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obtain  from  them,  initiate  intellectual  property  or  other  litigation  against  us,  or  accelerate  efforts  to  develop 
competing  solutions  internally  in  order  to  avoid  relying  on  a  direct  competitor.  This  dynamic  could  result  in 
customer  attrition,  reduced  expansion  within  our  existing  customer  base,  pricing  pressure,  or  reputational 
challenges, any of which could adversely affect our revenue growth and business prospects.

Expanding  our  product  portfolio  requires  substantial  time  and  investment.  We  must  make  significant 
investments in research and development, compute infrastructure, engineering talent, sales and marketing, and 
go-to-market capabilities to develop new models, platforms, and applications and enable continued adoption. 
We  may  seek  to  expand  into  new  products  and  markets,  including  areas  outside  of  our  current  core 
competencies  or  where  we  have  limited  experience,  and  we  may  not  successfully  develop,  commercialize,  or 
support  such  offerings.  Development  timelines  for  AI  models,  platforms,  and  applications  are  uncertain,  and 
new capabilities, even when continuously improved and released into our models, platform, and applications, 
may  take  significant  time  to  achieve  commercial  scale.  We  may  invest  significant  resources  in  products  or 
services that fail to gain market traction, experience technical difficulties, face unexpected competition, lead to 
unexpected harm or societal impacts that do not align with our values, or generate insufficient returns to justify 
the  investment.  Additionally,  we  face  other  constraints  on  our  ability  to  expand  our  offerings,  including  the 
ability  to  hire,  retain,  and  motivate  qualified  AI  researchers,  engineers,  and  technical  personnel;  the  capital 
intensity  of  developing  and  operating  AI  models,  platforms,  and  applications  which  require  substantial 
compute  and  infrastructure  investment;  and  our  limited  portfolio  may  make  it  difficult  to  provide  the 
comprehensive, integrated solutions that customers may expect.

If we are unable to successfully expand our product and service portfolio, if we fail to compete effectively with 
our  current  offerings,  or  if  customer  preferences  shift  away  from  our  models,  platform,  and  applications,  our 
business, financial condition, and results of operations could be adversely affected.

A substantial portion of our revenue and accounts receivable is driven by a limited number of 
customers and distribution channels, and the loss of, or a significant reduction in, spend from 
one or more of our top customers or disruption through those channels could adversely affect 
our prospects, business, and financial condition.

A  substantial  portion  of  our  revenue  is  driven  by  a  limited  number  of  customers.  While  no  single  customer 
represented  more  than  10%  of  our  revenue  for  the  nine  months  ended  September  30,  2026,  our  top  five 
customers  represented  approximately  25%  of  our  revenue  for  the  nine  months  ended  September  30,  2026. 
Many  of  our  top  customers  are  not  subject  to  long-term  contracts  with  us  or  have  contracts  with  near-term 
expiration dates and are able to reduce or in some cases cease spending at any time and for any reason. Further, 
we  have  agreements  with  certain  large  customers  which  provide  flexibility  around  financial  commitments, 
termination rights, indemnification, and security obligations. Our top customers may vary spend levels period 
to period, and there can be no assurances that our large customers will continue to spend at levels similar to 
prior periods. 

We  anticipate  that  we  will  continue  to  derive  a  significant  portion  of  our  revenue  from  a  limited  number  of 
customers  for  the  foreseeable  future,  and  in  some  cases,  the  portion  of  our  revenue  attributable  to  certain 
customers may increase in the future. The composition of our customer base, including our top customers, may 
fluctuate from period to period given that our customer composition has evolved and is expected to continue to 
evolve  significantly  as  our  business  continues  to  evolve  and  scale  and  as  the  use  cases  for  AI  continue  to 
develop. 

In  addition,  a  significant  portion  of  our  revenue  and  accounts  receivable  is  associated  with  transactions 
conducted with a limited number of CSPs that act as distribution and billing channels for our models. During 
the  years  ended  December  31,  2023,  2024,  and  2025  and  the  six  months  ended  June  30,  2026,  revenue 
generated  from  sales  to  customers  through  CSP  marketplaces  represented approximately 11%, 32%, 47%, and 
48%,  respectively,  of  total  revenue.  As  of  December  31,  2024  and  2025  and  June  30,  2026, net  accounts 
receivable from sales through CSP marketplaces to customers represented 42%, 60%, and 58%, respectively, of 
our net accounts receivable. These platforms bill end customers, collect payments on our behalf, and remit such 
amounts to us, net of applicable platform and other fees. Any change to, or termination of, one of our significant 
distribution  relationships  could  adversely  affect  our  business  by  disrupting  customer  access  to  our  models, 
reducing  usage,  or  increasing  customer  acquisition,  onboarding,  and  migration  costs.  In  these  third-party 
arrangements, we generally maintain separate contractual arrangements with end customers governing access 

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