Group 1 - Photronics (PLAB) shares have increased by 11.1% over the past four weeks, closing at $24.73, with a mean price target of $31.65 indicating a potential upside of 28% [1] - The mean estimate includes three short-term price targets with a standard deviation of $1.51, where the lowest estimate suggests a 21.3% increase and the highest indicates a 33.2% surge [2] - Analysts show a strong consensus that PLAB will report better earnings than previously estimated, which is a positive indicator for potential stock upside [4][11] Group 2 - The Zacks Consensus Estimate for PLAB has increased by 7.7% due to one upward revision in earnings estimates over the last 30 days, with no negative revisions [12] - PLAB holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting a strong potential for upside [13] - While consensus price targets may not be reliable for predicting the extent of gains, they can provide a directional guide for price movement [14]

Core Viewpoint - Photronics, Inc. (NASDAQ:PLAB) is recognized as a promising investment opportunity within the semiconductor sector, with analysts maintaining a positive outlook following its recent earnings report [1][3]. Group 1: Analyst Ratings and Price Targets - DA Davidson reaffirmed its Buy rating for Photronics, Inc. with a price target of $30, indicating confidence in the company's profitability and expansion plans [2][3]. - Craig-Hallum also reiterated a Buy rating with a higher price target of $36, reflecting optimism about the company's future performance [3]. - The consensus among analysts is a Buy rating, with a 1-year median price target of $32.95, suggesting a potential upside of 32.12% from current levels [4]. Group 2: Company Performance and Expansion Plans - Photronics, Inc. reported results for its third quarter of fiscal year 2025, demonstrating continued profitability and a strong position for future growth [2]. - The company is planning significant capital spending for expansion over the next two to three years, which is expected to support its growth trajectory [2].

Group 1 - Photronics Inc. (NASDAQ: PLAB) is identified as an undervalued and critical player in the semiconductor supply chain [1] - The semiconductor industry is currently experiencing a cyclical downturn, but indicators suggest a potential recovery [1] - The analysis is backed by extensive experience in financial markets and institutions, focusing on mid and small-cap investment opportunities [1]

Group 1 - Photronics, Inc. announced its participation in the 17th Annual CEO Investor Summit 2025, scheduled for October 7 in Phoenix, Arizona [1] - The CEO Investor Summit is held annually during the SEMICON West industry trade show, with the 2025 event taking place in downtown Phoenix for the first time [2] - The event will feature a "round robin" format allowing investors and analysts to meet with management teams from 12 participating companies [2][3] Group 2 - The 12 management teams participating in the summit include ACM Research, Aehr Test Systems, Alpha & Omega Semiconductor, Bitdeer Technologies, Cohu, Inc., FormFactor, Ichor Systems, Kulicke & Soffa, Lasertec ADR, Photronics, QuickLogic, and SkyWater Technology [3] - Attendance is by invitation only and limited to accredited investors and publishing research analysts, with a registration deadline of September 26, 2025 [4] Group 3 - Photronics is a leading manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks, essential for the manufacturing process of ICs and FPDs [5] - The company has been a trusted photomask supplier for over 56 years and operates 11 manufacturing facilities across Asia, Europe, and North America [5]

Company Overview - Photronics, Inc. (PLAB) is a leading manufacturer of photomasks, essential for producing integrated circuits (ICs) and flat panel displays (FPDs) [2] - The company operates in two segments: IC photomasks for semiconductors and FPD photomasks for displays [2] Financial Performance - As of September 10th, PLAB's share was trading at $22.01, with a trailing P/E of 12.44 [1] - The top five customers, including UMC, Samsung, and SMIC, account for approximately 50% of revenue, indicating both dependency and stability [5] - Gross margins are around 35%, and operating margins exceed 25%, supported by operating leverage and high-value EUV mask sets [5] - Free cash flow is expected to normalize between $80–110 million, yielding 9–12% relative to current enterprise value [5] Competitive Landscape - The competitive landscape is concentrated but global, with competitors such as Hoya Corporation, Dai Nippon Printing, and LG Innoteck [4] - PLAB maintains leading positions through technological investment and proximity to customers, ensuring efficient demand fulfillment [4] Business Strategy - PLAB benefits from significant capital intensity and high fixed costs, creating a modest moat [3] - The company plans to invest $200 million in CapEx for 2025, ensuring rapid delivery through a global network of production facilities [3] - PLAB's neutral, third-party position allows it to serve multiple fabs simultaneously, mitigating demand volatility from any single customer [3] Growth Potential - Future growth is supported by ongoing semiconductor specialization, reshoring efforts, and the expanding AI data center market [6] - Recent management changes at the CEO and CFO level have demonstrated shareholder-friendly actions, including share repurchases [6] - Overall, PLAB is viewed as a compelling, undervalued opportunity with attractive cash flow and long-term growth potential [7]

Group 1 - Photronics (PLAB) has recently reached a key level of support and has overtaken the 20-day moving average, indicating a short-term bullish trend [1][4] - The stock has gained 6.7% over the past four weeks and is currently ranked Zacks Rank 2 (Buy), suggesting potential for further increases [4] - There have been no lowered earnings estimates in the past two months, with one estimate raised for the current fiscal year, and the consensus estimate has also increased, reinforcing the bullish outlook [4][5] Group 2 - The 20-day simple moving average is a useful tool for traders, smoothing out short-term price trends and providing more trend reversal signals compared to longer-term moving averages [1][2]

