IPGP on Nasdaq

IPG Photonics

Logo: VectorLogoSeek.Com, Public domain, via Wikimedia Commons4

U.S. fiber laser company

IPG Photonics Corporation is an American manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

1990Founded1

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  • TickerIPGP on Nasdaq1
  • IndustrySemiconductors & Related Devices1
  • HeadquartersOxford1
  • Websitewww.ntoire-polus.ru
  • Legal formprivate limited company1
  • Incorporated inDE5
  • Business address377 Simarano Drive, Marlborough, Ma 017525
  • Filer categoryLarge accelerated filer5
3930 Freedom Circle
Photo: Ixfd64, CC BY-SA 4.0, via Wikimedia Commons7

IPG Photonics Corporation is an American manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, and Italy.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

38.0%Gross margin8
1.3%Operating margin8
3.1%Net margin8
2.7%Revenue growth, 20258
1.5%Return on equity8
-$3.5MFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

High Power Continuous Wave CW Lasers brought in 27% of the revenue IPG Photonics broke down this way in fiscal 2025.

  1. High Power Continuous Wave CW Lasers$308.8M827%down 7% from 2024
  2. Amplifiers, Laser Systems, Service, Parts, Accessories$264.5M823%up 7% from 2024
  3. Laser And Non-Laser Systems$147.2M813%up 6% from 2024
  4. Other Applications$143.6M813%up 20% from 2024
  5. Pulsed Lasers$143.3M812%down 2% from 2024
  6. Medium And Low Power CW Lasers$88.2M88%up 38% from 2024
  7. Quasi-Continuous Wave QCW Lasers$51.8M85%up 8% from 2024
Products and services by year
Products and services202320242025
High Power Continuous Wave CW Lasers$525.0M$332.7M$308.8M
Amplifiers, Laser Systems, Service, Parts, Accessories$295.4M$246.8M$264.5M
Laser And Non-Laser Systems$161.2M$139.1M$147.2M
Other Applications$134.6M$119.8M$143.6M
Pulsed Lasers$185.6M$146.8M$143.3M
Medium And Low Power CW Lasers$71.7M$63.7M$88.2M
Quasi-Continuous Wave QCW Lasers$48.6M$48.0M$51.8M

Regions

China brought in 29% of the revenue IPG Photonics broke down this way in fiscal 2025.

  1. China$291.9M829%up 19% from 2024
  2. North America$267.2M827%up 3% from 2024
  3. Other European Geographical Areas$138.5M814%down 30% from 2024
  4. Other Asian Geographical Areas$121.8M812%up 8% from 2024
  5. Germany$105.2M810%up 20% from 2024
  6. Japan$66.4M87%up 6% from 2024
  7. Rest Of World$12.8M81%up 1% from 2024
Regions by year
Regions202320242025
China$355.3M$245.0M$291.9M
North America$314.0M$258.9M$267.2M
Other European Geographical Areas$291.3M$197.2M$138.5M
Other Asian Geographical Areas$142.4M$113.2M$121.8M
Germany$88.0M$87.8M$105.2M
Japan$72.3M$62.4M$66.4M
Rest Of World$24.1M$12.7M$12.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue62¢$622.3M
  • Research and development12¢$117.4M
  • Other costs22¢$219.0M
  • Income tax1¢$14.0M
  • Profit3¢$31.1M

Out of $1.0B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Capital spending60¢$78.8M
  • Share buybacks40¢$53.1M

Out of $75.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue91011128$1.0B in 2025−24% since 2019
0$500.0M$1.0B$1.5B2019: $1.3B$1.3B20192020: $1.2B$1.2B2020−9%2021: $1.5B$1.5B2021+22%2022: $1.4B$1.4B2022−2%2023: $1.3B$1.3B2023−10%2024: $977.1M$977.1M2024−24%2025: $1.0B$1.0B2025+3%
Gross profit91011128$381.5M in 2025−37% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $606.2M$606.2M20192020: $539.0M$539.0M2020−11%2021: $696.4M$696.4M2021+29%2022: $555.4M$555.4M2022−20%2023: $541.7M$541.7M2023−2%2024: $338.2M$338.2M2024−38%2025: $381.5M$381.5M2025+13%
Operating income91011128$13.1M in 2025−94% since 2019
-$400.0M-$200.0M0$200.0M$400.0M2019: $233.8M$233.8M20192020: $198.7M$198.7M2020−15%2021: $367.9M$367.9M2021+85%2022: $169.5M$169.5M2022−54%2023: $232.0M$232.0M2023+37%2024: -$208.3M-$208.3M20242025: $13.1M$13.1M2025
Net income91011128$31.1M in 2025−83% since 2019
-$200.0M0$200.0M$400.0M2019: $180.2M$180.2M20192020: $159.6M$159.6M2020−11%2021: $278.4M$278.4M2021+74%2022: $109.9M$109.9M2022−61%2023: $218.9M$218.9M2023+99%2024: -$181.5M-$181.5M20242025: $31.1M$31.1M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Net sales$1.0B$977.1M$1.3B
Cost of sales$622.3M$639.0M$745.7M
Gross profit$381.5M$338.2M$541.7M
Sales and marketing$97.9M$89.6M$85.7M
Research and development$117.4M$109.8M$98.7M
General and administrative$143.1M$124.3M$125.7M
Net loss from divestitures and sale of assets$0$190.2M$0
Impairment of long-lived assets$0$27.0M$1.2M
Restructuring charges (recoveries), net$601.0K$0-$288.0K
Loss (gain) on foreign exchange$9.4M$5.5M-$1.4M
Total operating expenses$368.4M$546.4M$309.7M
Operating income (loss)$13.1M-$208.3M$232.0M
Interest income, net$29.9M$45.5M$41.7M
Other income, net$2.1M$899.0K$1.2M
Total other income$32.0M$46.4M$42.9M
Income (loss) before provision for income taxes$45.1M-$161.9M$274.9M
Provision for income taxes$14.0M$19.6M$56.0M
Net income (loss)$31.1M-$181.5M$218.9M
Basic (in dollars per share)$0.73-$4.09$4.64
Diluted (in dollars per share)$0.73-$4.09$4.63
Basic (in shares)42.3M shares44.3M shares47.2M shares
Diluted (in shares)42.6M shares44.3M shares47.3M shares

