Photronics Inc., a leader in photomask technologies, reported its financial results for the second quarter of fiscal year 2025, which ended on May 4, 2025. The company reported a revenue of $211.0 million, reflecting a 3% decrease compared to the same period last year, and a 1% decrease sequentially. The GAAP net income attributable to Photronics, Inc. shareholders was $8.9 million, or $0.15 per diluted share, a significant decline from $36.3 million, or $0.58 per diluted share, in the second quarter of 2024, and $42.9 million, or $0.68 per diluted share, in the first quarter of 2025. The non-GAAP net income was $24.3 million, or $0.40 per diluted share, down from $28.7 million, or $0.46 per diluted share, in the second quarter of 2024 and $32.4 million, or $0.52 per diluted share, in the first quarter of 2025. The company's IC revenue for the quarter was $155.9 million, a 3% decline year-over-year but a 1% increase sequentially. FPD revenue stood at $55.1 million, marking a 2% decrease from the same quarter in the previous year and a 5% decrease sequentially. Photronics generated $31.5 million in cash from operating activities, invested $60.5 million in organic growth through capital expenditures, and returned $72.1 million to shareholders through share repurchases. The company ended the quarter with $558.4 million in cash, cash equivalents, and short-term investments. Looking ahead, for the third quarter of fiscal 2025, Photronics expects revenue to be between $200 million and $208 million and non-GAAP net income attributable to shareholders to be between $0.35 and $0.41 per diluted share. In a significant business update, Photronics announced a leadership transition with Dr. Frank Lee stepping down as CEO, while continuing to focus on the company's Asia operations and remaining Chairman and President of Photronics' PDMC subsidiary in Taiwan. Mr. George Macricostas has assumed the role of Chief Executive Officer.