[Glossary of Terms and Acronyms](index=4&type=section&id=Glossary%20of%20Terms%20and%20Acronyms) This section defines key industry, financial, and regulatory terms and acronyms used throughout the report - The glossary defines key industry terms such as **Active-matrix organic light-emitting diode (AMOLED)**, **Flat Panel Display (FPD)**, **Integrated circuit (IC)**, and **Low-Temperature Poly Silicon (LTPS)**, as well as financial and regulatory terms like **Accounting Standards Codification (ASC)**, **Accounting Standards Update (ASU)**, **Securities Exchange Act of 1934 (Exchange Act)**, **Securities and Exchange Commission (SEC)**, and **U.S. GAAP**[12](index=12&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section outlines forward-looking statements, emphasizing their non-historical nature and inherent risks that could cause actual results to differ - Forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed[13](index=13&type=chunk)[14](index=14&type=chunk) - The company undertakes no obligation to update any forward-looking statements and cautions users not to place undue reliance on them, as various factors may cause actual results to differ materially[15](index=15&type=chunk) PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents unaudited condensed consolidated financial statements, including balance sheets, income, comprehensive income, equity, and cash flows, with detailed notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric | August 3, 2025 (in thousands) | October 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Cash and cash equivalents | $479,521 | $598,485 | | Short-term investments | $96,277 | $42,184 | | Accounts receivable, net | $190,875 | $200,830 | | Inventories | $63,490 | $56,527 | | Total current assets | $872,236 | $931,062 | | Property, plant and equipment, net | $838,988 | $745,257 | | Total assets | $1,752,765 | $1,712,059 | | Current portion of long-term debt | $11 | $17,972 | | Total current liabilities | $174,925 | $183,811 | | Total liabilities | $214,765 | $231,300 | | Total equity | $1,538,000 | $1,480,759 | - Total assets increased by **$40,706 thousand** from **$1,712,059 thousand** at October 31, 2024, to **$1,752,765 thousand** at August 3, 2025[17](index=17&type=chunk) - Current portion of long-term debt significantly decreased from **$17,972 thousand** at October 31, 2024, to **$11 thousand** at August 3, 2025[17](index=17&type=chunk) [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) | Metric (in thousands) | Three Months Ended Aug 3, 2025 | Three Months Ended Jul 28, 2024 | Nine Months Ended Aug 3, 2025 | Nine Months Ended Jul 28, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | :---------------------------- | :---------------------------- | | Revenue | $210,394 | $210,984 | $633,524 | $644,318 | | Gross profit | $70,855 | $75,138 | $224,296 | $233,644 | | Operating income | $48,161 | $52,148 | $156,054 | $165,690 | | Foreign currency transactions impact, net | $(14,258) | $4,068 | $(26,925) | $9,926 | | Net income attributable to Photronics, Inc. shareholders | $22,891 | $34,388 | $74,604 | $96,819 | | Basic EPS | $0.40 | $0.56 | $1.24 | $1.57 | | Diluted EPS | $0.39 | $0.55 | $1.23 | $1.55 | - Net income attributable to Photronics, Inc. shareholders decreased by **33.4%** for the three months ended August 3, 2025, compared to the prior year period, and by **22.9%** for the nine months ended August 3, 2025[19](index=19&type=chunk) - Foreign currency transactions had a significant negative impact, shifting from a gain of **$4,068 thousand** in Q3 FY24 to a loss of **$14,258 thousand** in Q3 FY25, and from a gain of **$9,926 thousand** in YTD FY24 to a loss of **$26,925 thousand** in YTD FY25[19](index=19&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) | Metric (in thousands) | Three Months Ended Aug 3, 2025 | Three Months Ended Jul 28, 2024 | Nine Months Ended Aug 3, 2025 | Nine Months Ended Jul 28, 2024 | | :-------------------------------------------------- | :----------------------------- | :----------------------------- | :---------------------------- | :---------------------------- | | Net income | $29,139 | $48,169 | $111,613 | $143,623 | | Foreign currency translation adjustments | $29,171 | $(6,114) | $33,380 | $(13,819) | | Comprehensive income attributable to Photronics, Inc. shareholders | $41,682 | $29,840 | $92,418 | $85,073 | - Comprehensive income attributable to Photronics, Inc. shareholders increased by **39.7%** for the three months ended August 3, 2025, and by **8.6%** for the nine months ended August 3, 2025, compared to the prior year periods[22](index=22&type=chunk) - Foreign currency translation adjustments significantly improved, moving from a loss of **$(6,114) thousand** in Q3 FY24 to a gain of **$29,171 thousand** in Q3 FY25, and from a loss of **$(13,819) thousand** in YTD FY24 to a gain of **$33,380 thousand** in YTD FY25[22](index=22&type=chunk) [Condensed Consolidated Statements of Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) | Metric (in thousands) | Balance as of Oct 31, 2024 | Balance as of Aug 3, 2025 | | :------------------------------------------ | :------------------------- | :------------------------ | | Total Photronics, Inc. shareholders' equity | $1,120,864 | $1,125,551 | | Noncontrolling interests | $359,895 | $412,449 | | Total equity | $1,480,759 | $1,538,000 | - Total equity increased by **$57,241 thousand** from **$1,480,759 thousand** at October 31, 2024, to **$1,538,000 thousand** at August 3, 2025[17](index=17&type=chunk)[26](index=26&type=chunk) - The company repurchased **4,988 thousand** common shares at a cost of **$97,422 thousand** during the nine months ended August 3, 2025, impacting additional paid-in capital and retained earnings[26](index=26&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Metric (in thousands) | Nine Months Ended Aug 3, 2025 | Nine Months Ended Jul 28, 2024 | | :------------------------------------ | :---------------------------- | :---------------------------- | | Net cash provided by operating activities | $159,974 | $193,074 | | Net cash used in investing activities | $(173,599) | $(142,058) | | Net cash used in financing activities | $(115,284) | $(6,428) | | Net change in cash, cash equivalents, and restricted cash | $(118,780) | $38,134 | | Cash and cash equivalents at end of period | $479,521 | $537,331 | - Net cash provided by operating activities decreased by **$33,100 thousand (17.1%)** in YTD FY25 compared to YTD FY24, primarily due to decreased net income[29](index=29&type=chunk)[139](index=139&type=chunk) - Net cash used in financing activities increased significantly by **$108,856 thousand** in YTD FY25, primarily driven by **$97,422 thousand** in common stock repurchases and **$13,469 thousand** in debt repayments[29](index=29&type=chunk)[141](index=141&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details the company's accounting policies, significant estimates, and specific financial statement line items, covering business operations, accounting pronouncements, and key account breakdowns [NOTE 1 – NATURE OF BUSINESS AND BASIS OF PRESENTATION](index=12&type=section&id=NOTE%201%20%E2%80%93%20NATURE%20OF%20BUSINESS%20AND%20BASIS%20OF%20PRESENTATION) - Photronics, Inc. is a leading manufacturer of high-precision photomasks for Integrated Circuits (ICs) and Flat Panel Displays (FPDs), operating eleven manufacturing facilities globally in Taiwan (3), South Korea (1), China (2), the United States (3), and Europe (2)[31](index=31&type=chunk) - The company is currently evaluating the impact of new FASB Accounting Standards Updates (ASU 2024-03, ASU 2023-09, ASU 2023-07) on expense disaggregation, income tax disclosures, and segment reporting, with effective dates ranging from fiscal year 2025 to 2028[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [NOTE 2 – ACCOUNTS RECEIVABLE, NET](index=13&type=section&id=NOTE%202%20%E2%80%93%20ACCOUNTS%20RECEIVABLE%2C%20NET) | Component | August 3, 2025 (in thousands) | October 31, 2024 (in thousands) | | :---------------------- | :----------------------------- | :----------------------------- | | Accounts Receivable | $161,658 | $172,741 | | Unbilled Receivables | $30,401 | $29,215 | | Allowance for Credit Losses | $(1,184) | $(1,126) | | **Total Accounts Receivable, net** | **$190,875** | **$200,830** | - Accounts receivable, net, decreased by **$9,955 thousand** from **$200,830 thousand** at October 31, 2024, to **$190,875 thousand** at August 3, 2025[39](index=39&type=chunk) [NOTE 3 – CASH, CASH EQUIVALENTS AND INVESTMENTS](index=13&type=section&id=NOTE%203%20%E2%80%93%20CASH%2C%20CASH%20EQUIVALENTS%20AND%20INVESTMENTS) | Category | August 3, 2025 (in thousands) | October 31, 2024 (in thousands) | | :-------------------------- | :----------------------------- | :----------------------------- | | Cash | $171,146 | $414,074 | | Level 1 (U.S. Gov Securities, Money Market) | $45,271 | $36,322 | | Level 2 (Commercial paper, Time deposits) | $359,381 | $190,273 | | **Total Fair Value** | **$575,798** | **$640,669** | - Total cash, cash equivalents, and short-term investments measured at fair value decreased by **$64,871 thousand** from **$640,669 thousand** at October 31, 2024, to **$575,798 thousand** at August 3, 2025[42](index=42&type=chunk) - The company classifies investments based on maturity, with those maturing within three months as cash and cash equivalents, and those maturing between three months and one year as short-term investments, with fair value measurements categorized into Level 1 and Level 2[40](index=40&type=chunk)[41](index=41&type=chunk) [NOTE 4 - INVENTORIES](index=14&type=section&id=NOTE%204%20-%20INVENTORIES) | Component | August 3, 2025 (in thousands) | October 31, 2024 (in thousands) | | :---------------- | :----------------------------- | :----------------------------- | | Raw materials | $61,908 | $56,128 | | Work in process | $1,560 | $398 | | Finished goods | $22 | $1 | | **Total Inventories** | **$63,490** | **$56,527** | - Total inventories increased by **$6,963 thousand (12.3%)** from **$56,527 thousand** at October 31, 2024, to **$63,490 thousand** at August 3, 2025, primarily driven by increases in raw materials and work in process[45](index=45&type=chunk) [NOTE 5 - PROPERTY, PLANT AND EQUIPMENT, NET](index=15&type=section&id=NOTE%205%20-%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT%2C%20NET) | Component | August 3, 2025 (in thousands) | October 31, 2024 (in thousands) | | :-------------------------- | :----------------------------- | :----------------------------- | | Land | $12,298 | $11,419 | | Buildings and improvements | $192,625 | $188,756 | | Machinery and equipment | $2,143,635 | $1,990,610 | | Leasehold improvements | $21,037 | $19,268 | | Furniture, fixtures, and office equipment | $18,598 | $18,091 | | Construction in progress | $108,743 | $91,213 | | Accumulated depreciation and amortization | $(1,657,948) | $(1,574,100) | | **Total Property, plant and equipment, net** | **$838,988** | **$745,257** | - Property, plant and equipment, net, increased by **$93,731 thousand (12.6%)** from **$745,257 thousand** at October 31, 2024, to **$838,988 thousand** at August 3, 2025, mainly due to increases in machinery and equipment and construction in progress[47](index=47&type=chunk) - The company exercised early buy-out options for a high-end lithography tool and a high-end inspection tool during the first half of fiscal year 2025, significantly reducing ROU assets from finance leases from **$32,293 thousand** to **$5 thousand**[47](index=47&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [NOTE 6 - PDMCX JOINT VENTURE](index=15&type=section&id=NOTE%206%20-%20PDMCX%20JOINT%20VENTURE) - Photronics' joint venture, PDMCX, in Xiamen, China, is consolidated as a Variable Interest Entity (VIE) because Photronics holds a controlling financial interest (**50.01%**) and is deemed the primary beneficiary[50](index=50&type=chunk)[54](index=54&type=chunk) | Period | August 3, 2025 (in thousands) | July 28, 2024 (in thousands) | | :-------------------- | :----------------------------- | :----------------------------- | | Net income from PDMCX | $3,485 | $4,369 | - Photronics' maximum exposure to loss from PDMCX is limited to its interest in the net assets of the joint venture, which was **$153,437 thousand** as of August 3, 2025[56](index=56&type=chunk) [NOTE 7 - DEBT](index=17&type=section&id=NOTE%207%20-%20DEBT) | Component | August 3, 2025 (in thousands) | October 31, 2024 (in thousands) | | :---------------- | :----------------------------- | :----------------------------- | | Current portion of long-term debt | $11 | $17,972 | | Long-term debt | $16 | $25 | | **Total debt** | **$27** | **$17,997** | - Total debt significantly decreased from **$17,997 thousand** at October 31, 2024, to **$27 thousand** at August 3, 2025, primarily due to the exercise of early buy-out options on two high-end finance leases[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - The PDMCX joint venture has an extended revolving, unsecured credit agreement for **CNY 200 million ($25 million)** until July 31, 2026, with no outstanding borrowings as of August 3, 2025[60](index=60&type=chunk) [NOTE 8 – REVENUE](index=18&type=section&id=NOTE%208%20%E2%80%93%20REVENUE) - The company recognizes revenue 'over time' for most photomask sales because they are manufactured to customer specifications and the company has an enforceable right to payment for work completed[61](index=61&type=chunk) | Product Type | Three Months Ended Aug 3, 2025 | Three Months Ended Jul 28, 2024 | Nine Months Ended Aug 3, 2025 | Nine Months Ended Jul 28, 2024 | | :---------------- | :----------------------------- | :----------------------------- | :---------------------------- | :---------------------------- | | IC High-end | $53,648 | $49,499 | $173,053 | $168,417 | | IC Mainstream | $94,176 | $106,385 | $284,605 | $305,984 | | **Total IC** | **$147,824** | **$155,884** | **$457,658** | **$474,401** | | FPD High-end | $53,486 | $48,394 | $146,778 | $146,987 | | FPD Mainstream | $9,084 | $6,706 | $29,088 | $22,930 | | **Total FPD** | **$62,570** | **$55,100** | **$175,866** | **$169,917** | | **Total Revenue** | **$210,394** | **$210,984** | **$633,524** | **$644,318** | | Geographic Origin | Three Months Ended Aug 3, 2025 | Three Months Ended Jul 28, 2024 | Nine Months Ended Aug 3, 2025 | Nine Months Ended Jul 28, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | :---------------------------- | :---------------------------- | | Taiwan | $68,429 | $68,182 | $216,524 | $218,557 | | China | $50,618 | $55,301 | $162,919 | $172,131 | | South Korea | $43,716 | $38,412 | $121,547 | $118,033 | | United States | $37,754 | $38,833 | $105,379 | $104,880 | | Europe | $9,050 | $9,759 | $25,143 | $29,390 | | Other | $827 | $497 | $2,012 | $1,327 | [NOTE 9 - SHARE-BASED COMPENSATION](index=21&type=section&id=NOTE%209%20-%20SHARE-BASED%20COMPENSATION) - The company's 2025 Equity Incentive Compensation Plan was approved, authorizing **5 million shares** for various awards to officers, employees, directors, consultants, advisors, and independent contractors[78](index=78&type=chunk) | Expense Type | Three Months Ended Aug 3, 2025 | Three Months Ended Jul 28, 2024 | Nine Months Ended Aug 3, 2025 | Nine Months Ended Jul 28, 2024 | | :-------------------------- | :----------------------------- | :----------------------------- | :---------------------------- | :---------------------------- | | Cost of goods sold | $816 | $683 | $2,378 | $1,946 | | Selling, general, and administrative | $2,174 | $2,388 | $6,729 | $7,126 | | Research and development | $304 | $271 | $896 | $769 | | **Total expense incurred** | **$3,294** | **$3,342** | **$10,003** | **$9,841** | - Restricted stock units were first granted in Q2 FY25, with **162,666 units** granted in YTD FY25 at a weighted-average grant-date fair value of **$19.61 per share**[82](index=82&type=chunk)[83](index=83&type=chunk) [NOTE 10 - INCOME TAXES](index=23&type=section&id=NOTE%2010%20-%20INCOME%20TAXES) | Reporting Period | U.S. Statutory Tax Rates | Effective Tax Rates | | :-------------------------- | :----------------------- | :------------------ | | Three months ended Aug 3, 2025 | 21.0% | 24.8% | | Three months ended Jul 28, 2024 | 21.0% | 22.7% | | Nine Months Ended Aug 3, 2025 | 21.0% | 23.5% | | Nine Months Ended Jul 28, 2024 | 21.0% | 25.4% | - The effective income tax rate for Q3 FY25 increased to **24.8%** from **22.7%** in Q3 FY24, primarily due to changes in the jurisdictional mix of earnings[89](index=89&type=chunk)[131](index=131&type=chunk) - The company is evaluating the effect of the newly enacted U.S. One Big Beautiful Bill Act (OBBBA), which includes tax provisions effective in fiscal year 2026, and has been notified of a routine income tax audit in a foreign jurisdiction[90](index=90&type=chunk)[92](index=92&type=chunk) [NOTE 11 - EARNINGS PER SHARE](index=24&type=section&id=NOTE%2011%20-%20EARNINGS%20PER%20SHARE) | Metric | Three Months Ended Aug 3, 2025 | Three Months Ended Jul 28, 2024 | Nine Months Ended Aug 3, 2025 | Nine Months Ended Jul 28, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | :---------------------------- | :---------------------------- | | Net income attributable to Photronics, Inc. shareholders | $22,891 | $34,388 | $74,604 | $96,819 | | Weighted-average common shares outstanding (Basic) | 57,937 | 61,815 | 60,274 | 61,681 | | Basic EPS | $0.40 | $0.56 | $1.24 | $1.57 | | Diluted EPS | $0.39 | $0.55 | $1.23 | $1.55 | - Basic EPS decreased from **$0.56** in Q3 FY24 to **$0.40** in Q3 FY25, and from **$1.57** in YTD FY24 to **$1.24** in YTD FY25, primarily due to lower net income attributable to Photronics, Inc. shareholders[93](index=93&type=chunk) - Weighted-average common shares outstanding (basic) decreased by **6.3%** in Q3 FY25 and **2.3%** in YTD FY25 compared to the prior year periods[93](index=93&type=chunk) [NOTE 12 - COMMITMENTS AND CONTINGENCIES](index=25&type=section&id=NOTE%2012%20-%20COMMITMENTS%20AND%20CONTINGENCIES) - As of August 3, 2025, unrecognized commitments for the acquisition