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Highlights:
PLAB's revenue for the third quarter of fiscal 2025 was $210.4 million, essentially flat year-over-year and sequentially.
Non-GAAP net income attributable to shareholders was $29.4 million, or $0.51 per diluted share, compared with $31.9 million in the prior-year period.
The Board of Directors approved an additional $25.0 million increase to the company’s share repurchase authorization.
Photronics, Inc. (NASDAQ:PLAB), a global provider of photomask technologies and solutions, has released its financial results for the third quarter of fiscal year 2025, ended August 3, 2025. The company also issued guidance for the upcoming quarter and announced an expansion of its share repurchase program.
Third Quarter Fiscal 2025 Performance
Photronics reported revenue of $210.4 million, representing a decline of 0.3% year-over-year and sequentially. Within the business segments, integrated circuit (IC) revenue was $147.8 million, down 5% compared to the same quarter last year and sequentially. In contrast, flat panel display (FPD) revenue increased to $62.6 million, marking a 14% rise year-over-year and sequentially.
GAAP net income attributable to shareholders was $22.9 million, or $0.39 per diluted share. This compares to $34.4 million, or $0.55 per diluted share, in the third quarter of fiscal 2024, and $8.9 million, or $0.15 per diluted share, in the second quarter of fiscal 2025.
On a non-GAAP basis, net income attributable to shareholders totaled $29.4 million, or $0.51 per diluted share. This figure was slightly below the $31.9 million, or $0.51 per diluted share, recorded in the third quarter of 2024, but above the $24.3 million, or $0.40 per diluted share, in the prior quarter.
Balance Sheet and Capital Allocation
As of August 3, 2025, cash, cash equivalents, and short-term investments stood at $575.8 million, of which $396.8 million was associated with joint ventures in which Photronics holds a 50% stake.
Cash generated from operating activities during the quarter was $50.1 million. The company invested $24.8 million in capital expenditures for organic growth and returned $20.7 million to shareholders through share repurchases.
In addition, the Board of Directors approved an increase of $25.0 million to the existing share repurchase program, enhancing capital return flexibility.
Outlook for Fourth Quarter Fiscal 2025
Looking ahead, Photronics expects fourth-quarter revenue to range between $201 million and $209 million. Non-GAAP net income attributable to shareholders is projected between $0.42 and $0.48 per diluted share.
The company stated that it remains focused on driving performance across both its IC and FPD businesses while maintaining disciplined capital allocation and strategic investments.
