What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-23 compared with 2025-02-20 · 121 added, 81 removed, 307 unchanged (40% of the section changed)

27 unchanged sentences

Although low power fiber lasers were introduced four decades ago, their increased adoption in the last twenty years has been driven primarily by our improvements in their output power levels and cost, as well as their superior performance, lower cost of ownership and greater reliability compared with other laser and non-laser technologies.

We successfully increased output power levels, efficiency and reliability by improving optical components such as diodes and active fibers that increased their power capacities and improved their performance.

We successfully increased output power levels, efficiency and reliability by improving optical components such as diodes and active fibers that increased

their power capacities and improved their performance.

Fiber lasers now offer output powers that exceed those of other laser technologies in many categories.

Our substantial advancements in diode technology, packaging design and other optical components together with increased production volumes over the last two decades reduced the cost and increased the reliability

of our products.

As a result, the average cost per watt of output power has decreased dramatically and our fiber lasers effectively compete in many applications that used other laser technologies and non-laser solutions historically.

As a result, the average cost per watt of output power has decreased dramatically and our fiber lasers effectively compete in many applications that historically used other laser technologies and non-laser solutions.

We believe that fiber lasers provide a combination of benefits that include:

6 unchanged sentences

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.

Despite the benefits of fiber lasers, certain applications and processes continue to rely on other laser and non-laser technologies that deliver superior performance for particular features or uses.

Our Competitive Strengths

3 unchanged sentences

Vertically Integrated Development and Manufacturing.

We develop and manufacture most of our key high-volume specialty components, along with optical heads and other products used in conjunction with our lasers, which we believe enhances our ability to meet customer requirements and accelerate product development.

We develop and manufacture most of the critical high-value specialty components used in our lasers, as well as laser subsystems and systems, and certain complementary products such as optical heads and process measuring and monitoring technologies.

We believe this vertically integrated approach enhances our ability to meet customer requirements, control quality and supply, and accelerate product development.

Manufacturing Scale.

8 unchanged sentences

In 2025, we shipped products to thousands of customers worldwide.

Our principal end markets and representative applications within those markets include:

Our principal end markets and representative applications for lasers within those markets include:

Materials Processing Markets

End Market Applications Principal Products

General Manufacturing Welding, brazing, hardening and cladding

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

Flat sheet, tube and 3D cutting

General Manufacturing Welding, brazing and soldering

Continuous Wave ("CW") lasers (1-125 kW), Quasi-CW ("QCW") lasers (100-1,200 W), diode lasers (50-2,000 W), and IPG systems

Hardening and cladding

CW Lasers (1-125 kW) and IPG systems

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

Flat sheet, tube and 3D cutting and drilling

CW lasers (1-60 kW), QCW lasers (100-2,400 W), and IPG systems

Marking, engraving and printing Nanosecond ("NS") pulsed lasers (10-1,000 W) and QCW lasers (100-2,400 W)

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

NS pulsed lasers (100-3,000 W), single-mode CW and QCW lasers (1-6 kW), and IPG systems

Heating and drying

Diode lasers (1-100 kW)

Additive Manufacturing CW lasers (200-6,000 W)

Additive manufacturing (3D printing and selective laser sintering)

Single-mode CW lasers (200-8,000 W), green NS pulsed laser (500 W), diode lasers (1-6 kW)

Automotive (including Electric Vehicles)

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

CW and QCW lasers, NS pulsed lasers and IPG systems

welding, cleaning, slurry drying, ablation and texturing, cutting, including foil cutting

CW and QCW lasers (1-10 kW), NS pulsed lasers (100-3,000 W), diode lasers (1-100 kW), and IPG systems

Welding EV power train components:

stators, inverters, electrical connections

CW and QCW lasers (1-10 kW), and IPG systems

Cutting of high-strength steel and aluminum CW lasers (1-30 kW)

1 unchanged sentence

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

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

Marking of polymers and other non-metals Infrared ("IR"), green and ultraviolet ("UV") pulsed lasers

Medical Devices Stent, pacemaker and other medical device manufacturing CW, NS, Picosecond ("PS") and Femtosecond ("FS") pulsed lasers and IPG systems

Consumer Goods Metal micro welding, cutting, drilling, texturing, ablation and marking

