IPG Photonics Corp (IPGP) 2025 Q4 法說會逐字稿

Good morning, and welcome to IPG Photonics fourth quarter 2025 conference call. Today's call is being recorded and webcast.

早安，歡迎參加IPG Photonics 2025年第四季電話會議。今天的電話會議將進行錄音和網路直播。

At this time, I'd like to turn the call over to your host, Eugene Fedotoff, IPG's Senior Director, Investor Relations, for introductions. Please go ahead with your conference.

此時，我想把電話交給主持人，IPG 投資者關係高級總監尤金·費多托夫，讓他來做個介紹。請按計劃召開會議。

Thank you, and good morning, everyone. With me today is IPG Photonics' CEO, Dr. Mark Gitin; and Senior Vice President and CFO, Tim Mammen. On today's call, Mark will provide a summary of our fourth quarter and full year results as well as the overall demand environment and then walk you through the progress we are making on our long-term strategy. After that, he will turn it over to Tim to provide financial details.

謝謝大家，大家早安。今天陪同我出席的有 IPG Photonics 的首席執行官 Mark Gitin 博士；以及高級副總裁兼首席財務官 Tim Mammen。在今天的電話會議上，Mark 將概述我們第四季和全年的業績以及整體需求環境，然後向大家介紹我們在長期策略方面取得的進展。之後，他會將此事交給蒂姆，由蒂姆提供財務細節。

Let me remind you that statements made on this call that discuss our expectations or predictions of the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to differ materially from those projected in such forward-looking statements. These risks and uncertainties are detailed in our Form 10-K with the period ended December 31, 2024, and our reports on file with the Securities and Exchange Commission.

我想提醒各位，本次電話會議中討論我們對未來的預期或預測的聲明均為前瞻性聲明。這些前瞻性聲明存在風險和不確定性，可能導致公司的實際業績與此類前瞻性聲明中預測的業績有重大差異。這些風險和不確定性已在截至 2024 年 12 月 31 日的 10-K 表格以及我們向美國證券交易委員會提交的報告中詳細說明。

Any forward-looking statements made on this call are the company's expectations or predictions as of today, February 12, 2026, only. And the company assumes no obligation to publicly release any updates or revisions to any such statements.

本次電話會議中所作出的任何前瞻性陳述僅代表本公司截至 2026 年 2 月 12 日的預期或預測。本公司不承擔公開發布任何此類聲明的更新或修訂的義務。

During this call, we will be referencing certain non-GAAP measures. For more information on how we define these non-GAAP measures and the reconciliation to the most directly comparable GAAP measures as well as additional details on our reported results, please refer to the earnings press release, earnings call presentation, and the financial data workbook posted on our Investor Relations website. We will also post these prepared remarks on our website after this call.

在本次電話會議中，我們將提及一些非GAAP指標。有關我們如何定義這些非GAAP指標以及與最直接可比較的GAAP指標的調節以及我們報告業績的更多詳細信息，請參閱我們投資者關係網站上發布的盈利新聞稿、盈利電話會議演示文稿和財務數據工作簿。通話結束後，我們也會將這些準備好的演講稿發佈在我們的網站上。

With that, I'll now turn the call over to Mark.

接下來，我將把電話交給馬克。

Thanks, Eugene, and good morning, everybody. Fourth quarter revenue came in above our expectations, increasing 17% year over year and 9% sequentially. Revenue growth was driven by further stabilization in industrial demand, new opportunities, and a disciplined focus on our growth initiatives. This focus led to strong results in medical and advanced applications this quarter.

謝謝你，尤金，大家早安。第四季營收超出預期，年增 17%，季增 9%。收入成長得益於工業需求的進一步穩定、新的機會以及我們對成長計畫的嚴格把控。這一重點使得本季在醫療和先進應用領域取得了顯著成果。

Materials processing revenue was up 6% sequentially and 17% year over year, driven by stable general industrial demand and increased demand in battery and additive manufacturing applications. Sequentially, welding revenue was stable while demand for cutting applications increased. Cleaning was another strong performer, and we're starting to see increased revenue synergies with the cleanLASER acquisition.

材料加工收入環比增長 6%，年增 17%，這主要得益於穩定的工業需求以及電池和增材製造應用領域需求的增長。從環比來看，焊接業務收入保持穩定，而切割應用的需求則有所增長。清潔業務是另一個表現強勁的業務，我們開始看到收購 cleanLASER 後營收綜效的增強。

Medical sales had a solid finish to 2025, increasing sequentially and year over year as new products gain traction, and we also saw strong sequential and year-over-year growth in semiconductor applications, which drove high revenue in advanced applications.

醫療產品銷售額在 2025 年取得了穩健的收官，隨著新產品獲得市場認可，銷售額環比和同比均有所增長；此外，半導體應用領域也實現了強勁的環比和同比增長，從而推動了先進應用領域的高收入。

Turning to full year results. Revenue grew 3%, our first full year revenue growth since 2021. Materials processing sales were flat with lower cutting sales being fully offset by growth in other materials processing applications, including cleaning and additive manufacturer. Our welding revenue was flat as lower demand in the general industrial and traditional automotive markets was offset by higher demand in battery manufacturing.

接下來是全年業績報告。營收成長 3%，這是我們自 2021 年以來首次實現全年營收成長。材料加工銷售額持平，切割銷售額的下降被其他材料加工應用（包括清潔和積層製造）的成長完全抵消。由於一般工業和傳統汽車市場需求下降，但電池製造業需求上升，抵消了這一下降，因此我們的焊接業務收入持平。

In particular, we saw a strong increase in sales of our welding products in Asia as battery investments rebounded in China. Demand is shifting from electric vehicles to stationary storage, which is a positive shift for IPG as stationary storage batteries often require more sophisticated welding processes. In addition, we're beginning to see increased demand for our solutions and process expertise in battery manufacturing for consumer and medical devices.

尤其值得注意的是，隨著中國電池投資的反彈，我們在亞洲的焊接產品銷售也出現了強勁成長。需求正從電動車轉向固定式儲能，這對IPG來說是一個積極的轉變，因為固定式儲能電池通常需要更複雜的焊接過程。此外，我們開始看到，消費者和醫療設備在電池製造領域對我們的解決方案和製程技術的需求不斷增長。

In 2025, we made meaningful progress expanding our business beyond materials processing applications. The portion of our business outside of materials processing accounted for approximately 14% of our total revenue and contributed strongly to our growth this year with micromachining, medical and advanced applications all increasing by double digits.

2025年，我們在拓展業務範圍，使其超越材料加工應用領域取得了實質進展。我們除材料加工以外的業務部分約佔總收入的 14%，並對我們今年的成長做出了巨大貢獻，其中微加工、醫療和先進應用均實現了兩位數的成長。

Turning to medical. Sales grew by 21% to a new record level in 2025 as we benefited from a new customer win that became a major contributor to our revenue growth. In the past year, we also received FDA clearance for our next-generation urology system with our proprietary StoneSense and advanced modulation technologies. These solutions enable the surgeon to differentiate between kidney stones and soft tissue, improving precision and control during procedures. We started shipping this product in the fourth quarter.

轉向醫學領域。2025 年，銷售額成長了 21%，創下新紀錄，這得益於我們贏得了一位新客戶，該客戶成為我們收入成長的主要貢獻者。去年，我們的下一代泌尿系統也獲得了 FDA 的批准，該系統採用了我們專有的 StoneSense 和先進的調製技術。這些解決方案使外科醫生能夠區分腎結石和軟組織，從而提高手術過程中的精確度和控制力。我們從第四季開始出貨這款產品。

Our solutions are delivering clinically meaningful outcomes and we continue to make advances with our innovation road map with additional new product introductions planned in 2026. We also see the opportunity to continue growing medical sales through share gain and new product innovation, coupled with an ability to increase recurring revenue through the sales of consumable delivery fibers.

