20 unchanged sentences
The loss of any large customer or a reduction in orders from any large customer could reduce our net sales and harm our operating results.
−Removed: Our operating results could be negatively affected by the loss of revenue from one or more large customers.
+Added: Large purchases by a relatively limited number of customers have accounted for a significant portion of our revenue.
+Added: For example, sales to one customer represented 24%, and 20% of our total revenue, and sales to another customer represented 15% and 15% of our total revenue for the years ended December 31, 2025 and 2024, respectively.
+Added: We have experienced unpredictability in the timing of orders from our large customers primarily due to the overall complexity of these large orders and changes in demand specific to these customers.
+Added: We sometimes provide more favorable terms and conditions to large customers than we typically do to other customers, which may reduce gross margins for the period in which such sales occur.
+Added: In addition, our largest customer accounted for 53% and 36% of our accounts receivable as of December 31, 2025 and 2024, respectively.
Our customers are not contractually obligated to purchase any fixed quantities of products, and they may stop placing orders with us at any time.
3 unchanged sentences
If we lose the services of these key suppliers and contractors, or if they are not willing or able to satisfy our requirements, finding substitute suppliers or contractors may be time-consuming and would affect our results of operations in the near term.
−Removed: Changes in business conditions, pandemics, wars, including the Russian invasion of Ukraine and world sanctions on Russia, Belarus, and related parties, governmental changes, and other factors beyond our control or which we do not presently anticipate could negatively affect our suppliers and contractors, as well as our ability to receive components.
+Added: Changes in business conditions, pandemics, wars, including the recent attacks on Iran and escalating conflicts in the Middle East, Russian invasion of Ukraine and world sanctions on Russia, Belarus, and related parties, governmental changes, and other factors beyond our control or which we do not presently anticipate could negatively affect our suppliers and contractors, as well as our ability to receive components.
There are risks associated with international manufacturing that could have a significant effect on our business.
15 unchanged sentences
Any disruption of our production schedule caused by an unexpected shortage of supplies even for a relatively short period of time could cause us to alter production schedules or suspend production entirely, which could cause a loss of revenues, which would adversely affect our operations.
−Removed: Tariff policies and potential countermeasures could increase our costs and disrupt our global supply chain, which could negatively impact the results of our operations.
−Removed: On February 1, 2025, President Trump announced the imposition of additional substantial tariffs on imports from various countries, including China, Canada and Mexico, and the subject countries indicated their intention to impose counter measures.
−Removed: Under the announced measures, a 25% tariff will be applied to certain products from Canada and Mexico, while a 10% tariff will be imposed on certain imports from China.
−Removed: If implemented, these tariffs and countermeasures could increase the cost of raw materials and components necessary for our operations, disrupt our global supply chain and create additional operational challenges.
−Removed: Tariffs may increase our manufacturing costs and make our products less competitive than those of our competitors whose inputs are not subject to these tariffs.
+Added: Tariff policies and potential countermeasures could continue to increase our costs and disrupt our global supply chain, which could negatively impact the results of our operations.
+Added: Trade policies and disputes have resulted in increased tariffs, trade barriers, and other protectionist measures, which have caused and will continue to cause increases in our manufacturing costs, may make our products less competitive, may reduce demand for our products, may limit our ability to sell to certain customers, have disrupted and may continue to disrupt our ability to procure components or raw materials, and may impede or slow the movement of our goods across borders.
+Added: Increasing protectionism and economic nationalism may lead to further changes in trade policies and regulations, domestic sourcing initiatives, or other formal and informal measures that could make it more difficult to sell our products in, or restrict our access to, certain markets.
+Added: has significantly increased tariffs on products imported from China into the U.S.
+Added: and implemented new tariffs on imports into the U.S.
+Added: from other countries, particularly from India, Canada, Mexico, and Vietnam.
+Added: In response to these tariffs, some foreign countries, including China, have instituted retaliatory tariffs, which could impact our products, while other countries have threatened retaliatory tariffs on certain U.S.
Further, it is possible that government policy changes and related uncertainty about policy changes could increase market volatility and currency exchange rate fluctuations.
