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Item 1. Business

2026-03-26 compared with 2025-03-27 · 195 added, 284 removed, 58 unchanged (89% of the section changed)

Interlink Electronics, Inc.

(“we”, “us”, “our”, “Interlink” or the “Company”) is a leading provider of sensors and printed electronics used extensively in Human-Machine Interface (“HMI”) devices and Internet-of-Things (“IoT”) solutions.

Our broad product and technology portfolio encompasses force, piezo-electric, rugged HMI, wearable sensors for textiles and fabrics, gas sensors, instruments, and systems.

Our blue-chip customers trust our products and solutions which span various markets, including industrial, medical, automotive, consumer, wearables, and IoT.

Our technical and engineering expertise in materials science, manufacturing, embedded electronics, firmware, and software enables us to create and deliver high-quality, cost-effective custom solutions tailored to our customers’ unique requirements.

Our force-sensing products and solutions include sensor components, subassemblies, modules and products that support effective, efficient cursor control and novel three-dimensional user inputs.

Our membrane keypads, graphic overlays, printed electronics and industrial label products are applicable for use in a wide range of fields, from industrial automation, process control and monitoring to medical and diagnostic devices and defense systems.

Our innovative conductive transfer technology enables the integration of electronics and sensors into fabrics and textiles enabling smart fabric and textile applications in the wearables, consumer, medical and automotive markets.

Our electrochemical gas-sensing technology instruments, products and solutions are deployed in industry, community, health and home settings, with uses in fields such as carbon monoxide and ozone detection and air quality monitoring.

(“Interlink,” “we,” “us,” “our,” or the “Company”) is a leading global provider of advanced sensing technologies and printed electronics solutions that enable Human-Machine Interface (“HMI”) devices and Internet-of-Things (“IoT”) applications.

Our broad product and technology portfolio spans force and touch sensors, piezoelectric sensors, rugged HMI sensors, wearable and textile-based sensors and electrochemical gas and environmental sensors, along with instruments and fully integrated systems based on our sensor technologies.

We serve global blue-chip customers and innovative emerging companies across diverse end-use markets, including medical, industrial, automotive, consumer electronics, wearables, environmental monitoring, and specialty applications.

Our technical and engineering expertise in materials science, printed electronics manufacturing, embedded electronics, and related firmware, software, and system integration allows us to deliver high-performance, cost-effective standard and custom solutions tailored to our customers’ unique requirements.

Force/Touch Sensors .

We design, develop, manufacture and sell a range of force-sensing technologies that incorporate our proprietary materials technology, firmware and software into a portfolio of standard products and custom solutions.

These include sensor components, subassemblies, modules and products that support effective, efficient cursor control and novel three-dimensional user inputs.

Our HMI technology platforms are deployed in a wide range of markets, including consumer electronics, automotive, industrial and medical.

The application of our HMI technology platforms includes vehicle entry, vehicle multi-media control interface, rugged touch controls, presence detection, collision detection, speed and torque controls, pressure mapping, biological monitoring and others.

Through our 2023 acquisition of Calman Technology Limited (“Calman”), which brought us over 25 years of HMI design and manufacturing expertise as a leading provider of specialized printed electronics, we offer customized membrane keypads, graphic overlays, printed electronics and industrial label products for use in a wide range of fields, from industrial instrumentation, process control and monitoring to medical and diagnostic devices and defense systems.

Additionally, through our 2024 acquisition of the assets of Conductive Transfers Limited and Global Print Solutions Limited (jointly, “Conductive Transfers” or “CT”), which deepened our innovative patentened processes for integration of printed electronic technologies, we offer functional e-textiles and wearable technology, including heated clothing and personal protection equipment, and other products in development for medical and automotive environments and other wearable form-factors.

Interlink has been a leader in the printed electronics industry for over 40 years with the commercialization of our patented FSR ® technology that has enabled rugged and reliable HMI solutions.

Our applications and solutions have focused on handheld user input, menu navigation, cursor control, and other intuitive interface technologies for the world’s top electronics manufacturers.

We invented FSR ® technology and pioneered commercialization of printed electronics manufacturing, paving the way for industry-wide adoption of force-sensing technology.

Our extensive knowledge and experience with this technology, along with the firmware we incorporate in our HMI solutions, we believe differentiates us from other providers of HMI solutions.

We, along with our customers, incorporate our FSR ® and force-sensing sensors and modules into end-user products.

Our sensors and modules are used in electronics devices and systems where user input must be converted into useful output data.

Our force-sensing technology solution platforms enable industry-first implementations in gaming, smartphone, rugged notebook, automotive cockpit and automotive entry applications.

The market is increasingly requiring innovative solutions that enable smaller, thinner devices, lower power consumption, highly refined designs, better navigation and more intuitive usability in all environments, and the need for these solutions is driving increased demand for our products.

High-tech products are moving towards the use of multi-modal HMI in the home, industrial, medical and automotive spaces in response to consumer and end-user demand for enhanced user experience.

Force-sensing input provides a critical novel modality that drives a paradigm shift in HMI, and Interlink delivers cutting-edge, high-performance HMI solutions for customers who wish to replace outdated switches and knobs in these environments.

Significant market opportunities are rapidly emerging for us to improve upon the functionality of standard capacitive sensors.

Inadvertent activation, where users unintentionally activate a control, is a common problem with capacitive technology.

In contrast, force-sensing solutions require a deliberate application of force to operate.

We have had success in using our force-sensing solutions in combination with capacitive technologies to minimize the latter’s performance issues, enabling force-sensing solutions to complement competitive technologies and provide hybrid solutions and open up new opportunities for growth.

At the same time, we continue to expand our standard product portfolio and develop new technology platforms to grow existing markets and capture emerging markets.

We added a range of standard piezoelectric sensor products which are used as dynamic strain gauges and vibration sensors.

These sensors are thin, flexible and light-weight while also being extremely rugged and durable.

We possess deep domain knowledge about how to integrate these into custom applications and have developed machine learning and artificial intelligence to make information-rich data available to our customers for their unique and innovative applications.

Our piezoelectric sensor solutions can be used in force-sensing, impact and vibration detection, contact microphones, air/liquid flow detection, ultrasonic transducers and many other settings.

They have applications in medical vital sign monitoring, industrial solid-state switches, structural health and condition monitoring, touch and tactile sensing and motion sensing amongst others.

We believe this portfolio expansion will incorporate other complementary sensing technologies and will allow us to use our expertise in integrating multiple sensing technologies for applications in the rapidly growing IoT market.

We have already begun integrating our force sensing technology into our recently acquired Calman membrane keypad product line to create unique solutions not offered by others in this market.

We design, develop, manufacture, and sell a broad range of force-sensing and HMI technologies that incorporate proprietary materials, firmware, and software into scalable sensor components, subassemblies, modules, and fully integrated products.

● FSR® Technology and Force-Sensing Leadership .

Interlink has been a leader in printed electronics for over 40 years.

We invented and commercialized FSR® (Force-Sensing Resistor) technology, pioneering printed force-sensing solutions for rugged and reliable HMI applications.

Our FSR® sensors consist of a proprietary resistive material layered between conductive electrodes, enabling force-dependent resistance changes.

These sensors are extremely thin and lightweight, have no moving parts, operate reliably in harsh environments, resist moisture, dust, and contamination, and unlike capacitive sensors, measure applied force directly and are not prone to inadvertent activation.

Our optimized manufacturing processes allow highly customized, high-margin solutions with strong design flexibility.

