A10 Networks, Inc.

Previous wording

During the three months ended March 31, 2025, (i) 51% of our total revenue was generated from the Americas region, of which 46% was generated from the United States and 5% was generated from the Americas-other, (ii) 28% from the APJ region and (iii) 21% from the EMEA region. During the three months ended March 31, 2024, (i) 45% of our total revenue was generated from the Americas region, of which 38% was generated from the United States and 7% was generated from the Americas-other, (ii) 41% from the APJ region and (iii) 13% from the EMEA region. One of our priorities is to strengthen our sales efforts in North America. Our enterprise customers accounted for 41% and 38% of our total revenue during the three months ended March 31, 2025 and 2024, respectively, and our service provider customers accounted for 59% and 62% of our total revenue during the three months ended March 31, 2025 and 2024, respectively.

Current wording

During the three months ended June 30, 2025, (i) 59% of our total revenue was generated from the Americas region, of which 55% was generated from the United States and 4% was generated from the Americas-other, (ii) 26% from the APJ region and (iii) 15% from the EMEA region. During the three months ended June 30, 2024, (i) 51% of our total revenue was generated from the Americas region, of which 44% was generated from the United States and 7% was generated from the Americas-other, (ii) 32% from the APJ region and (iii) 17% from the EMEA region. During the six months ended June 30, 2025, (i) 55% of our total revenue was generated from the Americas region, of which 50% was generated from the United States and 5% was generated from the Americas-other, (ii) 27% from the APJ region and (iii) 18% from the EMEA region. During thesix months ended June 30, 2024,(i) 48% of our total revenue was generated from the Americas region, of which 41% was generated from the United States and 7% was generated from the Americas-other, (ii) 37% from the APJ region and (iii) 15% from the EMEA region. One of our priorities is to strengthen our sales efforts in North America. During the three months ended June 30, 2025 and 2024, our enterprise customers accounted for 40% and 44% of our total revenue, respectively, and our service provider customers accounted for 60% and 56% of our total revenue, respectively. During both the six months ended June 30, 2025 and 2024, our enterprise customers accounted for 41% of our total revenue and our service provider customers accounted for 59% of our total revenue.

Previous wording

As a result of the nature of our target market and the current stage of our development, a substantial portion of our revenue comes from a limited number of large customers, including service providers and enterprise customers, in any period. Purchases by our ten largest end-customers accounted for 44% of our total revenue for both the three months ended March 31, 2025 and 2024. Sales to these large end-customers have typically been characterized by large but irregular purchases with long sales cycles. The timing of these purchases and the delivery of the purchased products are difficult to predict. Consequently, any acceleration or delay in anticipated product purchases by or deliveries to our largest customers could materially impact our revenue and operating results in any quarterly period. This may cause our quarterly revenue and operating results to fluctuate from quarter to quarter and make them difficult to predict.

Current wording

As a result of the nature of our target market and the current stage of our development, a substantial portion of our revenue comes from a limited number of large customers, including service providers and enterprise customers, in any period. Purchases by our ten largest end-customers accounted for 46% and 35% of our total revenue for the three months ended June 30, 2025 and 2024, respectively, and accounted for 42% and 37% of our total revenue for the six months ended June 30, 2025 and 2024, respectively. Sales to these large end-customers have typically been characterized by large but irregular purchases with long sales cycles. The timing of these purchases and the delivery of the purchased products are difficult to predict. Consequently, any acceleration or delay in anticipated product purchases by or deliveries to our largest customers could materially impact our revenue and operating results in any quarterly period. This may cause our quarterly revenue and operating results to fluctuate from quarter to quarter and make them difficult to predict.

Previous wording

As of March 31, 2025, we had $243.8 million of cash and cash equivalents and $112.0 million of marketable securities. Cash provided by operating activities was $17.2 million during the three months ended March 31, 2025, compared to $32.4 million in the same period of 2024.

Current wording

As of June 30, 2025, we had $252.9 million of cash and cash equivalents and $114.5 million of marketable securities. Cash provided by operating activities was $39.4 million during the six months ended June 30, 2025, compared to $44.7 million in the same period of 2024.