我們的解決方案正在帶來具有臨床意義的結果，我們將繼續推進創新路線圖，並計劃在 2026 年推出更多新產品。我們也看到了透過提高市場份額和新產品創新來繼續成長醫療銷售額的機會，同時，我們也能夠透過銷售耗材輸送纖維來增加經常性收入。

In 2025, we took an important step forward in directed energy by rolling out our first complete stand-alone system for defense applications. We developed, tested and introduced CROSSBOW, a scalable and cost-effective laser defense system that can neutralize the threat of smaller group 1 and group 2 drones. In support of this initiative, we have established IPG Defense to drive product development and customer engagement, and we have recently opened a new office and manufacturing facility in Huntsville, Alabama.

2025 年，我們推出了首個用於國防應用的完整獨立定向能係統，在定向能領域中邁出了重要一步。我們開發、測試並推出了 CROSSBOW，這是一種可擴展且經濟高效的雷射防禦系統，可消除較小的 1 類和 2 類無人機的威脅。為了支持這項計劃，我們成立了 IPG Defense 公司，以推動產品開發和客戶互動，並且我們最近在阿拉巴馬州亨茨維爾開設了新的辦公室和製造工廠。

Overall, 2025 was a positive year for IPG, affirming that our strategic approach is working. We are seeing sales growth increasingly driven by high-value applications where differentiation and technical capability are critical to addressing complex customer challenges.

總體而言，2025 年對 IPG 來說是積極的一年，這證明我們的策略方法是有效的。我們看到，銷售成長越來越受到高價值應用的驅動，在這些應用中，差異化和技術能力對於解決複雜的客戶挑戰至關重要。

Looking ahead to 2026, strong bookings in Q4 resulted to book-to-bill firmly above 1 on strong revenue, signaling improving market conditions and strengthening customer demand. While we are encouraged by these trends, we remain cautiously optimistic as we recognize that macroeconomic uncertainty persists. We continue to make progress with our growth strategy with notable improvements across medical, micromachining and advanced applications, which have been key investment priorities for the company.

展望 2026 年，第四季強勁的預訂量使得訂單出貨比穩居 1 以上，收入強勁，這表明市場狀況正在改善，客戶需求正在增強。儘管這些趨勢令人鼓舞，但我們仍保持謹慎樂觀，因為我們認識到宏觀經濟的不確定性仍然存在。我們在成長策略方面持續取得進展，在醫療、微加工和先進應用領域取得了顯著進步，這些領域一直是公司的主要投資重點。

We expect this momentum to continue into 2026. The progress that we are reporting today reflects disciplined execution, a sharper focus and a stronger alignment with our growth priorities. Over the past two years, we have strategically positioned the company to capitalize on the growth opportunities we see before us. The organization is evolving towards a team-led operating model that aims to preserve our entrepreneurial spirit while instilling the discipline and operating rigor required to scale effectively.

我們預計這一勢頭將持續到2026年。我們今天報告的進展反映了嚴謹的執行、更明確的重點以及與我們成長重點的更緊密的契合。過去兩年，我們對公司進行了策略佈局，以抓住我們眼前看到的成長機會。該組織正在向團隊領導的營運模式發展，旨在保留我們的創業精神，同時灌輸有效擴展規模所需的紀律和營運嚴謹性。

We've made tremendous progress streamlining operations, strengthening decision-making and accelerating product development, and these efforts have translated into better performance and a greater consistency across the business. While there's still more work to be done, I'm encouraged by our progress and confident in our ability to make further advances in pursuit of our growth objectives.

我們在簡化營運、加強決策和加快產品開發方面取得了巨大進步，這些努力已轉化為更好的業績和更高的業務一致性。雖然還有很多工作要做，但我對我們的進展感到鼓舞，並對我們實現成長目標的能力充滿信心。

We view our growth opportunities across two primary categories. First, we are strengthening our position in core industrial applications. Second, we are penetrating new nonindustrial applications and markets where laser-based solutions offer clear cost benefits and superior outcomes relative to incumbent approaches.

我們認為自身的發展機會主要體現在兩大面向。首先，我們正在加強我們在核心工業應用領域的地位。其次，我們正在開拓新的非工業應用和市場，在這些領域，基於雷射的解決方案相對於現有方法具有明顯的成本優勢和更優越的效果。

Together, these areas allow us to expand existing laser use cases, create new laser applications and extend our reach into new high-growth applications such as medical, micromachining and directed energy. These are exciting opportunities with great potential to significantly expand our addressable market and support long-term growth.

這些領域共同使我們能夠擴展現有的雷射應用案例，創造新的雷射應用，並將我們的業務拓展到醫療、微加工和定向能量等新的高成長應用領域。這些都是令人興奮的機遇，具有巨大的潛力，可以顯著擴大我們的目標市場，並支持長期成長。

Within industrial applications, we are growing through new business and accelerating the adoption of lasers in large markets, displacing incumbent technology. By combining our laser technology with deep applications expertise, we are helping customers address complex challenges where precision and efficiency matter most. This requires the innovation to offer superior and differentiated products as well as the commercial acumen to provide outstanding customer service.

在工業應用領域，我們透過新業務不斷發展壯大，並加速雷射技術在大市場的應用，取代現有技術。透過將我們的雷射技術與深厚的應用專業知識相結合，我們正在幫助客戶應對在精度和效率至關重要的複雜挑戰。這需要創新能力來提供卓越且差異化的產品，以及商業敏銳度來提供出色的客戶服務。

We are also moving up the value chain by integrating our fiber lasers into differentiated systems and subsystems. This world-class laser applications capability enables us to address our customers' most challenging problems and deepen our long-term partnerships by expanding the value we deliver beyond the laser itself.

我們也透過將光纖雷射整合到差異化的系統和子系統中，朝向價值鏈上游邁進。這項世界一流的雷射應用能力使我們能夠解決客戶面臨的最具挑戰性的問題，並透過擴展我們提供的價值（超越雷射本身）來深化我們的長期合作夥伴關係。

A good example of this approach is cleaning, where we have successfully converted applications from chemicals and abrasives to laser-based solutions. The cleanLASER acquisition, which completed its full year with us in 2025, has helped our growth in this area by providing safe, effective and environmentally friendly solutions that are truly differentiated from incumbent technologies. Our integration of cleanLASER went very well with actual performance exceeding our expectations. We've also generated revenue synergies by leveraging our scale to reach large customers, and we continue to identify new opportunities for our comprehensive laser cleaning solutions.

這種方法的一個很好的例子是清潔，我們已經成功地將應用從化學品和磨料轉變為基於雷射的解決方案。cleanLASER 的收購已於 2025 年完成，它為我們提供了安全、有效且環保的解決方案，這些解決方案與現有技術真正不同，從而幫助我們在該領域取得了成長。我們與 cleanLASER 的整合非常順利，實際效能超出了我們的預期。我們也利用自身規模優勢接觸大客戶，從而創造了收入協同效應，並且我們將繼續為我們全面的雷射清洗解決方案尋找新的機會。

Beyond industrial solutions, we are building on the success we achieved in 2025 discussed earlier in the call. Growth in these areas requires differentiated capabilities and applications expertise to address customer challenges, leveraging our laser technology and deep [materials] knowledge to create solutions that deliver results with precision and accuracy.

除了工業解決方案之外，我們還在先前電話會議中討論過的 2025 年取得的成功的基礎上繼續發展。這些領域的成長需要差異化的能力和應用專業知識來應對客戶的挑戰，利用我們的雷射技術和深厚的[材料]知識來創造能夠精確交付成果的解決方案。

Innovation remains a core focus for IPG with continued emphasis on product performance, lowering cost of ownership and delivering service and application support that customers value. This strength is gaining increased recognition from both our customers and the broader photonics community. In that context,

創新仍然是 IPG 的核心重點，公司將繼續注重產品效能、降低擁有成本，並提供客戶重視的服務和應用支援。這項優勢正日益受到客戶和更廣泛的光子學界的認可。在此背景下，

I'm pleased to share that IPG received a prestigious Prism Award in the lasers category for our new 8-kilowatt single-mode laser at the award ceremony held last month during the 2026 SPIE Photonics West Exhibition in San Francisco. Often referred to as the authors of photonics, the SPIE Prism Awards recognize innovative optics and photonics products that bring transformative technologies to market, with the winners selected by an international panel of academic, government, and industry experts.

