Risk-factor diff
FY 2026 10-K vs. FY 2025Net-new paragraphs in the most recent 10-K's Item 1A. Companies rarely add risk language without a real reason — additions here are often a leading signal of management concerns.
“We have incurred net losses in all periods since our inception, and we may not achieve or maintain profitability in the future. We experienced a net loss of $450.7 million and $288.4 million for the fiscal years ended January 31, 2026 and 2025, respectively. As of January 31, 2026, we had an accumulated deficit of $2.1 billion. While we have historically experienced significant growth in revenue, we cannot predict when or whether we will reach or maintain profitability. We also expect our operating expenses to increase in the future as we continue to invest in our future growth, including expa…”
“expenses as a public company. Our revenue growth is expected to slow down as we scale and our revenue may decline for a number of other reasons, including reduced demand for our platform, increased competition, a decrease in the growth or reduction in the size of our overall market, or if we cannot capitalize on growth opportunities, including acquisitions, new products, services, and feature releases. While we consistently evaluate opportunities to reduce our operating costs and optimize efficiencies, including personnel restructuring plans, we cannot guarantee that these efforts will be succ…”
“our ability to successfully incorporate new technologies into our platform, including generative and agentic AI;”
“general global macroeconomic and political conditions, both domestically and in our foreign markets that could impact regions where we operate, including changes in U.S. federal spending, significant political or regulatory developments including changes in trade policy, global economic slowdowns, actual or perceived global banking and finance related issues, government shutdowns, inflation, interest rate volatility, supply chain disruptions, labor shortages, and potential global recession;”
“changes in customer, distributor, or reseller requirements, or market needs or preferences;”
Policies & disclosures
Clawback, anti-hedging, stock ownership, and related-party policies will populate from extracted proxy sections.