Previous wording

A summary of our condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 is as follows (dollars in thousands):

Current wording

A summary of our condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 is as follows (dollars in thousands):

Previous wording

Total net revenue increased $5.5 million, or 9%, during the three months ended March 31, 2025, compared to the same period of 2024. Changes in revenue were due primarily to (i) an increase of $5.8 million in the EMEA region, (ii) an increase of $6.1 million in the Americas region, comprised of an increase of $7.0 million in the United States and a decrease of $0.9 million in Americas-other, and (iii) a decrease of $6.4 million in the APJ region. The overall increase in revenue was attributable to a $4.1 million increase in revenue from enterprise customers and a $1.3 million increase in revenue from service provider customers during the three months ended March 31, 2025 compared to the same period of 2024. Products revenue increased $5.9 million, of which the EMEA region increased $5.8 million and the Americas region increased $4.8 million, partially offset by a decrease of $4.7 million in the APJ region for the three months ended March 31, 2025, compared to the same period of 2024. Services revenue decreased $0.4 million, of which the APJ region decreased $1.7 million, partially offset by an increase of $1.2 million in the Americas region, while EMEA was flat for the three months ended March 31, 2025, compared to the same period of 2024.

Current wording

Total net revenue increased $9.3 million, or 15%, during the three months ended June 30, 2025, compared to the same period of 2024. Changes in revenue were due primarily to (i) an increase of $10.3 million in the Americas region, comprised of an increase of $11.6 million in the United States and a decrease of $1.3 million in Americas-other, (ii) an increase of $0.3 million in the EMEA region, and (iii) a decrease of $1.3 million in the APJ region. The overall increase in revenue was attributable to a $8.2 million increase in revenue from service provider customers and a $1.1 million increase in revenue from enterprise customers during the three months ended June 30, 2025 compared to the same period of 2024. Products revenue increased $9.6 million, of which the Americas region increased $10.7 million and the APJ region increased $0.4 million, partially offset by a decrease of $0.4 million in the EMEA region for the three months ended June 30, 2025, compared to the same period of 2024. Services revenue decreased $0.4 million, of which the APJ region decreased $1.8 million, partially offset by increases of $0.7 million in the Americas region and $0.7 million in the EMEA region for the three months ended June 30, 2025, compared to the same period of 2024.

Previous wording

Products revenue increased $5.9 million, or 20%, during the three months ended March 31, 2025 compared to the same period of 2024, as a result of an increase in demand from both our enterprise and service provider customers in the Americas and EMEA regions.

Current wording

Products revenue increased $9.6 million, or 33%, during the three months ended June 30, 2025 compared to the same period of 2024, as a result of an increase in demand from both our enterprise and service provider customers in the Americas and APJ regions.

Previous wording

During the three months ended March 31, 2025, $18.6 million, or 28% of total revenue, was generated from the APJ region, which represents a 26% decrease compared to the same period of 2024. The decrease was primarily due to lower services revenue due to an increase in demand from our service provider customers in the APJ region.

Current wording

During the three months ended June 30, 2025, $17.9 million, or 26% of total revenue, was generated from the APJ region, which represents a 7% decrease compared to the same period of 2024. The decrease was primarily due to lower services revenue due to a decrease in demand from our service provider customers in the APJ region.

Previous wording

During the three months ended March 31, 2025, $33.5 million, or 51% of total revenue, was generated from the Americas region, which represents a 22% increase in revenue compared to the same period of 2024. The increase was primarily due to higher products revenue due to an increase in demand from both our enterprise and service provider customers in the Americas region.

Current wording

During the six months ended June 30, 2025, $74.7 million, or 55% of total revenue, was generated from the Americas region, which represents a 28% increase in revenue compared to the same period of 2024. The increase was primarily due to higher products revenue due to an increase in demand from both our service provider and enterprise customers in the Americas region.

Previous wording

During the three months ended March 31, 2025, $14.0 million, or 21% of total revenue, was generated from the EMEA region, which represents an 71% increase compared to the same period of 2024. The increase was primarily due to higher products revenue due to an increase in demand from both our enterprise and service provider customers in the EMEA region.

Current wording

During the six months ended June 30, 2025, $24.3 million, or 18% of total revenue, was generated from the EMEA region, which represents an 34% increase compared to the same period of 2024. The increase was primarily due to higher products revenue due to an increase in demand from both our service provider and enterprise customers in the EMEA region.

