For full-year 2025, one customer represented approximately 58% of revenue, up from 48% a year earlier — concentration rose. At year-end, 63% of accounts receivable, $29.2 million, sat with that same account. In Q1 2026 the share eased to roughly 56% from 61% a year prior. We believe the defining fragility remains: master service agreements with project-based statements of work, terminable on 30 to 90 days' notice without future purchase obligations, turn a single procurement decision into an outsized event. Customers are disclosed only as percentages.

src ▸

INOD / One customer, and why that is the whole risk

rcpt ▸

/p/p-day-20260731-inod-src-inod-customer-concentration-rotation ↗

ts ▸

2026-07-31T17:33:29.885Z