What changed in this filing

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Item 1A. Risk Factors

2025-03-19 compared with 2024-03-28 · 53 added, 28 removed, 436 unchanged (16% of the section changed)

14 unchanged sentences

a material adverse effect on our business and results of operations.

2023, three customers represented 14.3%, 13.5% and 10.9% of our total revenues.

The loss of a major customer would have to be replaced

by others, and our inability to do so may have a material adverse effect on our business and financial condition.

We expect that contracts

or orders from a relatively limited number of customers will, at times, continue to account for a substantial portion of our business.

The mix and type of customers, and sales to any single customer, may vary significantly from quarter to quarter and from year to year.

If any major customer did not place orders, or if they substantially reduced, delayed, or cancelled orders, we may not be able to replace

the business in a timely manner or at all, which can and has had a material adverse effect on our results of operations and financial

2024, one customer represented 29.5% of our total revenues.

The loss of a major customer would have to be replaced by others, and our

inability to do so may have a material adverse effect on our business and financial condition.

We expect that contracts or orders from

a relatively limited number of customers will, at times, continue to account for a substantial portion of our business.

The mix and type

of customers, and sales to any single customer, may vary significantly from quarter to quarter and from year to year.

If any major customer

did not place orders, or if they substantially reduced, delayed, or cancelled orders, we may not be able to replace the business in a

timely manner or at all, which can and has had a material adverse effect on our results of operations and financial condition.

lengthy and variable sales cycle makes it difficult to predict our financial results.

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Periodic local or international economic

downturns, trade balance issues and political instability, as well as fluctuations in interest and currency exchange rates, could negatively

affect our business and results of operations.

downturns, trade balance issues and political instability including trade disruptions and the imposition of tariffs, as well as fluctuations

in interest and currency exchange rates.

Any significant increases in tariffs on a broad array of goods, could negatively affect our

business and results of operations.

majority of our sales to date have been primarily priced in U.S.

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losses due to both currency exchange rate fluctuations and from possible social and political instability.

States trade policies that restrict imports or increase import tariffs may have a material adverse effect on our business.

have been significant changes and proposed changes in recent years to U.S.

trade policies, tariffs, and treaties affecting imports.

significant increases in tariffs on a broad array of important goods, could negatively affect our business and results of operations.

response to the tariffs announced by the U.S., China and other countries have imposed or proposed additional tariffs on certain exports

from the United States.

There is current uncertainty about the future relationship between the United States and other countries with

respect to trade policies, taxes, government regulations, and tariffs and we cannot predict whether, and to what extent, U.S.

trade policies

will change in the future, including as a result of changes by the new U.S.

presidential administration.

A significant proportion of

our materials and components are manufactured in China and other regions outside of the United States.

Accordingly, such U.S.

changes have made it and may continue to make it difficult or more expensive for us to obtain certain products manufactured outside the

United States, which could affect our revenue and profitability.

Any of these factors could depress economic activity and restrict our

access to suppliers or customers and could have a material adverse effect on our business, financial condition, and results of operations.

reputation and operating performance may be negatively affected if our products are not timely delivered.

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in our manufacturing operations and supply chain and the associated effect on our working capital.

are presently experiencing supply chain delays and cost increases that may adversely affect our business.

chain delays and cost increases that may adversely affect our business, including potential cost increases from the imposition of tariffs.

developments across Europe and Asia have and may continue to restrict our ability to procure raw materials and components such as nickel

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times and reduce our manufacturing efficiencies.

We have begun placing orders with more lead time to help mitigate the manufacturing

delays, as well as assessing other suppliers or components to attempt to mitigate the potential cost impacts.

In addition, we are utilizing

our in-house flexible manufacturing to attempt to further mitigate both potential schedule delivery delays and material cost increase,

as well as increasing sales prices.

While we have taken actions to mitigate the potential negative impacts to our revenue and profitability,

there can be no assurance of the ultimate impact and the length of time that the supply chain factors may impact our revenues and profitability.

In addition, political and trade tensions have resulted in the imposition of tariffs

which may affect our supply chain and the costs of components and materials.

Any significant increases in tariffs on components and

materials that we purchase could negatively affect our business and results of operations.

We have begun placing orders with more lead

time to help mitigate the manufacturing delays, as well as assessing other suppliers or components to attempt to mitigate the potential

cost impacts In addition, we are utilizing our in-house flexible manufacturing to attempt to further mitigate both potential schedule

delivery delays and material cost increase, as well as increasing sales prices.

While we have taken actions to mitigate the potential

negative impacts to our revenue and profitability, there can be no assurance of the ultimate impact and the length of time that the supply

chain factors, including tariffs, may impact our revenues and profitability.

has and may continue to adversely affect our business, financial condition, and results of operations.

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in our quarterly revenue, operating results and the market value of our common stock.

manufacturing facilities are in Central Islip, New York and Saugerties, New York could be affected due to multiple weather risks, including

manufacturing facilities in Central Islip, New York and Saugerties, New York could be affected due to multiple weather risks, including

risks to our Central Islip facility from hurricanes and similar phenomena.

manufacturing facilities are located in Central Islip, New York and Saugerties, New York could be affected by multiple weather risks,

most notably hurricanes for our Central Islip facility which is located on Long Island, New York.

manufacturing facilities are in Central Islip, New York and Saugerties, New York and could be affected by multiple weather risks, most

notably hurricanes for our Central Islip facility which is located on Long Island, New York.

Although we carry property and casualty

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We do, however,

maintain a backup power source at our Central Islip facility, are working to establish deeper redundancies between our New York facilities

to help mitigate this risk.

maintain a backup power source at our Central Islip facility.

related to cybersecurity, intellectual property and regulatory compliance

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and make sales in countries known to experience corruption, extortion, bribery, pay-offs, theft, and other fraudulent practices.

make no assurance, however, that our employees or other agents will not engage in such conduct for which we might be held responsible.

If our employees or other agents are found to have engaged in such practices, we could suffer severe penalties and other consequences

that may have a material adverse effect on our business, financial condition, and results of operations.

employees or other agents are found to have engaged in such practices, we could suffer severe penalties and other consequences that may

have a material adverse effect on our business, financial condition, and results of operations.

are subject to environmental regulations, and our inability or failure to comply with these regulations could adversely affect our business.

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have and may continue to be required to take impairment charges on assets.

are required to assess our long-lived assets, including acquired intangible assets and property, plant and equipment, for recoverability

and impairment whenever there are indicators or impairment, such as an adverse change in business climate.

are required to assess our long-lived assets, consisting of our property, plant and equipment, for recoverability and impairment whenever

there are indicators or impairment, such as an adverse change in business climate.

part of our long-term strategy, we have pursued acquisitions of other companies or assets, and may pursue future acquisitions of other

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affect our financial condition, results of operations, and liquidity.

General risks

success is highly dependent on the technical, sales, marketing and managerial contributions of key individuals, including our Chief Executive

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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.

What changed 10-K

Item 1A. Risk Factors