We sell telematics products and services to large global enterprises in the industrial equipment, transportation and automotive market verticals. One customer in the industrial equipment industry accounted for 32% and 28% of our consolidated revenue for the three and nine months ended November 30, 2023, respectively, and 17% and 16% of our consolidated revenue for the three and nine months ended November 30, 2022, respectively. The same customer accounted for 20% and 14% of our consolidated accounts receivable at November 30, 2023 and February 28, 2023, respectively.

We purchase a significant amount of our inventory from certain manufacturers or suppliers including components, assemblies and electronic manufacturing parts. These suppliers are located in Mexico and Asia. The inventory is purchased under standard supply agreements that outline the terms of the product delivery. The title and risk of loss of the product generally pass to us upon shipment from the manufacturer’s plant or warehouse. Some of these manufacturers accounted for more than 10% of our purchases and accounts payable as follows (rounded):


	Three Months Ended November 30,						Nine Months Ended November 30,
	2023			2022			2023			2022
Inventory purchases:
Supplier A		21	%		15	%		19	%		12	%
Supplier B		9	%		23	%		13	%		16	%
Supplier C		24	%		14	%		21	%		18	%
Supplier D		7	%		13	%		7	%		11	%


	November 30,			February 28,
	2023			2023
Accounts payable:
Supplier A		17	%		10	%
Supplier B		8	%		22	%
Supplier C		22	%		12	%
Supplier D		13	%		9	%

We are currently reliant upon these manufacturers and suppliers for products. Although we believe that we can obtain products from other sources, the loss of a significant manufacturer or supplier could have a material impact on our financial condition and results of operations as the products that are being purchased may not be available on similar terms from another manufacturer or supplier. Additionally, a substantial portion of our products, components and subassemblies are currently procured from foreign suppliers located primarily in Hong Kong, Mainland China, Malaysia, Mexico and other Pacific Rim countries. Any significant shift in U.S. trade policy, or national security policy, toward these countries or a significant downturn in the political, economic or financial condition of these countries could cause disruption of our supply chain or otherwise disrupt operations.