Klaviyo
28 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Retail and eCommerce industry
concentrated innamed as a riskOur results of operations currently depend, in part, on the demand for marketing and related services, of which the vast majority are for retail and eCommerce businesses.Risk factors (Item 1A)
Small businesses
earns fromnamed as a riskAdditionally, we generate a significant portion of our revenue from small businesses, which may be affected by economic downturns and other adverse macroeconomic conditions, as small businesses may be more likely to reduce their marketing expenses during such periods and do so to a greater extent than larger enterprises and typically have more limited financial resources, including capital borrowing capacity.Risk factors (Item 1A)
Suppliers
Third-party cloud hosting provider
depends onnamed as a riskWe outsource substantially all the infrastructure relating to our cloud-based platform to a third-party hosting provider.Risk factors (Item 1A)
Third-party message delivery services
depends onnamed as a riskOur platform engages with consumers through emails, text messages and WhatsApp messages, and we largely depend on third-party services to deliver these consumer engagement messages.Risk factors (Item 1A)
Partners and platforms
Shopify
depends on · approximately 77.9% of our ARRnamed as a riskAs of December 31, 2025, approximately 77.9% of our ARR was derived from customers who also use Shopify Inc.’s (and together with certain of its affiliates, “Shopify”) platform, while only approximately 7.4% of our new ARR in 2025 was derived from customers that came to us through the Shopify app store.Risk factors (Item 1A)
Our customers that fail to comply with these new requirements may have their emails blocked from reaching their customers by Google or Yahoo and may not be able to effectively use our platform.Risk factors (Item 1A)
Also named by ABNB, AES, APP, BKNG, CSGP, CTSH, DOCU, ETSY and 14 more
Shopify
depends onnamed as a riskThe current term of our agreement with Shopify expires in 2029, and Shopify could refuse to renew such agreement or renegotiate such agreement on terms that are neither favorable to us nor commercially reasonable.Risk factors (Item 1A)
Yahoo
depends onnamed as a riskFor example, in October 2023, Google and Yahoo announced new email sender requirements that impact customers of email marketing platforms, including our platform.Risk factors (Item 1A)
Marketing agency partners
depends onnamed as a riskWe rely on our marketing agency partners to provide certain services to our customers, as well as refer new customers to our platform.Risk factors (Item 1A)
WhatsApp further extends messaging to one of the world’s most widely used mobile platforms, enabling personalized, real-time conversational and campaign-driven interactions that complement email and text messaging communications and support global consumer engagement strategies.Business (Item 1)
Other companies
Email blacklisting entities
named as a riskFrom time to time, some of our IP addresses have become, and we expect will continue to be, listed with one or more blacklisting entities due to the messaging practices of our customers and other users.Risk factors (Item 1A)
Black Friday and Cyber Monday
named as a riskFor example, in the past we have seen an increase in demand for our platform and our products during the fourth quarter of each year and around Black Friday and Cyber Monday.Risk factors (Item 1A)
Competitors
Salesforce
competes withnamed as a riskWe face competition from a number of companies, including Adobe, Salesforce, Mailchimp, and Braze.Risk factors (Item 1A)
Adobe
competes withnamed as a riskWe face competition from a number of companies, including Adobe, Salesforce, Mailchimp, and Braze.Risk factors (Item 1A)
Also named by DOCU
Mailchimp
competes withnamed as a riskWe face competition from a number of companies, including Adobe, Salesforce, Mailchimp, and Braze.Risk factors (Item 1A)
Braze
competes withnamed as a riskWe face competition from a number of companies, including Adobe, Salesforce, Mailchimp, and Braze.Risk factors (Item 1A)
Places
Commodities and inputs
Text messaging carrier fees
exposed to its pricenamed as a riskIn addition, our products have varying associated communication sending costs, and our research and development team may not be able to mitigate the impact of growth in any of those higher-cost channels, such as text messaging, by maintaining efficiency.Risk factors (Item 1A)
Regulators
Laws and programs
General Data Protection Regulation (GDPR)
subject to · fines of up to €20 million (or £17.5 million under the UK GDPR) or 4% of their worldwide annual turnovernamed as a riskCompanies that violate the GDPR can face robust regulatory enforcement and greater penalties for noncompliance, including fines of up to €20 million (or £17.5 million under the UK GDPR) or 4% of their worldwide annual turnover, whichever is greater.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
California Consumer Privacy Act (CCPA)
subject to · up to $7,500 for each intentional violationnamed as a riskThe CCPA provides for civil penalties for violations of up to $7,500 for each intentional violation and created a private right of action for certain data breaches that is expected to increase data breach litigation.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
OECD Pillar Two global minimum tax
subject to · 15% global minimum taxnamed as a riskFor example, many countries are actively considering or have proposed or enacted changes to their tax laws based on the model rules adopted by The Organisation for Economic Co-operation and Development (“OECD”) defining a 15% global minimum tax (commonly referred to as Pillar Two), which could increase our tax obligations in countries where we do business or cause us to change the way we operate our business.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
EU Artificial Intelligence Act
subject tonamed as a riskIn addition, the EU’s Artificial Intelligence Act (“AI Act”), the world’s first comprehensive AI law, entered into force on August 1, 2024, and most provisions of the legislation are scheduled to become effective on August 2, 2026.Risk factors (Item 1A)
Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more
Telephone Consumer Protection Act (TCPA)
subject tonamed as a riskOur text messaging product is a potential source of risk for class-action lawsuits and liability for our company.Risk factors (Item 1A)
Also named by ADP, AFL, BBW, CART, COMP, CRM, CSGP, FCFS and 9 more
EU Data Act
subject tonamed as a riskContractual requirements under the EU Data Act may also affect our ability to enforce minimum commitment periods, early termination penalties, or other commercial arrangements designed to reduce churn or secure predictable recurring revenue.Risk factors (Item 1A)
Also named by ADBE, CSGP, DDOG, IOT, MSFT, NET, NOW, PLTR and 6 more
CAN-SPAM Act
subject tonamed as a riskAny failure by us or our customers to comply fully with the CAN-SPAM Act may leave us subject to substantial fines and penalties.Risk factors (Item 1A)
Canada's Anti-Spam Legislation (CASL)
subject tonamed as a riskFailure to comply with CASL could result in significant fines and penalties or possible damage awards.Risk factors (Item 1A)
Also named by ZETA
Québec Law 25
subject tonamed as a riskNotably, Québec’s Act respecting the protection of personal information in the private sector was amended by Law 25 (formerly Bill 64), imposing significant and stringent obligations on businesses operating in Québec and increasing the powers of Québec’s supervisory authority.Risk factors (Item 1A)