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Here are 1-2 brief analogies to describe Knowles:

• Knowles is like the Corning for essential electronic components, supplying critical parts like microphones and specialized capacitors for everything from phones to medical implants and satellites.
• Knowles is like the B2B equivalent of a premium audio brand like Bose, but for the tiny microphones and speakers that go *inside* other devices like phones, hearing aids, and smart speakers.

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• Micro-acoustic Microphones: Compact microphones primarily used in consumer electronics, medtech, and industrial markets.
• Balanced Armature Speakers: Miniature, high-fidelity speakers mainly for hearing health and True Wireless Stereo devices.
• Audio Processors: Electronic components that process and enhance audio signals for various applications.
• High-Performance Capacitors: Electronic components designed to store electrical energy for critical applications such as medical implants and power supplies.
• RF Solutions (Radio Frequency Products): Products utilizing radio frequency technology for applications in satellite communications, radar systems, and communications equipment.

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Jeffrey S. Niew, President and Chief Executive Officer

Mr. Niew has served as President and Chief Executive Officer of Knowles Corporation since 2013 and has been a Director since 2014. Prior to his current role, he was the Vice President of Dover Corporation and President and Chief Executive Officer of Dover Communication Technologies from 2011 to February 2014. He joined Knowles Electronics LLC in 2000 and held various management positions, including Chief Operating Officer (2007), President (2008), and President and Chief Executive Officer (2010). Earlier in his career, Mr. Niew held positions in product management, sales, and engineering at Littelfuse, Inc. (1995-2000) and various engineering and product management roles at Hewlett-Packard Company (1988-1994). He holds a Bachelor of Science degree in mechanical engineering from the University of Illinois at Chicago.

John S. Anderson, Senior Vice President & Chief Financial Officer

Mr. Anderson is the Senior Vice President and Chief Financial Officer of Knowles Corporation, where he oversees all financial functions and plays a critical role in developing and evaluating the company's capital structure and allocation strategy.

Robert J. Perna, Senior Vice President, General Counsel and Secretary

Mr. Perna serves as the Senior Vice President, General Counsel and Secretary for Knowles Corporation.

Daniel J. Giesecke, Senior Vice President & Chief Operating Officer

Mr. Giesecke holds the position of Senior Vice President and Chief Operating Officer at Knowles Corporation.

Raymond D. Cabrera, Senior Vice President & Chief Human Resources Officer

Mr. Cabrera is the Senior Vice President and Chief Human Resources Officer at Knowles Corporation.

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Here are the key risks to Knowles Corporation (KN):

1. Global Economic Uncertainty and End-Market Demand Fluctuations: Knowles Corporation faces significant exposure to global economic uncertainty, which can lead to volatility in demand across its diverse end markets, including consumer electronics, industrial, and MedTech. Management has acknowledged "macro level uncertainty" and "macroeconomic challenges," noting that a prolonged global manufacturing recession could specifically impact demand for its Precision Devices segment. The company's products and services have experienced significant end-market challenges, with sales declining annually over the last five years. Furthermore, customer inventory adjustments and softer end-market demand have driven revenue declines in segments like Consumer MEMS Microphones.
2. Customer Concentration, Intense Competition, and Pricing Pressures: Knowles relies on a limited number of original equipment manufacturer (OEM) customers for a substantial portion of its revenue, which poses a risk if these relationships falter or if these key customers reduce their orders. The audio component market, where Knowles operates, is highly competitive with numerous players, leading to significant pricing pressures. This competition, coupled with lower average pricing on mature products and increased factory costs, has contributed to declines in gross margins for segments like MedTech and Specialty Audio. Rapid technological changes within the industry also intensify competition and could render existing products obsolete, necessitating continuous innovation.
3. Supply Chain Risks and Geopolitical Tensions: Knowles' operations are vulnerable to supply chain disruptions due to its dependence on highly specialized suppliers. Ongoing U.S.-China trade tensions create supply chain uncertainty and the potential for new tariff risks, despite the company's efforts to mitigate direct tariff exposure (less than 5% of revenue is currently exposed to existing duties). Geopolitical instability also influences a trend toward supply chain reshoring and regionalization, which could impact the company's manufacturing footprint, largely based in Asia. Any sudden shifts in policy or disruptions in foreign operations could materially affect the company's results.