QCW, NS, Picosecond ("PS") and Femtosecond ("FS") pulsed lasers, and IPG systems

Cutting, drilling, welding and marking of polymers and other non-metals

Infrared ("IR"), CW and pulsed lasers, diode lasers, green and ultraviolet ("UV") pulsed lasers, and IPG systems

Medical Devices Stent, pacemaker and other medical device manufacturing CW, NS, PS and FS pulsed lasers and IPG systems

Energy/Renewable Energy Hardening and welding of tubes and pipes CW lasers (4-50 kW) and IPG systems

1 unchanged sentence

Solar cell processing Green NS pulsed lasers

Energy storage battery:

welding, cleaning, slurry drying, ablation and texturing, cutting, including foil cutting

CW and QCW lasers (1-10 kW), NS pulsed lasers (100-3,000 W), diode lasers (1-100 kW), and IPG systems

Aerospace, Rail and Shipbuilding Welding/cutting thick steel plates, titanium CW lasers (1-60 kW) and IPG systems

Percussion drilling of aerospace parts QCW lasers (1-2.4 kW)

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

Micro Electronics Wafer inspection and annealing, disk mastering, flat panel display, LED lift-off Ultraviolet CW and NS pulsed lasers

Processing of glass, ceramics, sapphire, silicon, diamond, Teflon, PCB, CFRP and other non-metals IR, green and UV NS pulsed lasers, PS and FS pulsed lasers, QCW lasers

Surface cleaning and texturing, paint and coating stripping and powder coat curing

NS pulsed lasers (100-3,000 W), single-mode CW lasers (1-6 kW), diode lasers (1-100 kW), and IPG systems

Micro Electronics Wafer inspection and annealing, disk mastering, flat panel display, LED lift-off Green, ultraviolet CW and NS pulsed lasers

Processing of glass, ceramics, sapphire, silicon, diamond, Teflon, PCB, CFRP, parylene and other non-metals

IR, green and UV NS pulsed lasers, PS and FS pulsed lasers, QCW lasers, and IPG systems

Other Markets

End Market Applications Principal Products

Aerospace and Defense Directed energy Single-mode CW lasers, amplifiers and diode lasers

Aerospace and Defense Directed energy Single-mode CW lasers (1-8 kW), CW "low order" lasers (10-30 kW), narrow line amplifiers (3-4 kW), diode lasers, and IPG systems

Target designation

Erbium CW lasers

Green pulsed laser (1 kW)

IR countermeasures, thermal imaging Mid-IR NS pulsed lasers

Medical Procedures Surgery, urology and soft tissue Mid-infrared, thulium, FS and laser systems

Medical Procedures Surgery, urology and soft tissue Mid-infrared, thulium, FS lasers and laser systems

Therapeutic procedures Diode lasers

1 unchanged sentence

Dental procedures Diode lasers

Diagnostic procedures Mid-infrared and FS

OEM Instrument Manufacturing Biomedical analytical instruments, metrology, disinfection/sterilization, environmental and security monitoring, quantum computing FS, PS, NS and CW lasers, Mid-infrared, IR, visible and UV lasers

Diagnostic procedures Mid-infrared and FS lasers

Scientific Academic research:

sensing, imaging, microscopy, spectroscopy, quantum optics Mid-infrared, IR, visible and UV lasers;

diode, FS, PS, NS and CW lasers, linearly polarized and single frequency lasers and amplifiers

diode, FS, PS, NS and CW lasers, linearly polarized and single frequency CW lasers and amplifiers

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

21 unchanged sentences

We are expanding our line of cutting and welding optical processing heads for use with our fiber lasers and sell devices for in-line coherent monitoring for welding.

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.

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 technology 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.

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 complete laser-based solutions.

For the 2024, 2023 and 2022 fiscal years, laser and non-laser systems accounted for 14%, 13%, and 11%, respectively, of revenues.

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

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

communications as a principal market.

In addition to selling laser sources, we also offer a range of integrated and custom-developed laser systems designed to meet specific customer manufacturing requirements.

These systems include our LightWELD product line, which is a handheld laser welding system to provide fabricators a laser-based solution for welding, as well as high precision laser systems for the medical technology industry, multi‑axis Cartesian systems for fine welding, cutting, and drilling applications and 2D compact flat sheet cutting systems.

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

We also develop and sell specialized laser systems for unique material processing applications for customers seeking complete, laser-based solutions.

