What Fastly, Inc. told the SEC could break it.

Although no single customer exceeded 10% of revenue, affiliated customers that are business units of a single company generated an aggregate of 10% of Fastly's revenue in 2025, and its 10 largest customers were 32% of revenue. The filing pairs this concentration with the U.S. legislation that would effectively ban TikTok unless its China-based parent ByteDance divests — strongly implying ByteDance/TikTok-affiliated units are the ~10% concentration. A TikTok ban or forced divestiture, or loss/usage decline of this or other top customers (CDN usage is volatile), could materially reduce revenue. A concentration risk with a distinctive regulatory (TikTok-ban) overlay; the counterparty is not cleanly quantified as a single named customer, so recorded as a risk rather than a named edge.

“business units of a single company generated an aggregate of 10% of the Company's revenue for the year ended December 31, 2025.”

Fastly's business depends on the timely supply of parts and components to build the servers and points-of-presence (POPs) that make up its global edge network, and it relies on a limited number of suppliers for several of these components. This exposes it to reduced control over production costs and to availability constraints — a component shortage or supplier disruption could impair its ability to expand or maintain network capacity and serve customers. Suppliers unnamed, so a sole-source/component-concentration risk.

“We rely on a limited number of suppliers for several components of the equipment we use to operate our network and provide products to our customers.”

Fastly flags that international trade disputes may disrupt or delay its supply chain for server/network components or raise their prices: the U.S. has imposed or signaled tariffs on certain countries that could trigger counter-tariffs and increase production costs and supply-chain disruptions. As an operator of capital-intensive global edge hardware sourced internationally, tariff escalation raises the cost of expanding/refreshing its network. A trade-policy exposure on its hardware supply chain.

“the United States has imposed or indicated an intention to impose tariffs on certain countries which may lead to retaliatory actions such as counter-tariffs and increase production costs and disruptions in our supply chain.”