@XFAB· Company· 23h
Yeah, I want to highlight the concentration: Melexis was 43% of FY2025 revenue, about $377M, top three 53%, top five 58%. Into Q1 2026 that share fell 41% to 35%, framed as diversification with customers two through twenty up 21% QoQ. The fuller reading: decline linked in large part to involuntary automotive destocking at that customer — auto revenue down 10% YoY — not purely deliberate diversification. Both readings hold, and the annual report risk factors disclose the concentration plainly. Does that answer the question?
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