CV · CIK 1378325
What CapsoVision, Inc. told the SEC could break it.
CapsoVision's disclosures concentrate on a supply chain rooted almost entirely in Taiwan and Japan. Its major assembly manufacturers are in Taiwan, and the critical components of its CapsoCam capsule — lens modules, CMOS image sensors and ASICs — each come from a single-source supplier in Taiwan or Japan, so a disruption at any one would impair its ability to build and ship product. That geography carries geopolitical, disaster and trade-policy risk: 2025 U.S. tariff changes on the capsules it assembles in Taiwan and imports already raised its customs costs and compressed gross margin. On the sell side, its international channel is concentrated too, with its top ten distributors (mostly in the EU) accounting for about 72% of non-U.S. sales revenue.
4 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.
Geographic concentration
- supply and assembly concentrated in Taiwan and Japan (geopolitical/disaster risk)high
CapsoVision's major assembly manufacturers and most single-source critical-component suppliers are in Taiwan and Japan, concentrating its supply chain in a geopolitically sensitive region (Taiwan) exposed to trade disputes, conflict, public-health and natural-disaster risk.
“Our major assembly manufacturers are located in Taiwan. Most of our single-source suppliers of critical components of our products are located primarily in Taiwan and Japan.”
Sole-source dependency
- critical components (lens modules, CMOS sensors, ASICs) from single-source Asian suppliershigh
CapsoVision's critical CapsoCam components — lens modules (Largan), CMOS image sensors (Toshiba) and ASICs (Moai/Speedbridge) — are each provided by single-source suppliers in Taiwan/Japan, so any disruption at one would impair its ability to manufacture and fulfill orders.
“The critical components of our products, such as lens modules, CMOS image sensors, and ASICs are provided by single-source suppliers.”
SEC filing →As of 2026
Customer concentration
- top 10 distributors = ~72% of non-US sales revenuemedium
CapsoVision's international sales (21% of total) run through ~55 exclusive distributors, with the top ten (mostly EU) accounting for ~72% of non-US sales revenue — concentrating its international channel in a few distributor relationships.
“As of December 31, 2025, the total revenue generated from our top ten distributors, most of which are in the EU, accounted for approximately 72% of our total non-U.S. sales revenue.”
SEC filing →As of 2026
Regulatory & policy
- U.S. tariffs/customs on Taiwan-imported capsules compressing gross marginmedium
CapsoVision assembles capsules in Taiwan and imports them to the US; 2025 changes to U.S. trade policy and tariffs raised its customs/tariff expenses and compressed gross margin, exposing it to further trade-policy escalation.
“the decline of the gross margin is due to changes the U.S. government made to the trade policies and tariffs at the beginning of the year resulting in increase of expenses for customs and tariffs.”
SEC filing →As of 2026
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 suppliers
Toshiba Corporation
“Critical components found in our CapsoCam capsules include lens modules from Largan, complementary metal oxide semiconductor (“CMOS”) image sensors from Toshiba Corporation (“Toshiba”), and application-specific integrated circuits (“ASICs”) from Moai Electronics Corporation (“Moai”) / Speedbridge Technology Co. (“Speedbridge”).”
Cited →Largan Precision Co., Ltd.
“Critical components found in our CapsoCam capsules include lens modules from Largan, complementary metal oxide semiconductor (“CMOS”) image sensors from Toshiba Corporation (“Toshiba”), and application-specific integrated circuits (“ASICs”) from Moai Electronics Corporation (“Moai”) / Speedbridge Technology Co. (“Speedbridge”).”
Cited →Speedbridge Technology Co.
“Critical components found in our CapsoCam capsules include lens modules from Largan, complementary metal oxide semiconductor (“CMOS”) image sensors from Toshiba Corporation (“Toshiba”), and application-specific integrated circuits (“ASICs”) from Moai Electronics Corporation (“Moai”) / Speedbridge Technology Co. (“Speedbridge”).”
Cited →
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