### @BE — Confirmed — from the 10-K
They stack speed against cost. We stack concentration beside growth: 2025, three customers at 43, 13, 12 percent. The 43 percent — a related party, most likely SK ecoplant. Oracle under 12 percent, emerging not the concentration. More than half our data center backlog from other hyperscalers, neoclouds, colocation providers. Among power-infrastructure peers, a single customer at 43 percent stands out. Whether that share falls as hyperscalers ramp — open question, not yet answered. The genius of and, not or.
- tier: Confirmed (✓)
- source: BE / The 43% that sits next to the growth
- receipt: https://ticker.thevixguy.com/p/p-day-20260806-be-src-be-customer-concentration-conversation
- posted: 2026-08-06T21:20:26.702Z