我很高興地宣布，IPG 的新型 8 千瓦單模雷射在上個月於舊金山舉行的 2026 年 SPIE 西部光子學展覽會頒獎典禮上獲得了雷射類別的著名棱鏡獎。SPIE Prism 獎常被譽為光子學的奠基者，旨在表彰將變革性技術推向市場的創新光學和光子學產品，獲獎者由國際學術界、政府和行業專家組成的評審團選出。

This honor further reinforces IPG's position as a global leader in fiber laser innovation and single-mode technology. Throughout the exhibition, thought leaders from IPG presented on multiple laser technologies in industry topics. One such presentation highlighted a major technological milestone in ultraviolet spectrum with a successful demonstration of a compact 148-nanometer vacuum ultraviolet BUV laser source based on our proprietary crystal materials technology. This breakthrough has the potential to enable new opportunities in nuclear clocks, quantum computing, metrology and other advanced applications.

這項榮譽進一步鞏固了IPG作為光纖雷射創新和單模技術領域全球領導者的地位。在整個展覽期間，IPG 的思想領袖們就多個行業雷射技術主題進行了演講。其中一次演示重點介紹了紫外光譜領域的一項重大技術里程碑，成功展示了基於我們專有晶體材料技術的緊湊型 148 奈米真空紫外線 BUV 雷射源。這項突破有望為核鐘、量子運算、計量學和其他先進應用領域帶來新的機會。

In summary, the team delivered solid performance in 2025, driving growth while meeting the needs of our customers. We made significant progress on our strategic objectives and enter 2026 focused on continued growth through innovation and disciplined execution.

總而言之，團隊在 2025 年取得了穩健的業績，在滿足客戶需求的同時推動了成長。我們在實現策略目標方面取得了重大進展，並將於 2026 年專注於透過創新和嚴謹的執行力實現持續成長。

With that, I will now turn the call over to Tim.

接下來，我會把電話交給提姆。

Thank you, Mark, and good morning, everyone. My comments will generally follow the earnings call presentation, which is available on our Investor Relations website.

謝謝你，馬克，大家早安。我的發言通常會在財報電話會議報告之後進行，該報告可在我們投資者關係網站上查閱。

I'll start with revenue trends by application on slide 4. Revenue from materials processing increased 17% year-over-year in the quarter driven by higher sales in welding, marking, cleaning and additive manufacturing applications, partially offset by lower sales in micromachining, which is impacted by the timing of customer orders.

我將從第 4 張投影片開始，介紹按應用程式劃分的收入趨勢。本季材料加工收入年增 17%，主要得益於焊接、打標、清洗和增材製造應用領域的銷售額增長，但微加工領域的銷售額下降部分抵消了這一增長，而微加工領域的銷售額下降又受到客戶訂單時間的影響。

Cutting revenue was slightly lower year-over-year but improved sequentially and was generally in line with the stable revenue we've seen over the last four quarters. Revenue from applications other than materials processing increased by 15%, driven by higher sales in medical and advanced applications.

營收年比略有下降，但環比有所改善，總體上與過去四個季度以來的穩定營收水準相符。除材料加工以外的應用領域收入成長了 15%，這主要得益於醫療和先進應用領域銷售額的成長。

Sales of our emerging growth products increased sequentially and year-over-year and accounted for 54% of total sales on higher revenue in the quarter, up from 52% in the prior quarter and matching our record high achieved in the second quarter.

我們的新興成長產品的銷售額環比和年比均有所成長，佔本季總銷售額的 54%，營收有所增加，高於上一季的 52%，與我們在第二季創下的歷史最高紀錄持平。

Moving to the revenue performance by region on slide 5. Sales in North America increased by 21% sequentially and 23% year over year driven by higher revenue in cutting, cleaning, medical and advanced applications. Sales in Europe increased 8% sequentially and 7% year over year driven by higher revenue in additive manufacturing as well as cleaning, which saw strong growth resulting from the acquisition of cleanLASER. This growth was partially offset by decreased sales in cutting and welding applications.

接下來請看第 5 張投影片，了解各地區的收入表現。北美地區的銷售額環比增長 21%，年增 23%，這主要得益於切割、清潔、醫療和先進應用領域的收入成長。歐洲銷售額環比成長 8%，較去年成長 7%，這主要得益於積層製造和清潔業務收入的成長，其中清潔業務的強勁成長得益於對 cleanLASER 的收購。這一增長被切割和焊接應用領域銷售額的下降部分抵消。

Revenue in Asia continued to improve and increased 5% sequentially and 19% year over year driven by higher welding sales in China due to strong demand and new business in battery applications. Revenue in Japan was relatively stable year-over-year but improved sequentially.

亞洲地區的營收持續成長，季增 5%，年增 19%，這主要得益於中國焊接產品銷售額的提高（強勁的需求）以及電池應用領域的新業務。日本市場的營收較去年同期相對穩定，但較上季有所成長。

Moving to the financial performance review on slide 6. Revenue was above our expectations of $274 million, up 9% sequentially and 17% on a year-over-year basis. Foreign currency increased revenue by approximately $6 million or 2% this quarter compared to the same period in the prior year. We saw very strong customer order activity at the end of the year and were able to respond quickly and ship in the quarter to satisfy this increased demand.

接下來是第 6 頁的財務績效評估。營收超出我們預期的 2.74 億美元，季增 9%，年增 17%。與去年同期相比，本季外匯收入增加了約 600 萬美元，增幅達 2%。我們在年底看到了非常強勁的客戶訂單活動，並能夠迅速做出反應，在本季度發貨以滿足不斷增長的需求。

GAAP gross margin was 36.1% and adjusted gross margin was 37.6% excluding accelerated depreciation on a long-lived asset and amortization expense. Adjusted gross margin came in at the midpoint of our guidance range but below what we would normally expect at this level of revenue, primarily due to planned inventory management that drove lower absorption of fixed costs. You may recall that third quarter gross margin benefited from higher fixed cost absorption as we increased inventory.

GAAP毛利率為36.1%，調整後毛利率為37.6%（不含長期資產的加速折舊及攤提費用）。調整後的毛利率處於我們預期範圍的中點，但低於我們通常在這個收入水平下所期望的毛利率，這主要是由於計劃庫存管理導致固定成本吸收減少。您可能還記得，由於庫存增加，第三季毛利率受益於更高的固定成本吸收。

The impact of tariffs remained a headwind, reducing gross margin by 200 basis points year-over-year, which was 50 basis points higher than our expectations due to the timing of recognizing tariff expenses. We continue to work on ways to offset their impact, including cost reductions and pricing initiatives, but tariff impact will likely persist in 2026 albeit at a slightly moderated level. Year over year, the decrease in gross margin was driven by higher product costs and tariffs, partially offset by lower inventory provisions.

關稅的影響仍是不利因素，導致毛利率年減 200 個基點，比我們預期的下降幅度高出 50 個基點，這是由於確認關稅支出的時間所致。我們將繼續努力尋找抵消其影響的方法，包括降低成本和價格舉措，但關稅的影響可能會在 2026 年繼續存在，儘管程度會略有緩和。與前一年相比，毛利率下降是由於產品成本和關稅上漲所致，部分被較低的庫存準備金所抵銷。

Excluding approximately $4 million in onetime costs, operating expenses remained stable on a sequential basis but increased on a year-over-year basis due to investments we are making to support our strategy and strengthen our organization. GAAP operating income was $3 million and our adjusted EBITDA was $41 million for the fourth quarter, above the top end of our guidance. GAAP net income was $13 million or $0.31 per diluted share. Adjusted net income was $20 million with earnings per diluted share of $0.46.

