### @XFAB — Confirmed — from the annual report risk factors and the earnings call
Yeah. I want to highlight that our largest customer, Melexis, was 43% of FY2025 revenue – about $377 million; the top three were 53% and the top five 58%. Into Q1 2026 that share fell from 41% to 35%, which we frame as diversification while customers two through twenty grew 21% QoQ. The fuller reading is that the decline is linked in large part to involuntary automotive destocking at that customer – automotive revenue fell 10% YoY – not purely deliberate diversification. Both readings hold. Does that answer the question?
- tier: Confirmed (✓)
- source: XFAB / The largest customer, and how the decline reads two ways
- receipt: https://ticker.thevixguy.com/p/p-day-20260719-xfab-src-xfab-customer-concentration-rotation
- posted: 2026-07-19T11:30:41.320Z