IPG Photonics Corp
ipgphotonics.comWhat Do They Do?
Sells fiber lasers, amplifiers and laser-based systems to equipment manufacturers, system integrators and end users.
10-K for FY2025, filed Feb 23, 2026
How Do They Make Money?
Customers buy lasers, systems and related products, usually on purchase orders. Most product sales are tied to shipment or delivery, while large customized materials-processing systems are sold over the course of the work.
10-K for FY2025, filed Feb 23, 2026Net sales. We derive net sales primarily from the sale of fiber lasers, fiber amplifiers, diode lasers, laser and non-laser based systems…View ↗
Sales of our products are generally recognized upon shipment, provided that no obligations remain and collection of the receivable is…View ↗
Revenue Recognition at a Point in Time — Revenues recognized at a point in time consist primarily of product, installation and service…View ↗
The Company recognizes revenue over time on contracts for the sale of large scale materials processing systems. The timing of customer…View ↗
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10-K for FY2025, filed Feb 23, 2026
FY2025 revenue by product or service ↗
$1B
-
10-K for FY2025, filed Feb 23, 2026
$1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
High Power Continuous Wave ("CW") Lasers
Sold outright
10-K for FY2025, filed Feb 23, 2026 |
31%
FY2022: 43%
|
High Power Continuous Wave ("CW") Lasers, FY2025
$308.8M Sources
|
Sold outright |
|
Medium Power CW Lasers
Sold outright
|
8.8%
FY2022: 5.4%
|
Medium Power CW Lasers, FY2025
$88.2M Sources
|
Sold outright |
|
Pulsed Lasers
Sold outright
10-K for FY2025, filed Feb 23, 2026 |
14%
FY2022: 18%
|
Pulsed Lasers, FY2025
$143.3M Sources
|
Sold outright |
|
Quasi-Continuous Wave ("QCW") Lasers
Sold outright
|
5.2%
FY2022: 3.5%
|
Quasi-Continuous Wave ("QCW") Lasers, FY2025
$51.8M Sources
|
Sold outright |
|
Laser and Non-Laser Systems
|
15%
FY2022: 11%
|
Laser and Non-Laser Systems, FY2025
$147.2M Sources
|
|
|
Other Revenue including Other Lasers, Amplifiers, Service, Parts, Accessories
Sold outright
10-K for FY2025, filed Feb 23, 2026 |
26% |
Other Revenue including Other Lasers, Amplifiers, Service, Parts, Accessories, FY2025
$264.5M Sources
|
Sold outright |
Who Are Their Customers?
OEMs, system integrators and end users buy globally, mainly through IPG's direct sales force. OEMs also sell systems built with IPG products; independent representatives and distributors sell IPG products too, especially LightWELD.
10-K for FY2025, filed Feb 23, 2026We sell our products globally to original equipment manufacturers ("OEMs"), system integrators and end users. We market our products…View ↗
We market our products internationally primarily through our direct sales force. Our direct sales force sells to end users, OEMs and…View ↗
We sell our products globally to OEMs, system integrators and end users in a wide range of diverse markets who have the in-house…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 3 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$3.5M.
10-K for FY2025, filed Feb 23, 2026
$13.1MView ↗
10-K for FY2025, filed Feb 23, 2026
$31.1MView ↗
10-K for FY2025, filed Feb 23, 2026
−$3.5MView ↗
How Are They Changing?
-
Sep 8, 2026
Agreed to acquire Lumibird Medical
The €300 million price, plus up to €50 million in earn-out payments, is payable at closing; closing is expected in the fourth quarter of 2026, subject to approvals.
Sources
8-K, filed Sep 8, 2026
Pursuant to the Put Option Agreement, following completion of the information and consultation process with the works council of the…View ↗
Shrinking. Revenue fell 31% in 4 years, from $1.5B in FY2021 to $1B in FY2025, about 9% a year.
Surface-cleaning systems
The latest report describes laser-based surface preparation and cleaning systems as an addition to its system lineup, while the older report already described laser and non-laser systems.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 23, 2026We are vertically integrated. We design and manufacture most of the key components used in our finished products, from semiconductor diodes…View ↗
In addition to selling laser sources, we also offer a range of integrated and custom-developed laser systems designed to meet specific…View ↗
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