What A10 Networks, Inc. told the SEC could break it.

A10 Networks outsources assembly of its hardware appliances to third-party ODMs, and its two primary manufacturers — Lanner and AEWIN — are both located in Taiwan. This concentrates A10's hardware supply in a single jurisdiction exposed to (i) geopolitical risk: a deterioration of Taiwan–China relations and resulting actions could disrupt manufacturing; and (ii) natural-disaster risk: Taiwan sits near major earthquake fault lines and is subject to typhoons, so a major earthquake or typhoon could interrupt production, quality assurance and deliveries. A disruption would delay shipments and could cause lost sales and customers. The named ODMs are captured as supplier edges; this records the country-level concentration. Severity high.

“our two primary manufacturers are located in Taiwan, which is near major earthquake fault lines and subject to typhoons during certain times of the year.”

A substantial portion of A10's revenue comes from a limited number of large end-customers: its ten largest end-customers accounted for approximately 40% of total revenue in 2025 (up from 38% and 33% in 2024 and 2023), and service providers represented roughly 60% of total revenue. These large customers make big but irregular purchases with long and unpredictable sales cycles, and the composition of the top-ten group shifts period to period. No single end-customer is individually named at ≥10%, so this is an aggregate concentration risk rather than an edge; loss of, or reduced spending by, several large service-provider customers (or a service-provider capex pullback) could materially affect revenue. Severity medium.

“purchases by our ten largest end-customers accounted for approximately 40%, 38% and 33% of our total revenue, respectively.”

A10's hardware is chip-dependent and built in Taiwan, exposing it to a fast-moving U.S. trade-policy environment. The administration concluded a Section 232 investigation into semiconductors and imposed limited duties on semiconductor articles meeting certain technical characteristics (with some domestic exclusions), and separately imposed Section 232 duties on copper and wood products and continues investigating polysilicon. IEEPA tariffs on Chinese imports swung sharply (to 145% in April 2025, back to 30% in May), a baseline 10% applied to almost every country, and after the January 2026 Supreme Court ruling that IEEPA did not authorize the tariffs, the administration moved to Section 122 Trade Act duties (15% for up to 150 days). This volatility and the semiconductor/import-duty regime can raise A10's component and finished-goods costs and complicate sourcing. A specific, current trade-policy exposure. Severity medium.

“The Trump Administration opted to impose limited duties on semiconductor articles meeting certain narrow technical characteristics, with exclusions available for most domestic applications.”

A10's products incorporate key components — notably certain integrated circuits — that it and its third-party manufacturers purchase from a limited number of suppliers, including some sole-source providers, and the lead times on these components can be lengthy, precluding rapid changes in quantities or delivery schedules. If a sole-source provider ceases manufacturing the component or goes out of business, or if components fail quality requirements or can't be obtained on reasonable terms, A10 could be forced to redesign products and qualify new components from alternate suppliers — a time-consuming, difficult and costly process that could interrupt supply and cost sales. Suppliers unnamed, so a sole-source component risk rather than an edge. Severity medium.

“Our products incorporate key components, including certain integrated circuits that we and our third-party manufacturers purchase on our behalf from a limited number of suppliers, including some sole-source providers.”