customers’ data either by keeping data anonymous while browsing online through our AntiTrack and Secure Browser products or helping customers remove data from public data broker sites through our Privacy Monitor Assistant and BreachGuard products.

Norton offers a three-tiered VPN with advanced privacy and malware protection as well as AI-powered protection against sophisticated cyber threats, including scams and phishing attacks.

ReputationDefender is a white glove service that helps customers manage all aspects of their personal branding online, including search results, social media sites and overall web presence.

We also offer solutions designed to help small businesses safeguard devices, online activities, and customer data.

We also provide performance and optimization software solutions that improve device functionality by freeing up space, clearing online tracking, and managing system resources.

• Online Privacy:

Our privacy solutions include virtual private network (VPN) offerings through the Norton, Avast and freemium brands.

These solutions provide encrypted data tunnels and connections that allows customers to securely transmit and access private information, such as passwords, bank details, and credit card numbers, when accessing the

internet through their devices, including on public Wi-Fi networks.

Our VPN solutions also incorporate advanced privacy, malware protection, and AI-powered protection against sophisticated cyber threats, including scams and phishing attacks.

We also offer a variety of solutions under the Norton and Avast brands to enhance online privacy, including solutions that limit tracking while browsing online, through our AntiTrack and Secure Browser products, or services that help customers identify and remove personal information from public data broker sites, through our Privacy Monitor Assistant and BreachGuard products.

Our Trust-Based Solutions Segment

We have also evolved beyond Cyber Safety to offer Trust-Based solutions, including identity protection, restoration support services, digital reputation, and secure financial wellness, including our first-party MoneyLion products and our Engine marketplace offerings.

These innovative solutions and insights empower consumers to manage their identity, reputation and finances confidently.

• Identity Protection and Reputation:

In the United States, we offer Identity Theft protection as a premium membership service primarily through LifeLock, which includes monitoring of credit reports, the dark web, social media, and financial accounts to help detect potential misuse of and safeguard our customers’ personal information.

In the event of identity theft, we assign an Identity Restoration Specialist to work directly with customers to help restore their identities, and assist in the recovery process.

All plans include reimbursements for certain losses and expenses incurred, with coverage limits of up to $3 million depending on the plan.

Outside the United States, we offer identity solutions under the Norton, Avast, and other brands, which include dark web monitoring in over 50 countries, monitoring of credit, social media and financial accounts, restoration support, and identity theft insurance in select countries.

We also provide digital reputation management services, which helps customers manage their personal branding online, including on search results, social media sites, and overall web presence.

• Secure Financial Wellness:

In the United States, we offer modern personal finance products, tools, and financial-related content that delivers actionable insights and guidance to our users.

Through our MoneyLion brand, we provide a broad suite of financial products and services to make premium banking, borrowing and investing accessible to everyone, enhanced with identity features so users can protect the wealth they build.

We also operate and distribute embedded finance marketplace solutions that match consumers with personalized third-party offers from our partners, providing convenient access to an expansive breadth of financial solutions that enable customers to borrow, spend, save and achieve better financial outcomes.

Our leading marketplace solutions provide valuable distribution, acquisition, growth, and monetization channels for our partners.

This purpose-built platform helps consumers navigate all of their financial inflection points, combining our deep first-party product expertise, engaging content, marketplaces, innovative technology, data and AI capabilities to create the ultimate marketplace solution, Engine by Gen.

Innovation, Research and Development

Gen has a long history of innovation, and we plan to continue to invest in research and development to drive our long-term success.

As cyber threats evolve, we are focused on delivering a portfolio that protects each element of our customers’ digital lives.

To do this, we engage and listen to our customers, and we embrace innovation by deploying a global research and development strategy across our cyber safety platform.

Our engineering and product management teams are focused on delivering new versions of existing offerings, as well as developing entirely new offerings to drive the company’s global leadership in cyber safety.

As cyber threats evolve, and an increasing amount of our financial lives happen online, we are focused on delivering a portfolio that protects each element of our customers’ digital and financial lives.

To do this, we engage and listen to our customers, and we embrace innovation by deploying a global research and development strategy across our platform.

Our engineering and product teams are focused on delivering new and enhanced versions of existing offerings, as well as developing entirely new offerings to drive the company’s global leadership in cyber safety and secure financial wellness.

We are committed to our innovation and research and development efforts.

The Technology team at Gen is driving the company’s future technologies and innovation and helping guide the consumer cybersecurity industry.

Our global technology research organization is focused on applied research projects, with the goal of rapidly creating new products to address consumer trends and grow the business, including defending consumer digital privacy and identity.

The Technology team at Gen is driving the company’s future technologies, new product development, innovation and helping guide the consumer cybersecurity and personal financial services industries.

