Bruker : 2025 Annual Report of 2025

About this update from Bruker Corporation

2025 ANNUAL REPORT Innovation with Impact - Innovation with Integrity Dear Fellow Bruker Shareholders, The year 2025 was an important transition year in Bruker's transformation, as we continued to develop our differentiated portfolio for leadership in the post-genomic era, expanding our Project Accelerate high-growth and higher-margin initiatives, in order to create sustainable long-term value for all of our stakeholders. Despite a challenging macroeconomic and academic end-market backdrop in 2025, accompanied by headwinds from new tariffs and a steep decline of the USD, we strengthened our leadership positions in post-genomic solutions for disease biology research and drug discovery, including in proteomics/multiomics and in spatial biology, which are key pillars of our strategy. We also invested in novel opportunities in clinical microbiology and molecular diagnostics, as well as in AI-lab automation, software and digitalization, while increasing revenue contributions from service, software, consumables, and other recurring revenue streams. Importantly, we also started and expanded major cost-out initiatives to enable a rebound in margins and profitability, and over time drive towards EBITDA margins in the mid-20% range with an above-market organic revenue growth profile - which was challenged in 2025. In 2025, we delivered revenues of $3.44 billion, up 2.1% year over year, supported by the integration of recent acquisitions, and solid growth in service and diagnostics revenues. Even in a difficult operating environment - with disruptions in U.S. academic and government funding, tariff and foreign exchange pressure, weaker demand in China, and delayed capital spending in biopharma and industrial research - we continued to invest in the areas most important to Bruker's long-term success. Alongside the integration of our 2024 acquisitions, we improved productivity throughout the business to support future margin expansion. The unprecedented scale, portfolio breadth, and strategic positioning leaves Bruker prepared to deliver resilient, high-quality growth, supported by key innovations with impact, more recurring revenue and installed-base leverage with strong margin profiles. Expanding our Dual Project Accelerate 3.0 and Operational Excellence Strategy Project Accelerate 3.0 (PA3) evolves our focus from high-value research instrumentation towards next-generation workflow solutions for post-genomic disease research and drug discovery, and PA3 also expands our positions in clinical microbiology and molecular diagnostics, as well as in automated digital and AI-ready laboratories, and adjacent analytical workflows that leverage our core high-performance measurement instruments portfolio. This PA3 evolution and expansion is designed to re-accelerate our organic revenue growth, while supporting stronger margins and greater earnings resilience over time. Our major acquisitions in 2024 are central to this expansion: ELITech adds molecular diagnostics capabilities that complement our microbiology franchise and supports consumables pull-through and recurring testing revenue. Chemspeed expands our presence in R&D and QC laboratory automation, where software-enabled workflows can increase customer stickiness and improve revenue predictability. NanoString is the central pillar of our strategic spatial biology initiative. In 2025, we advanced our leadership in post-genomic discovery with launches such as CosMx Whole Human Transcriptome in spatial biology, and timsOmni -enabled Functional Proteomics 2.0, expanding our crucial role in post-genomic disease biology research, translational studies, and drug discovery. Together, these additions strengthen Bruker's position across research, diagnostics, and quality control, while at the same time increasing our ability to serve customers through integrated solutions. The Next Phase of Bruker's Evolution As we move forward, we expect the mix shift towards Project Accelerate 3.0 areas to support margin progression and earnings growth. Bruker is shaping its portfolio not only for scientific research market relevance, but also for greater resilience and improved profitability. Innovation with impact and integrity remains the lifeblood of Bruker, while productivity investments, operational excellence, and annualized cost reductions greater than $120 million support our focus on rapid margin expansion and profitability growth in 2026 and beyond. I am looking forward to providing updates on our progress in this next phase of our portfolio transformation and organizational evolution. Sincerely, Frank H. Laukien Chairman, President & CEO Bruker Corporation BRUKER CORPORATION ANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the fiscal year ended December 31, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-30833 BRUKER CORPORATION (Exact name of registrant as specified in its charter) Delaware 04-3110160 (State or other jurisdiction of Incorporation or organization) (I.R.S. Employer Identification No.) 40 Manning Road, Billerica, MA 01821 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (978) 663-3660 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbols(s) Name of each exchange on which registered Common Stock , $0.01 par value per share BRKR Nasdaq Global Select Market 6.375% Series A Mandatory Convertible Preferred Stock, $0.01 par value per share BRKRP Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of June 30, 2025 (the last business day of the registrant's most recently completed second fiscal quarter) was $4,251,097,535 based on the reported last sale price on the Nasdaq Global Select Market. As of February 20, 2026, there were 152,219,250 of the registrant 's common stock outstanding and 2,760,000 of the registrant's Series A mandatory convertible preferred stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the information required by Part III of this report (Items 10, 11, 12, 13 and 14) are incorporated by reference from the registrant's Definitive Proxy Statement on Schedule 14A for its 2026 Annual Meeting of Shareholders to be filed within 120 days of the close of the registrant's fiscal year. BRUKER CORPORATION ANNUAL REPORT ON FORM 10-K TABLE OF CONTENTS Part I Item 1 Item 1A Item 1B Item 1C Item 2 Item 3 Item 4 Business ......................................................................................................................................................................... Risk Factors .................................................................................................................................................................... Unresolved Staff Comments .......................................................................................................................................... Cybersecurity ................................................................................................................................................................. Properties ....................................................................................................................................................................... Legal Proceedings .......................................................................................................................................................... Mine Safety Disclosures ................................................................................................................................................ Page 3 21 38 38 40 40 40 Part II Item 5 Item 6 Item 7 Item 7A Item 8 Item 9 Item 9A Item 9B Item 9C Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities .... Reserved ......................................................................................................................................................................... Management's Discussion and Analysis of Financial Condition and Results of Operations ........................................ Quantitative and Qualitative Disclosures About Market Risk ....................................................................................... Financial Statements and Supplementary Data .............................................................................................................. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ........................................ Controls and Procedures ................................................................................................................................................ Other Information .......................................................................................................................................................... Disclosure Regarding Foreign Jurisdictions That Prevent Inspections ........................................................................ 41 42 42 56 59 128 128 128 128 Part III Item 10 Item 11 Item 12 Item 13 Item 14 Directors, Executive Officers and Corporate Governance ............................................................................................ Executive Compensation ................................................................................................................................................ Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters ...................... Certain Relationships and Related Transactions, and Director Independence .............................................................. Principal Accountant Fees and Services ........................................................................................................................ 129 129 129 129 129 Part IV Item 15 Item 16 Exhibits, Financial Statements and Schedules ............................................................................................................... Form 10-K Summary ..................................................................................................................................................... Signatures ....................................................................................................................................................................... 