IPG Photonics designs, manufactures, and sells fiber lasers — the dominant technology for industrial materials processing applications like cutting, welding, marking, and cleaning metals and other materials. Fiber lasers convert electrical energy into a focused beam of light, offering superior beam quality, higher electrical efficiency, and lower maintenance versus older laser technologies, which translates to lower total cost of ownership for industrial customers. Materials processing accounts for roughly 86% of revenue, with welding and cutting the two largest applications. IPG sells primarily through a direct sales force to OEMs, system integrators, and end users in automotive, EV, aerospace, and other industries. IPG's vertical integration — manufacturing its own semiconductor diodes, specialty optical fibers, optical components, and finished lasers — gives it cost and quality control advantages. Beyond core industrials, IPG has two smaller but growing segments: medical procedures (~7% of revenue), focused on thulium fiber laser systems for urology sold to OEM partners like Olympus, and advanced applications (~7% of revenue), including the CROSSBOW counter-drone directed energy system and semiconductor inspection tools. IPG is deliberately shifting its mix toward higher-margin, differentiated applications and away from commoditizing flat-sheet cutting, where low-cost Chinese manufacturers have taken significant share. The company also operates a systems business — including LightWELD handheld welding and cleanLASER surface cleaning — to capture more customer spend beyond laser sources alone. IPG holds approximately $839M in cash with no debt, and allocates capital toward R&D, tuck-in M&A, and share repurchases.