32 unchanged sentences
Any such liability could have a material adverse effect on our financial condition and results of operations.
−Removed: By way of example, but not limitation, governmental authorities in the U.S.
−Removed: and in other jurisdictions are increasingly focused on potential contamination resulting from the use of so-called “forever chemicals,” most notable at present are per- and polyfluoroalkyl, substances (PFAS).
−Removed: Products containing PFAS have been used in manufacturing, industrial, and consumer applications over many decades, including in some of our engineered materials and components, and are virtually ubiquitous in parts of the environment.
−Removed: Until recently, these substances were largely unregulated.
−Removed: Nevertheless, over the last few years, PFAS regulation has been evolving rapidly.
−Removed: In 2023, the U.S.
−Removed: EPA issued a new rule under the Toxic Substances Control Act, requiring manufacturers and importers of PFAS to submit additional reporting information about production volumes, industrial uses, byproducts, worker exposure, and disposal.
−Removed: In 2023, certain EU member states submitted a proposal to the European Chemicals Agency calling for the phase out of the manufacture, import, sale, and use of PFAS substances beginning in late 2025.
−Removed: In 2024, among other things, U.S.
−Removed: EPA issued new regulations regarding PFAS in drinking water, PFAS reporting obligations under Toxic Substances Control Act, and designated two PFAS chemicals (Perfluorooctanoic acid and Perfluorooctane sulfonic acid) as hazardous substances under Comprehensive Environmental Response, Compensation, and Liability Act.
−Removed: While PFAS regulation continues to advance at the federal level and in many states, the full scope of such regulation is still being developed.
−Removed: In some cases, PFAS compounds are regulated at, or even below, the ability of current technology to detect their presence, making remediation difficult and complex.
−Removed: We may therefore incur costs in connection with any obligations to transition away from the usage of PFAS-containing products, to dispose of PFAS-containing waste or to remediate any PFAS contamination, which could have a negative effect on our financial position, results of operations and cash flows.
−Removed: We may incur costs in connection with any obligations to transition away from the usage of PFAS-containing products, to dispose of PFAS-containing waste or to remediate any PFAS contamination, which could have a negative effect on our financial position, results of operations and cash flows.
In addition, some environmental laws impose liability, sometimes without fault, for investigating and/or cleaning up contamination on, or emanating from, properties currently or formerly owned, leased or operated by a person, as well as for damages to property or natural resources and personal injury arising out of such contamination.
13 unchanged sentences
The extent and strength of the sanctions are still developing, and the corresponding effect on the Company remains uncertain.
−Removed: In addition, the war in Ukraine has further increased existing global supply chain, logistics, and inflationary challenges.
+Added: In addition, the war in Ukraine, and the recent attacks on Iran and escalating conflicts in the Middle East, have further increased existing global supply chain, logistics, and inflationary challenges.
Climate change and natural disasters or other events beyond our control could disrupt our business and result in loss of revenue or higher expenses.
20 unchanged sentences
The legal and regulatory landscape surrounding AI technologies is rapidly evolving and uncertain, including in the areas of intellectual property, cybersecurity and privacy and data protection.
+Added: At the federal level, in January 2025, the Trump administration rescinded an executive order relating to the safe and secure development of AI technologies that was previously implemented by the Biden administration.
+Added: The Trump administration then issued a new executive order that, among other things, requires certain agencies to develop and submit to the president action plans to “sustain and enhance America’s global AI dominance,” and to specifically review and, if possible, rescind rulemaking taken pursuant to the rescinded Biden executive order.
+Added: Additionally, in December 2025, the Trump administration’s “Ensuring a National Policy Framework for Artificial Intelligence” Executive Order was signed.
+Added: This order calls for federal standards and legislation that would preempt conflicting state AI regulations and create a federal litigation task force focused on challenging state AI laws in court.
+Added: The Trump administration may continue to rescind other existing federal orders and/or administrative policies relating to AI technologies or may implement new executive orders and/or other rule making relating to AI technologies in the future.
Compliance with new or changing laws, regulations or industry standards relating to AI may impose significant costs and may limit our ability to develop, deploy or use AI technologies.
28 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.