Previous wording

Products cost of revenue increased 6.8% during the three months ended March 31, 2025, compared to the same period of 2024, primarily due product and regional mix.

Current wording

Products cost of revenue increased 20.3% and 13.6% during the three and six months ended June 30, 2025, compared to the same periods of 2024, primarily due product and regional mix.

Previous wording

Services cost of revenue increased 33.0% during the three months ended March 31, 2025, compared to the same period of 2024, primarily driven by an increase in personnel-related support costs and the mix of services delivered, which include technical support, training and service costs.

Current wording

Services cost of revenue increased 23.9% and 28.2% during the three and six months ended June 30, 2025, compared to the same periods of 2024, primarily driven by an increase in personnel-related support costs and the mix of services delivered, which include technical support, training and service costs.

Previous wording

Products gross margin increased 2.4% during the three months ended March 31, 2025, compared to the same period of 2024, primarily due to product and regional mix.

Current wording

Products gross margin increased 2.2% and 2.2% during the three and six months ended June 30, 2025, compared to the same periods of 2024, primarily due to product and regional mix.

Previous wording

Services gross margin decreased 5.3% during the three months ended March 31, 2025, compared to the same period of 2024, primarily driven by an increase in personnel-related support costs and the mix of services delivered, which include technical support, training and service costs.

Current wording

Services gross margin decreased 4.3% and 4.9% during the three and six months ended June 30, 2025, compared to the same periods of 2024, primarily driven by an increase in personnel-related support costs and the mix of services delivered, which include technical support, training and service costs.

Previous wording

Sales and marketing operating expenses decreased $1.7 million, or 7.9%, in the three months ended March 31, 2025, compared to the same period in 2024, primarily due to a decrease in personnel costs.

Current wording

Sales and marketing operating expenses increased $1.5 million, or 7.8%, in the three months ended June 30, 2025, compared to the same period in 2024, primarily due to increases in marketing expenses and personnel costs. Sales and marketing operating expenses decreased $0.2 million, or 0.4%, in the six months ended June 30, 2025, compared to the same period in 2024, primarily due to a decrease in personnel costs.

Previous wording

Research and development operating expenses increased $1.8 million, or 13.1%, in the three months ended March 31, 2025, compared to the same period in 2024, primarily due to fluctuations in personnel costs.

Current wording

Research and development operating expenses increased $1.5 million, or 10.3%, in the three months ended June 30, 2025, compared to the same period in 2024, and increased $3.4 million, or 11.7%, in the six months ended June 30, 2025, compared to the same period in 2024, primarily due to an increase in personnel costs.

Previous wording

General and administrative operating expenses increased $1.7 million, or 25.7%, in the three months ended March 31, 2025, compared to the same period in 2024, primarily due to an increase in personnel costs.

Current wording

General and administrative operating expenses increased $1.2 million, or 20.6%, in the three months ended June 30, 2025, compared to the same period in 2024, and increased $3.0 million, or 23.3%, in the six months ended June 30, 2025, compared to the same period in 2024, primarily due to an increase in professional services expense and personnel costs.

Previous wording

Interest expense was $0.3 million in the three months ended March 31, 2025 and was related to our outstanding 2030 Notes that were issued in the three months ended March 31, 2025. The Company recorded no interest expense in the three months ended March 31, 2024.

Current wording

Interest expense was $1.9 million and $2.2 million in the three and six months ended June 30, 2025, respectively, and was related to our outstanding 2030 Notes that were issued in March 2025. The Company recorded no interest expense in the three and six months ended June 30, 2024.

Previous wording

The Company recorded $0.7 million of gains from fair value adjustments on investments in publicly held equity securities in the three months ended March 31, 2024. The Company had no investments in publicly held equity securities in the three months ended March 31, 2025.

Current wording

The Company recorded $0.5 million and $0.7 million of net gains in other income (expense) in the three and six months ended June 30, 2025, respectively, primarily from foreign currency exchange gains from fluctuations in the Japanese Yen versus the U.S. Dollar. The Company recorded $1.3 million and $3.6 million of net gains in other income (expense) in the three and six months ended June 30, 2024, respectively, primarily from foreign currency exchange gains from fluctuations in the Japanese Yen versus the U.S. Dollar and, to a lesser extent, net gains resulting from fair value adjustments on investments in publicly held equity securities. The Company had no investments in publicly held equity securities in the three and six months ended June 30, 2025.

