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Here are 1-3 brief analogies to describe Cloudastructure (CSAI):

• Cloudastructure is like Ring or Google Nest, but for businesses, providing enterprise-grade cloud security and AI-powered video surveillance.
• Cloudastructure is like Salesforce for enterprise physical security, modernizing traditional systems with a fully cloud-native, AI-driven platform.
• Cloudastructure is like the Tesla of enterprise physical security systems, bringing advanced software, AI, and cloud connectivity to traditional cameras and access control.

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• Cloud-based Video Surveillance: Provides a comprehensive solution for recording, storing, and analyzing video footage from security cameras via the cloud.
• Cloud-based Access Control: Offers a modern system for managing and monitoring physical access to facilities and restricted areas through a cloud platform.

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Cloudastructure (symbol: CSAI) primarily sells its cloud-based physical security and video surveillance solutions to other companies and organizations (B2B).

According to their latest annual report (10-K filing with the SEC for the fiscal year ended December 31, 2023), no single customer accounted for 10% or more of Cloudastructure's total revenue. This indicates that their customer base is diversified, and they do not have major customers that meet the threshold for individual disclosure based on SEC reporting requirements.

While specific customer names are not publicly disclosed as "major customers," Cloudastructure targets and serves a broad range of industries and organizational types. Their customer base can be described through the following categories:

• Large Enterprises and Multi-Location Businesses: Companies requiring scalable and centralized security management across multiple facilities, campuses, or branches. This encompasses various commercial and industrial sectors that need to unify security operations.
• Industrial and Commercial Facilities: Businesses operating warehouses, manufacturing plants, logistics centers, office buildings, and other commercial properties that need robust video surveillance and access control for security, operational oversight, and compliance.
• Educational Institutions and Government Agencies: Public and private schools, universities, and various government entities that require advanced security solutions for campus safety, asset protection, and operational efficiency.

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• Amazon.com, Inc. (symbol: AMZN)

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James McCormick, CEO

James McCormick has over 30 years of experience, holding CEO, CFO, and COO positions at various public and private companies. He was President and COO of LTA Research and Exploration LLC, CFO of Global Equipment Services (GES), which was acquired by Kimball Electronics, and President and CEO of Shorai Inc. He has also held roles at Crossing Automation (acquired by Azenta), General Magic, Serious Energy, PodTech, iPrint Technologies (sold to Harland Clarke), Tandem Computers (sold to Hewlett Packard), and UB Networks (sold to Alcatel). McCormick has been instrumental in raising over $1 billion in funds through IPOs, sales to strategic investors, venture capitalists, and securities sales through capital markets, and has been involved in numerous M&A activities.

Greg Smitherman, CFO

Greg Smitherman brings over 20 years of M&A and venture capital experience, coupled with 10 years of operating experience. Before joining Cloudastructure, he served as the Chief Financial Officer for Accelergy Corporation from February 2013 to October 2021, where he played a critical role in managing the company's financials and successfully executing a fundraising strategy that secured over $20 million in funding. Smitherman has served on more than 25 boards and has been involved in public offerings as well as the sale of companies to both private and public organizations. He holds an MBA from the University of Chicago.

Rick Bentley, Founder

Rick Bentley founded Cloudastructure in 2003. He previously founded Televoke Inc., which was acquired by Uber, and has raised eight figures of Venture Capital from firms including Softbank. Bentley has also served as a full-time Advisor to Google X.

Gregory Rayzman, CTO

Gregory Rayzman is a seasoned technologist recognized in Silicon Valley for his expertise in Big Data and database architecture. He was the CTO of TheFind, which was acquired by Facebook in 2015. Rayzman was also a founding engineer and Chief Architect for ITM Software, acquired by BMC, and a founding engineer and Director of Software Engineering for Annuncio Inc., which was acquired by PeopleSoft (now Oracle). He has also served as Chief Technology Officer and Chief Data Architect of SteppeChange.

