Terms of Service

These Terms of Service ("Terms") govern your use of the Volaren website and the Volaren iPhone app (together, the "Service") operated by Volaren Inc., a Delaware corporation ("Volaren", "we", "us"). By requesting access, registering for an account, or otherwise using the Service, free or paid, you agree to be bound by these Terms. If you do not agree, do not use the Service.

You must be at least 18 years old to use the Service. You are responsible for:

• Providing accurate, current information when you request access
• Keeping your password and 2FA credentials confidential
• All activity that occurs under your account
• Immediately notifying us of unauthorized access to your account

Shared accounts are not permitted. Each person must use their own login.

Registration is open, and confirming your email address is the approval. You create an account, we send a confirmation link, and following it activates the account. There is no manual review step between those two events. We still reserve the right to deny or revoke access at any time, and we may close registration again, in which case the signup page will say so rather than accepting a request we do not intend to honour.

A phone number is required to create an account on our website; the iPhone app does not ask for one. We store it without verifying it at signup; see the Privacy Policy for what that means.

This is the most important section. Please read it carefully.

What Volaren is. Volaren is an information and analysis platform. It aggregates publicly available financial data, applies quantitative modeling frameworks (discounted cash flow, comparable company analysis, scenario modeling), and uses AI to generate written summaries and analyses, all for the purpose of helping you conduct your own independent research. It is a tool, not an advisor.

What Volaren is not. Volaren Inc. is not a registered investment advisor under the Investment Advisers Act of 1940 or any equivalent law in any jurisdiction. It is not a broker-dealer, a registered representative, a commodity trading advisor, a financial planner, a licensed securities analyst, or any other type of regulated financial professional. It is not registered with, nor endorsed or approved by, the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), FINRA, or any other financial regulatory authority.

Outputs are not advice. All content, analysis, models, memos, valuations, scores, and other outputs generated by the Service ("Outputs") are provided for informational and educational purposes only. Outputs do not constitute:

• Investment advice or personalized investment recommendations
• Financial, legal, tax, or accounting advice
• An offer or solicitation to buy or sell any security, commodity, or financial instrument
• A recommendation regarding any specific investment strategy
• An endorsement of any company, security, or investment product

You are the decision-maker. Every investment decision you make is your own. You must not make any investment decision based solely or primarily on any Output. Outputs are impersonal and are not based on, and do not take into account, your individual financial situation, investment objectives, risk tolerance, tax position, or other circumstances. Nothing herein should be relied upon for any purpose, investment related or otherwise. Before acting on any Output, you should consult a qualified and licensed financial advisor, attorney, or other professional who can evaluate your specific situation and objectives.

Past performance referenced in any Output does not guarantee or predict future results. All investments involve risk, including the possible loss of principal. Outputs do not take into account your personal financial situation, investment objectives, risk tolerance, or time horizon.

No relationship of trust. No fiduciary, advisory, agency, client, or professional relationship is created between you and Volaren by these Terms or by your use of the Service. No such relationship will exist unless and until Volaren and a user enter into a written agreement expressly establishing that relationship after Volaren has become appropriately registered. Outputs are generated by software from public filings, market data, and inputs you supply. They are not reviewed by a licensed professional before you see them, and they are not tailored to your individual situation, including where you have connected an account or entered holdings.

You acknowledge that trading and investing involve substantial risk of loss, that past and simulated performance do not predict future results, and that every decision you make is your own. You assume full responsibility for those decisions and for any resulting loss.

The Service is currently provided as beta software for testing purposes only. By using the Service, you acknowledge and agree that:

• Outputs may contain errors, omissions, hallucinations, or inaccuracies
• Outputs are generated by AI systems and have not been independently verified
• Underlying data sources may be incomplete, outdated, or incorrect
• The Service may be unavailable, slow, or produce degraded results at any time
• Features may change or be removed without notice during the beta period

AI-generated and automated content. Volaren's current and future products use or will use artificial intelligence, machine learning, and other automated systems to generate market-related content. These systems can produce inaccurate, incomplete, or outdated information and may reflect biases in underlying data or models. You should independently verify any information generated by such systems before relying on it for any purpose. Volaren does not warrant the accuracy, completeness, timeliness, or fitness for a particular purpose of any Output.

You are solely responsible for independently verifying any Output before relying on it for any purpose, professional or otherwise.