130 133 134 Any statements contained in this Annual Report on Form 10-K that are not statements of historical fact may be deemed to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Without limiting the foregoing, the words "believe," "anticipate," "plan," "expect," "seek," "may," "will," "intend," "estimate," "should," and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding: the impact of supply chain challenges on our business and operations, including inventory supply problems, global supply chain challenges, changes to trade policies, financial market volatility and disruption, and other macroeconomic issues, including uncertain economic conditions in the United States and abroad; expectations regarding the global economy, inflation, the potential for recession and geopolitical tensions and any resulting sanctions, or wars; our intentions regarding our intellectual property; the impact of government contracts and government regulation; the uncertainties with respect to tariffs that have been imposed and the related impact; the impact of government funding decisions; our cost savings initiatives; our working capital requirements and sufficiency of cash to fund our operations and investment activities; our competition; the seasonality of our business; the sufficiency of our facilities; our employee relations and ability to attract, hire, and retain qualified employees; the impact of legal or intellectual property proceedings; the impact of changes to tax and accounting rules and changes in law, including the One Big Beautiful Bill Act (the "OBBBA"); our anticipated effective income tax rate; our expectations regarding cash dividends, share repurchases, interest expense, cross currency swap agreements, expenses, and capital expenditures; the impact of foreign currency exchange rates and changes in commodity prices; the impact of our restructuring initiatives; our ability to successfully complete significant acquisitions on a timely basis, including the receipt of required regulatory approvals and the satisfaction of required conditions to the completion of prospective acquisitions; the level and impact of our M&A activity and our ability to integrate acquired companies; our expectations regarding backlog and revenue; and any other statements that address events or developments that the Company intends or believes will or may occur in the future. Any forward-looking statements contained herein are based on current expectations but are subject to a number of risks and uncertainties, and the Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, continued volatility in the capital markets, the impact of increased interest rates, our ability to raise capital to support our operations on favorable terms, product development and market acceptance of our products, competition, rapidly changing technologies and product obsolescence, the effects of climate change, including natural disasters, catastrophic events and other events beyond our control, and those discussed in Part I, Item 1A of this Annual Report on Form 10-K under the heading "Risk Factors." While we may elect to update forward-looking statements in the future, we specifically disclaim any obligation to do so, even if our estimates change, and readers should not rely on those forward-looking statements as representing our views as of any date subsequent to the date of the filing of this report. References to "we," "us," "our," "management" or the "Company" refer to Bruker Corporation and, in some cases, its subsidiaries, as well as all predecessor entities. Our principal executive offices are located at 40 Manning Road, Billerica, MA 01821, and our telephone number is (978) 663-3660. Information about Bruker Corporation is available at https://www.bruker.com . The information on our website is not incorporated by reference into and does not form a part of this report. All trademarks, trade names or copyrights referred to in this report are the property of their respective owners. PART I ITEM 1 BUSINESS Our Business We are a developer, manufacturer, and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels. Many of our products are used to detect, measure and visualize structural characteristics of chemical, biological and industrial material samples. Our products and solutions address the rapidly evolving needs of a diverse array of customers in life and materials science research, biopharmaceuticals, applied markets, microbiology, in-vitro diagnostics, and nanotechnology. Our technology platforms include magnetic resonance, mass spectrometry, gas and liquid chromatography, X-ray, microscopy, metrology, and molecular spectroscopy technologies. We are enabling innovation, improved productivity, and customer success in post-genomic life science molecular and cell biology research and offer differentiated, high value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. Our corporate headquarters are located in Billerica, Massachusetts. We maintain major technical and manufacturing centers in Europe and North America and have sales offices located throughout the world. Business Segments We have four reportable segments, Bruker Scientific Instruments ("BSI") BioSpin, BSI CALID (Chemicals, Applied Markets, Life Science, In Vitro Diagnostics, Detection), BSI NANO, and Bruker Energy & Supercon Technologies ("BEST"), which each comprise several divisions as disclosed below. Our products, which have a particular application in structural proteomics, drug discovery, pharmaceutical and biotechnology research and production, and the food and materials science fields, primarily provide customers with the ability to determine the structure, dynamics, and function of specific molecules, such as proteins, and thus allows them to understand fundamental biological processes including the formation and progression of diseases. BSI BioSpin Segment The BSI BioSpin Segment comprises the following divisions: Magnetic Resonance Spectroscopy: Offers innovative nuclear magnetic resonance ("NMR") and electron paramagnetic resonance (EPR) products, ranging from benchtop to ultra-high field systems. Magnetic resonance is a natural phenomenon occurring when a molecule placed in a magnetic field emits a signature radio frequency. The signature radio frequency is characteristic of the particular molecule and provides a multitude of precise chemical and structural information. Preclinical Imaging: Manufactures and markets solutions for in-vivo processes and drug discovery in fields including oncology, neurology, cardiology, inflammation, infectious diseases, cancer research, functional and anatomical neuroimaging, orthopedics, cardiac imaging, and stroke models. Our imaging portfolio includes single and multiple modality solutions using MRI, PET, SPECT, CT and MPI Technologies (each as defined below). Biopharma and Applied: Focuses on innovative solutions for emerging and applied market segments and markets comprehensive services across the entire value chain, from raw materials to finished products, and from innovation to disease prevention in pharma-biotech, cleantech, industrial, and other applied markets, as well as in the clinical market. Services and Lifecycle Support: Dedicated to delivering service and aftermarket solutions that complement our advanced instruments. Integrated Data Solution: Accelerates scientific results by automating and digitizing workflows. The vendor-agnostic platform integrates across laboratory and manufacturing ecosystems, supporting digital transformation. It offers comprehensive software solutions for workflow integration, automation, and artificial intelligence readiness, adhering to Findability, Accessibility, Interoperability, and Reusability ("FAIR") data principles. Automation: Provides solutions for lab automation and digitalization in Research & Development and Quality Control. The vendor-agnostic automation complements Bruker BioSpin's platforms in the pharma-biotech, cleantech, industrial, and other applied markets by automating and digitally transforming laboratories. The majority of BSI BioSpin's customers are academic and government research facilities. Other customers include pharmaceutical and biotechnology companies, battery, chemical, food and beverage, clinical and polymer companies, and nonprofit laboratories. During 2025, we continued our focus on enhancing customer relationships and driving innovation with our key initiatives, which include expanding into high-potential markets, leveraging core strengths, and driving recurring revenue through aftermarket and connected services. With two additional successful installations of 1.2 GHz NMR systems, we continue to advance ultra-high field access, supporting studies in structural biology, pharmacology, and cellular biology, aligning with Bruker's mission to provide cutting-edge technology for scientific research. Furthermore, during 2025, we completed certain minority investments which align with the segment's goals of expanding its technological capabilities, entering new markets, and enhancing its product portfolio. BSI BioSpin Segment's instruments are based on the following technology platforms: Instrument Name Description Market/Uses NMR-Nuclear magnetic resonance Qualitative & quantitative analytical technique to determine molecular structure & purity of sample. Molecules placed in a magnetic field, give off radio frequency signature recorded by a detector. Analysis software helps determine molecular structure. Used in Academia by pharmaceutical, biotechnology, food and beverage & clinical companies, and other industrial users in life science and material science research. EPR-Electron paramagnetic resonance A process for absorption of microwave radiation by paramagnetic ions or molecules with at least one unpaired electron that spins in the presence of static magnetic field. This technique detects unpaired electrons unambiguously, whereas other techniques only provide indirect evidence of presence. This technique can identify the paramagnetic species detected, presenting information on molecular structure & giving insight into dynamic processes such as molecular motions or fluidity. Used in advanced materials research, materials analysis, quality control. MRI-Magnetic resonance imaging Process of creating image from manipulation of hydrogen atoms in a magnetic field. In the presence of an external magnetic field, atoms align with or against it. The application of a radio frequency causes atoms to jump between high and low energy states. MRI and magnetic resonance spectroscopy ("MRS") include different methods, such as: diffusion-weighted, perfusion-weighted, molecular imaging and contrast-enhance. It offers high resolution morphologic information, functional, metabolic or molecular information. Used in pharmaceutical research, including metabolomics, to study a number of diseases including diabetes, neurology, oncology, and cardiovascular disorders. MPI-Magnetic particle imaging Process of creating an image from magnetic particles administered to the body of an animal. Magnetic particles are manipulated in a combination of oscillating magnetic fields exhibiting a field free zone. Response of the particles allows real time 3D data set acquisition of the whole body of an animal, showing the contrast agent distributing in and flowing through the body. Used to detect cardiovascular disorders. PET-Positron emission tomography Process of creating an image from positrons after administration of a positron emitting radionuclide to the body of an animal. Annihilation of the positron produces two photons which show an angle of 180° between them, distinguishing these photons from photons originating from other sources. Tracer enriches in certain regions of interest within the body and gains molecular information from the animal in vivo. Used in oncology, inflammation, neurology, and cardiovascular disorders, as well as metabolic disease, drug discovery, and bone diseases. SPECT-Single photon emission tomography Uses a contrast agent containing radionuclides which directly emit single photons. Contrast agent enriches in certain parts of the body of an animal and generates images of the radionuclide distribution in the body. Used in animal investigation in vivo, most importantly in oncology, neurology, and cardiovascular disorders. CT-Computed tomography Technology based on X-rays which are used to generate a complete 3D data set. Offers highest spatial resolution of all preclinical imaging modalities and is especially useful to generate morphological information about the object or animal under investigation. Used in tissue sample analysis or non-invasive in vivo animal imaging. Used in wide range of preclinical investigations in the fields of bone-orthopedics, cardiology, pulmonology, oncology, and metabolism among others. Instrument Name Description Market/Uses Automation-Flexible lab automation solutions Offers platforms and digital tools for research and development and quality control labs, supporting various applications including synthesis, nuclear magnetic resonance, X-ray diffraction, and infrared spectroscopy. These applications are designed for scalability, modularity, and flexibility, enhancing lab connectivity, saving time and costs, and boosting outcomes. Rooted in scientific expertise, the technology provides compliance-ready and configurable systems to fit exact workflows. Used in research and development and quality control labs. Software-Comprehensive data management suite Designed to facilitate digitalization and readiness for artificial intelligence and automation. Includes tools for experiment design, data analysis, and