RCMT · CIK 700841
What RCM Technologies, Inc. told the SEC could break it.
RCM Technologies' sharpest exposure is customer concentration: two customers were 20.8% and 13.6% of fiscal 2025 revenue and its ten largest were nearly 65%, so losing a strategic account would materially hurt it. Much of that revenue ties to one sector — school-client staffing was its largest driver at $141.4 million — exposing it to education and government budget cycles and seasonality (its revenue dips in the third quarter when school clients like the NYC Department of Education are on summer recess). It also runs some operations abroad, about 9.1% of revenue, including in Serbia, where the Russia-Ukraine conflict and sanctions — plus FCPA and tariff risk — could weigh on results.
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.
Customer concentration
- two customers >10% (20.8% & 13.6%); top 10 = 65% of revenuehigh
RCM had two customers exceeding 10% of revenue (20.8% and 13.6%) in fiscal 2025, with its five/ten/twenty largest at 51%/65%/75% — heavy concentration that makes loss of a strategic account materially adverse.
“During the fiscal year ended January 3, 2026, the Company had two customers exceed 10% of consolidated revenue, representing 20.8% and 13.6% of consolidated revenue. The Company's five, ten and twenty largest customers accounted for approximately 51.0%, 64.9% and 75.0%, respectively, of the Company's revenue for the fiscal year ended January 3, 2026.”
SEC filing →As of 2026
Other disclosures
- dependence on education-sector / government clients (school budgets, seasonality)medium
RCM's largest revenue driver is school-client staffing ($141.4M), exposing it to education-sector budget cycles and seasonality — e.g. a Q3 revenue decline when NYC DOE and other school clients observe summer recess.
“Revenue from school clients for the fiscal year ended January 3, 2026, was $141.4 million as compared to $117.7 million for the comparable prior-year period.”
SEC filing →As of 2026
Regulatory & policy
- international operations (Serbia/Russia-Ukraine, FCPA, tariffs, sanctions)medium
About 9.1% of RCM's revenue is non-US (Canada, Germany, Philippines, Puerto Rico, Serbia); its Serbia operations could be hurt by the Russia-Ukraine conflict and sanctions, alongside FCPA, tariff and trade-barrier risk.
“Our operations in Serbia could be adversely affected by the current conflict between Ukraine and Russia, with which Serbia has substantial ties.”
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 customers
New York City Department of Education
“a significant decline in revenue due to the substantial closure of one of its largest customers, the New York City Department of Education, and other educational institution clients during the third quarter, as these clients observe summer recess.”
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