Press Release

BROOKFIELD, Conn., Aug. 27, 2025 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its third quarter of fiscal year 2025 ended August 3, 2025.

Commenting on the third-quarter performance, Chairman and CEO George Macricostas said, "Photronics delivered very good results in our fiscal third quarter with revenue, profitability and EPS ahead of expectations. Looking ahead, we remain focused on operational efficiency to maintain our excellent standard of maximizing customer cycle times. We will further accelerate internal investment efforts to enhance geographic revenue diversification and position the company for sustained revenue and earnings growth.”

Third Quarter Fiscal 2025 Results

• Revenue was $210.4 million, down 0.3% year-over-year and 0.3% sequentially.
• GAAP Net income attributable to Photronics, Inc. shareholders was $22.9 million, or $0.39 per diluted share, compared with $34.4 million, or $0.55 per diluted share, in the third quarter of 2024 and $8.9 million, or $0.15 per diluted share, in the second quarter of 2025.
• Non-GAAP Net income attributable to Photronics, Inc. shareholders was $29.4 million, or $0.51 per diluted share, compared with $31.9 million, or $0.51 per diluted share in the third quarter of 2024 and $24.3 million, or $0.40 per diluted share, in the second quarter of 2025.
• IC revenue was $147.8 million, down 5% year-over-year and 5% sequentially.
• FPD revenue was $62.6 million, up 14% from the same quarter last year and 14% sequentially.
• Cash, cash equivalents and short-term investments at the end of the quarter were $575.8 million, of which $396.8 million was associated with our Joint Ventures, of which we own 50%.
• Cash generated from operating activities was $50.1 million, cash invested in organic growth through capital expenditures was $24.8 million, and cash returned to shareholders through share repurchases was $20.7 million.
• The Board of Directors authorized an increase of $25.0 million to the share repurchase authorization.

Fourth Quarter Fiscal 2025 Guidance

For the fourth quarter of fiscal 2025, Photronics expects Revenue to be between $201 million and $209 million and non-GAAP Net income attributable to Photronics, Inc. shareholders to be between $0.42 and $0.48 per diluted share.

Webcast

A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on August 27, 2025. The call will be broadcast live and on-demand on the Events and Presentations link on the Photronics website. Analysts and investors who wish to participate in the Q&A portion of the call should click here. It is suggested that participants register fifteen minutes prior to the call's scheduled start time.

About Photronics

Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks. High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for over 56 years. The company operates 11 strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the company can be accessed at www.photronics.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially. Please refer to Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

Non-GAAP Financial Measures

Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders, are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statement of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations below.

For Further Information:
Ted Moreau
VP, Investor Relations
469.395.8175
tmoreau@photronics.com 

Source: Photronics, Inc.