IPG Photonics Corporation

The grade, in three tenses

Headline 5.3 out of ten, 9 of 9 metrics filed: past 6.2 out of ten, present 5.5 out of ten, future 4.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 3.5 out of ten. -0% a year over 10 filed years; profitable in 9 of 10. 35th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 9.5 out of ten. Share count shrank 5.7% a year. 100% of cash flow returned. Insiders: 44 sales, 2 purchases. 95th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 6.7 out of ten. ROE 1%: 1¢ of profit per shareholder dollar. Leverage 12%: owes 12¢ per asset dollar. 67th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 4.5 out of ten. bottom 45% of 97 in its family; net margin 3.1%. 45th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 4.5 out of ten. bottom 45% of 66 in its family for leadership; chief executive since 2024. 45th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 4.4 out of ten. bottom 44% of 94 in its family for room to expand. 44th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.0 out of ten. bottom 30% of 93 in its family for growth drivers. 30th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.1 out of ten. top 49% of 88 in its family for expectations against reality. 51st percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-23 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-04 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-04 (on EDGAR). Newest filing: Form 4, 2026-10-06. Filings on record since 2000. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-23.

The people

Mark Gitin has been chief executive since June 2024. He came from MKS, where he ran the Photonics Solutions Division, and before that spent March 1995 to September 2017 at Coherent, where his posts included running its diodes, fibers and systems unit; both companies appear on IPG's own list of competitors. He succeeded Eugene Scherbakov, chief executive from May 2021 to June 2024, who had run IPG's German subsidiary from August 2000, has sat on the board since September 2000 and now serves as a senior advisor. The founder, the late Valentin Gapontsev, had been chief executive and board chair. [1, 2, 3, 4, 5]

Much of the rest of the team is long-serving. Timothy Mammen has been chief financial officer since July 2000, after running the finances and UK operations of IPFD, a company the founder created; Angelo Lopresti, a former partner at the law firm Winston & Strawn, has been general counsel since February 2001. Igor Samartsev, a co-founder, has been chief scientist since February 2022, after serving as chief technology officer from 2011. Trevor Ness, at IPG since January 2011, became chief revenue officer in September 2025, in charge of sales, service and the defense business. The newest executive officer, Paulus Bucher, joined in June 2025 from Adtran to run global operations, one of several senior hires the proxy statement says Gitin led in 2025. [6, 7, 8, 9, 10, 11, 12, 13, 14, 15]

The founder's circle still carries great weight. IP Fibre Devices (UK) Ltd., whose sole managing director is Eugene Scherbakov, and trusts the founder created together own about 36% of the common stock; Scherbakov is also one of the trustees, and the filing says they have significant influence on director elections and major transactions. Seven of the ten board nominees are independent. John Peeler, a former chief executive of Veeco Instruments and a director since 2012, has chaired the board since October 2021; the directors include Eric Meurice, chief executive of ASML from 2004 to 2013, and Natalia Pavlova, a significant stockholder, a former IPG sales and marketing employee and the spouse of Igor Samartsev. [16, 17, 18, 19, 20, 21, 22, 11]

At the end of 2025 IPG had about 4,840 full-time employees: 3,590 in manufacturing and service, 440 in research and development, 390 in sales and marketing and 420 in general and administrative work. They are spread over more than thirty locations in twenty-four countries, with about 2,070 in the United States and 1,650 in Germany. The company says it has never had a work stoppage and that no employee at its principal factories is covered by a collective bargaining agreement, meaning a union contract. [23, 24, 25]

How it operates

IPG makes fiber lasers, fiber amplifiers, diode lasers and laser-based systems, used mainly to process materials and also in medicine and in advanced applications such as directed energy, sensing and spectroscopy. In a fiber laser, semiconductor diodes pump light into a specialty optical fiber about as thin as a human hair and laced with rare earth elements; the beam forms inside the fiber and leaves through a flexible cable. Its lasers run from 1 watt to 1,000 watts and above, as a steady beam (CW, continuous wave), in long pulses (QCW, quasi-continuous wave) or in pulses as short as femtoseconds. Around them it sells delivery cables, couplers, beam switches, chillers and scanners, and it builds complete systems: LightWELD handheld welders, precision systems for medical device makers, flat-sheet cutters, laser cleaning systems and, through its Genesis Systems Group subsidiary, robotic welding and automation. [26, 27, 28, 29, 30, 31, 32, 33, 34]

It sells to OEMs (original equipment manufacturers, meaning machine builders that put its lasers into their own machines), to system integrators and to end users, mainly through its own sales force; once a laser is designed into an OEM's machine, the OEM's own sales force markets that machine. It has thousands of customers and no dominant one: the five largest took 16% of 2025 sales, up from 13% in each of the two years before, though a single customer accounted for 11% of what customers owed it at the end of 2025. Materials processing brought in 85.7% of 2025 sales, medical procedures 7.4% and advanced applications 6.9%. In medicine it makes complete thulium fiber laser systems and consumable fibers for urology, for treating an enlarged prostate and breaking up urinary stones, and it sells complete medical systems and fibers to medical technology companies that sell them under their own names. In 2023 it formed a partnership with Miller Electric, a leading maker of arc welding products, to promote handheld laser welding. [35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45]