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The story

IPG was founded in 1990 in Russia by physicist Valentin Gapontsev.

Building on previous demonstrations to improve the efficiencies of fiber lasers, in 1990, Valentin Gapontsev and Igor Samartsev first proposed using fiber laser technology to produce a high power laser beam, demonstrating 2W CW Er doped fiber lasers at 1.54μm and a 5W laser in 1991. Using a side-pumping technique, Gapontsev and Samartsev's unique fiber laser architecture enabled many semiconductor laser diodes to pump through one single-mode fiber.

This created a high power, near infrared (1064-1070nm) laser, with single mode beam quality. This discovery also resulted in high power optical amplifiers. Optical amplifiers convert a small light signal into a powerful beam, often a thousand times brighter, but otherwise identical to the original signal. In 2018, these amplifiers were used in telecommunications and Internet networks to transmit data over optical fiber and free space.

NTO IRE-Polus

In December 1991, Gapontsev and Alexander Shestakov founded NTO IRE-Polus. The company was based in Fryazino, Russia. Shestakov left the company in 1994. Gapontsev started using the acronym IPG to refer to his company. It stood for IRE-Polus Group.

In 1993, IPG won a contract with Italtel, a large Italian telecommunications carrier. IPG developed a 200 mW erbium doped amplifier for Italtel, which became IPG's first marketable product. IPG then developed erbium fiber amplifiers using a new pump design and fiber solution. In order to introduce the technology to the market, Italtel convinced Gapontsev to transfer component production to Italy. This became IPG's first European subsidiary.

In 1994, Daimler Benz Aerospace (DBA), a German company, hired IPG to create a laser-based obstacle warning system for a helicopter. DBA funded IPG's development of a new fiber laser based solution. IPG opened a manufacturing and research facility in Berlin to develop the transmitter. A year later, IPG opened a facility near Frankfurt.

In 1996, IPG launched industrial-quality, diffraction-limited (single mode) 10-W fiber lasers. IPG continued developing new products and selling them to customers in Japan, the United States, and Europe.

In 2024, IPG sold its entire interest in IRE-Polus. The sale completed IPG's exit from all facilities in Russia following Russia's invasion of Ukraine.

Read the full text

US subsidiary

In 1998, IPG established the IPG Photonics Corporation headquartered in Oxford, Massachusetts.

By 2000, IPG was a $52 million company. Its customers included Alcatel, Fujitsu, Lucent, Siemens, and Marconi (Reltec). During this time, IPG started developing its multi-kilowatt diode-pumped fiber lasers.

In 2000, IPG introduced a 100-W diffraction-limited fiber laser using its multi-fiber side-coupling technology. In comparison, the conventional diode-pumped solid-state lasers (DPSSLs) on the market used diode bars as the pump source, with each bar typically producing 40 W of power.

By the end of 2000, capital spending by telecommunications providers was reduced and IPG revenue from communications applications declined. IPG invested much of its remaining capital in the development of: (1) high-power industrial fiber lasers; (2) mass production lines; and (3) semiconductor pump laser diode technology. IPG pursued raising the maximum wattage of fiber laser technology.

Between 2002 and 2003, IPG developed multi-kW industrial class fiber lasers. This was accomplished by combining the output beams of several 100-W fiber lasers.

In 2006, IPG raised more than $90 million, net of proceeds, in an initial public offering. The company continued to expand, opening offices near Detroit, Michigan in 2006, Beijing, China in 2007, and its Silicon Valley Technology Center in San Jose, California in 2010.

Beginning in 2010, the company introduced its first quasi-continuous wave (QCW) lasers into the market.

IPG's Oxford facility was expanded to include a new production facility in 2013.