You agree not to:

• Violate any applicable law, regulation, or third-party right
• Use the Service in connection with any fraudulent, illegal, or manipulative securities activity
• Upload material non-public information (MNPI) or other insider information
• Upload malware, viruses, or any code designed to disrupt the Service
• Attempt to gain unauthorized access to other accounts or our infrastructure
• Reverse-engineer, scrape, or otherwise extract data from the Service outside of documented APIs
• Use the Service to spam, harass, or defraud any person
• Resell or sublicense the Service without written agreement
• Probe, stress-test, or systematically abuse the API in ways that degrade service for other users

Security researchers acting in good faith under our disclosure policy are exempt from the unauthorized-access clause.

You retain ownership of all data you create through the Service ("Your Content"), including portfolio positions, watchlists, thesis notes, custom alerts, and any annotations you save. By using the Service, you grant us a limited, non-exclusive license to process Your Content to provide the Service to you and to improve its answers. We do not claim any intellectual property rights over Your Content. We use your activity and conversations to improve our answers, and never to train anyone else's AI.

6.1 Investor Pulse, anonymized aggregation

Volaren operates a feature called Investor Pulse that aggregates specific elements of Your Content, namely your valuation assumption overrides (revenue growth, EBITDA margin, capex, terminal growth, exit multiple, WACC and related drivers), your scenario weights, your peer-set selections, your written thesis text, your premises, your conviction levels, and the implied prices that result from your model, across all opted-in users to produce anonymized statistics, medians, percentile bands, synthetic "crowd consensus" models, and performance leaderboards on a per-ticker basis.

By creating an account you opt in to Investor Pulse and grant Volaren a perpetual, non-exclusive, irrevocable (subject to the deletion right below) license to aggregate, summarize, and present Your Content in anonymized form to other opted-in users and to use it internally to build, improve, and research the Service and the underlying valuation methodology. Your real name, email, and account identity are never exposed on Investor Pulse, your contributions are tied to a pseudonymous alias (e.g. "analyst_8af2c1") that is not linkable to your account by other users. K-anonymity protections hide aggregate numbers entirely when fewer than five users have contributed data on a given ticker.

You can opt out at any time in Settings → Privacy. Opting out (a) removes your data from future aggregates going forward, (b) removes your access to Investor Pulse (the exchange is symmetric, opting out cannot leave you a free rider on other users' contributions), and (c) does not by itself delete past contributions. To delete all past contributions, use the "Delete all my Pulse data" button in Settings → Privacy, which wipes every row attributable to your account from every Pulse-relevant table.

You may also exclude specific tickers from your contribution without opting out globally, for example, if you want to share your thesis on tech names but keep your view on a particular small-cap private. Per-ticker exclusions are managed in Settings → Privacy.

Investor Pulse contributions are not personally identifiable information under applicable US law once aggregated and aliased. If you reside in a jurisdiction with stricter rules (e.g. EU/UK GDPR), please contact us at the address in Section 16, opt-in for users in those jurisdictions is handled separately and with explicit consent.

The Service allows you to connect a brokerage account through a third-party brokerage connection provider (SnapTrade or Finatic, depending on the broker). By connecting your account, you authorize us to retrieve your account holdings, balances and orders. If you connect with trading permission, you also authorize us to send to your broker the orders you confirm in the Service. Volaren is not a broker and does not hold your money or securities. An order is sent to your own broker, through that connection, only after you confirm it in the Service, and your broker executes it. We do not move funds, and we take no other action in your brokerage account. You can disconnect your brokerage account at any time.

Connected brokerage data is displayed for informational purposes only and is subject to the same disclaimer in Section 3: it does not constitute financial advice and must not be the sole or primary basis for any investment decision.

Volaren is free. Every feature of the Service is available on the free tier except real-money trading and the strategy access described under Strategies below, which need a paid plan. The free tier includes a usage allowance of 500 credits each calendar month and is not going away. Once a month's allowance and a short grace margin of 125 more credits are used, work that uses credits pauses until the allowance resets on the first of the next month, unless you choose a paid plan or buy credits. No payment card is required, and no charge of any kind can occur unless you yourself choose a paid plan, set up a custom plan, or buy credits as described below. An account that never does any of these simply stays free, forever.