of property, plant and equipment totaled **$147.2 million**, with approximately **$32.5 million** having a remaining term in excess of one year[95](index=95&type=chunk) - The company believes that potential liability under various claims arising in the ordinary course of business will not have a material effect on its consolidated financial statements[96](index=96&type=chunk) [NOTE 13 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT](index=25&type=section&id=NOTE%2013%20-%20CHANGES%20IN%20ACCUMULATED%20OTHER%20COMPREHENSIVE%20(LOSS)%20INCOME%20BY%20COMPONENT) | Component | Balance at Oct 31, 2024 | Other comprehensive (loss) income (YTD Aug 3, 2025) | Balance at Aug 3, 2025 | | :------------------------------------------ | :-------------------------- | :------------------------------------------------ | :----------------------- | | Foreign Currency Translation Adjustments | $(85,587) | $33,380 | $(67,762) | | Other | $(732) | $(20) | $(742) | | **Total** | **$(86,319)** | **$33,360** | **$(68,504)** | - Accumulated other comprehensive loss improved from **$(86,319) thousand** at October 31, 2024, to **$(68,504) thousand** at August 3, 2025, primarily driven by positive foreign currency translation adjustments of **$33,380 thousand** for the nine months ended August 3, 2025[98](index=98&type=chunk) [NOTE 14 – SHARE REPURCHASE PROGRAM](index=26&type=section&id=NOTE%2014%20%E2%80%93%20SHARE%20REPURCHASE%20PROGRAM) - During the three-month period ended August 3, 2025, the company repurchased **1.2 million shares** at a cost of **$20.7 million**[100](index=100&type=chunk) - For the nine-month period ended August 3, 2025, the company repurchased **5 million shares** at a cost of **$97.4 million**[100](index=100&type=chunk) - In June 2025, the Board of Directors authorized an additional **$25 million** share repurchase, leaving **$27.6 million** available under this authorization as of August 3, 2025[100](index=100&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial condition and results of operations, analyzing revenue, gross margin, operating expenses, liquidity, cash flows, and critical accounting estimates [Overview](index=27&type=section&id=Overview) - Photronics sells photomasks primarily to semiconductor designers and manufacturers, and FPD manufacturers, with demand driven by design activity rather than sales volumes[103](index=103&type=chunk) - The microelectronics industry is volatile, with cycles tied to consumer-driven high-performance devices, and the company's success depends on being a service and technology leader[103](index=103&type=chunk)[105](index=105&type=chunk) - Typical backlog for FPD photomasks is two to three weeks, and for IC photomasks, one to two weeks, though some IC backlogs can extend to two to three months[104](index=104&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) This section analyzes the company's operating performance, highlighting a slight revenue decrease driven by IC weakness, declining gross margin, mixed operating expense trends, and significant foreign currency impacts [Revenue](index=28&type=section&id=Revenue) | Metric | Q3 FY25 vs Q2 FY25 | Q3 FY25 vs Q3 FY24 | YTD FY25 vs YTD FY24 | | :---------------- | :------------------ | :------------------ | :------------------- | | Total Revenue | $(0.6) (-0.3%) | $(0.6) (-0.3%) | $(10.8) (-1.7%) | | IC Revenue | $(8.1) (-5.2%) | $(8.1) (-5.2%) | $(16.8) (-3.5%) | | FPD Revenue | $7.5 (13.5%) | $7.5 (13.6%) | $6.0 (3.5%) | - IC revenue decreased by **$8.1 million (5.2%)** in Q3 FY25 compared to both Q2 FY25 and Q3 FY24, primarily due to reduced high-end and mainstream demand in Asia, influenced by geopolitical trade restrictions and tariff negotiations[116](index=116&type=chunk) - FPD revenue increased by **$7.5 million (13.5%)** in Q3 FY25 compared to Q2 FY25, and by **$7.5 million (13.6%)** compared to Q3 FY24, driven by increased high-end and mainstream demand, particularly in South Korea[117](index=117&type=chunk) [Gross Margin](index=31&type=section&id=Gross%20Margin) | Metric | Q3 FY25 | Q2 FY25 | Q3 FY24 | YTD FY25 | YTD FY24 | | :---------- | :------ | :------ | :------ | :------- | :------- | | Gross profit | $70.9 | $77.9 | $75.1 | $224.3 | $233.6 | | Gross margin | 33.7% | 36.9% | 35.6% | 35.4% | 36.3% | - Gross margin decreased by **320 basis points** in Q3 FY25 compared to Q2 FY25, primarily due to an unfavorable product mix, leading to an **8.2%** increase in material costs (**207 basis points** as a percentage of revenue) and a **6.3%** increase in labor and benefits costs (**70 basis points** as a percentage of revenue)[118](index=118&type=chunk) - Gross margin decreased by **90 basis points** in YTD FY25 compared to YTD FY24, mainly due to a **1.7%** decrease in revenue and an unfavorable product mix resulting in a **2.5%** increase in material costs (**102 basis points** as a percentage of revenue)[120](index=120&type=chunk) [Selling, General and Administrative Expenses](index=31&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) | Period | Q3 FY25 | Q2 FY25 | Q3 FY24 | YTD FY25 | YTD FY24 | | :-------------------- | :------ | :------ | :------ | :------- | :------- | | SG&A Expenses | $18.4 | $18.1 | $19.4 | $55.6 | $56.8 | - Selling, general and administrative (SG&A) expenses increased by **$0.3 million** in Q3 FY25 from Q2 FY25 due to higher professional fees, but decreased by **$1.0 million** from Q3 FY24 due to reduced professional fees[121](index=121&type=chunk) - SG&A expenses decreased by **$1.2 million** in YTD FY25 compared to YTD FY24, primarily due to a **$1.1 million** decrease in labor and benefits costs[122](index=122&type=chunk) [Research and Development Expenses](index=31&type=section&id=Research%20and%20Development%20Expenses) | Period | Q3 FY25 | Q2 FY25 | Q3 FY24 | YTD FY25 | YTD FY24 | | :-------------------- | :------ | :------ | :------ | :------- | :------- | | R&D Expenses | $4.3 | $4.1 | $3.6 | $12.6 | $11.3 | - Research and development (R&D) expenses increased in Q3 FY25 compared to Q2 FY25 and Q3 FY24, primarily due to increased qualification activities in Asia[123](index=123&type=chunk) - R&D expenses increased by **$1.3 million** in YTD FY25 compared to YTD FY24, driven by increased development activities in the U.S.