除約 400 萬美元的一次性成本外，營運費用環比保持穩定，但同比有所增加，這是因為我們為支持我們的策略和加強我們的組織而進行的投資。第四季，GAAP營業收入為300萬美元，調整後EBITDA為4,100萬美元，高於我們預期的上限。GAAP淨利為1,300萬美元，即每股攤薄收益0.31美元。調整後淨收入為 2,000 萬美元，每股攤薄收益為 0.46 美元。

Moving to a summary of our balance sheet and cash flow on slide 7. We ended the quarter with $839 million in cash, cash equivalents and short-term investments, $77 million in long-term investments and no debt. During the fourth quarter, we spent $18 million on capital expenditures and $4 million on repurchasing IPG shares, supporting our balanced capital allocation framework of investing in growth and returning cash to shareholders.

接下來，請看第 7 頁投影片，了解我們的資產負債表和現金流量表摘要。本季末，我們擁有現金、現金等價物和短期投資 8.39 億美元，長期投資 7,700 萬美元，且無債務。第四季度，我們投入了 1800 萬美元用於資本支出，並投入 400 萬美元用於回購 IPG 股票，這支持了我們平衡的資本配置框架，即投資於增長並向股東返還現金。

As expected, our cash flow from operations improved significantly in the second half of the year, driving positive free cash flow in the fourth quarter. Our 2025 capital expenditures came in well below our initial expectations due to the timing of expenditures for our major fiber manufacturing facility investment in Germany, which moved approximately $50 million into 2026. As a result, we now expect CapEx to be $90 million to $100 million this year. Excluding the amount delayed into underlying CapEx is about 5% of revenue, and we expect to maintain this level going forward.

正如預期的那樣，我們下半年的經營活動現金流顯著改善，推動第四季自由現金流為正。由於我們在德國的主要纖維製造工廠投資的支出時間安排，大約 5000 萬美元被推遲到 2026 年，因此我們 2025 年的資本支出遠低於我們最初的預期。因此，我們現在預計今年的資本支出將達到 9,000 萬美元至 1 億美元。扣除延遲計入基礎資本支出的部分，約佔收入的 5%，我們預計未來將維持這一水準。

While maintaining a strong balance sheet, we have continued returning capital to shareholders with our ongoing stock repurchases. We repurchased shares for a total of over $4 million in the fourth quarter and $53 million in 2025. We have returned over $1 billion to shareholders via share repurchases in the last four years. To enable us to continue with our balanced capital allocation strategy, the Board has authorized a new $100 million share repurchase program, and we plan to continue repurchasing shares opportunistically.

在維持穩健資產負債表的同時，我們透過持續的股票回購，不斷向股東返還資本。我們在第四季回購了總計超過 400 萬美元的股票，並計劃在 2025 年回購 5,300 萬美元的股票。過去四年，我們透過股票回購向股東返還了超過10億美元。為了使我們能夠繼續實施均衡的資本配置策略，董事會已批准一項新的 1 億美元股票回購計劃，我們計劃繼續擇機回購股票。

Moving to our outlook on slide 8. Orders remained strong with book-to-bill above 1. However, it should be noted that some of the bookings we received in the fourth quarter include medical and systems orders that are scheduled to ship beyond the first quarter. For the first quarter of 2026, we expect revenue of $235 million to $265 million with some typical seasonality impacting revenue.

接下來，我們來看看第 8 張投影片的展望。訂單依然強勁，訂單出貨比高於 1。不過要注意的是，我們在第四季度收到的一些訂單包括醫療和系統訂單，這些訂單計劃在第一季之後發貨。我們預計 2026 年第一季的營收為 2.35 億至 2.65 億美元，但部分季節性因素會對營收產生影響。

We expect adjusted gross margin between 37% and 39%, including a potential impact from tariffs of about 150 basis points. We estimate operating expenses in the range of $90 million to $92 million in the first quarter and anticipate that these expenses will increase moderately during the year as we see opportunities to further accelerate our key growth initiatives.

我們預計調整後的毛利率在 37% 到 39% 之間，其中包括關稅可能帶來的約 150 個基點的影響。我們預計第一季的營運費用將在 9,000 萬美元至 9,200 萬美元之間，並預計隨著我們看到進一步加速關鍵成長計畫的機會，這些費用將在年內適度增長。

For the first quarter, we expect to deliver adjusted earnings per diluted share in the range of $0.10 to $0.40 with approximately 42.5 million diluted common shares outstanding. Our adjusted EBITDA is expected to be between $25 million and $40 million.

第一季度，我們預計調整後每股攤薄收益將在 0.10 美元至 0.40 美元之間，流通在外的攤薄普通股約為 4,250 萬股。我們調整後的 EBITDA 預計在 2500 萬美元至 4000 萬美元之間。

In summary, we are pleased to report such strong sales in the fourth quarter. Although margin improvement deviated from the expected trend due to underabsorption of fixed costs and the impact of tariffs, product margin remains stable, and we continue to believe that we have significant operating leverage in our model. We continue to invest for the future and our strong balance sheet positions us well to navigate a dynamic operating environment.

總而言之，我們很高興地報告第四季度銷售業績如此強勁。儘管由於固定成本吸收不足和關稅的影響，利潤率改善偏離了預期趨勢，但產品利潤率保持穩定，我們仍然相信我們的模式具有顯著的營運槓桿作用。我們持續投資未來，我們強勁的資產負債表使我們能夠更好地應對瞬息萬變的經營環境。

I will now turn the call back over to Mark.

現在我將把通話轉回給馬克。

Thanks, Tim. In closing, we are pleased with the progress we made in 2025 and encouraged by the early results of our strategic initiatives as well as the scale of the longer-term opportunity ahead. We remain confident in our ability to generate robust revenue growth with our differentiated solutions, which have continued to drive demand even in a subdued industrial environment.

謝謝你，提姆。最後，我們對 2025 年的進展感到滿意，並對策略舉措的早期成果以及未來長期機會的規模感到鼓舞。我們仍然對憑藉我們差異化的解決方案實現強勁的收入成長充滿信心，即使在低迷的工業環境下，這些解決方案也持續推動市場需求。

As general industrial activity recovers, this puts us in a good position to outgrow the market. Our market leadership, deep applications expertise, and ability to deliver complete solutions enable us to accelerate laser adoption, supplant incumbent technologies, and expand our addressable market. Growth initiatives in medical, micromachining and defense are already showing meaningful progress in driving incremental revenue. While we are cautiously optimistic about the demand environment in 2026, we are continuing to transform the company to create long-term value for our customers and shareholders.

隨著整體工業活動的復甦，這將使我們處於超越市場成長的有利地位。我們在市場上的領先地位、深厚的應用專業知識以及提供完整解決方案的能力，使我們能夠加速雷射技術的普及應用，取代現有技術，並擴大我們的目標市場。醫療、微加工和國防領域的成長措施已經在推動收入成長方面取得了顯著進展。儘管我們對 2026 年的需求環境持謹慎樂觀態度，但我們仍在繼續對公司進行轉型，以創造對客戶和股東的長期價值。

With that, we will be happy to take your questions.

那麼，我們很樂意回答您的問題。

(Operator Instructions) Ruben Roy, Stifel.

（操作說明）魯本·羅伊，斯蒂費爾。

Mark and Tim. Mark, nice to see, by the way, the return to growth on a full year basis. So great to see the hard work paying off here. Mark, thanks for the overview on the strategic update and your kind of comments just now on sort of how to think about longer term, how you're thinking about the strategy.