Lauren O'Brien, CRO

Lauren O'Brien has over 20 years of executive experience in various sales, sales management, marketing, operations, and general management roles. Prior to joining Cloudastructure, she served as Chief Operating Officer of VentureBeat, where she led the company to profitability and drove double-digit sales growth. O'Brien also held the position of Chief Executive Officer at Shift Communications and Consulting.

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The key risks to Cloudastructure's (CSAI) business are:

1. Financial Instability and High Cash Burn: Cloudastructure faces significant financial instability, characterized by negative equity, a high cash burn rate, and a precarious balance sheet. The company's historical annual operating cash burn is between $5-6 million, and despite strong revenue acceleration, it remains far from achieving operational breakeven. This is further highlighted by an Altman Z-Score of -2.41, which indicates the company is in a distress zone and suggests a potential risk of bankruptcy within the next two years. Additionally, the operating margin stands at -192.71% and the net margin at -210.71%, underscoring substantial challenges in achieving profitability.

2. Dependence on External Capital and Dilution Risk: The company is fundamentally dependent on external capital to sustain its operations. This reliance on outside funding means that future dilution of existing shareholders is almost guaranteed unless a strategic investor intervenes.

3. Rapid Technological Changes and Competitive Pressures: As a company operating within the technology sector, Cloudastructure must navigate an environment of rapid technological changes and intense competitive pressures.

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The clear emerging threat to Cloudastructure (CSAI) comes from major hyperscale cloud providers (such as Google Cloud, AWS, and Microsoft Azure) potentially moving beyond offering underlying infrastructure and AI components to launch their own fully integrated, end-to-end, AI-powered video surveillance solutions directly targeting enterprises. These providers possess immense resources, global reach, existing enterprise relationships, and deep expertise in cloud infrastructure and artificial intelligence. If they decide to leverage these assets to offer bundled surveillance products, they could significantly undercut specialized players like Cloudastructure by offering superior integration, scalability, and potentially competitive pricing due to their vast economies of scale and ability to integrate deeply with their broader suite of enterprise services. This strategy represents a vertical integration that could commoditize or marginalize current specialized cloud surveillance offerings.

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Cloudastructure (CSAI) operates in the rapidly expanding markets of cloud-based artificial intelligence (AI) video surveillance and remote guarding services. The company's main products and services include AI surveillance, remote guarding solutions, cloud video recorders, and mobile surveillance trailers.

The addressable markets for Cloudastructure's offerings can be primarily categorized within the broader physical security services and video surveillance markets, with a specific focus on cloud-based and AI-powered solutions:

• Global Physical Security Services Market: This market was valued at approximately USD 357.30 billion in 2024 and is projected to reach USD 639.87 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 6.00% from 2025 to 2034. Another report estimates the global physical security services market size to be USD 128.91 billion in 2025, expanding at a CAGR of 7.80% from 2025 to 2033. North America alone accounted for over 40% of the global revenue in this sector, with a market size of USD 47.70 billion in 2025.
• Global Video Surveillance Market (including VSaaS): The global video surveillance market size was estimated at USD 64.61 billion in 2023 and is projected to reach USD 148.68 billion by 2030, growing at a CAGR of 12.5% from 2024 to 2030. In 2025, this market is valued at USD 91.66 billion and is expected to reach USD 163.13 billion by 2030, with a 12.22% CAGR. The overall video surveillance market was valued at USD 54.42 billion in 2024 and is projected to grow to USD 88.71 billion by 2030, at a CAGR of 8.5%.
• Global Cloud Video Surveillance Market (VSaaS - Video Surveillance as a Service): This specific segment, a core offering of Cloudastructure, was valued at USD 5.8 billion in 2024 and is forecasted to reach USD 21.7 billion by 2033, exhibiting a robust CAGR of 15.8%. Over 50% of businesses are anticipated to shift their surveillance to the cloud by 2026. The cloud deployment segment within video surveillance is expected to grow at a 13.55% CAGR to 2030.
• AI in Surveillance Market: While a precise global market size specifically for "AI in surveillance" is not uniformly reported with single figures, the integration of AI is a significant driver. Cloudastructure itself states that the worldwide AI market was estimated at $500 billion in 2023. The cloud segment within the AI in surveillance market dominates due to the integration of advanced analytics and AI into video surveillance platforms. Remote guarding, a hallmark offering of Cloudastructure, is noted as the fastest-growing segment in the security sector.

