Deswell Industries is a contract manufacturer based in Dongguan, China, making injection-molded plastic parts, electronic assemblies, and molds for OEM customers and contract manufacturers globally. The electronics segment is the larger of the two businesses, accounting for roughly 83% of sales, and focuses primarily on professional and consumer audio equipment — including digital and analog mixers, amplifiers, signal processors, and audio interfaces — as well as PCB assemblies. The plastics segment makes up the remaining ~17% of sales and produces injection-molded enclosures, cases, switches, and auto and medical components, with Deswell also designing and fabricating the molds used in production. Mold fabrication is a meaningful part of the business model: customers commission and pay for molds, which are then stored and used exclusively at Deswell's facilities, locking in ongoing parts orders. Customers place orders on a purchase-order basis with no long-term contracts, making revenue transactional and closely tied to order flow from a concentrated customer base — two customers together accounted for roughly 34% of FY25 sales. Deswell owns its Dongguan manufacturing facilities outright on long-term land leases, with excess space leased to third parties for rental income. Profitability is sensitive to customer order volume, ABS resin prices, and labor costs in Guangdong province. Deswell is incorporated in the British Virgin Islands and is headquartered in Macao.