Paid plans. You may choose an optional monthly plan: Starter, with 2,000 usage credits a month at a list price of $20 a month; Pro, with 5,000 credits a month at $50 a month; or Max, with 10,000 credits a month at $100 a month. We may offer a discount from the list price; the price you pay is the one shown at checkout, or, in the iPhone app, the one the App Store shows, which may be in your local currency. A plan's credits are granted for each billing month once that month's payment succeeds, and unused plan credits expire at the end of the billing month; they do not roll over. If you move to a higher plan, you are charged the prorated difference for the rest of the current billing month right away, and that month's credits are topped up in proportion to what you paid. If you move to a lower plan, the change takes effect at your next renewal; nothing is refunded and you keep the current month's credits.

Custom plans. For needs beyond these plans, we also offer an optional custom plan ("Contact us"): you tell us what you are working on, choose monthly or yearly billing, and propose an amount for that period. We agree the amount with you before checkout. Monthly plans charge that amount each month. Yearly plans charge the agreed annual total upfront and release usage credits monthly. Each annual plan's monthly allowance expires at its next monthly anniversary; unused allowance does not roll over and future months cannot be spent early. The annual total is divided into twelve monthly allowances, with any rounding remainder included in the final month. Existing monthly plans retain their rollover credits. A custom plan exists only if you asked for one, agreed the amount, and completed checkout yourself; the agreed amount changes only by agreement with you, and a change applies from your next billing cycle. Details are described on the pricing page.

What your payment is for. A paid plan, a custom plan, or a credit purchase pays for software usage: the compute, data, and research tooling your work consumes on the Service. It is not a fee for investment advice, and paying does not create an advisory, fiduciary, or client relationship of any kind. Section 3 (Volaren is an information platform, not a financial advisor), Section 11 (Disclaimers), and Section 12 (Limitation of liability) apply to paid use exactly as they apply to free use: Outputs remain informational, are not investment advice, and must not be the sole or primary basis for any investment decision.

Credits. Some work in the Service, principally analysis and other compute-backed features, is metered against your free monthly allowance and then against any plan or purchased credits. Additional credits can be earned through the referral program and through reviewed product feedback (Section 8A). Credits can also be bought, as described below. Credits pay for work as you use it, so a request that fails without producing a result is not intended to consume them, and a retried request is charged once rather than twice. Earned and free credits are promotional. No credit, including a purchased one, is a deposit; credits are not transferable, are not redeemable for cash, have no value outside the Service, and may be adjusted or revoked in cases of fraud or abuse of the earning programs.

Credit purchases. You may buy credits at any time as a one-time prepaid purchase, at 100 credits per US dollar, in the amounts offered at purchase. Plan credits are used before purchased credits. You may also turn on auto-reload: while it is on, you authorize us to charge your saved payment method the reload amount shown when you turn it on each time your credit balance falls below the threshold shown there, without a separate notice for each charge, until you turn it off. If a reload payment is declined, auto-reload turns off.

Strategies. On the free tier you can follow one strategy; paid plans follow any number. Premium and creator strategies can be followed on a paid plan only. Strategies are not sold separately. Strategies you build yourself are private to your account.

Payments. Payments on our website are processed by Stripe; you agree to their Services Agreement when you provide payment information. Subscriptions bought in the iPhone app are sold and billed by Apple through In-App Purchase, under Apple's terms. Paid plans renew automatically each month, and custom plans at the agreed monthly or yearly interval and amount, until you cancel. Prices on our website are in US dollars and do not include taxes; you are responsible for any taxes that apply, and where we are required to collect them they are added to your charge. You may cancel at any time from the billing portal in your account settings or, for a subscription bought in the iPhone app, in your Apple ID's subscription settings; cancellation takes effect at the end of the current billing period, and you keep your plan's usage through that period, including remaining monthly releases within a paid year. We do not provide prorated refunds for partial billing periods, or refunds of unused credits, except where required by law, though we may issue refunds case by case at our discretion; write to support@volaren.ai. Because a custom plan's amount is individually agreed, it changes only by agreement with you. A change to the price of our listed plans applies from your next renewal after we post it.

