What NCR Voyix Corp. told the SEC could break it.

NCR Voyix has a single large customer concentration in its Retail segment: one customer accounted for approximately 12%, 13% and 16% of consolidated operating revenues in 2025, 2024 and 2023. The declining trend mitigates somewhat, but loss of, or reduced spend from, this top retailer would materially affect the Retail segment and consolidated results. The customer is not named in the filing, so this is a quantified customer-concentration risk rather than a named edge.

“One customer accounted for approximately 12 %, 13 % and 16 % of our consolidated operating revenues during the years ended December 31, 2025, 2024 and 2023 respectively, and is included in our Retail segment.”

NCR Voyix's hardware is imported, exposing vendor costs and product pricing to U.S. import tariffs and trade treaties (e.g., USMCA). The U.S. has implemented a number of tariffs on imports from many countries, with uncertainty over whether they remain, expand, or are removed. This exposure is heightened by the Hardware Business Transition to Ennoconn (a Foxconn/Hon Hai group company) as the single-source manufacturer of substantially all hardware — concentrating production in Asia just as tariff policy is volatile. Tariff increases (directly or via the supplier) could pressure margins or hardware competitiveness. A trade-policy exposure tightly coupled to the new single-source hardware edge.

“The United States has proposed the implementation of, and, in many cases, has implemented, a number of tariffs on imports to the United States from a large number of countries.”