馬克和蒂姆。馬克，順便說一句，很高興看到公司全年恢復成長。看到努力終於有了回報，真是太好了。馬克，感謝你對策略更新的概述，以及你剛才關於如何思考長期策略的評論。

I guess first question, since we're entering a new fiscal year and I'm looking at some of the segment detail, if we look at cutting, for instance, we're down below 20% of revenue now. And I'm wondering, when you look at some of these sort of core markets relative to your areas of investment, how are you thinking about where cutting is? Do you think that we're stable at the current level? Or do you think there could be some further downside there that might offset some of the new growth businesses?

我想問的第一個問題是，由於我們即將進入新的財政年度，我正在查看一些細分市場的詳細信息，例如，如果我們看一下削減開支的情況，我們現在的收入已經低於 20%。我想知道，當您審視與您的投資領域相關的這些核心市場時，您是如何考慮削減成本的？你認為我們目前的水平穩定嗎？或者您認為是否可能存在一些進一步的下行風險，從而抵消一些新增長型企業帶來的收益？

And I guess the point of the question longer term is if we could start to think about targets for growth for the areas that you're investing in from a, I don't know, two, three-year perspective, sort of how you're thinking about the TAM opportunity and longer-term growth.

我想，從長遠來看，這個問題的重點是，我們是否可以從兩到三年的角度來看，開始考慮您正在投資的領域的成長目標，以及您如何看待TAM機會和長期成長。

Ruben, so let me start with your questions about cutting. So first of all, if you look at our revenue now for the last several quarters, cutting has been quite stable. Actually, it's been pointing up in the last quarter. We have core OEMs, and those core OEMs, their inventories have now stabilized and they see the benefit that we bring not only in the laser.

魯本，那就讓我先回答你關於切割的問題吧。首先，如果你看一下我們最近幾季的收入，你會發現裁員一直相當穩定。實際上，上個季度它一直在上升。我們擁有核心 OEM 廠商，這些核心 OEM 廠商的庫存現在已經穩定下來，他們看到了我們不僅在雷射方面帶來的好處。

Remember that we brought out our rack integrated platform last year, higher power, smaller form factor, lower cost. That's really helped in that market as well. So we've seen that piece stabilize, and then that's allowed us to also see growth in the other parts of the industrial market. And so that's still pointing up for us the industrial.

別忘了我們去年推出了機架式整合平台，它具有更高的功率、更小的尺寸和更低的成本。這在那個市場上也很有幫助。所以我們看到這部分市場趨於穩定，這也使得我們看到工業市場其他部分市場實現了成長。所以，這仍然對我們工業界有利。

We're continuing to invest in those core markets, cutting as well as if you look at areas like additive manufacturing, welding, those are core markets for us as well that are growing.

我們將繼續投資這些核心市場，切割領域也是如此。此外，像是積層製造、焊接等領域，這些也是我們不斷成長的核心市場。

And then you asked about the other areas that we're making investments. We've talked about core investments in medical and micromachining, areas like directed energy. Those are addressing a new TAM for us that's several billion dollars. And what we've said to date is that we expect to see growth in that area of hundreds of millions of dollars over the next several years.

然後您問了我們正在投資的其他領域。我們已經討論過醫療和微加工等領域的核心投資，以及定向能等領域。這些都針對的是我們全新的、規模達數十億美元的市場規模。我們迄今為止的預測是，未來幾年該領域的成長預計將達到數億美元。

Yes. That's helpful. And I guess if I could just follow up on that point, Mark. Given the directed energy investment in the facility in Huntsville, has anything changed in terms of -- I mean, you've gotten acceptance and it's great to see the system solution CROSSBOW there. How would you assess that opportunity from here?

是的。那很有幫助。我想就這一點再補充一點，馬克。鑑於亨茨維爾工廠對定向能的投資，情況是否有所改變——我的意思是，你們已經獲得了認可，很高興看到 CROSSBOW 系統解決方案在那裡得到應用。您如何評估這個機會？

Are you getting more interest now that you're out in the marketplace? It sounds like you would be given the investment in Huntsville. But any update on sort of how you're thinking about that market, if that's changed, your view on that market over the last few months.

你進入市場後，是否獲得了更多關注？聽起來你似乎會獲得在亨茨維爾的投資。但能否更新一下您對該市場的看法，或者您過去幾個月對該市場的看法是否有所改變？

Absolutely. So thanks very much, Ruben. So let me just review for a moment that CROSSBOW is a product for us. It's a full system with all the pieces that can stand on its own for both military and civilian type applications. You've seen the recent issues at airports especially.

絕對地。非常感謝你，魯本。那麼，讓我簡單回顧一下，CROSSBOW 是我們的產品。這是一個完整的系統，包含所有可獨立運作的零件，既可用於軍事用途，也可用於民用用途。你們也看到了最近機場出現的問題。

The system itself, again, we've been targeting the Group 1 and Group 2, the smaller class drones. We brought the product out in the fall.

就係統本身而言，我們一直以第 1 組和第 2 組，也就是較小等級的無人機為目標。我們在秋季推出了這款產品。

So this was released first at the DSEI show in London and then followed on at the USAA show in Washington, D.C. And actually, we had a show, the Singapore Airshow, just about a week or so ago. We've had very, very good customer interest in that area because of the key differentiation that we bring. Again, this is based upon our single-mode high-power lasers that we make in volume for industrial applications along with the surrounding photonics components that we make in volume and systems.

所以這款產品先在倫敦的DSEI防務展上發布，隨後又在華盛頓特區的USAA防務展上發布。實際上，就在大約一週前，我們還參加了新加坡航展。由於我們帶來了關鍵的差異化優勢，我們在該領域獲得了非常非常好的客戶興趣。同樣，這是基於我們批量生產的用於工業應用的單模高功率雷射器，以及我們大量生產的周邊光子元件和系統。

So we can really do this at scale. So this offers the customer really a disruptive cost, volume, quality. And it's a commercial product with a part number. So this is getting a very good interest we have a great customer list now, and we're working to convert that interest into orders.

所以我們可以真正大規模地做到這一點。因此，這為客戶帶來了顛覆性的成本、產量和品質。而且它是市售產品，有零件編號。目前市場反應非常好，我們已經累積了一批忠實的客戶，並且正在努力將這種興趣轉化為訂單。

That's great, Mark. Just a quick follow-up. A quick follow-up for Tim then to finish off here. Tim, on the margin commentary, and I get the leverage and excited about the leverage. But you got the tariff impact.

太好了，馬克。再補充一點。最後，請蒂姆簡單跟進。Tim 在場邊評論中提到，我了解槓桿作用，並且對槓桿作用感到興奮。但你受到了關稅的影響。

It sounds like that's going to persist through the year. Is there a way to think about sort of revenue levels that would be required to absorb the fixed costs to get back to the sort of longer-term targets on the margin side, so let's say, lower end of that target, 45%?

聽起來這種情況會持續一整年。有沒有辦法考慮需要達到怎樣的收入水準才能抵銷固定成本，從而恢復到利潤率方面的長期目標，比如說，目標的下限，45%？

Yes, I think on the Q4 results, we called out that the underabsorption really impacted gross margin by 150 basis points. So if you take the 37.5% that we reported, you add that back to 150 to 200 basis points, you're actually close to 40% at that point on $270 million-odd of revenue. That's with a 200% tariff headwind overall.

是的，我認為在第四季度業績報告中，我們指出銷售吸收不足確實對毛利率產生了150個基點的影響。所以，如果你把我們報道的 37.5% 加上 150 到 200 個基點，那麼在 2.7 億美元左右的收入下，實際佔比接近 40%。這還是在面臨高達 200% 的關稅阻力的情況下。

Our guidance estimates that the tariff headwind will be more moderate in Q1 at about 150 basis points, so more in line with what we had in Q2 or Q3. And so revenue improving beyond this level should continue to drive improvement in that absorption and get gross margins above the 40% level. It's clearly a target that we've got out there and want to do that.

