Rayonier Advanced Materials (RYAM) risk factors, FY2025 10-K

Macroeconomic and Industry Risks

1. 01Our business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by geopolitical instability and related impacts41% rewritten
2. 02The businesses we operate are highly competitive and many of them are cyclical, which may result in fluctuations in pricing and volume that can materially adversely affect our business, financial condition, results of operations and cash flows52% rewritten
3. 03Changes in the availability and price of raw materials and energy and continued inflationary pressure could have a material adverse effect on our business, financial condition and results of operations
4. 04We are subject to material risks associated with doing business outside of the U.S
5. 05Foreign currency exchange fluctuations may have a material adverse impact on our business, financial condition and results of operations
6. 06Restrictions on trade through tariffs, countervailing and anti-dumping duties, quotas and other trade barriers, in the U.S. and internationally, could materially adversely affect our ability to access certain markets32% rewritten

Business and Operational Risks

1. 07Our ten largest customers represented a significant portion of our 2025 revenue and the loss of all or a substantial portion of our revenue from these customers would likely have a material adverse effect on our business
2. 08A material disruption at any of our manufacturing facilities could prevent us from meeting customer demand, reduce our sales and profitability, increase our cost of production and capital needs, or otherwise materially adversely affect our business, financial condition and results of operations
3. 09Unfavorable changes in the availability of, and prices for, wood fiber may have a material adverse impact on our business, financial condition and results of operations
4. 10We depend on third parties for transportation services and unfavorable changes in the cost and availability of transportation could materially adversely affect our business
5. 11Substantial capital is required to maintain our production facilities, and the cost to repair or replace equipment, as well as the associated downtime, could materially adversely affect our business28% rewritten
6. 12We face risks to our assets, including the potential for substantial impairment of our long-lived assets50% rewritten
7. 13We may be required to recognize a significant non-cash charge to earnings if our recorded deferred tax assets are deemed unrealizable59% rewritten
8. 14Failure to maintain satisfactory labor relations could have a material adverse effect on our business
9. 15We depend on attracting and retaining key personnel, the loss of whom could materially adversely affect our business42% rewritten
10. 16Failure to meet our customers’ needs through the development of new products or the discovery of new applications for our existing products, or our inability to protect the intellectual property underlying new products or applications, could have a material adverse impact on our business25% rewritten
11. 17Failure to integrate AI and similar advanced technologies into our business processes may materially adversely affect our competitive position and results of operationsNew
12. 18Loss of our intellectual property and sensitive data or disruption of our manufacturing operations due to a cybersecurity incident could materially adversely impact our business
13. 19Our strategic initiatives and operating priorities may not achieve their intended resultsNew
14. 20The successful execution of our strategy to grow our Biomaterials business is subject to a number of potential challenges and uncertainties

Regulatory and Environmental Risks

1. 21Our business is subject to extensive environmental laws, regulations and permits that may materially restrict or adversely affect how we conduct business and our financial results36% rewritten
2. 22The potential long-term impact of climate-related risks remain uncertain at this time
3. 23Regulatory measures to address climate change may materially restrict how we conduct business or adversely affect our financial results43% rewritten

Financial Risks

1. 24We may need to make significant additional cash contributions to our retirement benefit plans if investment returns on pension assets are lower than expected or interest rates decline, and/or due to changes to regulatory, accounting and actuarial requirements43% rewritten
2. 25We have debt obligations that could materially adversely affect our business and our ability to meet our obligations
3. 26Covenants in our debt agreements may impair our ability to operate our business
4. 27Challenges in the commercial and credit environments may materially adversely affect our future access to capital
5. 28We may require additional financing in the future to meet our capital needs or to make acquisitions, and such financing may not be available on favorable terms, if at all, and may be dilutive to existing stockholders

Common Stock and Certain Corporate Matters Risks

1. 29Our stockholders’ ownership in RYAM may be diluted
2. 30Certain provisions in our amended and restated certificate of incorporation and bylaws, as well as Delaware law, could prevent or delay an acquisition of RYAM, which could decrease the price of our common stock