What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-21 compared with 2023-02-27 · 67 added, 91 removed, 340 unchanged (32% of the section changed)

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Fiber lasers are a type of laser that combine the advantages of semiconductor diodes, such as long life and high efficiency, with the high amplification and precise beam qualities of specialty optical fibers to deliver superior performance, reliability and usability.

Our portfolio of laser solutions are used in materials processing, medical and advanced applications.

Our portfolio of laser solutions is used in materials processing, medical and advanced applications.

We sell our products globally to original equipment manufacturers ("OEMs"), system integrators and end users.

We market our products internationally, primarily through our direct sales force.

Our major manufacturing facilities are located in the United States, Germany, Russia and Belarus.

Refer to "Factors and Trends That Affect Our Operations and Financial Results" within Part II Item 7 for trends impacting our reliance on our Russian and Belarus operations.

Our major manufacturing facilities are located in the United States and Germany.

We have sales service offices and applications laboratories worldwide.

We are vertically integrated.

We design and manufacture most of the key components used in our finished products, from semiconductor diodes to optical fiber preforms, finished fiber lasers and amplifiers.

We are vertically integrated such that we design and manufacture most of the key components used in our finished products, from semiconductor diodes to optical fiber preforms, finished fiber lasers and amplifiers.

We manufacture complementary products used with our lasers including optical delivery cables, fiber couplers, beam switches, optical processing heads, in-line sensors and chillers.

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Lasers are utilized in materials processing applications requiring very high power densities, such as cutting, welding, marking, engraving, additive manufacturing, ablation and cleaning, printing, drilling and cladding.

Historically, machine tools such as grinding machines, mechanical saws, milling machines, lathes, presses, water jet cutters, plasma cutters and welding machines have been used to cut, combine, form or otherwise process metal in the production of finished goods such as automobiles, consumer appliances, electronics and heavy machinery.

Historically, machine tools such as grinding machines, mechanical saws, milling machines, lathes, presses, water jet cutters, plasma cutters and welding machines have been used to cut, join, form or otherwise process metal in the production of finished goods such as automobiles, consumer appliances, electronics and heavy machinery.

Also, laser are utilized in applications which require consistent and stable operation with lower power densities, such as heating, cleaning and drying.

Laser-based systems are increasingly gaining share within the materials processing market because of the greater precision, processing speeds and flexibility enabled by this technology.

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enhanced end user productivity;

lower cost of ownership;

lower cost of ownership and environmentally friendly operation;

greater ease of use;

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and greater choice of wavelengths and more precise beam control.

Our strategy is to target new applications where fiber lasers provide benefits compared to use of other laser technologies and non-laser solutions.

There remain applications and processes where other laser and non-laser technologies may provide superior performance with respect to particular features or applications notwithstanding the benefits offered by fiber lasers.

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Our key strengths and competitive advantages include the following:

World's Leading Producer of Fiber Laser Technology.

Leading Producer of Fiber Laser Technology.

As a pioneer and technology leader in fiber lasers, we are able to leverage our scale to reduce costs for our customers and drive the proliferation of fiber lasers in existing and new applications.

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Our broad range of standard and custom fiber lasers operating at various wavelengths and pulse durations allow us to meet varied customer requirements.

Further, our vertically integrated manufacturing and broad technology expertise allow us to design, prototype and commence high-volume production of our products rapidly.

Further, our vertically integrated manufacturing and broad technology expertise allow us to design, prototype and commence high-volume commercial production of our products rapidly.

Diverse Customer Base, End Markets and Applications.

