FORMFACTOR INC SEC 10-Q Report

FormFactor Inc., a leading provider of essential test and measurement technologies for the semiconductor industry, has released its Form 10-Q report for the third quarter. The report highlights the company's financial performance and operational achievements, reflecting its strategic initiatives and market dynamics.

Financial Highlights

• Revenues: $171.4 million, reflecting a 1.6% increase compared to the same period last year, driven by increased sales in the Systems market.
• Gross Profit: $64.5 million, with a gross margin of 37.7%, up from 37.2% in the prior year, primarily due to a more favorable product mix and higher production volumes.
• Operating Income: $3.3 million, representing a decrease from the previous year's $21.3 million, largely due to the absence of a $20.3 million gain from the prior year's sale of China operations.
• Net Income: $6.4 million, down from $21.8 million in the previous year, impacted by the prior year's gain on the sale of China operations.
• Net Income Per Share: $0.08, both basic and diluted, compared to $0.28 in the previous year, reflecting the decrease in net income.

Business Highlights

• Revenue Segments: The Probe Cards segment generated $136.5 million in revenue, while the Systems segment contributed $34.8 million. The Probe Cards segment saw a slight decrease in Foundry & Logic revenue due to weaker demand for client PC and server microprocessor designs, while DRAM revenue increased due to higher demand for HBM designs used in AI applications.
• Geographical Performance: Taiwan and South Korea were significant contributors to revenue, with Taiwan generating $45.4 million and South Korea $43.2 million. The U.S. market also performed well, contributing $40.3 million. However, revenue from South Korea decreased compared to the previous year, while Taiwan saw a significant increase.
• Sales Units: The Systems market saw increased sales of probe stations, cryogenic systems, and thermal systems, contributing to the overall growth in the Systems segment.
• Future Outlook: The company anticipates continued demand for DRAM products, particularly those used in AI applications, and expects to recognize approximately 61.2% of its remaining performance obligations as revenue in the remainder of fiscal 2025.

SEC Filing: FORMFACTOR INC [ FORM ] - 10-Q - May. 06, 2025