Photronics Reports Full Year and Fourth Quarter Fiscal 2025 Results

Core Insights - Photronics, Inc. reported strong financial results for the fourth quarter and full year of fiscal 2025, achieving record high end revenue, particularly in the United States [2][3]. Full Year Fiscal 2025 Results - Total revenue for fiscal year 2025 was $849.3 million, a decrease of 2.0% year-over-year [7]. - GAAP net income attributable to Photronics, Inc. shareholders was $136.4 million, or $2.28 per diluted share, compared to $130.7 million, or $2.09 per diluted share in 2024 [7]. - Non-GAAP net income attributable to Photronics, Inc. shareholders was $120.6 million, or $2.01 per diluted share, down from $127.6 million, or $2.05 per diluted share in 2024 [7]. - Integrated Circuit (IC) revenue was $615.1 million, down 4% year-over-year, while Flat Panel Display (FPD) revenue was $234.2 million, up 2% year-over-year [7]. Fourth Quarter Fiscal 2025 Results - Revenue for the fourth quarter was $215.8 million, down 3.1% year-over-year but up 2.6% sequentially [7]. - GAAP net income attributable to Photronics, Inc. shareholders was $61.8 million, or $1.07 per diluted share, compared to $33.9 million, or $0.54 per diluted share in the fourth quarter of 2024 [7]. - Non-GAAP net income attributable to Photronics, Inc. shareholders was $34.6 million, or $0.60 per diluted share, compared to $37.1 million, or $0.59 per diluted share in the fourth quarter of 2024 [7]. - IC revenue for the fourth quarter was $157.4 million, down 4% year-over-year but up 7% sequentially [7]. - FPD revenue was $58.3 million, down 1% year-over-year and down 7% sequentially [7]. Cash Flow and Investments - Cash generated from operating activities for the year was $247.8 million, with cash invested in organic growth through capital expenditures totaling $188.1 million [7]. - For the fourth quarter, cash generated from operating activities was $87.8 million, with cash invested in capital expenditures amounting to $67.5 million [7]. Guidance for First Quarter Fiscal 2026 - Photronics expects revenue for the first quarter of fiscal 2026 to be between $217 million and $225 million, with non-GAAP net income attributable to shareholders projected to be between $0.51 and $0.59 per diluted share [5].