IPG Photonics Corp (IPGP) 2026 Q1 法說會逐字稿

Good morning, and welcome to IPG Photonics' first-quarter 2026 conference call. Today's call is being recorded and webcast. At this time, I'd like to turn the call over to Eugene Fedotoff, IPG's Senior Director, Investor Relations for introductions. Please go ahead with your conference.

早安，歡迎參加 IPG Photonics 2026 年第一季財報電話會議。今天的電話會議將進行錄音並網路直播。此刻，我想把電話交給 IPG 投資人關係資深總監 Eugene Fedotoff 進行開場介紹。請開始您的會議。

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 first-quarter 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，各位早安。今天與我一同出席的有 IPG Photonics 執行長 Mark Gitin 博士，以及資深副總裁兼財務長 Tim Mammen。在今天的電話會議中，Mark 將先概述我們第一季的業績表現與整體需求環境，並帶各位了解我們在長期策略上的進展。之後，他會把時間交給 Tim 提供財務細節。

Let me remind you that statements made during 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.

提醒各位，本次電話會議中凡是討論我們對未來的預期或預測之陳述，均屬前瞻性陳述。這些前瞻性陳述受到各項風險與不確定性影響，可能導致公司實際結果與此類前瞻性陳述所預測者出現重大差異。

These risks and uncertainties are detailed in our Form 10-K for period ended December 31, 2025, and our reports on file with the Securities and Exchange Commission. Any forward-looking statements made on this call are the company's expectations or predictions as of today, May 5, 2026, only, and the company assumes no obligations to publicly release any updates or revisions to any such statements.

相關風險與不確定性已詳載於我們截至 2025 年 12 月 31 日止期間的 Form 10-K，以及我們向美國證券交易委員會（SEC）提交的各項報告中。本次電話會議中所作任何前瞻性陳述，僅代表公司截至今日（2026 年 5 月 5 日）的預期或預測；公司不承擔公開發布任何更新或修訂之義務。

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 of such measures is the most directly comparable GAAP measures as well as additional details on reported results, please refer to the earnings press release, earnings call presentation and the financial data were 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，我們將引用若干非 GAAP 指標。關於我們如何定義這些非 GAAP 指標，以及其與最直接可比的 GAAP 指標之調節（reconciliation），並包含已公告結果的其他細節，請參閱財報新聞稿、財報電話會議簡報，以及已張貼於我們投資人關係網站的財務資料。我們也會在本次電話會議結束後，將這些預先準備的講稿發布於我們的網站。

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

接下來，我把電話交給 Mark。

Thanks, Eugene. Good morning, everyone. First-quarter revenue exceeded our expectations, increasing 17% year-over-year. We continue to see improved demand for our laser solutions, particularly in battery manufacturing and medical applications, which drove our strong performance in the quarter. We maintained a disciplined focus on our growth initiatives across all of our markets, delivering solid first-quarter results and building momentum for future growth.

謝謝你，Eugene。各位早安。第一季營收超出我們的預期，年增 17%。我們持續看到雷射解決方案需求改善，尤其是在電池製造與醫療應用領域，帶動本季強勁表現。我們在所有市場的成長計畫上維持嚴謹且有紀律的聚焦，交出穩健的第一季成果，並為未來成長累積動能。

Before looking more closely at our first-quarter sales performance, I would like to highlight our updated revenue reporting framework, which better aligns with our strategic growth initiatives, making it easier to understand and track our progress. It also provides a clearer separation between our industrial and non-industrial revenue streams, giving better visibility into our focus areas and splitting the business into two distinct buckets, with unique performance and growth profiles.

在更深入檢視第一季銷售表現之前，我想先強調我們更新後的營收揭露架構；該架構與我們的策略性成長計畫更一致，使外界更容易理解並追蹤我們的進展。同時，它也更清楚地區分工業與非工業的營收來源，讓我們的聚焦領域更具可視性，並將業務分為兩個具不同表現與成長特性的獨立類別。

This reporting combines applications into two categories: Industrial Solutions and Advanced Solutions. Today, most of our business is in Industrial Solutions where we are building on our strong foundation, expanding our addressable market by displacing incumbent technologies and enhancing our value proposition by offering differentiated system and subsystem solutions. This includes applications such as cutting, welding, cleaning and additive manufacturing and other industrial offerings.

此一揭露方式將應用整合為兩大類：工業解決方案（Industrial Solutions）與先進解決方案（Advanced Solutions）。目前我們大部分業務屬於工業解決方案；我們在既有強大基礎上持續深化，透過取代既有技術來擴大可服務市場，並藉由提供差異化的系統與子系統解決方案來強化價值主張。其中包含切割、焊接、清潔、積層製造（additive manufacturing）以及其他工業產品與服務。

In the first quarter, Industrial Solutions revenue accounted for 86% of total sales, increasing 21% year-over-year as our design wins took hold and general industrial demand improved. Welding, cutting, marking and cleaning applications drove higher revenue.

