Bakkt (BKKT) FY2025 10-K Risk Factors: 19 New, 17 Dropped

What the changes say

Bakkt added substantial new risk disclosures regarding its Bitcoin investment policy, international expansion in Asia, and heavy revenue concentration risks.

What changed since the prior 10-K

New

NewRisks Related to Our Business, Finances and Operations
We may be unable to realize the anticipated benefits of investments and strategic transactions in connection with our international expansion strategy
The company may fail to realize anticipated benefits from international expansion initiatives, such as partnerships with MHT or Transchem Ltd. in India.
NewRisks Related to Our Business, Finances and Operations
platform, our business, financial condition, results of operations and prospects will be materially and adversely affected
The planned expansion to offer stablecoin-based payment services through the DTR acquisition faces regulatory approval hurdles and potential feature launch failures.
NewRisks Related to Our Business, Finances and Operations
We must continually invest in our platform to meet our customers’ evolving needs and to grow our business. Any failure by us to successfully execute on the development of our platform would have an adverse effect on our business, results of operations and financial condition
Developing the BakktX technology for an institutionally-focused ECN and other platform features carries technical execution risks and increased regulatory scrutiny.
NewRisks Related to Our Business, Finances and Operations
We have a limited operating history and a history of operating losses, which makes it difficult to forecast our future results of operations. Further, we may not achieve or sustain profitability in the future
The company reported revenue of $2,335.2 million and a net loss of $94.0 million for the year ended December 31, 2025.
NewRisks Related to Our Business, Finances and Operations
If we are not able to differentiate our products and services from those of our competitors, drive value for our clients and customers, or effectively and efficiently align our resources with our goals and objectives, we may not be able to compete effectively in the market
Bitcoin ETPs and other vehicles may draw investors away from the company's common stock, affecting stock valuation premiums or discounts.
NewRisks Related to Our Investment Policy
A significant decrease in the market value of our digital asset holdings could adversely affect our ability to satisfy financial obligations, including any debt financings
A drop in the market value of the company's Bitcoin holdings could impair its ability to secure debt or equity financing and cause debt defaults.
NewRisks Related to Our Investment Policy
Our financial results and the market price of our securities may be affected by fluctuations in the price of digital assets, including Bitcoin, which are highly volatile assets
Operating results will fluctuate significantly due to the highly volatile trading price of Bitcoin and overall market sentiment.
NewRisks Related to Our Investment Policy
Investing in digital assets increases our exposure to risks associated with those assets, including Bitcoin
Bitcoin holdings do not generate interest, and the company lacks control over decentralized blockchains and third-party networks.
NewRisks Related to Our Investment Policy
We may not have direct control over our digital assets held through a third-party custodian
Third-party custodians holding the company's Bitcoin and digital assets are vulnerable to cyberattacks, insolvency, or employee theft.
NewRisks Related to Our Investment Policy
Our ability to time the price of our purchases of Bitcoin and other digital assets pursuant to our Investment Policy will be limited
The company's ability to time Bitcoin purchases favorably under its Investment Policy is limited.
NewRisks Related to Our Investment Policy
To the extent we pursue our Investment Policy, our operating results may also be subject to significant fluctuations because we may be required to account for our digital assets at fair value
Adoption of FASB ASU 2023-08 requires fair value accounting for Bitcoin holdings, increasing net income volatility.
NewRisks Related to Digital Assets
Digital asset trading venues may experience greater fraud, security failures or operational problems than trading venues for more established asset classes, which could result in significant price fluctuations of digital assets, including Bitcoin
Fraud or operational failures at digital asset trading venues could reduce market confidence and cause severe Bitcoin price volatility.
NewRisks Related to Regulation, Taxation and Laws
practices. Our failure to successfully manage regulatory risks could harm our international operations and have an adverse effect on our business, operating results, and financial condition
NewRisks Related to Regulation, Taxation and Laws
anticipate a more permissive regulatory environment and, as a result, offer new products or services that we deem to exceed the scope of what is permitted under current regulation, which could put us at a competitive disadvantage
NewRisks Related to Regulation, Taxation and Laws
contested in litigation, which could take years to resolve, or dropped by the new administration, which can also lead to an uncertain regulatory environment
NewRisks Related to Regulation, Taxation and Laws
Unrealized fair value gains on our digital asset holdings may cause us to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022
NewRisks Related to Risk Management and Financial Reporting
If we are unable to maintain effective internal controls over financial reporting, we may be unable to produce timely and accurate financial statements, which could have a material adverse effect on our business
NewRisks Related to Our Securities
These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in the Board or management
NewRisks Related to Our Securities
These market and industry factors may materially reduce the market price of our securities regardless of our operating performance