We also have a global threat response and security technology organization that is comprised of our dedicated team of threat and security researchers, supported by advanced systems to innovate security technology and threat intelligence.

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Our differentiated approach is powered by our global scale and visibility, geographically distributed cloud data platform, and advanced AI-based automation.

Through our AI Foundry, we build advanced AI models to improve our user’s experiences, by providing recommendations, insights, and personalized messaging tailored to their customer journey.

We are also building AI-native products, AI agentic solutions, and the trust layer that makes powerful AI, safe and simple for everyday life.

Industry Overview

Cyber safety is a growing market, fueled by the increase in activities online over the years as well as expected growth in the years ahead.

The core markets that we participate in are security, identity and privacy.

We believe the cyber safety market will continue to expand beyond these core markets and grow significantly, driven by the increasing number of people globally connected to the internet and their expanding digital lives.

The cyber threat landscape is larger and more complicated than ever before, exposing consumers to an increased risk to their digital lives.

The digitization of the world and the overlap between the physical and digital world are growing at a fast pace.

Cyber safety is a large market, fueled by the increase in activities online and the expanding digital lives of consumers globally.

The core markets we participate in include security, identity, privacy, and increasingly, financial wellness.

We believe the cyber safety market will continue to expand significantly, driven by the growing number of people connected to the internet and the accelerating convergence of their digital and financial lives.

The cyber threat landscape is larger and more complicated than ever before.

Attack cycles have compressed, threats are more personalized and convincing, and they are almost always aimed at a financial outcome — drained accounts, stolen credentials, and fraudulent transactions.

New technologies, smart devices, digital identities and an increasingly more connected world mean consumers will encounter a range of new cyber safety challenges.

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Cybercriminals have not only expanded their reach, but the sophistication of digital threats and attacks are becoming increasingly more realistic and believable.

The advancement of AI and large language model (LLM) technology is a key driver of this increased risk.

Cybercrime, and the ways in which cybercriminals target consumers, continue to evolve along with behaviors and technology.

Cybercrime encompasses any crime committed with devices over the internet and includes crimes where (i) malicious software or unauthorized access is detected on a device, network or online account (such as email, social media, online banking, digital assets, online retail, gaming, online entertainment, etc.), and unauthorized access or connection to cloud service accounts;

(ii) an individual is digitally victimized through a data breach, cyber theft, cyber extortion, or fraud (stolen personally identifiable information, identity theft, etc.);

(iii) online stalking, bullying, or harassment is inflicted;

or (iv) attacks related to privacy or disinformation (such as online tracking protection, identity impersonation, disinformation on social media, deepfakes, unsecured WiFi, EvilTwin attacks, etc.).

The rise of AI-generated deepfakes, synthetic identities, and autonomous AI agents — software that can browse, transact, and act on a consumer's behalf — introduces an entirely new attack surface and makes trust infrastructure more critical than ever.

At the same time, consumer demand for financial guidance and access is growing with equal urgency.

Despite advances in financial technology, significant gaps remain:

many consumers lack access to personalized, data-driven tools to help them manage, protect, and grow their financial lives.

The embedded finance marketplace model — connecting consumers with personalized third-party offers across lending, insurance, credit, and banking — has emerged as a scalable and high-intent channel for closing this gap, meeting consumers at the moment they are most ready to act.

What is emerging is the convergence of cyber safety and financial wellness into a single consumer need.

Almost every cyber threat ultimately targets a financial outcome, and almost every financial decision increasingly carries a digital risk.

Consumers are no longer looking for a security product and a financial app — they are looking for a trusted platform that protects and empowers their entire digital and financial life, simultaneously and proactively.

We believe these dynamics — the expanding digital threat landscape, the growing demand for accessible financial wellness solutions, and the convergence of cyber safety and financial protection — will continue to drive demand for integrated platforms that address consumers' digital and financial needs together.

Gen operates across both markets, connecting its family of Cyber Safety brands with financial wellness and marketplace capabilities to serve consumers across all aspects of their digital and financial lives.

Competitive Landscape

We operate in a highly competitive and dynamic environment.

We face global competition from a broad range of companies, including software vendors focusing on cyber safety solutions, operating system providers such as Apple, Google and Microsoft, and ‘pure play’ companies that currently specialize in one or a few particular segments of the market (many of which are expanding their product portfolios into different segments).

We believe the competitive factors in our market include innovation, access to a breadth of identity and consumer transaction data, broad and effective service offerings, brand recognition, technology, effective and cost-efficient customer acquisition, strong retention rate, customer satisfaction, price, convenience of purchase, ease of use, frequency of upgrades and updates and quality and reliable customer service.

We face global competition from a broad range of companies, including software providers focusing on cyber safety solutions, platform and ecosystem providers such as Apple, Google and Microsoft, and ‘pure play’ companies that currently specialize in one or a few market segments, many of which are expanding their product portfolios into additional segments.