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Knowles Corporation (KN) operates in several markets for its main products and services. The addressable market sizes for these products and their associated regions are as follows:

• Micro-acoustic Microphones (MEMS Microphones): The micro electronic-acoustic device market, which includes MEMS microphones, is anticipated to expand globally from $2.88 billion in 2025 to $3.98 billion by 2030, reflecting a compound annual growth rate of 6.7%. The broader global microphone market is expected to reach $3.5 billion by 2028, with a market growth of 8.4% CAGR during the forecast period. Knowles divested its consumer MEMS microphone business in December 2024 to focus on advanced medtech microphones.
• Balanced Armature Speakers: The Global Balanced-armature Magnetic Speakers Market was valued at USD 50.1 million in 2024 and is projected to grow to USD 55.5 million by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 1.5% during the forecast period. This market encompasses applications in consumer electronics and the medical health field.
• High Performance Capacitors: The Global Capacitor Market is valued at approximately USD 39 billion. This market growth is driven by the increasing demand for electronic devices, renewable energy systems, and electric vehicles.
• Radio Frequency (RF) Products: While a specific overall market size for RF products was not explicitly found, Knowles' Precision Devices segment, which includes RF solutions, has seen increased demand from the electrification and defense sectors. The company expanded its total addressable market in July 2025 with the launch of high-performance inductors for mission-critical RF applications.

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1. Strategic Acquisitions: The acquisition of Cornell Dubilier is a significant driver, expected to bolster the Precision Devices segment by expanding capabilities in film, mica, and electrolytic capacitors, and diversifying revenue into the electrification markets. This acquisition has already shown contributions to growth in 2024 and is anticipated to continue driving future expansion.
2. Continued Growth in MedTech & Specialty Audio Segment: Knowles anticipates sustained growth in its MedTech and Specialty Audio segment, with projections of 2-4% organic growth annually. This growth is driven by increased demand in the hearing health market and the company's focus on high-value applications within this sector.
3. Expansion into High-Growth Industrial, Defense, EV, and Energy Markets: Knowles is strategically focusing on delivering differentiated solutions to high-growth industrial and defense sectors. This includes significant opportunities in electrification markets, highlighted by a multi-year order for high-performance capacitors in the energy sector, with at least $25 million expected to ship in 2026. The new Specialty Film product line also contributes to this expansion.
4. New Product Development and Adoption: The company emphasizes success in new product adoption and the continuous launch of high-value products. This includes new design wins in the MedTech market and the introduction of high-performance inductors for mission-critical RF applications, which expand the total addressable market and contribute to organic revenue growth.

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Share Repurchases

• Knowles completed a $271.5 million share repurchase program since 2020, resulting in the retirement of approximately 16.6% of its shares.
• The company's annual share buybacks totaled $65 million in 2025, $53.7 million in 2024, and $47.5 million in 2023.
• Knowles repurchased $20 million worth of shares in the third quarter of 2025 and $5 million in the first quarter of 2025.

Share Issuance

• In February 2026, Knowles granted performance share units (PSUs) to its Chief Operating Officer, Daniel J. Giesecke, with a target of 18,423 units and a grant date fair value of $500,000.
• The company's President and CEO, Jeffrey Niew, and SVP, General Counsel and Secretary, Robert J. Perna, had shares withheld to cover taxes upon the vesting of restricted stock grants in February 2026, indicating prior issuances of such grants.

Capital Expenditures

• Knowles reported capital expenditures of $29 million and $30 million in recent quarters.
• Projected capital expenditures include $48.6 million and $32.1 million in recent or upcoming periods.
• The company is ramping a major energy market order, with specialty film capacity expected to be fully operational by the end of Q2 2026, suggesting capital investment in this area.