Dropped

DroppedRisks Related to Our Business, Finances and Operations
Any of the foregoing could, among other things, adversely impact our stock price, make us less competitive compared to our peers and otherwise significantly adversely affect our business
DroppedRisks Related to Our Business, Finances and Operations
We may not realize the expected benefits under the Cooperation Agreement and may be unable to successfully negotiate the terms to acquire DTR, either of which could adversely affect our business, financial condition and results of operations
DroppedRisks Related to Our Business, Finances and Operations
Moreover, if we establish terms of the put/call option, and we acquire DTR or DTR exercises its right for us to acquire DTR, we may not realize the expected benefits of such acquisition. For additional information regarding the risks related to potential acquisitions, see the following risk factor
DroppedRisks Related to Our Business, Finances and Operations
We may not be successful in achieving expected operating efficiencies and sustaining or improving operating expense reductions, and might experience business disruptions and adverse tax consequences associated with restructuring, realignment and cost reduction activities
Client reliance on supervisory non-objection feedback.
DroppedRisks Related to Crypto
Regulations governing crypto and blockchain may change rapidly, which may force us to change our business quickly to adapt and may change the competitive landscape
DroppedRisks Related to Crypto
including those caused by any recession or economic downturn that may occur, and we may experience material and adverse impacts to our business as a result
DroppedRisks Related to Crypto
Due to unfamiliarity and some negative publicity associated with crypto platforms, existing and potential customers may lose confidence in crypto platforms, which could have an adverse impact on our business
DroppedRisks Related to Crypto
Further, banks may not provide banking services, or may cut off banking services, to businesses that provide crypto-related services, which could dampen liquidity in the market and damage the public perception of crypto generally or any one crypto asset in particular, which could decrease the trading volume of crypto
DroppedRisks Related to Crypto
public insurer to offer recourse to us or to any consumer and the misappropriated crypto may not be easily traced to the bad actor
DroppedRisks Related to Crypto
Our failure to safeguard and manage our customers’ crypto could adversely impact our business, operating results, and financial condition
DroppedRisks Related to Regulation, Taxation and Laws
reportedly dropped several enforcement cases involving these types of actions, including that against Coinbase
Risks related to the DTR Cooperation Agreement.
DroppedRisks Related to Regulation, Taxation and Laws
Bakkt Holdings, Inc. is a holding company, its only material asset is its interest in Opco, and it is accordingly dependent upon distributions made by its subsidiaries to pay taxes and expenses, make payments under the Tax Receivable Agreement and pay dividends
General risks of acquisitions and strategic investments.
DroppedRisks Related to Regulation, Taxation and Laws
In certain cases, payments under the Tax Receivable Agreement may exceed the actual tax benefits we realize or such payments may be accelerated
DroppedRisks Related to Regulation, Taxation and Laws
would be restricted, which would adversely affect our business, financial condition and results of operations. In addition, we may be forced to make changes to our management team if we are required to register as an investment company under the Investment Company Act
DroppedRisks Related to Regulation, Taxation and Laws
Our tax information reporting obligations with respect to transactions involving loyalty points or other incentives are subject to change
DroppedRisks Related to Risk Management and Financial Reporting
required to include an attestation report on internal control over financial reporting issued by our independent registered public accounting firm
DroppedRisks Related to Our Securities
We cannot predict the impact our dual class structure may have on the stock price of our Class A Common Stock