We incorporate proprietary firmware and algorithms into our HMI solutions, enabling sophisticated input interpretation and advanced user experiences.

Our solutions are used in gaming systems, smartphones, rugged notebooks, and automotive cockpit systems and entry applications.

● HMI Technology Platforms .

Our HMI technology platforms are deployed across medical, industrial, automotive, and consumer electronics markets, supporting applications such as vehicle entry and cockpit controls, multimedia interface systems, rugged industrial touch controls, presence and collision detection, speed and torque control systems, pressure mapping, and biological monitoring.

As the HMI market increasingly demands smaller form factors, lower power consumption, improved durability, and multi-modal input, we have advanced a hybrid and multi-sensing strategy that integrates force, capacitive, resistive, and piezoelectric technologies.

Force-sensing introduces a deliberate activation modality that complements traditional capacitive systems, while our sensor fusion approach addresses performance gaps in conventional designs.

Together, these solutions enable intuitive, multi-dimensional user input and “smart surfaces” that integrate sensing, feedback, and embedded intelligence, delivering enhanced durability, reliability, and environmental resistance compared to legacy mechanical or capacitive-only systems.

We continue to expand our standard product portfolio and develop new technology platforms to capture emerging markets, particularly in IoT-enabled intelligent sensing systems.

● Printed Electronics and Membrane Keypads .

Through our 2023 acquisition of Calman Technology Limited (“Calman”), we expanded our specialized printed electronics and membrane keypad capabilities.

With over 25 years of HMI design and manufacturing expertise, Calman enhances our ability to deliver customized membrane keypads, graphic overlays, printed electronic circuits, and industrial labeling solutions.

These products are used in industrial automation, instrumentation, process control, medical diagnostics, and defense applications.

● Smart Textiles and Conductive Transfers .

In 2024, we acquired the assets of Conductive Transfers Limited and Global Print Solutions Limited (collectively, “Conductive Transfers”), strengthening our patented conductive transfer processes.

These capabilities enable the integration of sensors and electronics directly into textiles and fabrics.

Our e-textile and wearable technology offerings include heated garments, personal protective equipment, medical wearable platforms, and automotive-integrated textile sensing systems.

These technologies position us at the intersection of printed electronics, wearable systems, and next-generation smart surfaces.

● Piezoelectric Sensors .

We have expanded our sensing portfolio with piezoelectric polymer film technologies that function as dynamic strain gauges and vibration sensors.

These ultra-thin electroactive polymer films generate electrical charge when subjected to mechanical stress or temperature change.

Their properties enable dynamic force and vibration sensing, impact detection, contact microphones, flow detection, ultrasonic transducers, and motion and vital sign monitoring.

These sensors can also operate in reverse as actuators for haptic feedback and support pyroelectric sensing applications such as passive infrared motion detection.

We combine these sensing elements with advanced firmware, machine learning, and artificial intelligence to convert information-rich signals into actionable insights for customers.

This integration capability is a key differentiator in high-performance, custom applications.

Gas and Environmental Sensors .

We entered the gas and environmental sensing market in 2022 through our acquisition of the business assets of SPEC Sensors, LLC (“SPEC”) and KWJ Engineering, Inc.

(“KWJ”), early pioneers in miniaturized, low-cost gas and environmental sensing technologies.

We now offer electrochemical gas-sensing technology products and solutions for industry, community, health and home, with uses in fields such as safety, personal wellness and air quality monitoring.

Our gas and environmental sensors operations focus on three primary business activities:

We entered the gas and environmental sensing market in 2022 through the acquisition of SPEC Sensors, LLC (“SPEC”) and KWJ Engineering, Inc.

(“KWJ”), pioneers in miniaturized, low-cost electrochemical sensing technologies.

Today, we offer electrochemical gas-sensing products and integrated systems for safety, environmental monitoring, industrial compliance, community health, and smart city applications.

● Proprietary Product Lines.

We provide an extensive line of miniature, low-power, robust electrochemical sensor elements for detecting several common as well as complex gaseous compounds.

These sensors are most suited for consumer and commercial IoT applications, as well as industrial and other demanding usage scenarios.

Additionally, we offer our own line of full-function instruments, including, for example, Eco Sensors™ ozone monitors;

a family of inline monitors for carbon monoxide and other gases;

a low-pressure alarm to notify users when tanks for life-critical gases such as oxygen and nitrogen need to be replenished;

and sensor modules for air quality monitoring in “smart city” projects and IoT applications.

We manufacture miniature, low-power electrochemical sensors capable of detecting a wide range of gases.

These sensors are suited for consumer and commercial IoT applications, industrial safety systems, and environmental and air quality monitoring.

We also offer complete instruments, including Eco Sensors™ ozone monitors, inline carbon monoxide monitors, low-pressure gas alarms, and air quality modules for smart city deployments.

● Custom Design and Engineering .

For customers requiring specialized design and engineering work on new products incorporating gas and environmental sensing, we offer custom-built sensors and modules, circuit design and optimization, advanced characterization and compensation techniques, development of operating firmware and algorithms, enclosure design and implementation, and testing and calibration.

Examples include the world’s first carbon monoxide shutoff for portable generators and a rapid transdermal alcohol detector that can serve as a barrier to starting a vehicle while intoxicated.

● In-House R&D .

We have been successful in obtaining Small Business Innovation Research (“SBIR”) grants from government agencies such as the NIST, NASA, the NIH, the USDA, the NSF, the EPA, and others, that have enabled us to conduct research and development and develop new products.

For example, SPEC’s Screen-Printed Electrochemical Sensor technology was developed in part under NSF Phase I, II and IIB grants.

Recent SBIR-funded projects include wildfire air pollution monitoring and firefighter safety devices, transdermal blood alcohol monitors, a simple lead test for drinking water safety, a grant to enable large-scale, mass-manufacturing of printed electrochemical gas sensors, and an intelligent AI-based sensing approach for monitoring plant health in greenhouses or traditional agricultural fields.

We have an established track record in winning awards for this advanced research and we continue to submit proposals for funding for strategically relevant research projects that we could commercialize in the future.

The market for gas and environmental sensors is growing rapidly, driven by demand in a broad range of industries and the availability of smaller, lower-cost, connected sensors.

On a worldwide basis, green initiatives and accompanying government mandates are

driving demand for facilities monitoring.

Similarly, environmental regulations increasingly target fugitive gas emissions in the oil and gas (energy) space, where monitoring has become mandatory.

Additionally, government and consumer demand for air quality information and pollution monitoring represent a significant opportunity for high performance, low-cost sensors and IoT devices as part of smart cities and smart homes.

The growth of the hydrogen economy is expected to create a large need for hydrogen sensors that are low-cost, low-power and widely distributed, and our hydrogen sensor solutions are ideally suited to exploit this growing market.

New applications in breath analysis, odorant gas leakage detection in natural gas distribution pipelines, transdermal detection, substance abuse detection and enforcement are also expected to create new opportunities in medical, law enforcement, commercial and consumer markets.

Traditional safety and environmental monitoring markets are expected to grow with the reduction in size and cost of sensors and instruments, leading to larger networks of gas sensors that will improve the safety and performance of infrastructure.

We believe we are positioned to take advantage of these trends with our proprietary, low-cost, low-power gas- and environmental-sensing technologies and deep domain expertise in instrument design and implementation.

We serve our world-wide customer base from our corporate headquarters in Fremont, California (Silicon Valley area).

