Photronics (NASDAQ: PLAB) flags wide Q4 EPS outlook range
Rhea-AI Filing Summary
Photronics, Inc. (PLAB) reported third quarter fiscal 2026 results for the period ended August 2, 2026. Revenue was $216.0 million, up 2.7% year-over-year and 2.9% sequentially. GAAP net income attributable to shareholders was $28.9 million or $0.49 per diluted share, versus $22.9 million or $0.39 a year earlier and $31.4 million or $0.54 in the prior quarter. Non-GAAP net income was $29.4 million or $0.50 per diluted share, roughly flat year-over-year but above $24.9 million or $0.42 in Q2.
Integrated circuit revenue was $154.7 million, up 5% year-over-year and sequentially, while flat panel display revenue was $61.4 million, down 2% on both bases. High-end IC business reached a record 44% of total IC revenue. Gross margin was 33.2% and operating margin 21.1%. Cash, cash equivalents and short-term investments totaled $672.8 million, much of it in 50.01%-owned joint ventures, against very low debt. Operating cash flow for the first nine months was $220.6 million, with $130.4 million invested in capital expenditures.
For the fourth quarter of fiscal 2026, Photronics projects revenue between $207 million and $227 million, operating margin of 19%–24%, and non-GAAP diluted EPS of $0.40–$0.56 per share.
Positive
- GAAP net income attributable to shareholders rose to $28.9 million in Q3 2026 from $22.9 million a year earlier, and year-to-date net income attributable to shareholders increased to $103.3 million from $74.6 million, indicating significantly higher profitability versus fiscal 2025.
- Year-to-date net cash provided by operating activities increased to $220.6 million from $160.0 million, while cash, cash equivalents and short-term investments reached $672.8 million, supporting a strong liquidity position with minimal reported debt.
Negative
- Profitability margins softened, with year-to-date gross margin declining to 33.2% from 35.4% and operating margin to 21.9% from 24.6%, indicating higher relative costs or less favorable mix compared with the prior year.
Filing Explained
The August 26 Form 8-K furnishes Photronics’ third-quarter results and presentation under Item 2.02; the information is not treated as filed under Section 18 or incorporated by reference unless a filing expressly says so.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue Q3 2026: $216.0 million
GAAP net income attributable to shareholders Q3 2026: $28.9 million
Non-GAAP net income attributable to shareholders Q3 2026: $29.4 million
+5 more
8 metrics
Revenue Q3 2026
$216.0 million
Three months ended August 2, 2026; up 2.7% year-over-year
GAAP net income attributable to shareholders Q3 2026
$28.9 million
Three months ended August 2, 2026; $22.9 million in Q3 2025
Non-GAAP net income attributable to shareholders Q3 2026
$29.4 million
Three months ended August 2, 2026; $29.4 million in Q3 2025
Integrated circuit (IC) revenue Q3 2026
$154.7 million
Up 5% year-over-year and sequentially
High-end IC mix Q3 2026
44% of total IC revenue
Record percentage for high-end IC business
Cash, cash equivalents and short-term investments
$672.8 million
As of August 2, 2026; includes amounts in 50.01%-owned joint ventures
Net cash provided by operating activities
$220.6 million
Nine months ended August 2, 2026; $160.0 million in prior-year period
Total assets
$1,990.7 million
As of August 2, 2026; $1,804.5 million at October 31, 2025
Key Terms
photomasks, non-GAAP financial measures, operating margin, foreign exchange (gain) loss, +2 more
6 terms
photomasks technical
"Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks"
A photomask is a flat, precisely patterned plate used in semiconductor and microfabrication to project circuit designs onto silicon wafers using light, acting like a stencil or blueprint for tiny features. It matters to investors because the quality, complexity and number of photomasks affect chip manufacturing cost, production yield and the ability to make smaller, more advanced chips—factors that influence a maker’s competitiveness and capital requirements.
non-GAAP financial measures financial
"Estimated Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders is a Non-GAAP financial measure"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
operating margin financial
"Operating margin to be between 19% and 24%"
Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.
foreign exchange (gain) loss financial
"including certain unpredictable charges and benefits such as foreign exchange (gain) loss"
noncontrolling interests financial
"Net income attributable to noncontrolling interests"
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
Earnings Snapshot
Revenue: $216.0 million · Guidance included
Third quarter fiscal 2026 ended August 2, 2026
Revenue
$216.0 million
from $210.4 million in the third quarter of 2025
GAAP diluted EPS attributable to shareholders
$0.49
from $0.39 in the third quarter of 2025
Non-GAAP diluted EPS attributable to shareholders
$0.50
from $0.51 in the third quarter of 2025
Operating margin
21.1%
versus 22.9% in the third quarter of 2025
Guidance
For Q4 fiscal 2026, Photronics expects revenue of $207–$227 million, operating margin of 19%–24%, and non-GAAP diluted EPS of $0.40–$0.56 per share attributable to Photronics shareholders.
