Ubiquiti

Sources - 25

Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.

1. S01primarycompany filing2026-08-21
   Ubiquiti Form 10-K for the fiscal year ended June 30, 2026
   Item 1 business and competitor list, the risk factors, the full income statement, balance sheet and cash flow, the product and geographic revenue split, distributor-versus-webstore mix, the customer and receivable concentration tables, the tariff and Customs disclosures, the buyback and dividend notes, the properties table, six holders of record, and the Legal Matters note
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2. S02primarycompany filing2026-08-21
   Ubiquiti fourth quarter and full year fiscal 2026 results release, Exhibit 99.1 to the 8-K filed 2026-08-21
   the quarterly product and geographic tables, GAAP against non-GAAP earnings per share, the component-cost warning, the dividend intention for fiscal 2027, and the absence of any revenue or earnings guidance
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3. S03primarycompany filing2025-10-24
   Ubiquiti definitive proxy statement (DEF 14A), ownership table as of 2025-10-17
   Robert Pera's beneficial ownership, the four-person board, and the related-party sales to the Memphis Grizzlies
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4. S04primaryvendor data2026-09-16
   Ubiquiti research pack, frozen beside this thesis

   content/UI/research-pack.json
   price and the return series, the price-move decomposition, the analyst rating history and estimate panel, price-target drift, the derived multiples against their six-year medians, FINRA short interest, the insider roster, and the filed competitor cohort
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5. S05primarycompany filing2026-09-02
   Cisco Systems Form 10-K for the fiscal year ended July 25, 2026 CSCO
   Cisco's own selling and administrative expense ratio, its gross and operating margins, revenue by product category, and the statement that its Networking growth came from AI infrastructure
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6. S06primarycompany filing2026-02-25
   Fortinet Form 10-K for the year ended December 31, 2025 FTNT
   Fortinet's own expense ratios and margins, and its self-description as a network-security company selling through distributors to resellers and managed security service providers
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7. S07primarycompany filing2025-12-18
   Hewlett Packard Enterprise Form 10-K for the year ended October 31, 2025, and its XBRL segment instance for the quarter ended 2026-07-31 HPE
   HPE's own expense ratios and group operating margin, and the Networking and Campus & Branch segment revenue that sizes the part of HPE which actually competes
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8. S08primarycompany filing2026-06-30
   Extreme Networks annual XBRL facts for the fiscal year ended June 30, 2026 EXTR
   Extreme's own selling and administrative expense ratio, gross margin and operating margin
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9. S09primarycompany filing2025-12-31
   NETGEAR annual XBRL facts for the year ended December 31, 2025 NTGR
   NETGEAR's own expense ratio and margins - the one comparator in the set that sells at Ubiquiti's price point and loses money doing it
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10. S10primaryother2026-09-16
    Cisco Meraki licensing guidelines and licensing FAQs Cisco Systems
    the incumbent's own statement that each device requires a licence to function, that licences and hardware are sold separately, and that an out-of-compliance estate is shut down after thirty days

    the organization will enter a 30-day grace period, during which the organization must be brought back into compliance, otherwise it will be shut down until proper licensing is applied to the organization

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11. S11primarygovernment data2026-09-16
    USAC E-Rate Form 471 line-item open data, funding years 2019 to 2026 Universal Service Administrative Company
    what US schools actually pay, by manufacturer, per unit - access points, switches and licences - from the applicants' own filed funding requests, and the unit volumes behind them. The quote is one line item verbatim; every aggregate in the ledger is computed over this dataset with SoQL, grouping on form_471_manufacturer_name and form_471_function_name and summing one_time_quantity and pre_discount_extended_eligible_line_item_costs for funding_year >= 2024, so any figure can be re-run against the same endpoint.

    form_471_manufacturer_name":"Meraki","model_of_equipment":"MS390 48-port Enterprise License and Support, 5 Year","one_time_eligible_costs":"2243.66"

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12. S12primaryregulator2026-03-23
    FCC Office of Engineering and Technology Public Notice DA 26-286, ET Docket No. 21-232 FCC
    the date and scope of the Covered List addition, and the NIST definition that limits it to consumer-grade devices primarily intended for residential use

    On March 23, 2026, the FCC added to the Covered List Routers produced in a foreign country, except routers which have been granted a Conditional Approval by DoW or DHS

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13. S13primarygovernment data2026-09-16
    BLS Quarterly Census of Employment and Wages - annual 2024 US totals, and the published CSV field layout behind them Bureau of Labor Statistics
    the count of US establishments - 12,057,370 in total and 11,750,888 private, read from data.bls.gov/cew/data/api/2024/a/area/US000.csv - and the bureau's own definition of the field, which is the annual average of quarterly establishment counts

    annual_avg_estabs Numeric 8 Annual average of quarterly establishment counts for a given year