第一季工業解決方案營收占總銷售額的 86%，在設計導入（design wins）逐步落地以及一般工業需求改善的帶動下，年增 21%。焊接、切割、打標與清潔等應用帶動營收提升。

Welding and cutting, our two largest applications posted double-digit growth, benefiting from solid demand and new orders from battery manufacturing. Sequentially, Industrial Solutions revenue was relatively flat and outperformed typical seasonality, driven by business wins in cutting and additive manufacturing.

焊接與切割作為我們最大的兩項應用，均呈現兩位數成長，受惠於穩健需求以及來自電池製造的新訂單。就季比而言，工業解決方案營收大致持平，且優於典型季節性表現，主要由切割與積層製造的業務斬獲所帶動。

In Advanced Solutions, which is another important driver of our future growth, we are applying our laser technologies and applications expertise, solving challenging problems for customers. Advanced Solutions serves markets such as medical, defense, micromachining, semiconductor manufacturing and others that present strong growth opportunities and collectively represent a $5 billion TAM. We've already established a solid presence in these markets and are excited about the opportunities that lie ahead.

在先進解決方案方面，這也是我們未來成長的另一項重要驅動力；我們運用雷射技術與應用專業，為客戶解決具挑戰性的問題。先進解決方案服務的市場包含醫療、國防、微加工、半導體製造等，這些領域具備強勁成長機會，合計可服務市場（TAM）約 50 億美元。我們已在這些市場建立穩固的布局，並對未來機會感到振奮。

Advanced Solutions represented 14% of our revenue in the first quarter and declined modestly year-over-year. Revenue growth in medical and semiconductor applications was offset by lower micromachining sales due to cyclical demand in solar cell manufacturing. Sequentially, revenue declined due to lower medical sales following an exceptionally strong fourth quarter of 2025. We were particularly encouraged by increased sales in semiconductor applications as we gain traction with large equipment manufacturers.

先進解決方案在第一季占我們營收的 14%，年比小幅下滑。醫療與半導體應用的營收成長，被微加工銷售下滑所抵銷；微加工下滑主要源於太陽能電池製造的循環性需求。就季比而言，由於 2025 年第四季醫療銷售異常強勁，第一季在其後出現較低的醫療銷售，導致營收下滑。我們特別受到鼓舞的是半導體應用銷售增加，顯示我們正逐步獲得大型設備製造商的採用與動能。

Total bookings were strong in the quarter with book-to-bill firmly above 1 for the second consecutive quarter. This gives us confidence in our outlook; it points to robust demand for our solutions despite elevated levels of macroeconomic uncertainty.

本季整體接單表現強勁，且連續第二季出貨比（book-to-bill）穩健高於 1。這讓我們對展望更具信心；即使總體經濟不確定性仍高，仍顯示市場對我們解決方案的需求相當強勁。

We see the strong demand to remain focused on executing our key growth initiatives across Industrial Solutions and Advanced Solutions, building upon our strong foundation and industrial innovation, expanding our leadership in laser technology into new high-growth applications such as medical, micromachining, and defense.

我們認為強勁需求將使我們持續專注於執行工業解決方案與先進解決方案的關鍵成長計畫，在既有堅實基礎與工業創新之上，將我們在雷射技術的領導地位延伸至醫療、微加工與國防等新的高成長應用。

While our initiatives target a wide range of opportunities, our path to success is consistent, leveraging differentiated laser technology and deep applications expertise to deliver clear performance advantages that incumbent approaches cannot match. Together, these initiatives represent compelling opportunities to meaningfully expand our addressable market and support sustained long-term growth.

雖然我們的計畫涵蓋廣泛機會，但成功路徑一致：運用差異化的雷射技術與深厚的應用專業，提供既有方法無法匹敵的明確效能優勢。綜合而言，這些計畫代表極具吸引力的機會，可大幅擴大我們的可服務市場，並支持長期且可持續的成長。

In Industrial Solutions, welding revenue is growing, driven by our advanced capabilities for battery manufacturing across both electric vehicles and stationary storage applications. Global stationary storage deployment is growing rapidly to support data center energy requirements and is gaining increasing share of battery manufacturing.

在工業解決方案方面，焊接營收持續成長，主要由我們在電池製造上的先進能力所帶動，涵蓋電動車與固定式儲能兩大應用。全球固定式儲能部署正快速成長，以支援資料中心的能源需求，並在電池製造中取得愈來愈高的占比。

These batteries use larger cells with thicker busbars, requiring higher power lasers, process monitoring. This aligns directly with our strengths. Our unique combination of adjustable mode beam lasers, advanced beam delivery and real-time process monitoring ensures well quality and sets us apart from the competition.

這些電池採用更大的電芯與更厚的匯流排（busbars），因此需要更高功率的雷射與製程監控。這與我們的優勢高度契合。我們獨特的可調模態光束雷射、先進光束傳輸，以及即時製程監控的組合，能確保焊接品質，並使我們有別於競爭對手。

Beyond lasers and subsystems, we continue to make meaningful progress in our systems business, which posted another strong quarter. We're moving up the value chain by integrating our fiber lasers into differentiated complete systems which, together with our applications expertise enables us to tackle complex problems that incumbent technologies cannot address. This approach allows us to deepen our partnerships with customers across a wide range of markets from welding to cleaning.

