What American Vanguard Corp. told the SEC could break it.

AMVAC's products require EPA/state FIFRA registration; inability to obtain/maintain registrations or a product cancellation (amid heightened scrutiny and failure-to-warn litigation) could materially harm the business.

“Our inability to obtain or maintain such registrations, or the cancellation of any such registration of our products, could have an adverse effect on our business, the severity of which would depend on a variety of factors, including the product(s) involved, whether another product could be substituted and whether our competitors were similarly affected.”

Volatile U.S. tariff actions have created uncertainty in the agricultural economy and raised the cost of crop inputs; AMVAC sources actives/intermediates mainly from China and India and manages tariff impact via alternate geographies.

“Over the past year there has been a great deal of activity involving the raising and lowering of tariffs by the current U.S presidential administration. This activity, which has included both sudden announcements of new tariffs and complete reversals within short periods of time, has created an atmosphere of uncertainty within the agricultural economy and affected both international markets for domestic crops and the cost of crop inputs for domestic growers.”

American Vanguard's customer base is relatively concentrated — its top three customers were 36% of sales in 2025 — so financial instability or changed purchasing by these key distributors/co-ops would hurt revenue.

“In 2025, our top three customers represented 36% of our sales, compared to 38% in 2024 and 37% in 2023.”

AMVAC depends on sole-source or a limited number of suppliers for certain important raw materials and active ingredients, some available only from single or very few sources domestically or overseas.

“There are a limited number of suppliers of certain important raw materials used by the Company in a number of its products. Certain of these raw materials are available solely from single or very few sources either domestically or overseas.”