IPGP IPG Photonics Corporation

IPG Photonics Announces Second Quarter 2025 Financial Results

IPG Photonics Announces Second Quarter 2025 Financial Results

Demand Recovery and Strategic Initiatives Drove Revenue Above Expectations

Book-to-Bill was Approximately One as Bookings Also Remained Strong

MARLBOROUGH, Mass., Aug. 05, 2025 (GLOBE NEWSWIRE) --  (NASDAQ: IPGP) today reported financial results for the second quarter ended June 30, 2025.

 Three Months Ended June 30,     Six Months Ended June 30,    
(In millions, except per share data and percentages) 2025   2024   Change   2025   2024   Change 
Revenue$250.7  $257.6   (3)% $478.5  $509.7   (6)%
Gross margin 37.3%  37.3%      38.3%  38.0%    
Operating income$0.1  $12.0   (99)% $1.9  $31.1   (94)%
Operating margin %  4.7%      0.4%  6.1%    
Net income$6.6  $20.2   (67)% $10.4  $44.3   (77)%
Earnings per diluted share$0.16  $0.45   (64)% $0.24  $0.97   (75)%
Non-GAAP Measures*               
Adjusted gross margin 37.8%  37.5%      38.9%  38.2%    
Adjusted EBITDA$31.5  $39.4   (20)% $64.2  $79.6   (19)%
Adjusted earnings per diluted share$0.30  $0.52   (42)% $0.61  $1.03   (41)%

*Adjusted gross margin, adjusted EBITDA and adjusted earnings per diluted share include non-GAAP adjustments. A reconciliation from GAAP to non-GAAP metrics is provided in this earnings release.

Management Comments

“I am happy to report that we delivered second quarter results well above expectations. Our revenue improved sequentially, driven by modest demand recovery in general industrial and e-mobility markets. Excluding the impact of a divestiture, this was our first year-over-year revenue increase since 2022. We’re making progress on our strategy to drive profitable growth with initiatives that are already yielding results. This quarter, we saw higher revenue in medical, supported by a customer win earlier in the year, and reported strong growth in advanced applications. We are also launching a directed energy system for counter-UAV applications, which we believe will unlock significant value for our customers,” said Dr. Mark Gitin, Chief Executive Officer of IPG Photonics. "At the same time, we have significantly strengthened our leadership team and are continuing our investments in growth opportunities."

Financial Highlights

Second quarter revenue of $251 million decreased 3% year over year due to divestitures, and was higher year over year excluding divestitures as lower sales in materials processing were offset by growth in medical and advanced applications. Changes in foreign exchange rates increased revenue growth by approximately 1%. Materials processing sales accounted for 85% of total revenue and decreased 6% year over year, as a result of divestitures and lower sales in cutting, welding and additive manufacturing applications, partially offset by higher revenue in micromachining and the cleanLASER acquisition. Other applications sales increased 21% year over year driven by higher revenue in medical and advanced applications. Emerging growth products sales accounted for 54% of total revenue, increasing from 51% in the prior quarter. By region, sales increased 14% in Asia, and decreased 4% in North America and 24% in Europe on a year-over-year basis.

GAAP gross margin of 37.3% was flat year over year as a decrease in unabsorbed expenses and lower inventory provisions were offset by higher product cost and tariffs. Adjusted EBITDA was $31.5 million and adjusted earnings per diluted share (EPS) were $0.30 in the second quarter. During the second quarter, IPG spent $15 million on capital expenditures and $30 million on share repurchases.

Business Outlook and Financial Guidance

“The second quarter book-to-bill ratio was approximately one on the higher revenue. We are seeing continued demand into the third quarter despite the uncertainty related to tariffs. We have been successfully adapting to the current operating environment and taking advantage of our flexible global manufacturing footprint and supply chain capabilities to address tariffs," concluded Dr. Gitin.

For the third quarter of 2025, IPG expects revenue of $225 million to $255 million, adjusted gross margin between 36% and 38% and operating expenses of $89 million to $91 million. IPG anticipates delivering adjusted earnings per diluted share in the range of $0.05 to $0.35 and adjusted EBITDA in the range of $22 million to $36 million.

