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Photronics Shares Slide After Weak Results and Guidance Despite Ongoing US and Korea Expansion Photronics reported fiscal Q2 2026 revenue that was roughly flat year on year, with strength in flat panel display photomasks offset by weaker integrated circuit demand tied to delayed chip design releases.
Management cited high fab utilization, memory supply constraints, component cost pressures and geopolitical uncertainty as key near-term headwinds, and Q1 results came in below Wall Street expectations with non-GAAP EPS of $0.42, about 20% under analyst estimates.
The company kept its 2026 capital expenditure plan of about $330m for expansion in the US and Korea and guided Q3 revenue to around $211m, which is 3.4% below analyst forecasts and signals limited near-term visibility.
The picture that emerges is a company still committing heavily to capacity and technology while near-term demand patterns and customer timing create pressure on both revenue momentum and investor sentiment.
For you, the key questions are whether the current execution, geopolitical and customer concentration risks are adequately reflected in the stock after the sharp share price reaction, and how comfortable you are with ongoing high CapEx during a period of weaker guidance. Reported Earnings • May 28
First quarter 2026 earnings released: EPS: US$0.74 (vs US$0.69 in 1Q 2025) First quarter 2026 results: EPS: US$0.74 (up from US$0.69 in 1Q 2025). Revenue: US$225.1m (up 6.1% from 1Q 2025). Net income: US$42.9m (flat on 1Q 2025). Profit margin: 19% (down from 20% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Semiconductor industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$12m sold). Announcement • May 28
Photronics, Inc. Provides Earnings Guidance for the Third Quarter of Fiscal 2026 Photronics, Inc. provided earnings guidance for the third quarter of fiscal 2026. For the quarter, the company expects revenue to be between $207 million and $215 million. Operating margin to be between 18% and 20%. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$54.44, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 31x in the Semiconductor industry in the US. Total returns to shareholders of 158% over the past three years. Announcement • May 16
Photronics, Inc. Appoints Christopher Dayton as Senior Vice President, Finance, Effective May 11, 2026 Photronics, Inc. announced the appointment of Christopher Dayton as Senior Vice President, Finance, effective May 11, 2026. Mr. Dayton will be based at the company’s corporate headquarters in Brookfield, Connecticut and report directly to Photronics’ President & Chief Financial Officer, Eric Rivera. In this role, Mr. Dayton will support execution of Photronics’ financial plan, ensure financial governance, and enable long-term growth initiatives across the company’s global manufacturing operations. He will provide operational leadership across key areas of the finance organization, including financial planning and analysis, treasury, tax, and enterprise financial processes, while supporting the continued execution of Photronics’ global financial strategy and operational objectives. Mr. Dayton brings more than 25 years of financial leadership experience in global manufacturing organizations. Most recently, he served in senior finance leadership roles at BIC Corporation, a multibillion consumer goods company with manufacturing and distribution operations across six continents, including Interim Chief Financial Officer and Vice President, Global Financial Planning and Analysis. In that role, he led a global finance team spanning financial planning and analysis, treasury, tax, investor relations, internal audit, and enterprise risk management. Prior to BIC, Mr. Dayton spent more than 15 years at Campbell Soup Company, most recently as Vice President, Finance for the Pepperidge Farm division. Mr. Dayton earned a Master of Business Administration from New York University’s Stern School of Business and a Bachelor of Science in Chemical Engineering from the University of Virginia. Announcement • May 13
Photronics, Inc. to Report Q2, 2026 Results on May 28, 2026 Photronics, Inc. announced that they will report Q2, 2026 results Pre-Market on May 28, 2026 Recent Insider Transactions • Apr 15
Senior VP & COO of IC Operations recently sold US$525k worth of stock On the 9th of April, David Wang sold around 12k shares on-market at roughly US$44.25 per share. This transaction amounted to 8.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$11m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Apr 07
Independent Director notifies of intention to sell stock Mitchell Tyson intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of April. If the sale is conducted around the recent share price of US$42.31, it would amount to US$423k. Since June 2025, Mitchell's direct individual holding has decreased from 66.27k shares to 43.20k. Company insiders have collectively sold US$10m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Mar 25