Reworded

100% rewrittenRisks Related to Regulation, Taxation and Laws
Regulatory regimes governing blockchain technologies and digital assets are evolving and uncertain, and new legislation, regulations, guidance and enforcement actions have in the past required, and may in the future require, us to alter our business practices
Updated to reflect 2025 presidential and congressional changes, noting Trump's executive order and the SEC's new Digital Asset Task Force.
Was: Regulatory regimes governing blockchain technologies and crypto are evolving and uncertain, and new legislation, regulations, guidance and enforcement actions have in the past required, and may in the future require, us to alter our business practices
91% rewrittenRisks Related to Digital Assets
Volatility and disruptions in the digital asset market may subject us to additional risks
Replaced references to 'crypto' with 'digital asset' regarding market volatility and macroeconomic uncertainties.
Was: Volatility and disruptions in the crypto market may subject us to additional risks
86% rewrittenRisks Related to Digital Assets
There may be a perception among regulators and others that digital assets are used to facilitate illegal activity such as fraud, money laundering, tax evasion and scams. Because we provide the ability to transact in digital assets, any negative perceptions associated with digital assets could harm our reputation
Replaced 'crypto' terminology with 'digital assets' in the context of reputational risks from illegal activity perceptions.
Was: There may be a perception among regulators and others that crypto is used to facilitate illegal activity such as fraud, money laundering, tax evasion and scams. Because we provide the ability to transact in crypto, any negative perceptions associated with crypto could harm our reputation
81% rewrittenRisks Related to Regulation, Taxation and Laws
We may have to constrain our business activities to avoid being deemed an investment company under the Investment Company Act
Removed the specific sentence detailing the potential burdensome compliance consequences if deemed an investment company.
78% rewrittenRisks Related to Our Business, Finances and Operations
Our business model is newly developed and may encounter additional risks and challenges as it grows
Replaced references to 'crypto and loyalty points' with 'digital assets' throughout the core business model description.
74% rewrittenRisks Related to Our Business, Finances and Operations
In the past, we have identified conditions and events that raised substantial doubt about our ability to continue as a going concern and it is possible that we may identify conditions and events in the future that raise substantial doubt about our ability to continue as a going concern
Removed the ICE Credit Facility as a funding source for day-to-day operations and updated terminology to digital asset clients.
73% rewrittenRisks Related to Our Business, Finances and Operations
client agreement terms, we may be unable to agree to terms with such clients on commercially advantageous terms or at all, which may adversely affect our business and prospects
Added specific disclosure that Webull, representing 74% and 73% of crypto services revenue in 2024 and 2023, did not renew its agreement ending June 14, 2025.
Was: agreements, for such products and services, and to do so on terms sufficiently favorable to us. While we continue to negotiate client agreement terms, we may be unable to agree to terms with such clients on commercially advantageous terms or at all, which may adversely affect our business and prospects
66% rewrittenRisks Related to Our Securities
ICE may exert significant influence over us and its interests may conflict with yours or those of other stockholders in the future
Removed a sentence regarding Class A and Class V voting parity while retaining core ICE influence disclosures.
61% rewrittenRisks Related to Our Business, Finances and Operations
If we cannot keep pace with rapid technological developments to provide new and innovative products and services, the use of our products and services may not develop, and, consequently, our business would suffer
60% rewrittenRisks Related to Our Business, Finances and Operations
We have in the past and may in the future seek to acquire or invest in businesses, joint ventures, partnerships, alliances and platform technologies that we believe could complement or expand our platform, enhance our technology, or otherwise offer growth opportunities
58% rewrittenRisks Related to Regulation, Taxation and Laws