除了雷射與子系統之外，我們在系統業務方面也持續取得顯著進展，本季再度繳出強勁表現。我們透過將光纖雷射整合至具差異化的完整系統，持續往價值鏈上游移動；再結合我們的應用專業，使我們能處理既有技術無法解決的複雜問題。此一策略讓我們能在從焊接到清潔等廣泛市場中，深化與客戶的合作夥伴關係。

Turning to Advanced Solutions. We continue to make progress with our growth strategy by targeting opportunities across defense, medical and micromachining applications. In February, we announced that Lockheed Martin placed a $10 million follow-on order for CROSSBOW, our scalable, cost-effective, high-energy laser defense system for countering Group 1 and Group 2 drone threats.

接著談先進解決方案。我們持續透過鎖定國防、醫療與微加工等應用機會，推進成長策略。今年 2 月，我們宣布洛克希德馬丁（Lockheed Martin）對 CROSSBOW 下達 1,000 萬美元的追加訂單；CROSSBOW 是我們可擴充、具成本效益的高能量雷射防禦系統，用於反制第 1 組與第 2 組無人機威脅。

Shipments for that order are expected to begin in the second quarter. We also showcased CROSSBOW at the 2026 AUSA Global Force Symposium in Huntsville, Alabama, where we engage with defense industry leaders on how our solutions can address escalating drone threats at a significantly improved cost exchange ratio. CROSSBOW continues to generate interest from potential customers. We're gaining traction on converting that interest into orders.

該訂單的出貨預計將於第二季開始。我們也在阿拉巴馬州亨茨維爾舉辦的 2026 AUSA Global Force Symposium 上展示了 CROSSBOW，並與國防產業領導者交流，探討我們的解決方案如何以顯著改善的成本交換比來因應日益升高的無人機威脅。CROSSBOW 持續引起潛在客戶的興趣。我們在將這些興趣轉化為訂單方面正逐步取得進展。

In Medical, revenue grew significantly year-over-year, driven by sales to a new customer as our solutions continue to deliver clinically meaningful outcomes. We are advancing our innovation road map and expect several new product approvals and introductions in 2026 and in 2027. We have a very strong backlog for 2026, giving us excellent visibility into full-year revenue that points to another good year in medical.

在醫療領域，營收年增大幅成長，主要受惠於對一位新客戶的銷售，因為我們的解決方案持續帶來具臨床意義的成果。我們正推進創新路線圖，並預期在 2026 年與 2027 年將有數項新產品獲批與推出。我們在 2026 年擁有非常強勁的在手訂單，使我們對全年營收具備極佳能見度，顯示醫療業務將再迎來一個不錯的年度。

In semiconductor, revenue grew this quarter as we ramped up new lithography, metrology and inspection business with large semiconductor equipment manufacturers. This market is being driven by the accelerating adoption of AI, which is fueling demand for GPUs and high-bandwidth memory chips. We continue to advance our product development and are working closely with customers on design and opportunities, supported by the clear performance advantages of our solutions.

在半導體領域，本季營收成長，因我們與大型半導體設備製造商合作的新光刻、量測與檢測業務正在放量。此市場受 AI 加速採用所驅動，進而推升對 GPU 與高頻寬記憶體晶片的需求。我們持續推進產品開發，並在我們解決方案明確的效能優勢支持下，與客戶緊密合作進行設計與機會開發。

Our strategic progress is enabled by the organizational changes and investments we have made. We have streamlined operations, strengthened decision-making and accelerated product development, translating into better performance and greater consistency across the business. While our entrepreneurial and innovative spirit remains at the heart of IPG, we are building the operating discipline required to scale these capabilities effectively.

我們的策略性進展得以實現，仰賴我們所進行的組織調整與投資。我們已精簡營運、強化決策並加速產品開發，進而帶來更佳表現與全公司更高的一致性。雖然我們的創業家精神與創新精神仍是 IPG 的核心，但我們正在建立有效擴大這些能力所需的營運紀律。

In summary, our team delivered another quarter of year-over-year growth. Customer demand for our differentiated laser solutions continue to strengthen across our markets. We are making meaningful progress on our strategic objectives, outperforming the market and creating lasting value for our customers and our shareholders.

總結而言，我們的團隊再度交出一季年增成長的成績。客戶對我們差異化雷射解決方案的需求在各個市場持續增強。我們在策略目標上取得實質進展，表現優於市場，並為客戶與股東創造長期價值。

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

接下來，我把電話交給 Tim。

Thank you, Mark, and good morning, everyone. My comments will generally follow the earnings call presentation, which is available on our Investor Relations website. I will start with revenue trends by application on slide 5. Industrial Solutions revenue increased 21% year-over-year in Q1, driven by growth in welding, cutting, cleaning and marking.

謝謝你，Mark，各位早安。我的評論將大致依循財報電話會議簡報內容，該簡報可於我們的投資人關係網站取得。我將從第 5 頁投影片的各應用別營收趨勢開始。工業解決方案在第一季營收年增 21%，主要由焊接、切割、清潔與打標的成長所帶動。

This was partially offset by lower revenue in additive manufacturing. On a sequential basis, revenue was basically flat, down 1% and as lower revenue in welding and additive manufacturing was largely offset by growth in cutting and marking. Cleaning revenue is flat.

