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

~94% of 2025 revenue came from third-party advertising and the top ten advertisers were ~21% of revenue, with no long-term advertiser commitments — concentrating the business in one revenue model and a small advertiser set.

“For the years ended December 31, 2025 and 2024, approximately 94% and 91% of our revenue was generated from third parties advertising on our platform, respectively. In addition, a substantial portion of our revenue is derived from a small number of advertisers, with our top ten largest advertisers accounting for approximately 21% and 25% of our revenue for the years ended December 31, 2025 and 2024, respectively.”

Reddit depends on its senior management and key employees, particularly co-founder/CEO/President Steven Huffman; loss of one or more could adversely affect the business.

“We depend on our senior management team and other key employees, and the loss of one or more of these employees could adversely affect our business. Our ability to efficiently execute our business strategy is dependent upon the continued service and performance of our senior management team and other key employees, particularly Steven Huffman, our co-founder, Chief Executive Officer, and President.”

Reddit's multi-class share structure concentrates voting control in pre-listing holders (directors, officers, 5% holders and affiliates, including Advance), limiting public Class A holders' influence.

“The multi-class structure of our common stock has the effect of concentrating voting control with those stockholders who held our capital stock prior to the listing of our Class A common stock on the NYSE, including our directors, executive officers, and 5% stockholders, and their respective affiliates.”

As a U.S. platform, Reddit is subject to U.S. and EU export-control and economic-sanctions laws that could impair its ability to compete in global markets or create liability for noncompliance.

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