Reliance on Major Partners: Perion's search advertising business significantly depends on its partnership with Microsoft. Termination or unfavorable changes to this agreement could materially and adversely affect its financial results.

Economic Downturn Impact: A slowdown in global economic activity or a recession could lead to reduced advertising budgets from clients, directly impacting Perion's revenue and profitability across all its ad tech segments.

Changes in Privacy Regulations: Evolving data privacy laws (e.g., GDPR, CCPA) and platform policy shifts, such as the deprecation of third-party cookies, could limit Perion's ability to collect and utilize data for targeting and measurement, affecting its ad effectiveness and competitive position.