We have established a Global Product Development and Materials Science Center in our Camarillo, California footprint that has a state-of-the-art printed electronics development laboratory as well as a materials science lab.

Our force-sensing/HMI engineering team is based in this center where we work with our U.S.

and global customers on developing, engineering, prototyping and implementing our advanced HMI and sensing solutions.

The gas and environmental technology engineering team is located at the Fremont facility.

We also maintain a focused, embedded software and IoT application development center in Singapore.

We manufacture our force-sensing/HMI products in our printed electronics manufacturing facility in Shenzhen, China, at the Calman facility in Irvine, Scotland, and at the Conductive Transfers facility in Barnsley, England, and we manufacture our gas and environmental sensing products in our production facility in Fremont, California.

In addition, we maintain a global distribution and logistics center in Hong Kong, a technical sales office in Japan, administrative and executive offices in Irvine, California and Bellevue, Washington, and several manufacturer representatives and distributors in strategic locations in our key markets, all of which allows us to support our global customer base.

We were incorporated in California in 1985.

In 1996, we re-incorporated into a Delaware corporation and, in 2012, we again changed our domicile from Delaware to Nevada by completing a merger with a newly formed Nevada corporation named Interlink Electronics, Inc.

We provide end-to-end engineering services for customers requiring integrated gas-sensing solutions, including custom sensor and module design, circuit optimization, calibration and compensation algorithms, firmware development, and enclosure design and validation.

Applications include carbon monoxide shutoff systems for generators and transdermal alcohol detection systems.

● In-House Research and Development .

We actively pursue government-funded research through Small Business Innovation Research (“SBIR”) grants from agencies such as NIST, NASA, NIH, USDA, NSF, and EPA.

Recent projects include wildfire air pollution monitoring, firefighter safety systems, transdermal alcohol monitoring, drinking water lead detection, AI-based plant health monitoring, and mass-manufacturing scale-up of printed electrochemical sensors.

We continue to pursue strategically aligned research projects with commercialization potential.

Locations and Corporate Information .

We serve our global customer base from our corporate headquarters in Fremont, California, in the Silicon Valley area.

Our engineering and product development teams are based in Fremont and in our Camarillo, California facility, which includes an advanced printed electronics and materials science laboratory.

We also perform software development, IoT application development, and custom design and configuration in Singapore.

We manufacture our force-sensing products at our proprietary printed electronics facility in Shenzhen, China, and our Calman facility in Irvine, Scotland, and our Conductive Transfers facility (which we are in the process of relocating from Barnsley, England).

We manufacture our gas and environmental sensing products in Fremont, California.

In addition, we maintain a global distribution and logistics center in Hong Kong and a technical sales office in Japan, and we work with manufacturer representatives and distributors in key markets worldwide to support our operations.

We were incorporated in California in 1985, re-incorporated in Delaware in 1996, and changed our domicile to Nevada in 2012 through a merger with a newly formed Nevada corporation named Interlink Electronics, Inc.

Our principal executive office is located at 48389 Fremont Boulevard, Suite 110, Fremont, California 94538, and our telephone number is (510) 244-0424.

Our website address is www.interlinkelectronics.com.

Interlink makes available its annual financial statements, quarterly financial statements, and other significant reports and amendments to such reports, free of charge, on its website as soon as reasonably practicable after such reports are electronically filed with (or furnished to) the SEC.

Force/Touch Sensors .

HMI technologies have been available since the early 1970’s but were used almost exclusively in industrial products during the first 20 years of their existence.

The introduction of touchpad mouse devices for laptop computers in the early 1990s represented the first significant transition of HMI technologies into the consumer electronics market.

Personal devices utilizing touch-sensitive technology became ubiquitous in our daily human-machine interactions with the introduction in 2007 of smartphone technology incorporating capacitive touchscreens.

As the smartphone became an integral part of consumers’ daily lives throughout the world, it influenced consumers’ expectations of how we should interact with all types of devices.

Whether those devices are personal electronics, industrial or medical equipment or automobiles, users expect sleek, highly functioning design including touch-sensing technology.

Consumers no longer want to push buttons or flip switches;

rather, they expect smooth touchpads and gesture-driven input.

Engineers are responding to this demand by incorporating touch-sensitive technology into a wide range of products, and any device that can utilize force- and position-sensing inputs to control or enhance its functionality is a candidate for use of the technology.

Similarly, membrane keypads have been an established HMI technology since the early 1980s.

Since then, they have become functionally denser with more switches per square inch and the integration of other interface features such as visual feedback via integrated LEDs and electro-luminescent light material.

This has largely been driven by the incorporation of membrane keypads in hand-held devices where space is at a premium.

Shifting more functionality to the slim keypad interface and away from the printed circuit boards on a device provides improved functionality and space saving benefits at a lower cost.

The products and solutions that we design, develop and manufacture for HMI and IoT applications are primarily printed electronic products.

Printed electronics is an additive manufacturing technology used to create electrical devices on various substrates.

For over 40 years, we have honed and developed the processes necessary to manufacture high quality printed electronic products for HMI applications.

Printed electronic technologies are emerging as potential low-cost replacements to silicon-based electronics in many specific application areas.

The majority of the current printed sensor market is OLEDs (organic but not printed) and conductive ink used for a wide range of applications;

however, stretchable electronics, logic and memory technologies, and thin film sensors have huge growth potential.

As a member of OE-A, the Organic and Printed Electronics Association, we actively influence and contribute to the global landscape of printed electronics.

IoT-enabled intelligent sensing applications are gaining rapid commercial attention.

Our sensing technology platforms are capable of providing the critical backbone for data sensing, measurement and analytics used in emerging wireless connectivity implementations in both short-range low-power wireless communications such as Bluetooth and long-range ultra-low-power wireless communications such as LoRaWAN ® .

Gas and Environmental Sensors Technology .

The modern era of gas detection started in the 1920s with the development of the catalytic combustion sensor by Dr.

Oliver Johnson, the father of KWJ’s namesake Ken Johnson.

Johnson also started what is widely recognized as the first electronics company in Silicon Valley to commercialize the technology, J-W Instruments.

The market has consistently demanded innovations to make gas sensors smaller and more portable, and KWJ, SPEC and their predecessors have been on the forefront;

for example, KWJ’s SPARROW™ stands out in today’s marketplace as one of the world’s smallest Bluetooth low energy (“BLE”)-enabled carbon monoxide monitors.

SPEC’s Screen-Printed Electrochemical Sensor technology was one of the first commercial electrochemical gas sensors, and today SPEC delivers one of the smallest electrochemical gas sensors on the market.

The gas-detection industry has traditionally revolved around safety applications in hazardous environments, from oil and gas facilities to coal mines and other confined spaces where toxic and combustible gases could cause catastrophic losses.

Over time, devices became smaller and more portable, reflecting the need for better solutions to improve health and safety in the workplace, but for many years, gas-sensor technology lagged behind.

Most sensors used today are still relatively large or expensive or require too much power to operate to enable new applications in the field.

SPEC’s screen-printed sensors offer an alternative using proven electrochemical techniques with new materials and manufacturing techniques to produce sensors that offer high performance but at low cost and with a small footprint.

Today, the demand for gas and environmental sensors has expanded well beyond traditional applications, with new industries requiring solutions from breath analysis to food transport and storage to wearable monitors for air quality and transdermal detection.

Government and consumers are looking for information about their environment as the negative impact of global pollution, including greenhouse gas emissions, has become apparent.