We believe the competitive factors in our market include innovation, access to a breadth of consumer identity and financial data, broad and effective service offerings, brand recognition, effective technology, cost-efficient customer acquisition, strong retention rate, customer satisfaction, competitive price, convenience of purchase, ease of use, frequency of upgrades and reliable customer service.

Our competitors may vary by offering, geography, business model and channel.

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Our principal competitors in this segment include Apple, Bitdefender, ESET, F-Secure, Google, Kaspersky, Malwarebytes, McAfee, Microsoft, Trend Micro and Webroot.

• Identity Protection:

Our principal competitors in this segment include credit bureaus such as Equifax, Experian and TransUnion, as well as certain credit monitoring and identity theft protection solutions from others such as Allstate, Aura, Generali (Iris), Intuit (Credit Karma) and Microsoft.

• Online Privacy:

Our principal competitors in this segment include Apple, Aura, Brave, DuckDuckGo, IPVanish, Kape, Mozilla and Nord Security.

Our principal competitors in this segment include Apple, Aura, Brave, DuckDuckGo, IPVanish, Kape, Mozilla, Nord Security and Proton.

• Identity and Reputation:

• Secure Financial Wellness:

Our principal competitors in this segment include Bankrate, Chime, Dave, Intuit (Credit Karma), LendingTree, NerdWallet, Robinhood and SoFi.

• Other Competitors:

In addition to competition from independent software vendors such as Bitdefender, Kaspersky, McAfee and Trend Micro, and from OS providers such as Apple, Google and Microsoft, we also face competition from other companies that currently focus on one or a few cyber safety or adjacent segments but are developing additional competing products and expanding their portfolios into new segments, such as ‘pure play’ companies including but not limited to, 1Password, Bark, Dashlane, LastPass, Life360, Proton, and Truecaller, internet service providers, big tech platform providers, insurance companies and financial service organizations.

We believe we compete favorably with our competitors on the strength of our technology, people, product offerings and presence in all of the current key cyber safety categories.

However, some of our competitors have greater financial, technical, marketing, distribution or other resources than we do, including in new cyber safety and digital life segments we may enter, which consequently affords them competitive advantages.

As a result, they may be able to devote greater resources to develop, promote and sell their offerings;

deliver competitive offerings at lower prices or for free;

and introduce new solutions and respond to market developments and customer requirements and preferences more quickly or cost effectively than we can.

In addition, for individual solutions or features, smaller, well-funded competitors may be able to innovate and adapt more nimbly to the dynamic nature of the market and shifting consumer needs.

In addition to competitors listed above, we also face competition from companies focused on one or a few of the above or adjacent categories.

Many of these players are expanding into new segments and developing competing products.

These include ‘pure play’ providers such as 1Password, Bark, Dashlane, LastPass, Life360, and Truecaller, as well as internet service providers, big tech platform providers, insurance companies and financial services organizations.

We believe we compete effectively based on the strength of our technology, people, product offerings, and presence across the key Cyber Safety and Trust-Based Solutions categories.

However, some competitors have greater financial, technical, marketing, distribution or other resources than we do, including in new Cyber Safety and Trust-Based Solutions segments we may enter, giving them competitive advantages.

As a result, they may be better positioned to invest in the development, marketing, and distribution of their offerings;

provide competitive solutions at lower prices or for free;

and introduce new solutions or respond to market developments and customer needs more quickly or cost-effectively than we can.

In addition, for certain solutions or features, smaller, well-funded competitors may be able to innovate and adapt more quickly to evolving market dynamics and changing consumer needs.

For more information on the risks associated with our competitors, please see “Risk Factors” – Risks Related to Our Business Strategy and Industry – “We operate in a highly competitive and dynamic environment, and if we are unable to compete effectively, we could experience a loss in market share and a reduction in revenue” and “We may need to change our pricing models to compete successfully,” in Item 1A included in this Annual Report on Form 10-K.

As is typical for many consumer technology companies, portions of our business are impacted by seasonality.

However, we believe the net impact on our business is limited.

tax filing season which is in our fourth quarter.

Human Capital Management

At Gen, our mission is to build a comprehensive and easy-to-use integrated portfolio that prevents, detects and responds to cyber threats and cybercrimes in today’s digital world.

Our success in helping achieve this mission depends, in large part, on the success of our employees.

Our ability to execute on this mission depends on attracting, developing, and retaining a highly skilled and engaged workforce.

• General Employee Demographics:

As of March 28, 2025, we employed just under 3,500 team members in over 20 countries worldwide.

With dual headquarters in Tempe, Arizona, and in Prague, Czech Republic, we have over 1,000 active employees located in the U.S.

and nearly 900 active employees in the Czech Republic.

