Updated
The most significant concentration ADTRAN Holdings discloses is single-source and limited-source key components, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: ADTRAN Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Certain key components used in our products are currently available from a single source, and other key components are available from only a limited number of sources.'”
“10-K Item 1: 'During 2025, we had one customer who comprised greater than 10.0% of our revenue, which was an international Service Provider, and our next five largest customers comprised 20.4% of our revenue.'”
“10-K Item 1: 'our revenue in the U.S., U.K. and Germany each comprised more than 10% of our revenue in 2025'”
ADTRAN's concentration risks lean toward the supply side rather than customers or geography. The most significant is on components: certain key components used in its products are currently available from a single source, and others from only a limited number of sources, a significant dependency that could constrain production if any of those suppliers were disrupted. By contrast, customer and geographic concentration are both modest. In 2025, ADTRAN had one customer — an international Service Provider — that comprised greater than 10.0% of revenue, with the next five largest customers comprising 20.4% of revenue, a diversified customer base by comparison to the supplier exposure. Geographically, revenue in the U.S., U.K. and Germany each individually exceeded 10% of the total, a modest, diversified spread across a handful of developed markets rather than dependence on any single country. Netting these out, the single-source and limited-source component dependency is the exposure most likely to move results if disrupted, while the customer and geographic bases are comparatively well spread and less likely on their own to swing the outlook.
For the engine’s reasoning on ADTN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AAOI | Applied Optoelectronics, Inc. | 2 | 1 | 0 | 3 |
| ADTN● | ADTRAN Holdings, Inc. | 1 | 0 | 2 | 3 |
| CIEN | Ciena Corporation | 0 | 2 | 2 | 4 |
| BDC | Belden Inc | 0 | 2 | 1 | 3 |
| ASTS | AST SpaceMobile, Inc. | 0 | 0 | 0 | 0 |
| CLFD | Clearfield, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.