COMSCORE, INC.

ITEM 1A.RISK FACTORS

An investment in our Common Stock involves a substantial risk of loss. In addition to the information in this report, you should carefully consider the risks discussed in Item 1A, "Risk Factors" of our 20245 10-K before you decide whether to invest in our stock. The risks identified below and in our 20245 10-K could materially and adversely affect our business, financial condition and operating results. In that case, the trading price of our Common Stock could decline, and you could lose part or all of your investment. The risks described below and in our 20245 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and operating results, and may result in the loss of part or all of your investment.

Macroeconomic factors could continue to adversely affect our business and financial results.

Our business depends on the health of the media and advertisiOur outstanding industries in which we operate. The strength of the advertising market can fluctuate in response to tsecurities, the economic prospects of specific advertisers stock or industries, advertisers' spending priorisecurities, and the economy in general. In recent years, that we macroeconomic factors including inflation, capital market disruptions and recession concerns have caused some advertisers to reduce or delay advertising expenditures. Recent developy issue under existing or future agreements in U.S. trade policy have created additional uncertainty, contributing to further spending delays by advertisers. These declines, which , and certain provisions of those securities, may continue in future periods, have had a direct impact on demand for our products, which measure advertising campaigns and audiences.

Further reductions in advertising spending could result in customers terminating their subscriptions for our products, delaying renewals, or renewing on terms less favorable to us. Furthermore, our newer products, for which we recognize revenue based on impressions used, are subject to higher fluctuations in revenue from changes in our customers' advertisiause immediate and substantial dilution to our existing budgets and spending. Macroeconomic factors could also increase our costs, reducing margins and preventing us from meestockholders.

Our existing our profitability goals. Finally, these factors make it more difficult for us to predict our future revenue and costs, which could result in misallocation of resources or operating inefficiencies that could harm our business. The extent of the impact of macroeconomic factors on our business is ustockholders have experiencertaind and may continue to adversely affect our oexperations and financial results.

Our credit facility may impact our ability to operate our business and secure additionience substantial financing in the future, and any fadilure to meet our debt obligations could adversely affect our business and financial condition.

We have a senior secured financing agreement (the "Credit Agreement") with a borrowing capacity of $60.0 million. As of September 30, 2025, we had outstanding borrowingtion as a result of our obligations totaling $44.7 million under the Credit Agreement. Amounts outstanding under the Credit Agreement  issue share made at the Adjusted Term SOFR rate or the Reference Rate (each as defined in the Credit Agreement) and bear interest at a rate per annum equal to (i) the Adjusted Term SOFR rate, subject to a 3.0% floor, plus an applicable margin of 7.0%, or (ii) the Reference Rate, subject to a 4.0% floor, plus an applicable margin of 6.0%.s of Common Stock. As of September 30March 31, 2025, the applicable interest rate was 11.26%. In addition, the Credit Agreement provides for an unused commitment fee equal to 1.0% per annum of the unused revolving commitments. The Credit Agreement matures in December 2028.

Amounts outstanding under the Credit Agreement must be prepaid from time to time with the net cash proceeds of certain debt incurrences, equity issuances, asset sales and other dispositions, insurance and condemnation proceeds, tax refunds and other extraordinary receipts. Additionally, we may be required to prepay the loans annually with Excess Cash Flow (as defined in the Credit Agreement) at specified percentages. Certain payments may be subject to prepayment premiums.

Servicing and repaying our indebtedness under the Credit Agreement could divert resources from other priorities, including investment in our products and operations and satisfaction of other financial obligations. If our cash flow from operations is inadequate to allow us to pay 6, our Series C Preferred Stock was convertible into an aggregate of 12,670,863 shares of Common Stock at the interest and principal election our debt when due and meet our other financial obligations, we could face substantial liquidity challenges.

Under the Credit Agreement, we are subject to restrictive covenants limiting our ability to, among other things, incur additional indebtedness and liens, make investments and loans, enter into mergers and acquisitions, make or declare dividends and other payments, enter into certain contracts, sell assets, and engage in transactions with affiliates. These covenants could limit our operating flexibility and cause us to forego attractive business opportunities, which could hurt our customer relationships and put us at a competitive disadvantage. The covenants also could prevent us from securing additional financing in the future, including to fund our operations, satisfy liabilities, or pay dividends to the holders of our Preferred Stock. With respect to dividends in particular, the Credit Agreement prohibits the payment of cash dividends to holders of our Preferred Stock prior to April 1, 2026 and imposes certain limitatif the holders.

As of March 31, 2026, 90,847 shares of Common Stock were reserved for issuance pursuant to outstanding stock options on cash dividends, including a heightened liquidity requirement, on and after that date.

In addition, we are subject to financial covenants under the Credit Agreement, including a reunder our equirement to maintain a maximum Senior Leverage Ratio and minimum Liquidity (each as defined in the Credit Agreement) during the term of the facility.

If we fail to meet our obligations under the Credit Agreement, the lender(s) may accelerate any amounts outstanding under the Credit Agreement and may terminate their commitments to extend further credit. This could haty incentive important consequences for our company, plans (including requiring us

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sto restructure or refinance our debt (which we may be unable to do on acceptable terms or at all), dispose of assets or, potentially, enter into liquidation or bankruptcy.

