LNN · CIK 0000836157

What Lindsay Corporation told the SEC could break it.

2 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.

A limited set so far, we surface every cited disclosure we’ve extracted for LNN. More may follow as additional filings are processed.

In its own words

What could break it.

Commodity & input dependence

Irrigation demand tied to agricultural economics — farm income and crop/commodity prices drive growers' irrigation capex; products are steel-intensive (large-diameter steel tubing) and rely on a limited number of raw-material suppliersmedium
Lindsay's irrigation segment (its largest, ~$568M of ~$676M FY2025 revenue) depends on agricultural economics: growers buy center-pivot irrigation when farm income and crop prices justify the investment. Agriculture commodity prices fluctuate with global production/inventory levels and demand factors (food/feed consumption, biofuel production, China's import demand), and USDA net-farm-income forecasts swing the spending environment — so weak crop prices or farm income depress irrigation demand. On the input side, products are steel-intensive (large-diameter steel tubing) and the company relies on a limited number of suppliers for certain raw materials, parts and components, leaving cost and availability exposed to steel prices and supplier disruption (whether higher costs can be passed through depends on farm income and competing-product pricing). A two-sided agricultural-commodity dependence; suppliers/customers unnamed, so a commodity risk rather than an edge. Severity medium.
“Agriculture commodity prices fluctuate based on supply factors, such as global production and inventory levels of commodities, and demand factors such as food and feed consumption, biofuel production, and the level of China's demand for agricultural imports.”
SEC filing →As of 2025

Customer concentration

One irrigation customer ~13% of consolidated revenue in FY2025 (a large MENA-region irrigation project); no individual customer >10% in FY2024 or FY2023 — concentration is project-driven and may not recurmedium
In fiscal 2025 a single customer in Lindsay's irrigation segment accounted for approximately 13% of consolidated revenues, tied to a large irrigation project in the MENA region; in FY2024 and FY2023 no individual customer exceeded 10%. The concentration is therefore project-driven and lumpy — large international irrigation projects produce big, irregular revenue that may not repeat, so a year-over-year revenue gap can open when such a project completes (and project timing/financing/geopolitics in MENA adds variability). The customer is not named in the filing, so this is an aggregate customer-concentration risk rather than an edge. Severity medium.
“In fiscal year 2025, one customer within the Company's irrigation segment accounted for approximately 13 % of consolidated revenues relating to the large irrigation project in the MENA region.”
SEC filing →As of 2025

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What could break it.

Commodity & input dependence

Irrigation demand tied to agricultural economics — farm income and crop/commodity prices drive growers' irrigation capex; products are steel-intensive (large-diameter steel tubing) and rely on a limited number of raw-material suppliersmedium
Lindsay's irrigation segment (its largest, ~$568M of ~$676M FY2025 revenue) depends on agricultural economics: growers buy center-pivot irrigation when farm income and crop prices justify the investment. Agriculture commodity prices fluctuate with global production/inventory levels and demand factors (food/feed consumption, biofuel production, China's import demand), and USDA net-farm-income forecasts swing the spending environment — so weak crop prices or farm income depress irrigation demand. On the input side, products are steel-intensive (large-diameter steel tubing) and the company relies on a limited number of suppliers for certain raw materials, parts and components, leaving cost and availability exposed to steel prices and supplier disruption (whether higher costs can be passed through depends on farm income and competing-product pricing). A two-sided agricultural-commodity dependence; suppliers/customers unnamed, so a commodity risk rather than an edge. Severity medium.
“Agriculture commodity prices fluctuate based on supply factors, such as global production and inventory levels of commodities, and demand factors such as food and feed consumption, biofuel production, and the level of China's demand for agricultural imports.”
SEC filing →As of 2025

Customer concentration

One irrigation customer ~13% of consolidated revenue in FY2025 (a large MENA-region irrigation project); no individual customer >10% in FY2024 or FY2023 — concentration is project-driven and may not recurmedium
In fiscal 2025 a single customer in Lindsay's irrigation segment accounted for approximately 13% of consolidated revenues, tied to a large irrigation project in the MENA region; in FY2024 and FY2023 no individual customer exceeded 10%. The concentration is therefore project-driven and lumpy — large international irrigation projects produce big, irregular revenue that may not repeat, so a year-over-year revenue gap can open when such a project completes (and project timing/financing/geopolitics in MENA adds variability). The customer is not named in the filing, so this is an aggregate customer-concentration risk rather than an edge. Severity medium.
“In fiscal year 2025, one customer within the Company's irrigation segment accounted for approximately 13 % of consolidated revenues relating to the large irrigation project in the MENA region.”
SEC filing →As of 2025