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

HubSpot's growth depends heavily on its Solutions Partner network — partners and partner-referred customers were ~25% of customers and ~49% of 2025 revenue; loss of partner participation or referrals would harm revenue and results.

“Solutions Partners and customers referred to us by our Solutions Partners represented approximately 25% of our Customers as of December 31, 2025, and approximately 49% of our revenue for the year ended December 31, 2025.”

HubSpot stores/transmits customer and end-user personal data and is subject to stringent and evolving privacy/data-security laws (notably the EU/GDPR, US data-security and countries-of-concern rules) and emerging AI regulation (EU AI Act), raising compliance cost and enforcement risk.

“more stringent regulations relating to data security and the unauthorized use of, or access to, commercial and personal data, particularly in the European Union; ... The evolving complexity of privacy and data security legislation in the U.S. may complicate our compliance efforts and further increase our risk of regulatory enforcement, penalties and litigation.”

HubSpot's success depends on continued services of its management team, including co-founder/CTO Dharmesh Shah and CEO Yamini Rangan; loss of one or more key employees could harm the business.

“We rely on our management team and other key employees, and the loss of one or more key employees could harm our business. Our success and future growth depend upon the continued services of our management team, including our co-founder, Dharmesh Shah, our chief executive officer, Yamini Rangan, and other key employees”