President of PDMC & Director recently sold US$358k worth of stock On the 19th of March, KangJyh Lee sold around 10k shares on-market at roughly US$35.80 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$693k. Insiders have been net sellers, collectively disposing of US$9.8m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to US$42.52, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 23x in the Semiconductor industry in the US. Total returns to shareholders of 169% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$19.12 per share. Recent Insider Transactions Derivative • Mar 21
President of PDMC & Director notifies of intention to sell stock KangJyh Lee intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 19th of March. If the sale is conducted around the recent share price of US$35.80, it would amount to US$358k. Since March 2025, KangJyh's direct individual holding has decreased from 532.10k shares to 360.85k. Company insiders have collectively sold US$10m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Feb 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$6.4m sold). Reported Earnings • Feb 26
First quarter 2026 earnings released First quarter 2026 results: Net income: (down US$42.9m from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 25
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 92% to US$43.57. The fair value is estimated to be US$34.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.2%. Announcement • Feb 25
Photronics, Inc. Provides Earnings Guidance for the Second Quarter Fiscal 2026 Photronics, Inc. provided earnings guidance for the Second Quarter Fiscal 2026. For the quarter, the company expects Revenue to be between $212 million and $220 million. Announcement • Feb 24
Photronics, Inc., Annual General Meeting, Apr 08, 2026 Photronics, Inc., Annual General Meeting, Apr 08, 2026. Location: photronics, inc., 15 secor road, building 1, brookfield, ct 06804, United States Announcement • Feb 04
Photronics, Inc. to Report Q1, 2026 Results on Feb 25, 2026 Photronics, Inc. announced that they will report Q1, 2026 results Pre-Market on Feb 25, 2026 Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$36.25, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 25x in the Semiconductor industry in the US. Total returns to shareholders of 93% over the past three years. Announcement • Jan 13
Photronics, Inc. Announces Management Appointments, Effective January 12, 2026 Photronics, Inc. announced certain executive officer appointments. Effective January 12, 2026, Eric Rivera was appointed President of Photronics. Mr. Rivera will continue to serve as the Company’s Chief Financial Officer, a position he has held since May 2024, and will remain the Company’s principal financial officer. Mr. Rivera previously served as the Company’s Chief Accounting Officer beginning in 2020 and as Corporate Controller from 2020 to 2024. Effective January 12, 2026, Rui (Elie) Zhang was appointed Chief Accounting Officer. Ms. Zhang will serve as the Company’s principal accounting officer and will continue to serve as Corporate Controller. Ms. Zhang has served as Controller since 2024 and previously served as Assistant Controller. Also effective January 12, 2026, Todd Alesio was appointed Senior Vice President and Chief Administrative Officer. Mr. Alesio joined Photronics in November 2024 and will continue to serve as Head of Global Human Resources. Recent Insider Transactions • Jan 08
President of PDMC & Director recently sold US$293k worth of stock On the 2nd of January, KangJyh Lee sold around 9k shares on-market at roughly US$33.54 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$895k. Insiders have been net sellers, collectively disposing of US$6.9m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jan 04
President of PDMC & Director notifies of intention to sell stock KangJyh Lee intends to sell 9k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of January. If the sale is conducted around the recent share price of US$33.54, it would amount to US$293k. Since March 2025, KangJyh's direct individual holding has decreased from 532.10k shares to 484.60k. Company insiders have collectively sold US$8.1m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Jan 03
Photronics, Inc. Announces Resignation of Dr. Christopher Progler, Executive Vice President and Chief Technology Officer, Effective December 29, 2025 Photronics, Inc. announced that Dr. Christopher Progler, Executive Vice President and Chief Technology Officer, will be stepping away from his current role with the company as part of a planned leadership transition following more than 20 years of service, effective December 29, 2025. Dr. Progler has played a pivotal role in advancing Photronics’ technology strategy and innovation roadmap, contributing to the company’s capabilities across integrated circuit and flat panel display photomask solutions. During his tenure, he was instrumental in driving key technology initiatives that supported Photronics’ competitive position in global markets. As part of the transition, Dr. Progler is considering an advisory engagement with the company to support continuity on strategic priorities and to share his deep industry experience. Recent Insider Transactions • Dec 24