IPG is vertically integrated, meaning it makes most of the key parts of its products itself. It runs its own semiconductor foundry for the diodes that pump its lasers, and makes optical preforms and specialty fiber, optical components, fiber laser modules, power supplies, electronics, chillers and cabinets before final assembly. It buys some wafer substrates, diode packages, optics and beam delivery parts from single or limited-source suppliers, which it describes as relatively small private companies, some of them competitors. Its factories are in the United States, Germany, Italy and Poland; its largest sites include Burbach, Germany (586,800 square feet: fiber, components and complete devices) and Oxford, Massachusetts (550,300 square feet: diodes, components and complete devices). Owning so much plant means high fixed costs, so, by the filing's own account, gross margin rises and falls with sales volume and how fully the factories run. [46, 47, 48, 49, 50, 51, 52, 53, 54]

Most of its sales are made outside the United States, and it does business in the local currency of most countries where it operates. China, which the filing calls its largest market, took 29% of 2025 sales, up from 25% a year earlier, and is supplied with finished products from the US and German factories. North America, mostly the United States, took 26.6%; Germany 10.5% and the rest of Europe 13.8%; Japan 6.6% and the rest of Asia 12.1%. Sales are generally made on purchase orders rather than long-term purchase commitments. [55, 56, 57, 58, 59, 60]

The specifics

The filing credits fiber lasers with being more reliable, efficient, compact and easier to run than the gas, crystal and solid-state lasers industry first used, and IPG says it makes the highest power solid-state lasers in the industry, with ytterbium fiber lasers of up to 125,000 watts. It holds that making its own key parts lowers its costs and improves performance: it grows its diode wafers by molecular beam epitaxy, a way of building crystals layer by layer, and tests every diode at high current and temperature to weed out weak ones. It protects this with over 900 issued patents and over 450 pending applications at the end of 2025, alongside trade secrets and contracts, and says the business as a whole does not depend on any single patent. [61, 62, 63, 64, 65, 66, 67, 68]

Competition is stiff, and prices fall as products mature. In materials processing it names Coherent, JPT Opto-Electronics, Laserline, Lumentum, Maxphotonics, MKS Instruments, nLight, Trumpf and Wuhan Raycus, and warns that rivals, particularly in China, have cut prices to win share, that Asian makers are starting to export beyond Asia, and that some customers make competing products for their own use. Trumpf also took IPG to court: in December 2024 its affiliates sued IPG's German subsidiary in two Unified Patent Courts located in Germany, saying IPG's adjustable mode beam lasers, used in welding and cutting, infringed two patents. The courts upheld the patents and found infringement in February and March 2026; under a settlement effective May 1, 2026, IPG paid a lump sum, recording 13.5 million dollars of settlement charges in the first half, and took a worldwide license to both patents in exchange for a royalty. [69, 3, 70, 71, 72, 73, 74, 75, 76, 77]

The business began operations in 1990 and was incorporated in Delaware in 1998, and recent years remade it. It sold its telecom transmission product lines in August 2022. After the Russia-Ukraine conflict and sanctions curtailed its shipments to and from its Russian operations, it sold its Russian subsidiary, IRE-Polus, in August 2024 to a buyer tied to Softline Projects and IRE-Polus's own management for 51.1 million dollars, at a loss of 197.7 million. EU sanctions restricted its Belarus plant from supplying laser cabinets and other mechanical parts to its German operations after October 2024, and in the second quarter of 2026 it agreed to sell that business. In December 2024 it bought cleanLASER, a maker of laser cleaning systems, paying 66.7 million dollars in cash. On September 8, 2026 it signed an agreement to buy Lumibird Medical, a French maker of diagnostic and laser treatment systems for the eye with more than 450 employees, for 300 million euros in cash plus up to 50 million euros more tied to 2026 and 2027 results, which it expects to pay from cash on hand; closing, subject to French approvals, is expected in the fourth quarter of 2026. [78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92]

Rules reach the business in several ways. Most of its lasers sold in the United States are Class IV laser products, the highest of the laser hazard classes, under the FDA's radiological health rules, which require self-certification, product reports and labeling. Its trade falls under US, European and German export controls and sanctions, including the US rules on arms exports, and its CROSSBOW counter-drone systems, offered to governments and other authorized buyers, face additional regulation of their own. Tariffs cut its 2025 gross margin by about 120 basis points (hundredths of a percentage point); after the Supreme Court held in February 2026 that the emergency economic powers law does not authorize tariffs, it applied for refunds, and it recognized 5.1 million dollars of tariff recoveries in the first half of 2026. [93, 94, 95, 96, 97, 98, 99, 100, 101]

What drives growth, line by line

Revenue rose 2.7% in 2025 to 1,003.8 million dollars, the first rise since 2021, after a 24% fall in 2024. Materials processing, 85.7% of sales, was flat: lower sales for cutting were offset by cleaning, mainly thanks to the cleanLASER purchase, and by additive manufacturing (building metal parts layer by layer), micromachining, drilling and annealing. Sales for other uses rose 19.9%, led by advanced applications and medical procedures. By region, China grew 19.1% to 291.9 million dollars, 29.1% of sales, and North America rose 3.2%. Europe fell, which the filing puts down to weaker cutting and welding and the sale of the Russian business, partly offset by cleaning and additive manufacturing: Germany rose 19.8% while the rest of Europe fell 29.7%. [102, 103, 104, 105, 59, 106]