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End Market Applications Principal Products

General Manufacturing Flat sheet, tube and 3D cutting Continuous Wave ("CW") lasers (1-50 kW) and IPG systems

Welding, brazing, hardening and cladding CW lasers (1-125 kW) and IPG systems

Surface cleaning and texturing, paint and coating stripping and drying Nanosecond ("NS") pulsed lasers (100-3,000 W), single-mode CW lasers (1-5 kW), diode lasers (1-40 kW) and IPG systems

3D printing CW lasers (200-6,000 W)

General Manufacturing Welding, brazing, hardening and cladding

Continuous Wave ("CW") lasers (1-125 kW) and IPG systems

Flat sheet, tube and 3D cutting

CW lasers (1-50 kW) and IPG systems

Marking, engraving and printing NS pulsed lasers (10-1,000 W) and Quasi-CW ("QCW") lasers (100-2,000 W)

Automotive Cutting of high-strength steel and aluminum CW lasers (1-20 kW)

Surface cleaning and texturing, paint and coating stripping

Nanosecond ("NS") pulsed lasers (100-3,000 W), single-mode CW lasers (1-5 kW) and IPG systems

Heating and drying

Diode lasers (1-40 kW)

3D printing CW lasers (200-6,000 W)

Automotive (including Electric Vehicles)

Welding, cleaning, drying, and cutting, including foil cutting

CW and QCW lasers, NS pulsed lasers and IPG systems

Cutting of high-strength steel and aluminum CW lasers (1-20 kW)

Welding tailored blanks, frames and auto parts CW lasers (1-50 kW)

Seam welding and brazing CW lasers( 1-20 kW) and IPG systems

Electric vehicle battery and motor manufacturing CW and QCW lasers, NS pulsed lasers and IPG systems

Consumer Goods Micro welding, cutting and marking QCW and NS pulsed lasers

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We design and manufacture a broad range of high-performance fiber lasers and amplifiers.

We also make packaged diodes, direct diode lasers, laser and non-laser systems and communications components and systems.

We also make direct diode lasers, packaged semiconductor diodes, laser and non-laser systems and communications components and systems.

Many of our products are designed to be used as general-purpose energy or light sources, making them useful in diverse applications and markets.

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Our engineers and other technical experts work directly with the customer in our application and development centers to develop and configure the optimal solution for such customer's requirements.

We also manufacture certain complementary products that are used with our lasers, such as optical delivery cables, fiber couplers, beam switches, optical processing heads and chillers.

We also manufacture certain complementary products that are used with our lasers, such as optical delivery cables, fiber couplers, beam switches, optical processing heads, process measuring and monitoring technologies and chillers.

Our laser products include medium (1 to 999 watts) and high (1,000 watts and above) output power lasers from 0.3 to 5.2 microns in wavelength.

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We produce hybrid fiber-solid state lasers at green and ultraviolet wavelengths for a range of micro processing applications and in the mid-IR spectrum for sensing, imaging and spectroscopy applications.

We also sell fiber pigtailed packaged diodes and fiber coupled direct diode laser systems that use semiconductor diodes rather than optical fibers as their gain medium.

We also sell fiber pigtailed packaged diodes as components for pumping applications, and fiber coupled direct diode laser systems that use semiconductor diodes rather than optical fibers as their gain medium.

In addition, we offer high-energy pulsed lasers, multi-wavelength lasers, tunable lasers, single-polarization and single-frequency lasers, as well as other versions of our products.

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In addition to selling laser sources, we also offer integrated laser systems for particular geographic markets or custom-developed for a customer's manufacturing requirements.

In 2020, we introduced our new LightWELD product line, a handheld laser welding system to provide fabricators a laser-based solution for welding.

We offer 2D compact flat sheet cutter systems and multi-axis systems for fine welding, cutting and drilling.

We offer a LightWELD product line, which is a handheld laser welding system to provide fabricators a laser-based solution for welding.

We also offer 2D compact flat sheet cutter systems and multi-axis systems for fine welding, cutting and drilling.

We produce high precision laser systems for the medical device industry.

We also offer a welding seam stepper and picker, which is an automated fiber laser welding tool providing customers increased processing speeds, better quality and the elimination of certain clamping tools.

In 2018, we acquired Genesis Systems Group LLC (United States), a leader in the integration of laser and non-laser robotic welding and automation solutions, and Robot Concept GmbH (Germany), an integrator of laser-based systems.

Our subsidiary Genesis Systems Group, LLC provides laser and non-laser robotic welding and automation solutions.

IPG also develops and sells specialized fiber laser systems for unique material processing applications as requested by customers desiring a complete laser-based solution, including orbital welding, pipe welding and remote welding.

