Risk factors

ETH is the central treasury exposure, tying business value and capital access to Ethereum’s price, liquidity, and ecosystem risks.

New risk disclosure highlights tariffs disrupting supply chains and raising costs; pandemic-specific risk was removed.

Growth strategy now expressly includes acquisitions, with integration, costs and execution risks replacing the prior border-security-market focus.

Eight acquisition-related risks were dropped, consistent with the transaction no longer being presented as pending; the dropped risks covered financing, closing, integration disruption and failure to close.

No customer exceeded 10% of fiscal 2025 revenue, versus one customer at approximately 12% in fiscal 2024.

AI is newly identified as a source of competitive, privacy, cybersecurity, intellectual-property and regulatory risk.

New risks reflect the May 2025 contribution of most of Brand Solutions to Propelis, including minority ownership and delayed equity-method reporting.

Three new risks center on the planned $2.62 billion CenterPoint Ohio acquisition: closing, financing flexibility, and realizing integration and growth benefits.

A new risk addresses acute and chronic weather effects on agricultural inputs, operations, supply chains, demand and costs.

Sustainability risk disclosures now name California climate laws and CSDDD due diligence across operations, customers, and suppliers.

New disclosure says convertible notes may require cash settlement after a conversion event before 2028, affecting liquidity or diluting shareholders.

Valvoline now identifies ERP implementation as having adversely affected internal controls, with remedial efforts needed to limit ongoing business impact.