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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
 
 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported) 
     
August 26, 2026
 
 
PHOTRONICS, INC.
(Exact name of registrant as specified in its charter)
        
 
 
 
Connecticut
0-15451
   06-0854886
(State or Other Jurisdiction of Incorporation)
(Commission File Number)     
(IRS Employer Identification No.)
 
 
 
15 Secor Road, Brookfield, CT
 
06804
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s Telephone Number, including area code
 
(203) 775-9000
     
 
__________________________________________________________
(Former name or former address, if changed since last report)
 
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
COMMON STOCK, $0.01 par value per share
PLAB
NASDAQ Global Select Market
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
Item 2.02.
Results of Operations and Financial Condition.
On August 26, 2026, Photronics, Inc. (the “Company”) issued a press release reporting third quarter fiscal 2026 financial results.
 
On August 26, 2026, the Company will conduct a conference call with respect to its financial results and other matters during which it will also disclose a slide presentation.
 
A copy of the press release reporting the third quarter fiscal 2026 earnings is furnished as Exhibit 99.1 to this report and a copy of the slide presentation is furnished as Exhibit 99.2 to this report. The information contained in this Item 2.02 and the attached Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01. Financial Statements and Exhibits.
 
(d)
 
 Exhibits
 
 
 
 Press Release dated August 26, 2026.
 
 
Photronics Q3 2026 Financial Results Conference Call August 26, 2026 slides.
 
10.4
 
Cover Page Interactive Data File (embedded within the Inline XBLR document)
 
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
PHOTRONICS, INC.
(Registrant)
 
By: /s/ Christopher J. Lutzo
 
 
 
 
 
 
Name:
Christopher J. Lutzo
 
 
 
Title:
Vice President,
General Counsel and Secretary
 
Date:  August 26, 2026
0000810136 false 0000810136 2026-08-26 2026-08-26
EX-99.1 2 plabQ32026EarningsEx99-1PR.htm EX-99.1
Photronics Reports Third Quarter 2026 Results
 
BROOKFIELD, Conn. August 26, 2026 (GLOBE NEWSWIRE) — Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its third quarter of fiscal year 2026 ended August 2, 2026.
Commenting on the third quarter performance, Chairman and CEO George Macricostas said, “We are pleased to recognize a recovery of some of the temporarily delayed semiconductor design releases that occurred back in our fiscal Q2. Continued high fab utilization rates throughout the industry have been a positive influence toward node migration trends, resulting in a record percentage for our high-end I.C. business at 44% of total I.C. revenue. Our investments in the U.S. and Korea remain on track as we continue to strengthen our position at the high end of the market over the coming years.”
Third Quarter Fiscal 2026 Results
•
Revenue was $216.0 million, an increase of 2.7% year-over-year and 2.9% sequentially.
•
GAAP Net income attributable to Photronics, Inc. shareholders was $28.9 million, or $0.49 per diluted share, compared with $22.9 million, or $0.39 per diluted share, in the third quarter of 2025 and $31.4 million, or $0.54 per diluted share, in the second quarter of 2026.
•
Non-GAAP Net income attributable to Photronics, Inc. shareholders was $29.4 million, or $0.50 per diluted share, compared with $29.4 million, or $0.51 per diluted share in the third quarter of 2025 and $24.9 million, or $0.42 per diluted share, in the second quarter of 2026.
•
IC revenue was $154.7 million, an increase of 5% both year-over-year and sequentially.
•
FPD revenue was $61.4 million, a decrease of 2% both year-over-year and sequentially.
•
Cash, cash equivalents and short-term investments at the end of the quarter were $672.8 million, of which $503.5 million was associated with our Joint Ventures, of which we own 50.01%.
•
Cash generated from operating activities was $76.3 million, and cash invested in organic growth through capital expenditures was $37.0 million.
Fourth Quarter Fiscal 2026 Guidance
For the fourth quarter of fiscal 2026, Photronics expects:
•
Revenue to be between $207 million and $227 million,
•
Operating margin to be between 19% and 24%, and
•
Non-GAAP diluted EPS attributable to Photronics, Inc. shareholders to be between $0.40 and $0.56 per share.
Estimated Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders is a Non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” below for details regarding this measure, as well as the tables providing a reconciliation of historical non-GAAP financial measures to the most comparable U.S. GAAP measures.
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Earnings Conference Call and Webcast
An earnings conference call and webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on August 26, 2026. The call will be broadcast live and on-demand on the Events and Presentations link on the Photronics website. Analysts and investors who wish to participate in the Q&A portion of the call should click Conference Registration. It is suggested that participants register fifteen minutes prior to the call's scheduled start time. 
About Photronics
Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks, which are high precision photographic quartz or glass plates that contain microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates. Founded in 1969, Photronics has been a trusted photomask supplier for over 56 years. The company operates 11 strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the company can be accessed at www.photronics.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” regarding our industry, our strategic position, and our financial and operating results.  These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially.  Please refer to Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results. 
Non-GAAP Financial Measures
Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. historical financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statements of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations below.
Photronics, Inc. does not provide a quantitative reconciliation of the Company’s projected range of Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders to U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders, which is the most directly comparable GAAP measure, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company’s Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders guidance for the fiscal quarter ending October 31, 2026 excludes certain items that are inherently uncertain and difficult to predict, including certain unpredictable charges and benefits such as foreign exchange (gain) loss; estimated tax effects of foreign exchange (gain) loss; and estimated noncontrolling interest effects of the foregoing. Due to the uncertainty of the amount or timing of these future excluded items, management does not forecast them for internal use and therefore cannot create a quantitative Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders to U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders reconciliation without unreasonable efforts. A quantitative reconciliation of Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders to U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders to U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders will consist of items similar to those described in the financial tables later in this release, including, for example and without limitation, foreign exchange (gain) loss; estimated tax effects of foreign exchange (gain) loss; and estimated noncontrolling interest effects of the foregoing. The timing and amount of any of these excluded items could significantly impact the Company’s U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders for a particular period.
Totals presented may not sum due to rounding.
For Further Information:
Ted Moreau
VP, Investor Relations
tmoreau@photronics.com 
 