As discussed in more detail in the "Safe Harbor" passage of this news release, actual results may differ from this guidance due to various factors including, but not limited to, trade policy changes and trade restrictions, product demand, order cancellations and delays, competition, tariffs and retaliatory tariffs, currency fluctuations and general economic conditions. The current uncertainty related to the trade environment and tariff policies increases the risks to the outlook that we have provided. This guidance is based upon current market conditions and expectations, and is subject to the risks outlined in the Company's reports filed with the SEC, and assumes exchange rates relative to the U.S. dollar of euro 0.85, Japanese yen 144 and Chinese yuan 7.16, respectively.

Supplemental Financial Information

Additional supplemental financial information is provided in the unaudited Financial Data Workbook and Second Quarter 2025 Earnings Call Presentation available on the investor relations section of the Company's website at .

Conference Call Reminder

The Company will hold a conference call today, August 5, 2025 at 10:00 am ET. To access the call, please dial 877-407-6184 in the US or 201-389-0877 internationally. A live webcast of the call will also be available and archived on the investor relations section of the Company's website at .

Contact

Eugene Fedotoff

Senior Director, Investor Relations

IPG Photonics Corporation

508-597-4713

About IPG Photonics Corporation

IPG Photonics Corporation is the leader in high-power fiber lasers and amplifiers used primarily in materials processing and other diverse applications. The Company’s mission is to develop innovative laser solutions making the world a better place. IPG accomplishes this mission by delivering superior performance, reliability and usability at a lower total cost of ownership compared with other types of lasers and non-laser tools, allowing end users to increase productivity and decrease costs. IPG is headquartered in Marlborough, Massachusetts and has more than 30 facilities worldwide. For more information, visit

Safe Harbor Statement

Information and statements provided by IPG and its employees, including statements in this press release, that relate to future plans, events or performance are forward-looking statements. These statements involve risks and uncertainties. Any statements in this press release that are not statements of historical fact are forward-looking statements, including those statements related to our strategy to drive profitable growth, launching a directed energy system for counter-UAV applications that we believe will unlock significant value for our customers, continuing our investments in growth opportunities, continuous demand into the third quarter despite the uncertainty related to tariffs, successfully adopting to the current operating environment and taking advantage of our flexible global manufacturing footprint and supply chain capabilities to address tariffs, and statements related to revenue, adjusted gross margin and operating expenses outlook, adjusted earnings per diluted share and adjusted EBITDA guidance, including the expected impact of tariffs, and the impact of the U.S. dollar on our guidance for third quarter of 2025. Factors that could cause actual results to differ materially include risks and uncertainties, including risks associated with the strength or weakness of the business conditions in industries and geographic markets that IPG serves, particularly the effect of downturns in the markets IPG serves; uncertainties and adverse changes in the general economic conditions of markets; inability to manage risks associated with international customers and operations; changes in trade controls and tariff policies; IPG's ability to penetrate new applications for fiber lasers and increase market share; the rate of acceptance and penetration of IPG's products; foreign currency fluctuations; high levels of fixed costs from IPG's vertical integration; the appropriateness of IPG's manufacturing capacity for the level of demand; competitive factors, including declining average selling prices; the effect of acquisitions and investments; inventory write-downs; asset impairment charges; intellectual property infringement claims and litigation; interruption in supply of key components; manufacturing risks; government regulations and trade sanctions; and other risks identified in IPG's SEC filings. Readers are encouraged to refer to the risk factors described in IPG's Annual Report on Form 10-K (filed with the SEC on February 20, 2025) and IPG's reports filed with the SEC, as applicable. Actual results, events and performance may differ materially. Readers are cautioned not to rely on the forward-looking statements, which speak only as of the date hereof. IPG undertakes no obligation to update the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.



