What Madison Air Solutions Corp told the SEC could break it.

One customer (Commercial segment) was approximately 11% of FY2025 net sales and 16% of accounts receivable — a new ≥10% concentration (no single customer exceeded 10% in 2024 or 2023).

“For the year ended December 31, 2025 the Company had one customer account for approximately 11% of our net sales, the majority of which were tied to our Commercial segment. The same customer accounted for approximately 16% of our accounts receivable balance as of December 31, 2025.”

Tariffs added $51.3 million to FY2025 cost of goods sold (2.5% of total COGS), with operations in China, Canada and Mexico; further tariff escalation on foreign-sourced supplies could raise costs or cut demand.

“For the year ended December 31, 2025, we incurred additional expenses and increased our historical cost of goods sold by .3 million as a result of tariffs, which equates to 2.5% of our total cost of goods sold.”

Relies on sole-source suppliers for certain critical components; a prolonged shortage that can't be re-sourced would halt production of key products. Also depends on steel, plastic, copper and aluminum.

“If we were to experience a significant or prolonged shortage of critical components from any of our suppliers, particularly those who are our sole sources, and could not procure the components from other sources, we would be unable to meet our production schedules for some of our key products or to ship such products to our customers in a timely fashion, which could adversely affect sales, margins and customer relationships. We also rely on certain materials such as steel, plastic, copper and aluminum.”