部分被積層製造較低的營收所抵銷。以季比來看，營收基本持平、下滑 1%，焊接與積層製造的較低營收大致被切割與打標的成長所抵銷。清潔營收持平。

Advanced Solutions revenue decreased 5% compared with last year as growth in medical and semiconductor was offset by lower revenue in defense and micromachining. Revenue is down 13% quarter-over-quarter on lower medical sales from a very strong fourth quarter. Micromachining, semiconductor and scientific revenue all improved sequentially.

先進解決方案營收較去年下降 5%，因醫療與半導體的成長被國防與微加工較低的營收所抵銷。由於第四季醫療銷售非常強勁，本季營收季減 13%。微加工、半導體與科學應用營收皆較上季改善。

Sales of our emerging growth products continued to increase and accounted for 53% of total revenue in the first quarter, consistent with the prior quarter. Following our annual review, we made a slight adjustment to the product list. Many of these products are benefiting from growth in battery manufacturing and the medical market.

我們的新興成長產品銷售持續增加，第一季占總營收的 53%，與前一季一致。在年度檢視後，我們對產品清單做了小幅調整。其中許多產品受惠於電池製造與醫療市場的成長。

Moving to revenue performance by region on slide 6. North American revenue increased 27% compared with last year, driven by growth in welding, cutting, additive manufacturing and medical applications. Sequentially, revenue was down 4% due to declines in cleaning and medical, partially offset by strength in welding, cutting, additive manufacturing and micro machining.

接著看第 6 頁投影片的各地區營收表現。北美營收較去年成長 27%，主要由焊接、切割、積層製造與醫療應用的成長所帶動。以季比來看，營收下降 4%，原因是清潔與醫療下滑，部分被焊接、切割、積層製造與微加工的強勁表現所抵銷。

European sales were up 4% year-over-year, driven by cutting and down 13% sequentially versus a strong fourth quarter due to lower sales in welding, cleaning and additive manufacturing. Revenue in Asia improved 14% year-over-year, driven by strong demand in welding, cutting, marking and cleaning applications, which primarily benefited from capacity additions for battery manufacturing. 1Revenue is flat quarter-over-quarter.

歐洲銷售年增 4%，由切割帶動；相較於強勁的第四季，季減 13%，原因是焊接、清潔與積層製造銷售較低。亞洲營收年增 14%，主要由焊接、切割、打標與清潔應用的強勁需求所帶動，這些需求主要受惠於電池製造的產能擴增。1營收季比持平。

Moving to the financial performance review on slide 7. Total revenue was $265 million, up 17% year over year, marking our second consecutive quarter of double-digit sales growth. Foreign currency benefited revenue by approximately 4% this quarter compared to the same period in the prior year.

接著看第 7 頁投影片的財務表現回顧。總營收為 2.65 億美元，年增 17%，為我們連續第二季達成雙位數銷售成長。與去年同期相比，本季外幣匯率對營收約有 4% 的正面貢獻。

GAAP gross margin was 37.5%, and adjusted gross margin was 37.8%. Adjusted gross margin came in close to the midpoint of our guidance range and improved sequentially. Gross margins benefited year-over-year from lower inventory provisions due to improved inventory management. While product margins have been stable over the last few quarters, we did experience headwinds from tariffs compared to the first quarter of 2025.

GAAP 毛利率為 37.5%，調整後毛利率為 37.8%。調整後毛利率接近我們指引區間的中點，且較上季改善。由於庫存管理改善，庫存提列減少，使毛利率較去年同期受惠。雖然過去幾季產品毛利率維持穩定，但相較於 2025 年第一季，我們確實受到關稅帶來的逆風影響。

We continue to target improvement in product margins based on pricing and cost reduction initiatives that are starting to take hold. Under absorbed expenses continue to run at a higher level than we are targeting in the medium term. And we have specific initiatives underway to improve our operational efficiency. We expect the impact from tariffs to persist in 2026 and continue to work on ways to offset their impact, including cost reduction and pricing initiatives.

我們仍以定價與成本降低措施為基礎，目標持續改善產品毛利率，而這些措施正開始發揮效果。產能未充分吸收的費用仍維持在高於我們中期目標的水準。我們也已啟動具體措施以提升營運效率。我們預期關稅影響將延續至 2026 年，並持續尋求抵銷其影響的方法，包括成本降低與定價措施。

Total GAAP operating expenses were $107 million. This includes a $13.5 million payment and license related to an agreement with Trumpf Laser Systemtechnik, settling all parts of litigation between us worldwide. The license will have an immaterial impact on our future results. Excluding the settlement payment, litigation expenses, amortization of intangibles and other acquisition-related expenses, adjusted operating expenses were approximately $91 million, as we continue to invest in our strategic initiatives to drive future growth.