In 2017, worldwide IPG revenue grew to $1.4 billion, a 40% increase over the previous year. In 2018 the company was added to the S&P 500 stock market index.

In late 2018, IPG acquired Genesis Systems, a robotic integration company.

IPG announced the release of the LightWELD 1500, a handheld laser welding system, late in 2020.

In 2021, Valentin Gapontsev stepped down as chief executive officer, retaining a position as Executive Chairman of the company. Then, Eugene Scherbakov succeeded Dr. Gapontsev as IPG's CEO. On April 30, 2024, Mark M. Gitin was appointed as the current chief executive officer.

Canadian Subsidiary

In late 2017, IPG announced the acquisition of Laser Depth Dynamics, a provider of an optical coherence tomography-based in-process quality monitoring and control solutions for laser-based welding applications. The subsidiary operates as IPG Photonics (Canada) Inc. and is located in Kingston, Ontario.

From Wikipedia’s article on IPG Photonics, shared under CC BY-SA 4.0.6

Leadership

Who has led IPG Photonics, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (34)

Timeline

  1. Jun 7, 2024New chief executive Mark Milton Gitin becomes CEO16
  2. May 11, 2021New chief executive Eugene A. Shcherbakov becomes CEO17
  3. Dec 12, 2006New chief executive Valentin P. Gapontsev becomes CEO18
  4. 1990Founded Founded1

Filings

424 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 52 major events, 252 insider forms, 20 large holders, 78 other. The latest 20:

  1. Oct 6, 20264 EDGAR
  2. Oct 6, 20264 EDGAR
  3. Oct 2, 2026144 EDGAR
  4. Oct 2, 2026144 EDGAR
  5. Sep 22, 2026144 EDGAR
  6. Sep 8, 20268-K EDGAR
  7. Sep 3, 20264 EDGAR
  8. Aug 27, 20264 EDGAR
  9. Aug 10, 20264 EDGAR
  10. Aug 6, 2026SCHEDULE 13G/A EDGAR
  11. Aug 6, 20264 EDGAR
  12. Aug 4, 20264 EDGAR
  13. Aug 4, 20264 EDGAR
  14. Aug 4, 202610-Q EDGAR
  15. Aug 4, 20268-K EDGAR
  16. Jul 28, 2026SCHEDULE 13D/A EDGAR
  17. Jul 28, 2026SCHEDULE 13G/A EDGAR
  18. Jul 22, 20264 EDGAR
  19. Jul 17, 20268-K EDGAR
  20. Jul 1, 20264 EDGAR

The 424 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 20 such filings since October 2021, the latest 10:

  1. Aug 6, 2026SCHEDULE 13G/A
  2. Jul 28, 2026SCHEDULE 13D/A
  3. Jul 28, 2026SCHEDULE 13G/A
  4. Mar 27, 2026SCHEDULE 13G/A
  5. Feb 20, 2025SCHEDULE 13D/A
  6. Aug 7, 2024SC 13G/A
  7. Feb 13, 2024SC 13G/A
  8. Feb 8, 2024SC 13G/A
  9. Jan 29, 2024SC 13G/A
  10. Jan 4, 2024SC 13D/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
First Eagle Investment Management, LLC6,677,762$783.4M0.6%+2,084,413
BlackRock, Inc.2,850,574$334.4M0.0%+137,233
Vanguard Portfolio Management LLC1,646,072$193.1M0.0%+6,081
Dimensional Fund Advisors LP1,600,237$187.7M0.0%−101,032
Lazard Asset Management LLC1,427,735$167.5M0.3%+53,275
Sumitomo Mitsui Trust Group, Inc.1,362,115$159.8M0.1%+11,787
Victory Capital Management Inc1,315,485$154.3M0.1%+1,311,457
Vanguard Capital Management LLC1,151,301$135.1M0.0%+12,576
Neuberger Berman Group LLC976,974$114.1M0.1%+132,576
State Street Corp909,287$106.7M0.0%+90,028
Westwood Holdings Group Inc901,541$105.8M0.8%+122,013
M&g PLC596,441$69.8M0.4%−371
Disciplined Growth Investors Inc /mn530,833$62.3M1.1%+2,096
Geode Capital Management, LLC511,870$60.1M0.0%+11,503
Segall Bryant & Hamill, LLC498,810$58.5M0.7%+29,339
Morgan Stanley431,648$50.6M0.0%−161,038
Aqr Capital Management LLC448,582$50.6M0.0%+18,850
Invesco Ltd.400,130$46.9M0.0%−186,787
Citadel Advisors LLC377,794$44.3M0.0%+192,021
Allianz Asset Management GmbH337,749$39.6M0.0%−14,916
Emerald Advisers, LLC326,701$38.3M0.9%+21,785
Exchange Traded Concepts, LLC304,496$35.7M0.2%+88,702
Charles Schwab Investment Management Inc300,341$35.2M0.0%−23,841
Legal & General Group Plc299,293$35.1M0.0%+122,101
Next Century Growth Investors LLC270,752$31.8M1.7%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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