FN on NYSE

Fabrinet

Telephone and telegraph apparatus company based in Camana Bay, Cayman Islands2

In its 2026 annual report the company says: “We provide advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices and sensors.”6 Its shares trade on NYSE under the symbol FN.2

Price unavailable

Last updated Oct 21, 2026.

Overview

$4.6BRevenue, fiscal 20263
$473.0MNet income, fiscal 20263

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  • TickerFN on NYSE2
  • IndustryTelephone & Telegraph Apparatus2
  • HeadquartersCamana Bay, Cayman Islands2
  • Incorporated inCayman Islands4
  • Business addressC/O Intertrust Corporate Services, One Nexus Way, Camana Bay, Grand Cayman, Ky1-90054
  • Filer categoryLarge accelerated filer4
  • Legal formexempt company2
  • LEI5493004TETZ6IYF7CV442
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressOne Nexus Way, KY1-9005 Camana Bay, Cayman Islands2
  • Registered withGeneral Registry, 917942

We provide advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (“OEMs”) of complex products such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices and sensors. We offer a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and testing. We are capable of producing a wide variety of high complexity products in any mix and any volume. Based on our extensive experience and the positive feedback we have received from our customers, we believe we are a global leader in providing these services to the optical comm…6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

12.0%Gross margin3
10.0%Operating margin3
10.2%Net margin3
35.7%Revenue growth, 20263
19.3%Return on equity3
$4.2MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue86¢$4.1B
  • Selling, general and admin2¢$93.5M
  • Income tax2¢$82.1M
  • Profit10¢$473.0M

Out of $4.6B in revenue.3

Where each dollar of operating cash went, fiscal 2026

  • Capital spending98¢$252.5M
  • Share buybacks2¢$5.2M

Out of $256.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3

Financial statements

Revenue78910113$4.6B in 2026+193% since 2019
0$2.0B$4.0B$6.0B2019: $1.6B$1.6B20192020: $1.6B$1.6B2020+4%2021: $1.9B$1.9B2021+14%2022: $2.3B$2.3B2022+20%2023: $2.6B$2.6B2023+17%2024: $2.9B$2.9B2024+9%2025: $3.4B$3.4B2025+19%2026: $4.6B$4.6B2026+36%
Gross profit78910113$556.5M in 2026+211% since 2019
0$200.0M$400.0M$600.0M2019: $179.2M$179.2M20192020: $186.1M$186.1M2020+4%2021: $221.4M$221.4M2021+19%2022: $278.6M$278.6M2022+26%2023: $336.3M$336.3M2023+21%2024: $356.1M$356.1M2024+6%2025: $413.3M$413.3M2025+16%2026: $556.5M$556.5M2026+35%
Operating income78910113$462.9M in 2026+277% since 2019
0$200.0M$400.0M$600.0M2019: $122.6M$122.6M20192020: $117.4M$117.4M2020−4%2021: $150.8M$150.8M2021+28%2022: $204.5M$204.5M2022+36%2023: $251.7M$251.7M2023+23%2024: $277.6M$277.6M2024+10%2025: $324.4M$324.4M2025+17%2026: $462.9M$462.9M2026+43%
Net income78910113$473.0M in 2026+291% since 2019
0$200.0M$400.0M$600.0M2019: $121.0M$121.0M20192020: $113.5M$113.5M2020−6%2021: $148.3M$148.3M2021+31%2022: $200.4M$200.4M2022+35%2023: $247.9M$247.9M2023+24%2024: $296.2M$296.2M2024+19%2025: $332.5M$332.5M2025+12%2026: $473.0M$473.0M2026+42%
Fiscal year20192020202120222023202420252026
Revenue$1.6B7$1.6B8$1.9B9$2.3B10$2.6B11$2.9B3$3.4B3$4.6B3
Cost of revenue$1.4B7$1.5B8$1.7B9$2.0B10$2.3B11$2.5B3$3.0B3$4.1B3
Gross profit$179.2M7$186.1M8$221.4M9$278.6M10$336.3M11$356.1M3$413.3M3$556.5M3
Selling, general and admin$55.1M7$68.4M8$70.6M9$73.9M10$77.7M11$78.5M3$87.5M3$93.5M3
Operating income$122.6M7$117.4M8$150.8M9$204.5M10$251.7M11$277.6M3$324.4M3$462.9M3
Interest$5.4M7$3.0M8$1.1M9$432.0K9$1.5M9
Income before tax$207.0M10$260.1M11$311.4M3$355.2M3$555.1M3
Income tax$5.3M7$5.8M8$2.1M9$6.6M10$12.2M11$15.2M3$22.7M3$82.1M3
Net income$121.0M7$113.5M8$148.3M9$200.4M10$247.9M11$296.2M3$332.5M3$473.0M3
Earnings per share$3.297$3.078$4.029$5.4310$6.7911$8.173$9.233$13.213
Earnings per share (diluted)$3.237$3.018$3.959$5.3610$6.7311$8.103$9.173$13.053
Shares (weighted, basic)36.9M shares1036.5M shares1136.2M shares336.0M shares335.8M shares3
Shares (weighted, diluted)37.4M shares1036.9M shares1136.6M shares336.3M shares336.3M shares3