本季 GAAP 營業費用總計為 1.07 億美元。其中包含與 Trumpf Laser Systemtechnik 達成協議所支付的 1,350 萬美元款項及授權，藉此解決我們之間在全球範圍內的所有訴訟事項。該授權對我們未來業績的影響不具重大性。排除和解付款、訴訟費用、無形資產攤銷及其他併購相關費用後，調整後營業費用約為 9,100 萬美元；我們持續投資於策略性計畫以推動未來成長。

GAAP operating loss in the quarter was $8 million, and GAAP net income was $2 million or $0.04 per diluted share. Excluding one-time items, FX and amortization, adjusted operating income was $9 million, and adjusted net income was $13 million, with adjusted earnings per diluted share of $0.29. Adjusted EBITDA was $35 million. Both adjusted EPS and adjusted EBITDA came in above the midpoints of our guidance ranges.

本季 GAAP 營業損失為 800 萬美元，GAAP 淨利為 200 萬美元，或稀釋後每股 0.04 美元。排除一次性項目、匯率影響與攤銷後，調整後營業利益為 900 萬美元，調整後淨利為 1,300 萬美元，調整後稀釋後每股盈餘為 0.29 美元。調整後 EBITDA 為 3,500 萬美元。調整後 EPS 與調整後 EBITDA 皆高於我們指引區間的中點。

Moving to a summary of our balance sheet and cash flow on slide 8. We ended the quarter with $813 million in cash, cash equivalents and short-term investments. We had $71 million in long-term investments and no debt. Cash used in operations was $5 million. The first quarter is typically weaker for cash generation, as it is impacted by annual bonus payments.

接著看第 8 頁投影片的資產負債表與現金流摘要。本季期末現金、約當現金與短期投資為 8.13 億美元。我們持有 7,100 萬美元的長期投資且無負債。營運活動使用現金為 500 萬美元。第一季通常是現金創造較弱的季度，因會受到年度獎金支付的影響。

During the first quarter, we spent $16 million on capital expenditures, below the expected run rate given our CapEx budget of $90 million to $100 million this year due to the timing of investments in our major fiber manufacturing facility in Germany. Excluding the German investment, underlying CapEx is running at about 5% of revenue and we expect to maintain this level going forward.

第一季我們資本支出為 1,600 萬美元，低於預期的執行水準；考量今年資本支出預算為 9,000 萬至 1 億美元，主要原因是我們在德國主要光纖製造設施的投資時點安排。排除德國投資後，基礎資本支出約為營收的 5%，我們預期未來將維持此水準。

Moving to our outlook on slide 9. Orders remained strong with book-to-bill staying firmly above 1. For the second quarter of 2026, we expect revenue of $260 million to $290 million, and we expect adjusted gross margin between 37% and 40%, including an ongoing impact from tariffs of about 150 basis points. We estimate adjusted operating expenses in the range of $92 million to $95 million in the second quarter and anticipate that these expenses will increase moderately during the year to support opportunities to further accelerate our key growth initiatives.

接著看投影片 9 的展望。訂單維持強勁，接單出貨比（book-to-bill）穩定高於 1。針對 2026 年第二季，我們預期營收為 2.60 億至 2.90 億美元，並預期調整後毛利率介於 37% 至 40% 之間，其中包含關稅持續影響約 150 個基點。我們估計第二季調整後營業費用約為 9,200 萬至 9,500 萬美元，並預期為了支持進一步加速我們關鍵成長計畫的機會，這些費用在今年將溫和增加。

For the second quarter, we expect to deliver adjusted earnings per diluted share in the range of $0.25 to $0.55 and with approximately 43 million diluted common shares outstanding. Our adjusted EBITDA is expected to be between $32 million and $48 million.

針對第二季，我們預期調整後稀釋每股盈餘介於 0.25 至 0.55 美元之間，稀釋後普通股流通股數約 4,300 萬股。我們的調整後 EBITDA 預期介於 3,200 萬至 4,800 萬美元之間。

In summary, we are pleased with our first-quarter results with both bookings and revenue moving in the right direction. The underlying strength of the business is good to see, but we'd like to remind you that we do face tougher comparisons in the second half of 2026 relative to a strong second half in 2025. Although first-quarter gross margin was a little light given the level of revenue, we continue to strive for margin increases through cost reductions, pricing initiatives and reducing under absorbed costs.

總結來說，我們對第一季的結果感到滿意，接單與營收都朝正確方向發展。看到業務基本面強勁令人振奮，但也提醒各位，相較於 2025 年下半年強勁表現，2026 年下半年我們將面臨較嚴峻的比較基期。雖然第一季毛利率在該營收水準下略顯偏低，我們仍將透過成本降低、定價措施以及降低未充分吸收成本，持續努力提升毛利率。

While we are monitoring freight costs that may be influenced by geopolitical developments in the Middle East, our direct exposure to petrochemicals and energy markets is limited and our vertical integration provides resilience against potential adverse impacts arising from conflicts in the region.

雖然我們正在監控可能受中東地緣政治發展影響的運費成本，但我們對石化與能源市場的直接曝險有限，且我們的垂直整合可提供韌性，以因應該地區衝突可能帶來的不利影響。

I will now turn the call back over to Mark.

現在我把電話交回給 Mark。

Thanks, Tim. As Tim said, we are pleased with the strong start to the year, reflecting robust demand for our solutions despite elevated macroeconomic uncertainty. While we are closely monitoring current geopolitical events and have yet to see an impact on demand for our solutions, we remain cautiously optimistic in our outlook.

