Import & market apple computer & communication products.
iCon Group ended 2025 with stronger liquidity and a lighter balance sheet, but the quality of improvement still depends mainly on strong Apple retail execution, working-capital release and easier financing, not yet on mature diversification engines.
Visual and the new backlog do give iCon a second platform beyond Apple, but as of year-end 2025 they still reduce dependence mainly at the level of direction and visibility, not at the level of actual weight.
The renewals through January 2029 reduced the immediate expiry risk around the Apple activity, but they did not change the character of dependence: the agreements remain non-exclusive, ADI still holds broad exit and control rights, and the service agreement still ends on April 3…
iCon's 2025 cash improvement was real, but it came mainly from working-capital release and lower reliance on short-term bank debt, not from a matching step-up in recurring cash-generation power.