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14. S14primaryother2026-09-16
    Ubiquiti US online store, category listings for cameras and recorders, cloud gateways, switching and WiFi
    the live US price list, showing a named Memory surcharge and a named Tariff surcharge added on top of the base price of most listed products

    "minDisplayPrice":{"amount":19900,"currency":"USD"},"minDisplayPriceWithSurcharges":{"amount":22800,"currency":"USD"},"productSurchargeTypes":["Memory","Tariff"]

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15. S15primaryother2026-09-16
    US federal court dockets naming Ubiquiti Inc., via CourtListener's RECAP search API US federal courts
    the Delaware class action, the Southern District of New York action brought by Ukrainian plaintiffs, Ubiquiti's own Court of International Trade case against the United States, and eight patent infringement suits since 2022

    JAMES HIGGINS, individually and on behalf of all others similarly situated, Plaintiff, v. UBIQUITI INC., CLASS ACTION COMPLAINT JURY TRIAL DEMAND

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16. S16secondaryanalyst2026-01-27
    Hunterbrook Media, "Ubiquiti: The U.S. Tech Enabling Russia's Drone War" Hunterbrook Media
    the 80% radio-bridge estimate and its single-officer provenance, the finding that diversion ran through distributors and third countries rather than direct sales, and the publisher's own disclosure that its fund was short the stock

    Based on Hunterbrook Media's reporting, Hunterbrook Capital is short $UI and long a basket of comparable securities at the time of publication.

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17. S17tertiarynews2026-08-12
    Global Investigations Review, "New York tech company sued over alleged role in Russian strikes" Global Investigations Review
    that the Southern District of New York action is brought by seven Ukrainian plaintiffs and what it pleads - the docket gives the caption and date, this gives the substance

    Ubiquiti allowed its encrypted radio products to aid the Russian military's "human safari" drone operations against civilians

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18. S18primaryother2026-09-16
    TP-Link Omada software-defined networking product pages, US site TP-Link Technologies
    that the nearest imitation of the UniFi model is generally available in the US today, in cloud, hardware and software controller forms, and that its range now includes security cameras and video recorders

    Omada's Software-Defined Networking (SDN) platform integrates network devices, including access points, switches, and routers. It provides 100% centralized cloud management and a highly scalable network controlled from a single interface.

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19. S19primarygovernment data2026-09-10
    Ukraine Defence Intelligence "War & Sanctions" register of foreign components in the aggressor's weapons Ukraine Defence Intelligence (GUR)
    that the one state register of foreign parts found inside Russian weapons carries no Ubiquiti entry in its manufacturer index - and that it catalogues components inside weapons rather than commercial equipment used alongside them, so it is the wrong instrument for this question

    The world`s only open database portal of foreign-produced weapon components Total number: 6 107 Components 207 Weapon Units Updated: 10.09.2026

    read, but no claim rests on it
20. S20primarytranscript2018-08-24
    Ubiquiti Networks fourth quarter fiscal 2018 earnings call, held 2018-08-24 - the last one
    Robert Pera's own account of the channel's inability to hold stock and of chronic stock-outs; three analyst questions, from BMO and JMP, and nothing since
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21. S21secondaryvendor data2026-09-16
    FMP published earnings-transcript coverage list
    that Ubiquiti is covered with 27 transcripts and that the newest is fiscal 2018 Q4 - so the absence of a recent call is the company's choice and not a coverage gap
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22. S22primaryregulator2026-09-11
    Federal Register, FCC equipment-authorisation security rulemakings, 2026 Office of the Federal Register / FCC
    the September 2026 component-part rule and the August 2026 proposals on hardware and software bills of materials - the compliance load the whole category now carries - and the absence of any Federal Register notice of a final Commerce determination on TP-Link

    The Commission closes a component-part loophole by prohibiting authorization of devices that incorporate logic-bearing hardware components produced by an entity identified on the Commission's Covered List

    read, but no claim rests on it
23. S23tertiarynews2026-09-10
    SBS Law investor wires on Business Wire, 2026-08-18 and 2026-09-10 SBS Law
    that a plaintiff firm is soliciting shareholders over the Russia allegations - a solicitation rather than a proceeding, and the only reason this appeared in the news filter at all
    read, but no claim rests on it
24. S24primarycompany filing2023-08-25
    Ubiquiti Form 10-K for the fiscal year ended June 30, 2023
    the fiscal 2021 to 2023 income statements and cash flows: research and development, sales, general and administrative, the $618.1M fiscal 2022 buyback and the dividends paid
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25. S25primarycompany filing2025-12-05
    Ubiquiti Form 8-K filed 2025-12-05 (Items 3.01 and 5.07)
    director Ronald Sege's death on 2025-11-30, the vacant Class II seat, the two-member audit committee and the NYSE notice of non-compliance of 2025-12-04, and the 2025 annual meeting vote
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