FormFactor, Inc. Q1 2026 Earnings Recap

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.