There have been no material changes from the risk factors associated with our business previously disclosed in the “Item 1A.
−Removed: Risk Factors” section of our 2024 Annual Report, except as set forth below.
+Added: Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, except as set forth below.
Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business and the trading price of our common stock.
−Removed: Changes in the U.S.
−Removed: trade environment, including uncertainty over global tariffs and the financial impact of tariffs, as well as economic uncertainty associated with geopolitics, may negatively affect our business, financial condition and results of operations.
−Removed: The United States has enacted and proposed to enact significant new tariffs, as well as changes to existing tariffs.
−Removed: Additionally, various federal agencies have been directed to further evaluate key aspects of U.S.
−Removed: trade policy and there has been ongoing discussion regarding potential significant changes to U.S.
−Removed: trade policies, treaties, and tariffs, all of which has resulted and may continue to result in retaliatory tariffs enacted by trading partners in response to such actions.
−Removed: Trade restrictions and rising political tensions could reduce trade volume, investment and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets.
−Removed: Any of these factors could negatively impact our customers and suppliers.
−Removed: These developments or a perception of these developments could cause our customers or potential customers to delay or re-evaluate their decisions to initiate various projects which in turn could result in a delay or cessation of engagement or other business activities with us.
−Removed: During challenging times, our customers may tighten their budgets or face constraints in gaining timely access to sufficient funding or other credit, which could result in an impairment of their ability to make timely payments to us.
−Removed: All these developments could negatively impact our business, financial condition and results of operations.
+Added: Conditions in the Middle East, including current uncertainty and instability resulting from conflict between the United States, Israel, and Iran, as well as other regional hostilities could adversely affect our business.
+Added: In February 2026, the United States and Israel launched military operations against Iran, resulting in an armed conflict that has caused significant disruption to global energy markets and international shipping, including the closure of the Strait of Hormuz.
+Added: The profitability of our business could be impacted by the price of petroleum products because they are a component of the logistics costs for delivery of our goods to customers.
+Added: Additionally, the conflict in and around Iran has increased instability in the Middle East region and generated new economic uncertainty in global supply chains, due in part to the restriction of shipping activity through the Strait of Hormuz.
+Added: The broader consequences of these conflicts are uncertain, and could include further sanctions, embargoes, geopolitical shifts and adverse effects on macroeconomic conditions, adverse impacts on energy supplies and prices, supply chain disruptions and cost increases, inflationary pressures, capital markets dislocation, all of which could impact the Company's business, financial condition and results of operations.
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.