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Here are 1-2 brief analogies to describe Iveda Solutions:

• Think of it as the Ring or Arlo for businesses and cities, but with advanced AI analytics for security and operations.
• A bit like Palantir for smart cities, integrating AI-powered video and IoT data for urban management.

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• Cloud-based Video Surveillance: Provides secure and scalable video monitoring and recording solutions through the cloud.
• AI Video Analytics: Offers intelligent analysis of video feeds for object detection, facial recognition, and anomaly detection.
• Smart City Platforms: Delivers integrated solutions for urban infrastructure management, public safety, and intelligent traffic systems.
• IoT and Smart Building Solutions: Provides systems for facility security, access control, and operational efficiency within buildings.
• IvedaCare: Offers remote monitoring and assistance solutions primarily for elder care and personal safety.

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Iveda Solutions (symbol: IVDA) primarily sells its AI-based video surveillance and smart city platforms to other companies and government entities (Business-to-Business, B2B, and Business-to-Government, B2G) rather than directly to individual consumers.

According to its most recent SEC filings (e.g., the 10-K for the fiscal year ended December 31, 2022), Iveda Solutions explicitly states that no single customer accounted for 10% or more of its total revenues for the reporting periods. This indicates that the company does not have one dominant "major customer" as defined by financial reporting thresholds.

However, Iveda Solutions serves a diverse range of organizations and engages in strategic partnerships across various sectors. Its key customer categories and known partners/entities it works with include:

• Telecommunication Companies: Iveda partners with and sells its solutions to telecom operators who integrate Iveda's technology into their service offerings for their own end-customers or utilize them for internal infrastructure and network services.
  • Taiwan Mobile Co., Ltd. (TWSE: 3045): Iveda has publicly announced collaborations with Taiwan Mobile on various smart city initiatives and technology deployments in Taiwan. While primarily a strategic partner in bringing solutions to market, this relationship involves the deployment and utilization of Iveda's technology, making Taiwan Mobile a significant entity in Iveda's ecosystem and a customer for specific integrated solutions.
• Government Entities and Municipalities (Smart City Initiatives): Iveda directly secures contracts with city governments and public agencies for large-scale smart city projects. These projects often involve deploying comprehensive video surveillance, public safety, traffic management, and environmental monitoring solutions across urban areas.
  • Examples include various municipalities in Taiwan (such as Miaoli County and Taoyuan City) where Iveda has been involved in developing and deploying smart city solutions.
• Enterprises and Commercial Sector: This broad category encompasses a variety of businesses and organizations that require advanced security, AI analytics, and smart building solutions for their facilities, operations, and infrastructure. This can include sectors like retail, logistics, manufacturing, data centers, and transportation hubs. Specific customer names in this private sector are typically not disclosed unless they are part of a major public project or strategic partnership.

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David Ly, Founder, Chief Executive Officer

David Ly is the visionary leader and founder of Iveda Solutions, having served as CEO and Chairman of the Board of Directors since the company's inception in 2003. He founded IntelaSight in 2003, which later became Iveda Solutions in 2007. With over 20 years of experience in wireless data, cellular, IT, and cloud video surveillance, he built a pioneering cloud video hosting and real-time surveillance infrastructure. His accomplishments include raising over $12 million through angel investors, taking the company public, and acquiring a security technology company in Taiwan. Previously, he held positions as Applications Engineer at Metricom, Inc., Sales Manager at T-Mobile USA, Inc., Head-Corporate Sales at Nextel Communications, Inc., and Market Manager at Door To Door Storage, Inc.

Bob Brilon, Chief Financial Officer

Bob Brilon returned to Iveda in December 2013, having previously served as CFO from 2008 to 2010. He is a senior executive with over 30 years of experience as a Chief Financial Officer and Chief Executive Officer for both private and public companies. Brilon was instrumental in Iveda becoming a fully reporting public company and structuring the acquisition of MEGAsys, Iveda's subsidiary in Taiwan. He served as CEO and CFO for InPlay Technologies (NASDAQ: NPLA), formerly Duraswitch (NASDAQ: DSWT), from 1998 to 2007. His prior experience also includes CFO roles at MD Helicopters, Gietz Master Builders, DataHand Systems, Inc., and Go-Video (AMEX: VCR), and Corporate Controller at Rental Service Corp. (NYSE: RRR).