Compare Fabrinet with another company

Corporate structure

Fabrinet sits at the top of its group. 10 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Fabrinet

  • Fabrinet Camana Bay, Cayman Islands
    • Casix Pte. Ltd. Subsidiary · Singapore
    • Fabrilink SEZC Subsidiary · Cayman Islands
    • FABRINET COMPANY LIMITED Subsidiary · George Town, Cayman Islands
    • Fabrinet Israel Ltd. Subsidiary · Israel
    • FABRINET UK LIMITED Subsidiary · Calne, United Kingdom
    • Fabrinet USA, Inc. Subsidiary · California, United States
    • Fabrinet West, Inc. Subsidiary · California, United States
    • Fabritek, Inc. Subsidiary · George Town, California, Cayman Islands
    • FBN New Jersey Manufacturing, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Fabrinet reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.0B3 Jun 26, 2026$748.0M3 Jun 27, 2025+39.3%
Accumulated depreciation$426.9M3 Jun 26, 2026$367.0M3 Jun 27, 2025+16.3%
Property and equipment, net$615.1M3 Jun 26, 2026$380.6M3 Jun 27, 2025+61.6%
Operating-lease assets (leased space)$4.0M3 Jun 26, 2026$5.8M3 Jun 27, 2025−31.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$346.7M3 Jun 26, 2026$306.4M3 Jun 27, 2025+13.1%
Marketable securities, current$528.3M3 Jun 26, 2026$627.8M3 Jun 27, 2025−15.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$2.5M3 Jun 26, 2026$2.2M3 Jun 27, 2025+14.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.0B3 Jun 26, 2026$581.0M3 Jun 27, 2025+75.8%
Raw materials$374.8M3 Jun 26, 2026$145.1M3 Jun 27, 2025+158.2%
Work in process$568.3M3 Jun 26, 2026$377.7M3 Jun 27, 2025+50.4%
Finished goods$31.0M3 Jun 26, 2026$33.0M3 Jun 27, 2025−6.2%

Properties, in its own words

We own or lease manufacturing, engineering and administrative facilities in Thailand, the People's Republic of China ("PRC"), the United States, Israel and the Cayman Islands. We believe these facilities are suitable and adequate to support our current operations and expected near-term growth.

The following table summarizes our principal properties as of June 26, 2026:

The rest of Item 2

Country · Principal Use · Owned/Leased · ApproximateSquare Footage(Square feet)

Thailand · Manufacturing, warehouse and administrative · Owned · 3,875,000

China PRC · Manufacturing, warehouse and administrative · Leased · 348,000

United States · Manufacturing, warehouse and administrative · Owned / Leased · 100,000

Israel · Manufacturing, warehouse and administrative · Leased · 27,000

Cayman Islands · Registered office · Leased · 1,280

Our Thailand facilities consist of multiple manufacturing campuses. During fiscal 2026, we acquired an additional facility in Pathum Thani, Thailand, which is currently undergoing renovation. We expect the facility to support future manufacturing capacity and operational growth upon completion.

