Deep Intelligence Across Industries

Udemy occupied a distinctive position in corporate learning: it was the only major enterprise skills platform built on an open, unregulated global content marketplace rather than a curated publisher or university partnership model. That architecture produced structural advantages competitors could not replicate quickly — over 290,000 courses in 78 languages from more than 90,000 instructors, an average of 6,300 new courses per month, and top courses refreshed five times a year — which made Udemy uniquely fast to market on emerging technical topics, particularly generative AI. It monetised that content twice: once transactionally through a consumer marketplace generating 84 million learners and organic enterprise leads, and again at higher margin through Udemy Business seat-based subscriptions to more than 17,000 organisations across 150-plus countries. Its structural weakness was the mirror image: content commoditisation risk, dependence on a concentrated instructor cohort, and a consumer segment in managed decline. The Coursera combination resolved scale disadvantage by merger rather than by organic execution. Udemy, Inc. was a Delaware-incorporated, San Francisco-headquartered global online learning company operating a two-sided marketplace for skills content, monetised through a direct-to-consumer marketplace and an enterprise SaaS subscription business, Udemy Business. At the point of its acquisition it was a roughly $790 million-revenue business that had just achieved its first full year of GAAP net income after fifteen years of losses. Sources: FY2021, FY2022, FY2023, FY2024 and FY2025 Forms 10-K, "Human capital resources." The FY2022 figure was also cited publicly in third-party analysis of the FY2022 annual report. Headcount fell 26% between the FY2022 peak and FY2024 across two restructurings (February 2023, approximately 10% of the workforce; September 2024, approximately 280 roles, roughly 20%), then rose 11% in 2025 as roles were rehired in lower-cost geographies under the 2024 plan. --- ### The company's own characterisation (FY2025 Form 10-K, Item 1) Udemy described itself in its final annual report as "a global learning company, which underwent a strategic transformation in 2025," whose "AI-powered skills acceleration platform empowers organizations and individuals with flexible, measurable, and outcome-driven learning experiences." The stated mission was unchanged from IPO: "to transform lives through learning." Management framed the business around two macro trends — "the rise of the skills-based organization and the application of generative AI" — and asserted that the combination of an AI-powered platform, a subscription-first business model and demonstrated outcome measurement positioned Udemy "as a critical partner for organizations and individuals navigating the global AI-driven workforce transformation." ### Independent characterisation Udemy was a two-sided content marketplace with a bolt-on enterprise SaaS distribution layer. The economics of the two sides were fundamentally different and increasingly divergent, which is the single most important analytical fact about the company. The **Consumer marketplace** was a transactional, performance-marketing-driven business. Instructors bore the content production cost; Udemy bore customer acquisition cost and paid instructors a revenue share that varied by acquisition channel. Gross margin was structurally lower (FY2025 segment adjusted gross margin 57%) because content cost scaled directly with revenue. Revenue was recognised over an estimated four-month service period for single-course purchases. This segment had been in absolute decline since 2021 — from $328.7 million in FY2021 to $265.8 million in FY2025, a 19% cumulative contraction. The **Enterprise segment (Udemy Business)** was a genuine seat-based SaaS business: annual and multi-year contracts, per-seat pricing with volume discounts, ratable revenue recognition, and land-and-expand motion. Gross margin was materially higher (FY2025 segment adjusted gross margin 75%) because content costs were fixed against a curated library of approximately 33,000 courses rather than variable per transaction. Enterprise grew from $187.0 million in FY2021 to $524.1 million in FY2025, a 29% compound annual rate, and crossed 50% of total revenue in FY2022. The symbiosis management repeatedly emphasised was real but asymmetric. The marketplace functioned as (i) a low-cost content acquisition engine, (ii) a quality-filtering testbed — only the highest-rated marketplace courses entered the Udemy Business collection, and (iii) an organic lead-generation channel for enterprise sales. Enterprise, in return, provided the profitable revenue. By FY2025 the marketplace's role had shifted from profit centre to strategic input, which is precisely why management was willing to accept a 9% consumer revenue decline in FY2025 in exchange for subscription mix shift. ### Revenue model composition Source: FY2025 Form 10-K and Q4/FY2025 earnings release (8-K, 5 February 2026). Consolidated subscription revenue was $566.0 million in FY2025 (up 8%) versus $522.5 million in FY2024. Revenue was generated through four disclosed product lines: per-course purchases (lifetime access, regionally price-optimised by machine-learning algorithm); subscriptions (Udemy Business Team Plan, Enterprise Plan, Leadership Academy, Udemy Business Pro add-on, and consumer Personal Plan); professional services (cohort learning delivery, learning architecture development, skills mapping); and, new in 2025, AI Transformation Packages (AI Readiness and AI Growth programs). ### Value chain position Udemy sat between independent subject-matter-expert instructors (supply) and both individual learners and corporate L&D buyers (demand). It owned no content — a critical structural point. Instructors retained copyright and were paid a revenue share; in 2025 instructors collectively earned $168 million, down from $190.6 million in 2024, reflecting both consumer mix shift and a revenue-share model change announced in November 2023 that became fully effective in January 2026. Udemy's proprietary layer was the technology stack, the curation and quality-filtering process, the pricing algorithm, the data and analytics products, and — from 2024 onwards — AI capabilities including Role Play simulation technology and an MCP (Model Context Protocol) server permitting enterprises to expose Udemy content to internal LLM systems. Instructors whose content entered the Udemy Business collection were required, subject to limited exceptions, to accept exclusivity preventing them from distributing directly competing on-demand content on rival platforms. This exclusivity persisted while content remained in the collection and could be maintained for up to twelve months after an instructor opted out. ### Customer types and end-markets Enterprise customers spanned 150-plus countries. Large customers, defined as organisations with at least 1,000 employees, represented approximately 74% of Udemy Business revenue in FY2025 across roughly 5,800 accounts. Named FY2025 customer wins and expansions included Arm (UK), BCI (Canada), Capgemini SE (France), Coldwater Creek (US), Dubai Academic Health Corporation (UAE), Ericsson AB (Sweden), Genpact LLC (US), Groupe Astek (France), Infosys Limited (India), Kellanova (US), Mercado Libre Latam (Argentina), NNE (Denmark), Red Hat (US), Solstice Advanced Materials (US) and Trader Corporation (Canada). Reference customers cited in the corporate boilerplate included Ericsson, Samsung SDS America, ON24, Tata Consultancy Services, The World Bank and Volkswagen. Management identified financial services, technology and manufacturing as the verticals where AI-driven enterprise demand was accelerating fastest.