process management, enabling real-time understanding, monitoring, and control of processes. This program also integrates robotics and automation technologies to provide transformative solutions, supporting the automation and digitalization of labs and factories under a unified platform. Used to support the automation and digitalization of labs and factories under a unified platform. BLI-Bioluminescence imaging Non-invasive in-vivo imaging technique enables real-time monitoring of biological processes within living organisms utilizing light-emitting molecules, such as luciferase, which produce signals detectable by highly specialized optical imaging systems. The DNA encoding the luminescent protein is incorporated into the animal either via a viral vector or by creating a transgenic animal. Used in oncology, immunotherapy, and infectious disease research to study disease dynamics, monitor the effects of therapies, and assess cellular behaviors in live animal models. FLI-Fluorescence imaging Non-invasive imaging technique that uses fluorescent molecules to detect and visualize biological processes in living organisms. When exposed to specific wavelengths of excitation light, these molecules emit light at different wavelengths, which can be captured by specialized optical imaging systems. Used in oncology, immunotherapy, and infectious disease research for cell tracking, biodistribution of a drug delivery system, and multi-target/multi-plex applications. The BSI BioSpin Segment also offers a range of services, product lifecycle support, scientific software, and workflow solutions to customers who use BSI BioSpin products. BSI CALID Segment The BSI CALID Segment comprises the following divisions: Bruker Life Sciences Mass Spectrometry: Primarily designs, manufactures, and distributes life science mass spectrometry, or MS, instruments that can be integrated and used along with sample preparation or chromatography instruments to design an analytical workflow and mass spectrometry-based solutions including informatics software. Bruker Life Science Mass Spectrometry products are used in research, pharmaceutical and biotechnology development. Bruker Applied Mass Spectrometry: Primarily designs solutions based on mass spectrometry for the food, environmental, forensics, clinical research, and industrial markets. Analytical areas such as toxicology, safety, authenticity, adulteration, quality control of starting and finished goods are amongst the applications covered and are used across industrial, government and academic institutes. Mass spectrometers are sophisticated devices that measure the mass or weight of a molecule, and with the addition of trapped ion mobility spectrometry ("TIMS") and collision cross section ("CCS"), can provide accurate information on the identity, quantity, and primary structure of a molecule. We offer advanced mass spectrometry solutions combining automated robotics for sample preparation and handling, reagent kits and other disposable products used in conducting tests, or assays, with applications specific software packages. Bruker Microbiology and Infection Diagnostics: Develops, manufactures, and distributes innovative solutions for microbial identification, antibiotic resistance and susceptibility testing, polymerase chain reaction ("PCR") based molecular diagnostic solutions for culture-free infectious disease diagnostics, histology, cellular staining, osmolarity testing as well as monoclonal antibodies and recombinant proteins as raw materials for diagnostic assays. Bruker Microbiology and Diagnostics solutions are used primarily in clinical microbiology, food microbiology, pharma microbiology, veterinary medicine, and infectious disease testing. In accordance with the respective market segments the products are either labeled for in-vitro diagnostic ("IVD") use, general purpose ("GP") or research-use only (RUO"). Our mass spectrometry solution and test kits, DNA test strips and fluorescence-based PCR technologies are designed for IVD use in clinical microbiology markets in certain configurations and certain countries, where regulatory approvals have been achieved. Our Genotype and Fluorotype molecular diagnostics ("MDx") kits enable a culture-free detection and analysis of microbes and viruses directly from patient samples with a special focus on tuberculosis, HIV viral load, viral hepatitis and sexually transmitted diseases. Molecular Diagnostics utilize PCR assays and systems to provide diagnostic solutions for a number of different disease states, including respiratory, mycobacteria (including tuberculosis), virology, safety of immunocompromised patients, sexually transmitted infections, gastroenteric diseases as well as other microbiology tests. Depending on the assay being used, the technology enables users to ascertain basic identification of a certain infection, distinguish infections which can cause similar symptoms and detect specific microbial resistance, all from a single sample. Our portfolio includes FluoroType ® , using fluorescence-based real-time PCR technology, and more recently we have also developed LiquidArray ® assays based on melt curve analysis for optimized asymmetrical PCR technology. LiquidArray ® uses light-on-off probes, providing a powerful technology to identify a broad number of indicators for different infections or resistance markers from a single sample, providing greater depth of information. Following the acquisition of ELITechGroup in 2024, our portfolio now includes InGenius and BeGenius systems which are integrated sample-to-answer PCR systems that perform automated nucleic acid extraction, specific PCR reaction and data interpretation without user interaction. Bruker Optics: Primarily designs, manufactures, and distributes research, analytical and process analysis instruments and solutions based on infrared and Raman molecular spectroscopy and imaging technologies. These products are utilized in industry, government, and academia for a wide range of applications and solutions for life science, pharmaceutical, food and agricultural analysis, quality control, and process analysis applications. Infrared and Raman spectroscopies are widely used in both remote sensing setups for environmental control, as well as research and industry as simple, rapid, nondestructive, and reliable techniques for applications ranging from basic sample identification and quality control to advanced research. The technologies and instruments of the division are also used for military and civil purposes in the field of detection of chemical, biological, radioactive, nuclear substances and explosives ("CBRNE"). The Bruker Optics division also utilizes Fourier transform and dispersive Raman measurement techniques on an extensive range of laboratory and process spectrometers. The Bruker Optics division's products are complemented by a wide range of sampling accessories and techniques, which include, among others, microanalysis and high-throughput screening to help users find suitable solutions to analyze their samples effectively. Customers of our BSI CALID Segment include pharmaceutical, biotechnology and diagnostics companies, contract research organizations, academic institutions, medical schools, nonprofit or for-profit forensic laboratories, agriculture, food and beverage safety, environmental and clinical microbiology laboratories, hospitals, and government departments and agencies. During 2025, we continued our focus on enhancing customer relationships and driving innovation through the launch of our MOVE-T solution for the dairy markets as well as the launch of the VERTEX NEO R FTIR research spectrometer. We also introduced several other new technologies and workflows advancing proteomics and multiomics in Mass Spectrometry such as: timsOmni a novel instrument type which ushers an era of functional proteomics and proteoformanalysis; timsMetabo a benchtop 4D-Metabolomics instrument for unprecedented annotation confidence with high sensitivity; the timsUltra Athena Ion Processor ("AIP") our instrument for ultra-high sensitivity 4D single-cell proteomics and immunopeptidomics based on the AIP technology; and the proteoElute our new nanoflow liquid chromatography system for robust, ultra-sensitive proteomics with real-time monitoring. Furthermore, during 2025, we completed our acquisition of Recipe Chemicals + Instruments GmbH ("Recipe"), AST Revolution, LLC, as well as certain other acquisitions and minority investments. The acquisition of Recipe, a provider of vendor-agnostic therapeutic drug monitoring and other clinical in vitro diagnostic kits for Liquid chromatography-mass spectrometry systems utilizing triple-quadrupole time-of-flight mass spectrometry, High Performance Liquid Chromatography, and Inductively coupled plasma mass spectrometry assays, enhances our capabilities in small molecule clinical diagnostic assays for our liquid chromatography triple-quadrupole mass spectrometers. The acquisition of AST Revolution, LLC, an in vitro diagnostics company supporting rapid antimicrobial susceptibility testing, further enhances and complements our product portfolio. The BSI CALID Segment's instruments are based on the following technology platforms: Instrument Name Description Market/Uses MALDI-TOF-Matrix-assisted laser desorption ionization time-of-flight mass spectrometry, including tandem time-of-flight systems Mass spectrometers utilize an ionization process to analyze solid samples using a laser that combines high sample throughput with high mass range and sensitivity. Allows users to classify and identify microorganisms quickly and reliably with minimal sample preparation efforts and life cycle costs. Useful for applications in clinical diagnostics, environmental and taxonomical researc h, and food processing and quality control. Specific applications include: oligonucleotide and synthetic polymer analysis; protein identification and quantification; peptide de novo sequencing; determination of post-translational modifications of proteins; interaction proteomics and protein function analysis; drug discovery and development; and fast body fluid and tissue peptide or protein biomarker detection. Serves the clinical microbiology market, enables identification, taxonomical classification or dereplication of microorganisms like bacteria, yeasts and fungi. ESI-TOF-Electrospray ionization time-of-flight spectrometry, including trapped ion mobility ("TIMS") based on ESI-quadrupole-TOF mass spectrometry ("timsTOF") Mass spectrometers utilize an electrospray ionization process to analyze liquid samples. This ionization process, which does not dissociate the molecules, allows for rapid data acquisition and analysis of large biological molecules and complex biosamples. Useful for identification, protein analysis and functional complex analysis in proteomics and protein function; molecular identification in metabolomics, natural product and drug metabolite analysis; combinatorial chemistry high throughput screening; and fast liquid chromatography mass spectrometry, or liquid chromatography mass spectrometry ( " LC-MS " ), in drug discovery and development. MRMS-Magnetic resonance mass spectrometry, including hybrid systems with a quadrupole front end ("Q-q-MRMS") Utilize high-field superconducting magnets to offer the highest resolution, selectivity, and mass accuracy currently achievable in mass spectrometry. Our systems based on this technology often eliminate the need for time-consuming separation techniques in complex mixture analyses. In addition, our systems can fragment molecular ions to perform exact mass analysis on all fragments to determine molecular structure. We offer next-generation hybrid MRMS systems that combine a traditional external quadrupole mass selector and hexapole collision cell with a high-performance MRMS for further ion dissociation, top-down proteomics tools and ultra high-resolution detection. Useful