ALRM · CIK 1459200
What Alarm.com Holdings, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for ALRM. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- Channel-partner concentration — top-10 service-provider partners = 45% of revenue; ADT alone 15–20%medium
Alarm.com sells almost entirely through a network of service-provider partners (security dealers), and that channel is concentrated: its 10 largest service-provider partners/distributors accounted for 45% of revenue in 2025 (46% in 2024, 50% in 2023), and a single partner, ADT, was >15% but ≤20% of revenue in each of 2023–2025 (captured as a graph edge). Partner contracts can be terminated under certain conditions, so the loss of, or reduced subscriber additions by, a top partner — especially ADT — would have an outsized effect on recurring SaaS revenue.
“During the years ended December 31, 2025, 2024 and 2023, our 10 largest revenue service provider partners or distributors accounted for 45%, 46% and 50% of our revenue, respectively.”
SEC filing →As of 2026
Regulatory & policy
- Tariffs on imported security/automation hardware — April 2025 10% baseline + country-specific tariffsmedium
Hardware is ~32% of Alarm.com's revenue (cameras, sensors, communicators, panels), much of it imported, so U.S. tariffs hit its product costs: it cites the April 2025 baseline 10% tariff on all imported products plus additional country-specific tariffs, noting these have impacted or could impact its imports. It has partly internalized supply (e.g. acquiring Poland-based communicator maker EBS to benefit supply-chain operations), but tariff-driven hardware-cost inflation that can't be fully passed to service-provider partners pressures hardware margins.
“In April 2025, the U.S. government announced a baseline tariff of 10% on all products imported into the United States (with certain limited exceptions)”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
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