PLABHIGH SIGNALFINANCIAL10-K

PLAB reported extraordinary revenue growth of 292.5% from $136.4M to $535.3M, accompanied by significant capital investment increases and declining cash reserves.

This dramatic revenue surge suggests either a major business transformation, large acquisition, or exceptional market conditions that fundamentally changed the company's scale of operations. The simultaneous 43.7% increase in capital expenditures to $188.1M and declining cash position indicates aggressive investment to support this growth, which investors should monitor closely for sustainability.

Comparing 2025-12-17 vs 2024-12-19View on EDGAR →
FINANCIAL ANALYSIS

PLAB's financials show a transformational period with revenue nearly quadrupling to $535.3M while capital expenditures surged 43.7% to $188.1M, indicating substantial investment in growth capacity. Cash declined 17.7% to $492.3M and total debt increased 45.2% to $64.0M, though total liabilities actually decreased 10.4%, suggesting the company is funding aggressive expansion while maintaining reasonable leverage. This profile suggests either a major acquisition integration or exceptional organic growth requiring significant capital deployment, creating both tremendous opportunity and execution risk for investors.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+292.5%
$136.4M$535.3M

Strong top-line growth of 292.5% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
+45.2%
$44.0M$64.0M

Debt increased 45.2% — substantial leverage increase; assess whether deployed for growth or covering losses.

Capital Expenditure
Cash Flow
+43.7%
$130.9M$188.1M

Capital expenditure jumped 43.7% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
-17.7%
$598.5M$492.3M

Cash decreased 17.7% — monitor burn rate and upcoming capital needs.

Total Liabilities
Balance Sheet
-10.4%
$231.3M$207.2M

Liabilities reduced 10.4% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2025-12-17
PRIOR — 2024-12-19
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
As of December 11 , 2025, 59,064,641 shares of the registrant s common stock were outstanding.
AI Artificial intelligence AMOLED Active-matrix organic light-emitting diode.
CHIPS and Science Act of 2022 CNY Chinese Yuan DNP Dai Nippon Printing Co., Ltd.
The photomask is then inspected for defects and conformity to the customer s design data.
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REMOVED
As of December 12, 2024, 63,335,388 shares of the registrant s common stock were outstanding.
CHIPS and Science Act of 2022 DNP Dai Nippon Printing Co., Ltd.
The photomask is then inspected for defects and conformity to the customer's design data.
Generally, Photronics and each of its customers engage in a qualification and correlation process before we become an approved supplier.
Research and Development We primarily conduct research and development activities for IC photomasks at our Boise, Idaho, facility and, to a lesser degree, Photronics DNP Mask Corporation ( PDMC ), our joint-venture subsidiary in Taiwan.
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