PDF Solutions
26 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Three largest customers (unnamed)
concentrated in · 53% of our total revenuesnamed as a riskIn the year ended December 31, 2025, three customers accounted for 53% of our total revenues.Risk factors (Item 1A)
Two largest customers (accounts receivable)
concentrated in · 64% of our gross accounts receivablenamed as a riskTwo customers accounted for 64% of our gross accounts receivable as of December 31, 2025, and four customers accounted for 57% of our gross accounts receivable as of December 31, 2024.Risk factors (Item 1A)
SMIC New Technology Research & Development (Shanghai) Corporation
earns from · $2.5 million of attorneys’ fees incurred in the fourth quarter of 2025named as a riskIn addition to the loss of contract revenue under these contracts after that time, we incurred significant expenses related to pursuing our legal rights under these contracts, including $2.5 million of attorneys’ fees incurred in the fourth quarter of 2025.Risk factors (Item 1A)
Suppliers
DirectScan/eProbe sole-source suppliers
depends onnamed as a riskWe rely on sole-source providers for certain software as well as for specialized parts for our DirectScan system and supply-chain delays or disruptions could increase our costs or impact our ability to provide complete software solutions or to build additional hardware tools or meet customer expectations or deadlines, which could result in lost sales and lower earnings.Risk factors (Item 1A)
Partners and platforms
Third-party cloud service providers
depends onnamed as a riskWe rely on third-party service providers to enable key services to our customers, including for cloud services, enterprise software, customer support portal software, and co-location computing facilities.Risk factors (Item 1A)
SAP S/4HANA
Sapience Operational Product Costing integrates with SAP S4/HANA and is intended to also integrate with other ERP or legacy costing applications in the future.Business (Item 1)
Other companies
SecureWise LLC
approximately $130 millionnamed as a riskFor example, we acquired SecureWise LLC (“SecureWise”) in March 2025 for a gross purchase price of approximately $130 million.Risk factors (Item 1A)
Huawei
subject tonamed as a riskFurther, in some circumstances Export Regulations require a license to export an item if the recipient will use the item to design or produce an item for a Huawei-affiliated company or certain other organizations on the Entity List.Risk factors (Item 1A)
Competitors
KLA Corporation
competes withyield management and/or prediction systems, such as KLA Corporation (“KLA”), Onto Innovation, Inc. (“Onto”), and Synopsys, Inc. (“Synopsys”);Business (Item 1)
Also named by ONTO
Synopsys
competes withyield management and/or prediction systems, such as KLA Corporation (“KLA”), Onto Innovation, Inc. (“Onto”), and Synopsys, Inc. (“Synopsys”);Business (Item 1)
Also named by RMBS
Onto Innovation
competes withyield management and/or prediction systems, such as KLA Corporation (“KLA”), Onto Innovation, Inc. (“Onto”), and Synopsys, Inc. (“Synopsys”);Business (Item 1)
Applied Materials
competes withsemiconductor manufacturing software, such as Applied Materials, Inc (“Applied Materials”), Synopsys, Invantest, Inc., Emerson Electric Co., Onto, and Siemens AG;Business (Item 1)
PEER Group
competes withconnectivity software or integration products/services supporting factory equipment connectivity or control needs of customers, such as PEER Group, Inc., Kontron AIS, GmbH, Yokogawa Electric Corp., Advantest Corporation, Kornic Automation Co. Ltd., and Tracces by Capgemini SE.Business (Item 1)
Places
China
earns fromnamed as a riskFor example, the timing of the build-out of the semiconductor market in China depends significantly on governmental funding on both local and national levels and a delay in this funding could negatively affect our revenues.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Shanghai, China
operates innamed as a riskWe have customers globally and our standard operations include development, distribution processes, software download sites, and professional service centers and processes in various geographies around the world, including employees and contractors located in Shanghai, China and Ramallah, Palestine, Israel, and Taiwan.Risk factors (Item 1A)
Ramallah, Palestine
operates innamed as a riskWe have customers globally and our standard operations include development, distribution processes, software download sites, and professional service centers and processes in various geographies around the world, including employees and contractors located in Shanghai, China and Ramallah, Palestine, Israel, and Taiwan.Risk factors (Item 1A)
Hazards
China-Taiwan-U.S. trade tensions
named as a riskFurther, reduced demand for semiconductor products or protectionist policies like those stemming from the complex relationships among China, Hong Kong, Taiwan, and the United States has from time to time decreased and may continue to decrease the volume of wafers and, in some cases, products our customers are able to make or sell, which would also decrease our Volume-based revenue.Risk factors (Item 1A)
Commodities and inputs
SOFR
exposed to its price · $68.1 million of debtnamed as a riskAs of December 31, 2025, we had $68.1 million of debt that is subject to variable interest rates that are based on the daily simple secured overnight financing rate (“SOFR”) or an alternate base rate.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Semiconductor wafer volumes
exposed to its pricenamed as a riskOur Volume-based revenue includes amounts largely determined by variable wafer volumes at manufacturing sites covered by our contracts and, in some cases, determined by the volume of an IC product that our customer is able to sell to its customers.Risk factors (Item 1A)
Regulators
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskTrade regulations limiting or banning sales into certain countries or to certain companies, including economic and financial sanctions and trade embargoes administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), have impacted our ability to transact business in certain countries and with certain customers.Business (Item 1)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
Bureau of Industry and Security (BIS) Entity List
subject tonamed as a riskThe Bureau of Industry and Security (“BIS”) of the U.S. Department of Commerce has placed certain entities on and frequently adds entities to the “Entity List,” which restricts supply of items to or in connection with the named entities and impacts our ability to transact business with certain customers.Business (Item 1)
Laws and programs
BIS 50% Affiliates Rule
subject to · owned 50% or morenamed as a riskIn Fall 2025, BIS extended Entity List restrictions to non-listed foreign companies owned 50% or more by parties subject to the Entity List restrictions.Business (Item 1)
EU General Data Protection Regulation (GDPR)
subject tonamed as a riskThe Personal Information we process is subject to an increasing number of federal, state, local and non-U.S. laws, rules, regulations, industry standards, and other requirements regarding privacy and data security, including in some cases the EU General Data Protection Regulation, the UK General Data Protection Regulation and the UK Data Protection Act, as well as contractual commitments with our customers.Risk factors (Item 1A)
Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more
U.S. Export Administration Regulations (EAR)
subject tonamed as a riskIf we fail to comply with the U.S. Export Administration Regulations (“EAR”) or other U.S. or non-U.S. export or economic sanctions laws and regulations (collectively, “Export Regulations”), we could be subject to substantial civil and criminal penalties, including fines for the Company and the possible loss of the ability to engage in exporting and other international transactions.Risk factors (Item 1A)
Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CARR, CDRE and 40 more
Technology
SEMI standards (SECS/GEM, GEM300, EDA)
Our Cimetrix software is designed to support these industry standards to enable equipment manufacturers to implement robust, turnkey support for these connectivity and control standards without needing to invest engineering resources to develop their own interfaces to these standards.Business (Item 1)