What Verra Mobility Corp. told the SEC could break it.

Verra Mobility's Government Solutions segment (photo-enforcement / automated safety cameras, ~47% of 2025 revenue) relies on a small number of government customers — municipalities and DOTs such as the NYCDOT program — to represent a significant portion of total revenue in any given period. Because these are large, individually material public-sector contracts (typically 3-5 year terms with renewal options), the loss or non-renewal of a top Government Solutions customer would materially affect results.

“We may continue to rely on a small number of customers in our Government Solutions segment to represent a significant portion of our total revenues in any given period. The loss of any of our top Government Solutions customers could have a material adverse effect on our business, financial condition, and results of operations.”

Verra Mobility manufactures and assembles photo-enforcement camera hardware whose components are exposed to U.S. tariffs and trade-protection measures. The exposure is concrete rather than hypothetical: the company has already shifted manufacturing and final-assembly locations to minimize tariff impact and directs its sourcing teams to prioritize domestic alternatives where feasible. Future tariff changes — expansion of existing tariffs, elimination of exclusion programs, or retaliatory measures — could still raise hardware costs.

“Government actions and regulations, such as tariffs and trade protection measures, may negatively impact our business. To minimize tariff impact, we have, at times, shifted manufacturing and final assembly locations and our sourcing teams prioritize domestic alternatives when feasible.”