# EDGAR Filing Document

**Accession Number:** 0000927003
**File Stem:** 0001558370-25-010280
**Filing Date:** 2025-8
**Character Count:** 30409
**Document Hash:** e733c04490bd4aafc6cc36702f6171f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010280.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001558370-25-010280

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVANCED ENERGY INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000927003
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC COMPONENTS, NEC [3679]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 840846841
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26966
- **FILM NUMBER:** 251184856

**BUSINESS ADDRESS:**
- **STREET 1:** ATTN:  PAUL OLDHAM
- **STREET 2:** 1595 WYNKOOP ST, SUITE 800
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 9704076626

**MAIL ADDRESS:**
- **STREET 1:** ATTN:  PAUL OLDHAM
- **STREET 2:** 1595 WYNKOOP ST, SUITE 800
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

?xml version='1.0' encoding='ASCII'?

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 5, 2025**

![Graphic](aeis-20250805x8k004.jpg)

**Advanced Energy Industries, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-26966** | **84-0846841** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **1595 Wynkoop Street, Suite 800, Denver, Colorado** | **80202** |
| (Address of principal executive offices) | (Zip Code) |

---

**(970) 407-6626**

(Registrant's telephone number, including area code)

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, $0.001 par value** | **AEIS** | **Nasdaq Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Item 2.02 Results of Operations and Financial Condition.
*The information in this Form 8-K is furnished under "Item 2.02 Results of Operations and Financial Condition" and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.*

On August 5, 2025, Advanced Energy Industries, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.

#### Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [Advanced Energy press release dated August 5, 2025 reporting financial results](aeis-20250805xex99d1.htm) |
| 104 | The cover page from Advanced Energy Industries, Inc. Current Report on Form 8-K, formatted in Inline XBRL<br>|

---

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | /s/ Paul Oldham |
| Date: August 5, 2025 | Paul Oldham |
|  | Chief Financial Officer & Executive Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](aeis-20250805xex99d1001.jpg)

Financial News Release

**Advanced Energy Reports Second Quarter 2025 Results**

● **Revenue was $441.5 million, above the high end of guidance** 

● **Data Center Computing revenue reached a quarterly record and nearly doubled year-over-year** 

● **GAAP EPS from continuing operations was $0.67** 

● **Non-GAAP EPS was $1.50, towards the high end of guidance** 

**DENVER, Colo., August 5, 2025** - Advanced Energy Industries, Inc. (Nasdaq: AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, announced financial results for the second quarter ended June 30, 2025.

"Second quarter results were at the higher end of our guidance driven by strong customer demand for our AI data center solutions," said Steve Kelley, president and CEO of Advanced Energy. "We also saw early signs of an industrial and medical market recovery. Qualification of our next-generation semiconductor products continues at a brisk pace, and we are executing actions to meet our gross margin expansion goals. We remain confident in our ability to grow revenue and earnings faster than our markets over time."

#### Quarter Results
Revenue was $441.5 million in the second quarter of 2025, compared with $404.6 million in the first quarter of 2025 and $364.9 million in the second quarter of 2024.

GAAP net income from continuing operations was $25.5 million or $0.67 per diluted share in the quarter, compared with $24.9 million or $0.65 per diluted share in the prior quarter, and $15.4 million or $0.41 per diluted share in the second quarter of 2024.

Non-GAAP net income was $56.6 million or $1.50 per diluted share in the second quarter of 2025. This compares with $46.9 million or $1.23 per diluted share in the prior quarter, and $32.0 million or $0.85 per diluted share in the second quarter of 2024.

Advanced Energy generated $46.5 million in cash flow from continuing operations during the quarter, paid $3.9 million in quarterly dividends, and repurchased $22.8 million of common stock at an average share price of $83.83 per share.

