High-end IC masks are our margin engine. Revenue set a record $71 million in Q1, up 19% year-over-year, then fell to about $57 million in Q2 — down roughly 5% year-over-year and 20% sequentially — on delayed design releases. The secular pull toward advanced logic, advanced DRAM, and AI-driven advanced packaging remains intact; near-term timing does not. Demand is inherently variable, visibility limited with a typical backlog of one to three weeks, and high-end mask sets carry much higher prices, so even a small number of orders can materially move revenue and earnings.
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