Risk Factors Update Summary

• Outstanding Debt: Added disclosure on substantial debt service requirements and compliance with financial covenants under Credit Agreement. The principal amount of 2025 Notes outstanding decreased from $161.9 million to $161.9 million.
• Increasing focus on environmental sustainability and social initiatives could harm reputation and increase costs.
• Customer Dependency: Increased revenue concentration with Verizon Wireless and T-Mobile, accounting for 59% and 67% of consolidated net revenues, respectively, in 2023. Loss of these customers could significantly impact revenue and profitability.
• Changes in international trade agreements, regulations, and tariffs may increase operating costs.
• Revenue Generation: Added risks related to the FWA market growth potentially taking longer than expected, impacting commercial network launches and meeting customer demands.
• Failure to protect proprietary rights adequately may result in harm to reputation and loss of market share.
• Business Development: Emphasized challenges in developing and selling new features, solutions, and subscriptions to existing customers, affecting revenue growth and customer retention.
• Intellectual Property: Highlighted risks related to protecting intellectual property and proprietary rights, impacting competitive position and business operations.
• Data Privacy Regulations: Disclosed evolving regulations and laws related to data privacy, potentially increasing compliance costs and limiting offered solutions.
• Transportation Disruptions: Noted risks associated with disruptions in the transportation network, potentially leading to lost sales and excess inventory costs.