Item 2 of the 10-K filed Aug 18, 2026.6

Leadership

Who has led Fabrinet, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (20)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Casix Pte. Ltd. Singapore5
  • FBN New Jersey Manufacturing, Inc. Delaware, United States of America5
  • Fabrilink SEZC Cayman Islands5
  • Fabrinet Co., Ltd. Thailand5
  • Fabrinet Israel Ltd. Israel5
  • Fabrinet Pte., Ltd. Singapore5
  • Fabrinet UK Ltd. United Kingdom5
  • Fabrinet USA, Inc. California, United States of America5
  • Fabrinet West, Inc. California, United States of America5
  • Fabritek, Inc. California, United States of America5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 17, 20268-K Entered a material agreement; Results of operations; New debt or obligation42
  2. May 4, 20268-K Results of operations43
  3. Feb 2, 20268-K Results of operations44
  4. Dec 12, 20258-K Shareholder vote45
  5. Nov 3, 20258-K Results of operations46
  6. Oct 17, 20258-K Executive or director change47
  7. Oct 16, 20258-K Executive or director change48
  8. Aug 18, 20258-K Results of operations; Executive or director change49
  9. May 27, 20258-K Executive or director change50
  10. May 5, 20258-K Results of operations51
  11. Mar 13, 20258-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure52
  12. Feb 3, 20258-K Results of operations53
  13. Sep 26, 2017New chief executive Seamus Grady becomes CEO17
  14. Jun 24, 2010New chief executive David T. Mitchell becomes CEO18
  15. Aug 12, 1999Founded Fabrinet is founded2

Calendar

Coming up

  1. Nov 2, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $2.67 a share, on Nov 3, 2025.54

When it reported results

  1. Aug 17, 2026Reported quarterly or annual results42
  2. May 4, 2026Reported quarterly or annual results43
  3. Feb 2, 2026Reported quarterly or annual results44
  4. Nov 3, 2025Reported quarterly or annual results46
  5. Aug 18, 2025Reported quarterly or annual results49
  6. May 5, 2025Reported quarterly or annual results51
  7. Feb 3, 2025Reported quarterly or annual results53
  8. Nov 4, 2024Reported quarterly or annual results55

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

301 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 33 major events, 167 insider forms, 23 large holders, 58 other. The latest 20:

  1. Sep 3, 2026144 EDGAR
  2. Sep 3, 20264 EDGAR
  3. Aug 26, 20264 EDGAR
  4. Aug 26, 20264 EDGAR
  5. Aug 26, 20264 EDGAR
  6. Aug 26, 20264 EDGAR
  7. Aug 25, 20264 EDGAR
  8. Aug 25, 20264 EDGAR
  9. Aug 25, 20264 EDGAR
  10. Aug 25, 20264 EDGAR
  11. Aug 24, 20264 EDGAR
  12. Aug 24, 20264 EDGAR
  13. Aug 24, 20264 EDGAR
  14. Aug 24, 20264 EDGAR
  15. Aug 18, 202610-K EDGAR
  16. Aug 17, 20268-K EDGAR
  17. Aug 13, 20264 EDGAR
  18. Aug 13, 20264 EDGAR
  19. Aug 13, 20264 EDGAR
  20. Aug 13, 20264 EDGAR

The 301 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

52 open-market trades by officers, directors and large owners since October 2021: 0 buys and 52 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 3, 2026Archer Edward T.EVP, Sales & MarketingSale2,500$385.91$964.8KForm 4
May 22, 2026Bahrami HomaDirectorSale2,500$711.91$1.8MForm 4
Feb 25, 2026KELLY THOMAS FDirectorSale1,850$623.86$1.2MForm 4
Dec 5, 2025Knight Darlene S.DirectorSale500$482.11$241.1KForm 4
Dec 4, 2025Knight Darlene S.DirectorSale500$472.00$236.0KForm 4
Dec 4, 2025KELLY THOMAS FDirectorSale2,200$464.14$1.0MForm 4
Dec 1, 2025Bahrami HomaDirectorSale3,500$453.75$1.6MForm 4
Nov 26, 2025Grady SeamusChief Executive OfficerSale22,451$446.95$10.0MForm 4
Sep 5, 2025Knight Darlene S.DirectorSale479$366.00$175.3KForm 4
Sep 4, 2025Gill HarpalPRESIDENT & COOSale14,203$355.15$5.0MForm 4
Sep 4, 2025Archer Edward T.EVP, Sales & MarketingSale3,333$354.48$1.2MForm 4
Sep 2, 2025Olson Rollance E.DirectorSale9,000$334.13$3.0MForm 4
Aug 29, 2025Archer Edward T.EVP, Sales & MarketingSale3,200$335.13$1.1MForm 4
Aug 28, 2025Sverha CsabaChief Financial OfficerSale13,000$349.86$4.5MForm 4
Aug 27, 2025Grady SeamusChief Executive OfficerSale9,513$329.52$3.1MForm 4
Aug 27, 2025Knight Darlene S.DirectorSale1,200$335.13$402.2KForm 4
Aug 25, 2025Sverha CsabaChief Financial OfficerSale10,000$310.68$3.1MForm 4
Jun 4, 2025Gill HarpalPRESIDENT & COOSale18,675$240.00$4.5MForm 4
May 13, 2025Olson Rollance E.DirectorSale2,500$223.98$560.0KForm 4
Sep 5, 2024Archer Edward T.EVP, Sales & MarketingSale8,690$220.25$1.9MForm 4