With the addition of our cleanLASER product line, we have expanded our system offerings to include laser-based surface preparation and cleaning systems, which provide a dry, media-free alternative to traditional abrasive or chemical-based cleaning methods for surface preparation and coating or contaminant removal.

These surface cleaning and preparation solutions represent an complementary systems segment to our welding and cutting offerings.

Fo r the 2025, 2024 and 2023 fiscal years, laser and non-laser systems accounted for 15%, 14%, and 13%, respectively, of revenues.

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

With the 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:

14 unchanged sentences

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 spatterless, precise high-quality welding required in electric vehicle battery manufacturing.

Adjustable mode beam (AMB) lasers allow for spatterless, precise high-quality welding and cutting.

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.

9 unchanged sentences

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.

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.

Marking and Engraving Applications.

Laser marking is a non-contact process that uses a focused beam of light to create a long lasting or permanent mark on a surface by transferring heat energy to the target material to generate visible markings on or just under the surface via controlled burning.

ablation or photochemical changes.

The high-precision and small spot size of focused laser beams enables the creation of complex and high-resolution marks which are often used for labeling, product tracking, machine vision, and regulatory compliance.

Lasers can mark a wide variety of materials including metals and non-metals like polymers, ceramics, and glass.

Our fiber lasers provide a fast, reliable, and cost‑effective source for marking and engraving across industries such as automotive, electronics, aerospace, semiconductor, and medical devices.

Additive Manufacturing.

Laser additive manufacturing encompasses a range of processes, including selective laser melting and sintering, laser metal fusion and laser metal deposition.

These technologies enable flexible, high-speed production and are used for both rapid prototyping and industrial manufacturing.

Our lasers enable manufacturers to efficiently produce complete parts or add features to existing components.

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.

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

We manufacture complete medical laser systems and consumable fibers primarily for urology applications, including benign prostatic hyperplasia and lithotripsy, based on our thulium fiber laser technology.

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 fibers for applications, including benign prostatic hyperplasia and lithotripsy, as an OEM and, in certain territories, as an IPG-branded product.

Aesthetic applications addressed by IPG lasers include skin rejuvenation, hair removal, and treatment of pigmented and vascular lesions.

Aesthetic applications addressed by IPG laser modules include skin rejuvenation, hair removal, and treatment of pigmented and vascular lesions.

Advanced Applications

1 unchanged sentence

These markets may sell specialty products developed by us or our commercial products.

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

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

Separately, we have developed and launched CROSSBOW™, a counter-unmanned aircraft system (counter‑UAS) solution offered to government and other authorized parties as part of our advanced application offerings.

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

31 unchanged sentences

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 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.

17 unchanged sentences

Manufacturing

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, 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.

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

Our vertically integrated manufacturing operations currently 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.

We nonetheless may utilize third‑party suppliers for certain components and subassemblies that we determine are not strategically critical or cost‑effective to manufacture internally.

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

1 unchanged sentence

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.

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

We developed proprietary components and accessories, manufacturing tools, equipment and techniques over many years in an effort to address the major issues that had been inhibiting the development of fiber laser technology and to provide products that differentiate us from our competitors.

8 unchanged sentences

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 salespersons 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.

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.

1 unchanged sentence

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

We also sell complete medical laser systems and fibers to medical technology companies that sell and support our products under their names.

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

4 unchanged sentences

Our markets are highly competitive and characterized by rapidly changing technology, continuously evolving customer requirements and reduced average selling prices over time.

In the materials processing market, we compete with makers of fiber lasers and other lasers, such as Coherent, Inc., Laserline GmbH, Lumentum Holdings Inc., Maxphotonics Co., Ltd., MKS Instruments, Inc., nLight, Inc., Trumpf GmbH + Co.

In the materials processing market, we compete with makers of fiber lasers and other lasers, such as Coherent, Inc., JPT Opto-Electronics Co.

Ltd., Laserline GmbH, Lumentum Holdings Inc., Maxphotonics Co., Ltd., MKS Instruments, Inc., nLight, Inc., Trumpf GmbH + Co.

KG and Wuhan Raycus Fiber Laser Technologies Co.

12 unchanged sentences

Employees and Human Capital Management

Our employees are our most valuable assets.

They contribute to IPG’s success and, in particular, the skilled and experienced employees within our manufacturing, sales, service, research and development and quality assurance departments are instrumental in driving operational execution and strong financial performance, advancing innovation and maintaining a strong quality and compliance program.