The consummation of our proposed recapitalizatick option transaction is subject to a number of conditions, some of which are outside of our control, and, if these conditions are not satisfied or waived on a timely basis, the transaction may not be completed.

On September 26, 2025, we entered into separatawards we assumed in the Stock Exchange Agreements (the "Exchange Agreements") with the holders of our Preferred Stock, pursuant to which, at the closing of the transacthareablee acquisitions contemplated thereby (the "Closing"), each holder will exchange the Preferred Stock currently owned by such holder for sh482,951 shares of Series C Preferred Stock and CoCommon Stock. If consummated, the proposed recapitalization transaction would result in the exchange and retirement of all sha were res of Preferred Stock, the elimination of related dividend rights, and a reduction in the holders' director designation rights, among other things. We believe the transaction would improve alignment of interests across our stockholders, strengthen corporate governance, and provide us with increased financial flexibilityerved for issuance pursuant to invest in our business.

The Closing is subject to various closing conditions, including approval by our stockholders. We currently intend to hold a special meeting of stockholders in December 2025 to seek approval of the transaction and related matters and, if approved, to complete the Closing shortly thereafter. If we are unable to obtain outstanding restricted stock unit and deferred stockholder approval or satisfy other closing conditions, however, the Exchange Agreements may be terminated and the Closing may not occur. In such case, we and our stockholders would not realize the expected benefits of the transaction, and our business and financial results could be harmed. In addition, failure to complete the tr unit awards under our equity incentive plansaction coul and adversely affect our stock price, including to the extent that the current market price of our Common Stock is positively affected by a market assumption that the transaction will close. Finally, any delay in completing the transaction could cause us not to rrangements (including Sharealize some or all of the expected benefits and could materially increase our costs. There can be no assurance that the conditions to Closing will be satisfied or that the transaction will be coblee plan awards and an empleted within the expected timeframe or at all.

Our outstanding securities and dividend obligations, the stock or securities that we may issue under existing or future agreeoyments, and certain provisions of those securities, may cause immediate and substantial dilution to our existing stockholders.

Our existing stockholders have experienced and may continue to experience substantial dilution as a result of our obligations to issue shares of Common Stock. As of September 30,  inducement award we granted in 2025, our Preferred Stock was convertible into an aggregate of 5,251,7581), and 2,088,584 shares of Common Stock at the election of the holders. In addition, holders of Preferred Stock are entitled to a cumulative annual dividend at a rate of 7.5% per annum, subject to increase under certain circumstances. On June 24, 2025, each holder waived its right to receive on June 30, 2025 the annual dividends otherwise payable by us on that date. Under the waivers and the Certificate of Designations of our Preferred Stock, the deferred dividends will accrue and accumulate at a rate of 9.5% per year from June 30, 2025 until paid. The Certificate of Designations permits payment of annual dividends on the Preferred Stock in the form of cash, shares of Common Stock, additional shares of Preferred Stock (which would be convertible into shares of were available for future equity awards under our 2018 Equity and Incentive Common Stock) or a combination thereof, subject to conditions set forth in the Certificate of Designations. As described above, however, our Credit Facility prohibits the payment of cash dividends on pensation Plan (the Preferred Stock prior to April 1, 2026 and imposes certain limitations on cash dividends on and after that date. These restric"2018 Plan"). Additions make it more likely that ally, we may become obligated to pay annual dividends on the Preferred Stock in the form of securities, particularly if the prhave proposed recapitalization transaction is not approved and consummated. As of September 30, 2025, accrued dividends for the Preferred Stthat our stock totaled $22.9 million.

As described above, the proposed recapitalization transaction would result in the exchange and retireholders approve an ament of all shares of Preferred Stock and the elimination of related dividend rights. However, the transaction would also result in tdment to the issuance of 9,860,475 new shares of Common Stock and 12,670,863 shares of Series C Preferred Stock, which would be convertible into Common Stock at an initial rate of 1:1. On an as-converted basis, assuming full conversion of the Series C Preferred Stock on a 1:1 basis without regard to limitations on conversion, t2018 Plan to increase the aggregate number of shares of Common Stock expected to be issued in the transaction represents approximately 81.8% of the total Common Stock on a post-closing basis.

As of September 30, 2025, 98,726 shares of Common Stock were reserved for issuance pursuant to outstanding stock options under our equity incentive plans (including stock option awards we assumed in the Shareaavailablee acquisition), 383,196 shares of Common Stock were reserved for issuance pursuant to outstanding restricted stock unit and deferred stock for grant unit awards undder our equity incentive plans and arrangements (including Shareablee plan awards and an employment inducement award we granted in 2021), and 2,582,844 shares of Common Stock were available for future equity awards under our 2018 Equity and Incentive Compensation Plan. the 2018 Plan by 3,000,000.

The issuance of shares of Common Stock (i) upon the conversion of or payment of dividends on our ur Series C Preferred Stock, (ii) in connection with the proposed recapitalization transaction, (iii) ppursuant to outstanding and future equity awards, or (ivii) upon the conversion of other existing or future convertible securities we may issue in the future, may result in substantial dilution to each of our stockholders by reducing that stockholder's percentage ownership of our outstanding Common Stock.