High Power Continuous Wave CW Lasers. The largest line and the one that shrank most: 308.8 million dollars, 30.8% of 2025 revenue, down 7.2%, and down from 41% of revenue two years earlier. These are lasers of 1,000 watts and more; the filing lists continuous wave lasers of that power for welding and for cutting. It gives no reason line by line, but its account of the year points to lower sales for cutting and, in Europe, lower cutting and welding sales. [59, 107, 30, 108, 109, 104, 106]

Amplifiers Laser Systems Service Parts Accessories. The filing's catch-all line of other lasers, amplifiers, service, parts and accessories: 264.5 million dollars, 26.4% of revenue, up 7.2%. The filing does not explain it on its own. Within materials processing it reports lower sales of service and parts, while sales rose for advanced applications, where its lasers and amplifiers serve commercial, academic and government users, and for medical procedures. [59, 110, 104, 105, 111]

Laser and Non Laser Systems. Complete systems rather than laser sources: 147.2 million dollars, 14.7% of revenue, up 5.8%, a share that has climbed from 13% two years earlier. The filing credits the cleanLASER purchase for most of the growth in cleaning sales; cleanLASER added laser cleaning systems, a dry alternative to abrasive or chemical cleaning, to the handheld welders, cutting systems and robotic welding it already sold. [59, 112, 104, 33, 32, 34]

Pulsed Lasers. 143.3 million dollars, 14.3% of revenue, down 2.4%, a share that has stayed near one seventh for three years. Pulsed lasers fire in short bursts, from nanoseconds down to femtoseconds, and the filing lists them for marking and engraving, surface cleaning and the cutting of thin foil in electric vehicle batteries. It gives no reason for the line's small decline. [59, 107, 30, 113, 114, 115]

Medium and Low Power CW Lasers. The fastest-growing line: 88.2 million dollars, 8.8% of revenue, up 38.5%. These are continuous wave lasers below 1,000 watts. The filing gives no reason line by line. The proxy statement says micromachining, medical and advanced applications sales all rose by double digits in 2025, and the annual report names additive manufacturing among the gains in materials processing. [59, 30, 116, 104]

Quasi Continuous Wave QCW Lasers. The smallest line: 51.8 million dollars, 5.2% of revenue, up 7.8%. Quasi-continuous wave lasers run in long, strong pulses rather than a steady beam; the filing lists them for welding, cutting and marking and for the percussion drilling of aerospace parts, and drilling was among the uses whose sales rose in 2025. [59, 108, 109, 113, 117, 104]

What comes next, in the company's own words: the order backlog stood at about 631.5 million dollars at the end of 2025, against 636.2 million a year earlier; 232.5 million of it was frame agreements, which are not binding, and orders can generally be cancelled without substantial penalties. The company anticipates shipping a substantial majority of the backlog during 2026. The newest quarterly report shows sales up 13.7% in the first half of 2026, to 544.1 million dollars. [118, 119, 120, 121, 122]

The company expects to keep investing in research and development for medical, micromachining and advanced applications, and expects the purchase of Lumibird Medical to close in the fourth quarter of 2026. Its chief executive says Lumibird Medical's leadership in eye care complements IPG's strength in urology and will create a scaled medical platform. [123, 92, 124]

What the desk infers (inferred, not filed)

• All of IPG's lasers appear to rest on a single diode plant, most likely its Oxford, Massachusetts site: every fiber laser it sells is pumped by diodes it makes itself, and it has no second production line for them. Because: Its fiber lasers use semiconductor diodes as their energy source, and its platform combines many single-emitter diodes with the active fibers used in all of its products. [28, 125] It relies only on its own production for diodes, which it says are made at a single manufacturing facility with no redundant production line. [126] It runs its own semiconductor foundry for the diodes that pump its lasers. [47] Of the significant sites it lists, only Oxford, Massachusetts names diodes among its work; Burbach, Germany names optical fiber, components and complete devices. [53, 52] Confidence 75 of 100. Wrong if: A filing that places diode production at a second site, such as Burbach, or names an outside supplier qualified to make its pump diodes in volume.
• The better gross margin of 2025 came from fuller factories and smaller inventory write-downs rather than firmer prices; with selling prices under steady pressure, IPG's profit depends on keeping volume flowing through plants it largely owns. Because: Gross margin rose to 38.0% from 34.6%; the year before carried 29.5 million dollars of extra inventory provisions, and unabsorbed manufacturing costs fell by 20.9 million dollars, partly offset by higher product costs and tariff duties. [127, 128] The proxy statement credits improved manufacturing cost absorption and lower inventory provisions for the rise. [129] The filing says its products face a significant decline in average selling prices, with rivals, particularly in China, cutting prices to win share. [130, 70] Its vertical integration carries high fixed manufacturing overhead, so gross margin follows sales volume and how fully the factories run. [54] Confidence 70 of 100. Wrong if: A filing that credits higher selling prices for a meaningful part of the 2025 gain in gross margin, or reports average selling prices rising for its main laser lines.
• Lumibird Medical, the eye-care business IPG has agreed to buy, is larger than IPG's own medical line, so the purchase is a change of scale for IPG in medicine rather than a small add-on. Because: Lumibird Medical reported revenue of 112.2 million euros for 2025. [131] IPG's own medical procedures sales were 7.4% of its 2025 net sales of 1,003.8 million dollars. [41, 102] A euro was worth more than a dollar: the filing's average rate for 2024 was 0.92 euro to the dollar. [132] Its chief executive says the deal pairs Lumibird Medical's leadership in eye care with IPG's strength in urology to create a scaled medical platform. [124] Confidence 85 of 100. Wrong if: Filed figures showing Lumibird Medical's 2025 revenue, converted to dollars, below IPG's own 2025 medical procedures sales.

