63 unchanged sentences
In the years 2024, 2023 and 2022, approximately 8%, 10% and 14% of our revenue, respectively, were generated by sales to customers in North America, primarily in the U.S.
−Removed: In the first half of 2025, approximately 3% of our revenue was generated from sales to customers in North America, primarily on the U.S.
−Removed: In the first half of 2025, we paid approximately $271,000 in tariffs.
+Added: In the first three quarters of 2025, approximately 2% of our revenue was generated from sales to customers in North America, primarily on the U.S.
+Added: In the first three quarters of 2025, we paid approximately $271,000 in tariffs.
In the years 2024, 2023 and 2022, we paid approximately $1.0 million, $1.0 million and $3.3 million, respectively, in tariffs.
14 unchanged sentences
For example, in the third quarter of 2022 our gross margin was 42.0% but it dropped to 10.7% in the third quarter of 2023 as a result of several of these factors.
−Removed: In the first quarter of 2025, our gross margin was a negative 6.4%;
−Removed: In the second quarter of 2025, our gross margin improved to 8.0%.
+Added: In the first quarter of 2025, our gross margin was a negative 6.4% but improved to 8.0% in the second quarter of 2025;
+Added: in the third quarter of 2025, our gross margin has further improved to 22.3%.
+Added: However, there can be no assurance that our gross margin will not fluctuate in future periods due to ongoing uncertainty of various factors.
Our raw material companies experience selling price volatility and purchase price volatility in acquiring base materials.
111 unchanged sentences
Accordingly, demand for our products is subject to the demand for end-user applications, including certain consumer applications, which utilize our products.
−Removed: For example, we have developed an 8-inch gallium arsenide wafer targeting an application in a consumer product.
−Removed: Our customer recently informed us that its end-user customer has cancelled its project.
−Removed: Production of the intended product was scheduled to begin in 2025.
+Added: For example, we have developed an 8-inch gallium arsenide wafer targeting an application in a consumer product, which was scheduled to begin production in 2025.
+Added: However, we were informed by our customer that its end-user customer cancelled its project.
While there may be other end users, this particular cancellation is the loss of a potentially high-volume sales opportunity.
48 unchanged sentences
Our efforts may not allow us to keep pace with competitive pricing pressures which could adversely affect our margins.
−Removed: There is no assurance that any changes effected by us will result in sufficient cost reductions to allow us to reduce the price of our products to remain competitive or improve our gross margins.
+Added: There is no assurance that any changes affected by us will result in sufficient cost reductions to allow us to reduce the price of our products to remain competitive or improve our gross margins.
The loss of one or more of our tier one substrate customers would significantly hurt our operating results.
99 unchanged sentences
Subsequent to our fulfilling an order, some customers have been unable to make payments when due, reducing our cash balances and causing us to incur charges to allow for a possibility that some accounts might not be paid.
−Removed: We observed an increase in our accounts receivable in the first quarter of 2020 and believe this has resulted from work stoppages, shelter-in-place orders and general cautiousness due to the COVID-19 pandemic.
In the past, we have had some customers file for bankruptcy.
+Added: The uncertainty in current economic trends or changes in the domestic, global, political and economic environment may also affect our customers’ ability to pay.
If our customers do not pay amounts owed to us then we will incur charges that would reduce our earnings.
46 unchanged sentences
Tariffs on our products increased to 100%.
+Added: In 2024, 8% of our total worldwide revenue was from sales in North America, primarily in the U.S.
+Added: Indium phosphide substrates are the primary revenue generator derived from imports into the U.S.
+Added: This revenue has been impacted by additional tariffs imposed by the United States and by export controls implemented by China.
+Added: As such, in the third quarter of 2025, only approximately 1% of our revenue was generated by sales to customers in North America.
We have little or no germanium imports into the U.S.
and historically a relatively small value of imports of gallium arsenide wafers into the U.S.
−Removed: In 2024, only 8% of our total worldwide revenue was from sales in North America.
−Removed: Our primary revenue generator derived from imports into the U.S.
−Removed: is indium phosphide substrates.
While Tongmei has generally received the required permits for exports to countries in Asia and Europe, our U.S.
8 unchanged sentences
The portal to apply for exports of indium phosphide from China opened in March and we immediately began to submit our applications.
−Removed: However, since the requirement for such export permits is new, the timing for when permits will be granted remains uncertain and we are unable to estimate when we will receive the necessary export permits to resume shipping our indium phosphide substrates to the U.S.
+Added: On June 11, Tongmei was informed that it has satisfied the applicable requirements for a permit to export indium phosphide and received its initial export permits from the Ministry of Commerce of the People’s Republic of China to resume shipping indium phosphide substrates to certain customers in Europe and Japan.
+Added: More recently, we have also obtained export permits for indium phosphide shipments to the UK and Canada.
+Added: However, the timing for when permits will be granted remains uncertain and we are unable to estimate when we will receive the necessary export permits to resume shipping our indium phosphide substrates to the U.S.
We are actively monitoring and following-up on the status of our applications.
1 unchanged sentence
In the years 2024, 2023 and 2022, approximately 8%, 10% and 14% of our revenue, respectively, were generated by sales to customers in North America, primarily in the U.S.
−Removed: In the first half of 2025, approximately 3% of our revenue was generated by sales to customers in North America, primarily in the U.S.
−Removed: In the first half of 2025, we paid approximately $271,000 in tariffs.
+Added: In the first three quarters of 2025, approximately 2% of our revenue was generated by sales to customers in North America, primarily in the U.S.
+Added: In the first three quarters of 2025, we paid approximately $271,000 in tariffs.
In the years 2024, 2023 and 2022, we paid approximately $1.0 million, $1.0 million and $3.3 million, respectively, in tariffs.
The future impact of tariffs and trade wars is uncertain.
−Removed: Based on the tariffs enacted and currently in effect, we anticipate incurring incremental tariff costs, additional costs that we may incur on products shipped to our customers, and costs as a result of pauses on certain of our product imports, in particular products from China.
−Removed: We may be required to raise prices, which may result in the loss of customers and our business, financial condition and results of operations may be materially harmed.
−Removed: Additionally, it is possible that our business could be adversely impacted by further retaliatory trade measures taken by China or other countries in response to existing or future tariffs, which could cause us to raise prices or make changes to our operations, which could materially harm our business, financial condition and results of operations.
+Added: Because of the tariffs enacted and currently in effect, we may be required to raise prices, which could result in the loss of customers and our business, financial condition and results of operations may be materially harmed.
+Added: Additionally, it is possible that our business could be adversely impacted by further retaliatory trade measures taken by China or other countries in response to existing or future tariffs.
+Added: Such measures could cause us to raise prices or make changes to our operations, which could materially harm our business, financial condition and results of operations.
The economic and political conditions between China and the United States, in our view, create an unstable business environment.
317 unchanged sentences
We are not currently in compliance with the continued listing requirements for the Nasdaq Stock Market.
−Removed: If we do not regain compliance with the conitnued listing standards, our common stock may be delisted from The Nasdaq Global Select Market, which could negatively impact the price of our common stock and our ability to access the capital markets.
+Added: If we do not regain compliance with the continued listing standards, our common stock may be delisted from The Nasdaq Global Select Market, which could negatively impact the price of our common stock and our ability to access the capital markets.
Our common stock is listed on The Nasdaq Global Select Market.
106 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.