What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2025-11-14 compared with 2025-08-14 · 59 added, 57 removed, 52 unchanged (69% of the section changed)

10 unchanged sentences

Since the establishment of the State of Israel in 1948, a number of armed conflicts have taken place between Israel and

its Arab neighbors.

Any hostilities involving Israel or the interruption or curtailment of trade within Israel or between Israel and

its trading partners could adversely affect our operations and results of operations and could make it more difficult for us to raise

particular, in October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of

attacks on civilian and military targets.

Hamas also launched extensive rocket attacks on the Israeli population and industrial centers

located along Israel’s border with the Gaza Strip and in other areas within the State of Israel.

These attacks resulted in thousands

of deaths and injuries, and Hamas additionally kidnapped many Israeli civilians and soldiers.

Following the attack, Israel’s security

cabinet declared war against Hamas and commenced a military campaign against Hamas and these terrorist organizations in parallel continued

rocket and terror attacks.

As a result of the events of October 7, 2023, the Israeli government declared that the country was at war

and the Israeli military began to call-up reservists for active duty.

None of our full-time or part-time employees in Israel were called

up for reserve service.

Military service call ups that result in absences of personnel from us for an extended period of time may materially

and adversely affect our business, prospects, financial condition and results of operations.

addition, since the commencement of these events, there have been continued hostilities along Israel’s northern border with Lebanon

(with the Hezbollah terror organization) and on other fronts from various extremist groups in the region, such as the Houthi movement

in Yemen and various rebel militia groups in Syria and Iraq.

It is possible that hostilities with Hezbollah in Lebanon will escalate,

and that other terrorist organizations, including Palestinian military organizations in the West Bank as well as other hostile countries,

such as Iran, will join the hostilities.

Such clashes may escalate in the future into a greater regional conflict.

Israel has carried

out a number of targeted strikes on sites belonging to these terror organizations and, in October 2024, Israel began ground operations

against Hezbollah in Lebanon culminating in a cease fire agreed to between Israel and Lebanon on November 27, 2024, the results of which

are uncertain.

In addition, Iran, on two occasions, launched direct attacks on Israel involving hundreds of drones and missiles, prompting

Israeli air defenses and retaliatory strikes, and Iran has threatened to continue to attack Israel and is widely believed to be developing

nuclear weapons.

In June 2025, in light of continued nuclear threats and intelligence assessments indicating imminent attacks, Israel

launched a preemptive strike directly targeting military and nuclear infrastructure inside Iran, aimed at disrupting Iran’s capacity

to coordinate or launch further hostilities against Israel, as well as to degrade its nuclear program.

In response, Iran launched multiple

waves of drones and ballistic missiles at Israeli cities.

While most of these attacks were intercepted, several caused civilian casualties

and damage to infrastructure.

The Israeli military conducted additional operations against Iranian assets.

While a ceasefire was reached

between Israel and Iran in June 2025 after 12 days of hostilities, the situation remains volatile.

A broader regional conflict involving

additional state and non-state actors remains a significant risk.

Iran is also believed to have a strong influence among extremist groups

in the region, such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria.

situations may potentially escalate in the future to more violent events which may affect Israel and us.

Any armed conflicts, terrorist

activities or political instability in the region could adversely affect business conditions, could harm our results of operations and

could make it more difficult for us to raise capital.

Parties with whom we do business may decline to travel to Israel during periods

of heightened unrest or tension, forcing us to make alternative arrangements when necessary in order to meet our business partners face

its neighboring Arab countries, Hamas (an Islamist terrorist militia and political group that controls the Gaza strip), Hezbollah (an

Islamist terrorist militia and political group based in Lebanon) and other terrorist organizations active in the region.

These conflicts

have involved missile strikes, hostile infiltrations and terrorism against civilian targets in various parts of Israel, which have negatively

affected business conditions in Israel..

Any hostilities involving Israel or the interruption or curtailment of trade within Israel or

between Israel and its trading partners could adversely affect our operations and results of operations and could make it more difficult

for us to raise capital.

October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian

and military targets.

Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along Israel’s

border with the Gaza Strip and in other areas within the State of Israel.

These attacks resulted in extensive deaths, injuries and kidnapping

of civilians and soldiers.

Following the attack, Israel’s security cabinet declared war against Hamas and a military campaign against

these terrorist organizations commenced in parallel to their continued rocket and terror attacks.

In January 2025, Israel and Hamas entered

into a ceasefire agreement, which remained in effect until March 18, 2025, when hostilities resumed.

As of October 9, 2025, Israel and

Hamas entered into a renewed ceasefire agreement calling for a permanent end of the war.

However, there are no assurances that such as

agreement will hold.

While the conflict has created heightened security concerns, disruptions to business operations, and economic instability,

the ceasefire may contribute to improved regional stability.

However, the security situation remains fluid, and any renewed military

actions, restrictions, or government-imposed measures could adversely affect our operations, supply chains, and financial condition.

the commencement of these events, there have been continued hostilities along Israel’s northern border with Lebanon (with the Hezbollah

terror organization) and on other fronts from various extremist groups in region, such as the Houthis in Yemen and various rebel militia

groups in Syria and Iraq.

In October 2024, Israel began limited ground operations against Hezbollah in Lebanon, and in November 2024,

a ceasefire was brokered between Israel and Hezbollah, but there are no guarantees as to whether the agreement will hold or whether further

hostilities will resume.

addition, in April 2024 and October 2024, Iran launched direct attacks on Israel involving hundreds of drones and missiles and has threatened

to continue to attack Israel and is widely believed to be developing nuclear weapons.

In June 2025, in light of continued nuclear threats

and intelligence assessments indicating imminent attacks, Israel launched a preemptive strike directly targeting military and nuclear

infrastructure inside Iran, aimed at disrupting Iran’s capacity to coordinate or launch further hostilities against Israel, as

well as to degrade its nuclear program.

In response, Iran launched multiple waves of drones and ballistic missiles at Israeli cities.

While most of these attacks were intercepted, several caused civilian casualties and damage to infrastructure.

While a ceasefire was

reached between Israel and Iran in June 2025 after 12 days of hostilities, the situation remains volatile.

A broader regional conflict

involving additional state and non-state actors remains a significant risk.

Iran is also believed to have a strong influence among extremist

groups in the region, such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria

These situations may potentially escalate in the future to more violent events which may affect Israel and us..

a result of the events of October 7, 2023, the Israeli government declared that the country was at war and the Israeli military began

to call-up reservists for active duty.

None of our full-time or part-time employees in Israel were called up for reserve service.

service call ups that result in absences of personnel from us for an extended period of time may materially and adversely affect our

business, prospects, financial condition and results of operations.

addition, the political and security situation in Israel may result in parties with whom we have agreements involving performance in

16 unchanged sentences

In particular, most of our operations are in Spain.

However, the intensity and duration of Israel’s

current war against Hamas is difficult to predict at this stage, as are such war’s economic implications on our business and operations

and on Israel’s economy in general.

If the ceasefire declared collapse or a new war commences or hostilities expand to other fronts,

our operations may be adversely affected.

While the intensity and duration of the security

situation in Israel has been difficult to predict, as were the economic implications on our business and operations and on Israel’s

economy in general, the ceasefire marks a potential shift towards stability in the region.

If sustained, this could reduce the risk of

disruptions to our business and the Israeli economy in general.

However, if the war is renewed or expands to other fronts, such as Lebanon,

Syria and the West Bank, our operations may be harmed.

commercial insurance does not cover losses that may occur as a result of events associated with the security situation in the Middle

22 unchanged sentences

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-Q

Item 1A. Risk Factors