APPS · CIK 0000317788
What Digital Turbine, Inc. told the SEC could break it.
Digital Turbine's disclosures center on its spread-out international footprint and the geopolitics that come with it. It operates across eight countries — the U.S., China, Germany, Israel, India, Poland, Turkey and the UK — exposing it to foreign regulatory, political, currency and talent-cost risk, and it singles out U.S.-China trade tensions and tariffs that restrict its participation in Chinese markets, with the added threat that China or other governments could block or require licensing of its platform and OS integrations. Alongside that sit two financial pressure points: one customer represented 20.6% of net accounts receivable at March 31, 2026, concentrating collection risk, and its secured debt is collateralized by substantially all of its assets, so trouble servicing it could trigger default and foreclosure.
4 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.
In its own words
What could break it.
Customer concentration
- one customer = 20.6% of net accounts receivable (credit concentration)medium
Although no single customer exceeded 10% of net revenue, one customer accounted for 20.6% of Digital Turbine's net accounts receivable at March 31, 2026 (vs. none over 10% a year earlier), concentrating collection/credit risk in that counterparty.
“As of March 31, 2026, the Company had one customer who accounted for 20.6 % of its accounts receivable, net balance. As of March 31, 2025, no customer represented more than 10% of the Company's accounts receivable, net balance.”
SEC filing →As of 2026
Geographic concentration
- international operations across 8 countries (incl. China, Israel, Turkey); high-cost AI/ML talentmedium
Digital Turbine operates in the U.S., China, Germany, Israel, India, Poland, Turkey and the UK, exposing it to international regulatory, political, legal, operational and FX risks, plus intense competition and high compensation for scarce AI/ML engineering talent.
“We have operations in the U.S., China, Germany, Israel, India, Poland, Turkey, and the United Kingdom (“UK”), with a sales presence and customers all over the world.”
SEC filing →As of 2026
Regulatory & policy
- U.S.-China trade tensions/tariffs; risk of China blocking platform accessmedium
Escalating U.S.-China trade tensions and tariffs restrict Digital Turbine's ability to participate in Chinese markets, and foreign governments (notably China) could block or require licensing of its platform, website, apps or OS integrations — directly threatening international revenue.
“Recent tariff increases and an escalation of recent trade tensions between the U.S. and China has resulted in trade restrictions that harm our ability to participate in Chinese markets.”
SEC filing →As of 2026
Liquidity & debt
- secured Financing Agreement collateralized by substantially all assets; default/foreclosure risklow
Digital Turbine's secured debt under its Financing Agreement is collateralized by substantially all of its and certain subsidiaries' assets; it has been prepaying principal via ATM equity sales, and an inability to service or refinance the debt could trigger default, cross-default and foreclosure.
“The collateral pledged to secure our secured debt, consisting of substantially all of our and our U.S. and certain foreign subsidiaries' assets, would be available to the secured creditor in a foreclosure, in addition to many other remedies. Accordingly, any adverse change in our ability to service our secured debt could result in an event of default, cross default, and foreclosure or force”
SEC filing →As of 2026
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