------

#### Third Quarter 2025 Guidance
Based on the Company's current view, beliefs, and assumptions, guidance is within the following ranges:

---

| | |
|:---|:---|
|  | **Q3 2025** |
| Revenue | $440 million +/- $20 million |
| GAAP EPS from continuing operations | $0.82 +/- $0.25 |
| Non-GAAP EPS | $1.45 +/- $0.25 |

---

#### Conference Call
Management will host a conference call today, August 5, 2025, at 4:30 p.m. Eastern Time to discuss the second quarter financial results. To participate in the live earnings conference call, please dial 877-407-0890 approximately ten minutes prior to the start of the meeting and an operator will connect you. International participants can dial +1-201-389-0918. A webcast will also be available on our investor web page at ir.advancedenergy.com in the Events & Presentations section. The archived webcast will be available approximately two hours following the end of the live event.

#### About Advanced Energy
Advanced Energy Industries, Inc. (Nasdaq: AEIS) is a global leader in the design and manufacture of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. Advanced Energy's power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial production, medical and life sciences, data center computing, networking, and telecommunications. With engineering know-how and responsive service and support for customers around the globe, the Company builds collaborative partnerships to meet technology advances, propels growth of its customers, and innovates the future of power. Advanced Energy has devoted four decades to perfecting power. It is headquartered in Denver, Colorado, USA. For more information, visit www.advancedenergy.com.

Advanced Energy \| Precision. Power. Performance. Trust.

#### For more information, contact:
Andrew Huang

Advanced Energy Industries, Inc.

970-407-6555

ir@aei.com

------

#### Non-GAAP Measures
This release includes measures, such as non-GAAP net income, non-GAAP operating income, and non-GAAP earnings per share ("EPS") that are not prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Management uses non-GAAP net income and non-GAAP EPS to evaluate business performance without the impacts of certain non-cash charges and other charges which are not part of our usual operations. We use these non-GAAP measures to assess performance against business objectives and make business decisions, including developing budgets and forecasting future periods. In addition, management's incentive plans include certain of these non-GAAP measures as criteria for achievements. These non-GAAP measures are not prepared in accordance with U.S. GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. However, we believe these non-GAAP measures provide additional information that enables readers to evaluate our business from the perspective of management. The presentation of this additional information should not be considered a substitute for results prepared in accordance with U.S. GAAP.

The non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation, amortization of intangible assets, and long-term unrealized foreign exchange gains and losses. In addition, we exclude discontinued operations and other items such as acquisition-related costs, facility, infrastructure, and other transition costs, and restructuring expenses, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments.

#### Forward-Looking Statements
This press release and statements we make on the above announced conference call contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release or the conference call that are not historical information are forward-looking statements. For example, statements relating to our beliefs, expectations, and plans are forward-looking statements, as are statements that certain actions, conditions, or circumstances will continue. The inclusion of words such as "anticipate," "expect," "estimate," "can," "may," "might," "continue," "enables," "plan," "intend," "should," "could," "would," "likely," "potential," or "believe," and similar expressions and the negative versions thereof indicate forward-looking statements; however, not all forward-looking statements may contain such words or expressions.

Risks and uncertainties to which our forward-looking statements are subject include, but are not limited to: volatility and business fluctuations in the industries in which we compete; our ability to achieve design wins with new and existing customers; our ability to accurately forecast and meet customer demand; risks related to global economic conditions, such as the impact of tariffs and export regulations, escalating global conflicts on macroeconomic conditions, economic uncertainty, market volatility, rising interest rates, inflation, lack of growth in our markets or recession; customer price sensitivity; the U.S. Dollar's change in value against its major peers; concentration of our customer base; risks associated with potential breach of our information security measures, either external breach or internal data theft; difficulties with the implementation of our enterprise resource planning and other enterprise-wide information technology system applications; our loss of or inability to attract and retain key personnel; risks associated with our manufacturing footprint optimization and movement of manufacturing locations for certain products; disruptions to our manufacturing

------

operations or those of our customers or suppliers; our ability to successfully identify, close, integrate and realize anticipated benefits from our acquisitions; quality issues or unanticipated costs in fulfilling our warranty obligations (including our discontinued solar inverter product line), and adequacy of our warranty reserves; risks inherent in our international operations, including the effect of export controls, the impact of tariffs on our supply chain or products we sell, political and geographical risks, and fluctuations in currency exchange rates; our ability to enforce, protect, and maintain our proprietary technology and intellectual property rights; regulatory risk related to our supply chain; legal matters, claims, investigations, and proceedings; changes to tax laws and regulations or our tax rates; changes in federal, state, local and foreign regulations, including with respect to trade compliance, privacy and data protection, supply chain, and environmental regulation; the effect of our debt obligations and restrictive covenants on our ability to operate our business; risks related to our unfunded pension obligations; our estimates of the fair value of intangible assets; the potential impact of dilution related to our convertible debt, hedge, and warrant transactions; and the risks and uncertainties described in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024.