Our skilled and experienced employees within our manufacturing, sales, service, research and development and quality assurance departments are instrumental in driving operational execution and strong financial performance, advancing innovation and maintaining a strong quality and compliance program.

As of December 31, 2025, we had approximately 4,840 full-time employees, including 440 in research and development, 3,590 in manufacturing and service operations, 390 in sales and marketing, and 420 in general and administrative functions.

2 unchanged sentences

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

The success and growth of IPG’s business is dependent in large part on our ability to attract, retain and develop a diverse population of talented and high-performing employees at all levels of our organization.

The success and growth of IPG’s business is dependent in large part on our ability to attract, retain and develop a population of talented and high-performing employees at all levels of our organization.

For our research, engineering and production management positions, we require employees with university and graduate-level degrees in physics, optics, electrical, mechanical and software engineering.

7 unchanged sentences

• We provide employee wages that are competitive and consistent with employee’s positions, skill levels, experience, knowledge and geographic location.

• All employees participate in our annual cash bonus program, allowing them to share in the profitability and business performance of IPG.

We also generally provide equity grants and an employee stock purchase plan to salaried employees consistent with geographic compensation practices and subject to regulatory compliance.

These programs further align our employees’ financial interests with the performance of the business and the interests of our stockholders.

• We provide competitive compensation programs designed to further align our employees' financial interests with the performance of the business and long-term value creation, including an annual cash bonus program, equity-based awards and an employee stock purchase program.

• We generally provide annual increases and incentive compensation based on merit.

• We purchase compensation data from a compensation and benefits consulting firm to allow us to ensure we provide competitive compensation in each of the geographic locations in which we operate.

• We purchase compensation data from a compensation and benefits consulting firm to allow us to ensure we provide competitive compensation in the geographic locations in which we operate.

• We align our executives’ annual and long-term equity compensation with our stockholders’ interests by linking realizable pay with operating metrics and stock performance.

4 unchanged sentences

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

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.

IPG has a strong employee value proposition with a culture of innovation, driven by entrepreneurial spirit and collaboration 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.

4 unchanged sentences

Name Age Position with the Company

Mark Gitin, Ph.D.

59 Chief Executive Officer

Lopresti 61 General Counsel, Secretary and Senior Vice President

Mammen 55 Chief Financial Officer and Senior Vice President

Ness 52 Senior Vice President, Sales and Strategic Business Development

Paulus Bucher, Ph.D.

59 Senior Vice President, Global Operations

Angelo Lopresti 62 General Counsel, Secretary and Senior Vice President

Timothy Mammen 56 Chief Financial Officer and Senior Vice President

Trevor Ness 53 Senior Vice President, Chief Revenue Officer

Igor Samartsev, Ph.D.

2 unchanged sentences

Previously, Dr.

Gitin served in a number of positions at MKS Instruments, including Executive Vice President and General Manager of MKS's Photonics Solutions Division since 2023.

Gitin served in a number of positions at MKS Inc., including Executive Vice President and General Manager of MKS's Photonics Solutions Division since 2023.

Prior to that, he served as Senior Vice President and General Manager of the Photonics Solutions Division from 2019 to 2023, and Vice President and General Manager of MKS's Photonics Business Unit from 2017 to 2019 and in 2018 he also assumed responsibility for the Instruments and Motion Business Unit.

4 unchanged sentences

in Electrical Engineering from Cornell University.

Paulus Bucher, Ph.D.

joined as Senior Vice President of Global Operations in June 2025.

Prior to joining IPG, Dr.

Bucher served as Senior Vice President of Global Operations at Adtran Holdings Inc.

Earlier in his career, he held senior operations roles at ADVA, CommScope, and Ericsson.

Bucher holds a Ph.D.

in Aerospace Engineering from Princeton University and a Master of Science in Mechanical Engineering from Virginia Tech, where he studied under a Fulbright Scholarship.

He also holds a Dipl.-Ing.

(FH) from Fachhochschule Wiesbaden and earned his Fachhochschulreife at Waldorfschule Wahlwies in Germany.

Lopresti has served as our General Counsel, Secretary and Vice President since February 2001.

1 unchanged sentence

Prior to joining us, Mr.

Lopresti was a partner at the law firm of

Winston & Strawn LLP from 1999 to 2001.

Lopresti was a partner at the law firm of Winston & Strawn LLP from 1999 to 2001.

