Photronics Inc. (NASDAQ:PLAB) shares surged more than 25% on Wednesday after the photomask manufacturer reported fiscal third-quarter revenue of $216.0 million and adjusted earnings of 50 cents per share, exceeding Wall Street expectations. Revenue rose 2.7% from a year earlier and 2.9% sequentially, while GAAP net income attributable to shareholders increased to $28.9 million, or 49 cents per diluted share, from $22.9 million, or 39 cents, a year earlier. Integrated circuit revenue rose 5% year over year and sequentially to $154.7 million, with high-end products reaching a record 44% of IC revenue as high fab utilization supported migration to more advanced manufacturing nodes. Flat-panel display revenue fell 2% on both measures to $61.4 million. Photronics forecast fiscal fourth-quarter revenue of $207 million to $227 million, an operating margin of 19% to 24%, and adjusted earnings of 40 cents to 56 cents per share. The company held $672.8 million in cash, cash equivalents and short-term investments, including $503.5 million associated with joint ventures in which it owns a 50.01% stake. Institutional ownership stood at 88.38%, while the company also faces unproven shareholder class-action allegations tied to purchases made between December 10, 2025, and May 27, 2026.