All 52 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Seamus GradyChief Executive Officer58$1.4M$11.9M63
2025Dr. Harpal GillPresident and Chief Operating Officer72$1.1M$10.0M63
2025Csaba SverhaExecutive Vice President, Chief Financial Officer46$625.0K$4.6M63
2025Edward T. ArcherExecutive Vice President, Sales & Marketing62$520.0K$3.5M63
2024Seamus GradyChief Executive Officer58$1.2M$11.1M63
2024Dr. Harpal GillPresident and Chief Operating Officer72$1.1M$8.9M63
2024Csaba SverhaExecutive Vice President, Chief Financial Officer46$590.0K$4.1M63
2024Edward T. ArcherExecutive Vice President, Sales & Marketing62$510.0K$3.3M63
2023Seamus GradyChief Executive Officer58$1.1M$10.5M63
2023Dr. Harpal GillPresident and Chief Operating Officer72$1.0M$8.2M63
2023Csaba SverhaExecutive Vice President, Chief Financial Officer46$575.0K$4.1M63
2023Edward T. ArcherExecutive Vice President, Sales & Marketing62$500.0K$3.3M63

Members of Congress who traded it

13 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 16, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseSale$15,001 - $50,000+19.1%Report
Jul 14, 2026Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+22.9%Report
May 4, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−53.8%Report
May 1, 2026Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−52.6%Report
Mar 27, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$15,001 - $50,000−51.9%Report
Mar 24, 2026Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−54.1%Report
Oct 31, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+25.7%Report
Oct 30, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−25.6%Report
Oct 30, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+25.6%Report
Jan 4, 2024Markwayne Mullin, SenateSale$1,001 - $15,000−45.8%Report
Dec 22, 2023Markwayne Mullin, SenatePartial sale$1,001 - $15,000−37.7%Report
Jul 12, 2023Daniel S. GoldmanDemocratic, HouseSale$15,001 - $50,000−118.1%Report
Jan 3, 2023Markwayne Mullin, SenateBuy$1,001 - $15,000+91.9%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Fabrinet is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFabrinet1
  • CIK0001408710
  • Employer ID (EIN)98-12285726
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inCayman Islands6
  • Fiscal year endsJune 271
  • Industry code (SIC)3661 Telephone & Telegraph Apparatus1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business addressC/O Intertrust Corporate Services, One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands1
  • Mailing addressC/O Fabrinet Usa, Inc., 4900 Patrick Henry Drive, Santa Clara, CA 950541
  • Phone(408) 748 09001
  • Shares outstanding35,834,864 shares as of Aug 7, 20266
  • Public float$17.1B as of Dec 26, 20256
  • AuditorPricewaterhouseCoopers ABAS Ltd., Bangkok, Thailand PCAOB ID 1194; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceNov 7, 20071
  • Filings975 in all: 4 (529), 8-K (128), SC 13G/A (59), 10-Q (48), 144 (36), 3 (25), DEFA14A (18), 10-K (17)1
    All 37 form types

    DEF 14A (16), SC 13G (13), SD (13), UPLOAD (11), S-1/A (8), ARS (6), CORRESP (6), S-8 (6), SCHEDULE 13G/A (6), 4/A (3), EFFECT (3), S-1 (3), SCHEDULE 13G (3), 424B4 (2), 424B5 (2), 144/A (1), 3/A (1), 424B3 (1), 424B7 (1), 8-A12B (1), 8-K/A (1), CERTNYS (1), CT ORDER (1), NT 10-K (1), RW (1), S-1MEF (1), S-3 (1), S-3/A (1), S-3ASR (1)

