What Rogers Corporation told the SEC could break it.

Rogers manufactures high-frequency circuit materials, power-electronics substrates and engineered elastomers, and is exposed to commodity-price fluctuations in key inputs — notably copper and ceramic in its Advanced Electronics Solutions products, and silver, fillers and flame retardants, plus polyol, isocyanates, polytetrafluoroethylene (PTFE), ultra-high-molecular-weight polyethylene and silicones in its Elastomeric Material Solutions segment. Spikes in copper, silver or specialty-polymer/feedstock prices flow into cost of sales and pressure already-thin segment margins. A core specialty-materials commodity dependence.

“We are subject to fluctuations in the cost of raw materials used to manufacture our materials and products. In particular, we are exposed to market fluctuations in commodity pricing as we utilize certain materials, such as copper and ceramic, which are key materials in certain of our products.”

Sales to customers in China and the Asia-Pacific region were approximately 41% of Rogers's total sales in 2025 (with ~72% of net sales in foreign markets overall and significant manufacturing in China, Germany, England, Belgium, South Korea and Hungary). This concentrates exposure to China demand and to the US-China trade conflict: Rogers states export controls and retaliatory Chinese controls/tariffs have restricted, and could continue to restrict, its ability to do business with Chinese customers, and that further U.S. actions could add restrictions. A financial crisis, trade war or supply-chain decoupling in China/APAC would materially affect results. A high China/Asia geographic and trade-policy concentration.

“Sales to customers located in China and the Asia Pacific region accounted for approximately 41% of our total sales and a substantial majority of our overall sales to customers located outside the U.S. as of December 31, 2025.”

Rogers's high-frequency circuit materials and certain elastomers rely on PTFE/fluoropolymers, which fall within the rapidly evolving PFAS regulatory net. It flags that in 2023 China added PFOA to its strictly-restricted toxic-chemicals list, the U.S. EPA issued a TSCA rule requiring PFAS manufacturers/importers to report production volumes, uses, byproducts, worker exposure and disposal, and certain EU member states proposed a broad PFAS restriction. Tightening or banning PFAS/fluoropolymers would directly threaten the materials underpinning a core, high-margin product family — requiring reformulation, added compliance cost, or loss of products. A distinctive, material PFAS/fluoropolymer regulatory exposure.

“the U.S. EPA issued a new rule under the Toxic Substances Control Act, requiring manufacturers and importers of PFAS to submit additional reporting information about production volumes, industrial uses, byproducts, worker exposure, and disposal”

Some of the raw materials Rogers uses are available only through sole or limited-source suppliers. It notes its mitigation strategies may not be effective in all cases, and that price increases or disruptions in the supply of these raw materials — or the inability/unwillingness of sole/limited-source suppliers to deliver key commodities on time and cost-effectively — could materially harm the business. The suppliers are not named, so this is a sole-source dependence risk rather than a named edge. A real single-source input vulnerability in a specialty-materials supply chain.

“Some of the raw materials used in our business are available through sole or limited-source suppliers.”