謝謝，Tim。如 Tim 所說，我們對今年強勁的開局感到滿意，這反映出即使總體經濟不確定性仍高，我們的解決方案需求依然強勁。雖然我們正密切關注目前的地緣政治事件，且尚未看到對我們解決方案需求的影響，但我們對展望仍保持審慎樂觀。

We focus on what we can control, executing on our growth strategy, supported by operational excellence and an innovation engine that continues to unlock significant areas of incremental opportunity. This foundation gives us confidence in our ability to achieve above-market growth and deliver lasting value for our customers and shareholders.

我們專注於可控事項，執行成長策略，並以卓越營運與持續釋放大量增量機會的創新引擎作為支撐。這樣的基礎讓我們有信心實現高於市場的成長，並為客戶與股東創造長期價值。

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

接下來，我們很樂意回答各位的問題。

(Operator Instructions) Ruben Roy, Stifel.

（接線員指示）Ruben Roy，Stifel。

Tim, I guess I'll start with one of your last comments on the margin structure. And maybe if we just think about medium to longer term, you've talked about mid-40s as a structural area that the business can run from a longer-term perspective. And if you think about the tariff regime, higher input costs, the puts and takes on product improvements, et cetera. I'm just wondering if you still think that mid-40s target is valid on a multiyear basis? Or has the structural feeling moved around at all based on what you're seeing at this point?

Tim，我想先從你剛才關於毛利結構的最後幾點談起。也許從中長期來看，你曾提到從長期角度，公司的結構性毛利率可落在 40% 中段。若考量關稅制度、較高的投入成本，以及產品改善等因素的拉鋸。我想請教你是否仍認為多年期來看，40% 中段的目標仍然有效？或者基於你目前看到的情況，這個結構性水準是否有任何變動？

In general, that's a target we're still striving to get to. We are starting to see some of the cost reduction initiatives and some of the pricing that we talked about last year paid through.

整體而言，這仍是我們努力達成的目標。我們開始看到去年提到的一些降本措施，以及部分定價措施逐步反映出成效。

The other critical aspect of that, Ruben, is really balancing the fixed cost manufacturing structure with the total level of capitalized absorbed costs so that we can get absorption down as a percentage of sales, and we've certainly got room to drive overall gross margins up.

另一個關鍵面向，Ruben，是在固定成本的製造結構與資本化吸收成本的總水準之間取得平衡，讓吸收成本占銷售額的比例下降；我們確實還有空間推升整體毛利率。

I think relative to the mid-40s when we gave that guidance, the only real headwind at the moment is the tariffs impacting that by 150 basis points or so. But that tariff regime is obviously pretty fluid right now. And I think, overall, for Q2, the guidance at the top end of the range reflect some of that momentum on gross margin that we want to continue to drive forward with.

相較於我們當時給出 40% 中段指引時，目前唯一真正的逆風是關稅帶來約 150 個基點的影響。但關稅制度顯然目前仍相當多變。整體來看，第二季指引區間的上緣反映了我們希望持續推進的毛利率動能。

Right. Okay. That's helpful. And then I guess a higher-level question for Mark. I get the new framework here with Industrial Solutions and Advanced Solutions, I think that makes strategic sense the way you've been managing the business and looking at the business.

了解。好的。這很有幫助。接著我想問 Mark 一個較高層次的問題。我理解你們新的架構，把業務分為工業解決方案（Industrial Solutions）與先進解決方案（Advanced Solutions），我認為這與你們管理與看待業務的方式在策略上是合理的。

So glad to see that. Maybe, Mark, if you could maybe talk through in a little more detail some of the drivers across some of the businesses that you discussed in your prepared remarks.

很高興看到這樣的調整。Mark，也許你可以更詳細說明一下，你在事先準備的發言中提到的各項業務驅動因素。

As you think about Q2 and maybe the rest of the year, that would be helpful, given that you're bringing this out differently. So I mean, -- if we think about some of the moving parts in medical, for instance, which you've been pretty excited about, it sounds like there is a little bit of a sequential decline with unevenness and customer ordering. Is that a scheduling dynamic? Is that related to product timing? And maybe if you could talk about some of the other bigger parts of the business, cutting and welding and how you're seeing backlog against those big pieces of the business playing out now?

就第二季以及可能今年其餘時間來看，鑑於你們以不同方式揭露，這會很有幫助。例如醫療領域，你們一直相當看好，但聽起來因為波動與客戶下單不均，可能會出現一些季對季下滑。這是排程因素嗎？還是與產品時程有關？另外也請談談業務中其他較大的部分，例如切割與焊接，以及你們目前如何看待這些主要業務的在手訂單（backlog）發展？

And do you have any extended visibility, that would be helpful for us.

如果你們有任何更長期的能見度，也請分享，這對我們會很有幫助。

Yes, absolutely. Good to talk to you, Ruben. So first of all, we continue and we expect to see continued growth in both of the areas, both Industrial Solutions and Advanced Solutions. And of course, we saw overall the business strongly quarter -- year-over-year, we saw a 17% growth.