Our business is subject to extensive government regulation, oversight, licensure and approvals. Our failure to comply with extensive, complex, uncertain, overlapping and frequently changing rules, regulations and legal interpretations could materially harm our business
56% rewrittenRisks Related to Our Business, Finances and Operations
We may require additional capital to support the growth of our business, and such capital might not be available on acceptable terms, if at all
53% rewrittenRisks Related to Our Securities
Our warrants are exercisable for common stock. Any such exercise increases the number of shares outstanding and eligible for future resale in the public market and results in dilution to our stockholders
Was: Our warrants are exercisable for Class A Common Stock. Any such exercise increases the number of shares outstanding and eligible for future resale in the public market and results in dilution to our stockholders
43% rewrittenRisks Related to Our Business, Finances and Operations
The loss of the services of our senior management could adversely affect our business
41% rewrittenRisks Related to Risk Management and Financial Reporting
Future changes in financial accounting standards may significantly change our reported results of operations
38% rewrittenRisks Related to Our Business, Finances and Operations
In connection with the sale of Bakkt Trust and our loyalty and travel redemption business we may become subject to retained liabilities and other risks that could adversely affect our business, financial condition and results of operations
Was: In connection with the sale of Bakkt Trust we may become subject to retained liabilities and other risks that could adversely affect our business, financial condition and results of operations
37% rewrittenRisks Related to Our Securities
We may issue additional shares of common stock or other equity securities, which would dilute stockholders’ ownership interest in us and may reduce the market price of our securities
36% rewrittenRisks Related to Digital Assets
Digital Assets do not have extensive historical precedent, and distributed ledger technology continues to rapidly evolve. The unique characteristics of digital assets presents risks and challenges to us that could have a material adverse effect on our business
Was: Crypto does not have extensive historical precedent, and distributed ledger technology continues to rapidly evolve. The unique characteristics of crypto presents risks and challenges to us that could have a material adverse effect on our business
31% rewrittenRisks Related to Digital Assets
We may encounter technical issues in connection with the integration of supported digital assets and changes and upgrades to their underlying networks, which could adversely affect our business
Was: We may encounter technical issues in connection with the integration of supported crypto assets and changes and upgrades to their underlying networks, which could adversely affect our business
27% rewrittenRisks Related to Regulation, Taxation and Laws
Changes in tax laws or their judicial or administrative interpretations, or becoming subject to additional taxes that cannot be passed through to our loyalty customers, could negatively affect our business, financial condition and results of operations
23% rewrittenRisks Related to Regulation, Taxation and Laws
Furthermore, if we remove any assets from trading on our platform, our decision may be unpopular with our customers and may reduce our ability to attract and retain customers, especially if such assets remain traded on unregulated exchanges, which includes many of our competitors
23% rewrittenRisks Related to Our Business, Finances and Operations
We partner with many businesses and consider the ability to continue establishing these partnerships important to our business. Competition for relationships with these clients is intense and there can be no assurance that we will be able to continue to establish, grow, or maintain these client relationships
22% rewrittenRisks Related to Our Business, Finances and Operations
Future material impairments in the value of our long-lived assets, including goodwill, have in the past negatively affected, and could in the future negatively affect, our operating results
21% rewrittenRisks Related to Information Technology and Data
Systems failures and resulting interruptions in the availability of our websites, applications, products or services could harm our business
20% rewrittenRisks Related to Our Business, Finances and Operations
We face substantial and increasingly intense competition worldwide in the industries in which we operate