**Employee trend (period-end headcount, bp Annual Report and Form 20-F 2025)** ### Positioning statement (150 words) BP is a vertically integrated international energy company: it explores for and produces oil and gas, refines and markets fuels and lubricants, and operates one of the world's largest physical energy trading books. Its distinguishing feature among the supermajors is the tightness of the coupling between upstream production, a 1.3–1.5 million barrel-per-day refining system, a ~21,000-site retail network and a supply, trading and shipping arm that monetises optionality across all three. After a five-year detour into renewables under the 2020 net-zero strategy, bp reset in February 2025 back to hydrocarbons, and under CEO Meg O'Neill (April 2026) is executing a $20bn disposal programme, a two-segment Upstream/Downstream reorganisation, suspended buybacks and an aggressive deleveraging campaign. It is currently the smallest and most heavily indebted of the Western supermajors by market value, trading at a persistent discount, with Elliott Management holding a ~5% economic interest and a chair search underway following a governance crisis. --- BP describes itself as an integrated energy company whose purpose is to deliver energy that is "secure, affordable and lower-carbon." Following the strategy reset announced on 26 February 2025 and reaffirmed under new management in 2026, the company's own framing is materially simpler than the 2020–2024 "integrated energy company / five transition growth engines" construct: bp now describes itself as an upstream-led business, supported by a focused downstream, with a world-class trading capability connecting the two, and with transition investment restricted to capital-light or high-return positions. **Independent characterisation.** BP is best understood as three economically distinct businesses stapled together by a trading desk: 1. **A resource business** (oil production & operations; gas & low carbon energy) that converts capital into reserves and reserves into barrels. This is where the option value sits — Gulf of America deepwater, Azerbaijan, Iraq, the Emirates, Egypt, Angola via Azule, Namibia, Trinidad, Indonesia, and, prospectively, the Bumerangue pre-salt discovery in Brazil. In 2025 this business generated $9.4bn of underlying RC profit before interest and tax from oil production & operations and $5.4bn from gas & low carbon energy, against total group underlying RC PBIT of $19.5bn. 2. **A consumer and industrial products business** (customers & products) that converts crude and feedstock into fuels, lubricants and convenience retail margin. This is a working-capital-intensive, margin-cyclical franchise: 2,696 mb/d of marketing sales of refined products in 2025 across roughly 21,200 branded retail sites, plus Castrol (until its sale completes), Air bp, bp Marine and bp pulse. It delivered $5.3bn of underlying RC PBIT in 2025 — its best year since 2019 — and $8.2bn in the first half of 2026 alone as refining margins spiked. 3. **A trading and optimisation business** (supply, trading & shipping) that is not separately reported but is embedded in both segments. bp does not disclose standalone trading P&L; management commentary characterises the gas marketing and trading result and the oil trading result qualitatively each quarter. In 2Q 2026 the oil trading contribution was described as "significantly higher" year-on-year. This opacity is a persistent analytical problem for outside investors and a recurring source of earnings surprise. **Revenue model.** BP is overwhelmingly a physical-product company, not a service or subscription business. Of $121.4bn of sales and other operating revenues in 1H 2026, $96.7bn was revenue from contracts with customers — of which oil products accounted for $73.4bn, natural gas/LNG/NGLs $15.2bn, crude oil $0.7bn and non-oil products and other revenues (convenience retail, EV charging, aviation services, lubricant sales categorised separately) $7.4bn — with a further $24.6bn of "other operating revenues," principally commodity derivative transactions including sales of bp's own production booked in trading portfolios. There is no meaningful licensing or subscription revenue stream. Castrol carries genuine brand-based pricing power; the rest of the portfolio is commodity price-taking with margin capture through integration and logistics. **Value-chain position.** Fully integrated from exploration licence to forecourt, with the notable exclusion of petrochemicals (sold to INEOS in 2020) and, increasingly, of mature, high-tax or sub-scale positions (UK North Sea, German refining, Netherlands and Austria retail, US onshore wind, biogas). **Customer types and end-markets.** Retail motorists and convenience shoppers; commercial road transport fleets (including US truck stops via TravelCenters of America); airlines and airports (Air bp); marine bunkering; industrial and automotive lubricant OEMs and distributors (Castrol); utilities, industrial gas buyers and LNG offtakers (including a new 10-year, 0.7 mtpa LNG supply agreement with KOGAS from 2028); national oil companies and host governments purchasing technical services (Kuwait Oil Company Burgan enhanced technical service agreement; ONGC Mumbai Offshore Basin 10-year technical services provider agreement signed May 2026); and wholesale counterparties across physical and financial commodity markets. ---

