IPG PHOTONICS CORP

Listed Company

IPGPCIK 0001111928NasdaqLarge AcceleratedSemiconductors & Related DevicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.00B

Net Income

$31.10M

Total Assets

$2.42B

Equity

$2.13B

Shares Out

42.19M

Op. Cash Flow

$75.34M

Business

IPG PHOTONICS CORP develops, manufactures and sells high-performance fiber lasers, fiber amplifiers, diode lasers and laser-based systems for diverse industrial, medical and advanced applications. Its main products include continuous wave, quasi‑CW and pulsed fiber lasers across multiple wavelengths, packaged semiconductor diodes, optical delivery accessories and integrated laser and non‑laser systems. The company operates through product lines serving materials processing, medical procedures and advanced/scientific applications, and also provides complementary accessories and custom systems. It sells globally to OEMs, system integrators and end users primarily via a direct sales force with worldwide sales, service and application centers.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	1,004	977	1,287	1,430	1,461
Cost of sales	622	639	746	874	764
Gross profit	381	338	542	555	696
Sales and marketing	98	90	86	77	78
Research and development	117	110	99	116	140
General and administrative	143	124	126	131	126
Net loss from divestitures and sale of assets	0	190	0	−32	0
Impairment of long-lived assets	0	27	1	80	0
Restructuring charges (recoveries), net	601,000	0	−288,000	10	—
Loss (gain) on foreign exchange	9	6	−1	4	−15
Total operating expenses	368	546	310	386	329
Operating income (loss)	13	−208	232	170	368
Interest income, net	30	45	42	13	−2
Other income, net	2	899,000	1	1	437,000
Total other income	32	46	43	14	−1
Income (loss) before provision for income taxes	45	−162	275	183	366
Provision for income taxes	14	20	56	73	89
Net income (loss)	31	−182	219	110	278
Basic (in dollars per share)	0.73	−4.09	4.64	2.17	5.21
Diluted (in dollars per share)	0.73	−4.09	4.63	2.16	5.16
Basic (in shares)	42	44	47	51	53
Diluted (in shares)	43	44	47	51	54

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	404	620	515	698	709
Short-term investments	436	310	663	479	805
Accounts receivable, net	182	171	219	211	262
Inventories	313	285	454	509	461
Prepaid income taxes	43	18	26	41	37
Prepaid expenses and other current assets	46	27	38	47	73
Total current assets	1,423	1,431	1,915	1,986	2,348
Long-term investments	77	0	—	—	—
Deferred income taxes, net	124	115	89	75	48
Goodwill	72	67	39	38	39
Intangible assets, net	50	55	26	34	53
Property, plant and equipment, net	638	588	602	581	635
Other assets	41	32	28	29	49
Total assets	2,424	2,289	2,699	2,743	3,171
Accounts payable	39	35	29	46	56
Accrued expenses and other current liabilities	185	152	181	203	231
Income taxes payable	10	18	5	10	9
Total current liabilities	234	205	215	275	313
Other long-term liabilities and deferred income taxes	62	60	69	83	94
Total liabilities	296	265	284	358	423
Commitments and contingencies (Note 13)	—	—	—	—	—
Common stock, $0.0001 par value, 175,000,000 shares authorized; 56,964,939 and 42,127,067 shares issued and outstanding, respectively, at December 31, 2025; 56,632,974 and 42,548,561 shares issued and outstanding, respectively, at December 31, 2024.	6,000	6,000	6,000	6,000	6,000
Treasury stock, at cost, 14,837,872 and 14,084,413 shares held at December 31, 2025 and December 31, 2024, respectively.	−1,556	−1,505	−1,162	−938	—
Additional paid-in capital	1,077	1,035	994	951	908
Retained earnings	2,645	2,614	2,795	2,577	2,467
Accumulated other comprehensive loss	−38	−119	−213	−205	−190
Total stockholders' equity	2,128	2,024	2,415	2,385	2,747
Total liabilities and stockholders' equity	2,424	2,289	2,699	2,743	3,171

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	67	61	70	91	96
Deferred income taxes	−14	−26	−14	−28	−7
Stock-based compensation	43	37	40	38	38
Impairment of long-lived assets and restructuring (recoveries), net	0	27	−486,000	80	0
Unrealized (gain) loss on foreign currency transactions	−822,000	1	−4	−592,000	−9
Provisions for inventory, warranty and bad debt	43	90	61	154	68
Amortization of premium/discount on investments	−14	−18	−25	−5	3
Other	5	4	5	6	6
Accounts receivable	−5	47	−10	34	−2
Inventories	−53	48	2	−189	−150
Prepaid expenses and other current assets	−11	7	−2	23	−24
Accounts payable	4	−2	−16	−12	31
Accrued expenses and other current liabilities	10	−37	−45	−44	25
Income and other taxes payable	−31	−679,000	17	−14	36
Net cash provided by operating activities	75	248	296	213	390
Purchases of and deposits on property, plant and equipment	−79	−99	−110	−110	−123
Proceeds from sales of property, plant and equipment	922,000	29	31	27	1
Purchases of investments	−943	−713	−1,233	−1,117	−1,941
Proceeds from maturities of investments	755	1,083	1,074	—	—
Acquisitions of businesses, net of cash acquired	505,000	−67	0	−2	0
Net cash outflow from divestiture	0	−25	0	53	0
Other	43,000	427,000	558,000	−43,000	−2
Net cash (used in) provided by investing activities	−265	209	−238	297	−416
Principal payments on long-term borrowings	0	0	−16	−18	−4
Payments for taxes related to net share settlement of equity awards less proceeds from issuance of common stock under employee stock option and purchase plans	−1	4	3	—	—
Purchase of treasury stock, at cost including excise tax	−53	−344	−223	−500	−135
Net cash used in financing activities	−54	−340	−236	−515	−125
Effect of changes in exchange rates on cash and cash equivalents	28	−12	−6	−6	−18
Net (decrease) increase in cash and cash equivalents	−216	105	−184	−11	−169
Cash paid for interest	226,000	277,000	1	3	3
Cash paid for income taxes	57	41	63	113	63
Cash paid for excise tax on net share repurchases	3	2	0	—	—
Demonstration units transferred from inventory to other assets	8	7	5	5	6
Inventory transferred to machinery and equipment	3	3	3	—	—
Additions to property, plant and equipment included in accounts payable	4	6	3	1	816,000
Leased assets obtained in exchange for new operating lease liabilities	8	6	4	8	7
Excise tax on net share repurchases accrued in period	289,000	3	2	—	—

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