Reliance on Airport Contracts and Access: Clear's business model is heavily dependent on maintaining and expanding contracts with airports and airline partners, which are subject to negotiation, competition, and political factors.

Regulatory and Policy Changes: Changes in TSA policies, federal security mandates, or privacy regulations concerning biometric data could significantly impact Clear's operations, require costly adaptations, or limit service offerings.

Data Privacy and Security Breaches: Handling sensitive biometric and personal identifiable information makes Clear a prime target for cyberattacks; a major data breach could lead to severe reputational damage, legal liabilities, and loss of member trust.