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FormFactor Inc
F:FMF

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FormFactor Inc
F:FMF
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Price: 108.9 EUR -1% Market Closed
Market Cap: €8.4B

FormFactor Inc
Investor Relations

FormFactor makes the tools chipmakers use to test silicon wafers before they are turned into finished chips. Its main products are probe cards, which are precision interfaces that touch tiny contact points on a wafer and help identify defects or verify performance. The company also sells test and measurement systems used to inspect memory chips, logic chips, and other advanced semiconductors during development and production. Its customers are semiconductor manufacturers, chip designers, and outsourced test and assembly companies that need reliable wafer-level testing. FormFactor makes money by selling this equipment, and in some cases by servicing, supporting, and upgrading it over time. Because chipmakers must test more complex wafers with ever-smaller features, the company sits in an important niche between chip design and final chip packaging. What makes FormFactor different is that its products must work at extremely fine precision and often need to be customized for specific chip types and manufacturing processes. That gives it a technical role in the semiconductor supply chain rather than a mass-market hardware role. In simple terms, FormFactor helps determine whether a chip is good enough to move forward before the expensive final steps of production.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
Apr 29, 2026
AI Summary
Q1 2026

Record quarter: FormFactor said first-quarter revenue rose sequentially to another all-time record, with gross margin and EPS both coming in well above the high end of guidance.

Margins improved: Management said gross margin gains were driven mainly by better manufacturing execution, higher yields, lower unit costs, and some tariff relief, not by pricing.

Demand strong: HBM probe cards, networking, and data center CPU demand all strengthened, while the company also saw continued traction in CPO and custom ASICs.

Outlook raised: Second-quarter revenue guidance is $240 million, plus or minus $5 million, with non-GAAP gross margin expected at 49.5%, plus or minus 150 basis points.

Capacity limits: Near-term growth is still constrained by the current manufacturing footprint, with Farmers Branch expected to start production at the end of 2026 and ramp through 2027.

Investor Day ahead: Management said it will unveil a new target model and longer-term strategy at Investor Day on May 11.

Key Financials
Revenue
$226.1 million
Gross margin
38.4%
Gross margin
49.0%
Probe card gross margin
50.5%
Systems gross margin
38%
Operating expenses
$70.1 million
Net income
$20.4 million
Earnings per share
$0.26
Net income
$44.5 million
Earnings per share
$0.56
Free cash flow
$30.7 million
Cash and investments
$303 million
Tariff headwind in Q2 gross margin outlook
about 140 basis points
Potential tariff refund
$9 million to $11 million
Target model gross margin
47%
Target model revenue
$850 million
Earnings Call Recording
Other Earnings Calls

Management

Dr. Michael D. Slessor Ph.D.
CEO, President & Director
No Bio Available
Mr. Shai Shahar CPA
Chief Financial Officer
No Bio Available
Ms. Missy Figueroa
Senior Vice President of Global Operations
No Bio Available
Mr. Jarek Kister
CTO and Senior VP of Technology R&D
No Bio Available
Mr. Steven Nott
Chief Information Officer
No Bio Available
Mr. Stan Finkelstein
Head of Investor Relations
No Bio Available
Mr. Alan Lop-Gate Chan
Senior VP & Chief Legal Officer
No Bio Available
Ms. Aliza Scott
Chief Human Resources Officer
No Bio Available
Mr. Aasutosh Dave
Chief Commercial Officer
No Bio Available
Mr. Sudhakar Raman
Senior VP & GM of Probes Business Unit
No Bio Available

Contacts

Address
CALIFORNIA
Livermore
7005 Southfront Rd
Contacts
+19252904000.0
www.formfactor.com
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