Gas sensors are a core element of many IoT applications and a critical part of the vision of a sensor-driven society where new technologies enable improved monitoring to enhance lives and protect the planet.

We see SPEC’s printed sensor technology as a pathway to ubiquitous environmental sensing where low-power, low-cost sensors can provide a hyper-local picture of the air we breathe in our everyday lives, not just in industrial settings.

Our primary objective is to be the global leader and provider of multi-sensing based HMI technology and gas-sensing solutions for the consumer electronics, automotive, industrial automation, medical, and environmental monitoring markets.

We also intend to utilize our role as an innovative technology provider to bring our HMI and gas-sensing solutions to new markets.

To achieve our strategy, we intend to:

● Expand our presence in the markets we occupy .

We will continue to identify and exploit new opportunities in the markets we occupy and in adjacent markets by leveraging our demonstrable success in the solutions we are providing today.

● Expand into new and emerging markets .

We are bringing our highly successful product lines and technologies to markets previously unaware of the opportunities provided by force/touch-sensing, gas-sensing and related technology solutions.

● Expand our presence with our current customers .

We work with some of the world’s largest companies and most recognizable brands and provide second and third generation turn-key solutions to meet their technology needs.

continue to develop these existing relationships by working closely with our customers to understand how we can support their product and technology strategies and continue to be a trusted advisor.

● Pursue a multi-technology roadmap .

We utilize multiple technologies in our HMI solutions, and we will continue to invest in R&D and expand our product and services offerings to include resistive, piezo, capacitive and other emerging touch and sensing technologies.

These will enable us to integrate our solutions and create the smart surfaces of the future.

We believe there are significant opportunities to integrate our various touch and sensing technologies into one HMI platform to benefit our customers’ continually evolving needs.

These may include haptic technology to enhance the user experience of these next generation technologies.

Similarly, in our gas sensing business, we utilize electrochemical (EC), Metal Oxide (MOx), Micro Electro-Mechanical Systems (MEMS), along with electronics, software and communication technologies to deliver world-class sensing solutions for high performance applications.

● Pursue acquisition opportunities.

In connection with our growth strategy, we will continue to evaluate potential acquisitions that provide us with relevant new technologies to add to our “technology toolbox” and/or expand the customer base for our existing products and solutions.

Our product development teams are skilled in concept definition, rapid prototyping, hardware and firmware development and integration support.

Interlink benefits from its own world-class manufacturing facilities in Shenzhen, China;

Irvine, Scotland;

and Barnsley, England, and its advanced and proprietary gas and environmental sensors production and development facility in Silicon Valley, allowing us to react quickly to customer needs while ensuring the highest quality standards.

We also maintain a technical sales force that can address new and existing customer opportunities worldwide.

Our teams engage early in the development phase with our customers and we provide critical design inputs to ensure the solutions developed address the customer’s needs and meet their design goals and intent.

We strive to solve our customers’ problems.

We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports available free of charge on our website as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.

Force/Touch and Printed Electronics .

Since the early adoption of HMI technologies in industrial markets, the proliferation of smartphones and touch-enabled devices has reshaped consumer expectations.

Users now expect sleek, gesture-based, intuitive interfaces across all device categories.

Emerging trends include smart surfaces, stretchable electronics, thin-film sensors, multi-modal input platforms, and IoT-enabled connected sensing.

Printed electronics, an additive manufacturing process for electrical devices, enables thin, flexible, and cost-effective sensing solutions.

Gas and Environmental Sensing .

The gas detection market has historically focused on industrial safety.

However, demand is expanding rapidly due to factors such as environmental regulation, smart city development, consumer air quality awareness, hydrogen economy growth, breath analysis and wearable sensing.

Our screen-printed electrochemical sensors offer smaller, lower-cost alternatives to conventional bulky sensors, enabling distributed, connected sensing networks.

Our objective is to be the global leader in multi-sensing HMI and gas-sensing solutions by expanding within existing and adjacent markets, entering select emerging markets with established technologies, and deepening long-term relationships with key OEM customers.

Central to this strategy is a multi-technology sensor fusion roadmap, supported by scalable technology platforms and selective strategic acquisitions that broaden our capabilities.

We emphasize early-stage customer engagement and vertically integrated manufacturing to deliver differentiated, application-specific solutions with high quality, responsiveness, and innovation.

A significant portion of our revenue is generated from custom solutions developed in close collaboration with OEM customers, and we plan to expand these programs.

These programs typically involve application-specific engineering and extended design cycles, aligning with our focus on higher-margin solutions built on scalable platforms.

While development timelines can be long, they often lead to durable, multi-year production programs that strengthen customer relationships and provide sustained revenue visibility.

Our Technology Platforms and Products

Force/Touch Sensing Technology and HMI .

Interlink was founded on the invention and commercialization of FSR ® technology, the industry’s first force-sensing solution using printed electronics manufacturing.

As we transition from an FSR ® sensor supplier to an HMI solutions provider, we are pursuing and embracing leading edge force-sensing and related technology platforms.

Our materials science and engineering team in Camarillo, California, and our embedded software engineering team located in Singapore are focused on strategic technology roadmaps, development of scalable technology platform architectures and pursuit of synergistic technology partnerships.

In an ever-changing and competitive landscape, we are committed to staying ahead of the technology curve.

The two primary types of user-input technologies common in today’s devices are capacitive and resistive.

Capacitive sensors are used in the touch screens found in most smartphones and similar devices used globally by millions of consumers.

The most significant drawback to the capacitive technology is its inability to measure force, although there has been some progress recently in enhancing technology designed to mimic force-sensing.

Capacitive sensors have become a high-volume, low-margin commodity product.

Our patented FSR ® sensor technology consists of a bottom layer of conductor electrodes, a proprietary resistive material top layer and a separator between the two layers.

An additional top layer that contains graphics and protects the sensor can also be added.

FSR ® sensors can be as thin as eight thousandths of an inch, making them particularly well suited for use where the design space is restricted, as in portable or wearable electronics.

Our force-sensing technology enables the sensor to be used for continuously variable control functions.

For example, in a pointing device, increased pressure can be used to produce faster cursor movement.

Unlike capacitive devices, an FSR ® sensor’s performance is not impeded by the presence of moisture, dirt or dust, making the sensor suitable for use outdoors and in moist and other “hostile” environments.

Our FSR ® sensors have no moving parts, can be packaged in a sealed environment, and are lower power and less susceptible to false readings or unintended touches than capacitive sensors.

Thanks to our optimized manufacturing processes developed over many years, we can produce easily customized, high-margin solutions for our customers.

Our piezoelectric sensors consist of an electroactive polymer which generates an electric charge when a mechanical stress or strain is applied.

This polymer film can be as thin as 30 micrometers (less than half the thickness of a human hair).

The electric charge generated can be accumulated, collected and used with specially printed electrodes on the surface of the thin film.

The resulting transducers can be used as dynamic strain, vibration and force sensors.

The sensors are unique in that they can also be operated in reverse whereby applying an electrical charge to the sensor can cause it to bend or deform.

This deformation can be used to create

polymeric actuators for haptic applications.

Finally, these sensors can also generate an electrical charge when exposed to a temperature change.

This effect is known as a pyroelectric effect.

This characteristic can be used to create passive infra-red motion sensors where the emitted heat of a body in proximity to the sensor causes a change in temperature on the sensor surface and the resulting charge can be transduced and correlated to a motion event.