for the study of the structure and function of biomolecules, including proteins, DNA and natural products; complex mixture analysis including body fluids or combinatorial libraries; high-throughput proteomics and metabolomics; and top-down proteomics of intact proteins without the need for enzymatic digestion of the proteins prior to analysis. ITMS-Ion trap mass spectrometry Collects all ions simultaneously, which improves sensitivity relative to previous quadrupole mass spectrometers. Useful for sequencing and identification based on peptide structural analysis, quantitative liquid chromatography mass spectrometry, identification of combinatorial libraries, and generally enhancing the speed and efficiency of the drug discovery and development process. IMS-Ion mobility spectrometry Analytical technique used to separate and identify ionized molecules in the gas phase based on their mobility in a carrier buffer gas. Heavily employed for military or security purposes, such as detecting chemical warfare agents and explosives (explosive trace detection, "ETD"). Also has many laboratory and analytical applications. Instrument Name Description Market/Uses GC-MS-Gas chromatography-mass spectrometry systems utilizing triple-quadrupole time-of-flight mass spectrometry Combines the features of gas chromatography and mass spectrometry to identify different substances within a test sample. The two components, used together, allow for a finer degree of substance identification than either system when used separately. The result is a quantitative analysis of the components and the mass spectrum of each component. Available in triple quadrupole configurations and can be configured with a variety of options to suit a range of applications. Used in applications in food and product safety, forensics, clinical and toxicology testing and environmental, pharmaceutical, and chemical analysis. DART-MS-Direct Analysis in Real Time mass spectrometer system utilizing triple quadrupole and time of flight spectrometry API technique that enables rapid, chromatography-free analysis of solids, liquids, and gases in their native form, with virtually no sample preparation. Uses a heated gas stream and plasma to generate excited-state species that ionize analytes directly for mass spectrometry results in seconds. This source technology can be integrated into existing mass spectrometry systems or deployed as a fully automated solution, supporting high-throughput workflows such as 96-well plate screening in 25 minutes or less. Applications span forensics, clinical research, food, pharmaceuticals, environmental, and industrial, offering flexibility and speed at the point of need. LC-MS-Liquid chromatography-mass spectrometry systems utilizing triple-quadrupole time-of flight mass spectrometry Combines the separation features of liquid chromatography with the molecular identification features of mass spectrometry to separate, identify and quantify different substances within a test sample. As a complementary technique to GC-MS, which analyzes volatile compounds, LC-MS can be used to analyze a wide range of non-volatile compounds in complex samples. These systems are available in a wide range of configurations to suit a user's specific needs. Primarily used for life science applications, also has applications in food and product safety, forensics and clinical and toxicology testing, as well as environmental, pharmaceutical and chemical analysis. FT-IR-Fourier transform-infrared spectroscopy Spectrometers utilize the mid- and far-infrared regions of the electromagnetic spectrum. Used for various quality control and materials research applications. NIR-Near-infrared spectroscopy Spectrometers utilize the near-infrared region of the electromagnetic spectrum. Used for quality and process control applications in the pharmaceutical, food and agriculture, and chemical industries. The pharmaceutical industry is the leading user of NIR instruments, and applications include quality control, research and development, and process analytical technology. The food and agricultural industry is the second largest user of NIR instrumentation, with an increasing demand for food, feed and beverage quality control. Instrument Name Description Market/Uses PCR-Polymerase chain reaction The innovative LiquidArray ® technology optimizes asymmetrical multiplex PCR for creating excess single-stranded amplicons with detection by lights-on/-off probes that contain a quencher (lights-off) or both fluorophore and quencher (lights-on). During melting curve analysis, lights-on/-off probes detach from the amplicon at specific temperatures and as fluorescence is either emitted or suppressed, specific fluorescence signatures are generated by the unique FluoroCycler ® XT thermocycler for the LiquidArray ® multiplex PCR technology. The LiquidArray ® technology supports multiplexed assays where a large number of targets are analyzed simultaneously from single samples. For example, the LiquidArray ® -powered, WHO-endorsed FluoroType ® MTDBR VER 2.0 assay detects more than 500 genotypes by the combined analysis of up to 45 different mutations in mycobacteria. Used in clinical microbiology and infectious diseases testing, for example, for syndromic panel testing of gastro-intestinal and sexually transmitted diseases. Additionally, assays are used for the detection of tuberculosis infections, viral load testing of HIV patients, and for the monitoring of transplant patients. Raman-Raman spectroscopy and microscopy Provides information on molecular structure. The mechanism of Raman scattering is different from that of infrared absorption, in that Raman and IR spectra provide complementary information. Useful for the identification of both organic and inorganic compounds and functional groups. Nondestructive technique that can be used for the analysis of both liquids and solids. It is also well suited for use in the polymer and pharmaceutical industries and has applications in the metals, electronics and semiconductors industries. The technique also has applications in life sciences, forensics, and artwork authentication. QCL IR-Quantum Cascade LASER Infrared spectroscopy and microscopy Utilizes a different source for generating infrared ("IR") light, which is a quantum cascade LASER which constitutes a tunable mid-IR LASER. Quantum cascade lasers are fundamentally different from the conventional thermal sources which are used for FT-IR. QCL exhibits a spectral power density which is typically orders of magnitudes higher than that of a thermal source, therefore providing advantages in terms of applicability of samples and speed of measurement particularly for microscopy or imaging experiments. Used in life sciences, forensics, semiconductor industries and others. Additionally, the Bruker Detection product line offers a wide range of portable analytical and bioanalytical detection systems and related products for CBRNE detection. Our customers use these devices for nuclear, biological agent and chemical agent defense applications, anti-terrorism, law enforcement, and process and facilities monitoring. Our CBRNE detection products use many of the same technology platforms as our life science products, as well as additional technologies, including infrared stand-off detection and ion mobility spectrometry, for handheld chemical detectors. We also provide integrated, comprehensive detection suites that include our multiple detection systems, consumables, training and simulators. BSI NANO Segment The BSI NANO Segment comprises of the following: Bruker AXS : Designs, manufactures, and distributes advanced X-ray instruments that use electromagnetic radiation with extremely short wavelengths to determine the characteristics of matter and the three-dimensional structure of molecules. The product portfolio includes instruments based on X-ray fluorescence ("XRF"), micro-X-ray fluorescence ("µXRF") and total reflection X-ray fluorescence ("TXRF") spectroscopy, X-ray diffraction ("XRD"), X-ray micro computed tomography ("µCT"), also called X-ray microscopy, as well as spark optical emission spectroscopy systems ("OES") used to analyze the concentration of elements in metallic samples. The Bruker AXS Division also offers high-end scanning transmission electron microscopes ("STEM") and a range of analytical tools for electron microscopes, including energy-dispersive X-ray spectrometers ("EDS") and electron backscatter diffraction systems ("EBSD"). Bruker Nano Surfaces and Metrology: This division's products include atomic force microscopy instrumentation ("AFM). Such instruments provide atomic or near atomic resolution of surface topography and nanoscale, mechanical, electrical, and chemical information using nano scale probes. The Bruker Nano Surfaces and Metrology division also provides noncontact nanometer resolution solution topography through white light interferometry and stylus profilometry. In addition, the division manufacturers and markets automated X-ray metrology, automated AFM defect-detection, and photomask repair and cleaning equipment for semiconductor process control. Bruker Spatial Biology: Provides the CosMx Spatial Molecular Imager and GeoMx Digital Spatial Profiler technologies for interrogating spatial transcriptomics, the nCounter technology for quantitation of gene expression, the Cellscape technology for precision spatial proteomics, and the PaintScape technology for single-cell 3D visualization of genome architecture and organization. These technologies allow researchers to elucidate genomic structure and gene and protein expression in a spatial context, which is useful for characterizing the underlying biology of organs and tissues, as well as for deriving deep biological insight for the development of biomarkers. In addition, Bruker Spatial Biology offers a variety of services for transcriptional profiling and multiomic analysis, spanning the spectrum from early discovery research to translational research and clinical trials. The Consolidated Fluorescence Microscopy Business Unit: Provides advanced optical fluorescence microscopy instruments with multi-photon, multipoint scanning confocal, miniature head-mount, 3D super-resolution, light-sheet modalities for studies in life science applications. The Bruker Cellular Analysis Business Unit: Provides single-cell biology research tools to deliver deep insights into cellular function and new perspectives on phenomes and genotype-to-phenotype. Customers of our BSI NANO Segment include academic institutions, governmental customers, nanotechnology companies, semiconductor companies, raw material manufacturers, industrial companies, biotechnology and pharmaceutical companies, and other businesses involved in materials analysis. During 2025, we completed certain minority investments which align with the segment's goals of expanding its technological capabilities, entering new markets, and enhancing its product portfolio. The BSI NANO Segment systems are based on the following technology platforms: Instrument Name Description Market/Uses XRD-Polycrystalline X-ray diffraction, often referred to as X-ray diffraction Investigate polycrystalline samples or thin films with single wavelength X-rays. The atoms in the polycrystalline sample scatter the X-rays to create a unique diffraction pattern recorded by a detector. Computer software processes the pattern and produces a variety of information, including stress, texture, qualitative and quantitative phase composition, crystallite size, percent crystallinity and layer thickness, composition, defects, and density of thin films and semiconductor material. Our XRD systems contribute to a reduction in the development cycles for new products in the catalyst, polymer, electronic, optical material and semiconductor industries. Used in academic and government research, as well as in a variety of other fields, including forensics, art and archaeology. XRF-X-ray