REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

9 Months Ended

Sep. 30, 2025

The following tables represent a disaggregation of revenue from contracts with customers:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales by Application
Materials processing	$	219,427	$	207,063	$	627,397	$	659,201
Other applications	31,365		26,080		101,909		83,596
Total	$	250,792	$	233,143	$	729,306	$	742,797


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales by Product
High Power Continuous Wave ("CW") Lasers	$	76,553	$	81,325	$	222,121	$	254,343
Medium Power CW Lasers	21,135		15,110		66,274		47,082
Pulsed Lasers	34,159		33,470		108,793		110,825
Quasi-Continuous Wave ("QCW") Lasers	14,771		10,180		37,300		36,520
Laser and Non-Laser Systems	35,590		35,265		108,398		111,436
Other Revenue including Other Lasers, Amplifiers, Service, Parts, and Accessories	68,584		57,793		186,420		182,591
Total	$	250,792	$	233,143	$	729,306	$	742,797




	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Timing of Revenue Recognition
Goods and services transferred at a point in time	$	245,481	$	223,269	$	713,379	$	713,913
Goods and services transferred over time	5,311		9,874		15,927		28,884
Total	$	250,792	$	233,143	$	729,306	$	742,797

The following table reflects the changes in the Company's contract assets and liabilities for the nine months ended September 30, 2025 and 2024:


	September 30,		January 1,				September 30,		January 1,
	2025		2025		Change		2024		2024		Change

Contract assets
Contract assets	$	2,748	$	4,737	$	(1,989)	$	10,835	$	9,383	$	1,452
Contract liabilities
Contract liabilities - current	54,893		56,454		(1,561)		52,271		69,219		(16,948)
Contract liabilities - long-term	3,116		2,882		234		3,015		2,851		164

The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of September 30, 2025:


	Remaining Performance Obligations
	2025 (a)		2026		2027		2028		2029		Thereafter		Total
Revenue expected to be recognized for extended warranty agreements	$	496	$	953	$	490	$	359	$	267	$	79	$	2,644
Revenue to be earned over time from contracts to sell large scale materials processing systems	3,825		6,295		330		—		—		—		10,450
Total	$	4,321	$	7,248	$	820	$	359	$	267	$	79	$	13,094

(a) For the three-month period beginning October 1, 2025.

IPG PHOTONICS CORP 10-Q