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For the 2023, 2022 and 2021 fiscal years, laser and non-laser systems accounted for 13%, 11%, and 9%, respectively, of revenues.

We broadly classify our principal end markets as material processing, advanced applications, communications a nd medical procedures.

With the sale of sale of our telecom transmission product lines to Lumentum Holdings Inc.

in August 2022, we no longer intend to target communications as a principal market.

We broadly classify our principal end markets as material processing, medical procedures, advanced applications and communications .

With the sale of sale of our telecom transmission product lines in August 2022, we no longer intend to target

communications as a principal market.

The following table shows the allocation of our net sales (in thousands) among our principal markets:

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Materials Processing

The most significant materials processing applications for fiber lasers are cutting, welding and brazing, marking and engraving, cleaning and stripping, solar cell manufacturing, additive manufacturing such as laser sintering, 3D printing and ablation.

Other applications include precision processing, drilling and annealing.

Cutting, Welding and Brazing Applications.

Laser-based cutting technology has several advantages compared to alternative technologies.

Laser cutting is fast, flexible and highly precise and can be used to cut complex contours on flat, tubular or three-dimensional materials.

The laser source can be programmed to process many different kinds of materials such as steel, aluminum, brass, copper, glass, ceramic and plastic at various thicknesses.

Laser cutting technology is a non-contact process that is easy to integrate into an automated production line and is not subject to wear of the cutting medium.

We sell mid and high power ytterbium fiber lasers for laser cutting.

Our high power pulsed lasers are used in thin foil cutting applications in electric vehicle battery production.

High electrical efficiency, low maintenance and operating cost, excellent beam quality, wide operating power range, power stability and small spot size are some of the qualities offered by IPG fiber lasers for many cutting applications, which enable customers to cut a variety of materials faster.

The most significant materials processing applications for fiber lasers are welding and brazing and cutting.

Other applications include marking and engraving, cleaning, additive manufacturing such as laser sintering and 3D printing, precision processing, drilling, heat treating, annealing and heating and drying.

Welding and Brazing Applications.

Laser welding offers several important advantages compared to conventional welding technology as it is non-contact, precise, easy to automate, provides high process speed and results in narrow-seamed, high-quality welds that generally require little or no post-processing machining.

The high beam quality of our fiber lasers coupled with high CW power offer deep penetration welding as well as shallow conduction mode welding.

Adjustable mode beam (AMB) lasers allow beam tunability for precise high-quality welding required in electric vehicle battery manufacturing.

Adjustable mode beam (AMB) lasers allow beam tunability for spatterless, precise high-quality welding required in electric vehicle battery manufacturing.

In addition, fiber lasers enable remote welding "on the fly," a flexible method of three-dimensional welding in which the laser beam is positioned by a robot-guided scanner.

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Brazing is a method of joining sheet metal by using a melted filler material similar to soldering but requiring higher temperatures.

Marking and Engraving.

With the increasing need for source traceability, component identification and product tracking as a means of reducing product liability and preventing falsification, as well as the demand for modern robotic production systems, manufacturers increasingly demand laser marking systems capable of applying serialized alphanumeric, graphic or bar code identifications directly onto their manufactured components.

Laser engraving is similar to marking but forms deeper grooves in the material.

In contrast to conventional acid etching and ink-based technologies, lasers can mark a wide variety of metal and non-metal materials, such as ceramic, glass and plastic surfaces, at high speeds and without contact by changing the surface structure of the material or by engraving.

Laser marking systems can be easily integrated into a customer's production process and do not subject the item being marked to mechanical stress.

In addition, we make high powered lasers for ablation and cleaning applications.

Historically, metalworking has been performed with processes that remove material to produce component parts.

The development of 3D printing technology enables the production of three-dimensional objects from digital design data through an additive manufacturing process, which builds up components in layers using materials that are available in fine powder form.

3D printers take advantage of improvements in computing power and motion and process control to deposit a range of materials, including metals, plastics and composite materials, accurately at high speed.

Within metal-based 3D printing processes that include laser metal deposition (LMD) and selective laser melting (SLM), a laser beam is used to fuse metallic powder at points defined by computer-generated design data.

3D printing permits highly complex structures, with a high degree of customization capability and significantly less waste than subtractive manufacturing processes.

