WLDN · CIK 0001370450

What Willdan Group, Inc. told the SEC could break it.

1 self-disclosed vulnerability, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.

A limited set so far, we surface every cited disclosure we’ve extracted for WLDN. More may follow as additional filings are processed.

In its own words

What could break it.

Customer concentration

Two customers = 23.2% of consolidated FY2025 revenue (each >10%): Clark County School District (government agency) and Southern California Edison; revenue depends on PUC-administered utility energy-efficiency program budgetsmedium
Willdan has a concentrated customer base: in fiscal 2025 it had individual customers that each accounted for more than 10% of consolidated contract revenue, deriving 23.2% of consolidated revenue from just two — Clark County School District and Southern California Edison. The SCE relationship is captured separately as a customer-inverted edge; this risk highlights the government-agency leg (Clark County School District, a Nevada public school district) plus the overall two-customer concentration. A significant portion of revenue comes from energy-efficiency services to public utilities overseen by state/local public utility commissions, so cuts to ratepayer-funded EE program budgets, contract non-renewal, or loss of either top customer would materially reduce revenue. A real, named customer concentration with a regulatory-budget dependence.
“for fiscal year 2025, the Company derived 23.2 % of its consolidated contract revenue from two customers, Clark County School District and Southern California Edison.”
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

Southern California Edison
“for fiscal year 2025, the Company derived 23.2 % of its consolidated contract revenue from two customers, Clark County School District and Southern California Edison.”
Cited →

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What could break it.

Customer concentration

Two customers = 23.2% of consolidated FY2025 revenue (each >10%): Clark County School District (government agency) and Southern California Edison; revenue depends on PUC-administered utility energy-efficiency program budgetsmedium
Willdan has a concentrated customer base: in fiscal 2025 it had individual customers that each accounted for more than 10% of consolidated contract revenue, deriving 23.2% of consolidated revenue from just two — Clark County School District and Southern California Edison. The SCE relationship is captured separately as a customer-inverted edge; this risk highlights the government-agency leg (Clark County School District, a Nevada public school district) plus the overall two-customer concentration. A significant portion of revenue comes from energy-efficiency services to public utilities overseen by state/local public utility commissions, so cuts to ratepayer-funded EE program budgets, contract non-renewal, or loss of either top customer would materially reduce revenue. A real, named customer concentration with a regulatory-budget dependence.
“for fiscal year 2025, the Company derived 23.2 % of its consolidated contract revenue from two customers, Clark County School District and Southern California Edison.”
SEC filing →As of 2026

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

Southern California Edison
“for fiscal year 2025, the Company derived 23.2 % of its consolidated contract revenue from two customers, Clark County School District and Southern California Edison.”
Cited →