是的，當然。很高興和你交流，Ruben。首先，我們持續且預期將在兩大領域都看到持續成長，也就是工業解決方案與先進解決方案。當然，整體業務在本季相較去年同期表現強勁，年增 17%。

We saw that across a wide range of areas in both the -- in both the industrial as well as the advanced. If we look at the particular areas in industrial, we saw growth and continue to see growth in in Welding, specifically in the battery area. We've seen good growth actually in cutting as we also start to start to impact some of the plasma cutting area with our new RAC integrated lasers at very high powers, with new cutting heads.

我們在工業與先進兩大領域的廣泛範疇都看到了這樣的表現。若看工業領域的特定項目，我們在焊接方面看到成長，並預期持續成長，尤其是在電池相關領域。我們在切割方面也看到不錯的成長；隨著我們以新款 RAC 整合式高功率雷射與新切割頭，開始在等離子切割領域產生影響。

We're also making good progress in additive manufacturing and cleaning all of that Industrial Solutions area. And then as we look at the areas of advanced -- we've seen year-over-year strong medical. We've also seen growth in semiconductor, an area that we're starting to make impact on, as I mentioned in the call, in some of the areas of inspection, metrology, lithography areas.

我們在積層製造與清洗等工業解決方案領域也取得良好進展。再看先進領域，我們看到醫療業務年對年表現強勁。我們也看到半導體領域的成長；如我在電話會議中提到，我們正開始在檢測、量測（metrology）、微影（lithography）等領域產生影響。

And then you specifically asked about the quarter-on-quarter about on medical. We just had a very strong quarter in medical -- we have a strong backlog in Medical in the year 2026. So we continue to expect to see growth in that specific area as well.

你也特別問到醫療業務的季對季變化。我們剛在醫療領域交出非常強勁的一季——而且我們在 2026 年醫療領域有強勁的在手訂單。因此我們仍預期該特定領域將持續成長。

Got it. Mark, if I could just sneak in one follow-up question. Congrats on the Lockheed Martin follow-up order. Can you just help me think about the revenue recognition profile on that cross program? Is this spread over multiple quarters, I would assume it would be.

了解。Mark，如果我可以再追問一題。恭喜拿到洛克希德馬丁（Lockheed Martin）的追加訂單。你能否協助我理解該跨專案的營收認列節奏？我猜應該會分散在多個季度認列。

And it sounds like you're going to be shipping for revenue in Q2. So is that starting this quarter for the initial orders that you had -- or does that just reference the follow-on order and you've been shipping for revenue. Maybe you could just help us frame the scale production ramp for that program that I all had.

聽起來你們將在第二季開始為營收出貨。所以這是從本季開始、針對你們先前的初始訂單出貨——還是僅指後續追加訂單，而你們其實已經在為營收出貨了？也許你們可以幫我們釐清一下該專案的量產爬坡規模，我剛才提到的那個。

Yes, sure. Sure. No, we're making great progress in Crossbow -- as we've talked about, obviously, we launched that at the end of last year. We brought that to a number of key shows -- we have a very strong pipeline. Lockheed was a first mover in that area.

是的，當然。當然。不，我們在 Crossbow 上進展非常順利——如同我們談過的，顯然我們在去年年底推出了它。我們把它帶到多個重要展會——我們有非常強勁的案源管線。洛克希德在這個領域是第一批採用者。

And yes, we did ship initial systems to them. So they have done a considerable amount of work with that.

而且是的，我們確實向他們出貨了初始系統。因此他們已經用它做了相當多的工作。

And then we got the $10 million follow-on order. And yes, we are beginning to ship that here in Q2, and that will be delivered over multiple quarters. And I can tell you that we have great interest from a number of key customers that we're working through the funnel, very excited about it. The they're really understanding the benefit of the IPG system. The Crossbows, as we mentioned in the past, this is based upon our high-power single-mode lasers, which IPG is the strongest at.

接著我們拿到了 1,000 萬美元的後續追加訂單。而且是的，我們在第二季開始出貨，並將在多個季度內交付完成。我可以告訴你，我們正與多家關鍵客戶在漏斗中推進，對此非常興奮，並且他們對此有很大的興趣。他們確實正在理解 IPG 系統的效益。如我們過去提到的，Crossbow 是基於我們的高功率單模雷射，而這正是 IPG 最強的領域。

We've demonstrated and shown lasers up to 8 kilowatts single mode, which is tremendous, and we have we're making very, very good progress with customers as we launch this forward.

我們已經展示並證明了最高達 8 千瓦的單模雷射，這非常驚人；而且在我們推進這項產品上市的過程中，我們與客戶的進展非常、非常順利。

(Operator Instructions) James Ricchiuti, Needham & Company.

（接線員指示）Needham & Company 的 James Ricchiuti。

Something to get maybe some additional color on the booking strength that you saw, whether there's much variability by geography perhaps in the 2 business categories that you're now presenting to us.

想請你們補充一些關於你們看到的接單強勁程度的細節，是否在地理區域上有較大的差異——尤其是你們現在向我們呈現的兩個業務類別。

Yes. Jim, I'm happy to talk about it. I can talk about it for you regionally. We're not breaking it out by the 2 areas for bookings. But in the regional standpoint, we were very strong in North America and Asia, especially in China and Japan.