Leonardo DRS — AnD

Sanmina Corporation — AnD

General Dynamics Mission Systems — AnD

Boehringer Ingelheim — Healthcare

Dassault Systèmes SE — ICT

Buzzi — CNM

REV Group — Auto

Morita Holdings Corporation — Auto

Hella — Auto

Synthomer PLC — CNM

Stora Enso Oyj — PCM

Labcorp — Healthcare

Company Headquarters: 2000 Founded: UK Workforce: The company has employed more than 100 employees. Company Working: AM Technology (Ashe Morris Ltd) is a UK-based company that designs, manufactures, and sells continuous flow reactors and continuous flow chemical plants for the fine chemical and pharmaceutical industries. The company was founded in 2000 and is headquartered in Runcorn, Cheshire. AM Technology's products are used to produce a wide range of chemicals, including active pharmaceutical ingredients (APIs), intermediates, and specialty chemicals. The company's continuous flow reactors offer a number of advantages over traditional batch reactors, including improved safety, scalability, and efficiency. They are also more environmentally friendly, as they produce less waste and emissions. AM Technology's customers include leading pharmaceutical companies, fine chemical manufacturers, and research institutes around the world. The company has a strong track record of innovation and has developed a number of patented technologies. AM Technology is well-positioned for continued growth in the years to come, as the demand for continuous flow reactors and continuous flow chemical plants continues to grow

