Risk factors

A new risk details how U.S. tariffs and foreign retaliation could affect global sourcing, competitiveness, operations, and financial performance.

New risks highlight concentrated manufacturing sites, Vision 2030 product-development execution, and potentially uninsured product-liability claims.

Net losses fell to $53.3 million in 2025 from $60.0 million in 2024, while accumulated deficit rose to $590.7 million.

The Dowlais combination is complete; Dauch issued about 117 million shares, and Dowlais shareholders own about 49% of the combined company.

Prediction markets add reliance on outside FCMs, exchanges and clearing providers, including Wedbush, CME and CDNA.

New risks address AI deployment and the uncertainty of financial estimates in volatile markets.

New disclosures address AI-related legal, privacy, reliability and automation risks, alongside broader reliance on third-party providers and financial-system participants.

Risk 9 now highlights AI integration as a competitive threat alongside existing factors such as pricing and customer preferences.

China is specifically identified as a source of electrode overcapacity and below-market pricing; Americas and EMEA rose to 94% of sales from 89%.

Eastman newly identifies AI-related data exposure and inaccurate or biased outputs as operational risks.

Risk disclosures sharpen operational technology and cybersecurity threats, including AI misuse, system outages, and cyberattacks.

The supplied changes are mostly financial-statement disclosures, not changes to Expedia’s business risk factors.