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Cloudastructure (Nasdaq: CSAI) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Expansion of Customer Base and Increased Adoption of AI-driven Security Solutions: Cloudastructure is experiencing significant growth in its customer base, which directly contributes to higher revenue. In the second quarter of 2025, a 58% year-over-year increase in customers fueled the company's revenue growth. The company secured $2.7 million in new contracts in the first half of 2025, representing a 274% year-over-year increase and surpassing its entire 2024 contract value by 79%. Analysts forecast Cloudastructure's annual revenue growth rate at 58.53%, outperforming the US Software - Infrastructure industry average. This growth is driven by the increasing demand for advanced security solutions and trust in Cloudastructure's AI-driven ecosystem. The company's strategy involves leveraging its AI capabilities to offer competitive security solutions and capitalize on the growing demand for these applications in multifamily and commercial property markets.
2. Strategic Expansion into New Verticals and Markets: Cloudastructure is actively expanding its market reach by targeting new sectors. The company has successfully entered new verticals, including the construction sector, with the introduction of Alpha™, a solar-powered mobile surveillance trailer specifically designed for this market. Cloudastructure has also achieved strategic wins in diverse high-need sectors, such as public and affordable housing. A Master Services Agreement signed in October 2025 with a leading affordable housing developer lays the groundwork for portfolio-wide expansion through 2026, indicating a repeatable model for penetrating large property portfolios.
3. Growth in Key Product and Service Lines: The company is seeing strong performance across its core offerings. Cloud video surveillance subscription revenue grew by 133% in Q2 2025. Hardware sales surged by 863% in the same period, reflecting increased demand for system deployments. Remote guarding services also demonstrated robust growth, with a 151% increase in Q2 2025 and a 404% increase in 2024. Installation and other services revenue climbed 167% in Q2 2025, underscoring expanding operational capacity.
4. Implementation of Strategic Financing Partnerships: Cloudastructure has established a financing partnership to remove upfront cost barriers for its customers, which is expected to accelerate adoption. This initiative aims to eliminate initial costs for property management companies, thereby enabling access to larger projects previously constrained by budget limitations. This flexible financing model is anticipated to lower adoption barriers, improve cash flow predictability, shorten sales cycles, and boost market penetration in the multifamily, commercial real estate, and enterprise sectors.

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Share Repurchases

• On October 16, 2025, Cloudastructure's Board of Directors authorized a share repurchase program of up to $5 million of its common stock.

Share Issuance

• Cloudastructure completed an IPO on January 30, 2025, raising $3 million by issuing 1,701,338 shares at $1.95 per share.
• On October 24, 2024, a 1-for-6 reverse stock split was effected for all classes of issued and outstanding capital stock.
• On July 9, 2025, an additional 229,662 Commitment Shares were issued to Atlas due to a decline in the market price of the company's Class A common stock.

Inbound Investments

• On January 29, 2025, Streeterville acquired Series 1 Preferred for $6,300,000 and Pre-Delivery Shares for $72.00 as part of an Equity Financing.
• On March 26, 2025, Cloudastructure secured a $4.5 million investment from an existing institutional investor through the issuance of Series 2 Convertible Preferred Stock.
• An additional $3 million investment was secured on April 21, 2025, from the same institutional investor through the issuance of Series 2 Convertible Preferred Stock.

Capital Expenditures

• Cloudastructure's capital expenditures were -$53,000 in the last 12 months.
• Proceeds from inbound investments in March and April 2025 are intended to advance AI-driven security solutions, enhance market expansion, and fund general corporate purposes, which include capital expenditures.