Photronics manufactures photomasks — precision quartz or glass plates that contain microscopic circuit images used as templates to transfer patterns onto semiconductor wafers and flat panel display substrates. Every chip and display requires photomasks to be fabricated, making Photronics an essential supplier to the semiconductor and display industries. Photronics serves two product lines: IC photomasks (roughly 73% of revenue) and FPD photomasks (roughly 27%). Within IC, Photronics distinguishes between high-end masks (28nm and below) and mainstream masks, with high-end carrying significantly higher prices per mask set. Revenue is driven by the volume of new chip and display design releases, product mix between high-end and mainstream masks, and node migration — as chipmakers move to finer geometries, each new node requires more mask layers per device and tighter specs, increasing both demand and pricing. Photronics sells directly to IDMs, fabless semiconductor companies, foundries, and FPD panel makers, with roughly 82% of revenue coming from outside the U.S. The company operates 11 manufacturing facilities globally, with production regionalized close to customer fabs given order-to-delivery cycles as short as 24 hours. Photronics is investing heavily in capacity expansions in the U.S. — in Allen, Texas and Boise, Idaho — to capture demand from semiconductor reshoring, and is expanding in Korea to target advanced nodes down to 8nm. Photronics argues it is the only U.S.-headquartered merchant photomask supplier and the only U.S. commercial mask maker with a multi-beam mask writer for leading-edge IC nodes.