Here are a few analogies for Photronics:

• The ASML of photomasks for chips and displays.
• The TSMC of patterning templates for electronics manufacturing.

• Photomasks: These products are crucial for transferring circuit patterns onto semiconductor wafers, flat panel display substrates, and other electrical and optical components during the manufacturing process of integrated circuits and flat panel displays.

Photronics, Inc. (PLAB) sells its products primarily to other companies.

Based on publicly available information, Photronics does not disclose the names of its specific major customers. Financial filings indicate that no single customer accounted for 10% or more of the company's consolidated net sales in recent fiscal years, suggesting a diversified customer base.

However, Photronics broadly identifies the categories of companies it serves as:

• Semiconductor manufacturers
• Flat Panel Display (FPD) manufacturers
• Designers (of integrated circuits and FPDs)
• Foundries (semiconductor foundries)
• Other high-performance electronics manufacturers

George Macricostas, Chief Executive Officer and Executive Chairman

Mr. Macricostas was appointed Chief Executive Officer in May 2025 and also serves as the Executive Chairman of the Board. He is described as a seasoned investor and entrepreneur. Photronics was founded by his father, Constantine (Deno) Macricostas, in 1969.

Eric Rivera, President and Chief Financial Officer

Mr. Rivera was appointed President effective January 12, 2026, while continuing in his role as Chief Financial Officer and principal financial officer. He was promoted to CFO in May 2024, having served as interim CFO since February 2024 and Chief Accounting Officer since 2020. Mr. Rivera joined Photronics in 2016 as Corporate Controller. Prior to Photronics, he held various positions in accounting and financial reporting at IBM and Thomson Reuters. He is a Certified Public Accountant (CPA) and holds a Bachelor of Science degree in Accounting from Mercy University.

Dr. Christopher J. Progler, Executive Vice President, Chief Technology Officer, and Strategic Planning

Dr. Progler joined Photronics in 2001 as Corporate Chief Scientist. He was named Vice President & Chief Technology Officer in 2004, took on Strategic Planning responsibilities in 2011, and was promoted to Executive Vice President in January 2020. He has over 30 years of experience in advanced photolithography and mask making, with previous employers including IBM, Texas Instruments, and ST Microelectronics. Dr. Progler is recognized for his contributions to lithographic sciences and was elected a Fellow of SPIE – The International Society of Optical Engineering in 2004. As of January 2, 2026, Dr. Progler is transitioning from his current role as part of a planned leadership transition and is considering an advisory engagement with the company.

Rui (Elie) Zhang, Chief Accounting Officer and Corporate Controller

Ms. Zhang was appointed Chief Accounting Officer and principal accounting officer effective January 12, 2026. She continues to serve as Corporate Controller, a position she has held since 2024, and previously served as Assistant Controller.

Todd Alesio, Senior Vice President and Chief Administrative Officer, Head of Global Human Resources

Mr. Alesio was appointed Senior Vice President and Chief Administrative Officer effective January 12, 2026. He also continues to serve as Head of Global Human Resources. Mr. Alesio joined Photronics in November 2024.

1. Competitive Market Landscape, Technological Disruption, and Pricing Pressures: Photronics operates in a highly competitive industry, necessitating continuous innovation and significant capital investment in advanced manufacturing capabilities to maintain its market position. The rapid pace of technological change in the semiconductor and FPD sectors, including potential disruptive technologies or new fabrication methods, poses a constant threat to demand for photomasks. This competitive environment frequently leads to pricing pressures, which can strain the company's profit margins despite the need for substantial investment in cutting-edge technology.
2. Cyclicality and Economic Uncertainties in the Microelectronics Industry: Photronics' business is inherently tied to the volatile microelectronics industry. Demand for photomasks is significantly influenced by overall economic conditions, trade tensions, and regulatory changes, as well as the cyclical nature of semiconductor and FPD manufacturing. Economic downturns or a slowdown in new product design and development by semiconductor or FPD manufacturers can lead to reduced demand for photomasks, directly impacting Photronics' revenue and profitability.
3. Customer and Geographic Concentration, coupled with Geopolitical Tensions: The company faces risks due to its dependency on a limited number of significant customers and its substantial international operations, with a considerable portion of revenue derived from non-U.S. markets, particularly Taiwan. The loss of a major customer or a significant reduction in orders could materially impact revenues. Furthermore, ongoing geopolitical tensions, such as the U.S.-China technology rivalry and potential conflicts involving Taiwan, a critical manufacturing hub, pose significant risks by disrupting supply chains and potentially limiting market access.