Micro-materials processing.

In the semiconductor industry, lasers typically are used as the light source in microlithography and for annealing, dicing, drilling, lift-off and marking of wafers.

In the electronics industry, lasers typically are used to cut, join, mark, scribe or otherwise process a variety of materials that include ceramics, metals, plastics, silicon, and sapphire among others.

Consumer electronic devices such as mobile phones, computers and handheld computers contain many parts that are laser-cut, marked or welded.

In the photovoltaic or solar panel industry, pulsed lasers are used to remove materials and to scribe, or cut, solar cells.

The high beam quality, increased peak output powers, flexible fiber delivery and competitive price of fiber lasers have accelerated the adoption of fiber lasers in these low power applications.

Precision Processing.

The trend toward miniaturization in numerous industries such as consumer electronics, as well as innovations in materials and structures, is driving end users to utilize lasers in processing and fabrication.

The ability of lasers to cut, weld, drill, ablate, etch and add materials on a fine scale is enabling new technologies and products across many industries.

Our low power CW and QCW lasers are used to cut medical stents and weld medical batteries.

In photovoltaic manufacturing, our lasers etch and perform edge isolation processes.

The aerospace industry requires precise manufacturing of engine parts so that cooling is effective and aerospace manufacturers use lasers for percussion drilling of fine holes.

Processing of plastics and semi-conductors require short pulse and high energy lasers, in the green, UV and mid-IR wavelengths.

Cutting Applications.

Laser-based cutting technology has several advantages compared to alternative technologies.

Laser cutting is fast, flexible and highly precise and can be used to cut complex contours on flat, tubular or three-dimensional materials.

The laser source can be programmed to process many different kinds of materials such as steel, aluminum, brass, copper, glass, ceramic and plastic at various thicknesses.

Laser cutting technology is a non-contact process that is easy to integrate into an automated production line and is not subject to wear of the cutting medium.

We sell mid and high power ytterbium fiber lasers for laser cutting.

Our high power pulsed lasers are used in thin foil cutting applications in electric vehicle battery production.

Medical Procedures

We sell our commercial fiber and diode laser modules, subassemblies and complete systems to medical device manufacturers that incorporate our products into their devices.

Our ultrafast, CW and QCW ytterbium, erbium, thulium fiber and hybrid lasers with average power from 1 to 200 watts, and diode laser systems can be used in various medical and biomedical applications.

Our ultrafast, CW and QCW ytterbium, erbium, thulium fiber and hybrid lasers with avera ge power from 1 to 200 watts, and dio de laser systems can be used in various medical and biomedical applications.

We have also developed and are now selling medical laser systems and consumable fiber applications, including benign prostatic hyperplasia and lithotripsy, as an OEM and, in certain territories, as an IPG-branded product.

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Representative applications include directed energy, spectroscopy, optical trapping, remote sensing, LIDAR and materials characterization.

Communications

Prior to the sale of our telecom transmission product lines to Lumentum Holdings Inc.

in August 2022, we designed and manufactured optical amplifiers and optical transceiver and transponder modules for communications applications for deployment in data center networks, service provider optical networks, and communications networks of oil and gas utilities.

We no longer intend to target communications as a principal market.

Our products are based on our proprietary technology platform that we have developed and refined since our formation.

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We believe that our large portfolio of specialty active and passive optical fibers has a number of advantages as compared to other commercially available optical fibers.

Using our knowledge of optical fibers, we recently extended our product line by manufacturing fibers for medical uses in connection with our proprietary medical laser systems.

Using our knowledge of optical fibers, we recently extended our product line by manufacturing fibers used as a consumable component with our proprietary medical laser systems.

Semiconductor Diode Laser Processing and Packaging Technologies

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We research, develop and manufacture most of the key components of our lasers.

In addition to our cladding-pumped specialty fiber platform, we have core competencies in high power multi-mode and single-mode semiconductor laser diodes, diode packaging, specialty active and passive optical fibers, high-performance optical components, crystal growth and processing, fiber gain blocks and fiber modules, thin film optical coatings, as well as splicing and combining techniques and high-stress test methods.

