Company: IPGP
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001111928-25-000023
Chunk: 29

Company: IPG PHOTONICS CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 16
Chunk 29
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 and provide additional information for reconciling items that meet a quantitative threshold. The guidance also requires an entity to disclose on an annual basis information about income taxes paid. ASU 2023-07 is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the impact of this ASU and does not expect this standard will have a material impact on the Company's disclosures.In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Aggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"), which requires more detailed disaggregated disclosure of  income statement expenses.  ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is evaluating the impact of this ASU and does not expect this standard will have a material impact.

2. REVENUE FROM CONTRACTS WITH CUSTOMERS

Sales are derived from products for different applications: fiber lasers, diode lasers, systems and accessories for materials processing, fiber lasers, amplifiers and diodes for advanced applications, and fiber lasers, systems and fibers for medical applications.

F-14

Table of ContentsIPG PHOTONICS CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(In thousands, except share and per share data)

The following tables represent a disaggregation of revenue from contracts with customers for the years ended December 31, 2024, 2023 and 2022:Year Ended December 31,202420232022Sales by ApplicationMaterials processing$857,336 $1,152,804 $1,291,262 Other applications119,798 134,635 138,285 Total$977,134 $1,287,439 $1,429,547 Sales by ProductHigh Power Continuous Wave ("CW") Lasers$332,743 $524,981 $613,734 Medium Power CW Lasers63,685 71,672 77,079 Pulsed Lasers146,759 185,581 250,677 Quasi-Continuous Wave ("QCW") Lasers48,016 48,648 50,212 Laser and Non-Laser Systems139,145 161,177 153,471 Other Revenue including Other Lasers, Amplifiers, Service, Parts