Risk factors

New risks address AI data and cybersecurity exposure, and tariffs, sanctions and conflict disrupting automotive sourcing.

Competition risk now specifically includes Generative AI, blockchain and talent loss as threats to market share and profitability.

Revenue rose to $343.2 million in 2025, but the filing continues to warn growth may slow and forecasting remains difficult.

The risk section reflects AppLovin’s shift away from its Apps business: it sold that business in June 2025 but retained some former-studio legal proceedings.

Federal agencies’ share of revenue rose to 25.3% in 2025 from 23.9% in 2024.

New risks address trade-policy uncertainty affecting overseas manufacturing and current-administration healthcare actions affecting commercialization and pricing.

New trade-policy exposure highlights potential tariffs, reciprocal measures, and foreign-supplier delays or higher costs.

New disclosure says acquisitions, joint ventures and facility investments could fail to deliver benefits or disrupt operations.

A new risk says federal shutdowns can stall FCC reviews, filing deadlines, and provider-dispute resolution, delaying business goals.

New disclosure says distribution restrictions could impede interest payments on named notes and trigger debt defaults.

The Viterra acquisition is complete; the filing drops 12 risks tied to closing and describes integration and shareholder influence risks instead.

Legal-risk disclosure shifts from intellectual-property litigation concerns to ongoing securities litigation over alleged false or misleading statements and nondisclosure.