0001140361-26-024915
SEC filingPhotronics holds $511.5M cash, $126.2M investments, $3.9M debt; no buybacks in Q2 FY2026, $27.6M remaining authorization.
As of May 3, 2026, Photronics reported cash and cash equivalents of $511.5M and short-term investments of $126.2M, totaling $637.7M in highly liquid assets. Total debt was minimal at $3.9M (primarily finance leases), resulting in a net cash position of $633.8M. Shareholders' equity stood at $1.24B, with total equity including noncontrolling interests of $1.69B. Inventory was $67.8M, up from $61.8M at year-end, driven by raw materials.
The Notes do not disclose material purchase commitments or contractual obligations beyond ordinary course claims. Contract liabilities (deferred revenue) totaled $25.6M, split between current ($13.4M) and noncurrent ($12.2M), reflecting payments received in advance of performance.
No share repurchases occurred during the three or six months ended May 3, 2026; $27.6M remained available under the existing authorization. In June 2025, the Board added $25M to the program. No dividends were declared. Capital expenditures for the first six months were $93.4M (21.5% of revenue), primarily for PP&E, with $32.1M accrued but unpaid. Debt increased by $3.8M due to a new finance lease for an FPD lithography tool component.
Photronics operates as a single reportable segment. Revenue by product type: IC photomasks $147.5M (high-end $56.7M, mainstream $90.9M) and FPD photomasks $62.4M (high-end $52.8M, mainstream $9.6M) for the quarter. Geographically, revenue originated from Taiwan ($65.0M), China ($60.6M), South Korea ($40.0M), United States ($34.2M), Europe ($9.0M), and other ($1.1M). Revenue recognition is predominantly over time (97% in Q2). The PDMCX joint venture in China contributed $4.7M net income in the quarter, consolidated due to VIE status.