What the changes say
- Cybersecurity is newly identified as a risk to manufacturing, financial systems, enterprise data, and operations.
- Customer concentration, broad catastrophe exposure, and legal/regulatory compliance risks were removed.
- Labor availability and trade-policy risks remain, while key-personnel language was narrowed and tariff wording modestly softened.
- Economic sensitivity remains focused on North American non-residential construction and related demand drivers.
What changed since the prior 10-K
New
- NewOperational Risks
Information technology failures and cybersecurity threats could adversely affect our operations and/or our reputation
Cyberattacks, system failures, human error, or third-party IT problems could disrupt manufacturing, financial reporting, data access, and operations.
Dropped
- DroppedMarket and Industry Risks
decline in consumer confidence, whether as a result of an economic slowdown, uncertainty regarding the future or other factors, could materially and adversely reflect the operating results of the segment
- DroppedMarket and Industry Risks
Our customer concentration in the Performance Surfaces Segment creates a significant risk for product sale declines
Consumer confidence, economic downturns, political crises, disasters, public-health events, and other catastrophes could hurt operations.
- DroppedOperational Risks
We are subject to a legal and regulatory framework imposed under federal and state laws and regulatory agencies, including
Reworded
- 89% rewrittenOperational Risks
Project management and installation issues could adversely affect our operating results
No substantive change; the fixed-price contract risk still covers labor, materials, design, delivery, execution, and project-delay overruns.
- 64% rewrittenOperational Risks
Loss of key personnel and inability to source sufficient labor could adversely affect our operating results
The risk removes specific CEO and senior-executive replacement concerns and emphasizes retaining, recruiting, and training skilled personnel amid low U.S. unemployment.
- 63% rewrittenOperational Risks
Changes in trade policies may result in increased costs and could adversely affect our operating results
Trade-policy language changes from potential restrictive measures to effects of changing policies and tariffs, and from taking action to taking further action.
- 62% rewrittenMarket and Industry Risks
North American and global economic and industry-related business conditions materially adversely affect our sales and results of operations
The economic risk is substantively unchanged, retaining exposure to North American construction cycles, credit, employment, rates, commodities, design, demographics, and remote work.
All 9 risk factors
Headings as the filing states them, in filing order.
Market and Industry Risks
- 01North American and global economic and industry-related business conditions materially adversely affect our sales and results of operations62% rewritten
- 02New competitors or specific actions of our existing competitors could materially harm our business
Operational Risks
- 03Loss of key personnel and inability to source sufficient labor could adversely affect our operating results64% rewritten
- 04If we are unable to manage our supply and distribution chains effectively our results of operations will be negatively affected
- 05Project management and installation issues could adversely affect our operating results89% rewritten
- 06Information technology failures and cybersecurity threats could adversely affect our operations and/or our reputationNew
- 07Changes in trade policies may result in increased costs and could adversely affect our operating results63% rewritten
- 08Product quality issues and product liability claims could adversely affect our operating results
Financial Risks
- 09Changes in macroeconomic factors may negatively impact our profitability
Other Apogee Enterprises 10-Ks
- FY2025 10-K risk factors11 risks
Non-residential construction cycles and economic conditions heavily drive demand across Apogee's segments. Aluminum costs, fixed-price contracts, and customer concentration pose key operational risks.
Filed Apr 24, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.