[124](index=124&type=chunk) [Other Income (Expense), net](index=32&type=section&id=Other%20Income%20(Expense)%2C%20net) | Metric | Q3 FY25 | Q2 FY25 | Q3 FY24 | YTD FY25 | YTD FY24 | | :---------------------------------- | :------ | :------ | :------ | :------- | :------- | | Foreign currency transactions impact, net | $(14.3) | $(31.1) | $4.1 | $(26.9) | $9.9 | | Interest income and other income, net | $4.8 | $5.3 | $6.1 | $16.8 | $17.3 | | **Other income (expense), net** | **$(9.4)** | **$(25.8)** | **$10.1** | **$(10.2)** | **$26.9** | - Other Expense, net, decreased by **$16.4 million** in Q3 FY25 from Q2 FY25, primarily due to favorable movements of the New Taiwan dollar and South Korean won against the U.S. dollar[127](index=127&type=chunk) - Other Expense, net, increased by **$19.5 million** in Q3 FY25 from Q3 FY24 and by **$37.1 million** in YTD FY25 from YTD FY24, mainly driven by unfavorable foreign currency impacts[127](index=127&type=chunk)[128](index=128&type=chunk) [Income Tax Provision](index=32&type=section&id=Income%20Tax%20Provision) | Period | Q3 FY25 | Q2 FY25 | Q3 FY24 | YTD FY25 | YTD FY24 | | :-------------------- | :------ | :------ | :------ | :------- | :------- | | Income tax provision | $9.6 | $5.7 | $14.1 | $34.2 | $49.0 | | Effective income tax rate | 24.8% | 19.1% | 22.7% | 23.5% | 25.4% | - The effective income tax rate increased in Q3 FY25 compared with Q2 FY25 and Q3 FY24, primarily due to changes in the jurisdictional mix of earnings[131](index=131&type=chunk) - The company is monitoring the EU's Pillar Two Directive (minimum **15%** effective tax rate) and evaluating the impact of the U.S. One Big Beautiful Bill Act (OBBBA), effective in fiscal year 2026[129](index=129&type=chunk)[130](index=130&type=chunk) [Net Income Attributable to Noncontrolling Interests](index=33&type=section&id=Net%20Income%20Attributable%20to%20Noncontrolling%20Interests) | Period | Q3 FY25 | Q2 FY25 | Q3 FY24 | YTD FY25 | YTD FY24 | | :-------------------- | :------ | :------ | :------ | :------- | :------- | | Net income attributable to noncontrolling interests | $6.2 | $15.4 | $13.8 | $37.0 | $46.8 | - Net income attributable to noncontrolling interests decreased in Q3 FY25 compared to Q2 FY25 and Q3 FY24, and in YTD FY25 compared to YTD FY24, as a result of decreased net income from the company's joint ventures[133](index=133&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's financial position, cash management, and capital allocation strategies, detailing cash flow changes, capital expenditures, and significant share repurchases [Cash Flows](index=34&type=section&id=Cash%20Flows) | Activity | YTD FY25 | YTD FY24 | Change | | :-------------------------------- | :------- | :------- | :------- | | Net cash provided by operating activities | $160.0 | $193.1 | $(33.1) | | Net cash used in investing activities | $(173.6) | $(142.1) | $(31.5) | | Net cash used in financing activities | $(115.3) | $(6.4) | $(108.9) | - Net cash provided by operating activities decreased by **$33.1 million** in YTD FY25 compared to YTD FY24, primarily due to decreased net income[139](index=139&type=chunk) - Net cash used in financing activities increased by **$108.9 million** in YTD FY25, primarily driven by **$97.4 million** in common stock repurchases and **$13.5 million** in debt repayments[141](index=141&type=chunk) [Non-GAAP Financial Measures](index=34&type=section&id=Non-GAAP%20Financial%20Measures) - The company uses non-GAAP financial measures (Net Income and Diluted EPS attributable to Photronics, Inc. shareholders) to provide a more meaningful comparison of its core business performance, excluding items like FX gain/loss and their estimated tax and noncontrolling interest effects[143](index=143&type=chunk) | Metric | Three Months Ended Aug 3, 2025 | Three Months Ended May 4, 2025 | Three Months Ended Jul 28, 2024 | | :---------------------------------------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | U.S. GAAP Net Income attributable to Photronics, Inc. shareholders | $22,891 | $8,861 | $34,388 | | FX (gain) loss | $14,258 | $31,111 | $(4,068) | | Non-GAAP Net Income attributable to Photronics, Inc. shareholders | $29,356 | $24,259 | $31,915 | | U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders | $0.39 | $0.15 | $0.55 | | Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders | $0.51 | $0.40 | $0.51 | [Business Outlook](index=35&type=section&id=Business%20Outlook) - The company's current business outlook and guidance were provided in its Q3 FY25 earnings press release, earnings presentation, and financial results conference call, accessible on its investor website[146](index=146&type=chunk) - Future results of operations and forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, as discussed in the 2024 Form 10-K and this Form 10-Q[147](index=147&type=chunk) [Critical Accounting Estimates](index=35&type=section&id=Critical%20Accounting%20Estimates) - There have been no material changes to the company's critical accounting estimates since the filing of its Form 10-K for the year ended October 31, 2024[148](index=148&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces foreign currency exchange rate risk, primarily from the South Korean won, New Taiwan dollar, and Chinese yuan, with a 10% adverse movement potentially causing a **$69.7 million** pre-tax loss - The company's primary net foreign currency exposures as of August 3, 2025, included the South Korean won (**$24.9 million**), Japanese yen, New Taiwan dollar (**$36.1 million**), and Chinese yuan (**$5.4 million**)[151](index=151&type=chunk) - A **10%** adverse movement in the value of currencies different from the functional currencies of its subsidiaries would have resulted in a net unrealized pre-tax loss of **$69.7 million** as of August 3, 2025[151](index=151&type=chunk) - The company attempts to minimize foreign currency transaction losses by producing products in the same country where they