Greg Omi, Chief Technology Officer

Greg Omi joined Iveda as CTO in May 2021, after being an early seed investor in 2006 and serving on Iveda's Board from 2011 to 2016. He has decades of experience as a software developer in the Computer Games Industry. Omi is responsible for shaping Iveda's technology roadmap and overseeing new technology development. His previous roles include software architect at Zynga (2009-2019), where he wrote online games like FarmVille, and senior engineer on the Auto Pilot Team at Tesla in 2019. He also worked at Flektor, Inc., which was acquired by FOX Interactive Media in 2007, and was a Senior Programmer with Naughty Dog, a computer game company acquired by Sony Interactive Entertainment, where he designed rendering engines for games like Crash Bandicoot.

Ing-Hang Shiau, President, Iveda Taiwan Operation

Ing-Hang Shiau co-founded Iveda Taiwan (formerly MEGAsys) in 1991 and has been working closely with the Iveda management team since its acquisition in 2010. He has 35 years of experience in security systems and has deployed multi-million dollar safe city projects in Taiwan and neighboring countries. His expertise and relationships with contract manufacturers are vital for Iveda's device procurement. Prior to Iveda Taiwan, Mr. Shiau spent most of his professional career at Panasonic Taiwan.

Richard Tsay, Director of Product Development

Richard Tsay has been with Iveda since October 2011, leading the product development team in Taiwan. He has been instrumental in all of Iveda's product introductions, including its cloud-video hosting platform, intelligent search technology, and IoT technology. Tsay also manages deployments with Iveda's telco partners and his expertise with various ODMs is valuable for new device enablement. He held mid-management positions in companies in Taiwan, including Motorola, Danger Inc./Microsoft, RFIC Technology Corp., and Tuntex Telecommunications Co., Ltd., as well as in California with RFIC Integrated Corp., AROMA Electronics, and RF-Link Technology, Inc.

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The key risks to Iveda Solutions (IVDA) business operations are:

1. Persistent Net Losses, Cash Burn, and Dilution Risk: Iveda Solutions has incurred significant net losses since its inception and has accumulated substantial losses, with net losses of approximately $3.3 million and $3.0 million for the years ended December 31, 2022 and 2021, respectively. The company has been described as experiencing "operational cash burn that constantly demands more capital," leading to a "likely need to raise more funds". This cash burn and the need for additional capital raise the risk of further dilution for existing shareholders, who have already experienced substantial dilution in the past year. The company explicitly states that it "May Not Be Able To Achieve Or Maintain Profitability On An Annual Basis In The Future".
2. High Volatility and Low Liquidity: As a microcap stock, Iveda Solutions is characterized by "low float, high volatility". Its share price has been "highly volatile" compared to the US market, and shareholders are exposed to "rapid price swings". This low liquidity and high volatility can also lead to "potentially poor exit opportunities if things go sideways" for investors.
3. Execution Risk for Ambitious Growth Projections and Concentration of Revenue: Iveda Solutions has set "ambitious" and "staggering" future earnings projections, with forecasts for significant revenue growth in 2025, which "require a level of flawless execution that's just it's rarely seen very rare". Additionally, the company is highly dependent on its Taiwan subsidiary, Iveda Taiwan, for a substantial portion of its revenue, accounting for 79% and 93% of total revenue in 2022 and 2021, respectively. This concentration of revenue with a single subsidiary presents a significant risk if Iveda Taiwan's performance falters or if there are geopolitical or economic disruptions affecting that region.

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The increasing sophistication and comprehensive bundling of AI, IoT, and cloud platform solutions by hyperscale cloud providers (e.g., Amazon AWS, Google Cloud, Microsoft Azure) and other large technology companies. These entities possess immense financial resources, vast R&D capabilities, established customer bases, and extensive ecosystems. As their integrated offerings for smart cities, video analytics, and IoT management mature and become more deeply embedded into enterprise and governmental IT strategies, they pose a significant emerging threat to specialized providers like Iveda Solutions. Their ability to deliver advanced AI/ML capabilities, scalable cloud infrastructure, and IoT device management as part of a unified, often more cost-effective, end-to-end solution could gradually erode Iveda's competitive advantage, potentially rendering specialized, standalone offerings less attractive or even redundant over time.