  • Latest filingsAnnual report (10-K) Aug 18, 2026
    Quarterly report (10-Q) May 5, 2026
    Proxy statement (DEF 14A) Oct 23, 2025
    Latest 8-K (8-K) Aug 17, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary Shares, $0.01 par valueFNNew York Stock Exchange

From the cover page of the 10-K filed Aug 18, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Fabrinet names in Item 1A of its 10-K filed Aug 18, 2026: 41 risks under these headings, as written.6

  • Company and Operational Risks
  • Our sales depend on a small number of customers. A reduction in orders from any of these customers, the loss of any of these customers, or a customer exerting significant pricing and margin pressures on us could harm our business, financial condition and operating results.
  • Consolidation in the markets we serve could harm our business, financial condition and operating results.
  • If the data center and communications infrastructure markets do not expand as we expect, our business may not grow as fast as we expect, which could adversely impact our business, financial condition and operating results.
  • Our quarterly revenues, gross profit margins and operating results have fluctuated significantly and may continue to do so in the future, which may cause the market price of our ordinary shares to decline or be volatile.
  • If we are unable to continue diversifying our precision optical and electro-mechanical manufacturing services across other markets within the optics industry, such as the semiconductor processing, biotechnology, metrology and material processing markets, or if these markets do not grow as fast as we expect, our business may not grow as fast as we expect, which could adversely impact our business, financial condition and operating results.
  • We face significant competition in our business. If we are unable to compete successfully against our current and future competitors, our business, financial condition and operating results could be harmed.
  • Cancellations, delays or reductions of customer orders and the relatively short-term nature of the commitments of our customers could harm our business, financial condition and operating results.
  • Our exposure to financially troubled customers or suppliers could harm our business, financial condition and operating results.
  • We purchase some of the critical materials used in certain of our products from a single source or a limited number of suppliers. Supply shortages have in the past, and could in the future, impair the quality, reduce the availability or increase the cost of materials, which could harm our revenues, profitability and customer relations.
  • Managing our inventory is complex and may require write-downs due to excess or obsolete inventory, which could cause our operating results to decrease significantly in a given fiscal period.
  • If we fail to adequately expand our manufacturing capacity, we will not be able to grow our business, which would harm our business, financial condition and operating results. Conversely, if we expand too much or too rapidly, we may experience excess capacity, which would harm our business, financial condition and operating results.
The other 30 risks
  • We may experience manufacturing yields that are lower than expected, potentially resulting in increased costs, which could harm our business, operating results and customer relations.
  • If the products that we manufacture contain defects, we could incur significant correction costs, demand for our services may decline and we may be exposed to product liability and product warranty claims, which could harm our business, financial condition, operating results and customer relations.
  • If we fail to attract additional skilled employees or retain key personnel, our business, financial condition and operating results could suffer.
  • Risks Related to Our International Operations
  • Fluctuations in foreign currency exchange rates and changes in governmental policies regarding foreign currencies could increase our operating costs, which would adversely affect our operating results.
  • We conduct operations in a number of countries, which creates logistical and communications challenges for us and exposes us to other risks and challenges that could harm our business, financial condition and operating results.
  • We are subject to governmental export and import controls in several jurisdictions that subject us to a variety of risks, including liability, impairment of our ability to compete in international markets, and decreased sales and customer orders.
  • We are subject to risks related to changes in U.S. and international trade policies, including new or increased tariffs on materials that we use in manufacturing, which could adversely affect our business, financial condition and operating results.
  • Political unrest and demonstrations, as well as changes in the political, social, business or economic conditions in Thailand, could harm our business, financial condition and operating results.
  • We expect to continue to invest in our manufacturing operations in the PRC, which will continue to expose us to risks inherent in doing business in the PRC, any of which risks could harm our business, financial condition and operating results.
  • Natural disasters, epidemics, acts of terrorism and political and economic developments could harm our business, financial condition and operating results.
  • Financial Risks
  • Unfavorable worldwide economic conditions (including inflation and supply chain disruptions) may negatively affect our business, financial condition and operating results.
  • We may not be able to obtain capital when desired on favorable terms, if at all, or without dilution to our shareholders.
  • Our investment portfolio may become impaired by deterioration of the capital markets.
  • We are not fully insured against all potential losses. Natural disasters or other catastrophes could adversely affect our business, financial condition and operating results.
  • There are inherent uncertainties involved in estimates, judgments and assumptions used in the preparation of financial statements in accordance with U.S. GAAP. Any changes in estimates, judgments and assumptions could have a material adverse effect on our business, financial condition and operating results.
  • Intellectual Property and Cybersecurity Risks
  • Our business and operations would be adversely impacted in the event of a failure of our information technology infrastructure and/or cyber security attacks.
  • Intellectual property infringement claims against our customers or us could harm our business, financial condition and operating results.
  • Any failure to protect our customers’ intellectual property that we use in the products we manufacture for them could harm our customer relationships and subject us to liability.
  • Tax, Compliance and Regulatory Risks
  • We are subject to the risk of increased income taxes, which could harm our business, financial condition and operating results.
  • We have incurred and will continue to incur significant increased costs as a result of operating as a public company, and our management will be required to continue to devote substantial time to various compliance initiatives.
  • If we are unable to meet regulatory quality standards applicable to our manufacturing and quality processes for the products we manufacture, our business, financial condition and operating results could be harmed.
  • Failure to comply with applicable environmental laws and regulations could have a material adverse effect on our business, financial condition and operating results.
  • Risks Related to Ownership of Our Ordinary Shares
  • Our share price may be volatile due to fluctuations in our operating results and other factors, including the activities and operating results of our customers or competitors, any of which could cause our share price to decline.
  • If securities or industry analysts do not publish research or if they publish misleading or unfavorable research about our business, the market price and trading volume of our ordinary shares could decline.
  • We may become a passive foreign investment company, which could result in adverse U.S. tax consequences to U.S. investors.
  • Our business and share price could be negatively affected as a result of activist shareholders.
  • Certain provisions in our constitutional documents may discourage our acquisition by a third party, which could limit our shareholders' opportunity to sell shares at a premium.
  • Our shareholders may face difficulties in protecting their interests because we are incorporated under Cayman Islands law.
  • Certain judgments obtained against us by our shareholders may not be enforceable.
  • General Risks
  • Energy price volatility may negatively impact our business, financial condition and operating results.