FAQ
How did Photronics (PLAB) perform financially in Q3 2026?
Photronics reported Q3 2026 revenue of $216.0 million, up 2.7% year-over-year. GAAP net income attributable to shareholders was $28.9 million or $0.49 per diluted share, compared with $22.9 million or $0.39 in Q3 2025.
What were Photronics (PLAB) non-GAAP results for Q3 2026?
Non-GAAP net income attributable to Photronics shareholders was $29.4 million, with non-GAAP diluted EPS of $0.50. This compares with $29.4 million, or $0.51 per diluted share, in Q3 2025 and $24.9 million, or $0.42 per diluted share, in Q2 2026.
How did IC and FPD segments perform for Photronics (PLAB) in Q3 2026?
In Q3 2026, IC revenue was $154.7 million, up 5% year-over-year and sequentially. FPD revenue was $61.4 million, down 2% year-over-year and sequentially. High-end IC business represented a record 44% of total IC revenue.
What guidance did Photronics (PLAB) provide for Q4 fiscal 2026?
For Q4 fiscal 2026, Photronics expects revenue between $207 million and $227 million, operating margin between 19% and 24%, and non-GAAP diluted EPS between $0.40 and $0.56 per share attributable to Photronics shareholders.
What is Photronics (PLAB) cash and debt position as of August 2, 2026?
As of August 2, 2026, Photronics held $549.5 million in cash and cash equivalents and $123.3 million in short-term investments, totaling $672.8 million. The current portion of long-term debt was $3.9 million, with additional long-term debt of $4 thousand.
How strong were Photronics (PLAB) year-to-date 2026 results?
For the first nine months of fiscal 2026, revenue was $651.1 million versus $633.5 million a year earlier. Net income attributable to shareholders was $103.3 million compared with $74.6 million, and operating cash flow was $220.6 million versus $160.0 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(Former name or former address, if changed since last report)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02.
Results of Operations and Financial Condition.
On August 26, 2026, Photronics, Inc. (the “Company”) issued a press release reporting third quarter fiscal 2026 financial results.
On August 26, 2026, the Company will conduct a conference call with respect to its financial results and other matters during which it will also disclose a slide presentation.
A copy of the press release reporting the third quarter fiscal 2026 earnings is furnished as Exhibit 99.1 to this report and a copy of the slide presentation is furnished as Exhibit 99.2 to this report. The information contained in this Item 2.02 and the attached Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
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Exhibits
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99.1
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Press Release dated August 26, 2026.
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99.2
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Photronics Q3 2026 Financial Results Conference Call August 26, 2026 slides.
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10.4
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Cover Page Interactive Data File (embedded within the Inline XBLR document)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PHOTRONICS, INC.
(Registrant)
By: /s/ Christopher J. Lutzo
Name:
Christopher J. Lutzo
Title:
Vice President,
General Counsel and Secretary
Date: August 26, 2026
Photronics Reports Third Quarter 2026 Results
BROOKFIELD, Conn. August 26, 2026 (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 2026 ended August 2, 2026.
Commenting on the third quarter performance, Chairman and CEO George Macricostas said, “We are pleased to recognize a recovery of some of the temporarily delayed semiconductor design releases that occurred back in our fiscal Q2. Continued high fab utilization rates throughout the industry have been a positive influence toward node migration trends, resulting in a record percentage for our high-end I.C. business at 44% of total I.C. revenue. Our investments in the U.S. and Korea remain on track as we continue to strengthen our position at the high end of the market over the coming years.”
Third Quarter Fiscal 2026 Results
•
Revenue was $216.0 million, an increase of 2.7% year-over-year and 2.9% sequentially.
•
GAAP Net income attributable to Photronics, Inc. shareholders was $28.9 million, or $0.49 per diluted share, compared with $22.9 million, or $0.39 per diluted share, in the third quarter of 2025 and $31.4 million, or $0.54 per diluted share, in the second quarter of 2026.
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Non-GAAP Net income attributable to Photronics, Inc. shareholders was $29.4 million, or $0.50 per diluted share, compared with $29.4 million, or $0.51 per diluted share in the third quarter of 2025 and $24.9 million, or $0.42 per diluted share, in the second quarter of 2026.
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IC revenue was $154.7 million, an increase of 5% both year-over-year and sequentially.
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FPD revenue was $61.4 million, a decrease of 2% both year-over-year and sequentially.
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Cash, cash equivalents and short-term investments at the end of the quarter were $672.8 million, of which $503.5 million was associated with our Joint Ventures, of which we own 50.01%.
