Company: IPGP
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001111928-25-000023
Chunk: 119

Company: IPG PHOTONICS CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 119
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iluted44,336 47,320 50,925 

Comparison of Year Ended December 31, 2024 to Year Ended December 31, 2023 

Net sales. Net sales decreased by $310.3 million, or 24.1%, to $977.1 million in 2024 from $1,287.4 million in 2023. The table below sets forth sales by application: 

Year Ended December 31,   20242023Change(In thousands, except for percentages)Sales by Application % of Total % of Total  Materials Processing$857,336 87.7 %$1,152,804 89.5 %$(295,468)(25.6)%Other Applications119,798 12.3 %134,635 10.5 %(14,837)(11.0)%Total$977,134 100.0 %$1,287,439 100.0 %$(310,305)(24.1)%

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The table below sets forth sales by type of product and other revenue:

Year Ended December 31, 20242023Change(In thousands, except for percentages)Sales by Product% of Total% of TotalHigh Power Continuous Wave ("CW") Lasers$332,743 34.1 %$524,981 40.8 %$(192,238)(36.6)%Medium Power CW Lasers63,685 6.5 %71,672 5.6 %(7,987)(11.1)%Pulsed Lasers146,759 15.0 %185,581 14.4 %(38,822)(20.9)%Quasi-Continuous Wave ("QCW") Lasers 48,016 4.9 %48,648 3.8 %(632)(1.3)%Laser and Non-Laser Systems139,145 14.3 %161,177 12.5 %(22,032)(13.7)%Other Revenue including Other Lasers, Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue246,786 25.2 %295,380 22.9 %(48,594)(16.5)%Total$977,134 100.0 %$1,287,439 100.0 %$(310,305)(24