Rewards can be earned two ways:

• Referrals. When someone who has never had an account creates one through your referral link, you receive usage credits; at most ten such signups per rolling 30 days earn credits. When that person subscribes to a paid plan within 30 days of creating their account and their first payment is received, we refund one month of your most recent paid plan invoice, up to that invoice's amount (if you are on the free tier, we instead refund your first plan invoice if you subscribe within 90 days), and when their second payment is received we refund one month of their first invoice. Both subscriptions renew and charge as usual. Each payment card can earn one referral month, a referral paid with your own card earns nothing, and rewards not yet paid out are withdrawn if the referred person's first payment is refunded or disputed. On the free tier, at most twelve referral months per rolling year are held for you.
• Feedback. Product feedback submitted through the Service earns usage credits only after our team reviews and approves it, and at most one earning submission per rolling seven days. Submissions outside that window are welcome but do not earn credits.

Credit amounts, caps, and windows are shown in the product and may change at any time. Referring yourself, creating duplicate accounts, or otherwise manufacturing signups or submissions disqualifies the activity, and we may withhold or revoke credits obtained that way. These programs are promotional: credits are not compensation, wages, or a cash equivalent, and we may modify, suspend, or end either program at any time. Credits earned before a program ends remain usable in the Service unless they were obtained through fraud or abuse.

We aim for high availability but do not guarantee uninterrupted service. We may modify or discontinue features with reasonable notice; if we discontinue the Service entirely, we will provide at least 60 days' notice and enable data export.

You may close your account at any time from /settings on the website, or in the iPhone app from Profile > Account > Delete account. We may suspend or terminate accounts that violate these Terms or that are inactive for extended periods (we'll email first). Upon termination, the license granted in Section 6 ends and we will delete Your Content according to our Privacy Policy.

The service is provided "as is" and "as available" without warranties of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose, non-infringement, accuracy, or availability. We make no warranty that outputs will be accurate, complete, reliable, or suitable for any particular purpose. Use of the service and reliance on any output is at your sole risk.

To the maximum extent permitted by law, our total liability arising out of or in connection with the service is limited to the amount you paid us in the 12 months preceding the event giving rise to the claim, or USD $100, whichever is greater. We are not liable for indirect, incidental, special, consequential, or punitive damages, including but not limited to any investment losses, trading losses, or financial damages arising from reliance on any output.

Basis of the bargain. These limitations are an essential basis of the agreement between us and apply even if a limited remedy fails of its essential purpose, and regardless of the theory of liability. Some jurisdictions do not allow certain exclusions or limitations, so parts of this section may not apply to you; in that case our liability is limited to the smallest amount permitted by law.

Nothing in these Terms limits any liability that cannot be limited by law, including any non-waivable liability under the federal securities laws.

Any claim arising out of or relating to these Terms or the Service must be filed within one year after the claim arose. A claim filed after that period is permanently barred, except where a longer period is required by law.

You agree to indemnify and hold us harmless from any claim, liability, or expense arising out of (a) Your Content, (b) your breach of these Terms, (c) your violation of any law or third-party right, or (d) any investment or financial decision you make based on any Output from the Service.

These Terms are governed by the laws of the State of Delaware, United States, without regard to conflict-of-law principles.

Talk to us first. Before starting any proceeding, you agree to contact us at support@volaren.ai with a written description of the dispute and to allow 60 days for good-faith resolution.

Binding arbitration. Any dispute arising out of or relating to these Terms or the Service that is not resolved informally will be settled by final and binding arbitration administered by the American Arbitration Association under its Consumer Arbitration Rules. Arbitration will be conducted in English, by a single arbitrator, and may proceed by written submission or videoconference. Judgment on the award may be entered in any court of competent jurisdiction.

You and Volaren each waive the right to a trial by jury and the right to participate in a class, collective, coordinated, or representative action. The arbitrator may award relief only to the individual party seeking it, and only to the extent necessary to provide relief warranted by that party's individual claim.

Exceptions. Either party may bring an individual claim in small-claims court, and either party may seek injunctive relief in court to protect intellectual property. Nothing in this section waives any right that cannot be waived by law, including any non-waivable right under the federal securities laws.

Opting out. You may reject this arbitration agreement by emailing support@volaren.ai within 30 days of first accepting these Terms, stating your name and that you opt out of arbitration. Opting out affects nothing else in these Terms.

Severability. If the class waiver above is found unenforceable as to any claim, that claim alone will proceed in court and the remainder of this section will continue to apply.

We may update these Terms. When we do, we post the updated version here with a new "last updated" date, and it applies from that date. Your continued use of the Service after that date constitutes acceptance of the updated Terms.

All inquiries (legal, terms, general support): support@volaren.ai
Security issues: support@volaren.ai

Volaren Inc., a Delaware corporation.