are sold and by managing working capital, and may use derivative contracts for significant obligations or receivables[150](index=150&type=chunk) - Interest rate risk is not material as there were no variable rate borrowings outstanding as of August 3, 2025[152](index=152&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of August 3, 2025, with no material changes in internal control over financial reporting - Management, under the supervision of the CEO and CFO, evaluated and concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of August 3, 2025[154](index=154&type=chunk) - There were no changes in the company's internal control over financial reporting during the third fiscal quarter ended August 3, 2025, that materially affected or are reasonably likely to materially affect it[155](index=155&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) Information on legal proceedings is referenced in Note 12 of Part I, Item 1, which states that potential liabilities will not have a material effect on consolidated financial statements - Information on legal proceedings is cross-referenced to Note 12 within Part I, Item 1 of this report[156](index=156&type=chunk) - The company believes that its potential liability under various claims arising in the ordinary course of business will not have a material effect on its consolidated financial statements[96](index=96&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors since the 2024 Form 10-K, except for new risks related to tariffs and global trade policies that may increase costs and reduce demand - There have been no material changes to the company's risk factors as set forth in its 2024 Form 10-K, except for the addition of risks related to tariffs and global trade policies[157](index=157&type=chunk) - New tariffs and trade restrictions, such as those from the U.S. One Big Beautiful Bill Act (OBBBA) and Section 232 investigations, may increase supply chain costs, reduce demand, and negatively affect customer purchasing behavior, potentially impacting the company's business, financial condition, and results of operations[158](index=158&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Under its share repurchase program, Photronics repurchased **1.2 million shares** for **$20.7 million** in Q3 FY25 and **5 million shares** for **$97.4 million** in YTD FY25 - During the three-month period ended August 3, 2025, the company repurchased **1.2 million shares** at a cost of **$20.7 million** under its share repurchase program[159](index=159&type=chunk) - For the nine-month period ended August 3, 2025, the company repurchased **5 million shares** at a cost of **$97.4 million**[159](index=159&type=chunk) - In June 2025, the Board of Directors authorized an additional **$25 million** share repurchase, resulting in **$27.6 million** remaining available under this authorization as of August 3, 2025[159](index=159&type=chunk) | Period | Total Number of Shares Purchased | Average Price Paid Per share | Dollar Value of Shares That May Yet Be Purchased (in millions) | | :-------------------------- | :----------------------------- | :--------------------------- | :------------------------------------------------------------- | | May 5, 2025 – June 1, 2025 | 366,900 | $17.34 | $16.9 | | June 2, 2025 – June 29, 2025 | 810,630 | $17.72 | $27.6 | | June 30, 2025 – August 3, 2025 | - | $- | $27.6 | | **Total** | **1,177,530** | | | [Item 3. Defaults Upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities reported for the period - No defaults upon senior securities were reported[162](index=162&type=chunk) [Item 4. Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Mine Safety Disclosures are not applicable to Photronics, Inc.[163](index=163&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading arrangements were adopted or terminated by any director or officer during the quarter ended August 3, 2025 - No Rule 10b5-1 trading arrangements were adopted or terminated, including by modification, by any director or officer during the quarter ended August 3, 2025[164](index=164&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from the Chief Executive Officer and Chief Financial Officer and various Inline XBRL documents - Exhibits filed include certifications of the Chief Executive Officer and Chief Financial Officer (Exhibits 31.1, 31.2, 32.1, 32.2) and various Inline XBRL documents (Exhibits 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[165](index=165&type=chunk) [SIGNATURES](index=40&type=section&id=SIGNATURES) The report is duly signed on behalf of Photronics, Inc. by Eric Rivera, Executive Vice President and Chief Financial Officer, on September 9, 2025 - The report was signed by Eric Rivera, Executive Vice President, Chief Financial Officer (Principal Financial Officer/Principal Accounting Officer) on behalf of Photronics, Inc. on September 9, 2025[167](index=167&type=chunk)

Financial Data and Key Metrics Changes - The company reported sales of $210 million, which was flat year over year and sequentially [4] - Non-GAAP diluted EPS was $0.51, exceeding guidance [4] - Operating cash flow represented 25% of revenue, with consolidated cash and short-term investments totaling $576 million [4][18] - Gross margin was reported at 34%, and operating margin was 23%, both above expectations [16] Business Line Data and Key Metrics Changes - Integrated Circuits (IC) revenue was $148 million, reflecting a 5% year-over-year decline, with high-end IC revenue increasing by 8% [13][14] - Flat Panel Display (FPD) revenue was $63 million, up 14% year over year, driven by strong demand in Korea [14][11] Market Data and Key Metrics Changes - Geographically, Taiwan accounted for 33% of total revenue, China for 24%, Korea for 21%, and the U.S. and Europe together accounted for 22% [15] - The company has built a strong FPD business in China, with IC operations generated from a joint venture in Xiamen [16] Company Strategy and Development Direction - The company is focusing on geographic diversification of revenue, with expansion plans in the U.S. and capability extensions in Asia [5][8] - Investments