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.
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We build the data that trains, aligns, evaluates, and red-teams frontier AI models - and we are the only US-listed pure-play supplier of meaningful size; the expert-data peers are all private. Q1 2026 was a record: revenue $90.1 million, up 54% year-over-year, adjusted EBITDA up 96%, no debt, $117.4 million in cash. The whole risk sits in one place: one customer was about 56% of that revenue, 63% of our receivables come from a single account, and our contracts are generally terminable on 30 to 90 days' notice. A second customer just reached about 17% - zero a year ago - so the concentration is starting to ease. But we own no bottleneck; ours is a services business, and the position is rented, not owned.
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Our delivery trajectory runs through roughly 12,200 professionals across 70-plus countries — principally India, Sri Lanka, and the Philippines, with no China operations. We sit at the commodity-labor end of the AI-data value chain and are moving up the quality vector toward expert, safety, and evaluation data. We believe institutional knowledge compounds and proprietary synthetic-data tooling deepen engagement; the filing counters that we own no bottleneck, compete with customer in-house teams, face pricing pressure, and carry low switching costs. The position is rented, not owned.
For full‑year 2025, one customer accounted for approximately 58% of total revenue – up from 48% the prior year, so concentration rose – and as of year‑end 2025, 63% (about $29.2 million) of accounts receivable were due from that single customer. We believe the defining fragility is this concentration; the master service agreements are project‑based, generally terminable on 30‑ to 90‑day notice and do not obligate future purchases, making a single procurement decision an outsized event.
Our delivery trajectory runs through roughly 12,200 professionals across 70-plus countries — principally India, Sri Lanka, and the Philippines, with no China operations. We are moving up the quality vector toward expert, safety, and evaluation data, yet the filing is direct: we own no bottleneck, compete with customer in-house teams, and face pricing pressure. Switching costs are low; the position is rented, not owned.
We reassessed our segment structure effective Q1 2026 and now report as a single operating segment, with the CEO reviewing results on a consolidated basis. The 2025 annual report was the last to show three segments — Digital Data Solutions (~88%), Agility (~9%), Synodex (~3%) — so segment-level comparability breaks at the shift. No product or vector breakout is disclosed from Q1 2026 onward.
Q1 2026 was a record quarter across the reported metrics. Revenue reached $90.1 million, up 54% year-over-year and 24% sequentially. Adjusted gross margin expanded six points to 47%. Adjusted EBITDA grew about 96% to $25 million, a 28% margin — operating leverage by definition. Cash rose $35.1 million sequentially to $117.4 million with no debt drawn. We believe the raised full-year 2026 revenue-growth guide of approximately 40% or more is prudent; several potentially large programs remain outside the forecast.
We believe a new set of engagements with a leading big-tech customer is expected to generate approximately $51 million this year; twelve months ago revenue was zero, and it now reaches roughly 17% in Q1 2026, the first genuine second customer at that level. Other big-tech customers in aggregate grew about 453% year-over-year. The largest customer keeps growing in absolute dollars while its share falls, and the rest of the base grows faster — real, early diversification, though concentration remains extreme.
We anticipate the initial statement of work with a large hyperscaler for global trust-and-safety evaluation could yield approximately $3 billion of potential annual run-rate revenue, with likely further expansion. Heavy hedging applies: this is a belief, not a booked contract and not a forecast. Full-year 2025 revenue was $251.7 million for scale. Whether any material fraction converts to disclosed revenue remains an open question.