# Photronics, Inc. (PLAB) Q3 2025 Financial Results Summary
Photronics, Inc. (NASDAQ: PLAB) released its financial results for the third quarter of fiscal 2025 on August 27, 2025. Below is a summary of the key metrics from the report.
## Financial Highlights
– **Revenue**:
– $210.4 million
– Decreased by **0.3%** year-over-year and **0.3%** sequentially.
– **Net Income**:
– **GAAP Net Income**:
– $22.9 million, or $0.39 per diluted share
– Decreased from $34.4 million, or $0.55 per diluted share in Q3 2024.
– **Non-GAAP Net Income**:
– $29.4 million, or $0.51 per diluted share
– Slightly down from $31.9 million, or $0.51 per diluted share in Q3 2024.
– **IC Revenue**:
– $147.8 million
– Decreased by **5%** year-over-year and **5%** sequentially.
– **FPD Revenue**:
– $62.6 million
– Up by **14%** year-over-year and **14%** sequentially.
– **Gross Profit**:
– $70.9 million
– Gross margin at **33.7%**, which is down from **35.6%** a year ago.
– **Operating Income**:
– $48.2 million
– Operating margin at **22.9%**, down from **24.7%** in Q3 2024.
– **Cash and Investments**:
– Ended the quarter with $575.8 million in cash, cash equivalents, and short-term investments, of which $396.8 million is associated with Joint Ventures.
– **Cash Flow**:
– **Cash generated from operating activities**: $50.1 million.
– **Cash invested in growth via capital expenditures**: $24.8 million.
– **Cash returned to shareholders through share repurchases**: $20.7 million.
– The Board of Directors approved a **$25.0 million** increase in share repurchase authorization.
## Future Outlook
– **Revenue Guidance** for Q4 2025 anticipates a range between **$201 million** and **$209 million**.
– **Non-GAAP Net Income Guidance** for Q4 is expected to be between **$0.42** and **$0.48** per diluted share.
## Summary
In summary, Photronics’ performance in Q3 2025 reflected a modest decline in both revenue and net income compared to the previous year, though FPD revenue showed notable growth. The company remains focused on operational efficiency and plans to continue investing in sustainable growth opportunities while returning capital to shareholders through share buybacks.
Here are the extracted tables from the press release in HTML format:
### PHOTRONICS, INC. Condensed Consolidated Statements of Income (in thousands, except per share amounts) (Unaudited)
| Three Months Ended | Nine Months Ended | August 3, 2025 | May 4, 2025 | July 28, 2024 | August 3, 2025 | July 28, 2024 |
|---|---|---|---|---|---|---|
| Revenue | $210,394 | $210,992 | $210,984 | $633,524 | $644,318 | |
| Cost of goods sold | 139,539 | 133,086 | 135,846 | 409,228 | 410,674 | |
| Gross Profit | 70,855 | 77,906 | 75,138 | 224,296 | 233,644 | |
| Gross margin % | 33.7% | 36.9% | 35.6% | 35.4% | 36.3% | |
| Operating Expenses: | ||||||
| Selling, general and administrative | 18,423 | 18,099 | 19,436 | 55,624 | 56,753 | |
| Research and development | 4,271 | 4,090 | 3,555 | 12,618 | 11,291 | |
| Total Operating Expenses | 22,694 | 22,189 | 22,991 | 68,242 | 68,044 | |
| Other operating gain | – | – | 1 | – | 90 | |
| Operating Income | 48,161 | 55,717 | 52,148 | 156,054 | 165,690 | |
| Operating Margin | 22.9% | 26.4% | 24.7% | 24.6% | 25.7% | |
| Non-operating (loss) income, net | (9,428) | (25,786) | 10,145 | (10,232) | 26,931 | |
| Income Before Income Tax Provision | 38,733 | 29,931 | 62,293 | 145,822 | 192,621 | |
| Income tax provision | 9,594 | 5,714 | 14,124 | 34,209 | 48,998 | |
| Net Income | 29,139 | 24,217 | 48,169 | 111,613 | 143,623 | |
| Net income attributable to noncontrolling interests | 6,248 | 15,356 | 13,781 | 37,009 | 46,804 | |
| Net income attributable to Photronics, Inc. shareholders | $22,891 | $8,861 | $34,388 | $74,604 | $96,819 | |
| Earnings per share attributed to Photronics, Inc. shareholders: | ||||||
| Basic | $0.40 | $0.15 | $0.56 | $1.24 | $1.57 | |
| Diluted | $0.39 | $0.15 | $0.55 | $1.23 | $1.55 | |
| Weighted-average number of common shares outstanding: | ||||||
| Basic | 57,937 | 60,793 | 61,815 | 60,274 | 61,681 | |
| Diluted | 58,068 | 60,974 | 62,414 | 60,567 | 62,369 |
### PHOTRONICS, INC. Condensed Consolidated Balance Sheets (in thousands) (Unaudited)
| Assets | August 3, 2025 | October 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $479,521 | $598,485 |
| Short-term investments | 96,277 | 42,184 |
| Accounts receivable | 190,875 | 200,830 |
| Inventories | 63,490 | 56,527 |
| Other current assets | 42,073 | 33,036 |
| Total current assets | 872,236 | 931,062 |
| Property, plant and equipment, net | 838,988 | 745,257 |
| Other assets | 41,541 | 35,740 |
| Total assets | $1,752,765 | $1,712,059 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Current portion of long-term debt | $11 | $17,972 |
| Accounts payable and accrued liabilities | 174,914 | 165,839 |
| Total current liabilities | 174,925 | 183,811 |
| Long-term debt | 16 | 25 |
| Other liabilities | 39,824 | 47,464 |
| Equity: | ||
| Photronics, Inc. shareholders’ equity | 1,125,551 | 1,120,864 |
| Noncontrolling interests | 412,449 | 359,895 |
| Total equity | 1,538,000 | 1,480,759 |
| Total liabilities and equity | $1,752,765 | $1,712,059 |
