People think USA manufacturing is impossible because of labor. Thats not true with a lot of goods. Making ridge wallets is mostly automated. Per unit, no real labor cost difference between the USA and China. The biggest challenges for making it in the USA: - Comercial real estate It’s about 3-10x more expensive per square foot in the USA vs China. Just makes it really hard to plan and expand - raw materials I am too dumb to know about this, but does the Chinese government subsidized raw goods? USA aluminum is 100% more expensive than Chinese aluminum. Same finished product (on the label at least) - finishing We anodize and polish all our plates. Anodizing is very hard to do in America. It’s about 100% more expensive to finish a wallet in the US vs China. We are currently on track to have 20% of total wallets made in the USA for q4. This has been a challenge because as the business grows, the need for MORE wallets grows, and the capacity in the USA is mostly fixed. I wanted to get to 50% for q4, but can’t be done. The finished goods will end up being 80% more expensive. But if tarrifs go to 50%, and I don’t have to worry about sea freight, it’s more of a wash. The machines are the same, here or China, and the machines are the same price. 1 human can run 4-8 machines at once. So maybe 10-20 humans run the factory. Labor costs aren’t making a dent. It’s the cost of real estate, the cost of raw materials, and the cost of finishing (regulation) driving it up. We already have 10,000s of thousand of units being produced. But we need to get to 100,000s per month to make a dent.

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