fluorescence, also called X-ray spectrometry, including handheld XRF systems Determine the elemental composition of a material and provide a full qualitative and quantitative analysis. Direct X-rays at a sample, and the atoms in the sample absorb the X-ray energy. The elements in the sample then emit X-rays that are characteristic for each element. The system collects the X-rays, and the software analyzes the resulting data to determine the elements that are present. Provide automated solutions on a turn-key basis for industrial users that require automated, controlled production processes that reduce product and process cost, increase output, and improve product quality. Cover substantially all of the periodic table and can analyze solid, powder or liquid samples. Used in academia, as well as in industry for research and quality and process control. Industrial segments include pharma, metals, cement, petrochemistry, minerals, mining, and food, security, and environmental. SC-XRD-Single crystal X-ray diffraction, often referred to as X-ray crystallography Determine the three-dimensional structures of molecules in a chemical, mineral, or biological substance being analyzed. SC-XRD systems have the capability to determine structure in both small chemical molecules and larger biomolecules. Direct an X-ray beam at a solid, single crystal sample. The atoms in the crystal sample scatter the X-rays to create a precise diffraction pattern recorded by an electronic detector. Software then reconstructs a model of the structure and provides the unique arrangement of the atoms in the sample. This information on the exact arrangement of atoms in the sample is a critical part of molecular analysis and can provide insight into a variety of areas, including how a protein functions or interacts with a second molecule. Used in the life sciences industry, academic research, and a variety of other applications. µCT-X-ray micro computed tomography, X-ray microscopy X-ray imaging in 3D, by the same method used in hospital CT scans, but on a small scale with massively increased resolution. 3D microscopy allows users to image the internal structure of objects non-destructively on a very fine scale. Bruker µCT is available in a range of easy-to-use desktop instruments, which generate 3D images of the sample's morphology and internal microstructure with resolution down to the sub-micron level. Used for numerous applications in materials research and in the life sciences industry. Instrument Name Description Market/Uses EDS-Energy dispersive X-ray spectroscopy on electron microscopes Used to analyze the chemical composition of materials under investigation in electron microscopes by utilizing the fact that atoms of different chemical elements, when exposed to the high energy electron beam generated by the microscope, irradiate X-rays of different characteristic energy. The evaluation of the energy spectrum collected by our spectrometer allows the determination of the qualitative and quantitative chemical sample composition at the current beam position. EDS systems allow for simultaneous analysis of all elements in the periodic table, beginning with atomic number 4 (beryllium). Used for a range of applications, including nanotechnology and advanced materials research, as well as materials analysis and quality control. Customers include industrial customers, academia and government research facilities. EBSD-Electron backscatter diffraction on electron microscopes Used to perform quantitative microstructure analysis of crystalline samples in electron microscopes. The microscope's electron beam strikes the tilted sample and diffracted electrons form a pattern on a fluorescent screen. This pattern is characteristic of the crystal structure and orientation of the sample region from which it was generated. It provides the absolute crystal orientation with sub-micron resolution. Used to characterize materials with regard to crystal orientation, texture, stress, strain, and grain size. EBSD also allows the identification of crystalline phases and their distribution. Used in many industries such as metals processing, aerospace, automotive, microelectronics, and earth sciences. S-OES-Spark optical emission spectroscopy Covers a broad range of applications for metals analysis from pure metals trace analysis to high alloyed grades and allows for analysis of a complete range of relevant elements simultaneously. Instruments pass an electric spark onto a sample, which burns the surface of the sample and causes atoms to jump to a higher orbit. Our detectors quantify the light emitted by these atoms and help our customers to determine the elemental composition of the material. Used for analyzing metals in production control laboratories of foundries and steel mills. CS/ONH-Combustion analysis for carbon, sulfur, oxygen, nitrogen, and hydrogen in solids Carrier gas systems incorporate a furnace and infrared or thermal conductivity detection to analyze inorganic materials for the determination of carbon, sulfur, nitrogen, oxygen, and hydrogen. Used for applications in metal production and processing, chemicals, ceramics and cement, coal processing, oil refining, and semiconductors. STEM-Scanning transmission electron microscopes Provides atomic-resolution information about physical and electronic structure, chemical identity, and local bonding environments by passing an atom-sized beam of electrons through a sample. The beam is raster scanned, and a series of different detectors are used to make atomic-resolutions maps showing atomic locations, chemical species, shifts in valence states, and even vibrational modes (phonons). Used primarily in academic and national lab settings for basic science, advancing our fundamental understanding of the materials that will drive the next generation of technologies such as batteries, computer chips, and quantum information. AFM-Atomic force microscopy Provides atomic or near-atomic resolution of material surface topography using a nano-scale probe that is brought into light contact with the sample being investigated. In addition to presenting a surface image, it can also provide quantitative nano-scale measurements of feature sizes, material properties, electrical information, chemical properties, and other sample characteristics. Used for applications in academic and governmental materials and biological research and semiconductor, data storage hard drive, light emitting diode ("LED"), battery, solar cells, polymers, and pharmaceutical product development and manufacturing. Instrument Name Description Market/Uses FM-Fluorescence microscopy Our products include two-photon microscopes, multipoint scanning confocal microscopes, miniature head-mounted microscopes, super-resolution microscopes, light-sheet microscopes, laser illumination sources, photoactivation, photostimulation and photoablation accessories, and synchronization and analysis software. Two-photon microscopes allow imaging deep into tissues and cells and are used widely in neuroscience. Multipoint scanning confocal systems allow live cell imaging with rapid acquisition of images for structural and composition analysis. Miniature head-mount microscopes allow monitoring of animal brain activity during free-roaming, naturalistic behavior at cellular level. Super-resolution and single-molecule localization microscopy products allow imaging below the optical diffraction limit by an order of magnitude. Light-sheet based products allow fast 3D volume imaging with very low phototoxicity and photo-damage effects enabling live cell and large volume imaging. Used to determine the structure and composition of life science samples. SOM-Stylus and optical metrology Provides atomic or near-atomic two dimensional and three-dimensional surface resolution using white light interferometry, confocal optical and stylus profilometry methods. Range from low-cost manual tools for single measurements to advanced, highly automated systems for production line quality assurance and quality control applications where the combination of throughput, repeatability and reproducibility is essential. Supports a range of applications in research, product development, tribology, quality control and failure analysis related to materials and machining in the automotive, orthopedic, ophthalmic, high brightness LED, semiconductor, data storage, optics, and other markets. TMT-Tribology and mechanical test systems for analysis of friction and wear Provides a platform for all types of common mechanical, friction, durability, scratch, and indentation tests for a wide spectrum of materials. Utilized for both academic research of the fundamental material properties and industrial applications in the semiconductor, aerospace, petroleum, automotive, and other industries. NanoIR-Nanoscale infrared spectroscopy Performs infrared spectroscopy at the nanoscale. Our systems use nanoprobe technology similar to what is used in our atomic force microscopes to deliver quantitative chemical information from the nanoscale to the sub-micron and macro scales. The NanoIR measurement gives the user varying physical and chemical properties with nanoscale spatial resolution. Our systems allow nanoscale IR absorption spectroscopy with interpretable IR spectra that directly correlates to FTIR as well as the complementary technique of nanoscale s-SNOM. With our broadband sources, these systems allow broadband scientific spectroscopy. Used in a diverse range of fields, including polymers, 2D materials, materials science, life science, and the micro-electronics industry. Alicona-Focus variation optical technology for non-contact dimensional metrology Combines the functionalities of a micro coordinate measurement machine ("CMM") with those of a surface measurement system. These dimensional metrology systems are based on the pioneering development of optical focus-variation measurement algorithms and provide the noncontact measurement of form and roughness of complex, miniaturized geometries. Used in many quality assurance application areas requiring precision measurement and dimensional metrology, including aerospace, automotive, precision medical products, additive manufacturing, and micro precision manufacturing. Instrument Name Description Market/Uses BCA-Optofluidic platforms and Proteomic Barcoding platforms Provides customers with, among other offerings, Optofluidic platforms such as the Beacon and Beacon Discovery as well as Proteomic Barcoding platforms, such as the IsoLight System and the IsoSpark System. These platforms provide scientists with opportunities to perform cell biology research through experiments using our proprietary consumables. Used for numerous applications in the life sciences industry and in academic research for assessing the functional phenotypes of single cells. Canopy-Multiplexed fluorescence-based single cell imaging as well as multi-omics sample characterization Provides spatial profiling services and instruments which include both our Cellscape instrument and ChipCytometry service for quantitative, high plex, targeted spatial proteomics in single cell and tissues. These technologies, along with Canopy's more basic IHC and FISH services, allow researchers to elucidate gene and protein expression in a spatial context. Also provides transcriptional and multiomic profiling services covering a variety of assays, including RNASeq and qPCR. Useful for deep biological insight into gene expression and for the development of biomarkers. NanoString-Platforms for spatial transcriptomic and multi-omic analysis and for the measurement of gene expression through detection of RNA and protein abundance Provides the CosMx Spatial Molecular Imager and GeoMx Digital Spatial Profiler for interrogating spatial transcriptomics and multiomics and the nCounter Analysis System for quantitation of RNA-based gene expression. These technologies allow researchers