These risks and uncertainties could cause actual results to differ materially and adversely from those expressed in any forward-looking statements, and readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are made and based on information available to us on the date of this press release. Aspirational goals and targets discussed on the conference call or in the presentation materials should not be interpreted in any respect as guidance. We assume no obligation to update the information in this press release or provide the reasons why our actual results may differ.

------

#### ADVANCED ENERGY INDUSTRIES, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

#### (in millions, except per share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| Revenue, net | $441.5 | $364.9 | $404.6 | $846.1 | $692.4 |
| Cost of revenue | 278.1 | 237.2 | 254.1 | 532.2 | 451.9 |
| Gross profit | 163.4 | 127.7 | 150.5 | 313.9 | 240.5 |
| Gross margin % | 37.0% | 35.0% | 37.2% | 37.1% | 34.7% |
| Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 59.0 | 52.3 | 54.2 | 113.2 | 102.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 60.2 | 55.1 | 59.0 | 119.2 | 110.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 5.6 | 6.8 | 5.5 | 11.1 | 13.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, asset impairments, and other charges | 7.0 | 0.6 | 1.2 | 8.2 | 0.9 |
| Total operating expenses | 131.8 | 114.8 | 119.9 | 251.7 | 226.9 |
| Operating income | 31.6 | 12.9 | 30.6 | 62.2 | 13.6 |
| Interest income | 6.6 | 12.1 | 6.9 | 13.5 | 24.8 |
| Interest expense | (4.2) | (7.0) | (4.2) | (8.4) | (14.1) |
| Other income (expense), net | (4.7) | 0.6 | (3.4) | (8.1) | 2.0 |
| Income from continuing operations, before income tax | 29.3 | 18.6 | 29.9 | 59.2 | 26.3 |
| Income tax provision (benefit)  | 3.8 | 3.2 | 5.0 | 8.8 | 5.0 |
| Income from continuing operations | 25.5 | 15.4 | 24.9 | 50.4 | 21.3 |
| Loss from discontinued operations, net of income tax | (0.3) | (0.6) | (0.2) | (0.5) | (1.1) |
| **Net income** | $25.2 | $14.8 | $24.7 | $49.9 | $20.2 |
| Basic weighted-average common shares outstanding | 37.6 | 37.5 | 37.6 | 37.6 | 37.4 |
| Diluted weighted-average common shares outstanding | 37.8 | 37.8 | 38.1 | 38.0 | 37.7 |
| **Earnings (loss) per share:** |  |  |  |  |  |
| &nbsp;&nbsp;Continuing operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $0.68 | $0.41 | $0.66 | $1.34 | $0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | $0.67 | $0.41 | $0.65 | $1.33 | $0.56 |
| &nbsp;&nbsp;Discontinued operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic loss per share | $(0.01) | $(0.02) | $(0.01) | $(0.01) | $(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted loss per share | $(0.01) | $(0.02) | $(0.01) | $(0.01) | $(0.03) |
| &nbsp;&nbsp;**Net income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic earnings per share** | $**0.67** | $**0.39** | $**0.66** | $**1.33** | $**0.54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diluted earnings per share** | $**0.67** | $**0.39** | $**0.65** | $**1.31** | $**0.54** |

---

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#### ADVANCED ENERGY INDUSTRIES, INC.

#### CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

#### (in millions)

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $713.5 | $722.1 |
| &nbsp;&nbsp;Accounts receivables, net | 304.0 | 265.3 |
| &nbsp;&nbsp;Inventories | 397.9 | 360.4 |
| &nbsp;&nbsp;Other current assets | 44.1 | 41.5 |
| Total current assets | 1459.5 | 1389.3 |
| Property and equipment, net | 218.4 | 185.6 |
| Operating lease right-of-use assets | 107.3 | 96.3 |
| Other assets | 164.8 | 155.3 |
| Goodwill and intangible assets, net | 429.6 | 435.4 |
| Total assets | $2379.6 | $2261.9 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $191.6 | $143.5 |
| &nbsp;&nbsp;Other accrued expenses | 146.0 | 153.0 |
| &nbsp;&nbsp;Current portion of operating lease liabilities | 19.3 | 17.8 |
| Total current liabilities | 356.9 | 314.3 |
| &nbsp;&nbsp;Long-term debt | 566.1 | 564.7 |
| &nbsp;&nbsp;Other long-term liabilities | 194.0 | 176.3 |
| Long-term liabilities | 760.1 | 741.0 |
| Total liabilities | 1117.0 | 1055.3 |
| Deferred compensation | 5.3 | 3.5 |
| Total stockholders' equity | 1257.3 | 1203.1 |
| Total liabilities and stockholders' equity | $2379.6 | $2261.9 |

---

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#### ADVANCED ENERGY INDUSTRIES, INC.

#### CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

#### (in millions)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Net income | $49.9 | $20.2 |
| &nbsp;&nbsp;Less: loss from discontinued operations, net of income tax | (0.5) | (1.1) |
| &nbsp;&nbsp;Income from continuing operations, net of income tax | 50.4 | 21.3 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 31.7 | 33.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 26.6 | 22.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and write off of debt issuance costs and debt discount | 1.6 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charge on long-lived assets | 1.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of assets acquired | (36.2) | (63.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities from continuing operations | 75.7 | 14.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities from discontinued operations | (1.6) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | 74.1 | 14.0 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Purchases of long-term investments | (1.6) | (2.4) |
| &nbsp;&nbsp;Purchases of property and equipment | (42.0) | (31.4) |
| &nbsp;&nbsp;Acquisitions, net of cash acquired |  | (13.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from investing activities | (43.6) | (47.6) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Payment of debt issuance costs | (1.9) |  |
| &nbsp;&nbsp;Dividend payments | (7.7) | (7.7) |
| &nbsp;&nbsp;Payments on long-term borrowings |  | (10.0) |
| &nbsp;&nbsp;Proceeds from sale of warrants | (1.5) |  |
| &nbsp;&nbsp;Purchase and retirement of common stock | (23.7) |  |
| &nbsp;&nbsp;Net payments related to stock-based awards | (8.0) | (5.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from financing activities | (42.8) | (23.2) |
| **EFFECT OF CURRENCY TRANSLATION ON CASH** | 3.7 | (1.7) |
| **NET CHANGE IN CASH AND CASH EQUIVALENTS** | (8.6) | (58.5) |
| CASH AND CASH EQUIVALENTS, beginning of period | 722.1 | 1044.6 |
| **CASH AND CASH EQUIVALENTS, end of period** | $713.5 | $986.1 |

---

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#### ADVANCED ENERGY INDUSTRIES, INC.

#### SUPPLEMENTAL INFORMATION (UNAUDITED)

#### (in millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Revenue by Market** | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| Semiconductor Equipment | $209.5 | $188.3 | $222.2 | $431.7 | $368.2 |
| Industrial and Medical | 68.6 | 79.1 | 64.3 | 132.9 | 162.5 |
| Data Center Computing | 141.6 | 73.0 | 96.2 | 237.8 | 114.9 |
| Telecom and Networking | 21.8 | 24.5 | 21.9 | 43.7 | 46.8 |
| Total | $441.5 | $364.9 | $404.6 | $846.1 | $692.4 |

---

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#### ADVANCED ENERGY INDUSTRIES, INC.