Legal proceedings

On June 28, 2024, Ngan In Leng and First Laser Limited (collectively, the “Plaintiffs”) filed a complaint in the Fuzhou Intermediate People’s Court (the “Court”) in Fuzhou, China against Fujian Enterprises (Holdings) Co., Ltd. (“FEHC”), Jian An Investment Limited (“Jian”), and Casix, Inc. (“Casix”), our wholly-owned subsidiary located in the PRC. The complaint alleged unjust enrichment related to a purported investment in Casix by the Plaintiffs in 1997, which predates our acquisition of Casix from JDS Uniphase Corporation. The Plaintiffs requested that the Court order FEHC to return the unjust enrichment to the Plaintiffs in the amount of RMB 400 million, with interest from March 1, 2000, and order Jian and Casix to bear joint and several liability for all payment obligations of FEHC.

In September 2024, the Court dismissed the complaint in its entirety based on jurisdictional grounds. The Plaintiffs subsequently appealed the Court’s ruling to the High People's Court of Fujian Province (the "Appellate Court"). In their appeal, the Plaintiffs claimed that Casix is the primary obligor to return the alleged unjust enrichment to the Plaintiffs. In November 2025, the Appellate Court upheld the Court's ruling and dismissed the complaint on jurisdictional grounds.

In April 2026, the Plaintiffs appealed the Appellate Court’s ruling to the Supreme People’s Court of the People’s Republic of China (the “PRC Supreme Court”). The PRC Supreme Court held an initial hearing on July 2, 2026 and, on July 30, 2026, rendered a ruling accepting the case for retrial. The acceptance of the case for retrial does not represent a determination on the merits of the Plaintiffs' claims. At this time, we are not able to quantify any potential liability in connection with this litigation because of the early stage of this litigation.

The opening of Item 3, Legal Proceedings.6

Sources

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