are being made in high-end production capabilities and clean room facilities to meet increased demand [6][7] - The company aims to leverage its strong balance sheet for future growth and competitive advantages [5] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding near-term demand due to geopolitical uncertainties and trade restrictions impacting customers [19] - The company anticipates fourth-quarter revenue in the range of $201 million to $209 million, with operating margins expected between 20% and 22% [19][20] Other Important Information - The company repurchased $21 million worth of stock in the quarter, with a total of $97 million year-to-date [5][18] - Capital expenditures are projected to be $200 million for fiscal 2025, focusing on capacity expansion and technology improvements [18] Q&A Session Summary Question: Will the fourth-quarter mix be similar to the third quarter? - Management confirmed that the mix in the fourth quarter is expected to be similar to that of the third quarter [22] Question: Do tariffs and trade restrictions impact the company directly? - Management clarified that while trade restrictions do not impact the company directly, they do affect customers and material purchases [24] Question: Are investments in higher-end nodes aimed at serving major customers like Samsung and TSMC? - Management confirmed that investments in higher-end nodes are indeed for major customers, including Samsung [26] Question: What end market products will the six to eight nanometer chips serve? - The new chips are primarily for high-end processors, including applications in edge AI devices and mobile communications [32] Question: Will capital expenditures normalize back to historical levels soon? - Management indicated that elevated CapEx is expected to continue for about three years due to end-of-life tool replacements and strategic investments [38][41] Question: How does U.S. government involvement with Intel affect the company? - Management noted that a stronger Intel could benefit the company, as Intel is a customer [60][64]

Financial Data and Key Metrics Changes - The company reported sales of $210 million, which was flat year over year and sequentially [4] - Non-GAAP diluted EPS was $0.51, exceeding guidance [4] - Operating cash flow was 25% of revenue, contributing to a strong balance sheet with $576 million in cash and short-term investments [4][19] - Gross margin was reported at 34%, and operating margin was 23%, both above expectations [17] Business Line Data and Key Metrics Changes - Integrated Circuits (IC) revenue was $148 million, reflecting a 5% decline year over year, with high-end IC revenue increasing by 8% [14][15] - Flat Panel Display (FPD) revenue was $63 million, up 14% year over year, driven by strong demand in Korea [15][12] Market Data and Key Metrics Changes - Geographically, Taiwan accounted for 33% of total revenue, China for 24%, Korea for 21%, and the U.S. and Europe together accounted for 22% [16] - The company noted challenges in the IC market due to geopolitical trade restrictions, particularly affecting demand in Asia [11] Company Strategy and Development Direction - The company is focusing on geographic revenue diversification, with expansion plans in the U.S. and capability enhancements in Asia [5][8] - Investments are being made in high-end production capabilities and clean room facilities to meet increased demand [6][7] - The company aims to leverage its strong balance sheet for future growth and competitive advantages [5] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding near-term demand due to geopolitical uncertainties and the uneven nature of product demand [20] - The company anticipates fourth-quarter revenue to be in the range of $201 million to $209 million, with operating margins expected between 20% to 22% [20] Other Important Information - The company repurchased $21 million worth of stock in the quarter, with a total of $97 million year-to-date [5][19] - Capital expenditures (CapEx) are projected to be $200 million for fiscal 2025, focusing on capacity expansion and technology improvements [19] Q&A Session Summary Question: Will the fourth quarter mix be similar to the third quarter? - Yes, the mix in the fourth quarter is expected to be similar to that of the third quarter [23] Question: Do tariffs and trade restrictions impact the company directly? - The impact is indirect, affecting customers more than the company itself [24][25] Question: Are investments in higher-end nodes aimed at serving major customers like Samsung and TSMC? - Yes, the investments are targeted at higher-end nodes for major customers [27] Question: What end market products will the six to eight nanometer chips serve? - The chips will primarily serve high-end processors, including applications in edge AI and EVs [34] Question: Will CapEx normalize back to historical levels soon? - CapEx is expected to remain elevated for about three years due to ongoing investments and end-of-life tool replacements [40][44] Question: How does the U.S. government's involvement with Intel affect the company? - Strengthening Intel could benefit the company as it is a customer, leading to potential outsourcing opportunities [65][68]

Financial Performance & Strategic Focus - Photronics' revenue for the trailing twelve months reached $856 million[12] - The company's operating income for the same period was $212 million[12] - Operating cash flow totaled $228 million[12] - The company's market capitalization stood at $1.21 billion as of August 21, 2025[12] - Q3 2025 revenue was $210.4 million with a gross margin of 33.7% and an operating margin of 22.9%[60] - Non-GAAP diluted EPS for Q3 2025 was $0.51[60] - The company repurchased 1.18 million shares for $20.7 million in Q3 2025[61] Market Position & Growth Drivers - High-end products accounted for 36% of IC revenue and 85% of FPD revenue in Q3 2025[63, 64] - The company anticipates capital expenditures of approximately $200 million in fiscal year 2025[68, 69, 72] - Revenue by geographic origin: Taiwan 34%, China 26%, Korea 19%, US 17%, Europe 4%[12]