ADVANCED ENERGY INDUSTRIES INC (AEIS)

Advanced Energy provides highly engineered, precision power conversion, measurement, and control solutions. The company designs, manufactures, sells and services precision power products that transform and refine raw electrical power from the utility or a building facility into controllable, predictable, repeatable and customizable power for complex equipment. Its products help customers reduce or optimize energy consumption through greater power conversion efficiency, power density, power coupling and process control. The company was incorporated in Colorado in 1981 and reincorporated in Delaware in 1995.

Advanced Energy operates as a single segment of power electronics conversion products, organized on a global, functional basis. Its offerings include plasma power products used in semiconductor and thin film processes such as dry etch and deposition, a broad portfolio of high and low voltage power products, and related sensing, controls and instrumentation products for measuring and calibrating power and temperature. It also runs a network of global service centers that provide repair, calibration, conversions, upgrades, refurbishments and used equipment. Products are sold into four markets: Semiconductor Equipment, Data Center Computing, Industrial and Medical, and Telecom and Networking.

Customers are global original equipment manufacturers, distributors and end users. Applications include semiconductor wafer fabrication equipment, AI-driven data center server and storage systems and custom server racks for cloud providers, advanced material fabrication, medical and life science equipment, robotics, test and measurement, defense, aerospace, and wireless infrastructure and computer networking equipment. Customers choose its products for power efficiency, density, low noise and the ability to tailor solutions. Concentration is significant: in 2025 three customers accounted for 23%, 19% and 12% of revenue, and in 2024 two accounted for 26% and 11%. Products are sold through direct sales operations in the U.S., Asia and Europe, plus distributors and customer service centers worldwide.

Manufacturing is primarily in large factories in the Philippines, Malaysia and Mexico, with limited specialty manufacturing in the U.S., the United Kingdom and Europe. The company is executing a manufacturing consolidation plan that included closing its Zhongshan, China plant in 2025, expanding the Philippines and Mexicali factories, building a new factory in Thailand, and consolidating smaller sites through 2026. It sources mechanical and electrical components, often made to its specifications, from many suppliers including contract manufacturers. Some key parts come from a sole or limited group of suppliers, which it mitigates through alternate suppliers, inventories and competitive sourcing. It holds numerous U.S. and foreign patents and invests in research and development. In May 2025 it entered a new credit agreement with term loan and revolving facilities maturing in 2030. Executive offices are at 1595 Wynkoop Street, Denver, Colorado.