What SharkNinja, Inc. told the SEC could break it.

U.S. trade policies and tariffs (notably on Chinese imports, with EU/Canada/Mexico also in scope and a Feb 20, 2026 SCOTUS ruling striking down certain IEEPA tariffs) have had and are expected to continue to have a material adverse effect on SharkNinja, which manufactures a majority of products in China.

“Significant changes to U.S. trade policies that restrict imports or increase import tariffs and the responses of other countries have had, and we will expect will continue to have, a material adverse effect on our business.”

SharkNinja is regularly subject to product-safety inquiries; the CPSC or comparable foreign agencies could require repair, recall, replacement or refund of products, discontinue product lines, or impose fines on suppliers for noncompliance.

“Under certain circumstances, the CPSC or comparable foreign agency could require us to repair, recall, replace or refund the purchase price of one or more of our products or potentially even discontinue entire product lines.”

SharkNinja's largest customer was 23.8% of FY2025 net sales, and its three largest retailers (Amazon, Costco, Walmart) each exceeded 10% and together were 45.7% of net sales.

“We have low retailer concentration, with our largest customer representing 23.8% of net sales for the year ended December 31, 2025. As of December 31, 2025, we partnered with 36 retailers across the United States and over 180 retailers globally. Our largest retailers include Amazon, Costco and Walmart, each of which accounted for more than 10% of our net sales, and together made up 45.7% of our net sales for the year ended December 31, 2025.”

Third parties manufacture a majority of SharkNinja's products in China, with a significant proportion also made in Vietnam and other regions outside the U.S., concentrating its supply in regions exposed to trade, tariff and IP-protection risk.

“A significant proportion of our products are manufactured in China, Vietnam and other regions outside of the United States.”

SharkNinja's new products may use customized components available only from limited sources, with initial capacity constraints and availability/price risk if suppliers prioritize common components over SharkNinja's customized requirements.

“Further, our new products may utilize customized components available from limited sources. When a component or product uses new technologies, initial capacity constraints may exist until the suppliers' yields have matured or manufacturing capacity has increased.”