to measure gene expression in a spatial context at the regional and single-cell level, and to quantify RNA gene expression in a targeted manner. Useful for characterizing the underlying biology of organs and tissues, the spatial gene expression associated with various disease states, and for deriving insights to drive the development of biomarkers. Bruker Spatial Genomics-Platform for single-cell, multiplexed visualization of the 3D architecture of the genome Provides the PaintScape Spatial 3D Genome platform for the visualization of 3D genome and chromosomal structure at the single-cell level. Allows researchers to gain novel insights into the underlying causes of disease stemming from chromosomal and chromatin-state dysregulation, mislocalization of genomic loci, and other spatial genomic features that can drive aberrant cellular function. BEST Segment The BEST Segment designs, manufactures, and distributes superconducting materials, such as metallic low temperature superconductors ("LTS") and high temperature superconductors ("HTS"), for use in magnetic resonance imaging, nuclear magnetic resonance, fusion energy research, and other applications in medical, clinical, pharmaceutical, high-energy physics, renewable energy, and environmental research. BEST Segment offers a range of multifilament round and rectangular LTS wires in both monolithic and wire-in-channel formats, as well as customization to precise specifications for individual applications including radio frequency accelerator cavities and modules, power couplers, and linear accelerators. The Bruker Rod-Restack Process ("RRP®") conductor portfolio is designed for fusion and high-energy physics applications that demand the highest magnetic fields. The BEST Segment HTS solutions support high field and ultra-high field applications using round cross-section conductor design and solenoid applications for the electrical and healthcare industries. Additionally, BEST designs and manufactures Cuponal™ which is an engineered alternative to copper wire and busbar. Cuponal high conductivity copper-clad aluminum ("CCA") retains all the surface properties of copper and provides a cost-effective and weight-saving alternative to solid copper primarily in the aerospace industry providing weight savings and improved fuel efficiency. BEST also manufactures and sells non-superconducting high technology tools, such as synchrotron and beamline instrumentation, principally to customers engaged in materials research and high energy physics research. Sales and Marketing We maintain direct sales forces throughout North America, Europe, China, Japan, and elsewhere in the Asia Pacific region, and in certain countries in Africa and South America. We also utilize indirect sales channels to reach customers. We have various international distributors and independent sales representatives in parts of Asia, Latin America, Africa, the Middle East, and Eastern Europe. These entities augment our direct sales force and provide coverage in areas where we do not have direct sales personnel. The sales cycle for our products is dependent on the size and complexity of the system and budgeting cycles of our customers. Our sales cycle is typically three to twenty-four months for academic and high-end research products and two weeks to six months for industrial products. The sales cycle of our low temperature superconducting materials is typically four to twelve months, with cycles of certain high-end materials exceeding one year. Sales of our high-end NMR and superconducting devices typically take more than one year and certain large, complex contracts can take more than two years to complete. We have well-equipped applications and demonstration facilities and qualified application personnel who assist customers and provide product demonstrations in specific application areas. We maintain our primary demonstration facilities at our production facilities, as well as in other key market locations. Seasonal Nature of Business Historically, we have higher levels of revenue in the fourth quarter and lower levels of revenues in the first quarter of the year, which we believe is influenced by our customers' budgeting cycles. Major Customers We have a broad and diversified customer base, and we do not depend on any single customer. No single customer accounted for more than 10% of revenue in any of the last three fiscal years through December 31, 2025, nor more than 10% of accounts receivable as of December 31, 2025, and 2024. Competition Our existing products and solutions and any products and solutions that we develop in the future may compete in multiple, highly competitive markets. In addition, there has been a trend towards consolidation in our industries and some of our competitors have substantially greater financial, technical, and marketing resources than we do. Our competitors may succeed in developing and offering products that could render our products or those of our strategic partners obsolete or noncompetitive. Our competitors may also have cost and price advantages based upon the value of their currencies compared with the U.S. Dollar or Euro. In addition, some of these competitors have significantly more experience in the life sciences, chemical, and materials markets. Our ability to compete successfully will depend on our ability to develop proprietary products that reach our target markets in a timely manner and are technologically superior to and/or less expensive, or more cost effective, than products marketed by our competitors. Current competitors or other companies may possess or develop technologies and products that are more effective than ours. Our technologies and products may be rendered obsolete or uneconomical by technological advances or by entirely different approaches developed by one or more of our competitors. We also compete with companies that provide analytical, or automation tools based on technologies other than those we offer. These technologies may prove to be more successful in meeting demands in the markets that our products and solutions are intended to serve. In addition, other companies may choose to enter our fields in the future. We believe that the principal competitive factors in our markets are technology-based applications expertise, product specifications, functionality, reliability, marketing expertise, distribution capability, proprietary patent portfolios, and cost effectiveness. Our significant competitors (by segment) are as follows: BSI BioSpin The BSI BioSpin Segment competes with companies that offer magnetic resonance spectrometers, mainly JEOL, QOne Instruments, Quad, Ciqtek, Magritek, Nanalysis, and Oxford Instruments. In the field of preclinical imaging, BioSpin competes with PerkinElmer Inc., Mediso, Trifoil, MR Solutions, and others. BSI CALID The BSI CALID Segment competes with a variety of companies that offer mass spectrometry-based and molecular spectrometry-based systems. BSI CALID's competitors in the life science markets and chemical and applied markets include Danaher, Agilent, GE-Healthcare, Waters, Thermo Fisher Scientific, Shimadzu, Hitachi, and JEOL. In the microbiology market, CALID competes with Biomerieux. In molecular diagnostics, CALID competes with a number of companies offering products for infectious disease diagnostics. CALID's competitors in molecular spectrometry-based systems include Thermo Fisher Scientific, PerkinElmer, Agilent, Foss, ABB Bomem, Buchi, Shimadzu, Horiba, Rigaku, and Jasco. CALID's CBRNE detection customers are highly fragmented, and it competes with a number of companies in this area, of which the most significant competitor is Smiths Detection. BSI NANO The BSI NANO Segment competes with companies that offer analytical X-ray solutions, OES systems, AFM and SOM systems, optical fluorescence systems, and genomics tools, primarily Rigaku, Oxford Instruments, Agilent, Thermo Fisher Scientific, Ametek's Spectro and Edax divisions, PANalytical, Park Systems, Olympus, Nikon, Zeiss, 10x Genomics, Thorlabs, Bio-Techne, and Danaher's Leica business. BEST BEST competes with Western Superconducting Technologies Co., Ltd., Luvata, and Jastec Co., Ltd. in low temperature superconducting materials, with Zanon, Mitsubishi Electric, and AES in the development and supply of accelerator cavities, with Thales, Toshiba, and CPI International in the development and supply of radio frequency couplers, with Mitsubishi Heavy Industries in the development and supply of superconducting accelerator modules, and with AES and Thales for electron linear accelerators. Manufacturing and Suppliers Several of our manufacturing facilities are certified under ISO 9001:2015 international quality standards. Manufacturing processes at our facilities in Europe, Israel and California, U.S.A. include all phases of manufacturing, such as machining, fabrication, subassembly, system assembly, and final testing. Our other facilities primarily perform high-level assembly, system integration, and final testing. We typically manufacture critical components in-house to ensure key competence and outsource to third party manufacturers non-critical components. Refer to Item 2, Properties in this Annual Report on Form 10-K for further detail on our principal locations and products they manufacture. We purchase materials and components from various suppliers that are either standard products or built to our specifications. We obtain some of the components included in our products from a limited group of suppliers or from a single-source supplier for items such as ceramics, charge coupled device area detectors, X-ray tubes, robotics, infrared optics, and others. BEST has an ongoing collaboration and a joint technology development agreement with Allegheny Technologies Incorporated to advance state-of-the-art niobium-based superconductors, including those used in MRI magnets for the medical industry, and preclinical MRI magnets used in the life-science tools industry. Research and Development We are committed to ongoing innovation as a core element of our strategy to drive scientific research, develop new markets, enhance our product and service offerings, and to maintain our leadership position and relevance in the various industries in which we compete. To support these efforts, we commit substantial resources to internal and collaborative research and development projects. This level of investment in research and development has historically exceeded the industry average and reflects our commitment to scientific research and technological advancement to provide innovative products and solutions to our customers and maintain our competitive advantage. We conduct research primarily to enhance system performance and improve the reliability of existing products, develop revolutionary new products and solutions, and to maintain technical competencies in our core technology platforms. Our research and development efforts are conducted for the relevant products within each of the operating segments, as well as in collaboration with others on areas such as microfluidics, automation and workflow management software. We have been the recipient of government grants within the European Union, Switzerland, and the United States for various projects related to research and development. We have generally retained, at a minimum, non-exclusive rights to any items or enhancements we develop under these grants. We have also accepted some sponsored research contracts from private sources. Additionally, the Company has been able to gain access to research and development capabilities through acquisitions, acquiring the intellectual property, technology, and expertise of the acquired companies. Refer to Item 2, Properties in this Annual Report on Form 10-K for further detail on our principal locations that are also used for research and development activities. Our significant research and development activities (by