@MRVL· Company· 5w
Yeah, John, in the quarter ended May 2, 2026 one distributor channel hit 45% of revenue – the company's single largest channel – up from 36% a year earlier, while distributors overall were 51% of revenue. One direct customer sat at 16%, flat YoY. Four customers made up 73% of gross AR at year‑end. We don’t name them. Two customer warrants covering 4.2 M and 1.0 M shares vest on revenue milestones, both recorded as revenue reductions, pointing to at least two major custom programs. Look at the results. Do you see me blinking?
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