All 75 risk factors

Headings as the filing states them, in filing order.

Risks Related to Our Business, Finances and Operations

01We may be unable to realize the anticipated benefits of investments and strategic transactions in connection with our international expansion strategyNew
02Our business model is newly developed and may encounter additional risks and challenges as it grows78% rewritten
03platform, our business, financial condition, results of operations and prospects will be materially and adversely affectedNew
04We must continually invest in our platform to meet our customers’ evolving needs and to grow our business. Any failure by us to successfully execute on the development of our platform would have an adverse effect on our business, results of operations and financial conditionNew
05We have a limited operating history and a history of operating losses, which makes it difficult to forecast our future results of operations. Further, we may not achieve or sustain profitability in the futureNew
06Substantially all of our net revenues each quarter come from transactions that occur during that quarter, which has resulted in, and may continue to result in, significant fluctuations in our operating results
07client agreement terms, we may be unable to agree to terms with such clients on commercially advantageous terms or at all, which may adversely affect our business and prospects73% rewritten
08We face substantial and increasingly intense competition worldwide in the industries in which we operate20% rewritten
09We partner with many businesses and consider the ability to continue establishing these partnerships important to our business. Competition for relationships with these clients is intense and there can be no assurance that we will be able to continue to establish, grow, or maintain these client relationships23% rewritten
10If we are not able to differentiate our products and services from those of our competitors, drive value for our clients and customers, or effectively and efficiently align our resources with our goals and objectives, we may not be able to compete effectively in the marketNew
11If our platform does not meet our service level commitments, our revenue and reputation may be negatively impacted
12We face operational, legal and other risks related to our reliance on third party vendors, over which we have no control
13If we cannot keep pace with rapid technological developments to provide new and innovative products and services, the use of our products and services may not develop, and, consequently, our business would suffer61% rewritten
14In connection with the sale of Bakkt Trust and our loyalty and travel redemption business we may become subject to retained liabilities and other risks that could adversely affect our business, financial condition and results of operations38% rewritten
15We have in the past and may in the future seek to acquire or invest in businesses, joint ventures, partnerships, alliances and platform technologies that we believe could complement or expand our platform, enhance our technology, or otherwise offer growth opportunities60% rewritten
16We may require additional capital to support the growth of our business, and such capital might not be available on acceptable terms, if at all56% rewritten
17In the past, we have identified conditions and events that raised substantial doubt about our ability to continue as a going concern and it is possible that we may identify conditions and events in the future that raise substantial doubt about our ability to continue as a going concern74% rewritten
18We hold our cash and cash equivalents that we use to meet our working capital and operating expense needs in deposit accounts that could be adversely affected if the financial institutions holding such funds fail
19The loss of the services of our senior management could adversely affect our business43% rewritten
20Our business will suffer if we fail to attract and retain highly skilled employees
21Our revenue is impacted, to a significant extent, by the general economy
22If we experience rapid growth, it may place significant demands on our operational, administrative and financial resources and it may be difficult to sustain such growth
23Future material impairments in the value of our long-lived assets, including goodwill, have in the past negatively affected, and could in the future negatively affect, our operating results22% rewritten
24Environmental, social and governance factors may impose additional costs and expose us to new risks

Risks Related to Our Investment Policy

25A significant decrease in the market value of our digital asset holdings could adversely affect our ability to satisfy financial obligations, including any debt financingsNew
26Our financial results and the market price of our securities may be affected by fluctuations in the price of digital assets, including Bitcoin, which are highly volatile assetsNew
27Investing in digital assets increases our exposure to risks associated with those assets, including BitcoinNew
28We may not have direct control over our digital assets held through a third-party custodianNew
29Our ability to time the price of our purchases of Bitcoin and other digital assets pursuant to our Investment Policy will be limitedNew
30To the extent we pursue our Investment Policy, our operating results may also be subject to significant fluctuations because we may be required to account for our digital assets at fair valueNew

Risks Related to Digital Assets

31Volatility and disruptions in the digital asset market may subject us to additional risks91% rewritten
32Digital asset trading venues may experience greater fraud, security failures or operational problems than trading venues for more established asset classes, which could result in significant price fluctuations of digital assets, including BitcoinNew
33There may be a perception among regulators and others that digital assets are used to facilitate illegal activity such as fraud, money laundering, tax evasion and scams. Because we provide the ability to transact in digital assets, any negative perceptions associated with digital assets could harm our reputation86% rewritten
34Digital Assets do not have extensive historical precedent, and distributed ledger technology continues to rapidly evolve. The unique characteristics of digital assets presents risks and challenges to us that could have a material adverse effect on our business36% rewritten
35We may encounter technical issues in connection with the integration of supported digital assets and changes and upgrades to their underlying networks, which could adversely affect our business31% rewritten
36Excessive redemptions or withdrawals, or a suspension of redemptions or withdrawals, of digital asset assets could adversely impact our business

