FormFactor, Inc. Earnings Recaps
Q1 2026
Apr 30, 2026
FormFactor reported sequential revenue growth and margin improvement in Q1, with shares ending +1.3% post-earnings—a measured market response reflecting results and outlook in line with current investor expectations.
Key takeaways
- Revenue reached an all-time quarterly record, with gross margin and earnings per share finishing above the high end of guidance.
- Growth in high-performance compute and advanced packaging continued, particularly in probe cards for HBM and networking applications, with a new 10% customer milestone in networking.
- DRAM probe card revenues increased sequentially, benefiting from HBM demand and customer adoption of Smart Matrix technology.
- Foundry and logic probe card demand expanded, notably in networking and data center CPU applications tied to AI inference trends.
- Management projects further sequential growth in the current quarter, while highlighting moderated profitability improvement as current operational capacity is maximized ahead of new capacity coming online later this year.
Q3 2025
Oct 30, 2025
FormFactor exceeded expectations with solid third-quarter results, showcasing significant sequential growth in revenue and gross margins. The company remains focused on enhancing profitability and increasing market share, particularly in the advanced packaging and high-performance computing sectors.
Key takeaways
- Third-quarter revenue and gross margins surpassed both prior quarter results and company outlook, with a 250 basis point increase in gross margin.
- Anticipating a further 100 basis point improvement in gross margin for Q4, moving closer to the target model of 47%.
- Strong demand and record growth in DRAM probe cards, particularly driven by HBM applications, with continued market share expansion anticipated in Q4.
- Strategic focus on advanced packaging innovations, such as HBM4, which increases test complexity and demand for FormFactor's proprietary testing solutions.
- Maintaining efforts to penetrate the CPU probe card market, as current demand is tempered by reliance on existing legacy designs.
Q2 2025
Aug 1, 2025
FormFactor delivered stronger-than-expected second-quarter revenues fueled by growth in its probe card business, but faced margin pressures due to product mix shifts and unexpected costs.
Key takeaways
- Q2 revenue exceeded the high end of guidance, driven largely by robust demand in the probe card segment.
- Non-GAAP gross margin fell short of expectations due to a less favorable product mix and unexpected ramp-up costs for a second HBM DRAM customer.
- FormFactor is strategically expanding its capabilities, including the acquisition of a Texas manufacturing facility to reduce costs and increase efficiency.
- The company is focused on enhancing competitiveness with targeted investments, such as a minority stake in multilayer organic substrates, crucial for probe card production.
- Despite recent margin challenges, management expects sequentially stable revenue for Q3 and anticipates improved gross margins.