President of PDMC & Director recently sold US$300k worth of stock On the 22nd of December, KangJyh Lee sold around 9k shares on-market at roughly US$34.31 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.0m. Insiders have been net sellers, collectively disposing of US$8.1m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Dec 22
President of PDMC & Director notifies of intention to sell stock KangJyh Lee intends to sell 20k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of December. If the sale is conducted around the recent share price of US$36.45, it would amount to US$729k. Since December 2024, KangJyh's direct individual holding has decreased from 528.35k shares to 493.35k. Company insiders have collectively sold US$9.4m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Dec 17
Senior VP & GM of FPD Operations recently sold US$522k worth of stock On the 12th of December, H. Park sold around 14k shares on-market at roughly US$37.99 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.0m. Insiders have been net sellers, collectively disposing of US$8.6m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to US$34.36, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 25x in the Semiconductor industry in the US. Total returns to shareholders of 102% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$19.25 per share. Recent Insider Transactions Derivative • Dec 14
Insider notifies of intention to sell stock Christopher Progler intends to sell 25k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of December. If the sale is conducted around the recent share price of US$35.78, it would amount to US$895k. Since December 2024, Christopher's direct individual holding has decreased from 219.17k shares to 190.59k. Company insiders have collectively sold US$8.9m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Dec 12
Price target increased by 32% to US$43.50 Up from US$33.00, the current price target is an average from 2 analysts. New target price is 20% above last closing price of US$36.31. Stock is up 37% over the past year. The company is forecast to post earnings per share of US$2.11 for next year compared to US$2.29 last year. Reported Earnings • Dec 11
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$2.29 (up from US$2.12 in FY 2024). Revenue: US$849.3m (down 2.0% from FY 2024). Net income: US$136.4m (up 4.4% from FY 2024). Profit margin: 16% (up from 15% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Semiconductor industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 11
Photronics, Inc. Provides Earnings Guidance for the First Quarter of 2026 Photronics, Inc. provided earnings guidance for the first quarter of 2026. For the first quarter of fiscal 2026, Photronics expects Revenue to be between $217 million and $225 million. New Risk • Dec 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Significant insider selling over the past 3 months (US$1.4m sold). Buy Or Sell Opportunity • Dec 11
Now 36% overvalued after recent price rise Over the last 90 days, the stock has risen 64% to US$37.35. The fair value is estimated to be US$27.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Recent Insider Transactions Derivative • Dec 03
Insider notifies of intention to sell stock Christopher Progler intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of December. If the sale is conducted around the recent share price of US$22.65, it would amount to US$227k. Since December 2024, Christopher's direct individual holding has decreased from 219.17k shares to 200.59k. Company insiders have collectively sold US$8.9m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Nov 20
Photronics, Inc. to Report Q4, 2025 Results on Dec 10, 2025 Photronics, Inc. announced that they will report Q4, 2025 results Pre-Market on Dec 10, 2025 Recent Insider Transactions • Oct 08
Independent Director recently sold US$1.0m worth of stock On the 2nd of October, Mary Paladino sold around 43k shares on-market at roughly US$24.00 per share. This transaction amounted to 59% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$7.7m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Oct 03
Independent Director notifies of intention to sell stock Mary Paladino intends to sell 43k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of October. If the sale is conducted around the recent share price of US$24.00, it would amount to US$1.0m. Since March 2025, Mary has owned 69.00k shares directly. Company insiders have collectively sold US$7.5m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Sep 04
President of PDMC & Director recently sold US$203k worth of stock On the 29th of August, KangJyh Lee sold around 9k shares on-market at roughly US$23.20 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$300k. Insiders have been net sellers, collectively disposing of US$6.3m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Aug 31
President of PDMC & Director notifies of intention to sell stock KangJyh Lee intends to sell 9k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of August. If the sale is conducted around the recent share price of US$23.20, it would amount to US$203k. Since December 2024, KangJyh's direct individual holding has increased from 528.35k shares to 532.10k. Company insiders have collectively sold US$6.9m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 27
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.40 (down from US$0.56 in 3Q 2024). Revenue: US$210.4m (flat on 3Q 2024). Net income: US$22.9m (down 33% from 3Q 2024). Profit margin: 11% (down from 16% in 3Q 2024). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Semiconductor industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 27
Photronics, Inc. Provides Earnings Guidance for the Fourth Quarter of Fiscal 2025 Photronics, Inc. provided earnings guidance for the fourth quarter of fiscal 2025. For the quarter, Photronics expects Revenue to be between $201 million and $209 million. Announcement • Aug 14
Photronics, Inc. to Report Q3, 2025 Results on Aug 27, 2025 Photronics, Inc. announced that they will report Q3, 2025 results Pre-Market on Aug 27, 2025 Recent Insider Transactions Derivative • Jul 29
Insider notifies of intention to sell stock Christopher Progler intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of July. If the sale is conducted around the recent share price of US$21.07, it would amount to US$211k. Since December 2024, Christopher's direct individual holding has increased from 219.17k shares to 220.59k. Company insiders have collectively sold US$6.9m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jul 13
Independent Director recently sold US$300k worth of stock On the 10th of July, Mitchell Tyson sold around 15k shares on-market at roughly US$19.97 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$6.1m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jul 05
Director notifies of intention to sell stock Constantine Macricostas intends to sell 30k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of July. If the sale is conducted around the recent share price of US$20.34, it would amount to US$600k. Since March 2025, Constantine has owned 481.58k shares directly. Company insiders have collectively sold US$6.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Jun 20
Director notifies of intention to sell stock KangJyh Lee intends to sell 28k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of June. If the sale is conducted around the recent share price of US$18.40, it would amount to US$517k. Since December 2024, KangJyh's direct individual holding has increased from 528.35k shares to 532.10k. Company insiders have collectively sold US$6.5m more than they bought, via options and on-market transactions in the last 12 months. Buy Or Sell Opportunity • Jun 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to US$18.37. The fair value is estimated to be US$22.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 0.2% in a year. Earnings are forecast to decline by 9.3% in the next year. Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$874.1m to US$838.1m. EPS estimate also fell from US$2.16 per share to US$1.67 per share. Net income forecast to shrink 7.4% next year vs 17% growth forecast for Semiconductor industry in the US . Consensus price target down from US$35.00 to US$30.00. Share price rose 6.4% to US$18.02 over the past week. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Director David Garcia was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 29
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: US$0.15 (down from US$0.59 in 2Q 2024). Revenue: US$211.0m (down 2.8% from 2Q 2024). Net income: US$8.86m (down 76% from 2Q 2024). Profit margin: 4.2% (down from 17% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 69%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$16.94, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 21x in the Semiconductor industry in the US. Total loss to shareholders of 22% over the past three years. Announcement • May 14
Photronics, Inc. to Report Q2, 2025 Results on May 28, 2025 Photronics, Inc. announced that they will report Q2, 2025 results Pre-Market on May 28, 2025 Recent Insider Transactions • Apr 20
Independent Director recently sold US$224k worth of stock On the 17th of April, Walter Fiederowicz sold around 13k shares on-market at roughly US$17.84 per share. This trade did not impact their existing holding. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$5.4m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$17.51, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 17x in the Semiconductor industry in the US. Total returns to shareholders of 21% over the past three years. Announcement • Apr 04
Photronics, Inc. Appoints Adam Lewis as Lead Independent Director On April 2, 2025, the independent members of Photronics, Inc.’s Board of Directors elected Adam Lewis to serve as Lead Independent Director, effective immediately. Recent Insider Transactions • Mar 28
Lead Independent Director recently sold US$216k worth of stock On the 25th of March, Walter Fiederowicz sold around 10k shares on-market at roughly US$21.63 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$458k. Insiders have been net sellers, collectively disposing of US$5.0m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Mar 20