Previous wording

We recorded a provision for income taxes of $0.9 million and $1.5 million for the three months ended March 31, 2025 and 2024, respectively. The Company’s income tax provisions for the three months ended March 31, 2025 and 2024 primarily consisted of U.S. federal and state taxes.

Current wording

We recorded a provision for income taxes of $1.4 million and $1.5 million for the three months ended June 30, 2025 and 2024, respectively, and $2.3 million and $3.0 million in the six months ended June 30, 2025 and 2024, respectively. The Company’s income tax provisions for the three and six months ended June 30, 2025 and 2024 primarily consisted of U.S. federal and state taxes.

Previous wording

As of March 31, 2025, we had cash and cash equivalents of $243.8 million, including $2.8 million held outside the United States in our foreign subsidiaries, and $112.0 million of marketable securities. We currently do not have any plans to repatriate our earnings from our foreign operations. As of March 31, 2025, we had working capital of $345.0 million, accumulated deficit of $30.8 million and total stockholders’ equity of $195.9 million. Our marketable securities are highly liquid and are classified as available for sale should the Company decide to quickly raise cash at any time in the future.

Current wording

As of June 30, 2025, we had cash and cash equivalents of $252.9 million, including $3.7 million held outside the United States in our foreign subsidiaries, and $114.5 million of marketable securities. We currently do not have any plans to repatriate our earnings from our foreign operations. As of June 30, 2025, we had working capital of $348.9 million, accumulated deficit of $20.3 million and total stockholders’ equity of $204.0 million. Our marketable securities are highly liquid and are classified as available for sale should the Company decide to quickly raise cash at any time in the future.

Previous wording

The Board has authorized various stock repurchase programs from time to time, including most recently, a twelve-month $50 million program approved November 7, 2023 (the “2023 Program”), a $50 million program approved November 7, 2024 (the “2024 Program”) and a $75 million program approved May 1, 2025 (the “2025 Program”). Under all programs, repurchased shares are held in treasury at cost. The Company’s stock repurchase programs do not obligate us to acquire any specific number of shares. Shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. During the year ended December 31, 2024, the Company repurchased 2.2 million shares for a total cost of $30.1 million under the 2023 and 2024 Programs. Through March 31, 2025, the Company had repurchased 2.2 million shares for a total cost of $43.6 million under the 2024 Program.

Current wording

The Board has authorized various stock repurchase programs from time to time, including most recently, a twelve-month $50 million program approved November 7, 2023 (the “2023 Program”), a $50 million program approved November 7, 2024 (the “2024 Program”) and a $75 million program approved May 1, 2025 (the “2025 Program”). Under all programs, repurchased shares are held in treasury at cost. The Company’s stock repurchase programs do not obligate us to acquire any specific number of shares. Shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. During the year ended December 31, 2024, the Company repurchased 2.1 million shares for a total cost of $28.9 million under the 2023 and 2024 Programs. Through June 30, 2025, the Company had repurchased 2.5 million shares for a total cost of $47.5 million under the 2024 and 2025 Programs.

Previous wording

In October 2021, the Board approved the initiation of a regular quarterly cash dividend on our common stock. The Company paid cash dividends of $0.06 per share outstanding, for a total of $4.4 million and $4.5 million in the three months ended March 31, 2025 and 2024, respectively, as a return of capital. The next dividend, in the amount of $0.06 per share, will be paid on June 2, 2025 to stockholders of record on May 15, 2025 as a return of capital. We currently anticipate that we will continue to pay comparable quarterly cash dividends in the future. However, the payment, amount and timing of future dividends remain within the discretion of the Board and will depend upon our results of operations, financial condition, cash requirements, and other factors.

Current wording

In October 2021, the Board approved the initiation of a regular quarterly cash dividend on our common stock. The Company paid cash dividends of $0.06 per share outstanding, for a total of $4.3 million and $8.8 million in the three and six months ended June 30, 2025 as a return of capital. The next dividend, in the amount of $0.06 per share, will be paid on September 2, 2025 to stockholders of record on August 15, 2025 as a return of capital. We currently anticipate that we will continue to pay comparable quarterly cash dividends in the future. However, the payment, amount and timing of future dividends remain within the discretion of the Board and will depend upon our results of operations, financial condition, cash requirements, and other factors.