•
Cash generated from operating activities was $76.3 million, and cash invested in organic growth through capital expenditures was $37.0 million.
Fourth Quarter Fiscal 2026 Guidance
For the fourth quarter of fiscal 2026, Photronics expects:
•
Revenue to be between $207 million and $227 million,
•
Operating margin to be between 19% and 24%, and
•
Non-GAAP diluted EPS attributable to Photronics, Inc. shareholders to be between $0.40 and $0.56 per share.
Estimated Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders is a Non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” below for details regarding this measure, as well as the tables providing a reconciliation of historical non-GAAP financial measures to the most comparable U.S. GAAP measures.
Earnings Conference Call and Webcast
An earnings conference call and webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on August 26, 2026. 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 Conference Registration. 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, which are high precision photographic quartz or glass plates that contain microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates. 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, 2025 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. historical 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 statements of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations below.
Photronics, Inc. does not provide a quantitative reconciliation of the Company’s projected range of Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders to U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders, which is the most directly comparable GAAP measure, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company’s Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders guidance for the fiscal quarter ending October 31, 2026 excludes certain items that are inherently uncertain and difficult to predict, including certain unpredictable charges and benefits such as foreign exchange (gain) loss; estimated tax effects of foreign exchange (gain) loss; and estimated noncontrolling interest effects of the foregoing. Due to the uncertainty of the amount or timing of these future excluded items, management does not forecast them for internal use and therefore cannot create a quantitative Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders to U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders reconciliation without unreasonable efforts. A quantitative reconciliation of Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders to U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders to U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders will consist of items similar to those described in the financial tables later in this release, including, for example and without limitation, foreign exchange (gain) loss; estimated tax effects of foreign exchange (gain) loss; and estimated noncontrolling interest effects of the foregoing. The timing and amount of any of these excluded items could significantly impact the Company’s U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders for a particular period.
Totals presented may not sum due to rounding.
For Further Information:
Ted Moreau
VP, Investor Relations
tmoreau@photronics.com
2
| PHOTRONICS, INC. | ||||||||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| August 2, | May 3, | August 3, | August 2, | August 3, | ||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Revenue | $ | 216,047 | $ | 209,940 | $ | 210,394 | $ | 651,054 | $ | 633,524 | ||||||||||
| Cost of goods sold | 144,313 | 144,183 | 139,539 | 434,862 | 409,228 | |||||||||||||||
| Gross profit | 71,734 | 65,757 | 70,855 | 216,192 | 224,296 | |||||||||||||||
| Gross margin % | 33.2 | % | 31.3 | % | 33.7 | % | 33.2 | % | 35.4 | % | ||||||||||
| Operating expenses: | ||||||||||||||||||||
| Selling, general and administrative | 22,543 | 20,756 | 18,423 | 64,610 | 55,624 | |||||||||||||||
| Research and development | 3,707 | 2,822 | 4,271 | 9,116 | 12,618 | |||||||||||||||
| Total operating expenses | 26,250 | 23,578 | 22,694 | 73,726 | 68,242 | |||||||||||||||
| Other operating Income | 20 | - | - | 76 | - | |||||||||||||||
| Operating income | 45,504 | 42,179 | 48,161 | 142,542 | 156,054 | |||||||||||||||
| Operating margin % | 21.1 | % | 20.1 | % | 22.9 | % | 21.9 | % | 24.6 | % | ||||||||||
| Other income (expense), net | 9,368 | 11,677 | (9,428 | ) | 40,718 | (10,232 | ) | |||||||||||||
| Income before income tax provision | 54,872 | 53,856 | 38,733 | 183,260 | 145,822 | |||||||||||||||
| Income tax provision | 10,989 | 10,606 | 9,594 | 35,950 | 34,209 | |||||||||||||||
| Net income | 43,883 | 43,250 | 29,139 | 147,310 | 111,613 | |||||||||||||||
| Net income attributable to noncontrolling interests | 14,967 | 11,821 | 6,248 | 44,026 | 37,009 | |||||||||||||||
