📈 Price History

Ratio Health

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About

FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services in the United States, South Korea, Taiwan, China, Japan, Singapore, Europe, Malaysia, and internationally. The company operates in two segments: Probe Cards and Systems segments. The company provides probe cards to test various semiconductor device types, including systems- on-chip products, such as graphics, central, digital processing units, and other custom application-specific processing units; mobile application processors, microprocessors, and microcontrollers; network devices, which include switches and network processing units; dynamic random-access memory; radio-frequency amplifiers and filters; antenna-in-package devices; analog and mixed-signal integrated circuits; image sensors; co-packaged optical integrated circuits; NAND flash memory; NOR flash memory; and quantum computer processor devices. It also offers analytical probes, which are used for device characterization, electrical simulation model development, failure analysis, and prototype design debugging; probe stations, a critical tool for the development of new generations of semiconductor and electro-optical processes and designs; and thermal subsystems, which include thermal chucks and other test systems used in probe stations and other applications for precise temperature management. In addition, the company provides cryogenic systems, which includes the manufacture of precision cryogenic instruments and semiconductor test and measurement systems; and services and support, including installation services. Further, it offers on-site probe card maintenance and service training, seminars, and telephone support services. It markets and sells its products through direct sales force, manufacturers’ representatives, and distributors. The company was incorporated in 1993 and is headquartered in Livermore, California.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding FORM

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	28.2K	$2.7M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 4 quarters analysed

Q2 2025

Cautious

Management acknowledges gross margin underperformance and lack of clear path to target model; e.g., 'we acknowledge that our recent financial results and especially gross margins have not reflected our unique market leadership position' and 'we acknowledge that our recent results and our Q3 outlook are not showing a clear path to achieving the model in the near term.'

Q3 2025

Confident Specific

Management repeatedly uses specific numbers (250 bps GM improvement, 100 bps expected in Q4, 47% target) and concrete action verbs (driving, executing, implementing). They admit urgency but frame it as a solvable execution challenge.

Q4 2025

Confident Specific

Management repeatedly highlights record quarterly and annual revenue, beat own guidance on all key metrics, uses specific numbers (290bp gross margin improvement, 540bp cumulative, 100+bp forecasted next quarter) and frames progress as ahead of schedule, all indicating strong conviction and data-backed confidence.

Q1 2026 latest

Confident Specific

The CEO described results as 'outstanding' and 'significantly above the high end of our outlook range,' and the CFO highlighted a 'cumulative improvement of more than 1,000 basis points in gross margins over the last three quarters' and stated 'we have now achieved our current target model.' Language is precise and forward-looking about achieving and exceeding goals.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. FormFactor has delivered on its target model ahead of schedule, with record revenues and a 1,000bps gross margin improvement over three quarters, driven by durable operational improvements. Demand from HBM, networking, and new CPU/GPU wins is robust and appears sustainable through 2026. The upcoming Farmers Branch capacity expansion provides a clear path for further growth and margin accretion. Key risks to watch are the pace of execution on the new facility ramp and any potential disruption from tariff refunds (expected $9M-$11M) or shifts in customer mix. Overall, the company has demonstrated it can profitably scale with secular trends in high-performance compute and advanced packaging.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED FormFactor delivers record revenue $226M, 49% gross margin, achieves target model

Revenue & Profitability

Q1 2026 revenue was $226.1 million, above the midpoint of guidance. Non-GAAP gross margin was 49%, up 510 bps sequentially. Non-GAAP net income was $44.5 million ($0.56 per diluted share), compared to $36.6 million ($0.46) in Q4. GAAP net income was $20.4 million ($0.26), down from $23.2 million ($0.29) due to restructuring costs. Q2 2026 revenue is guided to $240 million ±$5 million.

Outlook

Management sees strong demand driven by HBM, networking, and data center CPU applications for AI inference. The DRAM environment remains supply-constrained, with customers shifting between HBM and DDR. Tariffs remain a headwind (~140 bps in Q2 guide), though recent transition to lower Section 232 tariffs provided some relief. Capacity constraints exist until the Farmers Branch site ramps, but the company expects continued sequential growth.

Growth Drivers

Key growth levers include: (1) HBM probe cards reaching another record with a second customer adopting SmartMatrix for HBM4 at-speed test; (2) Foundry & Logic growth from networking, data center CPU probe cards for AI inference, and upcoming GPU production qualification at the world's largest foundry; (3) CPO revenue expected at the high end of $10-20 million in 2026, driven by TRITON system ramp; (4) custom ASIC design wins with hyperscalers.

Balance Sheet & CapEx

Cash capital expenditure for Farmers Branch is expected to be $140-170 million in 2026, with pre-production ramp costs of $20-25 million in G&A. Incentives include about $24 million in cash grants for capital expenditures. The site is on track to come online later this year and ramp over 2027. In Q1, the company did not repurchase shares, prioritizing cash for expansion; $70.9 million remains under the buyback authorisation.

Margins

Non-GAAP gross margins improved 1,000 bps over the last three quarters to 49% in Q1, and Q2 is guided to 49.5% ±150 bps. The improvement came from operational effectiveness (restructuring, yield improvements, cycle time reductions) and tariff relief. About half of the Q1 overperformance (200 bps) was durable (restructuring savings and lower tariffs), and half was transitory timing items. Future gains are expected at a more moderate pace.

Key Risks

Risks flagged include tariffs (IEEPA-based tariffs paid may be refundable $9-11 million pending Supreme Court ruling), capacity constraints limiting revenue, macroeconomic and geopolitical conditions, and shifts in customer mix between HBM and DDR. In Q&A, analysts noted production ceiling until Farmers Branch ramps, and management acknowledged visibility remains challenging with lead times often shorter than a quarter.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-29

Record Q2 results with revenue up 14% sequentially and non-GAAP gross margin at 53.3%. Growth driven by HPC, advanced packaging, and strong CPO adoption; Q3 guidance points to continued momentum and Farmers Branch ramping in Q4.

Q1 2026 Q1 2026 2026-04-29

Record Q1 2026 revenue and gross margin exceeded guidance, driven by strong demand in HBM, networking, and operational improvements. Q2 outlook calls for further records, with Farmers Branch expansion set to support future growth and margin gains.

Q4 2025 Q4 2025 2026-02-04

Record Q4 and annual revenue were achieved, with gross margin and EPS exceeding guidance. Strong demand in DRAM, HBM, and data center applications is driving growth, while operational improvements and capacity expansion support further margin gains. Farmers Branch ramp and Keystone Photonics acquisition position the company for continued leadership.

Q3 2025 Q3 2025 2025-10-29

Q3 revenue, gross margin, and EPS surpassed guidance, with further sequential gains expected in Q4. DRAM/HBM led growth, while cost reduction and structural initiatives are driving margin improvement toward the 47% target. Investments in new capacity and technology support long-term growth.

Q2 2025 Q2 2025 2025-07-30

Q2 revenue exceeded guidance, driven by strong probe card demand, but gross margin was pressured by product mix and ramp-up costs. Strategic investments in capacity and technology position the company for growth in advanced packaging and AI markets, with Q3 revenue and margin expected to improve slightly.

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