# Clear Secure, Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/Clear Secure, Inc.).

## Overview

Clear Secure, Inc. operates a secure identity platform that connects a person’s identity to digital and physical experiences. Its consumer business centers on CLEAR+ for faster airport access and related travel services, while its B2B business, CLEAR1, provides identity verification tools for partners across healthcare, workforce, government and other use cases.

## Products & services

• CLEAR+ consumer travel subscription for faster airport entry
• CLEAR Travel services including TSA PreCheck enrollment
• CLEAR Concierge premium curbside-to-gate airport service
• CLEAR Perks and travel benefits for members
• CLEAR1 B2B identity verification platform and SDK/API tools
• CLEAR ID and mobile-first identity solutions

- **CLEAR+ consumer travel subscription** (80%) — Membership service that gives travelers access to dedicated airport security lanes and related benefits.
- **TSA PreCheck enrollment services** (10%) — Online and in-person enrollment and renewal services for TSA PreCheck subscriptions.
- **CLEAR1 B2B identity verification** (5%) — Partner-facing identity verification software and transaction-based platform services.
- **Premium travel services and perks** (5%) — CLEAR Concierge, CLEAR Perks and other ancillary travel offerings that deepen member engagement.

- CLEAR+ airport subscription for dedicated security lanes
- TSA PreCheck Enrollment Provided by CLEAR
- CLEAR Concierge premium airport escort service
- CLEAR Perks and travel benefit partnerships
- CLEAR1 identity verification platform for partners
- CLEAR ID and other mobile-first identity solutions

## Customers

CLEAR sells primarily to individual travelers who value faster, more predictable airport experiences, especially frequent flyers, premium travelers, families and seniors. It also serves enterprise and public-sector partners that need secure identity verification for onboarding, access control, KYC, age verification and related workflows. The company’s partner channels also help acquire new members indirectly through airlines, credit cards and other distribution relationships.

- **CLEAR+ members** (primary) — Consumers subscribe for faster airport screening, travel convenience and bundled benefits.
- **TSA PreCheck applicants and renewals** (secondary) — Travelers use CLEAR-managed enrollment and renewal services for TSA PreCheck access.
- **CLEAR1 enterprise partners** (secondary) — Businesses integrate CLEAR identity tools for check-in, onboarding, KYC and access control.
- **Healthcare, workforce and government organizations** (secondary) — These customers buy secure identity workflows where trust, compliance and friction reduction matter.
- **Distribution partners** (secondary) — Airlines, credit card issuers and marketplaces help acquire members and expand reach.

- Frequent air travelers buying faster airport security access
- Premium travelers and families using Concierge for end-to-end service
- International travelers seeking smoother U.S. airport experiences
- Enterprises needing identity verification for onboarding and KYC
- Healthcare, workforce and government organizations requiring high-fidelity identity checks
- Partners such as airlines and card issuers that drive member acquisition

## Geography

CLEAR is primarily a U.S. business, with airport coverage across the United States and nationwide TSA PreCheck enrollment locations. The company also targets international travelers from more than 40 countries, but its core operating footprint and revenue base remain concentrated in the U.S. travel market.

- U.S. airport network is the core operating footprint
- Airport coverage reached about 79% of TSA checkpoint volume in 2025
- CLEAR lanes operate at airports nationwide
- TSA PreCheck enrollment is offered across multiple U.S. locations
- International traveler focus expands the addressable market beyond the U.S.

## Strategy

CLEAR is focused on growing CLEAR+ membership, increasing revenue per member and expanding airport lane coverage. It is also scaling TSA PreCheck enrollment and broadening distribution through airlines, credit cards and other partners, while building more B2B use cases for CLEAR1.

- **Grow CLEAR+ members and monetization** (short-term) — The consumer subscription base is the main revenue engine and supports network value.
- **Scale TSA PreCheck enrollment** (short-term) — Enrollment services add transaction revenue and create a funnel into CLEAR+ membership.
- **Expand partner distribution and CLEAR1 use cases** (medium-term) — Partnerships broaden reach and make the identity platform more embedded in customer workflows.

- Expand CLEAR+ membership through airport and market penetration
- Increase revenue per member via pricing and ancillary services
- Scale TSA PreCheck enrollment as a growth and acquisition channel
- Add partners in airlines, cards, retail and digital marketplaces
- Grow CLEAR1 use cases in healthcare, workforce and government
- Extend the platform to international travelers and new identity use cases

## Risks

CLEAR depends on retaining members, adding partners and maintaining trust in its brand and biometric identity platform. Its business is exposed to travel demand, regulatory scrutiny, cybersecurity risk and the challenge of proving that new products and use cases can scale without hurting the user experience.

- **Failure to retain members and grow utilization** [high] — CLEAR+ revenue depends on recurring subscriptions and active use of the network.
- **Failure to add or retain partners** [high] — CLEAR1 and distribution partnerships are important for growth and member acquisition.
- **Travel industry disruption or economic slowdown** [medium] — Airport traffic and willingness to pay for travel convenience are tied to travel demand.
- **Biometric, privacy and AI compliance** [high] — The company processes sensitive identity, biometric and payment data and faces evolving laws.
- **Cybersecurity or data breach** [critical] — A breach could impair trust, trigger remediation costs and harm partner relationships.

- Member churn or weak utilization would pressure subscription growth
- Partner loss or weak new partner adds would slow distribution
- Travel downturns can reduce airport traffic and subscription demand
- Biometric, privacy and AI regulation could raise compliance costs
- Cybersecurity breaches could damage trust and create legal exposure
- New product launches may not scale or be adopted as expected

## Accounting

CLEAR’s revenue recognition is driven by subscription billing, per-transaction TSA PreCheck services and multi-element partner contracts in CLEAR1. Investors should watch how netting of taxes, refunds, chargebacks, TSA/FBI remittances and credit-card benefit funding affects reported revenue, as well as how management estimates commitments, contingencies and tax-related items.

- **Subscription revenue netting** — Reported revenue can differ materially from gross billings.
- **TSA PreCheck transaction accounting** — Quarterly revenue can fluctuate with enrollment volumes and launch timing.
- **CLEAR1 multi-element contracts** — Contract mix affects revenue timing and margin profile.
- **Estimates and contingencies** — Could affect expense recognition and balance-sheet accruals.

- CLEAR+ revenue is reported net of taxes, refunds and chargebacks
- TSA PreCheck revenue is net of fees remitted to TSA and FBI
- CLEAR1 contracts may include platform, usage, implementation and license fees
- Revenue timing depends on subscription periods and transaction completion
- Minimum spend commitments and service arrangements affect future expense recognition
- Tax receivable agreement and dividend/share repurchase activity affect equity and cash

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*Last updated: 2026-04-28T19:58:10.505675+00:00*