Middle East geopolitical exposure
31% of revenue comes from the Middle East; new deal decisions may be delayed due to regional instability, though existing projects are being offshored.
SUBEX / bear-case history
Track the concerns that keep returning.
Subex · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
GPU hardware constraint for team-of-LLMs
Customers are reluctant to procure GPUs, delaying commercialization of the team-of-LLMs product despite completed PoCs and customer interest.
Currency fluctuation in contract negotiations
Customers increasingly want contracts in local currencies, but Subex insists on USD/euro, causing delays in deal closures.