IPG光电2025年季度报告

FORM10-Q☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedMarch31, 2025 Large Accelerated Filer☑AcceleratedFilerNon-Accelerated Filer☐SmallerReportingCompany If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☑ As of May5, 2025, there were42,534,662shares of the registrant's common stock outstanding. Part I. Financial InformationItem1. Unaudited Interim Financial Statements Condensed Consolidated Balance Sheets:March31, 2025and December31, 2024Condensed Consolidated Statements ofOperations: ThreeMonths EndedMarch31, 2025 and 2024 Condensed Consolidated Statements of Cash Flows: Three Months Ended March 31, 2025 and 2024Condensed Consolidated Statements of Equity:Three Months EndedMarch 31, 2025 and 2024 Item2. Management's Discussion and Analysis of Financial Condition and Results of Operations Item3. Defaults Upon Senior SecuritiesItem4. Mine Safety Disclosures Item5. Other InformationItem6. Exhibits 180,865——— Foreign currency translation adjustments and otherBalance, March 31, 2025 42,729,426$6(14,084,413)$(1,505,216)$1,040,264$2,617,62646,320,671$6(9,996,767)$(1,161,505)$994,020$2,795,394Vesting of RSUs and PSUs, net of shares withheld for Net incomeForeign currency translation adjustments and other Balance, March 31, 202445,566,746$6(10,954,692)$(1,251,121)$1,002,600$2,819,493$(230,258)$See notes to Condensed Consolidated Financial Statements. 1.BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Photonics Corporation, or "IPG", "its" or the "Company". Certain information and footnote disclosures normally included in financialstatements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Condensed Consolidated FinancialStatements include the Company's accounts and those of its subsidiaries. All intercompany balances have been eliminated in consolidation.These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes 2025Sales by Product Medium Power CW Lasers24,396Pulsed Lasers36,661Quasi-Continuous Wave ("QCW") Lasers10,894Laser and Non-Laser Systems33,054 24,70332,166 Total Asia One of the Company's customers accounted for16% and12% of the Company's net accounts receivable as of March31, 2025 andDecember31, 2024, respectively. The Company recognizes revenue over time on contracts for the sale of large scale materials processing systems. The timing ofcustomer payments on these contracts generally differs from the timing of revenue recognized. If revenue recognized exceeds customer March 31,January 1,March 31,20252025Change Contract assets$1,078$4,737$(3,659)$10,996$9,383$Contract liabilitiesContract liabilities - current61,77656,4545,32260,17169,219Contract liabilities - long-term3,3382,8824562,7322,851 The following table represents the Company's remaining performance obligations from contracts that are recognized over time as ofMarch31, 2025:Remaining Performance Obligations contracts to sell large scale materialsprocessing systems 4.FAIR VALUE MEASUREMENTS Short-term investments:Commercial paper219,355—219,355Corporate bonds60,306—60,306 Term deposits3,048—3,048Total short-term investments310,057—310,057$660,127$77,855$582,272$ Work-in-process33,247Finished goods103,725$287,623$ respectively. These provisions relate to the recoverability of the value of inventories due to technological changes and excess quantities, andare reported as a reduction to components and raw materials, work-in-process and finished goods. 6.BUSINESS COMBINATION pending finalization of the working capital adjustment to the purchase price.The Company has a continued employment arrangement with one of the sellers subject to a potential earn-out payment based upon theachievement of certain financial and non-financial milestones. The Company has treated this potential payment as compensation expensethat will be recorded ratably over the employment arrangement period of 24 months. The amount the Company has accrued related to this 7.GOODWILL AND INTANGIBLESThe following table sets forth the changes in the carrying amount of goodwill: Accrued compensation53,873Current portion of accrued warranty20,492Short-term lease liabilities4,318 Accruedwarranty reported in the accompanying Condensed Consolidated Financial Statements as of March 31,2025 and December31, 2024 consist of $20,492and $21,398in accrued expenses and other current liabilities, respectively, and $12,624and $12,