我們的預測顯示，第一季關稅逆風將較為溫和，約為 150 個基點，與第二季或第三季的情況更為接近。因此，收入持續成長超過這一水平，應該能夠繼續推動吸收率的提高，並使毛利率達到 40% 以上。這顯然是我們設定的目標，我們想要實現它。

We're also looking at how to optimize operations even at more moderate revenue levels, right? There's a little bit of a task that, that takes, but we want to really drive some more operating efficiency even below $300 million during the course of this year. And I hope to report progress on that.

我們也在研究如何在收入水平較為溫和的情況下優化運營，對吧？這需要一些時間，但我們希望在今年內將營運效率提高到低於 3 億美元的水平。我希望能夠報告這方面的進展。

I think there are other benefits that are still not coming through fully, that we've got product cost reductions still ongoing. So Mark mentioned the RI, the rack unit for the cutting market. But we're going to start rolling out the higher-power diodes across a much broader swathe of the product line and action out with the cost reduction initiatives on the products and drive improved product gross margin. There are other cost reduction initiatives as well around the bond that we're working on, too.

我認為還有其他一些好處尚未完全顯現，例如我們仍在持續降低產品成本。所以馬克提到了RI，也就是切割市場的機架單元。但我們將開始在更廣泛的產品線中推廣高功率二極體，並實施產品成本降低計劃，從而提高產品毛利率。我們也正在研究其他與債券相關的成本削減措施。

And then you've got some pricing initiatives too where you're trying to offset some of the tariff impacts. So overall, I think we're making good progress even though gross margin was a little bit light for the revenue level we reported in Q4. But we're pretty confident about the direction that we can take at the moment on this.

此外，還有一些定價措施，試圖抵銷部分關稅影響。所以總的來說，我認為我們取得了良好的進展，儘管第四季度我們報告的收入水平對應的毛利率略低。但我們對目前我們能採取的方向相當有信心。

James Ricchiuti, Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti），李約瑟公司。

So just given the early traction with CROSSBOW, I'm wondering, any plans to step-up investment in directed energy applications and particularly with the facility that you have now or possibly expand the CROSSBOW product offering?

鑑於 CROSSBOW 目前取得的初步成功，我想知道貴公司是否有計劃增加對定向能應用領域的投資，特別是利用貴公司現有的設施，或者是否有可能擴大 CROSSBOW 的產品範圍？

Jim, thanks for the question. So what I can tell you is that what we've launched to date is what we call the CROSSBOW Mini. So that's a 3-kilowatt based system for kind of the shorter range. Again, this is for Group 1 and Group 2 drones. We do have a road map that will increase the power level of that.

吉姆，謝謝你的提問。所以我可以告訴大家的是，我們目前推出的產品叫做 CROSSBOW Mini。所以這是一個基於 3 千瓦的短程系統。再次強調，這是針對第 1 組和第 2 組無人機的。我們確實有一個提升其功率等級的路線圖。

We've talked about a 6 to 8-kilowatt kind of product also on our road map. We're not heading towards the megawatt-type systems. We're not doing government contracting. This is really about a commercial product that we can deliver in volume and really targeting the smaller class drones. We're excited about it.

我們也在我們的產品路線圖中討論過一款功率為 6 至 8 千瓦的產品。我們不會朝著兆瓦級系統發展。我們不做政府合約。這實際上是一款我們可以大量交付的商業產品，主要針對小型無人機市場。我們對此感到興奮。

Got it. And Mark, maybe sticking with the new product focus. What are your expectations around the new medical product in 2026?

知道了。馬克，或許會繼續專注於新產品。您對2026年推出的新醫療產品有何期待？

Yes. No, thanks for that question. So just to review medical, we've developed a new road map. So that's one of the key areas that we're investing in. We talked about the product that we got FDA clearance on in Q3 and then launched in Q4.

是的。不，謝謝你的提問。所以，就醫療方面而言，我們制定了一個新的路線圖。所以這是我們重點投資的領域之一。我們討論了我們在第三季度獲得 FDA 批准並在第四季度推出的產品。

So this was a new product in urology that has what we call StoneSense as part of it. So it can tell the difference between stone and soft tissue. That was the first the road map.

所以這是泌尿科領域的新產品，其中包含我們稱之為 StoneSense 的技術。所以它可以區分結石和軟組織。那是第一份路線圖。

And I just want to remind you also that we also, in the last year, we picked up a new major customer. So that combination, we expect to give us growth into 2026. And I'll say also that in 2026, we'll be launching additional products in that road map. And that road map continues on for the next couple of years. And what we said is that over the next years that we expect the business to double or triple.

我還要提醒各位，去年我們還獲得了一位新的大客戶。因此，我們預計這種組合將使我們在 2026 年實現成長。我還要補充一點，在 2026 年，我們將按照該路線圖推出更多產品。而這一路線圖將在未來幾年繼續執行。我們當時就說過，我們預計未來幾年業務量將翻倍甚至兩番。

And just one quick final question for me. You sound like you're encouraged by what you're seeing with cleanLASER. I'm just wondering if there's maybe a greater appetite on pursuing other inorganic opportunities just given the strength of the balance sheet? And if so, maybe what areas might be of interest?

最後一個問題。聽起來你對 cleanLASER 的效果很滿意。我只是在想，鑑於公司強勁的資產負債表，是否有可能對尋求其他非有機成長機會表現出更大的興趣？如果是這樣的話，您或許對哪些領域有興趣？

Yes. No, happy to talk about that, Jim. So first, let me just talk about it in terms of capital allocation. So as I look at capital allocation, first and foremost, for us is investing in our organic growth as we have a fantastic set of road maps and technologies that we're pursuing there. And next, in the M&A standpoint, it's really around tuck-in acquisitions. And cleanLASER was a great example where we can augment adjacent markets and get to some areas faster.

是的。不，我很樂意談論這個，吉姆。首先，讓我從資本配置的角度來談談這個問題。因此，在考慮資本配置時，首先也是最重要的是投資我們的內生成長，因為我們有一套非常棒的路線圖和技術正在朝著這個方向發展。其次，從併購的角度來看，重點在於補充收購。cleanLASER 就是一個很好的例子，它展示了我們如何拓展相鄰市場並更快地進入某些領域。

And cleanLASER, just to dig into that for a moment. That's gone really well for the company and it's integrated very well, and we have very good combined road maps going forward. And it did better than our targets initially. So again, just to say the areas that we're looking at, and we are actively looking at M&A opportunities, again, in the tuck-in size. We've talked about it as being in the kind of revenue range of $50 million to $200 million in revenue and, again, areas that can really allow us to accelerate our accelerate in some of the markets we're going after, technologies, those areas.

還有 cleanLASER，我們不妨稍微深入探討一下。這對公司來說進展非常順利，整合得也非常好，我們未來也有非常好的綜合發展路線圖。而且它的表現比我們最初的目標還要好。所以再次強調，我們正在關注的領域，以及我們正在積極尋找的併購機會，同樣是在小規模收購方面。我們曾討論過，其營收範圍在 5,000 萬美元到 2 億美元之間，而且，這些領域真的可以讓我們加速在我們正在追求的一些市場、技術領域的發展。

So really, that kind of tuck-in type.

所以，其實就是那種塞進被窩裡的感覺。

Got it. Congratulations on the quarter.

知道了。恭喜你本季取得佳績。

Thanks.

謝謝。

(Operator Instructions) Scott Graham, Seaport Research Partners.

（操作說明）Scott Graham，Seaport Research Partners。

Congratulations on the quarter and outlook. I wanted to maybe understand the improvement in welding sales a little bit more. You mentioned a battery. And I'm just wondering, is that all storage? Or is there some EV in there as well? And then what other drivers did welding benefit from this quarter?

