Photronics Reports First Quarter Fiscal 2026 Results

Core Viewpoint - Photronics, Inc. reported strong financial results for the first quarter of fiscal year 2026, achieving record high-end integrated circuit (IC) revenue for the second consecutive quarter, while continuing to expand its facilities and improve operational processes to diversify its geographic revenue mix [2][7]. Financial Performance - Revenue for the first quarter of fiscal 2026 was $225.1 million, representing a 6.1% increase year-over-year and a 4.3% increase sequentially [7]. - GAAP net income attributable to Photronics, Inc. shareholders was $42.9 million, or $0.74 per diluted share, compared to $42.9 million, or $0.68 per diluted share, in the first quarter of 2025, and $61.8 million, or $1.07 per diluted share, in the fourth quarter of 2025 [7][13]. - Non-GAAP net income attributable to Photronics, Inc. shareholders was $35.7 million, or $0.61 per diluted share, compared to $32.4 million, or $0.52 per diluted share in the first quarter of 2025, and $34.6 million, or $0.60 per diluted share in the fourth quarter of 2025 [7][23]. Revenue Breakdown - Integrated Circuit (IC) revenue was $165.3 million, an increase of 7% year-over-year and up 5% sequentially [7]. - Flat Panel Display (FPD) revenue was $59.8 million, an increase of 3% both year-over-year and sequentially [7]. Cash and Investments - Cash, cash equivalents, and short-term investments at the end of the quarter totaled $636.9 million, with $459.1 million associated with joint ventures [7]. - Cash generated from operating activities was $97.3 million, while cash invested in organic growth through capital expenditures was $47.6 million [7]. Second Quarter Guidance - For the second quarter of fiscal 2026, Photronics expects revenue to be between $212 million and $220 million, and non-GAAP diluted earnings per share attributable to shareholders to be between $0.49 and $0.55 [3]. Company Overview - Photronics is a leading manufacturer of photomasks for integrated circuits and flat panel displays, operating 11 manufacturing facilities across Asia, Europe, and North America [5].