What SOLV Energy, Inc. told the SEC could break it.

New/additional U.S. tariffs on goods from China, Mexico, Canada, Southeast Asia and others could raise the cost of its EPC services and compress margins.

“Any new or additional tariffs on goods imported to the U.S. from China, Mexico, Canada, Southeast Asian or other countries, or products imported into the European Union or other non-U.S. markets, could also increase the cost of some of our services and reduce our margins.”

OBBBA's accelerated sunset of the clean-electricity production/investment tax credits for solar, plus enforcement efforts, could cut federal tax-credit availability and materially reduce demand for SOLV's services.

“The accelerated sunset of the CEPC and CEIC for solar projects under the OBBBA, along with the Trump Administration's recent enforcement efforts, could limit the availability of U.S. federal income tax credits for future solar projects and therefore could have a material adverse impact on future levels of investment in utility-scale solar projects in the United States, which could result in a significant reduction in the demand for our services.”

Largest customer was ~14% of FY2025 revenue (with Customers B/C/D each ≥10% in the concentration table); revenue depends on a small set of project developers, IPPs and utilities.

“As of December 31, 2025, our largest customer accounted for approximately 14% of our revenues, and our top ten largest customers accounted for approximately 73% of our revenues.”

Several key raw materials, components and manufacturing equipment are single-sourced or sourced from a limited number of suppliers; shortages could impair its ability to meet customer demand.

“Several of the Company's key raw materials, components and manufacturing equipment are either single-sourced or sourced from a limited number of suppliers. Shortages of essential components and equipment could occur due to increases in demand or interruptions of supply, which may be exacerbated by the availability of logistics services, thereby adversely affecting the Company's ability to meet customer demand for its services.”