CRUS · CIK 772406
What Cirrus Logic, Inc. told the SEC could break it.
Cirrus Logic's risks orbit U.S.–China and Taiwan dynamics. Its most acute exposure is manufacturing geography: the substantial majority of its semiconductor wafers are fabricated by TSMC in Taiwan (the rest by GlobalFoundries in Singapore and Germany), a concentration customers are actively pressing it to reduce. On top of that sit two trade-policy threads — U.S. BIS export controls and Entity List licensing, plus China forced-labor import restrictions, which may force it to suspend business with certain international customers or manufacturers, and broad U.S.–China tariffs and Chinese retaliation that could harm revenue and dampen end-consumer demand for its customers' products.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- U.S. BIS export controls / Entity List (China)medium
BIS Entity List licensing requirements and China forced-labor import restrictions may require Cirrus to suspend business with certain international customers/manufacturers and erode its long-term competitiveness in China.
“Additionally, export restrictions imposed by the U.S. government, including the addition of licensing requirements by the United States Department of Commerce's Bureau of Industry and Security ("BIS") through the addition of companies to the BIS Entity List, as well as trade restrictions imposed by the U.S. related to goods imported from regions in China with records of forced labor and other human rights issues, may require us to suspend our business with certain international customers and/or manufacturing entities if we conclude or are notified by the U.S. government that such business presents a risk of noncompliance with U.S.”
SEC filing →As of 2026 - U.S.-China tariffs and retaliatory tariffsmedium
Recent broad U.S. tariffs and China-specific tariffs, plus Chinese retaliatory tariffs, could materially harm revenue and reduce end-consumer demand for customers' products.
“In addition, the U.S. government has imposed significant tariffs aimed at China due to perceived unfair trade practices. In return, the Chinese government has imposed significant tariffs on certain U.S. products.”
Geographic concentration
- wafer fabrication concentrated in Taiwan (TSMC)high
The substantial majority of Cirrus's semiconductor wafers are fabricated by TSMC in Taiwan (rest GlobalFoundries in Singapore/Germany); customers are actively pressing to reduce this Taiwan concentration.
“Although we seek to reduce our dependence on any one subcontractor, the substantial majority of our semiconductor wafers are manufactured by TSMC at fabs in Taiwan, and GlobalFoundries in Singapore and Germany.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“For fiscal years 2026, 2025, and 2024, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 91 percent, 89 percent, and 87 percent, of the Company's total net sales, respectively.”
Cited →
Its suppliers
Taiwan Semiconductor Manufacturing Company, Limited
“Although we seek to reduce our dependence on any one subcontractor, the substantial majority of our semiconductor wafers are manufactured by TSMC at fabs in Taiwan, and GlobalFoundries in Singapore and Germany.”
Cited →“Although we seek to reduce our dependence on any one subcontractor, the substantial majority of our semiconductor wafers are manufactured by TSMC at fabs in Taiwan, and GlobalFoundries in Singapore and Germany.”
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