Photronics (PLAB) operates within the global photomask market, which is segmented by its primary applications in integrated circuit (IC) and flat panel display (FPD) manufacturing.

The global photomask market is projected to reach approximately USD 6.463 billion in 2026.

• Photomasks for Integrated Circuits (ICs): The addressable market for photomasks used in semiconductor chip manufacturing is approximately 72% of the total global photomask market. Based on the 2026 projected market size, this equates to an addressable market of approximately USD 4.65 billion globally.

• Photomasks for Flat Panel Displays (FPDs): The addressable market for photomasks used in flat panel display fabrication accounts for approximately 18% of the global photomask market. Based on the 2026 projected market size, this represents an addressable market of approximately USD 1.16 billion globally.

Photronics (PLAB) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Surging Demand for High-End Integrated Circuits (IC), Driven by AI and Advanced Computing: Photronics is strategically positioned to benefit from the increasing global demand for high-performance computing and artificial intelligence (AI) chips. The company's expertise in manufacturing advanced photomasks for leading-edge nodes, such as 7nm, 5nm, and future 6-8nm, as well as 28nm and below, enables it to capture higher-margin business within the integrated circuit segment. This has already resulted in record high-end IC revenue, a trend anticipated to continue.
2. Strategic Capital Investments and Capacity Expansion: The company is undergoing a period of elevated investment to expand and upgrade its manufacturing capacity, particularly for high-end photomasks in key regions like the United States and Korea. Photronics has outlined significant capital expenditures, estimated at approximately $330 million for fiscal year 2026, aimed at driving future organic growth. These investments also support semiconductor reshoring initiatives, with the Allen, Texas facility specifically mentioned to begin contributing revenue in the latter half of fiscal 2026.
3. Growth in Advanced Flat Panel Display (FPD) Technologies: The Flat Panel Display segment is a significant contributor to Photronics' projected revenue growth. This is largely propelled by the increasing demand for advanced display technologies, especially high-end FPD products like AMOLED (Active-Matrix Organic Light-Emitting Diode) for both mobile devices and larger display formats (e.g., G8.6 and G10.5+ panels). Photronics is enhancing its capabilities in this area, including the installation of advanced mask writers for G8.6 AMOLED technology, which is expected to lead to richer pricing opportunities.
4. Semiconductor Industry Regionalization and Reshoring Initiatives: The ongoing trend of regionalization and reshoring within the semiconductor industry, particularly in the United States, presents a favorable long-term driver for Photronics. The company's strategic investments in its U.S. facilities are in line with this trend, aiming to capitalize on localized semiconductor manufacturing efforts.
5. Continuous Node Migration and New Chip Designs: A fundamental driver for photomask demand is the constant migration of customers to smaller design nodes (e.g., 22nm, 28nm, 32nm, and below) to achieve improved cost efficiencies and enhanced performance in their integrated circuits. Furthermore, the development of new designs and product roadmaps across both the IC and FPD segments consistently fuels the need for Photronics' photomask products.

Share Repurchases

• Photronics completed a multi-year share repurchase program totaling 12,646,808 shares for US$165.98 million, which was initiated on September 14, 2020.
• In fiscal 2025, Photronics utilized $97 million to repurchase 5 million shares at an average price of $19.52 per share.
• As of March 2026, $27.6 million remains under the existing share repurchase authorization.

Capital Expenditures

• Capital expenditures for the first quarter of fiscal 2026 were $47.6 million.
• Management anticipates approximately $330 million in capital expenditures for fiscal 2026, a significant increase from around $190 million in fiscal 2025.
• The primary focus of capital expenditures in fiscal 2026 is on expanding high-end and mainstream capacity in Asia (South Korea and China) and the U.S., including facility expansion and tool upgrades for node extension down to 8nm.