Previous wording

During the three months ended March 31, 2024, cash provided by operating activities was $32.4 million, consisting of net income of $9.7 million, non-cash charges of $7.0 million and an increase in cash resulting from the net change in operating assets and liabilities of $15.7 million. Our non-cash charges consisted primarily of depreciation and amortization expenses of $2.7 million and stock-based compensation expense of $3.8 million. The net change in our operating assets and liabilities primarily reflects cash inflows from the changes in accounts receivable of $17.7 million, prepaid expense and other assets of $1.5 million and accrued liabilities of $1.8 million, partially offset by cash outflows from accounts payable of $2.7 million, inventory of $2.2 million and deferred revenue of $0.4 million.

Current wording

During the six months ended June 30, 2025, cash provided by operating activities was $39.4 million, consisting of net income of $20.1 million, non-cash charges of $18.2 million and an increase in cash resulting from the net change in operating assets and liabilities of $1.1 million. Our non-cash charges consisted primarily of depreciation and amortization expenses of $7.1 million and stock-based compensation expense of $10.4 million. The net change in our operating assets and liabilities primarily reflects cash inflows from the changes in accounts receivable of $24.0 million and inventory of $1.6 million, partially offset by cash outflows from accounts payable of $6.4 million, deferred revenue of $6.3 million, accrued liabilities of $5.9 million and prepaid expenses and other assets of $5.9 million.

Previous wording

The unfavorable change in accrued liabilities was primarily due to a decrease in accrued variable compensation. The unfavorable change in accounts payable was attributable to the timing of payments to vendors. The unfavorable change in prepaid expenses and other assets was attributable to an increase in prepaid accounting and marketing expenses. The favorable change in accounts receivable was attributable to timing of billing and cash collections. The favorable change in deferred revenue was attributable to the timing of service contract bookings and the acquisition of ThreatX Protect deferred revenue. The favorable change in inventory was attributable to the timing of product shipments.

Current wording

The favorable change in accounts receivable was attributable to timing of billing and cash collections. The favorable change in inventory was attributable to the timing of product shipments. The unfavorable change in accounts payable was attributable to the timing of payments to vendors. The unfavorable change in deferred revenue was attributable to the timing of service contract bookings. The unfavorable change in accrued liabilities was primarily due to a decrease in accrued variable compensation. The unfavorable change in prepaid expenses and other assets was attributable to an increase in prepaid accounting and marketing expenses.

Previous wording

During the three months ended March 31, 2025, cash provided by operating activities was $17.2 million, consisting of net income of $9.5 million, non-cash charges of $10.7 million and a decrease in cash resulting from the net change in operating assets and liabilities of $3.0 million. Our non-cash charges consisted primarily of depreciation and amortization expenses of $3.4 million and stock-based compensation expense of $6.0 million. The net change in our operating assets and liabilities primarily reflects cash outflows from the changes in accrued liabilities of $8.2 million, accounts payable of $5.6 million and prepaid expenses and other assets of $2.9 million, partially offset by cash inflows from accounts receivable of $10.5 million deferred revenue of $2.0 million and inventory of $1.2 million.

Current wording

During the six months ended June 30, 2024, cash provided by operating activities was $44.7 million, consisting of net income of $19.2 million, non-cash charges of $13.2 million and an increase in cash resulting from the net change in operating assets and liabilities of $12.2 million. Our non-cash charges consisted primarily of depreciation and amortization expenses of $5.5 million and stock-based compensation expense of $8.1 million. The net change in our operating assets and liabilities primarily reflects cash inflows from the changes in accounts receivable of $16.7 million and accrued liabilities of $3.6 million, partially offset by cash outflows from inventory of $3.3 million, accounts payable of $2.9 million, deferred revenue of $1.4 million and prepaid expenses and other assets of $0.5 million.

