Company: IPGP
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001111928-25-000023
Chunk: 30

Company: IPG PHOTONICS CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 16
Chunk 30
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, Accessories and Change in Deferred Revenue246,786 295,380 284,374 Total$977,134 $1,287,439 $1,429,547 Sales by GeographyNorth America$258,888 $313,986 $338,713 Europe:Germany87,800 88,026 85,491 Other Europe197,152 291,336 294,481 Asia:China244,996 355,321 479,926 Japan62,352 72,333 57,865 Other113,232 142,378 152,373 Rest of World12,714 24,059 20,698 Total$977,134 $1,287,439 $1,429,547 Timing of Revenue RecognitionGoods and services transferred at a point in time$942,209 $1,239,551 $1,377,996 Goods and services transferred over time34,925 47,888 51,551 Total$977,134 $1,287,439 $1,429,547 The Company recognizes revenue over time on contracts for the sale of large scale materials processing systems. The timing of customer payments on these contracts generally differs from the timing of revenue recognized. If revenue recognized exceeds customer payments, a contract asset is recorded and if customer payments exceed revenue recognized, a contract liability is recorded. Contract assets are included within prepaid expense and other current assets on the Consolidated Balance Sheets. Contract liabilities are included within accrued expenses and other current liabilities on the Consolidated Balance Sheets. Certain deferred revenues related to extended warranties in excess of one year from the balance sheet date are included within other long-term liabilities and deferred income taxes on the Consolidated Balance Sheets.

F-15

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

The following table reflects the changes in the Company's contract assets and liabilities for the years ended December 31, 2024 and 2023: December 31,January 1,December 31,January 1,20242024Change20232023ChangeContract assetsContract assets$4,737 $9,383 $(4,646)$9,383 $8,620 $763 Contract liabilitiesContract liabilities - current56,454 69,219 (12,765)69,219 80,068