恭喜本季業績及展望。我想更深入了解一下焊接產品銷售成長的原因。你提到了電池。我只是想知道，這就是全部的儲存空間嗎？還是裡面也包含一些電動車？那麼，本季焊接產業還受益於哪些其他驅動因素？

Yes. Thanks very much, Scott. So yes, welding has been an important area for us and batteries, as you pointed out. So drivers for that area are -- EV is one of them. And just from a driver standpoint, electric vehicles have seen 20% year-over-year growth.

是的。非常感謝，斯科特。所以，正如您所指出的，焊接和電池對我們來說一直是一個重要的領域。所以該地區的駕駛者——電動車就是其中之一。僅從駕駛者的角度來看，電動車的年增長率就達到了 20%。

And also then stationary storage, as you mentioned, is an accelerating area as well. That's seen a growth of about 50% year-over-year. So those are the base drivers.

此外，正如您所提到的，固定儲存也是一個快速發展的領域。這比上年同期增長了約 50%。這些就是基本驅動單元。

We have very differentiated technology that applies to the whole area of batteries. We have specialized lasers plus the monitoring of the beam and actually the weld monitoring that's in situ combined with beam delivery in the process. So it's a very important piece to that battery area, and it's important both in EV, the higher end of EV and stationary storage. It especially becomes important as you have higher currents and thicker bus bars. Our technology is even more important there.

我們擁有非常獨特的技術，可應用於整個電池領域。我們擁有專用雷射器，以及光束監測和焊接現場監測，這些監測與光束傳輸過程相結合。所以它是電池領域非常重要的一部分，對於電動車、高階電動車和固定式儲能來說都非常重要。當電流增大、母線變粗時，這一點就顯得格外重要。我們的技術在那裡顯得更加重要。

And I should say battery for us goes beyond those as well. We also have important areas in consumer batteries as well as specialized areas like medical batteries and it encompasses the areas that I told you, including areas like foil cutting and specialized welding, cleaning. All of those are key areas for us that apply to the battery processing.

而且，我想說，電池對我們來說不僅僅意味著這些。我們在消費電池領域以及醫療電池等專業領域也佔有重要地位，涵蓋了我剛才提到的領域，包括箔材切割、專業焊接和清潔等。這些都是我們電池加工的關鍵領域。

Great. And then the other question was simply around Huntsville. Could you kind of tell us a little bit more about that? Will it only be for the directed energy? Or is there an opportunity to add some other product manufacturing there?

偉大的。另一個問題則與亨茨維爾有關。能再詳細跟我們說嗎？它是否僅適用於定向能？或者那裡是否有機會增加其他產品的生產？

Yes. Thanks, Scott. So just to point out, it's a small site in Huntsville. Huntsville is a very important area for a couple of reasons, one, because of the personnel available in that area. But also it's an area that has cleared airspace.

是的。謝謝你，斯科特。需要說明的是，這是亨茨維爾的一個小網站。亨茨維爾是一個非常重要的地區，原因有二：一是該地區擁有充足的人員。但同時，這也是一片空域已清理完畢的區域。

So we can do the testing there. So that's an important piece of that.

所以我們可以在那裡進行測試。所以這是其中很重要的一環。

First and foremost, it's around the R&D and small-scale production for the directed energy, but it also gives us a footprint in that region to apply some of our industrial technologies to that growing region as well. Huntsville area is a growing area for industrial for some of the military and defense arena.

首先，重點是定向能的研發和小規模生產，但它也讓我們在該地區有了立足之地，可以將我們的一些工業技術應用到這個不斷發展的地區。亨茨維爾地區是軍事和國防領域工業發展迅速的地區。

Rodney McFall, Northcoast Research.

Rodney McFall，北海岸研究公司。

I'm on today for Keith Housum. I was just wondering if you can maybe provide some updates on the competitive environment, especially in Asia. I'm wondering if you're seeing any pricing pressures start to seep out of cutting and into more advanced applications.

今天我代替基斯·豪瑟姆上節目。我想請問您能否提供一些關於競爭環境，特別是亞洲市場的最新情況？我想知道您是否注意到價格壓力開始從切割領域蔓延到更高級的應用領域。

Yes. Thanks for the question. So in Asia, really in China, cutting is a very small part of our business. It's in a couple percent kind of range. The biggest areas that we're operating in that area are areas where we're highly differentiated.

是的。謝謝你的提問。所以在亞洲，尤其是在中國，切割業務在我們業務中所佔的比重非常小。大概在幾個百分點的範圍內。我們在該地區開展業務的最大領域，也是我們高度差異化的領域。

So we've talked about the battery area, additive manufacturing, some of the micromachining areas. So those are areas where we have key differentiation and so our pricing is able to hold up in those areas.

我們已經討論了電池領域、積層製造以及一些微加工領域。所以這些領域是我們具有關鍵差異化的領域，因此我們的定價在這些領域能夠保持競爭力。

Understood. And then just a quick follow-up to Scott's question. As you're seeing a shift from EVs to stationary storage, is that margin accretive? I mean, do you guys see like higher volumes of those devices just because these storage devices are larger? Just any color you could provide there would be great.

明白了。然後，我想快速補充一下斯科特的問題。隨著電動車向固定式儲能的轉變，這種轉變是否能提高利潤率？我的意思是，你們是否因為這些儲存設備的容量更大，就看到這類設備的銷售量也更高了？只要你能提供任何顏色就行。

Yes. So the way I would look at it is so we're applying our technology across that area. So the battery factories are making batteries for EV and for stationary storage. The stationary storage ones tend to be on the higher end because capacities are higher currents or higher, but they're similar to the higher end of EV. So our technologies apply to really across that area.

是的。所以我認為，我們正在將我們的技術應用到這個領域。所以電池工廠既生產電動車電池，也生產固定式儲能電池。固定式儲能設備的價格往往較高，因為它們的容量更大，電流更高，但它們與高階電動車儲能設備的價格相似。因此，我們的技術確實適用於該領域的各個方面。

And again, it's that differentiation that we provide with the combination of the very specific laser beam type plus the monitoring of the weld, actually being able to see in situ if the weld is good or not, combined with the beam delivery and the process as well. That provides something that's highly differentiated.

再次強調，我們提供的差異化優勢在於：結合非常特殊的雷射光束類型以及對焊接過程的監控，能夠現場觀察焊接品質的好壞，再加上光束傳輸和焊接過程。這提供了高度差異化的優勢。

And it's important because it means that they can see quality control. They can tell whether the batteries -- whether you're overpenetrated or underpenetrated in the welds. And that has to do with quality and reliability as well as safety. So all of those pieces point to how we have a key place in that area. And as you mentioned, that higher end, it's even more important because the higher currents have thicker bus bars in the batteries, and that's true in the stationary storage as well as the higher end of EV.

這很重要，因為這意味著他們可以看到品質控制情況。他們可以判斷電池的情況──焊接時是過熔還是欠熔。這關係到品質、可靠性和安全性。所以所有這些都表明，我們在該領域佔據關鍵地位。正如您所提到的，高端產品就更加重要了，因為更高的電流意味著電池中的母線更粗，這在固定式儲能和高端電動車中都是如此。

And that's an even bigger driver towards our solutions.

而這正是我們尋求解決方案的更大動力。

James Ricchiuti, Needham & Company.

詹姆斯‧里基烏蒂 (James Ricchiuti)，李約瑟公司。

Tim, I was wondering if you can give us any additional color on the bookings that you saw by region. Any variability? It sounds like the overall order activity was pretty heavy.

提姆，我想請你補充一下你看到的按地區劃分的預訂情況。是否存在任何差異？聽起來整體訂單量相當大。

Yes. It was pretty broad-based, I mean, having coming with that kind of a number you'd expect it to be. North America was very good on the back of medical and systems orders. So it's really good to see that pick up on the systems side. Europe actually performed a bit better. I'd say it's still a little bit of a weaker region, but we actually had a very good set of orders there.