In addition to our cladding-pumped specialty fiber platform, we have core competencies in high power multi-mode and single-mode semiconductor diodes, diode packaging, specialty active and passive optical fibers, high-performance optical components, crystal growth and processing, fiber gain blocks and fiber modules, thin film optical coatings, as well as splicing and combining techniques and high-stress test

The strategy of developing our proprietary components has allowed us to leverage our optical experience and large volume requirements to lower the cost of our products.

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Vertical integration is one of our core business strategies through which we control our proprietary processes and technologies as well as the supply of key components and assemblies.

Our vertically integrated manufacturing operations include the manufacturing or assembly of optical preforms, specialty fiber, semiconductor wafers, laser diodes and packaged laser diodes, specialty optical components, fiber blocks, fiber laser modules, power supplies, circuit boards, electronics and control systems and software, crystals, chillers, housings and cabinets and final assembly of finished product.

Our vertically integrated manufacturing operations include the manufacturing or assembly of optical preforms, specialty fiber, semiconductor wafers, semiconductor diode chips and packaged semiconductor diodes, specialty optical components, fiber blocks, fiber laser modules, power supplies, circuit boards, electronics and control systems and software, crystals, chillers, housings and cabinets and final assembly of finished product.

In addition, we make some of the automated production systems, tools and fixtures and testing systems that we use in our own manufacturing processes.

Over the last several years, we added additional production capabilities, including multi-wafer growth reactors, diode test stations, fiber preform and fiber drawing equipment and mid and high power laser production and testing, in order to increase our capacity as well as reduce the risks associated with our production processes.

We operate our own semiconductor foundry for the production of multi-mode single-emitter diodes.

We operate our own semiconductor foundry for the production of multi-mode single-emitter diodes used as pump sources in our lasers.

We also process, package and extensively test all of our diodes.

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Once our fiber laser products are designed into an OEM system, the OEM's sales force markets its systems, allowing us to leverage our sales capability through the OEM sales channels because the OEMs typically have several sales persons in locations other than where our sales offices are located.

We have sales and service offices and application development centers in the Americas, Europe and Asia.

To a lesser extent, we market through agreements with independent sales representatives and distributors, although we do use such channels more widely for our LightWELD product.

We have sales and service offices and

application development centers in the Americas, Europe and Asia.

To a lesser extent, we market through agreements with independent sales representatives and distributors, but we do use such channels more widely for our LightWELD product.

In 2023, we entered into a strategic partnership with Miller Electric Mfg.

LLC, a leading worldwide manufacturer of arc welding products, to further promote laser solutions for handheld welding applications.

We typically provide one to five-year parts and service warranties on lasers.

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Many of our fiber laser competitors are increasing the output powers of their fiber lasers to compete with our products.

We also compete with end users that produce their own laser technology as well as with manufacturers of non-laser methods and tools, such as traditional non-laser welding, cutting dies, mechanical cutters and plasma cutters in the materials processing market.

We also compete with our customers that produce their own laser technology as well as with manufacturers of non-laser methods and tools, such as traditional non-laser welding, cutting dies, mechanical cutters and plasma cutters in the materials processing market.

Some of our competitors are larger than we are and have substantially greater financial, managerial and technical resources, more extensive distribution and service networks, greater sales and marketing capacity, and larger installed customer bases than we do.

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As a global company, our employees are distributed throughout our more than thirty locations in twenty-four countries.

Of our total full-time employees at our principal facilities, approximately 2,190 were in the United States, 1,370 were in Germany, 1,550 were in Russia, 410 were in Belarus and 230 were in China.

Of our total full-time employees, approximately 2,310 were in the United States and 1,490 were in Germany.

We have never experienced a work stoppage, and none of our employees at our principal manufacturing facilities are subject to a collective bargaining agreement.

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Competitive Pay and Benefits .

provide the proper incentives to attract, retain and motivate employees to achieve superior performance.

IPG’s compensation programs are designed to align the compensation of our employees, who operate in a highly competitive and technologically challenging environment, with IPG’s business performance and to provide the proper incentives to attract, retain and motivate employees to achieve superior performance.