He was a partner at the law firm of Hertzog, Calamari & Gleason from 1998 to 1999 and an associate there from 1991 to 1998.

8 unchanged sentences

Mammen served as the Group Finance Director and General Manager of the United Kingdom operations for IPFD.

Mammen was Finance Director and General Manager of United Partners Plc, a commodities trading firm, from 1995 to 1999 and, prior to that, he worked in the finance department of E.I.

Mammen was Finance

Director and General Manager of United Partners Plc, a commodities trading firm, from 1995 to 1999 and, prior to that, he worked in the finance department of E.I.

du Pont de Nemours and Company.

2 unchanged sentences

He is a Chartered Accountant and a member of the Institute of Chartered Accountants of Scotland.

Ness has served as our Senior Vice President, Sales and Strategic Business Development since February 18, 2022.

Prior to that, he was Senior Vice President, World Wide Sales and Marketing, from February 2013 to 2022.

From January 2011 until February 2013, he served as our Vice President-Asian Operations.

Prior to joining us, Mr.

Ness was Director of GSI Precision Technologies China from May 2005 to December 2010 and prior to that he held technical sales management roles with GSI Group, Inc.

and Cobham Plc, located in UK, Japan and Taiwan.

Through 2000, Mr.

Ness performed a variety of roles in the UK, including Service and Aftersales Management.

Ness has served as our Senior Vice President, Chief Revenue Officer since September 2025, with responsibility for leading the Company's global sales and service organizations, global go-to-market strategy and providing executive leadership to the company’s defense business.

From February 2022 until September 2025, he served as IPG’s Senior Vice President, Sales and Strategic Business Development.

From February 2013 until February 2022, Mr.

Ness held the role of Senior Vice President, Worldwide Sales, and from January 2011 until February 2013, he served as Vice President, Asian Operations.

Before joining IPG, Mr.

Ness spent over a decade in Asia in progressive leadership roles with GSI Precision Technologies, including Director of China Operations and General Manager of Technical Sales in Japan and Taiwan.

Earlier in his career, he held a range of service and commercial management roles in the United Kingdom.

Ness holds a B.S.

in Geology from Imperial College, a H.N.C.

from Bournemouth University and an M.B.A.

from The Open University.

in Geology from Imperial College London, a Higher National Certificate from Bournemouth University, and an M.B.A.

(Technology Management) from The Open University.

Igor Samartsev, Ph.D.

8 unchanged sentences

Food and Drug Administration ("FDA").

The same classification system is applied in the European markets.

A similar classification framework applies in the European Union and other international markets.

Safety rules are formulated with "Deutsche Industrie Norm" (i.e., German Industrial Standards) or International Organization for Standardization ("ISO") standards, which are internationally harmonized.

CDRH regulations generally require a self-certification procedure pursuant to which a manufacturer must submit a filing to the CDRH with respect to each product incorporating a laser device, make periodic reports of sales and purchases and comply with product labeling standards, product safety and design features and informational requirements.

CDRH regulations generally require a self-certification process, including submission of product reports for each product incorporating a laser device, periodic reporting of sales and purchases and compliance with product labeling standards, product safety and design features and informational requirements.

Our business activities are subject to various export controls and trade and economic sanctions laws and regulations, including, without limitation, the U.S.

Commerce Department’s Export Administration Regulations, the U.S.

Commerce Department’s Export Administration Regulations ("EAR"), the U.S.

Treasury Department’s Office of Foreign Assets Control’s trade and economic sanctions programs, the U.S.

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.

Department of State’s Nonproliferation Sanctions and International Traffic in Arms Regulations ("ITAR"), as well as comparable laws of the European Union, Germany and other jurisdictions, which we collectively refer to as Trade Controls.

These requirements govern, among other things, the export, re‑export, transfer, sale, and provision of certain hardware, software, technology, and services.

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."

Our CROSSBOW™ products are also subject to additional regulatory regimes applicable to counter-unmanned aircraft systems (“counter-UAS”) and related sensing, tracking, or mitigation technologies.

These regimes may include U.S.

laws restricting the sale, deployment, or export of counter-UAS capabilities, including evolving regulations applicable to government, critical infrastructure, and commercial end users.

Environmental Regulation

8 unchanged sentences

and certain states, the European Union, and the United Kingdom, that 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.

For example, the European Parliament adopted the Corporate Sustainability Reporting Directive (CSRD), which introduced 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.

7 unchanged sentences

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