Company Headquarters: Gujrat, India Founded: 2010 Workforce: ~NA Company Working: Ajwa Food Products (I) Pvt. Ltd. is one of the leading players offering high-quality products and ingredients in an affordable price range. The company is a privately-held enterprise that is adhered to the policies implemented on the day of incorporation. Ajwa Food Products (I) Pvt. Ltd. has expertise in the production, supply, wholesale, retail, and export of a diversified range of products associated with the food & beverage industry. The products offered by the company are free from GMOs, have no added colors, and are sourced ethically. Ajwa Food Products (I) Pvt. Ltd. also has state-of-art facilities that are integrated with cutting-edge technology to maintain production. The products offered by the company are prepared hygienically and are blended with sugar, pure milk, ghee, dry fruits, and other pure ingredients. Ajwa Food Products (I) Pvt. Ltd. also provides the products in different packaging options. In addition, the company also supplies a wide range of fruits & vegetables, pulses & grains, and spices to different across the globe. Ajwa Food Products (I) Pvt. Ltd. procures high-quality raw materials to produce finalized goods. The company also has very skilled and highly qualified professionals, focused on the maintenance of quality. Apart from that, the company also offers an organic range of products. Ajwa Food Products (I) Pvt. Ltd. has operations in more than 30 nations around the world.

Company Headquarters: Thailand Founded: 1997 Workforce: NA Estimated Revenue- US$ 5.75 Mn Company Working: Image Laundry Systems is a family-owned business that is a manufacturer of industrial and commercial laundry equipment engaged in selling laundry equipment for over 40 years. The company exports its products to more than 40 countries globally. The company offers a wide range of products that includes Washer Extractors, Flatwork Ironers, Coin Operated, Tumble Dryers, Feeders, Folders, and Tunnel Washers that are designed by European and American designers. The company has more than 50 laundry products and 10,000 dry-cleaned products. The company serves various industries that include coin laundries, hospitality, commercial linen plants, healthcare, dry cleaning plants, oil field camps, mat rentals, and commercial washers.

Company Headquarters: Pennsylvania, United StatesFounded: 1981 Workforce: ~ NA Company Working: Fibercon International Inc. is a company that specializes in the production and distribution of fiber reinforcement solutions for concrete. Fibercon International Inc. is known for its innovative fiber reinforcement products used in the construction industry. They offer a wide range of fiber types, including synthetic macro fibers and steel fibers, designed to enhance the performance and durability of concrete structures. Fibercon's fiber reinforcement solutions are used in various applications such as slabs, shotcrete, precast elements, tunnels, bridge decks, and more. These fibers provide benefits such as increased crack resistance, improved impact resistance, enhanced durability, and reduced maintenance costs.

Company Headquarters: Oggiono, Italy Founded: 1944 Workforce: ~ NA Company Working: Green Steel Group is an Italy based company and is one of the leading producers of metal fibers and wools in the World. Metal wools of various types are produced by the company and used in a variety of fields and applications. Steel, stainless steel, copper, brass, bronze, zinc, and aluminium fibres and wools are the company's major goods. Steel fibres for concrete, a commodity frequently used as a reinforcement material in the construction sector, are provided by Green Steel Group. Concrete fibres from the company are all authorised in accordance with EN 14889-1 and are offered in a variety of lengths.

Company Headquarters: Tokyo, Japan Founded: 1957 Workforce: ~ NA Company Working: Nippon Seisen Co. Ltd. is a Japanese company that specializes in the production and supply of various metal products. Nippon Seisen Co. Ltd. is a manufacturing company primarily engaged in the production and distribution of metal products. The company was founded in 1957 and has since established itself as a reliable supplier in the industry. Nippon Seisen offers a range of metal products, including Stainless Steel Wire, Alloy Wire, Resistance Wire, Welding Consumables, Fine Wire and Metal Filters etc. Nippon Seisen Co. Ltd. offers a range of steel fibers designed for different concrete applications.

Company Headquarters: Mogoșoaia, Romania Founded: 2013 Workforce: ~ NA Company Working: Fibro Metals is a company with a private majority stake and more than ten years of building industry experience. It works in the production of wire goods, chain, and springs. The business has a production plant in Constanta, which is also where the metallic fibres are produced locally and internationally. The company produces tongued metallic fibres, 3 DIM metallic fibres, corrugated metallic fibres, straight metallic fibres, and polypropylene fibres among other types of fibres. Since its founding, the company has expanded to 15 different countries, serving 200 partners, and accomplishing more than 1000 projects.