Previous wording

The favorable change in accounts receivable was attributed to timing of billing and cash collections. The favorable change in prepaid expenses and other assets was primarily due to changes in the balance of prepaid marketing. The favorable change in accrued liabilities was attributed to variable cash compensation payments. The unfavorable change in accounts payable was attributable to the timing of payments to vendors. The unfavorable change in inventory was attributable to the timing of product shipments. The unfavorable change in deferred revenue was attributable to the timing of service contract bookings.

Current wording

The favorable change in accounts receivable was attributed to timing of billing and cash collections. The favorable change in accrued expenses was primarily due to an increase in accrued variable compensation. The unfavorable change in inventory was attributable to the timing of product shipments. The unfavorable change in accounts payable was attributable to the timing of payments to vendors. The unfavorable change in prepaid expenses and other assets was attributable to an increase in prepaid state and federal taxes. The unfavorable change in deferred revenue was attributable to the timing of service contract bookings.

Previous wording

During the three months ended March 31, 2025, cash used in investing activities was $34.7 million, consisting of purchases of marketable securities of $41.9 million, cash paid for the acquisition of ThreatX Protect of $19.1 million and capital expenditures of $4.5 million, partially offset by maturities of marketable securities of $30.7 million. Total purchase consideration the Company will pay for the acquisition of ThreatX Protect will be slightly higher. See Note 5 for additional information.

Current wording

During the six months ended June 30, 2025, cash used in investing activities was $41.2 million, consisting of purchases of marketable securities of $68.1 million, cash paid for the acquisition of ThreatX Protect of $19.1 million and capital expenditures of $8.7 million, partially offset by maturities of marketable securities of $54.7 million. See Note 5 for additional information.

Previous wording

During the three months ended March 31, 2024, cash provided by investing activities was $0.6 million, consisting of maturities of marketable securities of $39.9 million and sales of marketable securities of $4.4 million, partially offset by purchases of marketable securities of $40.7 million and property and equipment of $2.9 million.

Current wording

During the six months ended June 30, 2024, cash used in investing activities was $42.5 million, consisting of purchases of marketable securities of $106.3 million and capital expenditures of $6.4 million, partially offset by maturities of marketable securities of $47.7 million and sales of marketable securities of $22.5 million.

Previous wording

During the three months ended March 31, 2025, cash provided by financing activities was $166.3 million and primarily consisting of $217.7 million in net proceeds from the issuance of the 2030 Notes, $47.0 million used for repurchases of common stock and $4.4 million used for cash dividend payments.

Current wording

During the six months ended June 30, 2025, cash provided by financing activities was $159.7 million, consisting of proceeds from the sale on the Company’s 2030 Notes of $217.7 million, proceeds from common stock issued under the Company’s equity plans of $1.7 million, partially offset by repurchases of common stock of $51.0 million and cash dividend payments of $8.8 million.

Previous wording

During the three months ended March 31, 2024, cash used in financing activities was $7.4 million and primarily consisting of $4.5 million used for cash dividend payments and $3.0 million used for repurchases of common stock, partially offset by $0.1 million of proceeds from common stock issued under the Company’s equity plans.

Current wording

During the six months ended June 30, 2024, cash used in financing activities was $22.0 million and primarily consisting of $14.9 million used for repurchases of common stock and $8.9 million used for cash dividend payments, partially offset by $1.9 million of proceeds from common stock issued under the Company’s equity plans.

Previous wording

Our contractual obligations consist of non-cancellable operating lease arrangements and totaled $10.7 million as of March 31, 2025. Our operating lease arrangements expire on various dates through July 2027. These arrangements require us to pay certain operating expenses, such as taxes, repairs and insurance, and contain renewal and escalation clauses.

Current wording

Our contractual obligations consist of non-cancellable operating lease arrangements and totaled $11.7 million as of June 30, 2025. Our operating lease arrangements expire on various dates through April 2028. These arrangements require us to pay certain operating expenses, such as taxes, repairs and insurance, and contain renewal and escalation clauses.

Previous wording

The Company’s other critical accounting policies and estimates are disclosed in Part II – Item 7, “Critical Accounting Estimates” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025. There have been no material changes to the Company’s other critical accounting policies and estimates during the three months ended March 31, 2025.

Current wording

The Company’s other critical accounting policies and estimates are disclosed in Part II – Item 7, “Critical Accounting Estimates” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025. There have been no material changes to the Company’s other critical accounting policies and estimates during the six months ended June 30, 2025.