v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue The following table presents the disaggregation of revenue under the new application framework:
Three Months Ended March 31,
20262025
Sales by Application
Industrial Solutions
$227,590 $188,016 
Advanced Solutions
37,907 39,777 
Total$265,497 $227,793 
The following table presents revenue disaggregated under the new product framework:
Three Months Ended March 31,
20262025
Sales by Product
Lasers and Components
$213,652 $187,343 
Systems
51,845 40,450 
Total$265,497 $227,793 

The following tables represent a disaggregation of revenue from contracts with customers by geography:
Three Months Ended March 31,
20262025
Sales by Geography
North America (1)
$71,523 $56,372 
Europe:
Germany23,019 24,703 
Other 36,000 32,166 
Total Europe59,019 56,869 
Asia:
China83,795 67,858 
Japan14,354 11,663 
Other
30,338 33,175 
Total Asia128,487 112,696 
Rest of World6,468 1,856 
Total$265,497 $227,793 
(1) The substantial majority of sales in North America are to customers in the United States.
Three Months Ended March 31,
2026
2025
Timing of Revenue Recognition
Goods and services transferred at a point in time$255,098 $224,022 
Goods and services transferred over time10,399 3,771 
Total$265,497 $227,793 
Schedule of Changes in Contract Assets and Liabilities
The following table reflects the changes in the Company's contract assets and liabilities for the three months ended March 31, 2026 and 2025:
March 31,January 1,March 31,January 1,
20262026Change20252025Change
Contract assets
Contract assets$5,704 $3,464 $2,240 $1,078 $4,737 $(3,659)
Contract liabilities
Contract liabilities - current67,791 66,209 1,582 61,776 56,454 5,322 
Contract liabilities - long-term3,561 3,336 225 3,338 2,882 456 
Schedule of Remaining Performance Obligations The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of March 31, 2026:
Remaining Performance Obligations
2026 (a)
2027202820292030ThereafterTotal
Revenue expected to be recognized for extended warranty agreements$2,118 $1,789 $1,126 $677 $238 $207 $6,155 
Revenue to be earned over time from contracts to sell large scale materials processing systems
20,209 2,242 — — — — 22,451 
Total$22,327 $4,031 $1,126 $677 $238 $207 $28,606 
(a) For the nine-month period beginning April 1, 2026.