segment) are as follows: BSI BioSpin The BSI BioSpin Segment's most recent technological innovations included Bruker's ultra-high-field class (1GHz and above) in the NMR and MRI product lines and the benchtop Fourier NMR platform. As part of our continuous development of systems and software, we have achieved many major milestones to make NMR and MRI technologies accessible to more labs, such as reduced sitting requirements. BSI CALID The BSI CALID Segment's recent projects include the innovative timsTOF mass spectrometer for separation and analysis of unresolved compounds and conformations, and further enhanced instrument sensitivity. In addition, new sample preparation and automation workflows were developed for deep plasma proteomics (Biognosys P2 workflow and Preomics ENRICHplus kit). BSI NANO The BSI NANO Segment's recent innovations include an EBSD detector based on direct electron detection for ultra-fast and ultra-sensitive characterization of crystalline materials in electron microscopes, transmission electron microscopes for investigations under non-ambient conditions, an X-ray µCT system that delivers functionality of a floor standing system in a compact bench-top design, high-performance fully automated uXRD and uXRF X-ray systems for AI semiconductor chip yield management and automated AFM metrology systems used in the production of High Bandwidth Memory ("HBM") for AI applications, advancements to imaging-based or digital readout platforms for spatial biology applications, including spatial proteomics and spatial transcriptomics, spatial 3D genome and multiomic capabilities, single-cell live functional analysis, high-speed neural imaging, deep organoid imaging, and expanded field of view for connectivity studies in multiphoton microscopy. BEST BEST has had unique innovations in the production and development of low and high temperature superconducting materials and devices. Intellectual Property Our intellectual property consists of patents, copyrights, trade secrets, know-how, and trademarks. Protection of our intellectual property is a strategic priority for our businesses because of the length of time and expense associated with bringing new products through the development process and to the marketplace. We have a substantial patent portfolio, and we intend to file additional patent applications as appropriate. We believe our owned and licensed patent portfolio provides us with a competitive advantage. This portfolio permits us to maintain access to a number of key technologies. We license our owned patent rights where appropriate. We intend to enforce our patent rights against infringers, if necessary. The patent positions of life sciences tools companies involve complex legal and factual questions. As a result, we cannot predict the enforceability of our patents with certainty. In addition, we are aware of the existence from time to time of patents in certain countries, which, if valid, could impair our ability to manufacture and sell products in these countries. We also rely upon trade secrets, know-how, trademarks, copyright protection, and licensing to develop and maintain our competitive position. We generally require the execution of confidentiality agreements by our employees, consultants, and other scientific advisors. These agreements provide that all confidential information made known during the course of a relationship with us will be held in confidence and used only for our benefit. In addition, these agreements provide that we own all inventions generated during the course of the relationship. Government Contracts We are a party to various government contracts. Under some of these government contracts, the government may receive a license or similar rights to intellectual property developed under the contract. However, under the government contracts we enter, we generally receive at least non-exclusive rights to any items or technologies we develop. Although we transact business with various government agencies, we believe that no government contract is of such magnitude that a renegotiation of profits or termination of the contract or subcontracts at the election of the government would have a material adverse effect on our financial results. Government Regulation We are required to comply with international and U.S. federal, state, and local environmental protection regulations. We do not expect this compliance to have a significant impact on our capital spending, earnings or competitive position. Certain of our products are subject to the U.S. Food and Drug Administration's, or the FDA's, requirements for electronic radiation emitting products, which include requirements related to record-keeping and reporting; labeling; notification; product repairs, replacements and refunds; importation; and performance standards. For example, prior to introducing a product in the United States, our Bruker AXS subsidiary provides notice to the FDA in the form of a Radiation Safety Initial Product Abbreviated Report, which provides identification information and operating characteristics of the product. If the FDA finds that the report is complete, it provides approval in the form of what is known as an accession number. Bruker AXS may not market a product in the U.S. until it has received an accession number. In addition, Bruker AXS submits an annual report to the FDA that includes the radiation safety history of all products it sells in the United States. Bruker AXS is required to report to the FDA incidents of accidental exposure to radiation arising from the manufacture, testing, or use of any of its products. Bruker AXS also reports installations of its products to state government regulatory agencies responsible for the regulation of radiation emitting devices. For sales in Germany, Bruker AXS registers each product with the local authorities. In some countries where Bruker AXS sells systems, Bruker AXS uses the certificate that Bruker AXS obtained from the federal authorities in Germany to assist it in obtaining a license, registration or certificate, as applicable, from the country or its relevant authorities in which the sale occurs. The U.S. Nuclear Regulatory Commission also has regulations concerning the exposure of our employees to radiation. Certain of our products are subject to regulation as medical devices in the United States by the FDA and by similar regulatory bodies in other countries where such products are sold. The regulatory requirements imposed by the FDA and other regulatory bodies govern a wide variety of product-related activities, from quality management, design and development to labeling, manufacturing, promotion, sales, and distribution. As such, we continually invest in our manufacturing infrastructure to gain and maintain certifications and registrations necessary for the relevant level of regulatory clearance. We also are required to maintain processes and systems for medical device product submissions. For example, our MALDI BioTyper CA system is subject to regulation by the FDA as a medical device and requires FDA premarket review and clearance via the 510(k) premarket notification process and our IVD-CE Certified MALDI BioTyper system is subject to regulation in the European Union under the provisions of Directive 98/79/EC and Regulation (EU) 2017/746. In addition, certain product changes, including changes to the product indications or label claims, could trigger the requirement for a new 510(k) or other FDA or foreign regulatory premarket submission. The process of preparing a premarket submission to, and obtaining marketing approval, authorization, or clearance from the FDA and comparable foreign regulatory authorities (including notified bodies in the EU) for new products, or for enhancements or modifications to existing products, could take a significant amount of time, require the expenditure of substantial financial and other resources, and require rigorous and expensive pre-clinical and clinical testing. Additionally, the FDA or comparable foreign regulatory authorities could impose limitations on the indications for use of our products. Should we pursue an FDA or comparable foreign regulatory authority clearance, authorization, or approval for a new device or device modification, we cannot be certain that we will receive required clearance, authorization, or approval on a timely basis or at all. The failure to receive clearance, authorization, or approval for significant new products or modifications to existing products on a timely basis or at all could have a material, adverse effect on our financial condition and results of operations. Both before and after a medical device product is commercially released, we have ongoing responsibilities under FDA and foreign regulations. For example, we are required to comply with the FDA's Quality System Regulation, which sets forth the good manufacturing requirements for medical devices. These include requirements related to design controls, production and process controls, process validation, purchasing controls, supplier oversight, complaint handling and investigation, corrective and preventative actions, and record-keeping. In addition, the FDA's medical device reporting regulation requires us to provide information to the FDA whenever we become aware that there is evidence that reasonably suggests that a device may have caused or contributed to a death or serious injury or, that a malfunction occurred which would be likely to cause or contribute to a death or serious injury upon recurrence. We are also required to report to the FDA if we initiate a device removal (recall) or correction to reduce a risk to health posed by the device or to remedy a violation which may present a risk to health. The FDA and comparable foreign regulatory authorities also regulate the promotion and marketing of medical devices and require that manufacturers only make promotional claims or statements that are consistent with the indications and labeling cleared, authorized, or approved by the FDA or other regulatory authorities. The FDA and comparable foreign regulatory authorities may take enforcement action against us, should the FDA determine we have engaged in "off-label" promotion or other violative marketing activities. In addition, FDA and comparable foreign regulatory authorities may take enforcement action should they determine that we have marketed any of our other (non-medical device) products for FDA-regulated purposes without obtaining the required regulatory clearances, authorizations, or approvals or ensuring such products comply with other FDA and comparable foreign regulatory requirements. The European Union Directive 98/97/EC (IVDD) was replaced by the Regulation (EU) 2017/746 of April 5, 2017, on in vitro diagnostic medical devices ("IVDR"). The IVDR became applicable in May 2022. The regime changes significantly with the IVDR. In comparison to the IVDD, the IVDR requires, among other things, more clinical evidence to demonstrate the claimed benefits and safety of the device in relation to its stated purpose, stricter classification and CE-marking requirements and ongoing post-market follow-up to ensure conformity. The IVDR also requires new databases to be set up to track which devices are CE marked and to register clinical studies and post-market monitoring. In addition, tracing is enhanced by a Unique Device Identification ("UDI") System and through requirements on other economic operators in the supply chain. Our products that are currently approved under the IVDD and not already placed on the market or put into service, must be recertified under the IVDR. Backlog Our backlog consists of firm orders (also referred to as bookings) under non-cancelable purchase orders received from customers for instruments and services. Total remaining performance obligations as of December 31, 2025, and 2024 were approximately $2,569.4 million and $2,090.4 million, respectively. The