Over-dependence on UK market
90% of revenue comes from UK, making the company vulnerable to UK visa policy changes or economic downturns.
CRIZAC / Q3-FY26 / risks
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Crizac · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
Visa refusal rate threshold tightening
UK reduced visa refusal threshold from 10% to 5%, which could impact partner universities if not managed.
Seasonality and margin volatility
Business is seasonal with Q3 being strongest; gross margins fluctuate quarter-to-quarter, making annual comparisons necessary.
Integration risks from acquisitions
Recent acquisitions (Studies Planet, Global Tree) may not integrate smoothly or achieve expected synergies.