Sources

1. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Mark M. Gitin, Ph.D. has served as the Chief Executive Officer of the company since June 2024. Previously, Dr. Gitin served in a number of positions at MKS Inc., including Executive Vice President and General Manager of MKS's Photonics Solutions Division since 2023.”
2. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Prior to joining MKS, from March 1995 to September 2017, Dr. Gitin held various management positions covering a wide range of technologies at Coherent, Inc., including Vice President of Strategic Marketing, Vice President of Business Development, and Vice President and General Manager of the Diodes, Fibers and Systems Business Unit.”
3. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “In the materials processing market, we compete with makers of fiber lasers and other lasers, such as Coherent, Inc., JPT Opto-Electronics Co. Ltd., Laserline GmbH, Lumentum Holdings Inc., Maxphotonics Co., Ltd., MKS Instruments, Inc., nLight, Inc., Trumpf GmbH + Co. KG and Wuhan Raycus Fiber Laser Technologies Co. Ltd., as well as other smaller competitors.”
4. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “Dr. Scherbakov has served as a member of IPG's Board since September 2000. Since June 2024, he has served the Company as a Senior Advisor. He previously was Chief Executive Officer of IPG from May 2021 to June 2024, Chief Operating Officer of IPG from February 2017 to his appointment as CEO, and Managing Director of IPG Photonics GmbH & Co. KG, IPG's German subsidiary, from August 2000 until June 2024”
5. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “Gapontsev Trust I, Gapontsev Trust II and Gapontsev Trust III were formed by the late founder of the Company and former CEO and Board Chair, Valentin Gapontsev.”
6. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Timothy P.V. Mammen has served as our Chief Financial Officer since July 2000 and as Vice President since November 2000. He was promoted to Senior Vice President in February 2013.”
7. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Between May 1999 and July 2000, Mr. Mammen served as the Group Finance Director and General Manager of the United Kingdom operations for IPFD.”
8. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Certain trusts and a company created by the late founder of the Company collectively control over 35% of our voting power and have a significant influence on the outcome of director elections and other matters requiring stockholder approval, including a change in corporate control.”
9. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Angelo P. Lopresti has served as our General Counsel, Secretary and Vice President since February 2001. He was promoted to Senior Vice President in February 2013. Prior to joining us, Mr. Lopresti was a partner at the law firm of Winston & Strawn LLP from 1999 to 2001.”
10. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Igor Samartsev, Ph.D. has served as our Senior Vice President, Chief Scientist since February 2022. Prior to that, he was Chief Technology Officer from 2011 to 2022”
11. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “She is the spouse of co-founder and Senior Vice President, Chief Scientist, Igor Samartsev.”
12. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Trevor D. Ness has served as our Senior Vice President, Chief Revenue Officer since September 2025, with responsibility for leading the Company's global sales and service organizations, global go-to-market strategy and providing executive leadership to the company’s defense business.”
13. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “From February 2013 until February 2022, Mr. Ness held the role of Senior Vice President, Worldwide Sales, and from January 2011 until February 2013, he served as Vice President, Asian Operations.”
14. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Paulus Bucher, Ph.D. joined as Senior Vice President of Global Operations in June 2025. Prior to joining IPG, Dr. Bucher served as Senior Vice President of Global Operations at Adtran Holdings Inc.”
15. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “Since joining the Company in June 2024, Dr. Gitin has led a significant transformation of the Company's senior management team to shape and execute our strategy and drive our next chapter of profitable growth. In 2025, he led the hiring of several key senior management leaders.”
16. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “IP Fibre Devices (UK) Ltd. ("IPFD"), together with trusts created by the late founder of the Company, Dr. Valentin P. Gapontsev, beneficially own approximately 36% of our common stock. Dr. Scherbakov, our former CEO and current director, is the sole managing director of IPFD.”
17. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Trustees of the trusts include an executive officer of the Company, a third-party corporate trustee, and Dr. Scherbakov. Dr. Scherbakov, as managing director of IPFD, and the other trustees have significant influence on the outcome of matters requiring stockholder approval, including election of our directors, stockholder proposals and approval of significant corporate transactions.”
18. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “Seven of our ten director nominees are independent as defined by Nasdaq and SEC rules.”
19. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “Mr. Peeler became IPG's non-executive Chair of the Board on October 29, 2021. Mr. Peeler was appointed to IPG's Board in 2012 and served as the Lead Independent Director from 2017 to 2021.”
20. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “He was previously the Chief Executive Officer of Veeco Instruments Inc. (“Veeco”) from July 2007 until September 2018”
21. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “Mr. Meurice was President and Chief Executive Officer of ASML Holding NV, a provider of semiconductor manufacturing equipment and technology, from October 2004 to June 2013”
22. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “As a significant stockholder with family association to founders of the Company as well as having served as an employee of the Company in sales and marketing, Ms. Pavlova’s membership on the Board provides it with further engagement by individuals having a long-term perspective and strong economic ties with the Company.”
23. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “As of December 31, 2025, we had approximately 4,840 full-time employees, including 440 in research and development, 3,590 in manufacturing and service operations, 390 in sales and marketing, and 420 in general and administrative functions.”
24. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “As a global company, our employees are distributed throughout our more than thirty locations in twenty-four countries. Of our total full-time employees, approximately 2,070 were in the United States and 1,650 were in Germany.”
25. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We have never experienced a work stoppage, and none of our employees at our principal manufacturing facilities are subject to a collective bargaining agreement.”
26. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We develop, manufacture and sell high-performance fiber lasers, fiber amplifiers, diode lasers and laser-based systems that are used for diverse applications, primarily in materials processing, medical and advanced applications.”
27. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Representative applications include directed energy, spectroscopy, optical trapping, remote sensing, LIDAR, semiconductor metrology and inspection, and materials characterization.”
28. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Fiber lasers use semiconductor diodes as the energy source to pump a gain medium consisting of specialty optical fibers, which are infused with rare earth ions. These fibers are called active fibers and are comparable in diameter to a human hair.”
29. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “The laser emission is created within optical fibers and delivered through a flexible optical fiber cable.”
30. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our laser products include medium (1 to 999 watts) and high (1,000 watts and above) output power lasers from 0.148 to 20 microns in wavelength. These lasers may be CW, QCW or pulsed. Our pulsed line includes nanosecond, picosecond and femtosecond lasers.”
31. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We manufacture and sell accessories that include high power optical fiber delivery cables, fiber couplers, beam switches, chillers and scanners for our fiber lasers.”
32. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “These systems include our LightWELD product line, which is a handheld laser welding system to provide fabricators a laser-based solution for welding, as well as high precision laser systems for the medical technology industry, multi‑axis Cartesian systems for fine welding, cutting, and drilling applications and 2D compact flat sheet cutting systems.”
33. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “With the addition of our cleanLASER product line, we have expanded our system offerings to include laser-based surface preparation and cleaning systems, which provide a dry, media-free alternative to traditional abrasive or chemical-based cleaning methods for surface preparation and coating or contaminant removal.”
34. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our subsidiary Genesis Systems Group, LLC also provides laser and non-laser robotic welding and automation solutions.”
35. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We sell our products globally to original equipment manufacturers ("OEMs"), system integrators and end users. We market our products internationally, primarily through our direct sales force.”
36. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Once our fiber laser products are designed into an OEM system, the OEM's sales force markets its systems, allowing us to leverage our sales capability through the OEM sales channels”
37. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We have thousands of customers worldwide.”
38. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Net sales derived from our five largest customers as a percentage of our annual net sales were 16%, 13% and 13% in 2025, 2024 and 2023, respectively.”
39. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “One of our customers accounted for 11% and 12% of our net accounts receivable as of December 31, 2025 and 2024, respectively.”
40. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Materials processing $ 860,191 85.7 % $ 857,336 87.7 % $ 1,152,804 89.5”
41. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Medical procedures 73,974 7.4 % 61,040 6.3 % 71,571 5.6”
42. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Advanced applications 69,594 6.9 % 53,778 5.5 % 55,576 4.3”
43. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We manufacture complete medical laser systems and consumable fibers primarily for urology applications, including benign prostatic hyperplasia and lithotripsy, based on our thulium fiber laser technology.”
44. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We also sell complete medical laser systems and fibers to medical technology companies that sell and support our products under their names.”
45. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “In 2023, we entered into a strategic partnership with Miller Electric Mfg. LLC, a leading worldwide manufacturer of arc welding products, to further promote laser solutions for handheld welding applications.”
46. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We are vertically integrated such that we design and manufacture most of the key components used in our finished products, from semiconductor diodes to optical fiber preforms, finished fiber lasers and amplifiers.”
47. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We operate our own semiconductor foundry for the production of multi-mode single-emitter diodes used as pump sources in our lasers.”
48. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our vertically integrated manufacturing operations currently include the manufacturing or assembly of optical preforms, specialty fiber, semiconductor wafers, semiconductor diode chips and packaged semiconductor diodes, specialty optical components, fiber blocks, fiber laser modules, power supplies, circuit boards, electronics and control systems and software, crystals, chillers, housings and cabinets and final assembly of finished product.”
49. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We purchase certain raw materials used to manufacture our products and other components, such as semiconductor wafer substrates, diode packages, modulators, micro-optics, bulk optics and high power beam delivery products, from single or limited-source suppliers.”
50. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “These suppliers are relatively small private companies that may discontinue their operations at any time and may be particularly susceptible to prevailing economic conditions. Some of our suppliers are also our competitors.”
51. IPG Photonics Corporation, Form 10-Q filed 2026-08-04: “Our manufacturing facilities are located in the United States, Germany, Italy, and Poland.”
52. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Burbach, Germany Owned 586,800 Optical fiber, components, final assembly, complete device manufacturing, R&D, administration”
53. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Oxford, Massachusetts Owned 550,300 Diodes, components, complete device manufacturing, R&D, administration”
54. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Due to our vertical integration strategy and ongoing investment in plant and machinery, we maintain a relatively high fixed manufacturing overhead. We may not be able to or choose not to adjust these fixed costs to adapt to rapidly changing market conditions. Our gross margin is therefore significantly affected by our sales volume and the corresponding utilization of capacity and absorption of fixed manufacturing overhead expenses.”
55. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We conduct our business and incur costs in the local currency of most countries in which we operate. In 2025 our net sales outside the United States represented a substantial majority of our total sales.”
56. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “A significant portion of our sales are to customers in China, which accounted for 29%, 25% and 28% of net sales in 2025, 2024 and 2023, respectively.”
57. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our manufacturing facilities in the U.S. and Germany provide finished products to China, our largest market.”
58. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “The substantial majority of sales in North America are to customers in the United States.”
59. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
60. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our sales typically are made on a purchase order basis rather than through long-term purchase commitments.”
61. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “As a result of their different design and components, fiber lasers are more reliable, efficient, robust, compact and easier to operate than gas, crystal and solid state lasers that were initially used in industrial applications.”
62. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We believe that we produce the highest power solid-state lasers in the industry. Our ytterbium fiber lasers reach power levels of up to 125,000 watts.”
63. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We believe that our internal development and manufacturing of key optical components allows us to lower our manufacturing costs and improve product performance and reliability.”
64. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We developed advanced molecular beam epitaxy techniques to grow aluminum indium gallium arsenide wafers for our diodes.”
65. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “For example, we test all of our diodes with high current and temperatures to identify and eliminate potentially unreliable diodes.”
66. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “As of December 31, 2025, we have over 900 patents issued and over 450 pending patent applications worldwide.”
67. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “we utilize trade secret, patent, trademark, copyright and contractual protections to maintain our competitive position and protect our proprietary rights in our products and technology.”
68. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “While our intellectual property rights are important to our success, we believe that our business as a whole is not materially dependent on any particular patent, trademark, copyright or other intellectual property right.”
69. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “The average selling prices of our products generally decrease as the products mature. These decreases result from factors such as increased competition, decreased manufacturing costs and increased unit volumes.”
70. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Market participants, particularly in China, have reduced and may continue to reduce, prices of competing products to gain market share.”
71. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Many of our competitors in Asia are beginning to export their fiber lasers and fiber laser-based systems to non-Asia markets, which may impact our pricing and sales in such markets.”
72. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Some of our customers have developed products for their own use which are competitive to our products.”
73. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “In December 2024, affiliates of Trumpf SE & Co. KG filed two different patent lawsuits in two different Unified Patent Courts ("UPC") located in Germany against IPG Laser GmbH & Co. KG, our German subsidiary, alleging infringement of two patents granted by the European Patent Office by our adjustable mode beam lasers.”
74. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “The Company's AMB lasers are used in certain welding and cutting applications.”
75. IPG Photonics Corporation, Form 10-Q filed 2026-08-04: “On February 25, 2026 and March 16, 2026, the UPC courts upheld the validity of the Trumpf patents and ruled that the Company’s AMB lasers infringed the two patents asserted in the UPC cases.”
76. IPG Photonics Corporation, Form 10-Q filed 2026-08-04: “IPG and Trumpf entered into a settlement agreement effective May 1, 2026 under which IPG made a lump sum payment of $13,334, net of the favorable impact of foreign currency changes, to Trumpf and licensed from Trumpf the two patents worldwide in exchange for a royalty.”
77. IPG Photonics Corporation, Form 10-Q filed 2026-08-04: “During the six months ended June 30, 2026, we recorded $13.5 million of legal settlement charges ($13.3 million net of the impact of change in foreign exchange rates) related to patent litigation with affiliates of Trumpf SE & Co. KG ("Trumpf").”
78. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We began operations in 1990, and we were incorporated in Delaware in 1998.”
79. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “With the sale of our telecom transmission product lines in August 2022, we no longer intend to target communications as a principal market.”
80. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “As a result of the Russia-Ukraine conflict and related sanctions, our ability to ship and receive components from our Russian operations was significantly curtailed.”
81. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “On August 29, 2024, we completed the sale of our Russian subsidiary, Scientific and Technical Association “IRE-Polus”, pursuant to a share purchase agreement with a purchaser entity associated with Softline Projects LLC and existing management of IRE-Polus for $51.1 million.”
82. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We recorded a loss on divestiture of $197.7 million for the quarter ended September 30, 2024”
83. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “In response to the Russia-Ukraine conflict, the EU issued additional sanctions impacting commerce with Belarus on June 29, 2024, which restricted the supply of laser cabinets and other mechanical components from our factory in Belarus to our Germany operations after October 2, 2024.”
