Reddit, Inc.

“We define a daily active unique (“DAUq”) as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a 24-hour period.”

“We generate a majority of our revenue from advertising. The failure to attract new advertisers, the loss of advertisers, or the reduction of or failure by advertisers to maintain or increase their advertising budgets would adversely affect our business.”

“We are exploring business opportunities in content licensing, but we are in the early stages and the market is new and evolving rapidly.”

“Revenue was $2.2 billion for the year ended December 31, 2025, an increase of 69% year over year”

“the global economy and other macroeconomic conditions, including concerns related to inflation and rising interest rates, tariffs, and geopolitical risks, have resulted in uncertainty in the advertising market and have impacted brands’ and agencies’ ability and willingness to invest in advertising.”

“We also rely on initiatives like machine translation to drive growth in international DAUq, and the growth derived from this strategy may slow as we complete the roll out of machine translation to all major global languages.”

“our ability to implement artificial intelligence and machine learning to increase user growth and engagement and support advertising growth;”

“In July 2025, we renewed and amended this revolving credit facility for $500.0 million accessible through July 1, 2030 (the “Revolving Credit Facility”).”

“•Net income (loss) was $529.7 million for the year ended December 31, 2025, as compared to $(484.3) million in the year ended December 31, 2024”

“our expectation of an increase in our costs and expenses from the launch of new ad formats, products, and features, primarily as a result of additional hosting costs, although most of these areas of focus will not initially generate revenue;”

“our expectations and plans with respect to our share repurchase program; and”

“As of December 31, 2025, we had U.S. federal NOL carryforwards of approximately $1.7 billion and state NOL carryforwards of approximately $806.1 million available to offset future taxable income.”

“The expansion and complexity of laws and regulations like the Online Safety Acts in the United Kingdom (the “UK”) and Australia, the EU ePrivacy Directive, the EU Digital Services Act (the “DSA”), and others across the globe will increase our compliance costs”

“in February 2023, we experienced a data security incident in which an attacker was able to obtain an employee’s login credentials to gain access to certain contact information, internal documents, source code, and other internal business information.”

“Our ability to efficiently execute our business strategy is dependent upon the continued service and performance of our senior management team and other key employees, particularly Steven Huffman, our co-founder, Chief Executive Officer, and President.”

“We have a history of net losses and we may not be able to maintain profitability in the future.”

“Changes in internet search engine algorithms and dynamics could have a negative impact on traffic for our website and, ultimately, our business, results of operations, financial condition, and prospects.”

“The multi-class structure of our common stock has the effect of concentrating voting control with those stockholders who held our capital stock prior to the listing of our Class A common stock on the NYSE”

“because our cloud service infrastructure is run on CSPs, we cannot guarantee that we will be able to expand our infrastructure to meet demand in a timely manner, or on favorable economic terms.”

“Interest in our Class A common stock from retail and other individual investors, for reasons unrelated to our underlying business or macro or industry fundamentals, could result in increased volatility in the market price of our Class A common stock.”

“the continued use of any AI technologies in our products and services may give rise to risks related to intellectual property infringement.”

“Our ability to generate revenue depends on the development and availability of tools to accurately measure the effectiveness of advertisements on our platform.”

“in response to certain changes to our API policies in June 2023, moderators of certain communities inhibited normal operations of the communities they operate, in many cases in violation of our site-wide rules.”

“Redditor growth and engagement depends upon effective interoperation with operating systems, networks, devices, web browsers, online application stores, regulations, and standards that we do not control.”