Cyclical End‑Market ExposureRevenue and earnings are tied to display and mobile device cycles; end‑market downturns or weaker device demand can quickly reduce volumes. Qualification timing for materials also delays revenue realization, creating durable volatility risk across several quarters.
Rising Total LiabilitiesWhile current leverage is low, the documented rise in total liabilities signals potential future pressure on the balance sheet if growth or margins slow. Higher liabilities can limit flexibility, raise financing costs, and amplify downside in prolonged industry weakness.
Limited Customer Disclosure / Adoption RiskAbsence of named major customers reduces transparency on concentration and counterparty risk. The business depends on customer qualification and repeat orders; therefore delays or loss of key approvals or concentrated customer exposure could have outsized, persistent revenue impact.