Gowshi Sriharan's questions to Photronics Inc (PLAB) leadership • Q2 2025
Question
Gowshi Sriharan of Singular Research inquired about the new CEO's priorities regarding the balance between U.S. capacity expansion and growth in Asia. He also asked for the underlying reasons for the weaker demand reflected in the Q3 forecast and questioned the company's future share repurchase strategy, given the significant buyback in Q2.
Answer
Newly appointed CEO George Macricostas explained that the company will continue to evaluate U.S. reshoring opportunities and invest appropriately in capacity, while also managing end-of-life tool replacements. CFO Eric Rivera attributed the cautious Q3 outlook to customer uncertainty stemming from the current tariff environment. Regarding capital allocation, Rivera stated that the remaining $23 million on the buyback authorization will be used opportunistically, and any future expansion of the program will be weighed against other investment opportunities to ensure long-term growth.