Risks Related to Regulation, Taxation and Laws

37Our business is subject to extensive government regulation, oversight, licensure and approvals. Our failure to comply with extensive, complex, uncertain, overlapping and frequently changing rules, regulations and legal interpretations could materially harm our business58% rewritten
38practices. Our failure to successfully manage regulatory risks could harm our international operations and have an adverse effect on our business, operating results, and financial conditionNew
39Regulatory regimes governing blockchain technologies and digital assets are evolving and uncertain, and new legislation, regulations, guidance and enforcement actions have in the past required, and may in the future require, us to alter our business practices100% rewritten
40anticipate a more permissive regulatory environment and, as a result, offer new products or services that we deem to exceed the scope of what is permitted under current regulation, which could put us at a competitive disadvantageNew
41contested in litigation, which could take years to resolve, or dropped by the new administration, which can also lead to an uncertain regulatory environmentNew
42Furthermore, if we remove any assets from trading on our platform, our decision may be unpopular with our customers and may reduce our ability to attract and retain customers, especially if such assets remain traded on unregulated exchanges, which includes many of our competitors23% rewritten
43We are subject to significant litigation risk and risk of regulatory liability and penalties. Any current or future litigation or regulatory proceedings against us could be costly and time-consuming to defend
44We may have to constrain our business activities to avoid being deemed an investment company under the Investment Company Act81% rewritten
45Failure to comply with anti-bribery and anti-corruption laws and similar laws could subject us to penalties and other adverse consequences
46We are subject to federal and state consumer protection laws and regulations in the jurisdictions in which we operate, which may result in liability or expense, including potential private rights of action, if we do not comply, or it is alleged that we do not to comply, with such laws
47Complying with evolving privacy and other data related laws and requirements may be expensive and force us to make changes to our business, and failure to comply with such laws and requirements could result in substantial harm to our business
48We may be unable to sufficiently protect our proprietary rights and may encounter disputes from time to time relating to our use of the intellectual property of third parties
49Regulatory requirements upon a change of control of our regulated subsidiaries may require an investor to obtain prior approval or submit information to regulators upon acquiring a direct or indirect controlling interest in us
50Changes in tax laws or their judicial or administrative interpretations, or becoming subject to additional taxes that cannot be passed through to our loyalty customers, could negatively affect our business, financial condition and results of operations27% rewritten
51Our ability to use net operating losses to offset future taxable income may be subject to certain limitations under U.S. or state tax law
52Unrealized fair value gains on our digital asset holdings may cause us to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022New
53We may be subject to various governmental export control and trade sanctions laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate these controls

Risks Related to Information Technology and Data

54Actual or perceived cyberattacks, security incidents or breaches could result in serious harm to our reputation, business and financial condition
55Systems failures and resulting interruptions in the availability of our websites, applications, products or services could harm our business21% rewritten
56If we use open source software inconsistent with our policies and procedures or the license terms applicable to such software, we could be subject to legal expenses, damages, or costly remediation or disruption to our business

Risks Related to Risk Management and Financial Reporting

57If we are unable to maintain effective internal controls over financial reporting, we may be unable to produce timely and accurate financial statements, which could have a material adverse effect on our businessNew
58Real or perceived inaccuracies in our key operating metrics may harm our reputation and negatively affect our business
59If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected
60Our management has limited experience in operating a public company
61If members or former members of our management engage in business activities of the types conducted by us, we may be materially adversely affected
62We are a “smaller reporting company” and any decision to comply with certain reduced reporting and disclosure requirements applicable to smaller reporting companies could make our securities less attractive to investors
63Future changes in financial accounting standards may significantly change our reported results of operations41% rewritten

Risks Related to Our Securities

64We may issue additional shares of common stock or other equity securities, which would dilute stockholders’ ownership interest in us and may reduce the market price of our securities37% rewritten
65Our warrants are exercisable for common stock. Any such exercise increases the number of shares outstanding and eligible for future resale in the public market and results in dilution to our stockholders53% rewritten
66We may not receive any additional funds upon the exercise of the Warrants
67The valuation of our warrants could increase the volatility in our net income (loss) in our consolidated statements of operations
68If securities and industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the prices and trading volumes of our securities could decline
69Delaware law and our Certificate of Incorporation and By-Laws contain certain provisions, including anti-takeover provisions that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable
70These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in the Board or managementNew
71Our Certificate of Incorporation does not limit the ability of ICE to compete with us
72ICE may exert significant influence over us and its interests may conflict with yours or those of other stockholders in the future66% rewritten
73The price of our securities may be volatile
74These market and industry factors may materially reduce the market price of our securities regardless of our operating performanceNew
75Because there are no current plans to pay cash dividends on the common stock for the foreseeable future, you may not receive any return on investment unless you sell your common stock at a price greater than what you paid for it

Other Bakkt 10-Ks

FY2024 10-K risk factors
73 risks
Bakkt relies heavily on crypto asset transactions, third-party custody solutions, and navigating evolving regulatory frameworks.
Filed Mar 20, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.