#### SELECTED OTHER DATA (UNAUDITED)

#### (in millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Non-GAAP measure - Operating expenses and operating income, excluding certain items** | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| Gross profit from continuing operations, as reported | $163.4 | $127.7 | $150.5 | $313.9 | $240.5 |
| Adjustments to gross profit: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1.2 | 1.1 | 1.1 | 2.3 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Facility, infrastructure, and other transition costs | 3.5 | 0.2 | 1.8 | 5.3 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs |  | (0.1) |  |  |  |
| Non-GAAP gross profit | 168.1 | 128.9 | 153.4 | 321.5 | 243.9 |
| GAAP gross margin | 37.0% | 35.0% | 37.2% | 37.1% | 34.7% |
| Non-GAAP gross margin | 38.1% | 35.3% | 37.9% | 38.0% | 35.2% |
| Operating expenses from continuing operations, as reported | 131.8 | 114.8 | 119.9 | 251.7 | 226.9 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | (5.6) | (6.8) | (5.5) | (11.1) | (13.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (12.4) | (10.3) | (11.9) | (24.3) | (20.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs | (1.8) | (2.0) | (1.0) | (2.8) | (3.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Facility, infrastructure, and other transition costs | (1.4) |  | (1.7) | (3.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, asset impairments, and other charges | (7.0) | (0.6) | (1.2) | (8.2) | (0.9) |
| Non-GAAP operating expenses | 103.6 | 95.1 | 98.6 | 202.2 | 188.6 |
| Non-GAAP operating income | $64.5 | $33.8 | $54.8 | $119.3 | $55.3 |
| GAAP operating income | $31.6 | $12.9 | $30.6 | $62.2 | $13.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to gross profit | 4.7 | 1.2 | 2.9 | 7.6 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to operating expenses | 28.2 | 19.7 | 21.3 | 49.5 | 38.3 |
| Non-GAAP operating income | $64.5 | $33.8 | $54.8 | $119.3 | $55.3 |
| GAAP income from continuing operations | $25.5 | $15.4 | $24.9 | $50.4 | $21.3 |
| GAAP operating margin | 7.2% | 3.5% | 7.6% | 7.4% | 2.0% |
| Non-GAAP operating margin | 14.6% | 9.3% | 13.5% | 14.1% | 8.0% |

---

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#### ADVANCED ENERGY INDUSTRIES, INC.

#### SELECTED OTHER DATA (UNAUDITED)

#### (in millions, except per share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Non-GAAP measure - Income excluding certain items** | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| Income from continuing operations, net of income tax | $25.5 | $15.4 | $24.9 | $50.4 | $21.3 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 5.6 | 6.8 | 5.5 | 11.1 | 13.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs | 1.8 | 1.9 | 1.0 | 2.8 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Facility, infrastructure, and other transition costs | 4.9 | 0.2 | 3.5 | 8.4 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, asset impairments, and other charges | 7.0 | 0.6 | 1.2 | 8.2 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency loss (gain) | 4.4 | (1.5) | 1.6 | 6.0 | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other costs included in other income (expense), net | 0.2 |  |  | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of non-GAAP adjustments, including certain discrete tax benefits  | (3.5) | (0.5) | (1.1) | (4.6) | (1.1) |
| Non-GAAP income, net of income tax, excluding stock-based compensation | 45.9 | 22.9 | 36.6 | 82.5 | 36.2 |
| Stock-based compensation, net of tax | 10.7 | 9.1 | 10.3 | 21.0 | 17.7 |
| Non-GAAP income, net of income tax | $56.6 | $32.0 | $46.9 | $103.5 | $53.9 |
| **Weighted-average common shares** | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2024** | **2025** | **2024** |
| Diluted weighted-average common shares outstanding | 37.8 | 37.8 | 38.1 | 38.0 | 37.7 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliation of non-GAAP measure - per share earnings excluding certain items** | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| Diluted earnings per share from continuing operations, as reported | $0.67 | $0.41 | $0.65 | $1.33 | $0.56 |
| Add back: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share impact of non-GAAP adjustments, net of tax | 0.83 | 0.44 | 0.58 | 1.39 | 0.87 |
| Non-GAAP earnings per share | $1.50 | $0.85 | $1.23 | $2.72 | $1.43 |

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| | | |
|:---|:---|:---|
| **Reconciliation of Q3 2025 Guidance** | | |
|  | <br>**Low End** | <br>**High End** |
| **Revenue** | **$420 million** | **$460 million** |
| **Reconciliation of non-GAAP earnings per share** |  |  |
| GAAP earnings per share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Restructuring expenses and other costs<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tax effects of excluded items<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)<br>|
| **Non-GAAP earnings per share** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.70**  |

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