Clear Secure(YOU) - 2025 Q4 - Annual Report

Membership and Revenue Growth - CLEAR+ currently retails for $209 per year per Member, with a family plan available for an additional $125 per year per Member[31] - The company aims to grow its CLEAR+ Member base and increase revenue per member through pricing and ancillary revenue initiatives, with airport coverage reaching approximately 79% of 2025 TSA checkpoint volume[54] - In 2025, 6% of all TSA checkpoint volume went through a CLEAR lane, up from 5% in 2024, indicating growth in member utilization[54] - CLEAR's strategic partnerships with airlines and financial institutions promote its services to customers, driving membership growth[41] Technology and Innovation - In 2024, CLEAR launched the Lane of the Future, featuring EnVe hardware that offers a verification experience approximately 5x faster than legacy pods[32] - CLEAR's investment in technology has led to a scalable and secure platform, allowing for quick application across various sectors[47] - The power of network effects has significantly increased the value proposition of CLEAR+ as membership growth accelerated after reaching a critical mass of airports[48] Employee and Workforce - CLEAR has approximately 3,708 employees deployed across its network to implement its platform and enhance brand reputation[45] - As of December 31, 2025, the company had 3,301 full-time employees, with the largest workforces located in New York, New Jersey, and Los Angeles[56] Financial Position - The company had cash and cash equivalents of $85.7 million as of December 31, 2025, with no outstanding borrowings under the revolving credit facility[340][341] - Marketable securities totaled $614.4 million as of December 31, 2025, primarily invested in government securities and corporate notes[342] Regulatory and Compliance - The company is subject to various regulatory frameworks, including the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR), which impose significant compliance obligations[57][61] Future Plans and Expansion - The company plans to scale the TSA PreCheck® enrollment program, which is expected to drive significant growth and provide an incremental revenue opportunity[54] - The company anticipates expanding into new verticals and products, particularly within the Travel sector, and has made progress in diversifying its offerings[54] - The company may pursue selective acquisitions to complement its existing platform capabilities and accelerate growth[54] Security and Information Assurance - CLEAR's commitment to information security is demonstrated by its FISMA High Rating certification from the Department of Homeland Security[30]