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1. 1Two customers each contributed more than 10% of revenue (>10%, fiscal year ended 2026-06-30, high confidence). The 10-K says large end-user customers can have considerable bargaining power, and canceled, reduced, or delayed orders could harm the business.
2. 2Complex manufacturing depends on reliable supplies of specialized materials and components, some from limited sources. Poor-quality or delayed supplies, or failure to qualify manufacturing lines for volume production, could disrupt output or prevent Coherent from meeting customer demand.
3. 3Demand in data-center, communications, semiconductor-equipment, display, and industrial markets can change with market cycles. If Coherent misjudges customers’ demand, its production plans and capacity investments may not match orders.