ADVANCED ENERGY INDUSTRIES INC Revenue Disclosure
NOTE 3. REVENUE
Disaggregation of Revenue
The following tables present additional information regarding our revenue:
Revenue by Market
Years Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
(in millions) | |||||||||
Semiconductor Equipment | $ | 839.9 | $ | 792.5 | $ | 743.8 | |||
Data Center Computing | 587.3 | 284.2 | 249.9 | ||||||
Industrial and Medical |
| 282.3 |
| 316.2 |
| 474.4 | |||
Telecom and Networking | 89.3 | 89.1 | 187.7 | ||||||
Total | $ | 1,798.8 | $ | 1,482.0 | $ | 1,655.8 | |||
Revenue by Significant Countries
Years Ended December 31, |
| |||||||||||||||
| 2025 | | 2024 | | 2023 |
| ||||||||||
(in millions) | ||||||||||||||||
United States | $ | 541.4 | 30.1 | % | $ | 508.7 | 34.3 | % | $ | 598.4 | 36.1 | % | ||||
Mexico | 252.8 | 14.1 | 160.1 | 10.8 | 123.5 | 7.5 | ||||||||||
Taiwan | 130.2 | 7.2 | 159.6 | 10.8 | 124.2 | 7.5 | ||||||||||
Japan | 218.2 | 12.1 | 53.6 | 3.6 | 62.5 | 3.8 | ||||||||||
All others | 656.2 | 36.5 | 600.0 | 40.5 | 747.2 | 45.1 | ||||||||||
Total | $ | 1,798.8 | | 100.0 | % | $ | 1,482.0 | | 100.0 | % | $ | 1,655.8 | | 100.0 | % | |
We attribute revenue to individual countries and regions based on the customer’s ship to location. Aside from the specific countries listed above, no individual country exceeded 10% of our total consolidated revenues during the periods presented.
Revenue by Category
Years Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
(in millions) | |||||||||
Product | $ | 1,614.9 | $ | 1,315.7 | $ | 1,484.0 | |||
Services and other | 183.9 |
| 166.3 |
| 171.8 | ||||
Total | $ | 1,798.8 | | $ | 1,482.0 | | $ | 1,655.8 | |
Other revenue includes certain spare parts and products sold by our service group.
Significant Customers
During the year ended December 31, 2025, three customers accounted for 23%, 19%, and 12% of our total revenue, respectively. During the year ended December 31, 2024, two customers accounted for 26% and 11% of our total revenue, respectively. During the year ended December 31, 2023, one customer accounted for 22% of our total revenue.
As of December 31, 2025, the account receivable balance from three customers accounted for 26%, 10%, and 20%, respectively, of our total accounts receivable. During the year ended December 31, 2024, two customers accounted for 25% and 14%, respectively, of our total accounts receivable. No other customer’s account receivable exceeded 10% of our total accounts receivable in the periods presented.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Mar 16, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 21, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.