是的。Jim，我很樂意談談。我可以按區域來說明。我們不會按這兩個領域拆分揭露接單。但就區域而言，我們在北美與亞洲表現非常強，尤其是在中國與日本。

Europe was a bit more stable.

歐洲則相對更為穩定一些。

Okay. And Mark, just on the strength in China. I wanted to -- it looks like you had a pretty good quarter in China, yet there seems to be a couple of moving pieces in China. I think Tim alluded to Ablative being a little weaker, but is the strength that you saw year-over-year or you're seeing in China, is that coming from the battery side of the business?

了解。Mark，另外關於中國的強勁表現。我想——看起來你們在中國這一季表現相當不錯，但中國那邊似乎也有幾個變動因素。我想 Tim 提到蝕刻（Ablative）可能稍弱一些，但你們在中國看到的年增強勁、或你們目前在中國看到的強勁，是來自電池相關業務嗎？

So Jim, we're actually seeing strength across the board. Sometimes there's a little bit of movement quarter-to-quarter, but we've been quite strong in welding, especially in the battery area because we have very strong differentiation there, as you know, with our adjustable beam lasers, combined with the combined with the scanning and beam delivery as well as the process monitoring that we have. And that's very critical in that battery area, we're seeing significant growth and that's not just EV, but actually the bigger grower right now or a similar grower is actually the stationary storage for the data center work.

所以 Jim，我們其實是全面性地看到強勁表現。有時候季度之間會有一些波動，但我們在焊接方面一直很強，尤其是在電池領域，因為如你所知，我們在那裡有非常強的差異化優勢：可調光束雷射，再結合掃描與光束傳輸，以及我們的製程監控。而這在電池領域非常關鍵；我們看到顯著成長，而且不只是電動車（EV），目前更大的成長動能或相近的成長動能其實來自資料中心相關的固定式儲能。

And those take the thicker bus bars because they are higher capacity batteries and that really zeros in on our solution. So that area of battery plus the additive and there are some areas of micromachining also where we're strongly differentiated in China, and we've seen some of that growth. And actually, when I talk about the battery, I can tell you also that, that's happening, we're seeing some of that globally. In fact, in the US, we're actually seeing some of the battery factories convert from EV to stationary storage, which is good for us as well.

而那些會使用較厚的匯流排（bus bar），因為它們是更高容量的電池，這正好聚焦在我們的解決方案上。因此，電池這一塊加上增材製造，另外在微加工也有一些領域我們在中國具備明顯差異化，我們也看到其中部分成長。而且其實當我談到電池時，我也可以告訴你，這種情況我們在全球也有看到。事實上，在美國，我們也看到一些電池工廠從 EV 轉向固定式儲能，這對我們也有利。

Got it. And maybe a related strong growth in systems the last couple of quarters. And I know there are a couple of moving pieces in that as well. Anything in particular stand out?

了解。另外，系統業務在過去幾個季度也呈現強勁成長。我知道那裡也有幾個變動因素。有沒有什麼特別突出的原因？

We've had some -- yes, thanks for the question. We've seen strong growth in cleaning is one of the key areas, the whole area of systems is a strength for us now because, again, it combines the laser capability plus the applications capability that we have and the ability to deliver that in subsystems and systems and really deliver a solution and cleaning is one of those key areas, and we're bringing out some new products in that area as well. So excited about the growth in systems.

我們確實有一些——是的，謝謝你的問題。我們看到清洗是其中一個關鍵成長領域；整體而言，系統業務現在是我們的強項，因為它再次把我們的雷射能力與應用能力結合起來，並且能以子系統與系統的形式交付，真正提供一套解決方案；清洗就是其中一個關鍵領域，我們也在該領域推出一些新產品。所以我們對系統業務的成長感到很振奮。

Got it. And just one final quick one for Tim. Tim, any way to think about OpEx as we look out to the back half of the year? Any major changes that we would assume.

了解。最後一個很快的問題給 Tim。Tim，對於下半年展望，OpEx（營業費用）該怎麼看？我們需要假設會有任何重大變化嗎？

Yes. We got maybe a moderate pickup in OpEx in the second half of the year with continued investments in the organizations and really driving these growth initiatives forward. But pretty moderate from where we are today. We know we need to we know cognizance of having invested significantly in OpEx to get the company turned around and we need to manage that cost base as we go forward and ensure getting the growth coupled with those investments.

是的。我們預期下半年 OpEx 可能會溫和上升，因為我們會持續投資於組織，並真正推動這些成長計畫向前。但相較於我們目前的水準，增幅相當溫和。我們知道——我們也清楚——為了讓公司扭轉局面，我們已在 OpEx 上投入相當多，我們需要在往前走的過程中管理好成本基礎，並確保在這些投資的同時取得成長。

(Operator Instructions) There are no further questions at this time. I'd like to turn the call back over to Eugene Fedotoff for closing comments.

（接線員指示）目前沒有進一步的提問。我想把電話交回給 Eugene Fedotoff 作結語。

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

好的。感謝各位今天早上加入我們，並持續關注 IPG。本季我們將參與數場投資人活動。我也期待很快再次與各位交流。祝各位有美好的一天。

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

今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。