IPG PHOTONICS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
 Three Months Ended June 30, Six Months Ended June 30,
  2025   2024   2025  2024 
 (In thousands, except per share data)
Net sales$250,721  $257,645  $478,514 $509,654 
Cost of sales 157,148   161,459   295,129  315,932 
Gross profit 93,573   96,186   183,385  193,722 
Operating expenses:       
Sales and marketing 25,552   22,487   49,982  45,485 
Research and development 29,937   27,487   58,273  56,868 
General and administrative 34,882   31,602   67,690  62,760 
Gain on sale of assets    (674)    (7,450)
Loss on foreign exchange 3,098   3,244   5,509  4,919 
Total operating expenses 93,469   84,146   181,454  162,582 
Operating income 104   12,040   1,931  31,140 
Other income, net:       
Interest income, net 8,001   12,778   15,445  26,955 
Other income, net 166   194   1,510  519 
Total other income 8,167   12,972   16,955  27,474 
Income before provision for income taxes 8,271   25,012   18,886  58,614 
Provision for income taxes 1,666   4,858   8,523  14,361 
Net income$6,605  $20,154  $10,363 $44,253 
Net income per share:       
Basic$0.16  $0.45  $0.24 $0.97 
Diluted$0.16  $0.45  $0.24 $0.97 
Weighted average common shares outstanding:       
Basic 42,481   44,918   42,543  45,439 
Diluted 42,577   45,012   42,720  45,601 





IPG PHOTONICS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
 June 30, December 31,
  2025   2024 
 (In thousands, except share and

per share data)
ASSETS
Current assets:   
Cash and cash equivalents$359,184  $620,040 
Short-term investments 540,414   310,152 
Accounts receivable, net 201,038   171,131 
Inventories 303,841   284,780 
Prepaid income taxes 28,813   17,592 
Prepaid expenses and other current assets 40,866   27,300 
Total current assets 1,474,156   1,430,995 
Deferred income taxes, net 114,268   115,031 
Goodwill 71,763   67,241 
Intangible assets, net 54,653   55,376 
Property, plant and equipment, net 621,352   588,375 
Other assets 43,256   32,246 
Total assets$2,379,448  $2,289,264 
LIABILITIES AND EQUITY
Current liabilities:   
Accounts payable$41,522  $35,385 
Accrued expenses and other current liabilities 170,790   152,048 
Income taxes payable 4,640   17,586 
Total current liabilities 216,952   205,019 
Other long-term liabilities and deferred income taxes 57,944   59,774 
Total liabilities 274,896   264,793 
Commitments and contingencies   
IPG Photonics Corporation equity:   
Common stock, $0.0001 par value, 175,000,000 shares authorized; 56,905,313 and 42,329,918 shares issued and outstanding, respectively, at June 30, 2025; 56,632,974 and 42,548,561 shares issued and outstanding, respectively, at December 31, 2024. 6   6 
Treasury stock, at cost, 14,575,395 and 14,084,413 shares held at June 30, 2025 and December 31, 2024, respectively. (1,535,525)  (1,505,321)
Additional paid-in capital 1,053,080   1,035,285 
Retained earnings 2,624,231   2,613,868 
Accumulated other comprehensive loss (37,240)  (119,367)
Total IPG Photonics Corporation stockholders' equity 2,104,552   2,024,471 
Total liabilities and equity$2,379,448  $2,289,264 





IPG PHOTONICS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
 Six Months Ended June 30,
  2025   2024 
 (In thousands)
Cash flows from operating activities:   
Net income$10,363  $44,253 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
Depreciation and amortization 31,167   31,506 
Provisions for inventory, warranty & bad debt 22,080   30,365 
Other 17,162   (8)
Changes in assets and liabilities that (used) provided cash, net of acquisitions:   
Accounts receivable and accounts payable (14,061)  39,736 
Inventories (23,837)  17,041 
Other (31,645)  (54,839)
Net cash provided by operating activities 11,229   108,054 
Cash flows from investing activities:   
Purchases of and deposits on property, plant and equipment (40,176)  (52,270)
Proceeds from sales of property, plant and equipment 563   28,274 
Purchases of short-term investments (579,814)  (301,541)
Proceeds from short-term investments 357,859   633,993 
Other 52   188 
Net cash (used in) provided by investing activities (261,516)  308,644 
Cash flows from financing activities:   
Payments for taxes related to net share settlement of equity awards less proceeds from issuance of common stock under employee stock options (4,253)  1,792 
Purchase of treasury stock net of excise tax, at cost (30,204)  (212,020)
Net cash used in financing activities (34,457)  (210,228)
Effect of changes in exchange rates on cash and cash equivalents 23,888   (604)
Net (decrease) increase in cash and cash equivalents (260,856)  205,866 
Cash and cash equivalents — Beginning of period 620,040   514,674 
Cash and cash equivalents — End of period$359,184  $720,540 
Supplemental disclosures of cash flow information:   
Cash paid for interest$8  $94 
Cash paid for income taxes$32,918  $34,165 