 
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PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
                 
                 
  Three Months Ended Nine Months  Ended
      August 2,       May 3,       August 3,       August 2,       August 3,  
      2026       2026       2025       2026       2025  
                                         
Revenue $ 216,047   $ 209,940   $ 210,394   $ 651,054   $ 633,524  
                                         
Cost of goods sold     144,313       144,183       139,539       434,862       409,228  
                                         
Gross profit     71,734       65,757       70,855       216,192       224,296  
Gross margin %     33.2 %     31.3 %     33.7 %     33.2 %     35.4 %
                                         
Operating expenses:                                        
                                         
Selling, general and administrative     22,543       20,756       18,423       64,610       55,624  
                                         
Research and development     3,707       2,822       4,271       9,116       12,618  
                                         
Total operating expenses     26,250       23,578       22,694       73,726       68,242  
                                         
Other operating Income     20       -       -       76       -  
                                         
Operating income     45,504       42,179       48,161       142,542       156,054  
Operating margin %     21.1 %     20.1 %     22.9 %     21.9 %     24.6 %
                                         
Other income (expense), net     9,368       11,677       (9,428 )      40,718       (10,232 ) 
                                         
Income before income tax provision     54,872       53,856       38,733       183,260       145,822  
                                         
Income tax provision     10,989       10,606       9,594       35,950       34,209  
                                         
Net income     43,883       43,250       29,139       147,310       111,613  
                                         
Net income attributable to noncontrolling interests     14,967       11,821       6,248       44,026       37,009  
                                         
Net income attributable to Photronics, Inc. shareholders   $ 28,916     $ 31,429     $ 22,891     $ 103,284     $ 74,604  
                                         
Earnings per share attributed to Photronics, Inc. shareholders:                                
                                         
Basic   $ 0.50     $ 0.54     $ 0.40     $ 1.78     $ 1.24  
                                         
Diluted   $ 0.49     $ 0.54     $ 0.39     $ 1.76     $ 1.23  
                                         
Weighted-average number of common shares outstanding:                                
                                         
Basic     58,181       58,123       57,937       58,033       60,274  
                                         
Diluted     58,718       58,745       58,068       58,618       60,567  
 
 
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PHOTRONICS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
 
