Slide 1: February 2025 Investor Presentation
February 2025 Investor Presentation
Slide 2: Fiscal Q1 2025 Financial Results
Fiscal Q1 2025 Financial Results February 26, 2025
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain
Slide 4: FQ1 2025 Summary
FQ1 2025 Summary Capex investment endorsed by customers to support long-term growth trends of A.I., node migration, and regionalization $212.1M Revenue 24.6% Operating Margin $0.68 Diluted EPS $0.52 Non-GAAP Diluted EPS1 $78.5M Operating Cash Flow $642.2M Cash2 and Short-term investments (2%) Y/Y (5
Slide 5: Revenue by Product Line
Revenue by Product Line $M 1Q25 Q/Q Y/Y High-End* 60.1 0% (1%) Mainstream 93.9 (9%) (3%) Total 154.0 (6%) (2%) High-end node migration to 22nm and 28nm in Asia Older geometries seeing softness, which tend to be associated with Auto and Industrial end markets Long-term growth drivers: New designs by
Slide 6: Balance Sheet and Cash Flow Metrics
Balance Sheet and Cash Flow Metrics Balance Sheet Provides Resilience, Enables Growth Strategy and Shareholder Value Creation $M 1Q25 Y/Y Q/Q Cash, cash equivalents and Short-term investments 642.2 23% 0% Debt 2.7 (88%) (85%) Operating Cash Flow 78.5 89% 15% Capital Expenditures 35.2 (19%) (19%) Act
Slide 7: FQ2 2025 Guidance
FQ2 2025 Guidance Revenue ($M) 208 – 216 Operating Margin 23% - 25% Diluted non-GAAP EPS $0.44 - $0.50 Diluted Shares (M) ~62 Full-year Capex ($M) ~200 Reflects strength in higher end offset by weakness in older geometries A.I. exposure tied to: ASICs Custom ICs Fast interconnects including silicon
Slide 8: Corporate Overview
Corporate Overview
Slide 9: Photronics Overview
Photronics Overview (Nasdaq: PLAB) All data reflects Fiscal 2024 unless otherwise noted | IC: Integrated Circuit | FPD: Flat Panel Display Revenue By Product Group Revenue By Region Unmatched Global Footprint 11 STRATEGICALLY LOCATED MANUFACTURING FACILITIES IC FPD IC & FPD $867M $222M $261M $1.4B ~
Slide 10: Photomasks: Critical Enabler for IC and FPD Manufacturing
Photomasks: Critical Enabler for IC and FPD Manufacturing Photomasks carry design information into an exposure system where light transfers the pattern to the wafer Integrated Circuit (IC) photomasks are used to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated
Slide 11: Phases of Photronics Revenue Growth
Phases of Photronics Revenue Growth Phase I: 1969 – 1986 Technology Startup Organic Growth Mostly US Pre-IPO Phase II: 1986 – 2002 M&A Growth Merchant Consolidation Global Expansion Phase IV: 2018 and Beyond Leverage China 1st Mover Advantage Long-Term Purchase Agreements Extend Technology Leadershi
Slide 12: Compelling Investment Thesis
Compelling Investment Thesis Trusted supplier due to rapid response of high-quality masks Broad technology suite andgeographic presence Supports organic growth initiatives Targets industry demand and technology trends Semiconductor industry expansion driving design activity across all nodes Advanced
Slide 13: Core Competencies Serve as Competitive Advantages
Core Competencies Serve as Competitive Advantages Global Footprint Close to customer Aligned with end markets Flexible supply chain Technology Leader Process expertise Advanced Process-of-Record High barriers to entry Commercial Excellence Customer first Trusted partner Wafer yield enhancement Techn
Slide 14: Semiconductor: growing capacity and design activity
Semiconductor: growing capacity and design activity More extensive use of semiconductors across multiple applications, driven by megatrends such as AI and IoT. Supply chain regionalization supported by governments globally driving investments in semiconductor fabs that creates redundant production c
Slide 15: Supply Chain Regionalization Driving Global Semiconductor Investments
Supply Chain Regionalization Driving Global Semiconductor Investments Concerns around national security and supply chain reliability are driving regional investments in semiconductor manufacturing. Semiconductor fabs are capitalizing on government incentives to build capacity in US, Europe, and Asia
Slide 16: Advanced Displays are Driving Innovation
Advanced Displays are Driving Innovation Innovation and Design Complexity Favors Us as Technology Leader AMOLED displays continue to gain market share in mobile displays, including smartphones, tablets, and PC. Emerging panel makers releasing new AMOLED displays to gain market share against establis
Slide 17: Strategic Investment Strategy Sustains Profitable Growth
Strategic Investment Strategy Sustains Profitable Growth 17 Proven Approach to Profitably Grow Revenue, Capture Market Share, and Improve ROIC Win market share in growing IC and FPD markets Leverage global footprint to benefit from IC regionalization trends Capitalize on FPD technology leadership to
Slide 18: Appendix
Appendix
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share 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 fina
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures