FormFactor supplies customized probe cards and electrical and optical test systems used to develop, qualify and manufacture semiconductors.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 30, 20230001039399-24-000007 | Feb 23, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 28, 20240001039399-25-000023 | Feb 21, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 27, 20250001039399-26-000009 | Feb 20, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
FormFactor's recent growth reflects stronger demand for high-bandwidth memory, networking chips and optical testing, although legacy Systems products and Flash remain weaker. In the fiscal first half ended June 27, 2026, revenue reached $484.386 million and GAAP net income reached $76.591 million. Better factory utilization and product mix helped, but lower taxes, investment income and a compensation reversal also supported earnings. Cash generation improved while cash capital spending fell; unpaid equipment additions and the Texas factory ramp mean investment demands remain substantial. An approximately $300 million Teradyne equity investment, signed October 6 and announced October 12, accompanies a technology collaboration but remains conditional in the supplied disclosures. Customer concentration, manufacturing execution and possible California grant repayment remain important qualifications.
Sources: 10-Q · 2026-06-27 · EX-99.01 · 2026-07-29 · 8-K · 2026-10-06 · EX-99.1 · 2026-10-06
Probe Cards is the larger business, generating $637.898 million of fiscal 2025 revenue versus $147.095 million for Systems. Customized designs tie demand to customers' technology transitions and production ramps. Most sales are products rather than recurring services, and a largely fixed near-term cost base makes factory utilization important to profitability.
Management attributes recent growth to HBM, networking and high-performance-compute probe cards, plus the Triton co-packaged-optics testing platform. First-half Systems growth was partly offset by weaker legacy products; Flash also declined. HBM accounted for approximately 69% of the first-half increase in DRAM revenue—not 69% of total DRAM sales. Price, volume and acquisition contributions are not separately quantified. The completed December 2025 Keystone Photonics acquisition is distinct from the expanded Keystone Microtech partnership announced in July.
Sources: 10-K · 2025-12-27 · 10-Q · 2026-06-27 · EX-99.01 · 2026-07-29
The July 29 release and August 4 quarterly filing report second-quarter revenue of $258.242 million versus $195.798 million a year earlier, and GAAP net income of $56.207 million versus $9.086 million. First-half revenue was $484.386 million versus $367.154 million; net income was $76.591 million versus $15.487 million. These half-year totals already include both quarters. Management credits favorable mix, utilization and manufacturing improvements.
Sequential improvement also reflects fewer restructuring charges. First-quarter record revenue coincided with a GAAP gross-margin decline to 38.4%; second-quarter margin recovered to 50.7%, while non-GAAP margin increased from 49.0% to 53.3%. Total restructuring charges fell from $23.321 million to $4.493 million. Second-quarter GAAP diluted EPS was $0.71, versus non-GAAP EPS of $0.82. Adjusted results exclude restructuring, stock compensation and certain acquisition items; those exclusions are not necessarily nonrecurring.
First-half GAAP results still included $27.814 million of restructuring charges and $11.933 million of factory start-up expense. Earnings benefited from an 8.9% effective tax rate versus 15.4%, improved FICT equity-method results and a compensation reversal following the former CFO's departure. FICT is a 20% indirect investment and supplier, with earnings reported one quarter in arrears. R&D and SG&A increased in dollars despite falling as percentages of revenue; a larger diluted share count partly offset profit growth per share.
Sources: EX-99.01 · 2026-07-29 · 10-Q · 2026-06-27 · EX-99.01 · 2026-04-29 · 10-K · 2025-12-27
First-half operating cash flow increased to $106.764 million from $42.432 million, while cash capital expenditure fell to $24.791 million from $84.840 million. Noncash expenses helped cash exceed profit, while receivables and inventory absorbed funds, partly offset by operating liabilities. Company-defined non-GAAP free cash flow was $83.282 million: it adds sale/acquisition-related working-capital payments and cash interest to operating cash flow before deducting capex. It is not simply operating cash flow less capex or wholly discretionary cash.
Equipment-related payables and accruals increased $15.817 million, so lower cash spending does not mean an equivalent reduction in investment. In its fiscal 2025 annual report, management estimated $140 million–$170 million of capital expenditure for the Farmers Branch ramp and separately $20 million–$25 million of factory start-up operating expense during fiscal 2026. These dated forecasts do not establish an updated remaining budget, and the supplied subsequent disclosures do not confirm they remain current. Management expects Texas production to begin late in fiscal 2026's fourth quarter and ramp during 2027; realized savings are not established. Once revenue-generating production begins, operating costs previously classified as factory start-up costs will instead be primarily expensed in cost of revenues, affecting gross-margin comparisons without making the costs disappear. No program shares were repurchased in the first half as management prioritized the factory.
Sources: 10-Q · 2026-06-27 · EX-99.01 · 2026-07-29 · 10-K · 2025-12-27
June 27 cash and equivalents were $109.761 million and marketable securities were $235.879 million, totaling $345.640 million excluding restricted cash. Building-loan principal was $11.690 million, with a swap fixing the effective interest rate at 2.75%. The $150 million revolver was undrawn and matures July 29, 2030. Covenant compliance was company-reported at June 27; neither quantified headroom nor unconditional availability is established.
The October 6 agreement, announced October 12 and filed October 13, provides for 2,234,887 shares to be sold to Teradyne for approximately $300 million. Closing was expected in fiscal 2026's fourth quarter, subject to customary conditions and regulatory approvals—not confirmed proceeds or issued shares. The collaboration combines FormFactor probing and characterization with Teradyne automated test platforms for advanced computing, packaging, HBM and silicon photonics. Benefits are intended, not guaranteed sales; proceeds allocation and detailed private rights are not established. Separately, shareholders approved five million additional incentive-plan reserve shares on May 15, not their actual issuance.
Sources: 10-Q · 2026-06-27 · 8-K · 2026-10-06 · EX-99.1 · 2026-10-06 · 8-K · 2026-05-15
SK hynix represented 26.8% of first-half revenue; Taiwan and South Korea represented 34.1% and 31.8% by shipment destination. Short order visibility, sole-source components, inventory obsolescence and export restrictions remain material. California site consolidation also leaves the $18 million deferred grant exposed to full or partial repayment if employment and investment conditions are unmet; no breach or repayment amount is established. The contractual-payment table excludes this exposure and $55.5 million of gross unrecognized tax benefits because timing is uncertain.
July guidance for the quarter ended September 26 was revenue of $260–280 million and GAAP diluted EPS of $0.66–0.84, assuming consistent exchange rates. These remain historical forecasts, not actual third-quarter results. Similarly, only approximately $0.8 million of tariff refunds had been received by June 27; another $7–9 million was anticipated, not confirmed received. The restructuring program remained underway, with estimated total charges of $32–40 million and Carlsbad manufacturing expected through December 2026.
Sources: 10-Q · 2026-06-27 · 10-K · 2025-12-27 · EX-99.01 · 2026-07-29
USD 784.993 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 784.993 m | 2.8% |
| 2024 | USD 763.599 m | — |
Consolidated revenue from products and services.
Sources: 10-K · 2025-12-27
USD 663.102 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 663.102 m | — |
Consolidated revenue from products and services; includes FRT until disposal.
Sources: 10-K · 2025-12-27
USD 54.361 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 54.361 m | — |
Consolidated net income after taxes and equity-investment results.
Sources: 10-K · 2025-12-27
USD 69.614 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 69.614 m | -15.5% |
| 2023 | USD 82.387 m | — |
Consolidated net income after taxes; includes business-sale gains.
Sources: 10-K · 2025-12-27
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