| Net income attributable to Photronics, Inc. shareholders | $ | 28,916 | $ | 31,429 | $ | 22,891 | $ | 103,284 | $ | 74,604 | ||||||||||
| Earnings per share attributed to Photronics, Inc. shareholders: | ||||||||||||||||||||
| Basic | $ | 0.50 | $ | 0.54 | $ | 0.40 | $ | 1.78 | $ | 1.24 | ||||||||||
| Diluted | $ | 0.49 | $ | 0.54 | $ | 0.39 | $ | 1.76 | $ | 1.23 | ||||||||||
| Weighted-average number of common shares outstanding: | ||||||||||||||||||||
| Basic | 58,181 | 58,123 | 57,937 | 58,033 | 60,274 | |||||||||||||||
| Diluted | 58,718 | 58,745 | 58,068 | 58,618 | 60,567 | |||||||||||||||
3
| PHOTRONICS, INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| (Unaudited) | ||||||||
| August 2, | October 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 549,513 | $ | 492,256 | ||||
| Short-term investments | 123,298 | 95,909 | ||||||
| Accounts receivable | 187,730 | 195,921 | ||||||
| Inventories | 64,748 | 61,767 | ||||||
| Other current assets | 49,567 | 44,199 | ||||||
| Total current assets | 974,856 | 890,052 | ||||||
| Property, plant and equipment, net | 955,038 | 854,436 | ||||||
| Other assets | 60,849 | 60,046 | ||||||
| Total assets | $ | 1,990,743 | $ | 1,804,534 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 3,889 | $ | 11 | ||||
| Accounts payable and accrued liabilities | 193,394 | 165,862 | ||||||
| Total current liabilities | 197,283 | 165,873 | ||||||
| Long-term debt | 4 | 13 | ||||||
| Other liabilities | 49,754 | 41,341 | ||||||
| Equity: | ||||||||
| Photronics, Inc. shareholders' equity | 1,280,694 | 1,173,589 | ||||||
| Noncontrolling interests | 463,008 | 423,718 | ||||||
| Total equity | 1,743,702 | 1,597,307 | ||||||
| Total liabilities and equity | $ | 1,990,743 | $ | 1,804,534 | ||||
4
| PHOTRONICS, INC. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| (Unaudited) | ||||||||
| Nine Months Ended | ||||||||
| August 2, | August 3, | |||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 147,310 | $ | 111,613 | ||||
| Adjustments to reconcile net income to net cash | ||||||||
| provided by operating activities: | ||||||||
| Depreciation and amortization | 60,818 | 59,234 | ||||||
| Share-based compensation | 10,437 | 10,003 | ||||||
| Changes in operating assets, liabilities and other | 2,045 | (20,876 | ) | |||||
| Net cash provided by operating activities | 220,610 | 159,974 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (130,410 | ) | (120,588 | ) | ||||
| Purchases of short-term investments | (178,654 | ) | (96,571 | ) | ||||
| Proceeds from maturities of short-term investments | 135,571 | 42,148 | ||||||
| Proceeds from sales of short-term investments | 20,233 | - | ||||||
| Government incentives | 2,567 | 1,469 | ||||||
| Other | (56 | ) | (57 | ) | ||||
| Net cash used in investing activities | (150,749 | ) | (173,599 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repayments of debt | (8 | ) | (17,969 | ) | ||||
| Common stock repurchases | - | (97,422 | ) | |||||
| Proceeds from share-based arrangements | 1,337 | 2,120 | ||||||
| Net settlements of restricted stock awards | (1,673 | ) | (2,013 | ) | ||||
| Net cash used in financing activities | (344 | ) | (115,284 | ) | ||||
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | (12,306 | ) | 10,129 | |||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 57,211 | (118,780 | ) | |||||
| Cash, cash equivalents, and restricted cash, beginning of period | 495,113 | 601,243 | ||||||
| Cash, cash equivalents, and restricted cash, end of period | 552,324 | 482,463 | ||||||
| Less: Ending restricted cash | 2,811 | 2,942 | ||||||
| Cash and cash equivalents at end of period | $ | 549,513 | $ | 479,521 | ||||
5
| PHOTRONICS, INC. | ||||||||||||
| Reconciliation of U.S. GAAP to non-GAAP: Net income and diluted earnings per share attributable to Photronics, Inc. shareholders |
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| (in thousands, except per share amounts) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months ended | ||||||||||||
| August 2, | May 3, | August 3, | ||||||||||
| 2026 | 2026 | 2025 | ||||||||||
| U.S. GAAP net income attributable to Photronics, Inc. shareholders | $ | 28,916 | $ | 31,429 | $ | 22,891 | ||||||
| FX (gain) loss | (4,776 | ) | (7,869 | ) | 14,258 | |||||||
| Estimated tax effects of FX (gain) loss | 2,055 | 629 | (3,663 | ) | ||||||||
| Estimated noncontrolling interest effects of above | 3,233 | 739 | (4,130 | ) | ||||||||
| Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 29,428 | $ | 24,928 | $ | 29,356 | ||||||
| Weighted-average number of common shares outstanding - Diluted | 58,718 | 58,745 | 58,068 | |||||||||
| U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders | $ | 0.49 | $ | 0.54 | $ | 0.39 | ||||||
| Effects of non-GAAP adjustments above | 0.01 | (0.12 | ) | 0.12 | ||||||||
| Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders | $ | 0.50 | $ | 0.42 | $ | 0.51 | ||||||
6