Company: IPGP
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001111928-25-000054
Chunk: 2

Company: IPG PHOTONICS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 2
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, and medical and micro-machining solutions—because they are driving greater efficiency, precision, and new applications that expand what’s possible for our customers.

We remain focused on our strategy to diversify revenue and grow new products and applications by disrupting existing laser and non-laser technologies. Our team has been executing multiple initiatives to increase technological moats around laser products and complete solutions that cannot be easily replicated. We have a large addressable market in materials processing applications where growth will be driven by continued adoption of lasers, and we are also exploring new markets and applications where fiber lasers can replace existing tools by improving efficiency, productivity, or enabling technological breakthroughs for our customers. These technologies position us well to address major macro trends, including automation and sustainability, where customers are looking to improve efficiency while reducing environmental impact.

2024 was a challenging year, as total revenue declined amid a prolonged downturn in the industrial and automotive markets, which continued to negatively impact capital equipment spending and demand for our products worldwide. Despite a muted demand environment, we have made significant progress in executing our key initiatives, and I am optimistic about our future opportunities.

Our financial strength remains a core advantage. IPG continued to generate strong cash flow, and we finished the year with approximately $930 million in cash and no debt. In 2024, we spent $110 million on research and development and $70 million on investment in capital expenditures net of proceeds from sales of assets. At the same time, we continued to return capital to stockholders through share repurchases and bought back $344 million of IPG stock.

None of this would be possible without our team’s dedication and expertise. Their ability to navigate challenges while continuing to innovate is what drives IPG forward.

As we build a stronger, more resilient, and more innovative company, we remain focused on long-term growth, leveraging strategic investments, optimizing operational efficiency, and delivering cutting-edge solutions in high-value markets like welding, medical, cleaning, and micro-machining. By providing our customers with the highest quality solutions and best-in-class service, we will continue to drive sustained stockholder value. I look forward to the opportunities ahead and to sharing our progress with you in the future.

Sincerely,

#### Mark M. Gitin, Ph.D.
Chief Executive Officer

IPG Photonics Corporation

2 NOTICE OF 2025 ANNUAL MEETING AND PROXY STATEMENT

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| NOTICE OF ANNUAL MEETING OF STOCKHOLDERS                                                              |     |