The structure of our compensation programs balances incentive earnings for both short-term and long-term performance.

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Employee recruitment, retention and development .

IPG works diligently to attract the best talent from a broad array of sources to meet the current and future demands of our business.

IPG is committed to attracting the best talent from a broad array of sources to meet the current and future demands of our business.

We have established relationships with trade schools, world-class universities, professional associations and industry groups to proactively attract talented and capable new hires.

We also utilize social media, local job fairs and educational organizations to find diverse, motivated and responsible employees.

IPG has made strides to increase diversity in management positions, building internal resources for potential future leadership openings.

IPG has a strong employee value proposition that leverages our technology leadership, unique culture, collaborative working environment, shared sense of purpose, and desire to do the right thing to attract talent to our company.

In 2022, we hired approximately 1,080 new employees.

IPG sponsors formal apprentice and internship programs to build leadership capabilities for the future.

IPG has made strides to increase diversity across the global organization while ensuring strategic focus on increasing diversity representation in leadership positions.

IPG has a strong employee value proposition with a culture of innovation, driven by entrepreneurial spirit and embraced within an environment of individual respect, dignity and caring.

We monitor employee turnover rates as our success depends upon retaining and investing in our highly trained manufacturing and technical staff.

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Our retention at the technical, professional and executive levels is high.

Over the last three years, amidst global uncertainty and turmoil resulting from the COVID-19 pandemic, we introduced a number of special initiatives to minimize the impact upon our employees to safeguard the health and safety of them and their communities.

Throughout the pandemic, we believe our employees took immense pride in the shared purpose of making products that supported the world’s critical supply chains within a wide range of essential businesses and services including medical devices, transportation, communications, packaging and agriculture.

Executive Officers of the Registrant

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61 Senior Vice President, Chief Scientist

Felix Stukalin 61 Senior Vice President, Chief Operating Officer

Scherbakov, Ph.D.

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in Physics from the Imperial College London.

Felix Stukalin has served as our Senior Vice President, Chief Operating Officer since February 2022.

Prior to that, he was Senior Vice President, North America Operations, from February 2013 to February 2022.

From March 2009 until February 2013, he served as our Vice President, Devices.

Prior to joining us, he was Vice President, Business Development of GSI Group Inc.

from April 2002 to September 2008, and from March 2000 to April 2002 he was Vice President of Components and President of the Wave Precision divisions of GSI Lumonics.

Stukalin holds a B.S.

in Mechanical Engineering from the University of Rochester and he is a graduate of the Harvard Business School General Management Program.

Our net sales can fluctuate from quarter to quarter with general economic trends, specific industry cycles, holidays in foreign countries such as Lunar New Year in the first quarter of our fiscal year and the timing of capital expenditures by our customers.

Historically, our net sales have generally been higher in the second half of the year than in the first half of the year.

Government Regulation

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Department of State’s Nonproliferation Sanctions and International Traffic in Arms Regulations, as well as those of the European Community and Germany, which we collectively refer to as Trade Controls.

We further discuss the impact of such Trade Controls under " Risk Factors " in Item 1A " — We must comply with and could be impacted by various export controls and trade and economic sanctions laws and regulations that could negatively affect our business and may change due to diplomatic and political considerations outside of our control".

We further discuss the impact of such Trade Controls under " Risk Factors " in Item 1A " — We must comply with and could be impacted by various export controls and trade and economic

sanctions laws and regulations that could negatively affect our business and may change due to diplomatic and political considerations outside of our control".

Environmental Regulation

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In addition to these regulations and directives, we may face costs and liabilities in connection with product take-back legislation.

Climate and Sustainability Reporting and Regulation

Various jurisdictions around the world in which we operate, including the U.S.

and certain states, the European Union, and the United Kingdom have adopted or proposed laws related to climate and sustainability reporting.

For example, the European Parliament adopted the Corporate Sustainability Reporting Directive (CSRD), which will introduce additional due diligence and disclosure requirements addressing sustainability that we expect will apply to us in the coming years.

These and future laws, regulations or policies could significantly increase our operational and compliance burdens and costs.

For further discussion of risks relating to the regulations to which we are subject, see Item 1A.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business