CEO & Director notifies of intention to sell stock KangJyh Lee intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 19th of March. If the sale is conducted around the recent share price of US$21.60, it would amount to US$216k. For the year to October 2018, KangJyh's total compensation was 15% salary and 85% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, KangJyh's direct individual holding has increased from 528.35k shares to 552.10k. Company insiders have collectively sold US$5.4m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Mar 09
CEO & Director recently sold US$209k worth of stock On the 5th of March, KangJyh Lee sold around 10k shares on-market at roughly US$20.90 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$505k. KangJyh has been a net seller over the last 12 months, reducing personal holdings by US$2.5m. Recent Insider Transactions Derivative • Mar 06
CEO & Director notifies of intention to sell stock KangJyh Lee intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of March. If the sale is conducted around the recent share price of US$20.90, it would amount to US$209k. For the year to October 2018, KangJyh's total compensation was 15% salary and 85% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, KangJyh's direct individual holding has decreased from 528.35k shares to 479.10k. Company insiders have collectively sold US$5.2m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Feb 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$4.5m sold). Announcement • Feb 26
Photronics, Inc. Provides Earnings Guidance for the Second Quarter of Fiscal Year 2025 Photronics, Inc. provided earnings guidance for the second quarter of fiscal year 2025. For the period, the company expected revenue to be between $208 million and $216 million. Announcement • Feb 17
Photronics, Inc., Annual General Meeting, Apr 02, 2025 Photronics, Inc., Annual General Meeting, Apr 02, 2025. Announcement • Feb 12
Photronics, Inc. to Report Q1, 2025 Results on Feb 26, 2025 Photronics, Inc. announced that they will report Q1, 2025 results Pre-Market on Feb 26, 2025 Recent Insider Transactions • Jan 22
CEO & Director recently sold US$458k worth of stock On the 17th of January, KangJyh Lee sold around 19k shares on-market at roughly US$24.44 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$505k. KangJyh has been a net seller over the last 12 months, reducing personal holdings by US$2.3m. Recent Insider Transactions Derivative • Jan 17
CEO & Director notifies of intention to sell stock KangJyh Lee intends to sell 9k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of January. If the sale is conducted around the recent share price of US$24.40, it would amount to US$214k. For the year to October 2018, KangJyh's total compensation was 18% salary and 82% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, KangJyh's direct individual holding has increased from 544.60k shares to 580.85k. Company insiders have collectively sold US$4.7m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Jan 11
Photronics, Inc. Announces the Appointment of George Macricostas as Executive Chairman Photronics, Inc. announced the appointment of George Macricostas to the position of Executive Chairman, effective January 6, 2025. Mr. Macricostas has over 30 years of technical and management experience in business operations and information technology. He has been a member of the Photronics Board of Directors since 2002, serving on the Nomination and Cybersecurity committees, and most recently as Chairman of the Compensation Committee. With his transition to the Executive Chairman role, Mr. Macricostas will be succeeded in his committee assignments by Mr. David Garcia, who became a member of the Board of Directors in December 2024. As a result of the appointment, both George Macricostas and Constantine (“Deno”) Macricostas will no longer be considered independent directors, resulting in a Board of Directors of nine, six of whom are independent. Mr. Macricostas was a Founder, Chairman, and CEO of RagingWire Data Centers, Inc., a provider of mission critical data center colocation facilities, which is where the “Cloud” lives. He guided the company through a two-stage sale to NTT of Japan in 2014 and 2018. Previously, he was a senior vice president at Photronics, where he was responsible for all aspects of the company’s IT infrastructure. Recent Insider Transactions • Jan 07
CEO & Director recently sold US$422k worth of stock On the 2nd of January, KangJyh Lee sold around 18k shares on-market at roughly US$24.10 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$505k. KangJyh has been a net seller over the last 12 months, reducing personal holdings by US$1.6m. Recent Insider Transactions Derivative • Jan 03
CEO & Director notifies of intention to sell stock KangJyh Lee intends to sell 18k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of January. If the sale is conducted around the recent share price of US$24.10, it would amount to US$422k. For the year to October 2018, KangJyh's total compensation was 18% salary and 82% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, KangJyh's direct individual holding has decreased from 544.60k shares to 528.35k. Company insiders have collectively sold US$3.2m more than they bought, via options and on-market transactions in the last 12 months. 