Risk Factors Update Summary
- Experienced a decrease in demand for products, with revenue decreasing from $283.6 million to $218.8 million.
- Customer inventory adjustments in 2023 may adversely affect future results of operations.
- Identified a material weakness in internal control over financial reporting, impacting accurate and timely financial reporting.
- Revenue from top three distributors decreased from 51% to 48% of total revenue.
- Geopolitical tensions are increasing the trend of customers seeking domestically produced products.
- Revenue from top ten end customers decreased from 49% to 47% of total revenue.
- Anticipate revenue from largest customer, Apple, to decrease from 20% to 21% of total revenue.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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