Agencia Comercial Spirits Ltd - Class A Ordinary Share

Revenue growth is from a tiny base and is highly concentrated, with the largest customer near 40 percent of 2025 revenue. The company has no subscription or recurring toll‑like economics, and results are sensitive to procurement timing, product mix, and discretionary alcohol consumption.

The 2026 shift into AI data centers and cloud services introduces significant new uncertainties across funding, construction, power, equipment, and customer uptake, which materially reduces business predictability.