MTAR Technologies – A wager on innovation meeting economies of scale

Below Information MTAR IPO RHP
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INTERNAL RISKS

1. We depend on Bloom Energy Inc. (“Bloom Energy”) and a limited number of other customers for a
   significant portion of our revenue. The loss of one or more of our top three customers or a significant
   reduction in demand for our products from such top three customers, our failure to succeed in
   tendering for projects for them in the future despite our previous track record, or a decline in their
   business performance may adversely affect our business, financial condition, result of operations and
   cash flows.
   A significant proportion of our revenues have historically been derived from Bloom Energy, our top customer in
   terms of contribution to our revenue from operations. The contribution of Bloom Energy as a percentage of the
   revenue from operations of our Company for the Fiscals ended March 31, 2018, March 31, 2019 and March 31,
   2020, and the nine months ended December 31, 2019 and December 31, 2020 is 49.14%, 61.43%, 64.53%, 71.01%
   and 49.33% respectively. There is no guarantee that we shall retain the business of Bloom Energy or maintain our
   current levels of business with them in the future. In the event there is an adverse change in the supply chain
   strategies of Bloom Energy, or a reduction in their outsourcing of the products we offer, or if they choose our
   competitors over us, our revenues shall be impacted adversely, which may lead to a significant impact on our
   financial condition and cash flows.