Photronics, Inc.

Good day, and thank you for standing by. Welcome to the Photronics third quarter fiscal year 2026 earnings conference call. At this time, all participants are on the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ted Moreau, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good morning, everyone. Welcome to our review of Photronix's fiscal third quarter 2026 financial results. Joining me this morning are George Macricostas, Chairman and Chief Executive Officer, Eric Rivera, President and Chief Financial Officer, and Frank Lee, Senior Executive, Asia. The press release issued earlier this morning, along with the presentation materials accompanying our remarks, is available on the Investor Relations section of our website and in the Form 8-K filed with the SEC this morning. This call includes forward-looking statements that involve risks and uncertainties which could cause Photronix results to differ materially from management's current expectations. We encourage you to review the forward-looking statements disclosure included in our earnings and in our most recent 10K and subsequent filings. In the coming months, we will be participating in the following investor conferences, three-part advisors in Chicago, Lake Street Capital in New York, and the CEO Summit at Semicon West in San Francisco and Semicon Europe in Munich. With that, I will now turn the call over to George.

Thank you, Ted, and good morning, everyone. Total fiscal Q3 revenue of $216 million increased 3% year over year and was above the high end of our guidance range. Our fiscal third quarter results reflect the recovery of some of the semiconductor design releases that were delayed and pushed out of our fiscal second quarter. We began to recognize some of this recovery during the month of May as we had previously communicated during our Q2 earnings call. This gradual recovery continued through the remainder of fiscal Q3. As discussed during our prior earnings call, we indicated that delays in new semiconductor design releases were driven by several factors including elevated fab utilization rates, memory constraints, and geopolitical uncertainty. While these factors continue to affect the photo mask industry, some design releases have moved into production. With semiconductor wafer utilization rates remaining high, fabs are prioritizing higher profitability projects and expanding capacity at higher technology nodes. These node migration actions, especially at 28, 22, and 14 nanometer, are occurring across a broad set of customers in different geographic locations. Node migration and a sequential improvement in high-end business conditions benefited our high-end IC business, which recorded a record 44% of IC's $155 million in revenue. Our ongoing regionalized investments in the U.S. and Korea remain on track. At our Allen facility, we continue to target initial revenue late this fiscal quarter, with its geographical diversification contribution reflected in fiscal 2027 revenue and beyond. In Korea, cleanroom preparation for the expansion project to 8 nanometer has been substantially completed. Having received some of the initial tools, The timetable for planned installations remain on schedule. These investments are expected to position Photronics to benefit from node migration and regionalization trends as we diversify geographically. Increasing our capabilities and capacity at the faster-growing high-end portion of the market also expands our potential to capture opportunities from a variety of customers, including captives, as they look to increase outsourcing. As we remain on track to deliver more advanced 8nm capabilities in Korea over the next year and a half, we are further advancing our global technology capabilities beyond 8nm with a focus on EUV, customer partnerships, and other mask technologies. Over the past several years, we have been leveraging partnerships with industry leaders to supply EUV R&D masks and solutions to customers while the full turnkey EUV merchant market develops. We have also supplied EUV-related masks to the semiconductor equipment supply chain. Through focused internal R&D programs and capital investments and the expansion of business partnerships, we intend to gradually introduce new EUV capabilities. This pragmatic EUV strategy should expand our addressable market at the high end. Our intentions are to manage the EUV investment cycle by expanding our EUV capabilities as the associated business opportunities emerge. Turning to FPD, revenue of $61 million remains near all-time highs reflecting our strength in producing more complex masks. Strong OLED demand was driven by consumer electronics such as flagship and high-end smartphones scheduled for launch in developed markets in the coming months. This high-end FPD demand is expected to continue through fiscal Q4 and beyond. We received additional G8.6 AMOLED orders from a growing customer base, an indication that the G8.6 market is broadening. Combined, these high-end projects are expected to be offset by consumer electronics for the emerging markets where the tight memory conditions have disrupted some product launches. Our most advanced FPD writer, which was installed earlier this year, entered mass production during the quarter. It has received strong market traction as it aligns well with our customers' technology roadmaps. We expect this writer to remain a pivotal tool in strengthening our market-leading position in the high end of FPD mask market. I now turn the call over to Eric to review our third quarter results and provide fourth quarter guidance. Thank you, George.