Risk factors

This is a new filing with no prior year comparison.

SI-BONE faces ongoing operating losses with an accumulated deficit of $431.4 million as of December 31, 2024. The company relies heavily on third-party suppliers like RMS for key implants and faces intense pricing and reimbursement pressures. Operations are subject to stringent FDA regulations and the adoption risks of the iFuse family of implants.

Stabilis Solutions faces heavy operational, regulatory, and supply chain risks in marketing and delivering LNG across North America.

SLR Investment Corp invests primarily in leveraged middle-market senior secured loans and financing leases. The portfolio is non-diversified and features below investment grade and covenant-lite debt. Leverage, capital access, and key personnel drive operational results.

Shutterstock faces significant transition risks driven by pending merger activities, integration challenges, and potential debt obligations.

This is a new filing without prior year risk factors. The risk profile is dominated by reliance on three major distributors for product sales, competition from generic drug manufacturers, and regulatory dependencies for product approvals and post-marketing commitments.

Tarsus relies heavily on the commercial success of its sole approved product, XDEMVY, for Demodex blepharitis. The company faces significant financial risks requiring additional capital, intellectual property challenges, and strict regulatory oversight across manufacturing and clinical trials.

Oil and gas market sensitivity and customer capital spending drive core operational risks for Tetra Technologies. Low carbon energy initiatives and Arkansas brine lithium extraction anchor long-term strategy risks. Debt covenants, credit facilities, and foreign currency exposures create financial constraints.

Ultra Clean Holdings depends heavily on a small group of OEM customers for the majority of its semiconductor subsystem revenues.

Upbound Group faces regulatory and legal scrutiny, particularly regarding its Acima and Brigit businesses from the CFPB and FTC. The company relies heavily on proprietary algorithms and third-party bank and data partners. Consumer spending behavior and supply chain disruptions heavily influence lease-to-own operational success.

Veralto faces significant risks from its recent spin-off from Danaher, including potential indemnification liabilities and tax-related operating restrictions.

Valmont Industries faces significant cyclical demand in its infrastructure, utility, and agricultural markets.