Operator Thank you, and welcome, everyone to FormFactor's Fourth Quarter 2024 Earnings Conference Call. On today's call are Chief Executive Officer, Mike Slessor; and Chief Financial Officer, Shai Shahar. Before we begin, Stan Finkelstein, the Company's VP of Investor Relations will remind you of some important information. Stan Finkelstein Thank you. Today the company will be discussing GAAP P&L results and some important non-GAAP results intended to supplement your understanding of the company's financial ...

FormFactor (FORM) came out with quarterly earnings of $0.27 per share, missing the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -6.90%. A quarter ago, it was expected that this integrated circuits diagnostic company would post earnings of $0.31 per share when it actually produced earnings of $0.35, delivering a surprise of 12.90%.Over the last f ...

Revenue and Growth - Fiscal 2024 revenue reached $764 million, a 15.2% increase from $663 million in fiscal 2023, driven by growth in HBM revenue[2] - High Bandwidth Memory (HBM) revenue grew fourfold in fiscal 2024, driven by the adoption of Generative AI[6] - Fourth quarter revenue was $189.5 million, down 8.9% from $207.9 million in the previous quarter, but up 12.7% from $168.2 million in Q4 2023[2] - For Q1 2025, FormFactor projects revenue of $170 million +/- $5 million[11] Net Income and Earnings - Net income for Q4 2024 was $9.7 million, or $0.12 per fully-diluted share, compared to $18.7 million, or $0.24 per share in Q3 2024, and $75.8 million, or $0.97 per share in Q4 2023[7] - Non-GAAP net income for Q4 2024 was $21.3 million, or $0.27 per fully-diluted share, compared to $27.2 million, or $0.35 per share in Q3 2024, and $15.7 million, or $0.20 per share in Q4 2023[8] - Net income for the twelve months ended December 28, 2024, was $69.6 million, compared to $82.4 million in the previous year, reflecting a decrease of 15.5%[19] - Non-GAAP net income for the three months ended December 28, 2024, was $21.3 million, compared to $27.2 million in the previous quarter, a decrease of 21.6%[23] Gross Margin and Profitability - Gross margin for Q4 2024 was 38.8%, down from 40.7% in Q3 2024 and 40.4% in Q4 2023; fiscal 2024 gross margin was 40.3%, up from 39.0% in fiscal 2023[7] - Gross profit for the twelve months ended December 28, 2024, increased to $307.9 million, up 19.0% from $258.6 million in the previous year[19] - The company reported a GAAP gross margin of 38.8% for the three months ended December 28, 2024, down from 40.7% in the previous quarter[21] Cash Flow and Financial Health - Free cash flow for fiscal 2024 was $82.8 million, compared to $11.4 million for fiscal 2023[10] - Cash provided by operating activities for the twelve months ended December 28, 2024, was $117.5 million, significantly higher than $64.6 million in the previous year[25] - Net cash provided by operating activities for the three months ended December 28, 2024, was $35,913 thousand, an increase from $26,731 thousand in the previous quarter[27] - Free cash flow for the twelve months ended December 28, 2024, was $82,806 thousand, significantly higher than $11,404 thousand in the previous year[27] Expenses and Investments - Total operating expenses for the three months ended December 28, 2024, were $65.7 million, a slight decrease from $66.9 million in the previous quarter[19] - Research and development expenses for the twelve months ended December 28, 2024, were $121.9 million, an increase from $115.8 million in the previous year[19] - Capital expenditures for the twelve months ended December 28, 2024, were $38,436 thousand, down from $56,027 thousand in the previous year, reflecting a reduction in investment spending[27] Balance Sheet and Assets - Total current assets as of December 28, 2024, amounted to $605,128 thousand, compared to $573,780 thousand a year earlier, reflecting a growth of approximately 5.4%[29] - Cash and cash equivalents increased to $190,728 thousand from $177,812 thousand year-over-year, representing a growth of about 7.3%[29] - Total liabilities decreased slightly to $198,447 thousand from $197,990 thousand year-over-year, indicating a stable financial position[29] - Stockholders' equity as of December 28, 2024, was $947,768 thousand, up from $908,804 thousand a year earlier, showing an increase of approximately 4.3%[29] - Accounts receivable decreased to $104,294 thousand from $116,866 thousand in the previous quarter, indicating improved collection efficiency[29] Strategic Moves - FormFactor announced the acquisition of a 20% minority interest in FICT Limited for approximately $60 million, expected to close within the current quarter[4] - The company anticipates slow demand in high-unit-volume markets like client PCs and mobile handsets in Q1 2025, but expects overall product demand to increase throughout 2025[11] Management Insights - The company reported a non-GAAP net income, which is a key indicator for management's planning and forecasting, although specific figures were not disclosed in the provided content[30] - Management emphasizes the importance of free cash flow as a measure of liquidity, which is preferred by many investors for assessing the company's financial health[30]