As of April 3, 2026, we employed approximately 3,900 team members across more than 20 countries.

With dual headquarters in Tempe, Arizona, and in Prague, Czech Republic, we have over 1,400 active employees located in the United States and nearly 800 active employees in the Czech Republic.

None of our U.S.

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• Employee Development and Training:

Our people programs are designed to provide our team members with support, resources, and opportunities they need to grow, learn and thrive in their careers.

We continued to focus on learning and development in fiscal 2025, investing further in digital learning via our Learn@Gen program for all employees.

Leveraging an extensive breadth of content and learning opportunities, this umbrella of offerings includes LinkedIn Learning catalog, Gen Mentorship, Academics and leadership trainings.

Our people programs are designed to provide our team members with the resources and opportunities needed to grow and succeed.

During fiscal 2026, we continued to invest in learning and development through our Learn@Gen platform and program, which provides employees with access to a broad range of digital and in person learning content and development opportunities.

These offerings include the LinkedIn Learning catalog, Gen Mentorship programs, Peer Learning Academics, and leadership development initiatives.

• Employee Engagement:

We value our people and are committed to creating a positive and fulfilling experience for everyone.

Feedback from our employees is critical, and we have developed an ongoing dialogue with our teams via our Engage pulse survey on a targeted topic that drives actions and improvements.

We are committed to fostering a positive and productive work environment.

Employee feedback is a critical component of this effort.

We maintain an ongoing dialogue with our workforce through our Engage pulse surveys, which focus on targeted topics and inform actions and continuous improvements across the organization.

• Benefits, Health and Wellness:

At Gen, we value our people and are committed to creating a positive and fulfilling experience for everyone through the programs and benefits we offer.

Our employee value proposition, Life@Gen is centered on choice, flexibility and growth and encompasses the many elements of our employee experience.

Our commitment to overall health and wellness is centered around having an integrated and equitable wellness program that supports body, mind and financial health.

At Gen, we value our people and are committed to reinforcing a positive and supportive experience through the programs and benefits we provide which are designed to support physical, mental and financial well-being in an integrated and equitable manner.

Our employee value proposition, Life@Gen, is centered on choice, flexibility, and growth, and reflects our holistic approach to the employee experience.

• Human Capital Governance:

We partner closely with our Board of Directors and the Compensation and Leadership Development Committee on executive compensation, our broader reward strategies and objectives related to talent management, talent acquisition, leadership development, retention and succession, and employee engagement.

Our Board of Directors, through its Compensation and Leadership Development Committee, provides oversight of our human capital management strategies.

We work closely with the Committee on matters including executive compensation, overall reward strategy, talent management, talent acquisition, leadership development, succession planning, retention, and employee engagement.

Intellectual Property

Our intellectual property (IP) is an important and vital asset that enables us to develop, market, and sell our software products and services and enhance our competitive position.

We are a leader among consumer cyber safety solutions in pursuing patents and currently have a portfolio of over 1,000 U.S.

We are a leader among consumer cyber safety and secure financial wellness solutions in pursuing patents and currently have a portfolio of over 1,000 U.S.

and international patents issued with many additional patents pending.

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From time to time, we enter into cross-license agreements with other technology companies covering broad groups of patents.

we have an additional portfolio of over 2,000 U.S.

and international patents cross-licensed to us as part of our arrangement with Broadcom as a result of the asset sale of our former Enterprise Security business.

We also use software from third parties in our business and generally must rely on those third parties to protect the licensed rights.

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Governmental Regulation

We collect, use, store or disclose an increasingly high volume, and variety of personal information, including from employees and customers, in connection with the operation of our business, particularly, in relation to our identity and information protection offerings, which rely on large data repositories of personal information and consumer transactions.

We collect, use, store or disclose an increasingly high volume, and variety of personal information, including from employees and customers, in connection with the operation of our business.

The personal information we process is subject to an increasing number of federal, state, local and foreign laws regarding privacy and data security.

Gen is also subject to extensive and evolving federal, state laws and regulations governing consumer financial products and services, including laws relating to consumer protection, fair lending, anti-money laundering, electronic payments, money transmission, credit reporting and licensing.

Certain of our products and platform are regulated and supervised by various governmental and regulatory authorities, including the Consumer Financial Protection Bureau, the Federal Trade Commission and state banking and financial services regulators.

Applicable compliance requirements include, among others, regulations relating to unfair, deceptive or abusive acts or practices, lending and servicing activities, electronic fund transfers, customer disclosures, sanctions compliance, cybersecurity and the collection, use and protection of consumer data.

For information on the risks associated with complying with privacy and data security laws, please see “Risk Factors” in Item 1A included in this Annual Report on Form 10-K.

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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.

What changed 10-K

Item 1. Business