Q4 2025 Interim Report

Ongoing dependency on high-end semiconductors, particularly from Taiwan, poses a risk of delayed production or unfulfilled orders if geopolitical or natural disruptions occur. This is currently Appear’s highest-rated operational risk.

The ability to retain or replace key members of the executive management team, key founders, engineers, and commercial staff, especially in strategic markets like the U.S., is critical to maintaining momentum and delivering long-term growth.

Trade tensions or new import restrictions in the U.S. could reduce competitiveness or profitability in Appear’s largest revenue market.

Heavy reliance on key suppliers introduces risk if suppliers encounter operational or financial distress.

With most of Appear’s revenue earned in USD or other non-NOK currencies, significant FX movements could affect reported financial performance.

As deployments scale, so do expectations and exposure. Any significant defects or delays in product performance could lead to reputational damage or legal claims, especially in high-stakes live production environments.