IPG PHOTONICS CORPORATION

SUPPLEMENTAL SCHEDULE OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
 

Use of Non-GAAP Adjusted Financial Information

We refer to certain financial measures that are not recognized under United States generally accepted accounting principles (“GAAP”) and are provided as supplemental information to enhance understanding of the Company’s financial performance. These measures should not be considered as a substitute for, or superior to, GAAP financial measures. The following information provides the definition of adjusted gross profit, adjusted gross margin, adjusted operating income, EBITDA, adjusted EBITDA, adjusted net income, adjusted net earnings per share (EPS), and adjusted tax rate as presented, which are financial measures that are not calculated or presented in accordance with GAAP, and reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided adjusted gross profit, adjusted gross margin, adjusted operating income, EBITDA, adjusted EBITDA, adjusted net income, adjusted EPS, and an adjusted tax rate as supplemental information and in addition to the financial measures presented by the Company that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measure presented by the Company.

We define adjusted gross profit as reported gross profit, adjusted for non-recurring, infrequent, or unusual changes, including acquisition and integration charges and amortization of acquisition-related intangibles.

We define adjusted gross margin as adjusted gross profit divided by total revenue.

We define adjusted operating income as reported income from operations, adjusted for non-recurring, infrequent, or unusual charges, including acquisition and integration charges, amortization of acquisition-related intangibles, foreign exchange gains/losses and gain/loss on disposal of assets/divestiture.

We define EBITDA as net income plus interest expense (income), provision for income taxes, depreciation expense, and amortization expense.

We define adjusted EBITDA as EBITDA adjusted for non-recurring, infrequent, or unusual charges, and other adjustments that the Company believes appropriate, including stock-based compensation, acquisition and integration charges, foreign exchange gains/losses and gain/loss on disposal of assets/divestiture.

We define adjusted net income as reported net income, adjusted for non-recurring, infrequent, or unusual changes, and other adjustments that the Company believes appropriate, including amortization of acquisition-related intangibles, acquisition and integration charges, foreign exchange gains/losses and gain/loss on disposal of assets/divestiture, certain discrete tax items and non-GAAP income tax reconciling adjustments.

We define adjusted EPS as adjusted net income divided by the weighted-average diluted shares outstanding.

We define adjusted tax rate as the GAAP tax rate, adjusted for discrete tax items and the net impact of non-GAAP adjustments.

Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. Specifically, these non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts.

In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies. Management may, however, utilize other measures to illustrate performance in the future. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided below. These non-GAAP measures exclude (i) special inventory provisions, (ii) amortization of acquisition-related intangibles, (iii) restructuring charges, (iv) acquisition and integration charges, (v) goodwill and intangible asset impairments, (vi) foreign exchange gains/losses, (vii) interest income, (viii) benefit (provision) from income taxes, (ix) depreciation, (x) amortization, (xi) stock-based compensation, (xii) gain/loss on disposal of assets/divestiture, (xiii) certain discrete tax items, and (xiv) non-GAAP income tax reconciling adjustments.

We have not provided a quantitative reconciliation of forward-looking Non-GAAP adjusted earnings per diluted share and adjusted EBITDA to their most directly comparable GAAP financial measures because we are unable to estimate with reasonable certainty the ultimate timing or amount of certain significant items without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact adjusted earnings per diluted share and adjusted EBITDA. This includes items that have not yet occurred, are out of the Company’s control, cannot be reasonably predicted and/or for which there would not be any meaningful adjustment or difference. For the same reasons, the Company is unable to address the probable significance of the unavailable information.