84. IPG Photonics Corporation, Form 10-Q filed 2026-08-04: “During the second quarter of 2026, we entered into an agreement to sell our Belarusian operations and concluded that the related assets and liabilities of the business met the criteria to be classified as held for sale.”
85. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “We also successfully integrated the December 2024 acquisition of cleanLASER, a maker of laser cleaning systems.”
86. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “$66.7 million of cash used for the acquisition of cleanLASER and $25.3 million of net cash outflow from the divestiture of our Russian operation.”
87. IPG Photonics Corporation, Form 8-K filed 2026-09-08: “on September 8, 2026, the Company and the Seller entered into a share purchase agreement in substantially the form previously agreed and appended to the Put Option Agreement”
88. IPG Photonics Corporation, Form 8-K filed 2026-07-17: “Lumibird Medical is a global leader in diagnostic and treatment systems for ophthalmology, a highly regulated medical laser market that is largely driven by non-discretionary spending.”
89. IPG Photonics Corporation, Form 8-K filed 2026-07-17: “Its proprietary laser technology delivers innovative solutions, from diagnosis to laser treatment, through market-leading brands including Quantel Medical, Ellex and Optotek Medical. Headquartered in France, the company has three major global facilities and more than 450 employees worldwide.”
90. IPG Photonics Corporation, Form 8-K filed 2026-09-08: “The SPA provides for the Acquisition for a purchase price of €300 million on a cash-free, debt-free basis, payable in cash at closing and subject to customary adjustments as set forth in the SPA. The SPA also provides for contingent earn-out consideration of up to €50 million in additional cash based on the achievement of certain 2026 and 2027 performance metrics. The Company expects to fund the Acquisition through cash on hand.”
91. IPG Photonics Corporation, Form 8-K filed 2026-09-08: “The parties' obligations to complete the Acquisition are subject to certain customary conditions and approvals, including authorization by the French Minister of the Economy under the French foreign direct investment regime”
92. IPG Photonics Corporation, Form 8-K filed 2026-09-08: “The closing of the Acquisition is expected to occur in the fourth quarter of 2026.”
93. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “The majority of our laser and amplifier products sold in the United States are classified as Class IV Laser Products under the applicable rules and regulations of the Center for Devices and Radiological Health ("CDRH") of the U.S. Food and Drug Administration ("FDA").”
94. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “CDRH regulations generally require a self-certification process, including submission of product reports for each product incorporating a laser device, periodic reporting of sales and purchases and compliance with product labeling standards, product safety and design features and informational requirements.”
95. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our business activities are subject to various export controls and trade and economic sanctions laws and regulations, including, without limitation, the U.S. Commerce Department’s Export Administration Regulations ("EAR"), the U.S. Treasury Department’s Office of Foreign Assets Control’s trade and economic sanctions programs, the U.S. Department of State’s Nonproliferation Sanctions and International Traffic in Arms Regulations ("ITAR"), as well as comparable laws of the European Union, Germany and other jurisdictions”
96. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Separately, we have developed and launched CROSSBOW™, a counter-unmanned aircraft system (counter‑UAS) solution offered to government and other authorized parties as part of our advanced application offerings.”
97. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our CROSSBOW™ products are also subject to additional regulatory regimes applicable to counter-unmanned aircraft systems (“counter-UAS”) and related sensing, tracking, or mitigation technologies.”
98. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “The impact to gross margin related to higher tariffs for the year ended December 31, 2025 was approximately 120 basis points, respectively, as compared to the year ended December 31, 2024.”
99. IPG Photonics Corporation, Form 10-Q filed 2026-08-04: “On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs.”
100. IPG Photonics Corporation, Form 10-Q filed 2026-08-04: “We subsequently applied for refunds of tariffs assessed under IEEPA in accordance with processes established by U.S. Customs.”
101. IPG Photonics Corporation, Form 10-Q filed 2026-08-04: “During the three and six months ended June 30, 2026, we recognized $4.7 million and $5.1 million, respectively, as a reduction of Cost of sales related to these programs.”
102. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Net sales increased by $26.7 million, or 2.7%, to $1,003.8 million in 2025 from $977.1 million in 2024.”
103. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “IPG experienced its first year of revenue growth since 2021 with 2025 revenue up 3%, compared to a 24% decrease in the prior year. While sales in core materials processing were flat, lower cutting sales were fully offset by growth in other materials processing applications, including cleaning and additive manufacturing.”
104. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Materials processing sales accounted for 85.7% of total revenue and increased 0.3% year over year, as a result of increased sales in cleaning, mainly due to the cleanLASER acquisition, additive manufacturing, micromachining, drilling, and annealing, partially offset by decreased sales in cutting, service and parts, and other material processing applications.”
105. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Other applications sales increased 19.9% year over year driven by higher revenue in advanced applications and medical procedures.”
106. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Revenue in Europe declined year over year primarily due to lower sales in cutting and welding applications and the impact of the divestiture of our Russian operations, partially offset by increased sales in cleaning applications, driven largely by the cleanLASER acquisition, as well as increased sales in additive manufacturing.”
107. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “For 2025 fiscal year, high power continuous wave ("CW") lasers accounted for 31% of revenue and were 34% and 41% of revenue, in 2024 and 2023, respectively. Pulsed lasers accounted for 14%, 15%, and 14% of revenue in 2025, 2024 and 2023, respectively.”
108. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Welding, brazing and soldering Continuous Wave ("CW") lasers (1-125 kW), Quasi-CW ("QCW") lasers (100-1,200 W), diode lasers (50-2,000 W), and IPG systems”
109. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Flat sheet, tube and 3D cutting and drilling CW lasers (1-60 kW), QCW lasers (100-2,400 W), and IPG systems”
110. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Other Revenue including Other Lasers, Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 264,508 26.3 % 246,786 25.2 % 17,722 7.2”
111. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our fiber lasers and amplifiers are utilized by commercial firms and by academic and government institutions worldwide for advanced and scientific applications.”
112. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “For the 2025, 2024 and 2023 fiscal years, laser and non-laser systems accounted for 15%, 14%, and 13%, respectively, of revenues.”
113. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Marking, engraving and printing Nanosecond ("NS") pulsed lasers (10-1,000 W) and QCW lasers (100-2,400 W)”
114. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Surface cleaning and texturing, paint and coating stripping NS pulsed lasers (100-3,000 W), single-mode CW and QCW lasers (1-6 kW), and IPG systems”
115. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our high power pulsed lasers are used in thin foil cutting applications in electric vehicle battery production.”
116. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “In 2025, we made meaningful progress expanding beyond materials processing applications, with non-materials-processing applications representing approximately 14% of our total revenue and contributing significantly to our growth, as micromachining, medical and advanced applications sales all increased by double digits.”
117. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Percussion drilling of aerospace parts QCW lasers (1-2.4 kW)”
118. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “At December 31, 2025, our backlog of orders (generally scheduled for shipment within one year) was approximately $631.5 million compared to $636.2 million at December 31, 2024.”
119. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “At December 31, 2025, our backlog included $399.0 million of orders with firm shipment dates and $232.5 million of frame agreements that we expect to ship within one year”
120. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Frame agreements are non-binding indications of customer pricing and volume levels but are not firm customer purchase obligations with delivery dates.”
121. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Orders used to compute backlog are generally cancellable without substantial penalties or any penalties. We anticipate shipping a substantial majority of the present backlog during fiscal year 2026.”
122. IPG Photonics Corporation, Form 10-Q filed 2026-08-04: “Net sales increased by $65.6 million, or 13.7% to $544.1 million for the six months ended June 30, 2026 from $478.5 million for the six months ended June 30, 2025.”
123. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We expect to continue investing in research and development efforts to support new product initiatives and enhancements to existing products, including those targeted for medical, micromachining, and advanced applications.”
124. IPG Photonics Corporation, Form 8-K filed 2026-07-17: ““Lumibird Medical’s leadership in ophthalmology complements our strength in urology, which will create a scaled medical platform with opportunities to accelerate innovation, broaden our commercial reach and deliver differentiated solutions for physicians and patients.”
125. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our technology platform allows us to efficiently combine a large number of multi-mode single-emitter semiconductor diodes with our active optical fibers that are used in all of our products.”
126. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “We rely exclusively on our own production capabilities to manufacture certain of our key components, such as semiconductor diodes, specialty optical fibers and optical components. We do not have redundant production lines for some of our components, such as our diodes and some other components, which are made at a single manufacturing facility.”
127. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our gross margin increased to 38.0% in 2025 from 34.6% in 2024. The prior year costs of sales included additional inventory provisions of $29.5 million attributed to items previously considered safety stock and items that became technologically obsolete.”
128. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Additionally, the increase in gross margin was due to a decrease in unabsorbed manufacturing costs of $20.9 million, partially offset by an increase in cost of products sold of $4.3 million, primarily as a result of higher product costs due to product and geographic mix, and import duties driven by tariffs, partially offset by lower inventory provisions.”
129. IPG Photonics Corporation, Form DEF 14A filed 2026-04-01: “yet overall gross margin still increased year over year, driven by improved manufacturing cost absorption and a decrease in inventory provisions.”
130. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “Our products are experiencing and may in the future continue to experience a significant decline in average selling prices ("ASPs") as a result of increased competition, pressure to reduce prices from significant customers and new product and technology introductions.”
131. IPG Photonics Corporation, Form 8-K filed 2026-07-17: “For the fiscal year ended December 31, 2025, Lumibird Medical reported revenue of €112.2 million and EBITDA of €24.1 million”
132. IPG Photonics Corporation, Form 10-K filed 2026-02-23: “calculated using the average exchange rates for the twelve-month period ended December 31, 2024 for the respective currencies, which were US$1=euro 0.92”

Where the revenue comes from

Product and service lines in fiscal 2025: High Power Continuous Wave CW Lasers 31%, Amplifiers Laser Systems Service Parts Accessories 26%, Laser and Non Laser Systems 15%, Pulsed Lasers 14%, Medium and Low Power CW Lasers 9%, Quasi Continuous Wave QCW Lasers 5%. By geography: China 29%, North America 27%, Other Europe 14%, Other 12%, Germany 11%, Japan 7%. As tagged in its annual report (Form 10-K, filed 2026-02-23).

Who runs it

Shcherbakov, Eugene A (CEO); Gitin, Mark Milton (CEO); Mammen, Timothy Pv (SVP, Chief Financial Officer); Pavlova, Natalia (Chief Scientist); Samartsev, Igor (SVP, Chief Scientist); Ness, Trevor (SVP, Chief Revenue Officer); Bucher, Paulus (SVP, Global Operations); Lopresti, Angelo P (SVP, Secretary & Gen Counsel); Buttarazzi, Mary E. (VP, Corp Controller and CAO); Peeler, John R (director); and 6 more. 16 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-06.

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