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Although we do not currently anticipate material near-term impacts from these conditions, there can be no assurance that future geopolitical developments or sustained inflationary pressures will not adversely affect our vendor relationships, operating costs, customer transaction volumes, or ability to deliver services.
+Added: A significant portion of our revenue is concentrated among a limited number of customers;
+Added: our customer representing 29% of revenue for the first six months of 2026 has begun transitioning certain use cases to an alternative vendor under a multi-vendor architecture, and the pace, extent and duration of the resulting volume reductions are uncertain.
+Added: As previously disclosed under Risk Factors in the Annual Report for the year ended December 31, 2025 and 2024, our top ten customers accounted for approximately 77% and 71% of our total revenues for such years, respectively, and one customer accounted for approximately 31% of our total revenues for the year ended December 31, 2025.
+Added: This customer has recently informed us that, as part of a vendor-resilience initiative, it is adopting a primary/secondary vendor architecture under which an alternative vendor is expected to become the primary provider for certain identity verification use cases, while we will remain the primary provider for certain other use cases and will retain secondary or failover roles for certain of the transitioned use cases.
+Added: The customer’s communicated plans are scheduled to be implemented on a phased basis through the third quarter of 2026 and contemplate a reduction of approximately 70–75% in its transaction volumes with us during the second half of 2026 relative to the baseline reflected in those plans.
+Added: The customer has indicated that its plans may be adjusted, and we cannot predict the pace, extent, or duration of the customer’s transition or the resulting effect on transaction volumes.
+Added: As of August 13, 2026, the implementation of the customer’s multi-vendor architecture was underway and our transaction volumes with this customer had declined from prior-year levels;
+Added: however, the reductions observed through that date were less than the pace and magnitude contemplated by the customer’s communicated plan.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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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.