                 
      August 2,       October 31,  
      2026       2025  
                 
Assets                
                 
Current assets:                
Cash and cash equivalents $ 549,513   $ 492,256  
Short-term investments     123,298       95,909  
Accounts receivable     187,730       195,921  
Inventories     64,748       61,767  
Other current assets     49,567       44,199  
                 
Total current assets     974,856       890,052  
                 
Property, plant and equipment, net     955,038       854,436  
Other assets     60,849       60,046  
                 
Total assets   $ 1,990,743     $ 1,804,534  
                 
                 
                 
Liabilities and Equity                
                 
Current liabilities:                
Current portion of long-term debt   $ 3,889     $ 11  
Accounts payable and accrued liabilities     193,394       165,862  
                 
Total current liabilities     197,283       165,873  
                 
Long-term debt     4       13  
Other liabilities     49,754       41,341  
                 
Equity:                
Photronics, Inc. shareholders' equity     1,280,694       1,173,589  
Noncontrolling interests     463,008       423,718  
Total equity     1,743,702       1,597,307  
                 
Total liabilities and equity   $ 1,990,743     $ 1,804,534  
 
 
4
 
 
PHOTRONICS,  INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
                 
  Nine Months Ended
      August 2,       August 3,  
      2026       2025  
                 
Cash flows from operating activities:                
Net income $ 147,310   $ 111,613  
Adjustments to reconcile net income to net cash                
provided by operating activities:                
Depreciation and amortization     60,818       59,234  
Share-based compensation     10,437       10,003  
Changes in operating assets, liabilities and other     2,045       (20,876 ) 
                 
Net cash provided by operating activities     220,610       159,974  
                 
Cash flows from investing activities:                
Purchases of property, plant and equipment     (130,410 )      (120,588 ) 
Purchases of short-term investments     (178,654 )      (96,571 ) 
Proceeds from maturities of short-term investments     135,571       42,148  
Proceeds from sales of short-term investments     20,233       -  
Government incentives     2,567       1,469  
Other     (56 )      (57 ) 
                 
Net cash used in investing activities     (150,749 )      (173,599 ) 
                 
Cash flows from financing activities:                
Repayments of debt     (8 )      (17,969 ) 
Common stock repurchases     -       (97,422 ) 
Proceeds from share-based arrangements     1,337       2,120  
Net settlements of restricted stock awards     (1,673 )      (2,013 ) 
                 
Net cash used in financing activities     (344 )      (115,284 ) 
                 
Effects of exchange rate changes on cash, cash equivalents, and restricted cash     (12,306 )      10,129  
                 
Net increase (decrease) in cash, cash equivalents, and restricted cash     57,211       (118,780 ) 
Cash, cash equivalents, and restricted cash, beginning of period     495,113       601,243  
                 
Cash, cash equivalents, and restricted cash, end of period     552,324       482,463  
                 
Less: Ending restricted cash     2,811       2,942  
                 
Cash and cash equivalents at end of period   $ 549,513     $ 479,521  
 
 
5
 
 
PHOTRONICS, INC.
Reconciliation of U.S. GAAP to non-GAAP:
Net income and diluted earnings per share attributable to Photronics, Inc. shareholders
(in thousands, except per share amounts)
(Unaudited)
                         
  Three Months ended
      August 2,       May 3,       August 3,  
      2026       2026       2025  
                         
                         
U.S. GAAP net income attributable to Photronics, Inc. shareholders   $ 28,916     $ 31,429     $ 22,891  
FX (gain) loss     (4,776 )      (7,869 )      14,258  
Estimated tax effects of FX (gain) loss     2,055       629       (3,663 ) 
Estimated noncontrolling interest effects of above     3,233       739       (4,130 ) 
                         
Non-GAAP net income attributable to Photronics, Inc. shareholders   $ 29,428     $ 24,928     $ 29,356  
                         
Weighted-average number of common shares outstanding - Diluted     58,718       58,745       58,068  
                         
                         
U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders   $ 0.49     $ 0.54     $ 0.39  
Effects of non-GAAP adjustments above     0.01       (0.12 )      0.12  
Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders   $ 0.50     $ 0.42     $ 0.51  
 
 
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