These properties enable us to create thin, light-weight, and flexible dynamic strain gauges and vibration sensors.

These sensors have a very broad frequency band and are suitable for many applications.

They are extremely rugged and can be used for high impact force-sensing applications, and can also be implemented on large areas and curved surfaces.

In addition, they have high voltage sensitivity and simple interface electronics.

These transducers produce an information-rich signal, and it requires deep domain knowledge to successfully integrate these sensors.

We have developed sophisticated algorithms and firmware that allows our FSR ® and piezo sensor technology to become a complete solution delivering effective HMI functionality to our customers.

We are now also using machine learning and artificial intelligence to further enhance the user experience and provide compelling solutions for our customers.

The acquisitions of Calman and Conductive Transfers have given us manufacturing capabilities in the UK market and close to the European market, providing custom solutions in a broad range of sectors, including the medical and diagnostic sensor marketplace.

The integration of our force-sensing technology into these capabilities is already underway and offers significant improvement in the design options available to our customers.

Our solutions fall into two categories, custom and standard:

Interlink was founded on the invention and commercialization of FSR® (Force-Sensing Resistor) technology, the industry’s first force-sensing solution manufactured using printed electronics processes.

While our origins are in discrete sensor components, we have evolved into a provider of fully integrated HMI solutions that combine sensing hardware, materials science, embedded electronics, firmware, and software into scalable technology platforms.

The two most common user-input technologies in modern devices are capacitive and resistive sensing.

Capacitive sensors dominate smartphone touchscreens and other high-volume consumer applications.

However, traditional capacitive technology does not inherently measure force and has largely become a commoditized, low-margin solution.

While enhancements have been developed to approximate force detection, these approaches often add cost and complexity.

Our force-sensing platforms address applications where deliberate activation, environmental robustness, low power consumption, or multi-dimensional input are required.

FSR® Technology .

Our patented FSR® technology consists of a conductive electrode layer, a proprietary resistive material layer, and a separator between them.

An optional protective graphic overlay can be added for durability and branding.

Sensors can be manufactured as thin as eight thousandths of an inch, making them well suited for space-constrained applications such as portable, wearable, and embedded systems.

FSR® sensors provide continuously variable output based on applied force.

For example, in an FSR®-equipped pointing device, increasing pressure can proportionally increase cursor speed.

Key performance characteristics include no moving parts, sealed, rugged construction, resistance to moisture, dirt, and dust, and low power consumption.

FSR® sensors also offer reduced susceptibility to false activation since unlike capacitive devices, they require deliberate force to actuate.

Through decades of process refinement, we have optimized our proprietary screen-printing and materials formulations to support highly customized, application-specific solutions.

Piezoelectric Sensor Technology .

We have expanded our portfolio to include advanced piezoelectric polymer film sensors.

These sensors consist of an electroactive polymer that generates electrical charge when subjected to mechanical stress or strain.

The film can be as thin as 30 micrometers – less than half the thickness of a human hair – and incorporates printed electrodes to collect and transmit charge.

These transducers function as dynamic strain gauges, vibration and impact sensors, force sensors, contact microphones, and flow and ultrasonic sensing elements.

The material also exhibits a pyroelectric effect, generating charge in response to temperature changes, which supports passive infrared motion sensing.

In addition to sensing, the technology can operate in reverse.

When electrical charge is applied, the film bends or deforms, enabling polymeric actuators for haptic feedback applications.

Piezoelectric sensors offer broad frequency response, high voltage sensitivity, mechanical flexibility, and ruggedness.

They can be deployed across large areas and curved surfaces, making them suitable for use in structural monitoring and in automotive, medical, and industrial applications.

Because these devices generate information-rich signals, successful integration requires advanced signal processing and domain expertise.

Algorithms, Firmware, and AI Integration .

We have developed proprietary algorithms and embedded firmware that transform our FSR® and piezoelectric sensors into complete HMI subsystems.

Our solutions include signal conditioning, compensation, filtering, and user-interface logic.

We are increasingly incorporating machine learning and artificial intelligence techniques to enhance user interaction, enable adaptive sensing, and extract actionable insights from complex sensor data.

This system-level integration differentiates our offerings from commodity component suppliers.

Custom and Standard Solutions .

We offer both custom-engineered systems and standardized products.

Custom Solutions .

We offer a comprehensive portfolio of standard solutions, from simple force and piezo sensors to multi-finger capable rugged trackpads.

The largest part of our business, however, is the development and manufacture of custom solutions for our major customers.

We offer full integration capability spanning initial concept to large-volume manufacturing.

Custom solutions can be a single- or multi-technology platform to meet customer requirements and include both input and output technologies.

We also offer full embedded firmware development and integration support.

In many instances, we work very closely with our original equipment manufacturer (“OEM”) partners from the concept phase to ensure that our solutions are successfully integrated.

Custom solutions represent a significant portion of our business.

We collaborate closely with OEM customers from concept through volume production, providing application definition and system architecture, multi-technology platform integration (force, piezo, capacitive, resistive), mechanical and electrical design, embedded firmware development, prototyping and validation, and design-for-manufacture support.

Custom solutions may incorporate single or multiple sensing technologies and can integrate both input and output functions.

In many cases, we serve as a sole-source supplier once a product enters production due to the specialized nature of the design and regulatory approvals.

Standard Solutions .

Our portfolio of standard solutions includes:

● Our standard single-zone FSR ® sensors are the most versatile force-sensing technology on the market today.

These innovative sensors provide an inverse change in resistance in response to an increase or decrease in applied force.

These provide engineers and designers with a durable, reliable, easy to measure, easy to integrate, thin-form factor and low-cost solution for HMI touch solutions and analog data capture for machines.

FSR ® sensors are available in a range of sizes, shapes and lengths and with several connection options.

We also now offer them in different force-sensing ranges, with the introduction of our FSR X ® and FSR UX ® range of standard sensors.

These new sensors were developed in our material science development lab.

● Force-sensing linear potentiometers (“FSLP”) are sensors which can be used for menu navigation and control.

Our use of force allows for high-rate scrolling and a more intuitive user experience.

The FSLP is an easy to integrate, high resolution, ultra-low-power based solution that brings intuitive user controls to reduced form factor hand-held consumer electronic devices.

These sensors are available in multiple lengths.

We also offer a ring sensor for full 360-degree position sensing.

All of our FSLP sensors are designed to be integrated into a device’s host processor without the need for a dedicated microprocessor.

● Our integrated mouse modules and pointing solutions can add touchpad or 360-degree pointing control to virtually any electronic device.

Ranging from simple mouse button integration to NEMA-rated (National Electrical Manufacturer Association) industrial pointing devices, these solutions are ideal for applications away from the desktop.

The modules use FSR ® technology and measurement firmware in a four-zone sensor or 4-wire resistive touchpad configuration along with a micro-controller to provide pressure sensitive cursor direction and speed control in a durable and easy to integrate form factor.

● After initial product development activity in the area of piezoelectric film sensors consisting of a highly successful custom implementation in automotive applications, we now have a set of standard piezo sensors as well as a development kit available for our customers to evaluate and test the capabilities and potential of this sensor solution.

These sensors are polymeric piezoelectric sensors with a wide range of applications and uses such as dynamic strain

gauges, impact/force sensors, vital signs sensors, motion sensors, vibration sensors, accelerometers, and solid-state rugged switches .

Many of these diverse application modes require extensive domain knowledge for successful integration.