increase in our backlog in 2025 compared to 2024 was primarily driven by higher BEST order bookings. We generally experience varying revenue levels in the first three quarters of the year, while our fourth quarter revenues have historically been stronger than the rest of the year. As a result, backlog on any particular date is not necessarily a reliable indicator of long-term revenue performance. Human Capital We are committed to enabling scientists to make breakthrough discoveries and develop new applications that improve the quality of human life. Our employees are a critical component of that mission. We endeavor to attract, hire, and retain top talent by offering our employees a challenging but rewarding work experience, as well as competitive compensation and benefits. Further, we strive to create a work environment that promotes integrity, respect, and trust among our employees. Workforce Composition As of December 31, 2025, Bruker had approximately 11,085 employees worldwide. Approximately 20.2% of our employees were located in the United States. Additionally, approximately 45.8% of our employees were in production and distribution, 23.5% in selling and marketing, 17.6% in research and development and 13.1% in general and administrative functions. Talent, Development and Workforce Strategy Bruker is committed to providing a variety of learning opportunities to advance the personal and professional goals of our global teams. Our talent and development programs cover a variety of topics including those focused on technical expertise, leadership, and communication skills. A global performance management process promotes regular feedback and coaching by managers to develop employees. Throughout the year, managers and employees engage in annual objective setting, mid-year reviews of performance, as well as a year-end performance evaluation. Managers and employees also participate in career conversations throughout the year. These discussions are critical tools that reinforce the alignment of employee activities and career goals throughout the year and provide employees opportunities to grow. Performance assessments also support the identification of our high performers and high potential employees based on merit. These employees are encouraged to continue their professional development with additional coaching and on the job learning opportunities to enhance their readiness for future advancement. In 2025, we continued with several supervisor and leadership training programs for eligible participants. These programs provide a consistent foundation of knowledge and expectations for our leaders across Bruker. Employee Engagement Bruker is committed to fostering a culture of continuous learning and knowledge sharing to support development and retention and also recognizes the importance of a culture of belonging. A strong sense of belonging is crucial to the dynamic, entrepreneurial working environment our employees thrive in, and aligns with our mission to innovate responsibly and with integrity. We support several initiatives that promote belonging at Bruker: Cross-functional collaboration and teamwork, encouraging employees to build relationships across different business units and geographies. Employee engagement programs including professional networking opportunities, internal mentorship, and knowledge sharing platforms. Global team-building events, providing employees with opportunities to interact and strengthen connections. Our employees play active roles in these initiatives, often creating and facilitating them directly. We encourage these activities to help employees develop their skills, expand their networks, and contribute meaningfully to our business objectives. They also provide critical connections for new hires and establish internal networks across functions for employees who may not otherwise have opportunity to interact. Employee Health and Safety Bruker prioritizes the safety and wellbeing of its employees. Bruker accomplishes this through compliance with applicable laws and regulations regarding workplace safety, including recognition and control of workplace hazards, the elimination of unsafe manufacturing and workplace practices, tracking injury and illness rates, utilizing a global travel health program, and maintaining detailed emergency and disaster recovery plans. We are committed to reducing safety risks across our business groups and at our corporate and manufacturing sites worldwide. The following are examples of initiatives and programs designed with employee health and safety in mind: A confidential Employee Assistance Program has been implemented at several new sites providing no-cost support to employees and offering assistance on several personal topic areas. Many locations throughout the globe encourage employees to be mindful of a healthy lifestyle, including by offering group exercise activities. These activities aim to enhance employee physical health, emotional and mental, as well to increase camaraderie among colleagues. Available Information We maintain a website at www.bruker.com . We make available on our website documents describing our corporate governance and our Code of Conduct. We are not including the information contained on our website as a part of, or incorporating it by reference into, this Annual Report on Form 10-K. We make available free of charge through our website our annual reports on Form 10-K, our proxy statements, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these reports filed with or furnished to the SEC pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The SEC also maintains a website site that contains periodic reports, proxy and information statements and other information regarding our filings at www.sec.gov . ITEM 1A RISK FACTORS The following risk factors should be considered in conjunction with the other information included in this Annual Report on Form 10-K, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our audited consolidated financial statements and related notes. This report may include forward-looking statements that involve risks and uncertainties. In addition to those risk factors discussed elsewhere in this report, we identify the following risk factors, which could affect our actual results and cause actual results to differ materially from those in the forward-looking statements. Risk Factor Summary Our business is subject to numerous risks and uncertainties that include, but are not limited to, the following: Supply chain issues, including increasing demand for certain components used in our products and production delays, have and could continue to result in significant additional costs and manufacturing inefficiencies, which could adversely impact our revenue, increase our manufacturing costs and have a material adverse effect on our operating results; Adverse global economic conditions, and geopolitical tensions, including in Ukraine, the Middle East, China and other regions, and other conditions that impact our increasingly global operations could have a negative effect on our business, results of operations and financial condition and liquidity; New U.S. and reciprocal tariffs that have been imposed, and remain subject to potential change and other uncertainties, including as a result of the recent U.S. Supreme Court decision, have had a material adverse effect on our business, results of operations and financial condition, and may continue to do so in the foreseeable future; A meaningful portion of our revenue is derived from U.S. academic institutions, research organizations and other entities that rely in part on U.S. academic and government funding including grants from the U.S. National Institutes of Health ("NIH"), the National Science Foundation ("NSF"), and the Department of Energy ("DOE"). The current reduction in the level of funding and delay in such research funding, has had a material adverse effect on our U.S. academic and governmental customers, and our business, results of operations and financial condition, and may continue to do so in the foreseeable future; Delays in the release of Chinese government stimulus spending have had a material adverse effect on our business, results of operations and financial condition, and may continue to do so for the foreseeable future; We derive a significant portion of our revenue from international sales and are subject to the operational risks of doing business in foreign countries due to potential macroeconomic effects, including financial market volatility and disruption, inflationary concerns, changes in tax laws and regulations, volatility in interest and currency exchange rates, uncertain economic conditions in the United States and abroad, the impact of the recent U.S. government shutdown, and additional tariffs, including those imposed or that may be imposed by the current administration in the U.S.; Our competitive position and reported financial results may be adversely affected when we exchange foreign currency received from international sales into U.S. Dollars and by fluctuations in currency exchange rates; Goodwill, intangible assets and other long-lived assets are subject to impairment which has had and could continue to negatively impact our operating results; Our products compete in markets that are subject to rapid technological change, and one or more of the technologies underlying our products could be made obsolete by new technology; We face substantial competition in our industries and expect that such competition will continue. If we fail to compete effectively, it could harm our business results and materially impact the value of our company; If investment in life and material science research spending declines, our ability to generate revenue may suffer; Any reduction or shift in the capital resources, including as a result of changes to governmental policies and programs, or government funding imposed by the current U.S. administration, of our customers could reduce our sales and impede our ability to generate revenue; Disruptions at any of our manufacturing facilities could adversely affect our business; In addition to the risks applicable to our life science and materials analysis products, our CBRNE detection products are subject to a number of additional risks, including lengthy product development and contract negotiation periods and certain risks inherent in long-term government contracts; We rely on information technology to support our operations and reporting environments. A security failure of that technology, including with respect to cybersecurity risks and cyber incidents, could impact our ability to operate our businesses effectively, adversely affect our financial results, damage our reputation and expose us to potential liability or litigation; Our debt may adversely affect our cash flow and may restrict our investment opportunities or limit our activities; Changes in our effective income tax rate could adversely affect our results of operations; Various international tax risks could adversely affect our earnings and cash flows; The unpredictability and fluctuation of our quarterly results may adversely affect the trading price of our common stock; The ownership of our shares is highly concentrated, which could cause or exacerbate volatility in our share price as well as have significant influence over us; The loss of key personnel or an inability to attract and retain additional personnel could affect our ability to successfully grow our business; Our common stock ranks junior to our Series A Mandatory Convertible Preferred Stock with respect to dividends and amounts payable in the event of our liquidation, winding-up or dissolution; We face risks related to sales through distributors and other third parties that we do not control, which could harm our business; Our operations are dependent ...

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