Fortum Oyj is a Finnish state-owned energy company located in Espoo, Finland. It mainly focuses on the Nordic region. Fortum operates power plants, including co-generation plants, and generates and sells electricity and heat. The company also sells waste services such as recycling, reutilisation, final disposal solutions and soil remediation and environmental constructions services, and other energy-related services and products e.g. consultancy services for power plants and electric vehicle charging. Fortum is listed on the Nasdaq Helsinki stock exchange. In 2020 Fortum was the biggest company in Finland by its revenue. The majority of its income came from Uniper that became Fortum's subsidiary in March 2020. Uniper was nationalised by Germany on the 21 September 2022 for 8 billion euros. Fortum is Europe's third-largest producer of carbon-free electricity, Europe's second-largest producer of nuclear power

Company Headquarters: India Founded: 1997 Workforce: ~NA Company Working: IBS Software manages mission-critical operations for clients in the airline, tour & cruise, hospitality, and energy resources industries. IBS Software is a prominent SaaS solutions provider to the worldwide travel industry. Fleet and crew operations, aircraft maintenance, passenger services, loyalty programs, employee travel, and air-cargo management are all covered by IBS Software's solutions for the aviation sector. IBS Software also manages a real-time B2B and B2C distribution platform that offers a global network of hospitality organizations and channels access to hotel room availability, pricing, and inventory. IBS offers a comprehensive customer-centric digital platform for the tour and cruise business that includes onshore, online, and on-board solutions. By utilizing its domain expertise, digital technology, and technical excellence, the Consulting and Digital Transformation (CDx) division focuses on advancing its customers' digital transformation projects.

Company Headquarters: US Founded: 2017 Workforce: ~ NA Company Working: InnoTechRV is a part of WiPath Communications, a global conglomerate that creates and manufactures electronic devices for a range of markets, including transportation, utility, emergency services, and healthcare. InnoTechRV specialises on creating cutting-edge products for the recreational vehicle (RV) sector with the intention of improving customer convenience and enjoyment when RVing. RV WiFi and cellular boosters, intelligent RV monitoring systems, and other RV equipment and accessories are among the offerings from InnoTechRV. By offering dependable connectivity, enhanced safety and security, and increased convenience, their solutions are made to improve the RVing experience.

Company Headquarters: Colorado, United States Founded: 1997 Workforce: NA Company Working: NutriPlex Formulas Inc. was incorporated by healthcare practitioners who are looking for a 100% true whole food company that utilizes organically sourced ingredients in the clinical line. The company offers whole foods and nutritional products. NutriPlex Formulas Inc. uses whole food which means it uses whole herbs or fruits/vegetables instead of extracting nutrients such as vitamins, minerals, flavonoids, chlorophyll, carotenoids, or other elements from them. The formulations offered by the company is catering the demand for sophisticated or niche products. The formulations offered by the company are clinically and scientifically verified as it has gained various quality certifications for its portfolio. The company mainly operates in the supplement industry and is among the leaders in whole food nutrition. The company offers wheat germ oil under its supplements category, which is prepared with 100% organic ingredients. Moreover, the products offered by NutriPlex Formulas Inc. are highly preferred by patients and doctors around the world. The products offered by the company are present via both online & offline retailing across the globe.

Company Headquarters: Ukraine Founded: 1996 Workforce: ~ NA Company Working: Agroselprom Ltd is a manufacturer of dietetic foodstuffs. The company markets its products under the brand name Golden Kings of Ukraine and Golden Nature. The company is well known in Ukraine along with Europe, USA, Canada, Israel, Australia, South Korea, Norway, UAE, & Jordon. The company offers wheat germ oil products which are used in cooking various dishes, salads, beetroot salads, sauces, and many more. The products developed by the company are natural and environmentally safe. In addition, the high-quality products that are offered by Agroselprom Ltd are not only preferred by regular customers but also the specialists in dietetic foodstuffs.

Company Headquarters: Rua Alexandre Detogni, Brazil Founded: 2001 Workforce: NA Company Working: NPA is operating its business in the production of chemicals and specialized nutrition products for more than 20 years. The company operates in markets associated with vegetal nutrition, human nutrition, and animal nutrition. The company NPA was incorporated by a group of chemical engineers, and chemists, with the main aim of developing novel molecules to cater to the demands of society in the therapeutic and nutritional areas. After incorporation, the company has procured various patents associated with the new launches in the USA, Brazil, and several countries in Europe. The company offers 100% chelated minerals along with amino acids under the brand name of Biometal which follows the patented process for production. NPA prepares chelates from several isolated amino acids and contains similar chemical structures, molecules, and substances that are naturally synthesized by plants. Furthermore, the company has a well-qualified team along with global partners for the development of new-fangled technological solutions as well as chemicals.