Foreign issuers in the US with significant sales made to affiliates or entities with a non-arms length relationship to the corporation or management team.
| ticker | Company Name | Related party revenue | Related party revenue details / commentary | Source | Market Cap |
|---|---|---|---|---|---|
| $PSNY | Polestar Automotive Holding UK PLC | $352.3 million in 2025; $276.3 million in 2024; $138.7 million in 2023; $132.9 million in 2022 | 2025 table shows related party revenue by counterparty: Volvo Cars $217.885 million, Ziklo Bank AB $95.864 million, Polestar Times Technology $38.543 million, total $352.292 million, equal to 11.5% of total revenue. Filing also states related party revenue transactions comprise sales of products and related goods and services, sales of software technology and performance engineered kits, sales of carbon credits and sales of prototype engines. | 2026-04-17 20-F, 2025-05-09 20-F | $2.17B |
| $PONY | Pony AI Inc. | US$22.5 million in 2023; US$30.8 million in 2024; Toyota contributed US$0.1 million in 2024 and 2025 | Filing states revenue of US$22.5 million, US$30.7 million and US$29.6 million from transportation service fees paid by Sinotrans to Cyantron Group in 2023, 2024 and 2025, respectively; additionally, revenue from Toyota, a related party, was US$0.6 million, US$0.1 million and US$0.1 million in 2023, 2024 and 2025. Another note states revenues from external parties included related party revenue of US$22.5 million and US$0.6 million in 2023, and US$30.8 million in 2024. | 2026-04-22 20-F | $4.68B |
| $RAJAF | Cordyceps Sunshine Biotech Holdings Co Ltd | $175,405 in 2025; $52,943 in 2024; $126,856 in 2023; $53,304 in 2022 | Company sold products to Gasar Biotechnology Co., Ltd., a related party, in the stated amounts. Filing says related-party sales represented 14.08% of sales in 2025, 4.22% in 2024, 14.37% in 2023, and 100.0% in 2022. | 2026-05-15 20-F, 2025-06-13 20-F | $577.82M |
| $ARM | Arm Holdings plc UK | $1,499 million in FY2026; $823 million in FY2025; $724 million in FY2024 | FY2026 filing states revenue from related parties increased $676 million, or 82%, to $1,499 million. Breakdown: related-party license and other revenue $1,009 million and related-party royalty revenue $490 million. FY2025 filing states related-party revenue was $823 million, up 14% from $724 million in FY2024. | 2026-05-26 20-F, 2025-05-28 20-F | $436.68B |
| $TOYO | TOYO Co Ltd | One related party customer accounted for 66% of total revenue in 2024; 36% in 2025 | Filing explicitly states concentration of revenue from related parties: for 2024, one related party customer accounted for 66% of total revenues; for 2025, one related party customer accounted for 36% of total revenues. Also notes sales and service revenue from related parties totaled $127.271 million in 2024 and $61.505 million in 2023, mainly from VSUN and affiliates. | 2026-03-31 20-F, 2025-05-12 20-F | $531.22M |
| $KOF | Coca-Cola FEMSA, S.A.B. de C.V. | Ps. 10,467 in 2025; Ps. 10,185 in 2024; Ps. 8,459 in 2023 | Filing discloses “Income: Sales to affiliated parties” of Ps. 10,467 for 2025, Ps. 10,185 for 2024, and Ps. 8,459 for 2023. | 2026-04-15 20-F | $22.41B |
| $KMDA | Kamada Ltd | $2.676 million in 2023; none in 2024 and 2025 | Related party revenues were disclosed as $2.676 million in 2023 and zero in 2024 and 2025. Filing also states sales to related parties are conducted at market prices. | 2026-03-11 20-F | $446.29M |
| $NEGG | Newegg Commerce Inc | $0.5 million in 2025; immaterial in 2024 and 2023 | Filing states sales to related parties during 2025 were $0.5 million and were immaterial in 2024 and 2023. Sales to related parties primarily reflect sales of finished goods and services. | 2026-04-28 20-F | $396.80M |
