Broadcomreason 03 of 4it owns a thing that cannot be built or permitted twicederived 2026-09-08accession 0001730168-26-000080
Direct sales to one semiconductor solutions customer, which is a distributor, accounted for 42% of our net revenue for each of the fiscal quarter and two fiscal quarters ended May 3, 2026, and 29% of our net revenue for each of the fiscal quarter and two fiscal quarters ended May 4, 2025.
We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 45% of our net revenue for each of the fiscal quarter and two fiscal quarters ended May 3, 2026.
The loss of, or any substantial reduction in our sales to, any of our top five end customers could have a material adverse effect on our business, results of operations and financial condition.
two findings, in the order they were read
The disclosed revenue concentration from the single largest distributor customer increased from 42% to 50% for the most recent fiscal quarter.
The report says this changed. It does not say whether that is good or bad, so neither do we.
before · MD&A · 2026-05-03 → 2026-08-02
“Direct sales to one semiconductor solutions customer, which is a distributor, accounted for 42% of our net revenue for each of the fiscal quarter and two fiscal quarters ended May 3, 2026”
→ after
“Direct sales to one semiconductor solutions customer, which is a distributor, accounted for 50% and 46% of our net revenue for the fiscal quarter and three fiscal quarters ended August 2, 2026”
The disclosed revenue concentration from the top five end customers increased from approximately 45% to approximately 55% for the most recent fiscal quarter.
The report says this changed. It does not say whether that is good or bad, so neither do we.
before · MD&A · 2026-05-03 → 2026-08-02
“aggregate sales to our top five end customers, through all channels, accounted for approximately 45% of our net revenue for each of the fiscal quarter and two fiscal quarters ended May 3, 2026”
→ after
“aggregate sales to our top five end customers, through all channels, accounted for approximately 55% and 50% of our net revenue for the fiscal quarter and three fiscal quarters ended August 2, 2026”
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on
“Direct sales to one semiconductor solutions customer, which is a distributor, accounted for 42% of our net revenue for each of the fiscal quarter and two fiscal quarters ended May 3, 2026, and 29% of our net revenue for each of the fiscal quarter and two fiscal quarters ended May 4, 2025.”
“We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 45% of our net revenue for each of the fiscal quarter and two fiscal quarters ended May 3, 2026.”
“The loss of, or any substantial reduction in our sales to, any of our top five end customers could have a material adverse effect on our business, results of operations and financial condition.”