Company: FSLY
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001517413-25-000299
Chunk: 377

Company: Fastly, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 377
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 business units of a single company generated an aggregate of less than 10% of our revenue in the trailing 12 months ended September 30, 2025 and 2024, respectively. Affiliated customers that are business units of a single company in the streaming entertainment space generated an aggregate of less than 10% of our revenue in the trailing 12 months ended September 30, 2025 and 11% of our revenue in the trailing 12 months ended September 30, 2024. In addition, in April 2024, the former administration signed into law a bill that would effectively ban TikTok in the United States if ByteDance, its China-based parent company, does not sell 

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its stake in TikTok within a set time frame. The current administration signed an executive order on January 20, 2025 instructing the Attorney General not to enforce the law or impose any penalties against any entity for noncompliance for a period of 75 days and to provide written guidance as to how the law will be implemented. On June 19, 2025, the current administration extended the prior non-enforcement instructions until September 17, 2025. As of September 25, 2025, the current administration further extended the non-enforcement instructions until January 23, 2026 in consideration of a proposed divestiture of TikTok's United States operations. TikTok was one of our largest customers for the three months ended September 30, 2025 and remains a customer of ours. While the full impact of the legislation is unknown, it could eventually lead to a reduction in TikTok’s United States traffic levels which could have a negative impact on our business. We do not know whether or how ByteDance might restructure its business, including under the proposed divestiture, and how that may impact our traffic levels. It is likely that we will continue to be dependent upon a limited number of customers for a significant portion of our revenues for the foreseeable future and, in some cases, the portion of our revenues attributable to individual customers may increase in the future. In addition, changes to our customers’ businesses may contribute to further customer concentration, including any impact from acquisition activities, internal business reorganizations leading to operational and decision making changes, and corporate structure changes such as subsidiary consolidation and reorganization that may arise in the future. The loss of one or more key customers or a reduction in usage by any major customers would reduce our revenues. If we fail to maintain existing customers