是的。它的覆蓋範圍相當廣，我的意思是，考慮到參與人數之多，這也在意料之中。北美地區在醫療和系統訂單方面表現非常出色。所以很高興看到系統方面出現這樣的進展。歐洲的表現其實略好一些。我認為它仍然是一個相對薄弱的地區，但我們實際上在那裡獲得了一系列非常好的訂單。

There was also some good systems orders, particularly on the cleaning division with cleanLASER. There was actually a big order that came in from a major customer that we may not have won had cleanLASER not being part of IPG. So that was a very important part of the whole and some of the synergies that are being realized out of that acquisition.

還有一些不錯的系統訂單，特別是清潔部門的 cleanLASER 產品。事實上，我們曾經收到一位大客戶的大訂單，如果 cleanLASER 不是 IPG 的一部分，我們可能就拿不到這筆訂單了。所以這是整個過程中非常重要的一部分，也是這次收購所帶來的綜效的一部分。

And then Asia was strong, both Japan, China. Korea had a good quarter. So it was pretty broad-based, Jim, I'd say Europe is just a little bit -- it's starting to show some improvement, but it's a little bit weaker than some of the other areas still. I think that's reflected even in the PMI data where it's improved. But still a little bit behind North America, China and Japan.

當時亞洲也很強大，包括日本和中國。韓國本季表現良好。所以，吉姆，情況相當廣泛。我認為歐洲的情況略有好轉，但與其他一些地區相比，仍然稍微疲軟。我認為這一點甚至反映在採購經理人指數（PMI）數據中，PMI 指數有所改善。但仍比北美、中國和日本稍稍落後。

Got it. And Mark, you mentioned at least in the presentation, you highlighted strong demand related to semiconductor. Remind us of your exposure there, how you're thinking about the growth there in 2026 just given the investment that we're hearing about across the semiconductor sector.

知道了。馬克，你在演講中至少提到過，你強調了半導體領域的強勁需求。請您談談您在該領域的投資情況，以及鑑於我們目前聽到的半導體行業的投資情況，您如何看待該領域在 2026 年的成長。

Yes. Thanks, Jim. So the places that we play there, it's really in the lithography, metrology and inspection part of the segment there. And we have new products that we've been developing that are now aligning well with road maps in those areas. And we've really focused on improving not only performance but quality in that area, and that's really helped with our engagements there.

是的。謝謝你，吉姆。所以，我們在那裡開展的業務，實際上主要集中在光刻、計量和檢測領域。我們正在開發的新產品現在與這些領域的路線圖非常契合。我們一直致力於提高該領域的績效和質量，這確實對我們在該領域的合作有所幫助。

It's a relatively small area for us today, but it's an area where we have very good engagements. And really, it shows the differentiation that we have in these core technologies across the company that allow us to insert in those road maps. Because, as you know, those road maps, you need the combination of very, very good and high-performance technology at the front edge, but you also have to have the quality and the ability to produce these things in volume, and every unit has to be the same. So it's been a very good mark for us to see that growing.

對我們來說，這雖然是一個相對較小的領域，但我們在這個領域進行了非常成功的合作。實際上，這反映了我們在公司核心技術領域的差異化優勢，使我們能夠將這些技術融入這些發展路線圖中。因為，如你所知，這些路線圖需要非常非常好的、高性能的尖端技術，但你也必須具備大量生產這些產品的品質和能力，而且每個單元都必須是一樣的。所以，看到這種成長對我們來說是一個非常好的跡象。

(Operator Instructions) Scott Graham, Seaport Research Partners.

（操作說明）Scott Graham，Seaport Research Partners。

I was wondering, you talk freely about micromachining and additive manufacturing. Can you just maybe remind us what is in those areas, where the applications or the end markets were both? Just provide a little more clarity there.

我很好奇，您經常談論微加工和增材製造。您能否提醒我們一下，這些領域都包含哪些內容？它們的應用領域和最終市場分別在哪裡？請把這部分解釋得更清楚。

Sure. Let me start with additive, Scott. So additive manufacturing, just to remind you, that's centering of powdered metal. So the laser actually creates -- where a printer would create a dot or a pixel, here you create what's called a voxel. So it's a volume element that's created.

當然。史考特，我先來說說添加劑的問題。提醒一下，積層製造就是將金屬粉末塑形成型。所以雷射實際上是在印表機創建點或像素的地方創建，而在這裡創建的是所謂的體素。所以，這是一個被創造出來的體積元素。

And then you build up the part. And so that's important for a number of reasons. You can actually produce things that can't be machined with traditional methods. So that's important. And some of the materials are also important.

然後你再把零件組裝起來。因此，這一點非常重要，原因有很多。實際上，你可以生產出傳統方法無法處理的東西。所以這一點很重要。有些材料也很重要。

And I have to say that this is an area where we're highly differentiated. We have a key piece of that market because the lasers have to be single-mode, they have to have very high performance and they have to have low noise and they have to have very high reliability. And these are all pieces that are important there. And we work together with these companies on their road maps, and we have key next-generation products that also allow them to go significantly

我必須說，在這個領域，我們擁有非常大的差異化優勢。我們在這個市場中佔據了關鍵地位，因為雷射必須是單模的，必須具有非常高的性能，並且必須具有低噪聲，並且必須具有非常高的可靠性。這些都是其中很重要的組成部分。我們與這些公司合作制定發展路線圖，我們擁有關鍵的下一代產品，這些產品也能幫助他們取得顯著進展。

faster. And so from a market side, these are actually covering now -- it's an area that's been growing. And it's covering areas that go from aerospace all the way to consumer type devices, where they're able to make parts again that would be very difficult to machine. And they're making parts in a wide range of materials from titanium to things like copper. So our lasers play across each of those.

快點。因此從市場角度來看，這些實際上已經涵蓋了——這是一個一直在成長的領域。它涵蓋的領域從航空航太一直延伸到消費性設備，在這些領域，他們能夠重新製造出很難用機械加工的零件。他們用各種各樣的材料製造零件，從鈦到銅等等。所以我們的雷射會照射到所有這些區域。

And again, the market drivers are relatively broad. And we've seen that area growing, and we've had good growth in that area throughout 2025. And again, indicators are good now.

而且，市場驅動因素也相對廣泛。我們看到該領域正在發展，並且在 2025 年該領域一直保持著良好的成長勢頭。而且，目前的各項指標都很好。

And then you asked about micromachining. When we talk about micromachining, that's really talking about very precision cutting, drilling, material removal. That plays a lot into areas like microelectronics, where being able to make small changes in the materials are important in displays, in things like multilayer circuits being able to interconnect from layer to layer. These are areas that are important areas, like solar cells, where you need to make interconnection from layer to layer or machine away small windows and improve the performance of the cells.

然後你問到了微加工技術。微加工，其實是指非常精確的切割、鑽孔和材料去除。這與微電子等領域密切相關，在顯示器等應用中，能夠對材料進行微小的改變非常重要，在多層電路等應用中，能夠實現層與層之間的互連也很重要。這些都是非常重要的領域，例如太陽能電池，在這些領域中，你需要實現層與層之間的互連，或加工出小窗口，從而提高電池的性能。

So think about very small on the micron level holes or ablation, material removal, cutting, very micro welding. Those are all areas that we would classify in the range of micromachining.

所以想想微米級的微小孔洞或燒蝕、材料去除、切割、微焊接。這些都是我們歸類為微加工領域的範疇。

We have reached the end of the question-and-answer session. At this time, I'd like to turn the call back over to Eugene Fedotoff for closing comments.

問答環節到此結束。此時，我想把電話轉回尤金‧費多托夫，請他做總結發言。

Thank you for joining us this morning and your continued interest in IPG. We will be participating in several investor events this quarter and are looking forward to speaking with you again soon. Have a great day, everyone.

感謝您今天上午蒞臨，也感謝您一直以來對IPG的關注。本季我們將參加多場投資人活動，期待盡快再次與您交流。祝大家今天過得愉快。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。