Our expertise in this area allows us to create high-margin custom solutions and be a trusted advisor to help our customers develop specialized solutions and solve their integration challenges.

Our portfolio of standard products includes:

● FSR® Sensors .

Our standard single-zone FSR® sensors provide an inverse resistance response to applied force and are designed for durability, ease of integration, and low power consumption.

They are available in multiple sizes, shapes, force ranges, and connection configurations.

The FSR X® and FSR UX® product families expand available force ranges and performance characteristics, reflecting advancements developed in our materials science laboratories.

● Force-Sensing Linear Potentiometers (FSLP) .

FSLP sensors provide position- and force-based input for scrolling, menu navigation, and user controls.

These ultra-low-power, high-resolution devices are available in various lengths, including a ring configuration for 360-degree sensing.

They are designed to interface directly with host processors without requiring dedicated microcontrollers.

● Integrated Pointing Modules .

Our mouse modules and pointing solutions incorporate FSR® or resistive configurations with embedded firmware to deliver pressure-sensitive cursor control.

Products range from consumer-oriented modules to NEMA-rated industrial devices suitable for harsh environments.

● Piezoelectric Sensors and Development Kits .

Following successful custom implementations, including automotive applications, we now offer standard piezoelectric sensor products and development kits to enable customer evaluation.

Applications include dynamic strain measurement, impact detection, vital signs monitoring, accelerometry, motion detection, and rugged solid-state switching.

Our integration expertise enables us to support complex implementations requiring specialized signal interpretation.

Gas and Environmental Sensors Technology .

Our gas and environmental sensing products and technologies are based on developing smaller, low-power, low-cost solutions to challenging applications in gas and environmental sensing.

Through our acquisitions of SPEC and KWJ, we combine a long history and deep domain knowledge with cutting-edge sensor technology and advanced instrumentation to make reliable products that also enable new applications for wireless and wearable gas sensing.

Our engineering team includes PhDs in a broad range of disciplines from chemical engineering to electrical engineering and physics.

We design and build all of our gas sensors and instruments in-house in Fremont, California, and our capabilities include proprietary high-volume electrochemical sensor manufacturing, device assembly and calibration, and advanced test and measurement capabilities.

We partner with leading institutions such as Georgia Institute of Technology and San Jose State University to develop novel technologies under government grants, while also performing new product development and engineering services for private partners that include companies ranging in size from startups to Fortune 500 companies.

Gas and environmental sensor technologies are diverse and fragmented with devices and sensors focused on specific solutions and applications.

Electrochemical gas sensors are typically more sensitive and selective to particular gases and are inherently low power to operate, but they are also typically very large, expensive and prone to short lifespans in the field.

SPEC was created to address the growing market demand for smaller, lower cost, high performance electrochemical sensors for wireless, wearable and IoT applications, and we now combine proven electrochemical sensor technology with new materials and manufacturing methods to produce some of the smallest, thinnest, lowest cost gas sensors still capable of performing in demanding applications.

Our electrochemical gas-sensing technology products and solutions combine our innovations with custom electronics, as well as calibration and compensation techniques to deliver unique solutions and address needs in industry, community, health and home settings, with uses in fields such as carbon monoxide and ozone detection and air quality monitoring.

● Our Eco Sensors™ branded line of ozone monitors and detectors is the low-cost market leader in the space, incorporating state-of-the-art SPEC sensors to achieve reference-level accuracy at a low cost.

Ozone is commonly used in a wide variety of commercial applications to clean, disinfect and remediate odors without the use of environmentally harmful chemicals;

it is a powerful oxidant that can be produced on site and dissipates into oxygen after reaction or its end of half-life.

However, ozone is toxic to humans and can destroy materials at higher concentrations and therefore needs to be monitored during use for safety and process control.

Under the Eco Sensors™ brand, we offer a full line of ozone instruments, including low-cost handhelds, wall mount alarms, remote generator controllers and OEM modules.

● We offer a number of standard and custom solutions for in-line carbon monoxide monitoring for supplied breathing air applications.

Designed to meet the requirements of the U.S.

Occupational Safety and Health Administration monitoring for carbon monoxide in compressed gas lines and carrying Canadian Standards Agency (CSA) approval, our carbon monoxide monitors offer a robust and reliable solution for medical gas verification and demanding supplied air applications such as sandblasting and painting.

We also make low-pressure cylinder alarms and the world’s smallest rechargeable Bluetooth-enabled carbon monoxide and harmful gas monitor, the SPARROW PROTECT+™.

● Our line of screen-printed electrochemical gas sensors offers high performance and a unique, small form factor at a low price.

Our UL-2034 recognized carbon monoxide sensor offers air quality level sensitivity with an industry-leading 10-year lifetime.

Additionally, we offer sensors for hydrogen sulfide, ozone, nitrogen dioxide, sulfur dioxide, ethanol, hydrogen, formaldehyde, ethylene, and volatile organic compounds (VOCs) among others.

We also sell gas-sensor modules that incorporate operating electronics and signal processing to deliver compensated parts per million (PPM) output off the shelf.

Our gas and environmental sensing platforms focus on delivering smaller, lower-power, and lower-cost solutions for demanding detection applications.

Through our acquisitions of SPEC Sensors and KWJ Engineering, we combine decades of electrochemical sensing expertise with modern materials science and instrumentation design.

Our multidisciplinary engineering team, including PhDs in chemical engineering, electrical engineering and physics, designs and manufactures our gas sensors and instruments in-house in Fremont, California.

Capabilities include proprietary high-volume electrochemical sensor fabrication, device assembly and automated calibration, advanced test and measurement systems, and custom electronics and firmware development.

We collaborate with research institutions, including Georgia Institute of Technology, San Jose State University and UC Davis, on government-funded programs while also providing private product development services to customers ranging from startups to Fortune 500 companies.

Electrochemical Sensor Innovation .

Traditional electrochemical gas sensors are sensitive and selective but are often large, costly, and power-intensive.

SPEC was founded to address the need for compact, affordable electrochemical sensors suitable for wireless, wearable, and IoT applications.

By combining proven electrochemical principles with advanced materials and manufacturing methods, we produce some of the smallest and thinnest electrochemical gas sensors available, while maintaining performance in demanding environments.

Our gas-sensing solutions integrate proprietary sensor elements, custom electronics, calibration and compensation algorithms, and embedded communication capabilities.

These integrated systems serve applications in industrial safety, community monitoring, healthcare, and home environments, including carbon monoxide and ozone detection and air quality monitoring.

Product Lines .

Product lines based on our gas sensing technology include:

● Eco Sensors™ Ozone Instruments .

Our Eco Sensors™ branded ozone monitors and detectors incorporate SPEC sensor technology to deliver reference-level accuracy at competitive price points.

Ozone is widely used in commercial cleaning and remediation but poses safety risks at elevated concentrations.

Our product line includes handheld monitors, wall-mounted alarms, remote generator controllers, and OEM modules.

● Carbon Monoxide Monitoring Solutions .

We offer standard and custom in-line carbon monoxide monitors for supplied breathing air applications.

These products are designed to meet U.S.

Occupational Safety and Health Administration requirements and carry Canadian Standards Association (CSA) approval.

Applications include medical gas verification and industrial supplied air systems.

Our portfolio also includes low-pressure cylinder alarms and the SPARROW PROTECT+™, a rechargeable Bluetooth-enabled carbon monoxide and harmful gas monitor.

● Screen-Printed Electrochemical Gas Sensors .