Our non-GAAP tax provision for the fiscal second quarter of 2025 is 14%. The difference between our GAAP income tax provision and our non-GAAP income tax provision is presented as non-GAAP income tax reconciling adjustments.

IPG PHOTONICS CORPORATION

SUPPLEMENTAL SCHEDULE OF NON-GAAP MEASUREMENTS (UNAUDITED)
 

Reconciliation of Gross Profit to Adjusted Gross Profit, Adjusted Gross Margin

 Three Months Ended June 30, Six Months Ended June 30,
  2025   2024   2025   2024 
 (in thousands, except per share data)
Gross profit$93,573  $96,186  $183,385  $193,722 
Gross margin 37.3%  37.3%  38.3%  38.0%
Amortization of acquisition-related intangibles 1,061   440   2,077   928 
Acquisition and integration charges 260      482    
Adjusted gross profit$94,894  $96,626  $185,944  $194,650 
Adjusted gross margin 37.8%  37.5%  38.9%  38.2%



Reconciliation of Operating Income to Adjusted Operating Income

 Three Months Ended June 30, Six Months Ended June 30,
  2025   2024   2025   2024 
 (in thousands, except per share data)
Operating income$104  $12,040  $1,931  $31,140 
Amortization of acquisition-related intangibles 2,594   1,377   5,096   2,802 
Acquisition and integration charges 1,068      2,059    
Loss on foreign exchange 3,098   3,244   5,509   4,919 
Gain on sale of assets          (6,776)
Adjusted operating income$6,864  $16,661  $14,595  $32,085 



Reconciliation of Net income to Adjusted EBITDA

 Three Months Ended June 30, Six Months Ended June 30,
  2025   2024   2025   2024 
 (in thousands, except per share data)
Net income$6,605  $20,154  $10,363  $44,253 
Interest income, net (8,001)  (12,778)  (15,445)  (26,955)
Provision for income taxes 1,666   4,858   8,523   14,361 
Depreciation 12,172   13,309   23,728   27,236 
Amortization 3,654   2,010   7,439   4,270 
EBITDA$16,096  $27,553  $34,608  $63,165 
Stock based compensation 11,287   8,570   22,054   18,302 
Acquisition and integration charges 1,068      2,059    
Loss on foreign exchange 3,098   3,244   5,509   4,919 
Gain on sale of assets          (6,776)
Adjusted EBITDA$31,549  $39,367  $64,230  $79,610 



Reconciliation of GAAP to Non-GAAP Net Income, and GAAP to Non-GAAP Net Income per Share, Diluted

 Three Months Ended June 30, Six Months Ended June 30,
  2025   2024   2025   2024 
 (in thousands, except per share data)
Net income$6,605  $20,154  $10,363  $44,253 
Amortization of acquisition-related intangibles 2,594   1,377   5,096   2,802 
Acquisition and integration charges 1,068      2,059    
Loss on foreign exchange 3,098   3,244   5,509   4,919 
Gain on sale of assets          (6,776)
Certain discrete tax items 275   (85)  4,889   1,912 
Tax impact of non-GAAP adjustments (710)  (1,075)  (1,858)  (342)
Adjusted net income$12,930  $23,615  $26,058  $46,768 
Adjusted net earnings per diluted share$0.30  $0.52  $0.61  $1.03 
Weighted average diluted shares outstanding 42,577   45,012   42,720   45,601 



Reconciliation of GAAP to Non-GAAP Effective Tax Rate

 Three Months Ended June 30, Six Months Ended June 30,
  2025   2024   2025   2024 
Tax rate 20%  19%  45%  25%
Discrete tax items (3)%  %  (26)%  (3)%
Net impact of non-GAAP adjustments (3)%  1%  (2)%  (1)%
Adjusted tax rate 14%  20%  17%  21%
 

During the first fiscal quarter of 2025, the Company refined its methodology to report non-GAAP measures. The change does not impact the Company’s financial position, cash flows, or GAAP consolidated results of operations. Prior period non-GAAP financial measures and the associated GAAP to non-GAAP reconciliations presented in this press release have been recast to conform to the current presentation.



EN
05/08/2025

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