Sanmina Corporation (SANM) SEC Filings & Earnings Calls

Customer concentration

“Sales to our ten largest customers have historically represented approximately half of our net sales.” · word for word

Hyperscaler dependency

“our dependence on the cloud and AI infrastructure market has significantly increased. This market is subject to rapid technological shifts and demand is heavily influenced by the capital expenditure cycles of a small number of hyperscale cloud providers.” · word for word

Tariff exposure

“The U.S. has announced or enacted broad increases in tariffs on imported components... our gross margins would be reduced, potentially significantly, in the event we are for any reason unable to fully recover tariffs or duties from our customers.” · word for word

Integration risk

“If we cannot successfully integrate or are delayed in integrating newly acquired businesses or fail to execute our business plan, it would negatively impact our ability to manufacture new products” · word for word

Debt service burden

“interest expense was $32 million and $5 million for the three months ended June 27, 2026 and June 28, 2025” · word for word

Tariff and trade policy changes could adversely affect costs, supply chain, and customer demand.

“the impact of recent or future changes in tariffs and trade policy, which may adversely affect our costs, supply chain, and customer demand” · word for word

Integration risk from ZT Systems acquisition may not realize expected benefits.

“the risk that the integration of and expected benefits from the ZT Systems acquisition may not be realized or may take longer to realize than anticipated” · word for word

Integration risk from ZT Systems acquisition; benefits may not be realized as expected.

“Risk that the integration of and expected benefits from the ZT Systems acquisition may not be realized or may take longer to realize than anticipated.” · word for word

Tariff and trade policy changes could adversely affect costs, supply chain, and customer demand.

“Impact of recent or future changes in tariffs and trade policy, which may adversely affect our costs, supply chain, and customer demand.” · word for word

Customer concentration risk; reliance on limited number of customers for substantial portion of sales.

“Our reliance on a limited number of customers for a substantial portion of our sales.” · word for word

Customer concentration risk

“Sales to our ten largest customers have historically represented approximately half of our net sales.” · word for word

Tariff input cost pressure

“The U.S. has announced or enacted broad increases in tariffs on imported components... our gross margins would be reduced, potentially significantly, in the event we are for any reason unable to fully recover tariffs or duties from our customers.” · word for word

Integration risk from ZT acquisition

“If we cannot successfully integrate or are delayed in integrating newly acquired businesses or fail to execute our business plan, it would negatively impact our ability to manufacture new products for and to grow our business.” · word for word

Interest expense increase

“Interest expense was $32 million and $5 million for the three months ended March 28, 2026 and March 29, 2025, respectively... primarily due to interest incurred on the new term loans with higher aggregate borrowing amount of $2.2 billion.” · word for word

Potential dilution from additional shares reserved for equity awards.

“1,200,000 additional shares reserved for issuance under the 2019 Plan.”

Integration risk from ZT acquisition

“If we cannot successfully integrate or are delayed in integrating newly acquired businesses or fail to execute our business plan, it would negatively impact our ability to manufacture new products for and to grow our business, which would materially adversely affect our financial condition, results of operations or cash flows.” · word for word

Customer concentration risk

“Sales to our ten largest customers have historically represented approximately half of our net sales.” · word for word

Tariff exposure risk

“The U.S. has announced or enacted broad increases in tariffs on imported components... our gross margins would be reduced, potentially significantly, in the event we are for any reason unable to fully recover tariffs or duties from our customers.” · word for word

Leverage and debt service risk

“Interest expense was $25 million and $5 million for three months ended December 27, 2025 and December 28, 2024, respectively. The increase in interest expense is primarily due to interest incurred on the new term loans with higher aggregate borrowing amount of $2.2 billion compared to $0.3 billion for the three months ended December 28, 2024.” · word for word

Tariff and trade policy changes could impact costs, supply chain, and customer demand.

“Safe harbor: 'impact of recent or future changes in tariffs and trade policy.'”

Integration risk from ZT Systems acquisition

“The addition of ZT Systems to Sanmina’s diverse portfolio of technologies and capabilities positions the Company to participate directly in the growth of the Cloud and AI ecosystem.” · word for word

Concentration in cyclical end-markets

“We provide these comprehensive offerings primarily to original equipment manufacturers (OEMs) in the following industries: industrial and energy, medical, defense and aerospace, automotive and transportation, communications networks, and cloud and AI infrastructure.” · word for word

ZT Systems Integration Risk

“If we cannot successfully integrate or are delayed in integrating newly acquired businesses or fail to execute our business plan, it would negatively impact our ability to manufacture new products for and to grow our business, which would materially adversely affect our financial condition, results of operations or cash flows.” · word for word

IRS Audit Risk

“On November 17, 2023, we received a Revenue Agent’s Report (“RAR”) from the Internal Revenue Service (the “IRS”), which asserted an underpayment of tax of approximately $8 million for fiscal 2009.” · word for word

Customer Concentration / Consolidation Risk

“Consolidation in the electronics industry among our customers, our suppliers and/or our competitors may increase, which could result in a small number of very large electronics companies offering products in multiple sectors of the electronics industry.” · word for word

Inventory Investment Risk

“Days in inventory increased from 70 to 94, and inventories increased by $543 million, driven by customer deposits against raw material inventory purchases.”

Integration risk from ZT Systems acquisition; tariff and trade policy uncertainty; customer concentration.

“the risk that the expected benefits from the ZT Systems acquisition may not be realized... adverse changes in tariffs and trade policy... reliance on a limited number of customers” · word for word

Increased leverage from new debt; integration risk from acquisition; secured by substantially all assets.

“Obligations secured by first-priority liens on substantially all assets; $2.2B total drawn.”

Integration risk of ZT Systems manufacturing operations.

“Integration risks related to combining ZT Systems’ manufacturing operations with our own.” · word for word

Tariff and trade policy risks.

“The impact of recent or future changes in tariffs and trade policy, which may adversely affect our costs, supply chain, and customer demand.” · word for word