What N-able, Inc. told the SEC could break it.

N-able is heavily international — 50.4% of 2025 revenue came from outside the U.S. (UK alone ~10.2%) and ~79% of employees are located abroad across 11+ countries — exposing it to FX, varied regulation, geopolitical and labor risks beyond its U.S. base.

“Revenue from customers outside of the United States represented 50.4% of our total revenue for the fiscal year ended December 31, 2025, and as of December 31, 2025, approximately 79% of our employees were located outside of the United States.”

N-able's revenue is increasingly concentrated in larger partners — customers with over $50,000 annualized recurring revenue grew to ~61% of total ARR at year-end 2025 (from ~57%) — so churn or downsizing among those larger MSP partners would disproportionately impact revenue.

“these customers grew from approximately 57% of our total ARR as of December 31, 2024 to approximately 61% of our total ARR as of December 31, 2025.”

N-able maintains operations in Minsk, Belarus, where intermittent communications/internet outages occur and the U.S./EU have imposed sanctions and export-control restrictions; these measures and Russia-Ukraine fallout pose security risks to its people, facilities, systems and operations.

“intermittent communications and mobile internet outages have 26 Table of Contents occasionally occurred in Belarus, and the United States, the European Union and various other nations have imposed economic and trade sanctions and export control restrictions against multiple Belarusian officials and entities. The ongoing impact of these measures, as well as any further retaliatory actions, is uncertain and may pose security risks to our people, our facilities, our technology systems and our operations”

Certain N-able solutions are subject to U.S. export controls (EAR) and economic-sanctions laws, and the company faces evolving data-privacy/breach regimes (GDPR, UK, FTC, state laws) — non-compliance could impair international sales and bring penalties.

“We are subject to governmental export controls and economic sanctions laws that could impair our ability to compete in international markets and subject us to liability if we are not in full compliance with applicable laws.”