Our sensor portfolio includes UL-2034 recognized carbon monoxide sensors with air-quality-level sensitivity and a 10-year lifetime, as well as sensors for hydrogen sulfide, ozone, nitrogen dioxide, sulfur dioxide, ethanol, hydrogen, formaldehyde, ethylene, and volatile organic compounds (VOCs), among others.

We also offer gas-sensor modules with integrated electronics and signal processing that provide compensated parts-per-million (PPM) output for simplified OEM integration.

Intellectual Property

We believe that intellectual property protection is crucial to our business and to this end we rely on a combination of patents, copyrights, trade secrets, trademarks, nondisclosure agreements with employees and third parties, and licensing and other contractual agreements with third parties.

We maintain and support an active program to protect our intellectual property primarily through the filing of patent applications and the defense of issued patents against infringement.

We are not currently engaged in any patent

infringement suits.

We implement a ring-fencing strategy of patenting core technology platforms related to sensors, sensing systems and HMI devices.

This strategy is designed to provide a strong barrier against competition in our core sensor technologies while ensuring competitive advantages in applications of sensing systems and HMI devices in the event a competitor successfully circumvents the core sensor patents.

Our failure to obtain or maintain adequate protection for our intellectual property rights for any reason could hurt our competitive position.

There is no guarantee that patents will be issued from the patent applications that we have filed or may file.

Our issued patents may be challenged, invalidated or circumvented, and claims of our patents may not be of sufficient scope or strength, or issued in the proper geographic regions, to provide meaningful protection or any commercial advantage.

See “Risk Factors” under Item 1A of this Form 10-K for further discussion of the risks associated with patents and intellectual property.

Our FSR ® sensors are manufactured using proprietary screen-printing techniques.

All proprietary aspects of our force-sensing technology manufacturing process are currently conducted in-house at our U.S., China and United Kingdom manufacturing facilities to maintain quality and protect our technology from infringement.

While screen-printing is a common process in various industries, the quality and precision of printing, as well as the specific processes required to make high-quality FSR ® sensors, require considerable domain knowledge expertise and knowhow.

We believe this expertise is difficult to replicate over the short term and, to our knowledge, no unrelated party has done so.

As a result, we consider this expertise to be one of our more important trade secrets.

We require our employees to sign nondisclosure agreements and seek to limit access to sensitive information to the greatest practical extent.

As of December 31, 2024, we held thirty (30) patents and had fifteen (15) patents pending.

We group our patents into four (4) general categories:

technology, sensors, sensing systems and HMI devices.

The technology category includes IP we recently added through our acquisition of Conductive Transfers and incorporates four (4) issued patents expiring between 2036 and 2041 and three (3) pending patents.

The sensors category includes ten (10) patents expiring between 2029 and 2038.

The sensing systems category includes five (5) patents expiring between 2029 and 2038 and the HMI devices category includes eleven (11) patents expiring between 2024 and 2036.

Our intellectual property strategy involves filing patent applications related to our strategic focus markets on a regular basis.

We continue to strengthen our patent portfolio to align with our expanding product offerings and recently with our addition of technology that enables smart textiles and fabrics incorporating sensors and sensor systems.

These new wearable technologies allow us to leverage our existing IP portfolio, including our sensor fusion platform which enables the capture of multi-sensing data, and use it in innovative sensor applications in the wearable space.

We believe that the protection of our intellectual property is critical to maintaining our competitive position and supporting long-term growth.

Our intellectual property portfolio includes patents, trademarks, copyrights, trade secrets, and other proprietary rights.

We also rely on nondisclosure agreements with employees, contractors, suppliers, and customers, as well as licensing arrangements and other contractual protections, to safeguard our technologies and know-how.

We maintain an active program to protect and expand our intellectual property, primarily through the regular filing of patent applications and the defense of issued patents where appropriate.

As of the date of this report, we are not engaged in any patent infringement litigation.

Our patent strategy is designed to support both our core sensing technologies and the systems and applications built around them.

We implement what we refer to as a “ring-fencing” strategy.

Under this approach, we seek patent protection not only for core sensor technologies, but also for sensing systems, HMI devices, and related platform architectures.

This layered strategy is intended to create multiple barriers to entry – protecting foundational materials and device structures while also securing competitive advantages in system-level implementations and end-use applications.

Even if a competitor were able to design around a specific sensor-level patent, we believe our broader system and application patents provide additional layers of protection.

We continue to align our patent filings with our strategic focus markets, including multi-sensing platforms, smart surfaces, gas and environmental sensing technologies, and wearable and smart textile applications.

As we expand into conductive textiles and sensor-integrated fabrics, we are leveraging our existing intellectual property portfolio – including our sensor fusion platform, which enables multi-modal data capture – to support innovative wearable applications.

As of December 31, 2025, we held 49 issued patents (27 in the U.S.

and 22 outside the U.S.) and had 15 patent applications pending (6 in the U.S.

and 9 outside the U.S.).

We categorize our patents into four general groups:

● Technology – 21 issued patents expiring between 2036 and 2042, and 6 patent applications pending.

● Sensors – 10 issued patents expiring between 2026 and 2037, covering core sensing elements and structures, and 4 patent applications pending.

● Sensing Systems – 7 issued patents expiring between 2029 and 2041, directed toward integrated sensing architectures and system-level implementations, and 5 patent applications pending.

● HMI Devices – 11 issued patents expiring between 2036 and 2038, covering interface designs and application-specific implementations.

Our competitive position depends, in part, on our ability to obtain, maintain, and enforce intellectual property protection.

There can be no assurance that patent applications we have filed or may file will result in issued patents, that issued patents will not be challenged, invalidated, or circumvented, or that the scope of protection will be sufficient to provide meaningful commercial advantage.

In addition, patents may not be issued in all geographic regions in which protection may be desirable.

For a more detailed discussion of risks related to our intellectual property, see “Risk Factors” in Item 1A of this Form 10-K.

The markets for our products, both in force/touch-sensing and gas/environmental-sensing, are highly competitive and subject to rapid advancement in design technology.

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Our ability to compete is dependent on the needs of our customers, how well our products address those needs, our corporate relationships, and a variety of other factors.

In force/touch-sensing, we offer a disruptive technology that is replacing outdated and increasingly unpopular approaches including switch technology.

We often must convince companies to abandon older, proven but less elegant technologies and adopt our solutions, which we do in part by emphasizing significant end-user demand for touch-sensitive solutions.

We also compete against the highly commoditized capacitive sensing technology.

However, our solutions are focused on providing functionality in situations where capacitive is not the appropriate solution or is unreliable or entirely unavailable.

Our hybrid sensor fusion solutions better address our customers’ unique sensing and HMI challenges.

Our broader toolbox of technologies, our proven track record, our collaborative design approach and our technical and engineering expertise significantly differentiate us from our competitors.

In gas and environmental sensing, we offer sensors that are smaller, thinner, and lower-cost than those sold by most of our competitors, who generally offer sensors in commoditized packages and standard connection pinouts.

We are also able to rapidly customize our sensors to meet the specific detection needs of our OEM customers, giving us an advantage in new and difficult applications and providing a better solution overall.

We also combine our sensors with custom electronics, calibration and

compensation techniques to enhance performance and provide plug-and-play solutions that reduce the customer’s need to invest in calibration infrastructure.

We maintain a market advantage in ozone sensing through our deep industry knowledge and advanced calibration and compensation techniques.