FY24 revenue of $764 million, up 15.2% from $663 million in FY23, driven by growth in HBM revenue;Announces acquisition of minority interest in FICT Limited, a key supplier of industry-leading, high-performance advanced probe card components LIVERMORE, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the fourth quarter of fiscal 2024 ended December 28, 2024. Quarterly revenues were $189.5 million, a decrease of 8.9% compared to $207.9 millio ...

The global semiconductor industry is experiencing massive growth fueled by the demand for chips across high-performance computing, artificial intelligence, automotive and electric vehicle market, consumer electronics, networking, the Internet of Things, cloud computing and data centers.In the Jan. 7, 2025 report, the Semiconductor Industry Association reported that global semiconductor sales touched $57.8 billion in November 2024 with a year-over-year increase of 20.7%. The semiconductor chip sales increase ...

LIVERMORE, Calif., Jan. 15, 2025 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) will report financial results for its 2024 fiscal fourth quarter on Wednesday, February 5th, 2025, at 1:25 p.m. Pacific Time. The public is invited to listen to a live webcast of FormFactor's conference call on the Investors section of the company's web site at www.formfactor.com. To Listen via Telephone: Preregistration is required. Please preregister by clicking here. Upon registering, you will be emailed a dial-in number ...

FormFactor’s (FORM) shares have lost 26.1% in the trailing six months, underperforming the broader Zacks Computer and Technology sector’s return of 3.7% and the Zacks Electronics- Semiconductors industry’s appreciation of 15.7%.FORM shares have lagged industry peers like Marvell Technology (MRVL) , which have surged 63.8% over the same time frame.FormFactor's share price decline can be attributed to expected declines in demand for foundry and logic probe cards, which contributed to a sequential revenue decl ...

LIVERMORE, Calif., Jan. 07, 2025 (GLOBE NEWSWIRE) -- FormFactor, Inc. (NASDAQ:FORM), a leading supplier of electrical test and measurement solutions for the semiconductor industry, announced today that it has entered into technology partnership and share purchase agreements with Advantest Corporation (TSE: 6857). The expanded partnership and purchase of FormFactor shares by Advantest build upon a multi-year collaboration between the companies, including FormFactor's 2020 purchase of Advantest's probe-card a ...

LIVERMORE, Calif., Jan. 02, 2025 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) is pleased to announce its participation in the 27th Annual Needham Growth Conference on January 14-15, 2025. FormFactor is scheduled to present on Wednesday, January 15 at 10:15AM ET. The company’s Chief Execute Officer, Michael Slessor, will present. The public is invited to listen to a live webcast of FormFactor's presentation, which can be accessed from the investors' section of the company's website at www.formfactor.c ...

We add real-time buy and sell signals on these, as well as other trading opportunities which we provide in our active chat community. We look at companies with a defensible competitive advantage and the opportunity and/or business models which have the potential to generate considerable operational leverage.If you are interested in similarly small, high-growth potential stocks you could join us at our marketplace service SHU Growth Portfolio , where we maintain a portfolio and a watchlist of similar stocks. ...