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• AI Video Analytics: The global AI-powered video analytics market was valued at approximately $7.8 billion in 2024 and is estimated to reach $42.2 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 18.3% from 2025 to 2034.
• Video Surveillance Systems: The global video surveillance systems market size is projected to be around $91.66 billion in 2025 and is on track to reach $163.13 billion by 2030, growing at a CAGR of 12.22% during the forecast period.
• Smart City Solutions/IoT Platforms: The global smart cities market size was estimated at $877.6 billion in 2024 and is projected to reach $3,757.9 billion by 2030, growing at a CAGR of 29.4% from 2025 to 2030.
• Physical Security Equipment (relevant for VEMO Body Cameras): The physical security equipment market is estimated to grow from approximately $60 billion in 2024 to about $70 billion by 2026 globally.
• Tank Level Monitoring Systems (for LevelNOW): The global tank level monitoring system market is expected to grow to $1.5 billion by 2031.

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• Expansion of Global Reseller Network and International Deployments: Iveda is actively expanding its international reseller network across North America, Europe, Africa, the Middle East, and Asia. This expansion is designed to accelerate worldwide demand for its AI video and smart city technologies, including IvedaAI™, VEMO™ body cameras, and vumastAR™. The company’s solutions are being deployed in diverse environments such as municipalities modernizing smart city infrastructure, schools strengthening campus security, and law enforcement agencies.
• Growth in AI-powered Video Surveillance and Smart City Technologies: Iveda is capitalizing on the rapidly expanding global markets for AI and physical security. Its core offerings, such as the IvedaAI™ platform, are central to smart city initiatives, exemplified by deployments in Manila and Bacoor City, Philippines, as part of a multi-million-dollar smart city program. The company also secures contracts for intelligent video surveillance in new developments like resorts and casinos.
• Launch and Adoption of New AI Products and Services: Iveda is consistently introducing and gaining traction with innovative AI solutions. This includes the vumastAR AI software for oil spill detection, targeting major oil companies in Australia and the US. Another significant driver is the Natural Language Enhancement for IvedaAI™, which enables users to search video data with everyday language, leading to new market opportunities and a projected $1 million in additional revenue from an East Asian construction client by Q4 2025. Additionally, the launch of IvedaESS, a portable security solution, and enhanced AI-powered body cameras for the retail sector are expected to contribute to revenue growth.
• Strategic Partnerships and Government/Enterprise Contracts: The company is fostering growth through strategic collaborations and securing significant contracts. Examples include a partnership with Salience to launch mobile command solutions and a strategic partnership in Egypt involving technology transfer for local manufacturing of VEMO Body Cams. Iveda's strong customer base is reinforced by such strategic government and enterprise agreements.
• Scalable, Recurring Revenue Model: Iveda focuses on a highly scalable, recurring revenue model by partnering with global service providers. This strategy leverages existing customer bases for dual revenue streams from hardware sales and licensing fees for its cloud-based AI search and surveillance technologies. Increased interest from major retail chains for IvedaAI Cloud subscription services further highlights the potential for recurring revenue.

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Share Issuance

• In September 2024, Iveda Solutions entered into definitive agreements for a registered direct offering, selling and issuing 5,000,000 shares of common stock (or pre-funded warrants) at $0.43 per share, which was expected to generate gross proceeds of $2.15 million.
• Concurrently with the September 2024 offering, the company also issued unregistered Series A and Series B warrants to purchase up to 5,000,000 shares of common stock each. These warrants, exercisable at $0.43 per share, could provide approximately $4.4 million in cash if fully exercised by holders.
• The number of shares outstanding for Iveda Solutions increased by 29.20% in the year leading up to a reporting period prior to November 7, 2025.

Capital Expenditures

• In the last 12 months leading up to November 7, 2025, Iveda Solutions reported capital expenditures of approximately -$1,183.
• The company's primary focus for its capital is on AI intelligent video search technology and IoT devices, leveraging existing infrastructure for smart city deployments.