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

Pinterest's cloud computing infrastructure is currently located in one geographic region and the substantial majority of its employees are in California, making it vulnerable to a single catastrophic systems failure or California climate events (wildfires, drought, power shut-offs).

“We are particularly vulnerable to these types of events because our cloud computing infrastructure is currently located in one geographic region. In addition, the substantial majority of our employees are located in California, which has historically experienced, and may continue to experience, climate-related events including drought and water scarcity, warmer temperatures, wildfires and air quality impacts and power shut-offs.”

Pinterest generates substantially all of its revenue from advertising; ad-blocking technologies (which can become effective after product changes) and shifts in advertiser demand or ad pricing directly threaten revenue.

“We generate substantially all of our revenue from advertising, and ad blocking technologies can prevent the display of certain of our ads.”

Pinterest is subject to extensive and evolving US and foreign laws on data privacy/protection, intellectual property and content moderation (e.g. DMCA, CDA, EU DSA and Copyright Directive), which could restrict content/business activities and raise compliance costs.

“We are subject to many U.S. federal and state and foreign laws and regulations that involve matters central to our business, including laws and regulations that involve data privacy and data protection, intellectual property (including copyright and patent laws), content moderation,”