TEM · CIK 1717115
What Tempus AI, Inc. told the SEC could break it.
Tempus AI's disclosures center on a set of concentrations across its two businesses. In its Data and applications line, three customers generated $132.7 million in 2025 — about 42% of that product line's revenue and 10% of total revenue — making those renewals critical. On the diagnostics side, nearly all of its testing revenue comes from labs in just five cities (Chicago, Atlanta, Raleigh, Aliso Viejo and Minneapolis) that generally lack fully redundant capabilities, so disruption at one could jeopardize testing, and it leans heavily on payer reimbursement, with Medicare alone making up 26% of its clinical oncology testing volume in 2025.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Data and applications customer concentrationmedium
Three customers generated $132.7 million in fiscal 2025 — about 42% of Tempus's Data and applications product-line revenue and 10% of total revenue — making renewal of those agreements critical.
“For the year ended December 31, 2025, we derived $132.7 million, or approximately 42% and 10%, of our Data and applications product line revenue and total revenue, respectively, from three customers.”
SEC filing →As of 2026
Geographic concentration
- US diagnostic laboratory facility concentrationmedium
Nearly all of Tempus's diagnostic revenue comes from labs in Chicago IL, Atlanta GA, Raleigh NC, Aliso Viejo CA and Minneapolis MN, which generally lack fully redundant capabilities, so damage or disruption at these sites could jeopardize testing.
“We currently derive nearly all of our diagnostic revenue from tests performed at laboratory facilities located in Chicago, Illinois, Atlanta, Georgia, Raleigh, North Carolina, Aliso Viejo, California and Minneapolis, Minnesota and these facilities generally do not have completely redundant capabilities.”
SEC filing →As of 2026
Regulatory & policy
- Medicare and payer reimbursement dependencemedium
Tempus's performance relies heavily on securing reimbursement from commercial payers and government programs; Medicare alone represented 26% of its clinical oncology testing volume and 10% of hereditary testing volume in 2025, exposing it to local coverage determinations and reimbursement changes.
“During the year ended December 31, 2025, Medicare claims represented 26% of our clinical oncology testing volume and 10% of our hereditary testing volume.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“In November 2023, we entered into the Tempus Agreement (see Note 8 to our audited Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information), pursuant to which, Te”
Cited →Integrated DNA Technologies
“Illumina, Inc., is our primary supplier of sequencers and laboratory reagents; however, we purchase laboratory supplies from other companies as well, such as Roche Holdings, Inc., Integrated DNA Technologies, and Tecan US, Inc.”
Cited →Tecan US, Inc.
“Illumina, Inc., is our primary supplier of sequencers and laboratory reagents; however, we purchase laboratory supplies from other companies as well, such as Roche Holdings, Inc., Integrated DNA Technologies, and Tecan US, Inc.”
Cited →
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