What Sanmina Corp. told the SEC could break it.

U.S. Commerce Department rules significantly restrict export of U.S. technology to/from China, making it harder for Sanmina to import US-technology components into China and export finished products out — impairing its China operations.

“The U.S. Commerce Department has released rules that in some cases significantly restrict the export of U.S. technology to or from China. These laws could negatively impact our operations in China by making it more difficult to import components containing U.S. technology into China and to export finished products containing such components out of China.”

Broad U.S. tariff increases on imported components and on aluminum, steel and copper expose Sanmina to higher costs on materials imported from China, Mexico and elsewhere; unrecovered tariffs would reduce gross margins.

“The U.S. has recently announced or enacted broad increases in tariffs on all imported components, as well as on aluminum, steel, copper and derivatives thereof, subject to limited exceptions. As a result, we are exposed to increased tariffs with respect to components, products and certain raw materials we import into the U.S. from China, Mexico and other countries, with some exceptions.”

Sanmina's ten largest customers were 52% of FY2025 net sales and one customer individually was 10.1% (one was 13.2% in 2023); its OEM supply agreements generally don't obligate minimum purchase quantities.

“Sales to our ten largest customers represented 52% of our net sales in 2025. One customer represented 10.1% of our net sales in both 2025 and 2024 and one customer represented 13.2% of our net sales in 2023.”

Sanmina's Americas operations (its largest region at ~$4.65B) are concentrated in Mexico, which represents 67% of Americas revenue — exposing it to Mexico cross-border and tariff risk.

“Mexico represents 67 %, 63 % and 65 % of Americas revenue for the years ended September 27, 2025, September 28, 2024 and September 30, 2023, respectively.”

Sanmina carries environmental contamination liabilities with ongoing investigation/remediation at current and former sites including Owego NY, Derry NH and Brockville Ontario, plus a regulatory inquiry on a former Orange County, CA facility.

“These include ongoing investigation and remediation activities at a number of current and former sites, including those located in Owego, New York; Derry, New Hampshire; and Brockville, Ontario.”