1 unchanged sentence
Risks Related to the Operation and Growth of Our Business
−Removed: Changes in trade policies among the United States and other countries, in particular the escalation and imposition of new and higher tariffs, could reduce demand for end products that incorporate our integrated circuits, which could have a material adverse effect on our revenues and operating results.
+Added: Changes in trade policies among the United States and other countries, in particular the escalation and imposition of new and higher tariffs and additional export controls, could reduce demand for end products that incorporate our integrated circuits, which could have a material adverse effect on our revenues and operating results.
Further, increased tariffs or the imposition of other barriers to international trade could place pressure on our prices as our customers seek to offset the impact of increased tariffs on their own products.
+Added: Compliance with import and export controls could impair our ability to compete in international markets or subject us to liability if we violate these controls.
Although power supplies using our products are designed and distributed worldwide, most of these power supplies are manufactured by our customers in Asia.
−Removed: As a result, our business is subject to risks related to tariffs and other trade protection measures put in place by the United States or other countries, as well as U.S.
−Removed: international trade relations, including but not limited to those with China, countries in the APAC region and the European Union.
−Removed: In the first quarter of 2025, the United States government announced additional tariffs on goods imported into the U.S.
−Removed: from numerous countries, and multiple countries countered with reciprocal tariffs and other actions in response.
+Added: As a result, our business is subject to risks related to tariffs and other trade protection measures put in place by the United States or other countries, as well as evolving international trade relations, including but not limited to those between the U.S., China, countries in the APAC region and the European Union.
+Added: During the year 2025, the United States government imposed additional tariffs on goods imported into the U.S.
+Added: from numerous countries and announced further changes to tariffs, and in response multiple countries countered with retaliatory tariffs and other actions.
Changes in trade policies and a heightened risk of further increased tariffs or other barriers to international trade could further decrease international demand.
1 unchanged sentence
Existing or future tariffs proposed or imposed on our customers’ products may adversely affect our gross profit margins in the future due to the potential for increased pressure on our selling prices by customers seeking to offset the impact of tariffs on their own products.
−Removed: In addition, tariffs could make our customers’ products less attractive relative to products offered by their competitors, which may not be subject to similar tariffs.
+Added: In addition, tariffs could make our customers’ products less attractive relative to products offered by their competitors that may not be subject to, or as significantly impacted by, similar tariffs.
Further increases in tariffs on imported goods or the failure to resolve current international trade disputes could further decrease demand and have a material adverse effect on our business and operating results.
2 unchanged sentences
Ongoing tariff, trade restrictions and macroeconomic uncertainty also has and may continue to contribute to volatility in the price of our common stock.
−Removed: Furthermore, compliance with export controls and implementation of additional tariffs may increase compliance costs and further affect our business and operating results.
+Added: In some cases, our products and power supplies using our products are subject to import and export control laws and regulations, including the Export Administration Regulations administered by the U.S.
+Added: Department of Commerce and trade and economic sanctions, including those administered by the U.S.
+Added: Treasury Department’s Office of Foreign Assets Control.
+Added: As such, licenses and notices may be required to import, export, or re-export our products and power supplies using our products to certain countries and end users and for certain end uses.
+Added: The process for obtaining necessary licenses and making required notices may be time-consuming or unsuccessful, potentially causing delays in sales or losses of sales opportunities.
+Added: Trade controls are complex and dynamic regimes and monitoring and ensuring compliance can be challenging.
+Added: Furthermore, compliance with import and export controls and implementation of additional tariffs may increase compliance costs and further affect our business and operating results.
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.