Photronics, Inc. has recently released its 10-K report for the fiscal year ended October 31, 2023, filed with the SEC on December 26, 2023. Photronics, Inc., together with its subsidiaries, is engaged in the manufacture and sale of photomask products and services globally. The company sells its photomasks to semiconductor and flat panel display manufacturers, designers, and foundries, as well as to other high-performance electronics manufacturers.
In the 10-K report, Photronics discussed the factors that impact its business, including the tight interweaving of its selling cycle with the development and release of new semiconductor and display designs and applications. The company highlighted that the demand for photomasks primarily depends on design activity rather than sales volumes from products manufactured using semiconductor manufacturing technologies. Photronics also emphasized its focus on remaining competitive by advancing its technology, reducing costs, and investing in manufacturing equipment.
The report also provided a breakdown of the company's operating income, non-operating income, net income, and revenue for the three months ended October 31, 2024, and the fiscal years ended October 31, 2024, October 31, 2023, and October 31, 2022. It showed that the revenue for the fiscal year ended October 31, 2023, was $866.9 million, representing a decrease of 2.8% from the previous fiscal year.
Furthermore, the report detailed the quarterly changes in revenue by product type and geographic origin, as well as the year-over-year changes in revenue by product type. It indicated that the revenue from high-end photomasks typically commands higher average selling prices (ASPs) than mainstream products. The report also highlighted the impact of seasonal purchasing practices of customers on the company's quarterly revenues.
Today the company's shares have moved 0.4% to a price of $25.0. Check out the company's full 10-K submission here.
