JDI’s previous statement denying claims it sought aid from top shareholder INCJ was overturned on Tuesday.

JDI admitted it asked INCJ, a Japanese government backed company, for financial aid, according to a Nikkei report, 

“We have received assurance from INCJ of its full support,” said JDI Chairman and CEO Mitsuru Homma at a press conference in Tokyo on Tuesday.

“We encountered a temporary financial shortage, mainly because smartphone demands dropped sharply during the first three months in 2016, and our inventory increased in late May,” he explained. “Moreover, our finances were strained by equipment expenditure at the new manufacturing site in Hakusan, Ishikawa Prefecture.”

Responding to JDI’s latest statement, an INCJ spokesperson stated: “As a top shareholder, INCJ will definitely assist JDI, but it might not be in the form of financial aid, and what the assistance entails will depend on future negotiations.”

A Kyodo report estimated if OLED panel and equipment investments are included in the financial aid package, the total sum INCJ injects into JDI might reach 10 billions of Japanese Yen.

Homma’s statement hints JDI’s tightening finances were the result of over relying on Apple, reported Thomson Reuters. A Financial Times report also noted 53.7% of JDI’s revenue source is from Apple, and the company was especially hard hit in June 2016 when iPhone sales dropped 15% YoY in the three months to June.

For fiscal year of 2015 (from April 2015-March 2016), Apple contributed 531.4 billion Japanese Yen to JDI’s revenue, up 65% compared to 2014, according to data published by the Japanese display vendor.  

JDI share value dropped 5.17% to 165 Japanese Yen this morning, shortly after the announcement.

The company’s consolidated revenue for last quarter (April to June 2016) declined 29.2% to 174.34 billion Japanese Yen. The company’s consolidated loss was 3.41 billion Japanese Yen, setting two consecutive quarters of loss. The company’s net loss also widened to 11.8 billion Japanese yen, compared to 461 million during the same period in 2015.

JDI estimates its consolidated revenue for next quarter (July to September 2016) will drop 19.8% to 210 billion Japanese Yen, and will turn around losses to post a consolidated profit of 1 billion Japanese yen. Still, the company’s estimated profit has seen 88% of its value wiped out, compared to its results from fiscal second quarter of 2015.