Company: SEAH
Filing Date: 2025-11-24
Form Type: F-1/A
Source: 0001213900-25-113788
Chunk: 22

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-11-24
Form: F-1/A
Chunk 22
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 cost of sales, our selling and logistics expenses, and general and administrative expenses, which could have a material adverse effect on our business, financial condition and results of operations. We are exposed to risks related to concentration of suppliers as we rely on one major supplier, and such concentration may have a material adverse effect on our business, financial condition and results of operations. In each of the fiscal years ended March 31, 2025 and 2024, one of our suppliers constituted more than 10% of our aggregate purchases, representing 35.67% and 36.58% of our aggregate purchases in the fiscal years ended March 31, 2025 and 2024, respectively. In addition, for the fiscal years ended March 31, 2025 and 2024, purchases from our top five suppliers accounted for 61.70% and 60.13% of our total purchases, respectively. Due to the concentration of our purchases from our major supplier, any interruption of the operations of our major supplier, any failure of our major supplier to accommodate our growing business scale, any change in cooperation terms, or the deterioration of cooperative relationships with our major supplier may materially and adversely affect our business, financial condition and results of operations. We cannot assure you that we would be able to find replacement suppliers on commercially reasonable terms on a timely basis or at all. See “Business — Our Suppliers” for the material terms of the master supply agreement we entered into with our major supplier. A significant portion of our total revenue was derived from one major customer. A high concentration of our revenue from the major customer means that loss of business from it may have a significant negative impact on our business and financial performance. For the fiscal years ended March 31, 2025 and 2024, our major customer accounted for 33.95% and 35.80% of our total revenues, respectively. We cannot assure you that our major customer will continue to purchase the products from us in the future. A high concentration of revenue from our major customer means that loss of business from it may have a material adverse effect on our business, financial condition and results of operations. See “Business — Our Customers” for the material terms of the master sales agreement we entered into with our major customer. If we are unable to manage our growth or execute our strategies effectively, our business and prospects may be materially and adversely affected. While our business has demonstrated consistent growth in recent years, there are inherent risks associated with our expansion plans. Although we anticipate