Our in-line carbon monoxide monitors remain the industry standard for reliability and garner a premium over the lower cost, lower quality products of our competitors.

We believe that adding features such as connectivity and portability will enhance our offering and maintain our advantage in the future.

The markets for our products are characterized by significant price competition and we anticipate that our products will continue to face substantial pricing pressure.

We believe that our strategy of developing and offering more sophisticated solutions, including smart surfaces for HMI applications and connected, cost-effective gas and environmental detection instruments, will enable us to maintain our leading edge over our competitors.

In force/touch sensing, we compete against legacy switch technologies and commoditized capacitive sensors.

Our differentiation lies in multi-technology integration, sensor fusion platforms, environmental durability, embedded firmware expertise, and collaborative design partnerships.

In gas sensing, we compete by offering smaller, lower-cost, customizable electrochemical sensors combined with advanced calibration and compensation techniques.

Our ozone and carbon monoxide solutions maintain strong market positions.

Sales and Marketing

We sell our products and solutions through our direct sales employees as well as outside sales representatives and distributors.

We work directly with large multinational companies, small start-up companies, technology design houses and OEMs.

Our sales personnel have extensive engineering backgrounds and receive substantial support from our internal engineering resources.

Sales frequently result from interactions between senior management, design engineers, procurement departments, and our sales personnel.

We interact with our customers throughout the product development and order process.

We conduct our sales activities from the U.S., Japan, China, and the United Kingdom.

We use worldwide distributors, primarily Digi-Key Electronics, for full-service distribution of our standard products, and we have representative companies located in key markets so we can provide local support to strategic customers in these regions.

We sell our products and solutions through direct sales personnel, outside sales representatives, and distributors, including Digi-Key Electronics.

Due to the technical nature of our products, the length of our sales cycle can vary from a few months to several years, which requires continued participation from our sales, engineering and management teams.

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Our Customers

Our customers include many of the world’s leading electronics companies.

They encompass large multinational organizations as well as start-ups, design houses, original design manufacturers, OEMs and universities.

We supply some of the world’s largest consumer

electronics manufacturers, luxury and mid-market car companies, familiar names in the medical and industrial equipment markets, research engineers and designers entering the IoT market, and companies of all different sizes in other markets.

Our customers include many of the world’s leading electronics companies and large multinational organizations as well as start-ups, design houses, original design manufacturers, OEMs and universities.

We supply some of the world’s largest consumer electronics manufacturers, luxury and mid-market car companies, familiar names in the medical and industrial equipment markets, research engineers and designers entering the IoT market, and companies of all different sizes in other markets.

Our customers generally do not provide us with firm, long-term volume purchase commitments, opting instead to issue purchase orders that they can cancel, reduce, or delay at any time.

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Sales to customers located outside the United States have historically accounted for a significant percentage of our revenue, and we expect this to continue.

International sales constituted 56% and 52% of our revenue for the years ended December 31, 2024 and 2023, respectively, with sales in 2024 to customers in Japan and China representing 11% and 7%, respectively, compared to each representing 11% in 2023.

For the year ended December 31, 2024, we had two customers that each represented over 10% of our revenue, compared to three in 2023.

Future sales of our products will be based on, among other factors, expansion into adjacent markets, continued expansion of our product line, the acceptance of our product line, expansion into additional domestic and international markets, and our ability to maintain a competitive position against other technology providers.

International sales constituted 58% and 56% of our revenue for the years ended December 31, 2025 and 2024, respectively, with sales in 2025 to customers in China and Japan representing 8% and 5%, respectively, compared to 7% and 11% in 2024, respectively.

For the year ended December 31, 2025, we had one customer that represented over 10% of our revenue, compared to two in 2024.

Future sales of our products will be based on, among other factors, expansion into adjacent product markets, continued expansion of our product line, the acceptance of our existing product line, expansion into additional domestic and international markets, and our ability to maintain a competitive position against other technology providers.

Manufacturing Operations and Principal Suppliers

We have our own modern manufacturing facility of 21,763 square feet in Shenzhen, China that is ISO 9001, ISO 14001 and ISO 13485 certified.

We operate manufacturing facilities in:

● Shenzhen, China – a 21,763 square foot facility that is ISO 9001, ISO 14001 and ISO 13485 certified.

We plan to start the process of acquiring IATF 16949 certification as our automotive customer base expands.

We also conduct manufacturing operations in our 5,183 square-foot production facility in Fremont, California, our 9,800 square-foot manufacturing facility in Irvine, Scotland, and our 10,786 square-foot manufacturing facility in Barnsley, England.

● Fremont, California – a 5,183 square-foot facility

● Irvine, Scotland – a 9,800 square-foot facility

We aim to meet current environmental and sustainability standards required by our customers and legislation in various geographic markets.

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We carefully select suppliers based on their ability to provide quality parts and components that meet technical specifications.

We actively monitor these suppliers, but we are subject to substantial risks associated with their performance.

We source certain of our components from single-source suppliers, including multinational conglomerates Henkel, DuPont, Solvay, SABIC and 3M, which increases the risk of shortages and shipment delays and decreases our ability to negotiate with that supplier.

Many of our products are subject to qualification testing and approval by our customers, which includes approval of the materials used in their product.

We source certain of our components from single-source suppliers, including multinational conglomerates, which increases the risk of shortages and shipment delays and decreases our ability to negotiate with that supplier.

These single-source materials, however, are available from other suppliers, and while their procurement from other sources likely would necessitate additional approvals from our customers and might result in short-term disruption to our business, we do have options to purchase single-sourced materials from alternative suppliers should the need arise.

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We believe that our future success will depend largely on our ability to continue improving our products and our process technologies and to develop or acquire new technologies.

We operate our Global Product Development and Materials Science Center in Camarillo, California.

At this location, we focus on new product development including, among other areas, materials science and printed electronics.

We maintain a core embedded software engineering team in Singapore.

We also operate an engineering center in our facility in Shenzhen, China, which is focused on sustaining engineering, customer support, quality control and new product introduction in our force-sensing/HMI business, and an engineering and R&D facility in Fremont, California, focused on new product development, SBIR-funded research and quality control in our gas and environmental sensors business.

We operate an engineering and R&D facility in Fremont, California, that serves as a primary hub for gas-sensing new product development, SBIR-funded research, and quality control for our gas and environmental sensing products.

We also maintain an advanced printed electronics and materials science laboratory in Camarillo, California, that primarily supports our force-sensing product development In Singapore, we maintain a core software engineering team that supports our software and connected solutions initiatives.

In Shenzhen, China, we operate an engineering center within our manufacturing facility focused on sustaining engineering, customer support, quality control, and new product introduction for our force-sensing and HMI products.

The worldwide R&D team pursues scientific research, technology platform development and advanced product development in areas of materials science, printed electronics devices, gas and environmental sensors, and manufacturing processes, and multi-disciplinary system engineering.

The global R&D centers support strategic partnerships with key partners in electronics manufacturing services, air and environmental quality monitoring, digital manufacturing, including 3D printing, and product development.

The global R&D centers support strategic partnerships with key partners in electronics manufacturing services, air and environmental quality monitoring, and digital manufacturing, including 3D printing, and product development.

This team also explores opportunities to work on government funded research projects that are aligned with our technology competencies.

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Our employees, listed in population size order from largest to smallest, are in the following departments:

operations, R&D, administration, and sales.

Production, R&D, Administration, and Sales.

Our ability to attract and retain qualified personnel is essential to our continued success.

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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 1. Business